BSP has space to tame inflation–HSBC
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SMALL BUSINESS, BIG AGENDA Senator Bam Aquino presides over a Senate Committee on Trade, Commerce and Entrepreneurship
public hearing, jointly conducted with the Committees on Economic Affairs and Finance, at the Senate in Pasay City on Thursday, August 20, 2026. Aquino fields questions from DTI Assistant Secretary Grace Baluyan of the Regional Operations Group as lawmakers deliberate on proposed amendments to the Magna Carta for Micro, Small and Medium Enterprises (MSMEs) and the Go Negosyo Act. The measures seek to strengthen government support for MSMEs, improve the business environment and further promote entrepreneurship. The Magna Carta for MSMEs is embodied in Republic Act No. 9501, while the Go Negosyo Act (RA 10644) provides mechanisms, including Negosyo Centers, to facilitate access to government services and business support for entrepreneurs. ROY DOMINGO
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ESPITE weaker-than-expected growth, the central bank has the space it needs to bring inflation back to where it should be, according to HSBC’s Senior Asean Economist Aris Dacanay. As such, Dacanay said in a report on Thursday: “We expect the Bangko Sentral ng Pilipinas (BSP) to tighten its monetary reins further by 25bp [basis points] in each of its two remaining rate-setting meetings this year, bringing the policy rate to 5.50 percent by year-end. Dacanay said the bank expects the BSP to tighten further next week by 25 basis points to 5 percent as a “signal to the economy” that the central bank is on top of inflation. The HSBC’s Senior Asean Economist said this is in response to the second quarter 2026 BSP sentiment surveys published in July, which show 12-month-ahead inflation expectations
of consumers rising to 9 percent, while it rises to 5.6 percent for businesses.
Too early to declare victory over inflation
WHILE data shows there is “less urgency” to tighten monetary policy aggressively, Dacanay said: “We think it’s still too early to declare victory over inflation.” “Risks to inflation are still heavily skewed towards the upside,” added the HSBC officer. For one, he emphasized that renewed tensions in the Middle East have brought back oil prices to above $90 per barrel, while “the worst of El Niño has yet to arrive.” “Though the effects of El Niño will likely be felt in the fourth quarter of this year, retail rice and vegetable prices have picked up, even as global rice prices have already dipped. The only
component keeping food inflation down is a sizeable drop in pork prices, driven by an ongoing global supply glut,” said Dacanay. Still, he said the largest inflation risk to consider is the minimum wage hike in Metro Manila. “The 12-percent wage hike in the capital— the highest in two-decades—risks setting a precedent for other regions. If other regions follow suit, we estimate inflation could rise by more than a percentage point,” added Dacanay. All in all, the bank’s Senior Asean Economist said: “High and sticky inflation cannot be confidently ruled out, which we think will keep the BSP’s foot gently rested on the monetary brakes, at the very least.”
FX risks
APART from inflation, he also took into account See “Inflation,” A2
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JULY BOP POSTS $1.47-B GAP FROM $3.4-B SURPLUS www.businessmirror.com.ph
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Friday, August 21, 2026 Vol. 21 No. 311
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SBMA seeks proposals for ₧7-B Subic airport project
By Andrea E. San Juan
HE Philippines’s balance of payments (BOP), which captures its transactions with the rest of the world, swung to a deficit in July after staying in surplus for two straight months, due to the renewed pressure from a “large” merchandise trade gap, portfolio investment outflows, and external debt-related payments. Analysts pointed this out after data from the Bangko Sentral ng Pilipinas (BSP) showed the country’s BOP swung to a deficit of $1.47 billion in July 2026 after posting a surplus for two straight months, from May to June 2026, when it posted a $3.4-billion surplus. Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines (UBP), said the July BoP deficit “mainly reflected the country’s persistent trade gap, portfolio investment outflows, and external debt-related payments, particularly after June benefited from substantial foreign borrowing inflows.” John Paolo R. Rivera, Senior Research Fellow at Philippine Institute for Development Studies (PIDS), explained, however, that the reversal from June’s large surplus “should not by itself be interpreted
By Justine Xyrah Garcia
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as a deterioration in the external position,” adding that monthly BOP figures can be “volatile.” Meanwhile, on a year-on-year basis, the BOP deficit of $1.47 billion in July 2026 was 780.24 percent wider than the $167 million gap posted in July 2025. Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., explained that while the year-on-year deterioration looks “significant,” monthly BoP figures are “often influenced by the timing of large transactions and should not be viewed in isolation.” Data from the central bank also showed the cumulative deficit is now at $5.35 billion in the January to July 2026 period, which is 7.12-percent narrower than the $5.76-billion deficit posted in the seven-month period in 2025. See “BOP,” A2
’26 UNEMPLOYMENT COULD BE HIGHER, AT 5.8%, SAYS DEPDEV By Justine Xyrah Garcia
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HE government raised its unemployment projection for 2026 to as high as 5.8 percent as weaker economic growth and geopolitical risks threaten to further soften the labor market, according to the Department of Economy, Planning, and Development (DepDev). In its FY 2025 Transparency and Accountability Report, DepDev said the unemployment rate is now expected to settle between 5.3 percent and 5.8 percent this year, higher than the previous projection of 4 percent to 5 percent under the Philippine Development Plan (PDP). The adjustment reflects the lower end of the government’s revised 3.5 percent to 4.5 percent economic growth target for
2026, which was approved by the Development Budget Coordination Committee (DBCC) in June. “Downside risks remain in the near term. A resurgence of tensions in the Middle East is likely to weigh on domestic economic conditions and pose challenges to labor market stability,” the DepDev said. Data from the Philippine Statistics Authority (PSA) showed that the unemployment rate averaged 5 percent in the first half of 2026, higher than the 4 percent average recorded in the same period last year. In absolute terms, an average of 2.62 million Filipinos were unemployed during the sixmonth period, up from 2.01 million in the first half of 2025. According to DepDev, subdued See “Unemployment,” A2
POWERING PAST THE DOWNPOUR Meralco crews and field personnel work overtime to address power-related concerns and safely restore electricity in areas affected by heavy southwest monsoon, or habagat, rains on Thursday, August 20, 2026. Meralco has restored power services in most habagat-affected areas as field teams continue responding to outages and other concerns caused by heavy rains and flooding. NONOY LACZA
HE Subic Bay Metropolitan Authority (SBMA) has opened to competing privatesector proposals a P7-billion project to rehabilitate, expand, and operate the Subic International Airport (SIA) under a 25-year concession. The project entered the comparative challenge stage after SBMA approved an unsolicited proposal from US-based investment company Cerberus Asia Pacific Investments LLC, the Public-Private Partnership (PPP) Center said on Thursday. “Through the Comparative Challenge process, the SBMA invites interested and qualified local and foreign private sector challengers to submit comparative proposals for the modernization, expansion, operation, and maintenance of one of the country’s strategically located aviation assets,” the PPP Center said. Under the unsolicited proposal process, Cerberus, as the original proponent, may match or improve the most advantageous offer submitted by a challenger. This means that the project has not yet been awarded to a private operator. The comparative challenge began on April 27, while the instructions to prospective challengers were released on July 31. Structured as an Operate-Rehabilitate-Add-Transfer arrangement, the project will require the winning private partner to operate and rehabilitate the airport, build additional facilities, and eventually return the assets to SBMA at the end of the concession. The 25-year concession may be extended subject to performance conditions agreed upon by the government and the private operator. Much of the airport’s existing structures and interior facilities have deteriorated and will require major repairs, according to the project brief. The project also includes the extension of the airport’s Runway End Safety Area (Resa) and coordination with the Civil Aviation Authority of the Philippines (CAAP) and the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) on aviation safety and weather services. “The Project also includes upgrades, new developments, and the acquisition of equipment to expand See “Proposals,” A2
PESO EXCHANGE RATES n US 61.6550 n JAPAN 0.3863 n UK 83.4685 n HK 7.8610 n CHINA 9.1403 n SINGAPORE 48.2434 n AUSTRALIA 43.6579 n EU 71.3780 n KOREA 0.0437 n SAUDI ARABIA 16.4221 Source: BSP (August 20, 2026)
News
BusinessMirror
A2 Friday, August 21, 2026
SBMA seeks proposals for ₧7-B Subic… Continued from A1
airport capacity, improve operational efficiency, and support new service offerings such as commercial cargo and government warehousing operations,” the PPP Center said. These include two warehouse buildings with a combined floor area of about 22,400 square meters and a 32,000-square-meter aircraft staging and parking area under the proposed Midway Apron Development. Located within the Subic Bay Freeport Zone, the airport covers about 1.74 million square meters. It has a 2.7- kilometer runway capable of accommodating large commercial aircraft. According to the PPP Center, the concessionaire may earn from cargo handling, warehousing, airport charges, commercial leasing, logistics services and other aeronautical and non-aeronautical activities. It will also pay business taxes, airport management fees, and a share of its revenues to SBMA. It added that SBMA will retain oversight of the airport and assist the private operator in securing permits and coordinating with aviation and other government agencies. The PPP Center initially valued the SIA project at P5.31 billion when the Cerberus proposal entered the government’s PPP pipeline in 2025, before raising the estimate to P7 billion in the revised bidding timetable.
www.businessmirror.com.ph
Farm damage from ‘habagat’ and serial storms hits P1.7B A
Remember sacrifice of Ninoy–Atienza
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By Ada Pelonia @adapelonia
HE agricultural damage caused by the recent typhoons has soared to more than P1.7 billion, affecting over 50,000 farmers and fisherfolk, according to the Department of Agriculture (DA). In its latest report, the DA said the combined effects of the southwest monsoon and typhoons Luis, Maymay and Neneng ravaged plantations worth P1.73 billion, and affected 50,277 farmers and fisherfolk. Despite the 40,954 hectares of farmland impacted by the weather disturbances, the agency said 31,721 hectares still have a chance to recover. The DA, however, noted that the volume of losses reached 43,220 metric
Inflation… Continued from A1
risks tied to the USD-PHP exchange rate, which hit an all-time weakest intraday level of P61.995 on
tons (MT), with further damage and losses expected as assessments and validation in affected regions continue. Rice sustained the bulk of the damage at 26,912 MT, valued at P974.82 million. Most of the damage was recorded while the crop was in vegetative and reproductive stages. This was followed by high-value crops, with losses at 12,492 MT worth P540.11 million. This included upland and lowland vegetables, such as spic-
Thursday, nearly touching the P62-per-dollar level. “The BSP could, therefore, help stabilize the peso by building a buffer against potential Fed action through rate hikes,” said Dacanay. This, he added, would be helpful since the spready between the BSP and Fed policy rates, in real terms, is
es, calamansi, banana, and root crops. Corn and cassava also recorded damage and losses of 2,954 MT worth P85.33 million and 852 MT valued at P22.99 million, respectively. The fisheries and aquatic resources sector also incurred P9.26 million in damages, affecting several seafood products as well as fishing boats and gear, tanks, and office buildings. Losses in the livestock industry climbed to 23,188 heads worth P14.85 million, which included chickens, fighting cock, swine, cattle, carabaos, and goats, among others. Furthermore, irrigation facilities, farm structures, and machinery were also damaged, valued at P60.96 million, P16.61 million, and P1.37 million, respectively. Due to the impact of the weath-
er disturbances on the farm sector, the DA released a raft of interventions to help affected farmers and fisherfolk. This includes P210.93 million worth of farm inputs such as rice, corn, and vegetable seeds. The agency also distributed 3,631 50-kilo bags of rice from the National Food Authority (NFA) to the affected local government units (LGUs) of Ilocos, Cagayan, Central Luzon, and Mimaropa. Loans of up to P25,000 from the Survival and Recovery (SURE) Loan Program of the Agricultural Credit Policy Council (ACPC) are available, which come interest-free with a three-year repayment term. The DA also allocated an initial amount of P35.67 million to indemnify 5,005 insured affected farmers and fisherfolk through the Philippine Crop Insurance Corporation (PCIC).
“currently minimal. if not flat.” “After all, it seems liquidity conditions in the economy (based on excess liquidity) have been marginally tightening due to the BSP’s recent interventions in the FX market,” the economist said. “A rate hike can, therefore, deliver a similar outcome, without having to dip into the central bank’s reserves,” he also noted.
age in the economy continues to build,” he explained. One indicator, however, is worth watching: the banking system’s capital adequacy ratio (CAR), which he said has deteriorated by 0.9 percentage point from the start of the year to March due to losses in local bond values. “This helps explain why the BSP opened a relief scheme for banks, allowing unrealized losses on peso-denominated government bonds to be excluded from regulatory capital calculations,” said Dacanay. Nevertheless, he said at 15.6 percent, the CAR remains “well above” the BSP’s mandated threshold of 10 percent and can therefore absorb a few more rate hikes, he also noted. “Though an exact ceiling for monetary tightening may be hard to pin down, we think the BSP can go beyond than just a ‘one and done’ next week,” said Dacanay. The Monetary Board, the highest policymaking body of the BSP, is set to hold its fourth scheduled rate-setting meeting on August 27,2026. The BSP has raised the key interest rate by a total of 50 basis points since the start of the conflict in the Middle East on February 28, delivering two separate quarter-point rate hikes at the Monetary Board’s rate-setting meetings held on April 23 and June 18. At the Development Budget Coordination Committee (DBCC) briefing before the House Committee on Appropriations on Monday, BSP Governor Eli M. Remolona Jr. said: “The Monetary Board will meet next week to decide the next policy action. We are prepared to take further steps as necessary to ensure that inflation returns to target.” The target of the BSP remains at 3-percentage average inflation plus or minus 1 percentage point tolerance range.
How far can the BSP go?
DACANAY underscored the need to get a “sense” of what the ceiling is in monetary tightening. “Of course,the BSP wouldn’t want to tighten the monetary reins more than necessary. That said, we think the BSP has room to tighten beyond next week’s meeting if it needs to,” added Dacanay. Dacanay cited the stable asset quality as one of the factors that could give the central bank enough room to tighten. “Non-performing loan ratios for universal banks and consumer loans have remained steady,” Dacanay said, adding that even the ratio of loans being restructured to total loans issued has remained “flat.” Moreover, he said financial risk “seems manageable” so far. “Although interbank lending has fallen lately, the spread between the interbank lending rate and the safest short-term asset (in this case, local 3-month T-bills) has been stable,” said Dacanay. This suggests, he said, that banks’ risk aversion hasn’t increased despite slower economic growth. As a result, Dacanay pointed out that loans to both businesses and households, while softening, continue to grow. “And they are growing much faster than nominal GDP growth, suggesting that lever-
Unemployment… Continued from A1
demand and slower economic activity, coupled with the possible return of overseas Filipino workers (OFWs) from conflict-affected areas, could put further upward pressure on unemployment. The weaker outlook follows a slowdown in job creation in 2025, when DepDev estimated that around 432,000 additional jobs were created, down from 586,000 in the previous year. “Job creation slowed in 2025 as economic growth moderated
Andrea E. San Juan
amid global and domestic headwinds,” DepDev said. Services remained the main source of employment gains, adding about 579,000 workers. These were partly offset by losses of around 49,000 workers in agriculture and 98,000 in industry. Administrative and support service activities recorded the largest increase with about 224,000 additional workers amid the continued expansion of the information technology-business process management (IT-BPM) industry. Public administration and defense also added around 137,000 workers, mainly due to poll-related positions during the 2025 national and local elections, while accommodation and food service activities gained around 136,000 workers. However, other service activities shed 147,000 workers, while manufacturing and wholesale and retail trade lost 88,000 and 54,000 workers, respectively, as weather-related disruptions and softer demand constrained labor absorption. The unemployment rate rose See “Unemployment,” A9
FORMER lawmaker and one of the few surviving opposition leaders during martial law has reminded Filipinos to not forget the sacrifice of martyred senator Benigno "Ninoy" Aquino, who was assassinated as he returned from exile 43 years ago. “Ang brutal na pagpatay kay Ninoy ang siyang gumalit at gumising sa ating mga Pilipino na nagmamahal sa ating bayan [The brutal murder of Ninoy outraged and awakened Filipinos who love their country],” former House Deputy Majority Leader Lito Atienza said in a statement. The former three-term mayor of Manila and Environment secretary was one of a handful of opposition lawmakers who were elected to the Interim Batasang Pambansa in 1984. Because of Ninoy’s sacrifice, Filipinos “found in themselves the strength to take a stand and defend the truth, democracy and our freedoms against the abuses of those who led us during martial law,” he added in his statement, mostly in Filipino. “Nawa'y huwag nating makalimutan ang kalahagahan at mga aral ng kabayanihan at sakripisyo ni Ninoy para sa ating bayan [May we not forget the significance of the lessons and sacrifice Ninoy made for our country],” he concluded. Ninoy's murder at the airport tarmac that now bears his name fanned the flames of an already expanding national movement for democratic restoration, sparking protests culminating in the 1986 Edsa peaceful revolt. Butch Fernandez
BOP…
Continued from A1
Asuncion and Ravelas said the year-to-date BOP deficit is still well below the central bank’s full-year projection of $10.7-billion deficit for 2026. “More importantly, the country’s cumulative deficit of $5.3 billion remains well below the BSP’s full-year projection of $10.7 billion,” Ravelas said. Asuncion noted that the country’s external position remains “manageable,” with the year-to-date BOP deficit “still tracking below the BSP’s full-year projection.”
Key factors to watch
RIVERA said the BOP may remain under pressure and volatile in the near term given elevated oil prices, geopolitical uncertainty, and global financial conditions. “But remittances, IT-BPM receipts, tourism, and exports should continue to provide important buffers,” added Rivera. While the Philippines continues to benefit from “strong structural dollar inflows,” Ravelas emphasized that “maintaining a healthy balance between foreign exchange earnings and import requirements will be crucial to keeping the external position stable amid ongoing global economic and geopolitical uncertainties.” Asuncion explained that while the peso’s depreciation could provide some support to remittances, tourism, and exports, it may also increase the import bill and inflation pressures. For the coming months, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), said markets would anticipate developments related to any possible extension of the 60-day US-Iran interim deal or the lack thereof. Ricafort underscored the importance of keeping an eye on developments tied to such a deal between the two nations, “especially on the Strait of Hormuz shipping traffic and the impact on global crude oil prices, the country’s oil import bill, trade deficit, prices/inflation, global investments/financial market performance, and the effects on overall BOP and [gross international reserves] GIR data.” Further, Ricafort said it is important to monitor the “continued growth” of OFW remittances, BPO revenues, foreign investments, foreign tourism receipts, foreign debt proceeds, among others, which he said could lead to “better BOP and GIR data than otherwise.” In a statement on Thursday, the BSP said the year-to-date BOP position reflected the “continued trade-in-goods deficit and net outflows from foreign portfolio investments.” “These were partly offset by the sustained net inflows from personal remittances of overseas Filipinos (OFs), foreign borrowings by the NG, trade in services, and foreign direct investment,” added the central bank.
Dollar reserves
MEANWHILE, the BSP said GIR remained “sufficient” to meet the country’s import needs, service its external debt obligations, and serve as a buffer against external economic shocks in July. GIR settled at US$103.3 billion as of end-July 2026 compared with US$104.7 billion as of end-June 2026, the BSP added. The end-July GIR level can cover up to 6.7 months’ worth of imports of goods and payments of services and primary income. “It can likewise service about 3.7 times the country’s short-term external debt based on residual maturity,” BSP also noted.
www.businessmirror.com.ph
Friday, August 21, 2026
A3
Another ‘maleta boy’ recants statement
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By Butch Fernandez & Jovee Marie N. dela Cruz
HE investigation involving former House Speaker Ferdinand Martin G. Romualdez has entered a new phase after his legal team announced the submission of additional affidavits from 25 former personnel connected to former Ako Bicol Party-list Rep. Zaldy Co of Ako Bicol. The new statements are expected to challenge earlier allegations involving alleged cash deliveries and form part of Romualdez’s supplemental counter-affidavit before the Office of the Ombudsman. Romualdez’s lawyer and spokesperson, Ade Fajardo, said the affidavits include the reported recantation of Orly Guteza, a former marine and security aide of Co, who previously testified that
he delivered suitcases containing cash to Romualdez but later withdrew his accusation. The defense said the 25 former Co aides denied involvement in any alleged money deliveries to Romualdez or other government officials. They also claimed that they were encouraged to join a witness group in exchange for financial compensation and that affidavits had already been pre-
Impeachment trial may end but Sara still criminally, civilly, administratively liable–lawyer
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ICE President Sa ra Z . Duter te m ay cont inue facing separate criminal, civil, and administrative cases even after the conclusion of her impeachment trial, according to the House prosecution team. House prosecution counsel Lorna Kapunan explained that an impeachment proceeding is separate from other legal actions and does not prevent agencies such as the Office of the Ombudsman from pursuing cases based on the same allegations. She said impeachment is considered sui generis, meaning it has its own nature and process, allowing criminal, civil, and administrative proceedings to continue alongside it. Kapunan made the statement in response to questions regarding complaints filed against Duterte before the Ombudsman involving alleged misuse of public funds. Several complaints have been filed against the Vice President, including a December 2025 complaint by a group that included former Finance undersecretary Maria Cielo Magno involving alleged misuse of P612.5 million in confidential funds. Another complaint was later filed in January 2026 by former senator Antonio Trillanes IV and civil society group The Silent Majority. “The impeachment trial is separate; it is what we call sui generis [a proceeding unique in nature]. A criminal case, a civil case, or an administrative case may proceed alongside it,” Kapunan said during an online press briefing. She emphasized that impeachment has a different purpose and standard of evidence compared with criminal cases. She explained that criminal cases require proof beyond reasonable doubt, while impeachment cases require “clear and convincing evidence.” House impeachment team adviser and spokesperson Ace Barbers said that Duterte’s legal challenges would not automatically end after the impeachment trial. He explained that other proceedings may continue depending on the facts and evidence presented in separate cases. According to Barbers, the main issue before the Senate Impeachment Court is whether Duterte should remain in
office based on the evidence presented during the trial.
Pattern
OFFICIAL House records submitted to the Senate Impeachment Court reportedly show what prosecutors described as a pattern of withholding information and resisting congressional scrutiny regarding Duterte’s confidential funds. Barbers pointed to the Office of the Vice President’s nonparticipation in the 2024 House inquiry and its efforts to prevent the release of documents requested by the House Committee on Good Government and Public Accountability. Barbers said these actions reflected a lack of transparency and cooperation during the congressional investigation. The Senate Impeac hment Cour t recent ly took judicial notice of official House records from the 2024 inquiry after Duterte’s defense team agreed to their custody and submission. Among the records was an August 21, 2024 letter from thenOVP Undersecretary and Chief of Staff Zuleika Lopez to Commission on Commission on Audit Chairman Gamaliel Cordoba, which prosecutors said discouraged compliance with a House subpoena seeking documents from the Office of the Vice President and the Department of Education. Also included were Duterte’s September 23, 2024 letter declining participation in committee deliberations and requesting the termination of the inquiry, as well as a November 5, 2024 position paper from Lopez, former OVP Special Disbursing Officer Gina Acosta, former DepEd Special Disbursing Officer Edward Fajarda, and others refusing to attend hearings and asking for the investigation to be stopped. Barbers said these records showed the difficulties encountered by House investigators in obtaining documents and testimonies needed to examine the use of confidential funds. He stressed that because public funds were involved, government officials should provide clear explanations to the Filipino people. See “Sara,” A5
pared for them. “They have come forward and directly contradicted the earlier accounts of the 18 Maleta Boys presented by Attorney Baligod,” Fajardo said, referring to the former uniformed personnel who allegedly provided earlier testimonies against Romualdez.
Lacson not surprised
GUTEZA’s recantation is not surprising, considering that he was identified as a “coached” witness during a Senate Blue-Ribbon committee hearing last year, Sen. Panfilo Lacson, who was then the panel’s chairman, said Thursday. Lacson said Guteza’s backtracking was foreseeable after noting that he was “coached” by Sen. Rodante Marcoleta during the hearing on September 23—and after some of the “Maleta boys’ did the same earlier. “Since it is on record that Marcoleta coached Guteza, it is not surprising that Guteza would backtrack on his claims someday,” he said. The backtracking of the socalled “maleta boys”—how the
former bodyguards of Co and Guteza were described after they claimed dropping off luggages of cash at the residence of several politicians—“has become a dime a dozen so it’s not surprising that Guteza, the original “Maleta Boy” a.k.a. Basura, followed suit,” Lacson added. He said the case of Guteza and the other “Maleta boys” smacks of attempts to personally gain from their alleged involvement in the flood control mess. “In the words of swindlers, it’s ‘lagareng hapon’ or ‘doble kita,’ or 40-40 vision,” he said. Earlier, Lacson had noted that during the Blue-Ribbon panel hearing which he chaired in September, Marcoleta was observed to be coaching Guteza by prompting him on what to say in Guteza’s affidavit. Also, Lacson cited Senate CCTV records showing Guteza went to Marcoleta’s office, spending half an hour there, before appearing at the Blue-Ribbon hearing. Guteza, after a long absence, resurfaced and recanted his statements, adding that Marcoleta and
former Party-list Rep. Michael Defensor of Anak Kalusugan had him “testify” in exchange for money and scholarships for his children.
Conflicting statements
FAJARDO argued that the conflicting statements from witnesses have weakened the credibility of the accusations. He said several individuals who were previously mentioned as participants in alleged cash deliveries are now denying that the events happened. “It is no longer credible. There is no credible testimony anymore,” Fajardo said, arguing that repeated changes in witness accounts have affected the reliability of the allegations. Fajardo also questioned how witnesses could provide details about incidents they allegedly did not personally experience. He said the affidavits of the 25 former aides were important because some of them had been named in previous accounts as drivers or companions during supposed deliveries. “Some of them were named as drivers’ companions, but they
themselves are denying it. So what is the credibility of a statement saying that driver X and Y were part of the delivery when X and Y are actually saying it never happened?” Fajardo said. The defense further claimed that several witnesses had been offered financial rewards to participate in the original complaint. Fajardo said the identities of those allegedly involved in making the offers would be disclosed once the affidavits are formally submitted. Romualdez’s legal team maintained that the complaint lacks direct evidence connecting the former speaker to the alleged cash deliveries. Fajardo said the case relies mainly on changing oral testimonies rather than forensic or documentary proof.
Noticeable
“WHAT is noticeable is that this investigation has been ongoing for several months, yet there is still no forensic evidence, no object, and no documentary evidence linking the former Speaker,” Fajardo said. See “Maleta boy,” A5
Ombudsman unfazed by recantation By Joel R. San Juan @jrsanjuan1573
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HE Office of the Ombudsman belittled the reported recantation of former “maleta boy” Orly Guteza who earlier executed an affidavit accusing former Speaker Martin Romualdez of receiving suitcases containing multi-billion kickbacks from flood and infrastructure projects of the government. In a statement, the Ombudsman called Guteza’s sudden turnaround as “pressure tactic” which would not affect its ongoing effort to prosecute Romualdez for plunder, graft, bribery and money laundering charges. Romualdez is being accused
of manipulating and pocketing funds intended for f lood control projects of the government from 2022 to 20225 amounting to at least P56 billion. The charges are now undergoing preliminary investigation before the Ombudsman to determine if there is prima facie evidence with reasonable certainty of conviction to file the case before the Sandiganbayan. T he anti-graft agenc y disclosed that it still has 28 witnesses who are ready to provide direct and material information pertaining to transactions related to the cases involving the former Speaker. The Ombudsman said some of these witnesses are still in
active ser vice. “Recantation is not new in high-profile cases. This is a classic pressure tactive. The investigation does not revolve around a single witnesses or even a handful of witnesses,” the Ombudsman pointed out. “For those who have been or will be subjected to legal process, cooperation is not a choice. It is an obligation under the law. Anyone who will obstruct, impede or interfere with the Ombudsman’s proceedings will face the full force of the law,” it added. Aside from Guteza, four former security escorts of former Partylist Rep. Zaldy Co of Ako Bicol have also recanted their sworn affidavits implicating Romualdez in the
ICSC: Habagat impacts highlight need to invest in long-term climate solutions By Jonathan L. Mayuga @jonlmayuga
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MANILA-BASED climate and energy policy nongovernment organization on Thursday said that beyond hard infrastructure, effective flood resilience requires long-term climate solutions that integrate naturebased solutions, early warning systems, and community-driven initiatives. Institute for Climate and Sustainable Cities (ICSC) Executive Director Angelo Kairos dela Cruz said Metro Manila and nearby provinces have been experiencing heavy rainfall for almost three weeks now, exposing Filipinos to daily flooding that submerges their homes, disrupts livelihoods, makes commuting to and from work quite impossible, and leads to school cancellations. “The burden is not the same for everyone, as those with the fewest resources to prepare, evacuate, recover, or rebuild are often the ones who suffer more. This alone should signal the need for immediate action to at least minimize the impacts already being felt across different areas in Luzon, as
climate science projections show that impacts will continue to worsen. We cannot afford any delay in raising our ambition to increase resilience without sacrificing accountability and transparency,” he said. Citing the first of the fourpart Sixth Assessment Report (AR6) of the Intergovernmental Panel on Climate Change (IPCC) released in August 2021, dela Cruz said scientific findings warned of how climate extremes—such as heavy rainfall, heatwaves, and droughts—are projected to become more severe and more frequent, as an effect of the global warming. The report also highlighted that rainfall over land will become more intense and variable, with some areas getting wetter and others getting drier. “With the impacts we are seeing, which are endangering lives and livelihoods, being reactive will never be enough. What we need are long-term solutions that empower people and communities, providing them the skills and tools to face the impacts of climate change. “We recognize efforts made by the national and local governments in providing
rainfall warnings and facilitating timely evacuations in affected areas. There is progress, but we should translate these experiences into real systemic change. As extreme weather events are a facet of the changing climate, planning cycles should already shift from a merely reactionary to an anticipatory mode,” he said. “As investigations of flood control anomalies remain ongoing, we remind the Philippine government of its responsibility and accountability to Filipinos in ensuring that resources are properly allocated, utilized, and reported. Funds for climate action are limited, we have to make sure that every peso counts.” He said, moving away from the fixation on hard infrastructure as the primary solution to flood control becomes imperative. “While hard infrastructure remains necessary, it is no silver bullet. Effective flood resilience requires a broader, systemsbased approach. We have to prioritize and invest in longterm solutions that embed hard
illegal cash delivery scheme. The Ombudsman had threatened to include the four former security escorts in the plunder charge against Romualdez. “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,” Assistant Ombudsman Jose Dominic Clavano IV earlier said. The recantations of Guteza and Co’s former security escorts were attached in the counter-affidavit filed by Romualdez before the Ombudsman.
Education expert urges culture of open communication
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N education expert underscored the importance of creating a culture of open communication amidst another school shooting incident in Zamboanga. Rossana Llenado, founder of Ahead Education Group, said that schools must look beyond physical security and build a culture where students feel safe speaking up and more teachers become equipped to recognize concerning behavior. “School safety is not only about what we do when there is an emergency,” Llenado said. “It is also about creating a school environment where students feel that they belong, teachers are attentive to their students, and concerns are taken seriously.” As schools confront bullying, student conflicts, online threats and other forms of harmful behavior, Llenado says prevention must become part of everyday education. A multi-awarded education advocate, Llenado started Ahead Education Group, which operates nine education brands. It has been recognized nationally and across Asia for excellence in education,
See “ICSC,” A5 See “Education,” A5
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www.businessmirror.com.ph
155 firms on carpet for failure to meet plastic recovery targets
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ALACAÑANG on Thursday warned companies covered by the Extended Producer Responsibility (EPR) law to comply with their plastic recovery obligations as the Department of Environment and Natural Resources (DENR) has issued 155 show-cause letters to potential violators.
Palace Press Officer Claire Castro said the DENR is auditing companies’ plastic recovery
rates to determine compliance with Republic Act 11898 or the EPR Act of 2022.
The law requires covered enterprises to recover or offset an increasing portion of their plastic packaging footprint, with the target reaching 60 percent in 2026, 70 percent in 2027 and 80 percent from 2028 onward. “Kapag hindi nag-comply, bibigyan po sila at papatawan ng penalty [Companies that fail to comply will be fined],” Castro said, quoting the DENR. The warning came as garbage, particularly plastic waste, clogged Metro Manila’s waterways and pumping stations, worsening the flooding woes. During an inspection of the Tripa de Gallina Pumping Station in Pasay City, Marcos said even fully operational pumps could lose efficiency
when garbage enters the system. Castro said the DENR had issued 155 show-cause letters to potential obligated enterprises that failed to meet their EPR obligations. She clarified, however, that the 155 letters do not necessarily mean the companies have already been penalized. Castro also said compliant companies should be recognized, particularly those that exceed the required recovery targets. According to DENR data cited by Castro, audited recovery rates in 2024 reached 59.98 percent for rigid plastics and 56.33 percent for flexible plastics, exceeding the 40-percent target applicable that year. Samuel P. Medenilla with PNA
Pinoy’s self-rated poverty, hunger increases By Rizal Raoul Reyes @brownindio
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ELF-R ATED pover t y and hunger among Filipino families increased by 4 percentage points, from 35 percent in March 2026 to 39 percent in July, equivalent to an increase from about 9.2 million to 10.2 million families, according to the latest Tugon ng Masa (TNM) survey by OCTA Research. The non-commissioned, nationwide survey was conducted from July 4 to 11, 2026, through face-to-face interviews with 1,200 respondents. It has a ±3 percentage-point margin of error at a 95 percent confidence level. The increase was particularly prominent outside the National Capital Region (NCR). While selfrated poverty declined by approximately 3 percentage points in NCR, it climbed by around seven points in Balance Luzon, three points in Mindanao, and two points in the Visayas Mindanao, usually billed as the “Land of Promise,” continued to post the highest level of self-rated poverty among the major areas at 58 percent, followed by the Visayas at 46 percent, Balance Luzon at 33 percent and NCR at 18 percent. As expected, the burden was also significantly heavier among lowerincome households, with 62 percent of Class E families identifying themselves as poor, compared with 37 percent of Class D and 20 percent of Class ABC households. The survey likewise showed a 4-percentage-point increase in
self-rated hunger, from 17 percent in March to 21 percent in July. OCTA estimated that the increase represents roughly 1.1 million additional families, bringing the number of families that experienced involuntary hunger to approximately 5.6 million. However, the survey found that most hunger episodes were occasional. Among families that experienced hunger, 68percent said it happened only once, while 19percent said it occurred a few times. Overall, 87percent reported experiencing hunger only once or a few times, while 13percent said it occurred often or always. Balance Luzon recorded the highest hunger incidence among the four major areas at 27 percent followed by NCR at 19 percent, the Visayas at 17 percent and Mindanao at 14 percent. By socioeconomic class, hunger was reported by 35 percent of Class E families, compared with 20 percent of Class D and 8 percent of Class ABC households. At the regional level, Bicol posted the highest reported hunger incidence at 56 percent followed by Northern Mindanao at 37 percent, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) at 34 percent, Caraga at 29 percent and Eastern Visayas at 28 percent. OCTA cautioned that regional figures should be interpreted carefully because of their larger margins of error. Despite the deterioration in overall poverty and hunger indicators, self-rated food poverty declined by three percentage points, from 31 percent in March
to 28percent in July. OCTA estimates that this translates to a decrease from about 8.1 million to 7.4 million families who considered themselves food-poor, or roughly 700,000 fewer families. It said the improvement was recorded across all four major areas. Food poverty fell from 12 percent to 9 percent in NCR, 22 percent to 18 percent in Balance Luzon, 39 percent to 37 percent in the Visayas and 53 percent to 52 percent in Mindanao. Nonetheless, Mindanao registered the highest level of food poverty at 52 percent, while Class E households continued to carry the heaviest burden at 38 percent, compared with 28 percent for Class D and 14 percent for Class ABC. The survey also points to continuing financial pressure, mainly low wages among households that remain food-poor. The median amount families said they need each month for food expenses to no longer consider themselves food-poor remained at P10,000. However, the median additional amount they said they currently lack increased from P4,000 in the first quarter to P5,000 in the second quarter.
Uneven recovery
THE latest figures paint a mixed picture of household welfare, with improvements in one measure of food security occurring alongside worsening perceptions of overall poverty and an increase in reported hunger. OCTA noted that the rise in selfrated poverty was driven largely
by conditions outside NCR, while Mindanao continued to register the highest levels of both poverty and food poverty. Balance Luzon, meanwhile, recorded the highest hunger incidence among the major areas. The results also highlight the continuing vulnerability of Class E households, which recorded substantially higher levels across all three indicators—self-rated poverty, hunger and food poverty—than Class D and Class ABC households. The results highlight the continuing vulnerability of Class E households, which recorded substantially higher levels of selfrated poverty, hunger, and food poverty than Class D and Class ABC households. For policymakers, OCTA said these findings underscore the importance of closely monitoring household incomes, employment stability, food prices, and access to financial assistance, particularly for families with limited financial buffers. OCTA’s survey suggests that while fewer families described themselves as food-poor, more experienced at least one episode of hunger during the preceding three months. Overall, the Q2 2026 TNM results indicate that improvements in food poverty have a long way to go as they have yet to translate into broad-based economic securit y, w ith poverty and hunger remaining significant and uneven challenges across the countr y.
Visayan Electric caps rate hike at 6 centavos per kWh
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EBU CIT Y—Visayan Elec tric has limited the increase in its residential electricity rate for
August to just P0.06 per kilowatt-hour (kWh), preventing what the utility said could have been a much steeper P2.10/
kWh increase amid power supply shortages across the Visayas Grid. The adjustment brings the overall residential rate this month to P14.96/kWh, instead of the projected P17.00/kWh rate. For a household using around 200 kWh monthly, the six-centavo increase translates to an additional P12 on the electricity bill. Visayan Electric said its measures effectively spared consumers an estimated P420 in potential additional charges. The August adjustment is the fifth consecutive monthly increase in power rates since April, underscoring the continued pressure on electricity costs in Metro Cebu. Visayan Electric said rate increase was largely driven by higher prices at the Wholesale Electricity Spot Market (WESM), increased transmission charges linked to rising ancillary service costs, and a continuing shortage in power supply across the Visayas Grid. The utility said it worked with the Energy Regulatory Commission (ERC) and its power
suppliers and implemented measures to mitigate the impact of these external pressures on consumers. Visayan Electric President and General Manager Mark Anthony Kindica said the company is focused on limiting the effect of volatile power market conditions on households. “We understand the importance of every peso to our customers,” Kindica said in a statement, adding that the company continues to optimize its power sourcing to keep rate adjustments as low as possible. He also expressed hope that cooler temperatures during the coming “Ber” months would reduce electricity demand, help stabilize market prices and eventually ease pressure on consumers’ monthly bills. With electricity rates continuing to fluctuate, Visayan Electric is encouraging customers to manage their consumption See “Electric,” A5
Palace: Pax Silica to trigger ‘lasting economic change’ By Samuel P. Medenilla @sam_medenilla
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A L AC A Ñ A NG s a id the Luzon Economic Cor r idor ( L EC ), which has as a component the Pax Silica project, will allow the US companies to trigger lasting economic change by bringing in new technology and training to the country’s workforce. Executive Secretary Ralph G. Recto made the statement during the welcome reception of the US-Association of Southeast Asian Nations (Asean) Business Council (USABC Tuesday. The USABC represents more than 180 leading global corporations operating in Asean and the rest of the world. Recto urged the participating companies to provide “generations of investment, innovation, jobs” in the country through the LEC linking Subic, Clark, Manila, and Batangas into a hub for logistics, manufacturing, connectivity, and innovation. Rather than just providing capital, the Palace official said he hopes the said companies will help build domestic capacity so they build their next breakthrough in the Philippines. “We want more factories rising here, critical minerals processed—not just extracted and exported. More electronics are proudly made in the Philippines. And more Filipino engineers, technicians, and researchers given the chance to thrive,” Recto said.
“This is how we can turn an eight-decade alliance [with t he US] i nto a n econom ic corridor for the next generation,” he added. Recto assured the government will provide the necessary environment to the said firms to thrive in the country by reducing red tape through Corporate Recovery and Tax Incent ives for Enter pr ises Act, Green Lanes for strategic investments, and the Energy Virtual One-Stop Shop. The Marcos administration also implemented measures to provide incentives to investors through the Retail Trade Liberalization Act, reforms to the mining fiscal regime, the Capita l Markets Efficienc y Promotion Act, and the Electric Vehicle Incentive Strategy Program. Recto also committed that the government is ready to address other infrastructure bottlenecks affecting investment. “We will listen. We will act. We will do the handholding. And we will compete for your investment,” he said. Aside from Recto, other government officials, who attended the event were Labor Secretary Francis N. Tolentino, Environment and Natural Resources Secretary Juan Miguel T. Cuna, and Bangko Sentral Governor Eli M. Remolona Jr. Also at the event were US Ambassador to the Philippines Lee Lipton and the US-Asean Business Council President and Chief Executive Officer, Ambassador Brian McFeeters.
Gatchalian: Power companies should bear cost of technical system losses
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OWER utilities that have the means to reduce technical system losses should also bear their cost instead of automatically passing them on to consumers, Senate President Sherwin Gatchalian said on Thursday. During a Senate Committee on Energy hearing, Gatchalian said that distribution utilities are in the best position to invest in equipment, substations, upgraded lines, and distributed energy systems that can bring down technical system losses. “Kung sino ang may kapangyarihan dapat siya ang sumalo dahil incentives iyan. Walang incentives na babaan at ipapasa mo rin, wala ka rin incentive na mag-invest sa mga technology [Whoever has the power should shoulder it because that creates incentives. If you can simply pass it on, there is no incentive to reduce it and no incentive to invest in technology],” he said. Gatchalian said system loss is inherent in transmitting electricity and cannot be eliminated, but utilities should be encouraged to minimize losses that can be reduced through better technology and infrastructure. He proposed treating system loss as a cost of the distribution utility instead of part of its recoverable revenue, which is currently shouldered by consumers and subjected to value-added tax. “Kung parte yan ng cost, expense na iyan ng distribution utility [If that becomes part of the cost, then it becomes an expense of the distribution utility],” he said. Gatchalian cited options, such as upgraded substations and distributed energy systems, including rooftop solar, which could reduce the need for long line extensions and consequently lower line losses.
Sen. Erwin Tulfo, panel chairman, agreed that infrastructure investment should be examined beyond distribution utilities, pointing also to transmission facilities of the National Grid Corp. of the Philippines (NGCP). “Siguro po kailangan na rin magupgrade ang National Grid Corporation of the Philippines [Perhaps the NGCP also needs to upgrade],” he said. Tulfo later asked if some utilities had failed to modernize over the years because existing rules allowed them to recover system losses from consumers. “Hindi sila nag-invest through the years iyong capital expenditure expenses para to modernize. Dahil umasa lang po sila diyan sa systems loss na yan [They did not invest through the years in capital expenditures to modernize because they relied on that system-loss mechanism],” he said. He argued that consumers should not be made responsible for utilities’ failure to invest in better infrastructure. The Energy Regulatory Commission (ERC), meanwhile, acknowledged that distribution utilities are required to meet technical and performance standards and may be penalized if they exceed allowable system-loss levels. ERC Chairperson Francis Juan said utilities also have an incentive to undertake capital expenditure programs when their losses exceed regulatory caps, as they already have to absorb the excess. “Sila naman din ay mayroong natural na insentibo na mag-roll out ng mga capital expenditure programs upang mapababa halimbawa ang kanilang system loss. See “Power,” A5
www.businessmirror.com.ph • Editor: Dennis Estopace
The World
YouTube offers creators millions to snub Netflix
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OUTUBE is offering millions of dollars to popular channels if they upload their videos to the site exclusively for a certain period of time, in an effort to halt Netflix Inc.’s pursuit of its biggest stars, according to people familiar with the conversations. The payment would come in a couple of different forms. YouTube has discussed directly financing some programs, and it has also offered to allot a portion of major brand deals to creators. Though YouTube hasn’t finalized deals with any creators, it is close an agreement with several partners, said the people, who declined to be identified because the negotiations are sensitive and ongoing. Creators who do sign deals with Netflix face consequences, YouTube has said, according to the people. YouTube will be less likely to feature them in marketing campaigns or at events if they release videos on Netflix at the same time. YouTube would also exclude those creators from collecting a share of proceeds from some major brand campaigns. Netflix has been pursuing agreements with dozens of prominent YouTubers, paying creators such as Alan Chikin Chow and Nick DiGiovanni to post their videos on YouTube and Netflix concurrently. The company remains in active conversations with dozens of other creators, channels and programs, such as , a celebrity talk show. The Netflix deals appeal to creators because they are a way to get paid millions of additional dollars for videos they are already making and expose their programming to new viewers. Netflix has more than 325 million subscribers. Yet YouTube has told creators crossposting on its platform and Netflix hurts viewership on YouTube and conveys the idea that channels are deprioritizing the streaming platform as their primary distribution outlet. Some creators have already decided not
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The impeachment complaint against Duterte accuses her of alleged misuse, misappropriation, and irregular liquidation of P612.5 million in confidential funds. This includes P500 million released to the Office of the Vice President from
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entrepreneurship and leadership. It is the country’s most awarded review center with over 35 recognitions. Teachers spend much of their day with students and may notice changes in behavior, relationships or classroom participation. They should not be expected to diagnose psychological problems, Llenado stressed, but they can be trained to recognize when something is concerning and know when and how to refer it to school leaders or appropriate professionals. “Teachers can help create safer schools by listening more to their students but she also cautioned against creating stereotypes about students who may be considered ‘at risk’.” “We have to be careful that our efforts to prevent violence do not result in labeling children,” Llenado said. Parents are also part of the prevention equation. Regular communication between families and schools can help ensure that
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Dahil nga kung sila ay above the cap n a, mamabutihin nilang sila ay makapag -invest sa mga makabagong kagamitan nang sa ganoon ay mapababa nila ang kanilang system loss [They also have a natural incentive to roll out capital expenditure programs to reduce their system loss. If they go beyond
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by setting air conditioners at 24°C to 25°C, unplugging appliances and electronic devices when not in use, and monitoring household electricity use through the utility’s appliance calculator.
to work with Netflix. The service requires them to deliver videos days in advance, which is not how many creators operate. It has also asked creators to remove certain brand sponsorships from their videos. YouTube and Netflix have been the leaders in streaming video for the last 20 years. For most of that time, they have been friendly competitors largely operating in separate universes. Netflix was the king of subscription streaming, focused on more expensive, Hollywood-style films and TV shows. YouTube was the undisputed leader in user-generated content, birthing a new generation of stars that people primarily watched on mobile devices. Its past efforts to fund original programming failed to produce many hit programs. One of those shows, , went on to be a big hit for Netflix. Yet the line between the two sites has blurred in recent years. YouTube prioritized getting people to watch on TV and now accounts for more viewership on those devices than any other service. It has chased TV advertising dollars and taken the rights to major live events like the Academy Awards and the National Football League. Netflix, which has long promoted its titles on YouTube, licensed the rights to popular shows like CoComelon. It sees YouTube stars as a way to draw in younger viewers and boost the amount of time its users spend on Netflix. The competition has intensified over the past year as Netflix has stepped up its pursuit of YouTube’s most popular channels. YouTube has weighed whether or not to respond. CEO Neal Mohan has long said that creators who do deals with competitors, be they Instagram or Amazon Prime Video, tend to drive viewers back to YouTube. Few of these creators are leaving YouTube, which is still their primary distribution outlet. Funding any individual channel also risks aggravating the thousands of channels that don’t get any cash. Bloomberg News
December 2022 to September 2023 and P112.5 million released to the Department of Education in three quar ters of 2023 while Duterte was serving as Education secretary. Kapunan maintained that the Senate Impeachment Court should evaluate the case based on the evidence presented during the proceedings, saying, “Let us follow the evidence.” serious concerns do not remain unnoticed or unaddressed, Llenado added. Llenado also said that digital citizenship should be treated as an essential part of education but she said that prevention comes down to relationships and building trust and open communication between and among the parents, school authorities, teachers and students. “Education is not only about academic achievement,” Llenado said. “We need to prepare young people to become responsible members of society. Teaching them how to resolve conflict, respect others, ask for help and speak up when something is wrong.” Llenado is star ting a ReviewLab Scholarship Program in September to enable more students from across the country to get more access to review facilities. “We encourage our students to be the change the world needs. We hope that they can be a force of good for our country.”, she said adding that a culture of friendship and camaraderie and open communication are also instituted in Ahead. the cap, it would be in their interest to invest in modern equipment so they can bring their system loss down],” Juan said. The Senate is studying several proposals to reform or remove system-loss charges as lawmakers determine which electricity losses may reasonably be passed on to consumers and which should instead be absorbed by companies capable of preventing or reducing them. Butch Fernandez with PNA
The company also urged consumers to report suspected illegal connections, which it said can be reported anonymously through its designated telephone, email and online reporting channels. Visayan Electric serves Metro Cebu and neighboring municipalities and is part of the Aboitiz Power Distribution Utilities group. Carmel Pedroza
Southeast Asia haze risk rises as Indonesia’s fire hotspots up By Mary Hui
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Bloomberg News
HE number of fire hotspots across Indonesia has surged to the highest level in more than a decade, raising the prospect of severe wildfires and choking haze as El Niño leads to drier conditions in the region. O ve r 3 , 5 0 0 h o t s p o t s h ave b e e n recorded so far this month, more than quadruple the July total and the highest August count since 2015, according to the Forestry Ministry’s fire-monitoring platform SiPongi. A hotspot is characterized as a location where satellites detect an elevated surface temperature, indicating a potential fire. Wildfires and the haze they cause are a near-annual problem across Southeast Asia, costing local economies billions of dollars. This year’s intensifying El Niño, a climate
pattern that tends to trigger hotter and drier conditions across the region, threatens to heighten fire risks as higher temperatures and parched vegetation turn landscapes into tinderboxes. Indonesia has been baked by unseasonably dry weather over recent weeks, with significantly lower rainfall and average temperatures around 1.2C above normal since July, data from Atmospheric G2 shows. Arid conditions are set to persist, with climate models seeing a high chance of below-normal rainfall through October,
according to the Asean Specialised Meteorological Centre. There are heightened fire weather conditions in regions including much of Kalimantan, Sumatra, and Java, according to Indonesia’s meteorological agency. A high fire weather index means any blazes that break out are more difficult to control. The agency pointed to a very strong El Niño and a positive phase of another climate pattern in the Indian Ocean in its latest wildfire bulletin. In 2015, widespread fires across Southeast Asia triggered a regional haze emergency and cost Indonesia $16 billion, and led to elevated diplomatic tensions between neighboring countries. That year also saw a strong El Niño event that brought significantly below-normal rainfall to Indonesia. Globally, dry spells caused by heat waves and amplified by the strengthening El Niño have already caused major fires in North America and Europe. Australia is forecast to see a more dangerous wildfire season from September through November, driven by dry fuel loads, low soil moisture, and scant rainfall, according to an official outlook published this week.
HK student housing crisis spurs bank lending boom By Trista Xinyi Luo, Pearl Liu & Eunice Xu Bloomberg News
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HE aging Regal Oriental Hotel is hardly a Hong Kong hotspot, yet in recent weeks it’s become a popular destination for bankers from some of the city’s top lenders, some of whom made repeat visits. They were lured there by an intriguing proposal. Centaline Investment wanted to borrow HK$1 billion ($128 million) to turn the building into apartments for students, according to people familiar with the matter who asked not to be identified. There was unusual interest in the deal, the people said, with multiple banks pitching to be the lender. Bank of China (Hong Kong) Ltd. prevailed over contenders including Industrial Bank Co.’s Hong Kong branch, they said. Representatives from Centaline said the company is in “close talks” on the loan and there was “strong interest” from multiple lenders. Bank of China and Industrial Bank didn’t respond to requests for comment. After steering clear of commercial real
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infrastructure with nature-based solutions, early warning systems, and community-driven initiatives, maximizing what already exists in different ecosystems, backed by science-based
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He added that the defense believes the allegations should not be sustained based only on inconsistent statements. “It is a non-case. It should be dismissed because there is no evidence left except stories, and those stories are different and constantly changing,” Fajardo said. Meanwhile, other witnesses have continued to stand by their earlier statements, while the O mbudsman
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from one community to another. A national policy, he said, would promote coordinated planning and comprehensive solutions. The House of Representatives approved the NLUA on its third and final reading on May 5, 2026, making it one of the priority measures of the Marcos administration. However, its counterpart bill in the Senate remains pending. Among the key provisions of the House version is the integration of climate and disaster risk considerations into land use planning through the use of hazard maps,
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Briefs. . . India bars JPMorgan unit
INDIA’S securities regulator banned a Mauritius-based unit of JPMorgan Chase & Co. from its capital markets, the first enforcement action over alleged manipulation of the country’s new closing auction for stock prices. The Securities and Exchange Board of India impounded 37 million rupees ($386,000), which it described as wrongful gains made by JPMorgan unit Copthall Mauritius Investment Ltd. and local brokerage firm Mansi Share and Stock Broking Ltd., according to an initial order published late Wednesday. The order by SEBI board member Kamlesh Varshney alleged that Copthall and Mansi Share executed manipulative trades during the closing auction window on August 13 to influence the indicative equilibrium price of the BSE Sensex Index, benefiting their options positions on the benchmark. Bloomberg News
China sentences Evergrande’s Hui to life
CHINA Evergrande Group’s founder Hui Ka Yan has been sentenced to life in prison, bringing an end to one of the most dramatic rise and fall stories in China’s corporate history. The disgraced property tycoon, once Asia’s second richest man, had turned Evergrande into a poster child of corporate excess during China’s long real estate boom. But after his empire came crashing down following a 2021 default, he was caught in a dragnet of official investigations that ultimately caused his downfall. Hui was sentenced alongside 56 others involved in Evergrande, including his sons Xu Zhijian and Xu Tenghe. His assets will be confiscated, Hong Kong-listed Evergrande fined 8.82 billion yuan ($1.3 billion) and Hengda Real Estate, an onshore unit, forced to pay another 7 billion yuan.
estate in recent years, Hong Kong’s loan bankers have found a new sweet spot: turning old buildings into dormitories for students. An influx of mainland Chinese students and government support have made them an easier sell, with steady rental income that comfortably generates 5 percent yields. Colliers counts 25 such projects from 2024 through the first half of this year, worth about HK$10.7 billion, compared with just a handful of deals before that. “Banks across the board—whether local, Chinese, Singaporean or international—do have a strong appetite for this sector,” said Jasmine Chiu, real estate partner at law firm Johnson Stokes & Master. “Lenders are increasingly eager to provide financing, viewing student housing not merely as a real estate play, but also as an operational business.” Demand has even extended to office conversions, which are trickier to pull off and haven’t generated huge returns in the past. Singaporean builder Wee Hur Holdings said it secured financing from HSBC Holdings Plc last week to turn the One Bedford Place office tower in Kowloon into a roughly 500-
bed student apartment building, pending regulatory approvals. United Overseas Bank Ltd. and Oversea-Chinese Banking Corp. also wanted to help fund the project, according to people familiar with the matter. A spokesperson for UOB didn’t respond to questions. HSBC and OCBC declined to comment. The recent enthusiasm is a stark contrast to a few years ago, when student dorm conversions first entered the lexicon of Hong Kong commercial real estate with early projects such as the Y83 hostel in Hung Hom. One banker recalled how their first student housing deal—to refinance a loan for a hotel-to-dorm project called Sunny House that began operating in 2024—was only greenlit after the lender’s credit risk specialists visited the property and spoke to students living there. “Hong Kong’s student accommodation operating market is still young,” said Nicholas To, senior associate director of investment at Savills Hong Kong. When it comes to office-to-dorm deals, there “is a higher bar, but a rational one,” he said, adding that the gap between hotel and office deals should close in the next 12 to 18 months.
ecological assessments,” he said. “We urgently ask for the country’s leadership in ensuring that climate action efforts are moving forward at the needed speed and scale. The current impacts we are experiencing from Habagat should not be treated simply as a story about unusually heavy downpour; it is a result of years of insufficient planning, weak
scientific grounding, and uncoordinated implementation. We can move forward; we already have the information that we need to advance effective climate action: heed the science, anticipate the extreme scenarios, plan and design around nature and local geography with local communities as partners, and mobilize resources with transparency and accountability mechanisms in place.”
proceeds with its preliminary investigation. The investigation involves allegations related to possible plunder, graft, bribery, and money laundering. However, the filing of counter-affidavits does not mean criminal charges have already been filed in court or that any party has been found guilty. Fajardo said the Ombudsman should conduct a complete and impartial evaluation of all evidence before reaching a decision. “The result should not be considered predetermined. We can only hope for fairness,” Fajardo said, emphasizing that
the defense expects a careful review of all submissions. Romualdez has consistently denied receiving money from Co or his personnel. His defense argued that the accusations appear to rely heavily on the fact that Romualdez was Speaker of the House while Co served as chair of the House appropriations committee, rather than on direct proof of wrongdoing. Fajardo maintained that the legislative budget process involves several institutions, including Congress and the executive branch, and that holding a leadership position alone
does not establish participation in an illegal transaction. “Just because he was Speaker of the House when Zaldy Co was Appropriations [committee] chairman does not mean that he controlled or participated in every transaction connected to the budget process,” Fajardo said. The defense said it would continue submitting documents and cooperating with the Ombudsman’s investigation, insisting that the allegations should be judged based on evidence and not solely on disputed testimonies.
geospatial data, and environmental assessments. These tools will guide decisions involving flood plains, watersheds, coastal areas, and other disaster-prone locations. Yamsuan also highlighted the importance of initiatives such as Project NOAH (Nationwide Operational Assessment of Hazards) in providing scientific data for zoning and land use decisions. Aside from legislative action, Yamsuan proposed a three-part assessment framework called BEH, which examines the behavioral, environmental, and historical background of flood-prone communities. He explained that the behavioral aspect would study population growth, settlement patterns, and waste disposal practices. The
environmental aspect would examine water sources, drainage flow, and factors that obstruct water movement. The historical component would determine the original condition and development history of communities. Using Parañaque as an example, Yamsuan noted that the city was historically an asinan, or salt-farm area, with naturally low-lying locations and unique soil conditions that influence flooding patterns. Yamsuan also encouraged the government to adopt successful flood-management practices from other countries. He cited Copenhagen, Denmark, which transformed into a “sponge city” by using nature-based solutions such as permeable
pavements to improve rainwater absorption and storage. A similar approach is being explored by the Metropolitan Manila Development Authority (MMDA) with support from the Asian Infrastructure Investment Bank (AIIB), which is currently studying possible locations for implementing the sponge city model. “We should identify areas where working with water instead of against it offers the best solutions to the flooding problem,” Yamsuan said. He also expressed support for House Bill 10028, which seeks to integrate sponge city principles and green infrastructure into national urban planning and development.
Bloomberg News
Luxury sales plunge in China
GLOBAL luxury brands are facing a deepening sales slump in China, as the country’s campaign to tax offshore wealth sends ripples from stock markets to casino floors and dampens spending by the country’s richest consumers. Sales at the 25 biggest luxury labels in China dropped more than 10 percent in July, according to three research firms surveyed by Bloomberg that track industry data. That’s worse than the slowdown witnessed in June, and marks a sharp reversal from the brisk business seen earlier this year. LVMH’s Louis Vuitton and Dior, as well as Kering SA’s Gucci, Bottega Veneta and Balenciaga all recorded double-digit sales drops, while Hermès swung from gains to declines, the people said. Growth for Chanel and Prada also decelerated significantly, the firms said. Bloomberg News
Jovee Marie N. dela Cruz
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The World
Friday, August 21, 2026
Australia outraged as Israel ends probe of aid worker death By James Mayger
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Bloomberg News
USTRALIA’S government said it is “outraged” that Israel failed to charge any of the soldiers responsible for the 2024 killing of an Australian aid worker, with Canberra formally protesting the decision. “Australia is outraged the Israeli Government has decided not to pursue criminal proceedings against those responsible for killing Zomi Frankcom and her World Central Kitchen colleagues,” Foreign Minister Penny Wong said in a
statement on Thursday. “This decision falls far short of the accountability we expect.” Frankcom and six of her colleagues were killed by the Israeli Defence Forces more than two years ago. The Israeli government announced on Wednesday that “there
is no “reasonable suspicion of criminal misconduct that would justify the opening of a criminal investigation.” Australia rejected that finding, with Wong saying in the statement that the decision came “despite Israel Defense Forces admissions that the IDF strikes on Zomi and her colleagues’ vehicles were the result of serious failures to follow IDF procedures, mistaken identification and errors in decision-making.” Wong called in Israeli Ambassador Hillel Newman to protest the decision. The diplomat told reporters afterward that the deaths of the aid workers were “a tragedy” but he wouldn’t apologize for them. “We express deep sorry, grief with the family. I don’t want to go apologize as there are all kinds of legal ramifications,” he said. “As the court has decided there’s no criminal liability, I cannot accept liability on behalf of the state of Israel.”
Neneng. . . Continued from B8
The NDRRMC said a total of 13,957 families or 47,277 persons are currently receiving care, including food, water, and medicine, in 628 different evacuation centers. The number of damaged houses is
Speaking to the media later, Wong said that “we do not have confidence in the IDF’s Military Advocate General’s process given the many unanswered questions.” “The Australian Government will continue to keep pressing Israel for justice for Zomi and her colleagues and we will consult with Zomi Frankcom’s family before we announce further steps,” she said. The Israeli announcement came just hours after Wong had said in a speech that Australia would continue to push for full accountability for the death of Frankcom and her colleagues. “We didn’t have the opportunity to inform Zomi’s family before Israel’s decision was made public because of the lack of notice,” Wong said on Thursday. “To learn of these developments in these circumstances was especially insulting and hurtful to Zomi’s loved ones, to humanitarians and to Australians.” currently placed at 2,108 after being submerged under floodwaters. The damage to public and private infrastructure has now reached P4.67 billion, while damage to agriculture is pegged at P1.42 billion. The government said it has spent a total of P96.8 billion to assist the affected families. Jonathan L. Mayuga
www.businessmirror.com.ph
Shooting. . . Continued from B8
Investigators are also checking whether he had been involved in online games or other digital platforms that may have had a connection to the incident. “We are also looking into the online activities of the minor, including possible involvement in online games or other digital platforms, to determine whether these had any connection to the incident,” Nartatez said. Earlier reports said the suspect allegedly livestreamed the attack to a website called “Watch People Die” using a body camera attached to his chest, giving viewers a “firstperson shooter” perspective. The PNP chief said that investigators are examining whether the suspect planned the livestream and if other individuals were involved in distributing the footage. “We would like to find out what’s in the mind of this child having a firearm, shooting at his fellow students, fellow minors, and why he did this,” Nartatez said. The shooting in Zamboanga followed a series of violent incidents in schools, including the June attack in Tacloban City that left three students dead. As this developed, Nartatez said keeping students safe requires vigilance and stronger community involvement beyond physical security measures. He added that protecting students should
DENR. . . Continued from B8
To support these efforts, the DENR carries out various ongoing programs such as the MV Nilad Marine Cleanup & Disaster Response Program, which uses a specialized vessel for debris collection in Manila Bay, and the Estero Rangers Health & Wellness Program, which supports community cleanup personnel. Additionally, mobile services like DENR Express (“Permitting on Wheels”) help streamline environmental clearances for local communities. “As part of these interventions, a total of 196 trash traps have been installed across various localities and key areas in Metro Manila to intercept floating debris and prevent waste from choking vital waterways,” the environment chief said. The Department called on LGUs to keep their solid waste management systems functional and responsive by ensuring regular
not depend solely on physical security measures as police must also work closely with schools and communities to identify threats before they develop into violence. “We agree that school safety is not only about guards, cameras, and other security measures. Police can support schools by strengthening coordination and helping identify threats or warning signs before they develop into violence,” Nartatez said. He underscored that the organization supports the call of Education Secretary Juan Edgardo Angara for school communities to regularly check on students and build stronger relationships with them. Angara earlier noted that Ateneo de Zamboanga University had conducted activeshooter drills in July, but stressed that schools must also monitor students’ well-being and address online grooming and extremist networks. For his part, Nartatez said parents and other members of the community have an important role in keeping children safe. He urged them to maintain open communication with young people and immediately alert authorities about threats or suspicious behavior. “School safety is a shared responsibility. We encourage parents, teachers, students, and the community to stay vigilant, build stronger communication with our children, and immediately report threats or warning signs so that authorities can act before they lead to violence,” Nartatez noted. waste collection, enforcing segregation at source, keeping waterways and drainage channels free of illegally dumped waste, maximizing Materials Recovery Facilities (MRFs), ensuring proper disposal of residual waste, and undertaking preventive measures such as trimming trees and branches that may pose hazards during heavy rains and strong winds. It likewise reminded the public to segregate at source, follow collection schedules, avoid littering and dumping into canals, creeks and waterways, and properly secure household waste. “Every piece of waste kept out of our waterways is one less obstruction to drainage and one less piece of pollution that can reach our rivers, coasts and seas,” Cuna added. The DENR stressed that keeping communities and waterways safe from wasterelated flooding begins long before the rains come—with proper segregation, regular collection, responsible disposal, and consistent enforcement of the law. Jonathan L. Mayuga
Friday, August 21, 2026
Amended version of Anti-OSAEC law pushed to confront the rise of NVE By Butch Fernandez @butchfBM
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MMEDIATE passage of the Child Online Safety and Protection Act— an expanded version of the original Anti-Online Sexual Abuse and Exploitation of Children (OSAEC) Law— is being pushed among the urgent interventions meant to reckon with the rise of school violence that has confounded authorities. In seeking immediate passage, Senator Risa Hontiveros stressed that the measure equips the state with the legal authority it needs to confront Nihilistic Violent Extremism (NVE). The bill is currently in the period of amendments in the Senate and has passed on third reading in the House. “This bill should be certified as urgent. NVE is an alarming new trend that needs immediate action. Passing the amended AntiOSAEC bill would give law enforcement agencies the tools to apprehend suspects and perpetrators. Huwag na nating hintayin na dumami pa ang school shooting bago umaksyon,” Hontiveros said. Presiding over the Senate Committee on Women, Children, Family Relations, and Gender Equality hearing on NVE, the senator said the chamber now has a rare legislative window to close the gaps that allow the same digital ecosystems to groom, radicalize, and steer children toward violence. OSAEC and NVE remain distinct threats, she noted, but both are enabled by the same digital platforms, the same blind spots, and the same failures of early detection and child protection. The bill, if passed, will punish these forms of technology-facilitated violence against children, sexual or non-sexual. Hontiveros has been at the forefront of child online safety policy since authoring the original Anti-OSAEC law, and has continued to press for its full and faithful implementation through sustained Senate oversight. “We authored the AntiOSAEC law to shield our children from different forms of online abuse and exploitation. Ngayong may panibagong banta laban sa kanila, tungkulin nating tugunan ito nang walang pag aalinlangan,” the senator concluded.
Marcos: 13 new pumping stations set for Metro Manila to combat flooding By Samuel P. Medenilla
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@sam_medenilla
RESIDENT Ferdinand Marcos said the growing volume of rainfall induced by climate change has prompted the government to install 13 more pumping stations in Metro Manila to help curb the perennial flooding in the region. This will increase the number of operational pumps in the National Capital Region (NCR), which currently has 73 pumping stations. “I think altogether we will have 13—13 additional pumping stations which we should have in place by the end of this year or the beginning of next year. Most of them should be in place already,” the chief executive said after the inspection of the 50-year old Tripa De Gallina Pumping Station in Pasay City last Thursday. Marcos visited the facility to look into the large volume of garbage which clogged it. “In light of this, the President immediately ordered the DPWH [Department of Public Works and
Highways]to continue clearing waterways through the Oplan Kontra Baha and Bayanihan sa Estero Program,” Palace Press Officer Claire Castro said in Filipino in a press briefing last Thursday. “The President also directed the agency to complete the upgrade of the Tripa de Gallina Pumping Station to hasten the receding of floodwaters in nearby communities,” she added. Earlier this month, Metropolitan Manila Development AuthorityChairman Romando S. Artes noted that the heavy flooding in Parañaque City was caused by Tripa De Gallina Pumping Station being “overwhelmed” by heavy rainfall.
Artes said they will coordinate with the DPWH to address the issue by installing flood gates and pumping stations in La Huerta, Parañaque City and a major river near the area. Despite the installation of more pumping stations in NCR, Marcos said the region may still face severe flooding if its garbage problem is not simultaneously addressed. “But again, that does not solve our problem with garbage. And so, that is why we are here trying to find ways to dispose of the garbage in an environmentally friendly way. That’s why they are creating compost, none of the organic waste goes to waste a... All organic waste can be used. It is all of the other inorganic waste that is being thrown into our systems. That’s — that’s where we’re in trouble,” he said. Marcos joked that with the kinds of waste collected from the rivers, which includes sinks and mattresses, you assemble a home. He said the waste-to-energy initiatives of the Department of Energy may help reduce the country’s amount of garbage. “I’m sure you have heard, the Department of Energy is already starting to auction. So, they’re bidding on that waste-to-energy project,” Marcos said. “As long as the financing is fixed
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ATHOLIC leaders should step up voter formation ahead of the 2028 presidential election without dictating political choices, as Filipinos prepare to choose the country’s next leaders, the head of the Catholic Bishops’ Conference of the Philippines (CBCP) said. With less than two years before the polls, CBCP President and Lipa Archbishop Gilbert Garcera said the Church should help voters form their consciences around faith, truth and “authentic human values.” “As we prepare for the coming presidential election, we are called to accompany our people in forming consciences that are guided by faith, truth, and authentic human values,” Garcera said.
and is available, I think we will be able to put those into action by next year,” he added. Aside from inspecting the Tripa De Gallina Pumping Station, Marcos visited the Metropolitan Manila Development Authority (MMDA) Command Center, where he was briefed on the “naturebased” solutions to floods after the latest weather disturbances inundated many parts of NCR this week. Last Thursday, Castro released the shortlist of 39 priority sites for the said project. The said sites include the open area in Brgy. Moonwalk in Parañaque; University of the Philippines Sunken Garden in Quezon City; Ermitaño Creek in San Juan; Navotas Coastal Dike in Navotas; Pasay City Linear Ecopark in Pasay; Maytunas Creek (Downstream) in San Juan; Rizal Memorial Baseball Stadium in Manila; Chino Roces Ave. Underpass in Makati; Tanza Marine Tree Park in Navotas; Malabon Sports Complex in Malabon; Damar Village Park in Quezon City; Wawang Pulo Pumping Station in Valenzuela and the Polo Riverwalk (right bank) in Valenzuela. Also in the list are the Camella 3D Basketball Court in Las Piñas; Malabon People’s Park in Malabon; Bukuhan Agricultural Area in Pateros; Open Area beside
Muntinlupa Sports Complex in Muntinlupa; NHA 4PH Property (Bagong Silang) in Caloocan; Parking Lot in Bukuhan in Pateros; Buhangin Creek in Mandaluyong; University of Caloocan (proposed sunken garden) in Caloocan; Maytunas Creek (upstream) in Mandaluyong; Jamboree Lake in Muntinlupa; Hardin ng Bayan in Marikina; and the Pumping Station, Maya and Maysapang Creek in Taguig. Rounding up the list are in Freedom Triangle Plaza in Manila; New Township/Development Area in Pasig; Rizal Highschool Track and Field Oval in Pasig; Camp Aguinaldo in Quezon City; Pinagsama Creek Daylighting in Taguig; CCPRoxas Boulevard in Pasay; Open Space behind the Avida Towers in Parañaque; Marikina River Floodplains (Bagong Sibol) in Marikina; Daang Hari Road in Las Piñas; Tierra Verde II Park in Quezon City; Estero de Tripa de Gallina in Makati; Miriam College Open Field in Quezon City; and Remedios Circle in Manila. Among the said structures and projects, which are expected by setup in the said sites includes inland wetlands; bioretention areas (detention ponds); river renaturation; mangrove forests; green corridor or spaces; and river flood plains.
to distribute security equipment Palace warns of destabilization Mandaue to schools and boost police visibility plot amid recantation C in Romualdez flood control case
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ALACAÑANG said the i nvest igat i ng bod ies shou ld look into the people behind the false statement of retired Marine personnel Orly Guteza on the flood control case of Leyte 1st District Representative Martin Romualdez, which it said may be an attempt to destabilize the government. “Whoever is the mastermind behind orchestrating these kinds of scenarios should be charged. However, this matter is already in the hands of the Ombudsman, the DOJ [Department of Justice], and our other investigating bodies,” Palace Press Officer Claire Castro said in Filipino in a press briefing last Thursday. She made the statement after Guteza withdrew his testimony that he delivered suitcases containing cash, which are supposed to be kickbacks from flood control projects, to Romualdez›s home. The former security personnel of former Ako Bicol Party-list
representative Elizaldy “Zaldy” Co then accused Senator Rodante D. Marcoleta and former representative Michael T. Defensor of convincing him to come out with the false statement. Despite the said recantation, Office of the Ombudsman said it will still push through with filing a case against Romualdez for supposedly acquiring P56 billion of ill-gotten wealth from 2022 to 2025, using the testimonies of 28 other witnesses. W hen asked on the possible implication of the said development, Castro expressed concern of the development, which she said there is an ongoing attempt to destabilize the government by overwhelming the f lood control project probe with bogus testimonies. “If you ask the Palace, the implication we see is that many are attempting to fabricate stories to destroy whoever it is they wish to ruin,” Castro said.
“This is quite alarming because it undermines the justice system and erodes public trust; the proliferation of misinformation, fake news, and false information distorts the truth—and that is the implication of fabricating stories, using false witnesses, and planting evidence,” she added. The Presidential Communications Office undersecretary said they actually welcome the recantation of Guteza since it prevented the use of fake information in the case of Romualdez. “If it is conclusively proven that he simply fabricated stories, it will not help in the effort to hold the responsible parties accountable,” Castro said. She noted that President Ferdinand Marcos Jr. currently has no reaction to the latest development. In his fifth State of the Nation Address last month, Marcos said the Office of the Ombudsman will soon be filing charges against Romualdez. Samuel P. Medenilla
CBCP chief urges voter formation ahead of ‘28 polls By Mary Jade Jadormio
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“A truly missionary Church does not impose political choices, but it helps the faithful discern wisely, participate responsibly, and promote the common good with a heart shaped by the Gospel,” he added. Garcera made the call during the 70th annual national assembly of the Pontifical Mission Societies-Philippines in Tacloban City on Aug. 19. His remarks put voter education within the Church’s broader push to engage social realities rather than limit its work to activities within parishes. Garcera called for a more outwardlooking Church that reaches the poor, young people, marginalized communities and Catholics who have drifted away from the faith.
He warned that parishes risk becoming inward-looking when routine programs take priority over engagement with communities. “Mission begins wherever we live, work, study, and serve,” Garcera said, stressing that responsibility for the Church’s mission extends to all baptized Catholics. The archbishop also tied the Church’s role in voter formation to efforts to implement the Synod on Synodality in dioceses across the country. He said synodality should not be treated as a temporary program or a series of consultations, but as a continuing process of listening, discernment, participation and mission. “The work of the Synod did not end with the publication of its Final Document,”
Garcera said. “The question before us is no longer simply, ‘What is synodality?’ but rather, ‘How shall we live it?’” For the Philippine Church, he said this means turning its strong religious traditions, active communities and young population into greater par ticipation in both Church life and wider society. Garcera also pointed to millions of Filipino migrant workers and volunteers as examples of how Filipino Catholics already carry their faith into communities beyond the country. He said the challenge is no longer simply to preserve inherited traditions, but to translate them into greater service, responsible participation and a stronger commitment to the common good.
EBU CITY—The Mandaue City Government will distribute security equipment to public schools and expand police visibility in and around campuses as part of efforts to strengthen protection against school violence. According to the Mandaue City Public Affairs Office, the city will provide seven walk-through metal detectors, 50 handheld metal detectors and mobile phones that can be used for Zoom live streaming in public schools, Mayor Thadeo “Jonkie” Ouano said following a multi-agency meeting on school safety on Wednesday, Aug. 19. The meeting brought together the Mandaue City Police Office (MCPO), Department of Education-Mandaue City (DepEd-Mandaue), and various city government offices to discuss measures aimed at keeping students and school personnel safe. Ouano directed the police to increase their presence in schools, particularly during periods when students are most vulnerable, including mornings, lunch breaks, afternoons, and night classes. The mayor said stronger police visibility is necessary to deter incidents of violence and help ensure that students can exercise their right to learn in a safe environment. The city also emphasized the need to remain prepared for violent incidents and other
emergencies that could threaten students, teachers and other school personnel. DepEd Mandaue said it continues to conduct information drives in schools on precautionary measures, including what students and school personnel should do in case of an active school shooting. The department also noted that, following a June 24 meeting, Barangay Peacekeeping and Security Officers (BPSOs) have become more visible in schools within their respective barangays. Their presence is intended to help prevent unauthorized individuals from entering school premises. Meanwhile, the Mandaue City Substance Abuse and Mental Health Services Office (SAMHSO) and the City Social Welfare Services Office (CSWSO) reported that they are strengthening programs and services for schools, particularly psychological interventions and other mental health support for students. SAMHSO also plans to expand seminars for parents, with emphasis on effective communication with children and the use of positive parenting approaches. The city government and concerned agencies also discussed the development of policies and procedures to further safeguard students and teachers while maintaining a peaceful, secure, and conducive learning environment. Carmel Pedroza
DOLE: Workers may refuse unsafe work during severe weather conditions
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RIVATE-sector workers may refuse to report for work without facing administrative sanctions when severe weather or similar events pose an imminent danger to their safety and health, according to the Department of Labor and Employment (Dole). The protection is contained in Labor Advisory No. 14, Series of 2026, which updates the rules on work suspensions during weather disturbances and other disruptive events. Labor Secretary Francis N. Tolentino signed the advisory on Aug. 19 amid recent flooding and weather disturbances that have affected workers and communities nationwide. Under the guidelines, workers who fail or refuse to work because of imminent danger arising from weather disturbances or similar occurrences cannot be subjected to administrative penalties. Employers may also suspend operations when conditions threaten workers’ safety, in
coordination with their safety and health committee, safety officer or another responsible company official. However, the advisory does not automatically guarantee pay when work is suspended. Employees who do not report because of a work suspension are generally not entitled to regular pay unless a company policy, established practice or collective bargaining agreement provides otherwise. Workers may instead use accrued leave credits if their employer allows it. Those who report for duty and work for at least six hours are entitled to their full regular pay. Employees who render less than six hours will receive pay proportionate to the hours worked, unless more favorable company policies or practices apply. Employers may also grant additional incentives or benefits to employees who still report for work during severe weather and similar disruptions. Mary Jade Jadormio
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Friday, August 21, 2026
‘Zamboanga school shooting incident an act of terrorism’ By Joel R. San Juan @jrsanjuan1573 & Claudeth Mocon-Ciriaco @claudethmc3
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USTICE Secretary Fredderick Vida on Thursday said that the shooting incident inside the Ateneo de Zamboanga University (AdZU) in Zamboanga City which left two junior high school students dead may be considered as an act of terrorism. “On the aspect of it being a terrorist act, definitely. It is obvious, because the purpose of terrorism is to sow fear in the general population,” Vida said. “So, when you see that element of creating fear among the public, it is present,” he added. Vida said investigators are pursuing the possibilities that there are individuals who mentor young people into committing violent acts. “It involves engaging with the children. When they see certain flags such as when a child spends a lot of time playing violent games, there are people who target them. They are then recruited on certain group chats. Then it starts from there,” Vida explained. “Our law enforcement agencies
are heavily focused on this. We are pursuing these leads,” he added. Vida also appealed to parents and those exercising parental authority to pay attention to what their children are doing and constantly communicate with them. Meanwhile, Bureau of Corrections (BuCor) Director General Gregorio Pio P. Catapang Jr. has issued a memorandum reminding all personnel of their responsibility to properly handle and strictly safeguard government-issued and privately owned firearms. Catapang issued the memorandum following reports that the firearms used by the shooter were issued by the Bureau of Customs to his father who is the district commander of the Port Zamboanga Enforcement and Security Services.
T he st udent repor ted ly livestreamed the attack using a body-worn camera. The footage showed the shooter firing at students inside a classroom which left one student dead. He later shot himself which resulted in his death. “ T he d irective emphasizes that firearm safety is a continuing duty that extends beyond the workplace. Personnel who are authorized to possess firearms must ensure that their weapons are secured at all times and cannot be accessed by unauthorized individuals, particularly children and other minors, Catapang said. The memorandum directed all BuCor personnel to observe strict physical security and maintain constant control of their firearms. “Weapons must never be left unattended or placed in locations where family members, coworkers, visitors, or strangers can easily reach them. Unauthorized access must be prevented under a l l circumstances,” Catapang pointed out. Catapang reminded BuCor personnel to use secure storage facilities for their service firearms. T he me mor a ndu m re com mends a heavy-duty gun safe or lockbox that is firmly bolted to a wall or f loor. “Such storage equipment should be strong enough to resist forced
entry and should be installed in a discreet and secure area of the residence,” the memorandum read. “The key or combination code of the gun safe must be kept hidden and must not be disclosed to unauthorized persons,” it added. Catapang also instructed their personnel not to leave keys in obvious places, such as drawers, tables, cabinets, or other areas accessible to family members or household visitors and to keep combinations codes confidential. For added protection, firearms should be fitted with a trigger lock or cable lock whenever they are not in use. The BuCor chief also directed its personnel to separately store the ammunition from the firearm in a different locked container. “Keeping ammunition apart from the weapon reduces the risk of accidental discharge and makes unauthorized use more difficult. Personnel should ensure that both the firearm and ammunition remain inaccessible to children and other unauthorized individuals,” he added
Strengthen support systems
EDUCATION Secretary Juan Edgardo Angara urged school administrations nationwide to strengthen support systems that help teachers foster protective classroom environments, following
the tragic shooting at the Ateneo de Zamboanga University Junior High School campus on August 18. “Checking in on our learners is an inherent strength of our educators, especially our class advisers who interact with them every day,” said Angara, who visited Zamboanga City on Wednesday to lead emergency intervention efforts with the school community and local authorities, and personally extend condolences to grieving families. “Following President Bongbong Marcos’ mandate, we must ensure that our teachers truly know their learners, that they do not just teach, but also actively check on their learners’ well–being. “In the wake of this tragic event, we are reminded that building safe schools goes beyond physical security measures and emergency protocols,” Angara said, reaffirming the crucial role of teachers as compassionate mentors safeguarding the overall well-being of learners. At the same time, Angara, who personally inspected public schools in the Negros Island Region (NIR) to evaluate campus safety protocols, assess facility conditions, and engage directly with teachers and learners, highlighted the essential Parent-Teacher Associations (PTAs) as vital partners in preventing schoolrelated violence. role of parents in learner welfare, urging schools
Cebu Capitol releases nearly ₧80M in calamity aid to ‘Tino,’ quake victims By Carmel Pedroza
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EBU CITY—The Cebu Provincial Government has distributed at least P79 million in calamity cash assistance to thousands of households affected by Typhoon “Tino” and the magnitude 6.9 earthquake that struck Northern Cebu last year, with the latest payouts reaching victims in Mandaue City and Consolacion. On Wednesday, Aug. 19, 1,126 households from 11 barangays in Mandaue City received P10,000 each, totaling P11.26 million, through the Provincial Social Welfare
and Development Office (PSWDO). Each beneficiary also received 10 kilograms of rice from the national government. The assistance was led by Gov. Pamela Baricuatro at the Barangay Ibabao-Estancia Gym as the provincial government continued its coordination with local governments to reach residents affected by the typhoon and flooding. Also on Aug. 19, 340 Typhoon Tinoaffected residents in Consolacion received P10,000 each, amounting to P3.4 million in provincial assistance, along with 10 kilograms of rice.
A separate relief effort provided rice to 3,125 farmers and fisherfolk in Consolacion. Prior to the latest payouts, 873 residents of Liloan and Compostela received P10,000 each on July 13. The distribution covered 482 beneficiaries in Liloan and 391 in Compostela, bringing the assistance to P8.73 million. On June 24, the provincial government distributed P9.93 million to 993 households in Danao City whose homes were severely damaged by Typhoon Tino. Each household received P10,000 and 10 kilograms of rice. Livelihood support was also extended to farmers and fisherfolk, including farm
equipment, fishing materials, fertilizer, and seeds. The Provincial Veterinary Office also provided 10 carabaos and 20 goats to the city government. Three days earlier, on June 22, 37 households on Bantayan Island received P10,000 each, or P370,000, after their homes were damaged by the earthquake or Typhoon Tino. Rice, veterinary medicines, and assistive devices were also distributed. On June 3, the provincial government provided P32.15 million to 3,215 Bogo City households whose homes were completely destroyed by the September 2025
earthquake. Each received P10,000 and 10 kilograms of rice, alongside agricultural, fisheries and livestock assistance. The earliest payout in the series was on May 20, when 1,394 households in Medellin and Daanbantayan received a combined P13.94 million. The beneficiaries were among those severely affected by the earthquake. The provincial government has also provided various livelihood inputs and livestock assistance as part of its broader recovery efforts for communities affected by the disasters.
Ligtas Tigdas coverage in Central Visayas climbs to 15.5%; Naga reports no vaccine hesitation
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EBU CITY—The measles-rubella vaccination campaign in Central Visayas has vaccinated nearly 98,000 children, bringing the region’s accomplishment rate to 15.5 percent, as the Department of Health (DOH) and local government units intensify efforts to reach more children and counter vaccine misinformation. The latest DOH Central Visayas accomplishment report, covering data as of August 19, 2026, at 10 p.m., showed that 97,661 children aged 6 to 59 months have been vaccinated out of the region’s target of 630,214. A total of 532,553 children remain to be vaccinated. Among the areas covered, Mandaue City posted the highest coverage at 21.9 percent, followed by Lapu-Lapu City at 18.3 percent, Bohol Province at 15.6 percent, Cebu Province at 15.2 percent and Cebu City at 12.9 percent. The latest figure represents an increase from the 11-percent accomplishment recorded in Central Visayas as of August 16, when 69,046 children had been vaccinated. The figures come as the region continues the third phase of the nationwide MeaslesRubella Supplemental Immunization Activity (MR-SIA), implemented under the Ligtas Tigdas 2026 campaign.
Mercado urges stronger Visayas vaccination push
DOH Secretary Dr. Edwin Mercado, who assumed the health portfolio earlier this month, said the department is shifting greater attention to the Visayas and Mindanao as the third phase of the vaccination campaign continues. “First of all, I’d like to thank our dear mayor, congresswoman, for inviting us over to witness the vaccination,” Mercado said during an interview in his visit to Cebu on Tuesday, Aug. 19, 2026. “This is actually the third phase of our MR-SIA vaccination drive and given the current situation in Luzon, we are already shifting our attention towards Visayas and Mindanao,” Mercado added. Mercado called on local government units in the region to coordinate closely with the DOH regional office and develop
communication plans that will reach all eligible families, particularly those with children aged six months to 59 months. The Health Secretary said the parents he had spoken with showed generally positive acceptance of the vaccination program and appeared aware of its benefits. “I think naman very positive yung acceptance ng ating mga parents,” he said. Mercado stressed that the potential complications of measles and rubella are far more serious than the risks associated with vaccination, while emphasizing that the campaign seeks to build population immunity and close gaps in protection. “Baka mag-extend pa tayo depende kung ano ang outcome next week,”Mercado said, adding that the priority is to strengthen information efforts so more children can be vaccinated within the next two weeks.
Naga City reports no significant vaccine hesitation
AMID concerns over vaccine misinformation in some parts of Central Visayas, Naga City Mayor Valdemar Chiong said his local government has not encountered significant vaccine hesitation or complaints related to the measles-rubella campaign. Asked by Cebu media on Wednesday morning, August 19, whether residents had been refusing or resisting vaccination, Chiong said he had not received reports of opposition. “Wala ko kadungog og pagdili. Hopefully, nagsige sila. Wala man sad reklamo [I haven’t heard of any opposition. Hopefully they will continue it. There were no complaints yet],” he added. Chiong said barangay officials remain an important link in monitoring concerns and feedback from residents. He added that he can coordinate directly with barangay captains should issues arise. The mayor also encouraged residents to take advantage not only of the Ligtas Tigdas campaign but of other government immunization and health programs available in their communities. Health workers, nurses and midwives sta-
tioned in barangays, along with regular visits by doctors, help bring basic health services closer to residents, he said. Chiong also said he has reached out to companies through their corporate social responsibility programs to support community health initiatives. Naga City’s experience provides a contrasting picture to the vaccine hesitancy reported in other parts of Central Visayas, where health officials have identified misinformation and fear of side effects as barriers to vaccination.
Mercado said the DOH Health Promotion Bureau is strengthening its information campaign by providing factual information and data demonstrating the benefits of vaccination. “The only way is to really show the proof, to really show data kasi numbers do not lie,” Mercado said. He added that the DOH is looking at providing regular data updates to media organizations so the public can be better informed about vaccination accomplishments and developments in the different regions. The DOH briefer noted that Central Visayas has recorded 16,441 refusals, equivalent to about two percent of the region’s target population. More than 46 percent of these refusals were reportedly linked to fear of side effects. Health authorities say misinformation remains a significant challenge as the campaign seeks to reach children who are unvaccinated or under-immunized.
false claims about vaccines. Gloria Balboa said local chief executives can serve as trusted voices or “influencers” in their communities because residents often look to their local leaders for guidance. “Ang ganda din na ang local chief executives would also be the one to become sort of influencers,” Balboa said. He urged local officials to tell their constituents that vaccines are safe and effective and that children need the protection they provide. Balboa also called for expanding vaccination sites beyond traditional health centers. Daycare centers, malls and other accessible community locations can serve as additional vaccination venues, making it easier for parents to bring their children for immunization. He also emphasized the role of health workers and barangay health workers in actively identifying and reaching families in communities where vaccination uptake remains low. “Marami pong mga interventions na pwede nating gawin at kailangang pagtulungan po natin ito,” Balboa said. The campaign, he stressed, requires the cooperation of the DOH, other government agencies, LGUs, development partners, communities and parents. He also encouraged parents whose children have already been vaccinated to share their positive experiences with other families. “Yung mga good news, yun ang dapat nating i-marites,” Balboa said, underscoring the importance of spreading positive and factual stories about vaccination.
LGUs urged to become vaccination champions
Ligtas Tigdas continues through August 28
DOH: Data key to fighting misinformation
DOH officials also emphasized that local governments have a crucial role in convincing parents to have their children vaccinated. Usec. Mary Ann Maestral said the DOH appreciates the efforts of local leaders, particularly in Cebu, who have produced videos and other messages encouraging parents to have their children vaccinated. The officials urged LGUs to continue helping disseminate accurate information and counter
THE DOH Central Visayas and local government units are continuing the MR-SIA from August 10 to 28, targeting approximately 630,000 children aged six months to five years in the region, with eligible children in Cebu and Bohol prioritized. The campaign is being implemented through provincial and municipal health facilities, barangays, communities and temporary vaccination sites.
Dr. Faith Curaraton, DOH 7 Regional National Immunization Program medical coordinator, previously emphasized that the supplemental campaign is designed to provide children with additional protection against measles and rubella. She stressed that the vaccines are free, safe and effective. The Cebu Provincial Government is supporting the campaign through its health personnel and facilities. Gov. Pamela Baricuatro earlier issued Executive Order No. 40 creating the Provincial Immunization Task Force to strengthen coordination among government agencies and LGUs. Sixteen provincial and district hospitals, together with rural health units, are being utilized as vaccination sites, while barangay health workers are helping identify eligible children and facilitate registration.
Three phases of the nationwide campaign
THE Ligtas Tigdas campaign was launched in response to the continuing risk of measles transmission and the presence of zero-dose and under-immunized children. Measles and rubella are highly contagious viral diseases that can cause serious complications, including pneumonia, encephalitis, severe diarrhea, blindness and, in severe cases, death. Children below five years old are particularly vulnerable. The first two phases of the nationwide campaign have already been completed. Phase I, conducted across all regions of Mindanao from January 19 to February 20, vaccinated 2,348,031 children, or 82.2 percent of the target population. Phase II, covering Metro Manila and its bordering barangays in Cavite, Laguna and Rizal, as well as Batanes, vaccinated 1,134,621 children, or 83.8 percent of the target. Phase III began on August 10 and covers all regions of Luzon except the National Capital Region, as well as the Visayas. As of August 16, Phase III had vaccinated 1,612,946 children, representing 26 percent of its overall target. Carmel Pedroza
nationwide to fully maximize The Department of Education (DepEd) emphasized that direct teacher-learner engagement serves as a primary line of support in identifying early warning signs. To support this, Angara reiterated DepEd’s commitment to prioritize learner mental health and expand nationwide intervention programs. Angara clarified that monitoring behavioral changes does not require teachers to act as mental health professionals or disciplinarians. Instead, it means fostering a compassionate environment where educators can recognize red flags and promptly connect learners with professional support systems. To protect educators’ well-being while strengthening learner protection, DepEd is accelerating the deployment of School Counselor Associates (SCA) to manage specialized interventions while relieving teachers of non-teaching administrative burdens. Additionally, DepEd is reinforcing its referral and crisis response mechanisms. Through the Learners TeleSafe Contact Center Helpline (#33733 / 0945 175 9777), learners and school personnel can directly connect with National Center for Mental Health experts for immediate crisis response and reporting of protection concerns.
Agri-fishery MSMEs can now apply for CEMF aid under revised DA guidelines
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HE Department of Agriculture (DA) issued the revised rules for the implementation of a measure aimed at boosting the competitiveness of domestic industries injured by the influx of cheaper imports. In a document obtained by the BusinessMirror, Agriculture Secretary Francisco Tiu Laurel Jr. signed Memorandum Circular (MC) 34, which outlined the revised guidelines for the implementation of the competitiveness enhancement measures fund (CEMF). “The CEMF shall specifically finance and support initiatives within the domestic agrifishery industries affected by the increased imports.” The DA retained the P50-million grant ceiling per project for every proponent, which will be disbursed in a staggered or milestone release following a memorandum of agreement (MOA) entered into by both parties. The MOA should stipulate the terms, requiring the proponent to provide an equity contribution for the project, which could be given in the form of cash, labor, land for the project site, facilities, equipment, or a combination of these. Under MC 34, however, the value of a proponent’s contribution would depend on the size of their assets. For those whose assets do not exceed P3 million, their equity contribution should be 20 percent of project cost; more than P3 million to P15 million, 40 percent; over P15 million to P100 million, 60 percent; and more than P100 million, 85 percent. The DA will complete the required amount through grants. ”The proposed counterpart contribution of the proponent shall be considered in the prioritization for the grant of the fund, taking into account the need to distribute the limited funds equitably.” “The amount of the request per proponent shall not exceed the value of their total assets, provided that the maximum amount that may be requested remains at P50 million.” Eligible project proponents include registered cooperative or associations of Filipino farmers and fisherfolk accredited by the DA as well as registered agribusiness enterprises or corporations, preferably micro, small, and medium enterprises (MSMEs) in the farm sector. The CEMF was created under Republic Act (RA) 8800 or the Safeguards Measures Act, comprising 50 percent of earnings collected from fees, charges, and safeguard duties on imported goods. Ada Pelonia
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7 FLIGHTS WEEKLY EYED AS PHL, ICELAND INK AIR SERVICE PACT By Lorenz S. Marasigan
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HE Philippines and Iceland have signed their first-ever air services agreement, granting airlines of both countries up to seven flights per week and opening a new aviation market for Manila in the Nordic region. The initial Air Services Agreement (ASA) was concluded following the Philippines–Iceland air negotiation talks held on August 18 to 19 in Reykjavik, Iceland. Under the deal, carriers from both countries are entitled to seven passenger and cargo flights weekly—or one flight per day— giving them flexibility to establish and develop services based on demand and commercial viability, whether through direct or connecting flights. Department of Foreign Affairs (DFA) Assistant Secretary Edgar Badajos signed the agreement for the Philippines, while Sigríður Eysteinsdóttir, director and chief negotiator for air services agreements of Iceland’s Ministry for Foreign Affairs, signed for Reykjavik. Department of Transportation (DOTr) Secretary Giovanni Lopez, who led the Philippine delegation, said the accord lays the groundwork for the two countries’ aviation relationship. “This agreement will serve as the foundation for our future air transportation relationship and will
provide our airlines with a framework to explore new opportunities for connectivity between our two countries and, ultimately, between our respective regions,” Lopez said. “Today, we are not simply concluding our first air negotiations. We are opening a new chapter in Philippine-Iceland relations in the field of civil aviation.” Eysteinsdóttir, who headed the Icelandic delegation, welcomed the outcome of the talks. “We are very pleased with what we have achieved together. Our discussions have helped us to better understand each other’s priorities and find a way forward,” she said. The agreement is expected to boost tourism, trade, investment, and people-to-people exchanges between the two countries, and forms part of the government’s broader push to expand international air connectivity and open new aviation markets. Lopez said the DOTr will continue coordinating with its Icelandic counterpart and other aviation stakeholders to ensure the agreement’s effective implementation and the eventual expansion of air services between the two countries. “May this agreement serve as the beginning of a long and productive partnership, one that will create opportunities for our airlines, benefit our traveling public, and bring our peoples closer together,” Lopez said.
Friday, August 21, 2026
A9
ERC set to erase 12% VAT on system loss charges
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By Lenie Lectura
HE Energy Regulatory Commission (ERC) is set to promulgate the removal of 12 percent value-added tax on electricity system loss charges on August 26 after incorporating consultation inputs. “We have scheduled a public consultation for August 25. The day after the consultation, we will finalize it and promulgate it on August 26. The effect is that the VAT will be removed from system loss charges. That is the effect,” said ERC chairperson Francis Saturnino Juan during a Senate hearing on Thursday. Juan said this ERC resolution will take effect 15 days after publication and following the effectivity of the BIR-RMC (Bureau of Internal Revenue – Revenue Memorandum Circular). “We will follow administrative due process regarding the adoption of rules,” he said. However, Juan said there are other “timing factors” that could delay the
immediate impact on consumers. He explained that there is a coordination gap with the BIR regarding when the tax removal can safely align with billing cycles. System loss recovery, he added, cannot be precalculated since it depends on actual hours consumed by customers. “There is a timing issue that we have already raised with the BIR.... Because the actual allowable system loss cost can only be determined based on the actual hours consumed by customers, the total of which becomes the system loss recovery. And that is what is subject to the effective system loss VAT rate,” said Juan. As such, the effective VAT rate is
not a uniform 12 percent. Also, it could vary based on where the distribution utilities (DUs) source their power generation capacity. Because of these calculation dependencies, consumers will not see an instantaneous reduction in early September. Once all the necessary processes are completed, the system loss charge will be reflected separately on the electricity bill as a VAT-exempt item. The proposed treatment is consistent with previous BIR actions recognizing the VAT-exempt status of several government-mandated electricity charges based on ERC issuances, including the Lifeline Subsidy, Green Energy Auction Allowance, Universal Charges, Feedin Tariff Allowance, Energy Tax, and Franchise and Real Property Taxes. System loss is the difference between the volume of electricity injected into a power grid and the total amount measured and billed to end-users. It accounts for power that vanishes or fails to reach home meters, making up a regulated portion of monthly electricity bills. The ERC sets the maximum caps that utilities can pass on to consumers. The Manila Electric Company’s (Meralco) system loss rate stood
at 6 percent at end-June this year, which is lower than the 6.5-percent cap set by the ERC. Meralco chief operating officer Ronnie Aparecho said the company continues to invest in modernizing its substations, transformers, and power lines to improve efficiency. He said Meralco transitioned 100 percent to amorphous distribution transformers over old silicon steel models, citing an excellent tradeoff between cost and efficiency. He said amorphous transformers provide a 70-percent reduction in core loss and a 14-percent reduction in technical loss. The highly efficient transformers cost only three percent more than the old standard. Therefore, the substantial energy savings heavily outweigh the minor upfront price increase. “If the transformers you buy are more efficient, the price will increase. But the price compared to the silicon steel is only three percent increase in cost. But in terms of the technical loss reduction, its 14 percent. So, the tradeoff is very good. So those initiatives, we don’t hesitate anymore. We cannot avoid technical system losses but it can be minimized,” said the Meralco official.
Bad weather could put in peril Q3 economic recovery , say experts By Justine Xyrah Garcia
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MINORS, MAJOR CONCERNS Senator Risa Hontiveros, chairperson of the Senate Committee on Women, Children, Family Relations and Gender Equality, presides over a committee hearing at
the Senate in Pasay City on Thursday, August 20, 2026, as she fields questions to Cybercrime Investigation and Coordinating Center (CICC) Executive Director Undersecretary Aboy Paraiso. The hearing tackles proposed measures to strengthen the Anti-Violence Against Women and Their Children (Anti-VAWC) Act, concerns over children’s exposure to online gaming platforms such as Roblox, the recent school tragedies in Tacloban City and Zamboanga City, and the impact of social media and online content on Filipino children. The discussions come amid renewed calls for stronger safeguards to protect children from harmful online content, exploitation and other digital risks. ROY DOMINGO
DOLE seeks midyear wage checks to help workers By Mary Jade Jadormio
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INIMUM wages could be reviewed more frequently under a proposed midyear assessment meant to catch sharp price increases before they significantly erode workers’ purchasing power, according to the Department of Labor and Employment (DOLE). The proposal would give regional wage boards a regular basis to reassess rates outside the usual cycle, including when extraordinary economic conditions emerge. Labor Secretary Francis N. Tolentino said the National Wages and Productivity Commission (NWPC) and Regional Tripartite Wages and Productivity Boards (RTWPBs) should not wait
Unemployment… Continued from A2
to 4.7 percent in 2025 from 4.3 percent a year earlier, translating to about 2.3 million unemployed Filipinos, or 206,000 more than in
for workers to file petitions or for conditions to worsen before reviewing existing wage rates. “Rather than wait for a petition or for conditions to become dire enough to force an emergency wage order, this commission should now think of producing a midyear wage and price assessment every midyear,” Tolentino said. The assessment would track first-half consumer price movements and measure their impact on lower-income households and the real value of minimum wages across regions. Tolentino also wants clear criteria that would allow regional wage boards to initiate reviews on their own when warranted. Such a mechanism could allow boards to respond faster when global or domestic developments push up prices and weaken workers’
purchasing power. “What we owe the Filipino worker is not just a single generous gesture at the year’s end followed by silence until the next crisis forces our hand,” Tolentino said. He said wage-setting should remain flexible and evidence-based, with regular checks on whether current rates still reflect conditions faced by workers and employers. The proposal comes as the latest Metro Manila minimum wage increase remains covered by a court injunction. While respecting the order, the government must keep looking for other lawful ways to respond to changing economic conditions, Tolentino said. “We should not be held hostage by a court
injunction. However erroneous it might be, we have to respect it at the moment,” he said. “We have to find other means to be flexible enough to respond to the conditions as they emerge—means outside the court but within the legal parameters provided for by the Labor Code of the Philippines,” Tolentino added. NWPC Executive Director Maria Criselda R. Sy, meanwhile, said wage decisions should put human dignity at their core as the commission and regional boards reviewed wage concerns, upcoming consultations and productivity initiatives. Tolentino said the broader goal is to make wage-setting more transparent, evidencebased and responsive while balancing the needs of workers and employers.
2024. Job quality also weakened as underemployment climbed to 13.6 percent from 13.3 percent. Vulnerable employment also rose to 33.1 percent, exceeding the government’s 32.3 percent target, largely due to an increase of 159,000 unpaid workers.
Despite the near-term deterioration, DepDev maintained its target of bringing unemployment back to between 4 percent and 5 percent in 2027 and 2028. “Over the medium term, the Philippine labor market is expected to evolve in response to emerging trends, including rapid
technological change and the transition to a greener economy,” it added. DepDev said new technologies could increase demand for workers with AI, digital and advanced manufacturing skills, while reducing demand for routine and lowerskilled jobs.
HE Marcos administration’s hoped-for economic recovery in the third quarter could be hampered by repeated weather disruptions that threaten activity in key sectors, according to economists. The Department of Economy, Planning, and Development (DepDev) earlier said economic growth could improve in the third quarter on the expected rebound in public infrastructure spending, which could lift investment and overall economic activity. However, University of Asia and the Pacific economist Marco C. Agonia said adverse weather remains a key risk to the recovery as it could delay projects and cause losses in major sectors such as construction, retail, and agriculture. “We see the recent string of bad weather as a headwind to the economy’s recovery narrative,” Agonia told the BusinessMirror. Agonia cited the fourth quarter of 2024, when consecutive super typhoons delayed infrastructure projects and damaged agriculture, contributing to the country’s failure to meet its initial full-year growth target. Growth during the period was around 0.3 to 0.5 percentage points lower than anticipated, highlighting the economy’s continued vulnerability to extreme weather. The warning comes after the Philippine economy slowed to 2.3 percent in the second quarter, bringing first-half growth to an average of 2.6 percent, significantly lower than the 5.4 percent recorded in the same period last year. Ateneo de Manila University economist Ser K. Peña-Reyes agreed that the weather could weaken the recovery, although a few localized disruptions may have only a modest impact as reconstruction and catch-up activity could later offset some of the losses. “Repeated flooding across major agricultural and economic corridors could prevent the Q3 rebound from gaining traction,” Peña-Reyes told the BusinessMirror. Peña-Reyes said agriculture and food supply would likely feel the most immediate impact, as flooding could damage crops, livestock, and fisheries, and disrupt harvesting and transport. He noted that agriculture expanded by 2.7 percent quarter-on-quarter in the second quarter, while Central Luzon and Cagayan Valley accounted for a combined 49.5 percent of palay production during the period. Beyond agriculture, Peña-Reyes said flooded roads, ports, and airports could disrupt retail, logistics, and tourism, and prevent workers from reporting for work. He added that floods and landslides may delay construction projects and force the government
to redirect funds from planned infrastructure to emergency relief and rehabilitation.
Spending, investment under pressure
THE effects of adverse weather could also extend to household spending and private investment, according to economists. Agonia said reduced mobility could weaken consumption as fewer customers visit businesses. “Beyond the damage to human lives, this was rain on the economic parade,” he added. Data from the Philippine Statistics Authority (PSA) showed household consumption grew by only 2.8 percent in the second quarter, the slowest since spending contracted by 4.8 percent in the first quarter of 2021. Excluding the pandemic period, this was the weakest household spending growth since the third quarter of 2010, when it expanded by 2.6 percent. Peña-Reyes said weather disruptions could have mixed effects on consumption. Relief spending and purchases to replace damaged goods may temporarily support demand, but affected households could become more cautious as damage to their homes, farms or businesses reduces their disposable income. Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said food prices pose a greater concern, as heavy rains and flooding could damage crops, delay harvests and raise transport costs. “If disruptions persist, they can slow the recent easing in inflation, particularly for vegetables, rice, and other perishables,” Rivera told the BusinessMirror. Peña-Reyes added that prolonged disruptions could also prompt firms to postpone investments amid uncertainty over infrastructure, supply chains and operating conditions. “This would be especially problematic given that weak investment has already been one of the constraints on Philippine growth,” he said.
Growth target still within reach
DESPITE the cumulative impact of weather disruptions, Rivera said the government’s full-year growth target remains attainable. The government expects the economy to grow by 3.5 percent to 4.5 percent this year. DepDev earlier said growth must average 4.4 percent in the second half to reach the lower end of that target. “The outcome will depend on how quickly activity normalizes and whether infrastructure spending, exports, and private investment strengthen enough to offset temporary disruptions,” Rivera said. He noted that the Development Budget Coordination Committee (DBCC) had already factored in heightened domestic and external uncertainties into its revised 2026 growth target.
A10 Friday, August 21, 2026 • Editor: Angel R. Calso
Opinion BusinessMirror
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editorial
Illness as economic ruin: Why we must pivot to prevention
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OR millions of Filipino families, a single bout of sickness does not merely threaten health—it dismantles livelihoods. The stark reality that nearly two-thirds of households cannot afford a P10,000 hospital bill exposes only the visible tip of a crisis iceberg. Beneath the surface lies a devastating cascade of financial ruin: the sari-sari store shuttered for a week, the rent payment sacrificed for medicine, the child pulled from school to care for a confined parent. Illness in the country functions as a punitive tax on the poor, one that extracts not just savings but futures. (Read the BusinessMirror story: What’s the true cost of getting sick?, August 13, 2026). This is not a healthcare problem alone. It is an economic catastrophe masquerading as a medical one. When a daily wage worker earning P500 to P700 faces hospitalization, the arithmetic is brutal and swift. There is no buffer, no safety net, no room for error. Years of hard-earned progress evaporate in days. The family does not merely lose a breadwinner temporarily; they lose ground they may never recover. The conventional response to this crisis has been to expand health insurance coverage and hospital access. These are necessary but insufficient. What the data demands is a fundamental pivot toward prevention—not as a wellness buzzword, but as a structural economic strategy. Every illness prevented is a wage preserved, a business kept open, a child’s education uninterrupted. Prevention pays dividends twice: to the household budget and to a healthcare system groaning under the weight of preventable diseases and critical personnel shortages. Yet prevention requires more than individual willpower. It demands systemic support. The “self-care” messaging from health experts and socio-civic groups—emphasizing the food on the table, the habits at home, the early doctor visits—assumes a level of choice and control that many Filipinos simply do not have. When inflation consumes household income and essential expenses crowd out everything else, healthy choices become luxury goods. The mother who skips her own check-up to buy her child’s textbooks is not neglecting selfcare; she is making an impossible choice in an impossible system. The government must recognize that public health and economic stability are inseparable. This means subsidizing preventive care with the same urgency applied to emergency treatment. It means regulating food prices and wages so that nutritious meals are accessible, not aspirational. It means building a healthcare workforce sufficient to catch diseases before they become emergencies. The cost of illness in the country is measured not just in pesos on hospital bills, but in dreams deferred and potential destroyed. A nation that allows two-thirds of its households to remain one sickness away from financial ruin is a nation that cannot claim sustainable development. Preventive healthcare represents not only a clinical intervention but a vital mechanism for economic equity—one that demands our immediate and dedicated attention. This needs to be a policy priority. Since 2005
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The bigger stage: A theater for all By Bryan Jayson T. Borja
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HERE has been a recent conversation in the Philippine theater community about “elite” and “non-elite” theater—about which companies are legitimate, which audiences matter, and whose work is supposedly more worthy of recognition. Perhaps it is time to move beyond these labels. There is no such thing as a “legitimate” or “illegitimate” theater company. Philippine theater has never been one thing. As theater scholar and critic Dr. Nicanor G. Tiongson has documented, it has evolved through indigenous traditions, folk forms, colonial influences, popular entertainment, and contemporary practices. Its diversity is not a problem to be resolved; it is part of what makes Philippine theater distinctly Filipino. Different companies have different aesthetics, resources, training, audiences, and ways of telling stories. That does not make one inherently
more valid than another. Theater is bigger than any individual company or artistic brand. The better questions are: What does a production contribute? Who does it reach? And does it create more space for people to make, watch, and love theater? One of the challenges Philippine theater must confront is its Manilacentric structure. Metro Manila has understandably become the country’s major theater center, but geography should never determine artistic value. Excellence does not have an address. Regional theater communities are already creating meaningful
There is no such thing as a “legitimate” or “illegitimate” theater company. Philippine theater has never been one thing. As theater scholar and critic Dr. Nicanor G. Tiongson has documented, it has evolved through indigenous traditions, folk forms, colonial influences, popular entertainment, and contemporary practices. Its diversity is not a problem to be resolved; it is part of what makes Philippine theater distinctly Filipino.
work and developing artists and audiences. What is needed is greater circulation of artists, productions, ideas, and audiences. YPC Stage, the commercial arm of the Biñan Youth Performance Council, offers one example. Its inaugural production, Mapanakit, staged 14 full-house shows at UP
Diliman, bringing Biñan-based performers to Quezon City and placing them alongside professional theater actors. The purpose was not to prove which group was better, but to create a crossover between community and professional theater, regional and Metro Manila artists, and different audiences. Regional artists should not have to become “Manila theater” to be recognized. The goal is not to make regional theater imitate Manila, but to make Philippine theater genuinely national Tiongson’s idea of Teatro para sa Tao offers another useful lens: theater must remain connected to the people it serves. Theater cannot thrive without audiences, and accessibility is more than cheaper tickets. It also means making theater geographically reachable, culturally welcoming, and relevant to people who may not traditionally See “The bigger,” A11
Hong Kong’s student housing crisis spurs bank lending boom By Trista Xinyi Luo, Pearl Liu & Eunice Xu
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HE aging Regal Oriental Hotel is hardly a Hong Kong hotspot, yet in recent weeks it’s become a popular destination for bankers from some of the city’s top lenders, some of whom made repeat visits.
They were lured there by an intriguing proposal. Centaline Investment wanted to borrow HK$1 billion ($128 million) to turn the building into apartments for students, according to people familiar with the matter who asked not to be identified. There was unusual interest in the deal, the people said, with multiple banks pitching to be the lender. Bank of China (Hong Kong) Ltd. prevailed over contenders including Industrial Bank Co.’s Hong Kong branch, they said. Representatives from Centaline said the company is in “close talks” on the loan and there was “strong interest” from multiple lenders. Bank of China and Industrial Bank didn’t respond to requests for comment. After steering clear of commercial real estate in recent years, Hong Kong’s loan bankers have found a new sweet spot: turning old buildings into dormitories for students. An influx of mainland Chinese students and government support have made them an easier sell, with steady rental income that comfortably generates 5% yields. Colliers counts 25 such projects from 2024 through the first half of this year, worth about HK$10.7 billion, compared with just a handful of deals before that. “Banks across the board—whether local, Chinese, Singaporean or international—do have a strong ap-
petite for this sector,” said Jasmine Chiu, real estate partner at law firm Johnson Stokes & Master. “Lenders are increasingly eager to provide financing, viewing student housing not merely as a real estate play, but also as an operational business.” Demand has even extended to office conversions, which are tricker to pull off and haven’t generated huge returns in the past. Singaporean builder Wee Hur Holdings said it secured financing from HSBC Holdings Plc last week to turn the One Bedford Place office tower in Kowloon into a roughly 500-bed student apartment building, pending regulatory approvals. United Overseas Bank Ltd. and Oversea-Chinese Banking Corp. also wanted to help fund the project, according to people familiar with the matter. A spokesperson for UOB didn’t respond to questions. HSBC and OCBC declined to comment. The recent enthusiasm is a stark contrast to a few years ago, when student dorm conversions first entered the lexicon of Hong Kong commercial real estate with early projects such as the Y83 hostel in Hung Hom. One banker recalled how their first student housing deal—to refinance a loan for a hotel-to-dorm project called Sunny House that began operating in 2024—was only greenlit after the lender’s credit risk specialists visited the property and spoke
to students living there. “Hong Kong’s student accommodation operating market is still young,” said Nicholas To, senior associate director of investment at Savills Hong Kong. When it comes to office-to-dorm deals, there “is a higher bar, but a rational one,” he said, adding that the gap between hotel and office deals should close in the next 12 to 18 months.
Increasing demand
TIGHTER US visa restrictions and geopolitical tensions between Beijing and other countries are continuing to drive more Chinese students to enroll in Hong Kong universities. The city approved more than 94,500 student visas and entry permits last year, mostly from the mainland, more than double the number recorded in 2022. The government has also raised the cap on non-local undergraduates at public universities. Jones Lang LaSalle Inc. predicts there could be a shortfall of 147,200 student beds by 2029. Lenders are so eager to land these deals that some are contacting prospective borrowers with term sheets as soon as transactions come to light, people said. After JD.com bought two hotels in July with plans to turn them into student dorms, multiple bankers approached the e-commerce giant with financing offers, the people said, but they were told the company wasn’t seeking external funding yet. The company didn’t respond to a request for comment. In April, alternative investment firm Templewater secured a HK$282 million loan to convert Southside by Ovolo within a month of acquiring the hotel, according to documents
seen by Bloomberg. A spokesperson for Templewater didn’t respond to questions. It also helps that bankers are experiencing a lending drought in Asia and hunting for opportunities to deploy their capital. Loan volumes in dollars, euros and yen across Asia Pacific ex-Japan dropped in the first six months this year to the weakest in 16 years, according to data compiled by Bloomberg. That’s driving more interest in riskier office-to-dorms proposals, even though Hong Kong doesn’t yet have a successful conversion that’s up and running. Such proposals now represent around 30% of the deals Centaline Investment is considering, whereas previously it was just a few, according to Josephine Kong, the firm’s managing director. Still, some bankers have expressed caution. At least three have passed on office conversions while others are seeking clauses that allow them to seize personal assets if defaults exceed collateral value. “We still haven’t seen an actual exit case in the market yet,” said Reeves Yan, head of capital markets at CBRE Hong Kong. Overall, though, there’s growing optimism about finding strong performers even as the student housing sector gets more crowded. Goh Wee Ping, chief investment officer at Wee Hur, the developer remaking One Bedford Place, said the firm isn’t worried. Even with a “real probability” of oversupply in the next few years, it’s still interested in opportunities in the right locations, he said. With assistance from Low De Wei /Bloomberg
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China sentences Evergrande’s Hui to life for ‘heinous’ crime
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HINA Evergrande Group’s founder Hui Ka Yan has been sentenced to life in prison, bringing an end to one of the most dramatic rise and fall stories in China’s corporate history.
The disgraced property tycoon, once Asia’s second richest man, had turned Evergrande into a poster child of corporate excess during China’s long real estate boom. But after his empire came crashing down following a 2021 default, he was caught in a dragnet of official investigations that ultimately caused his downfall. Hui was sentenced alongside 56 others involved in Evergrande, including his sons Xu Zhijian and Xu Tenghe. His assets will be confiscated, Hong Kong-listed Evergrande fined 8.82 billion yuan ($1.3 billion) and Hengda Real Estate, an onshore unit, forced to pay another 7 billion yuan. The move draws a curtain on what for years was one of China’s great success stories. Hui had binged on debt during Evergrande’s expansion, turning it into the world’s most indebted developer as he transformed the property giant into a sprawling conglomerate. But Chinese authorities concluded that his rise was built on deception. They said Hui had perpetrated a massive financial fraud that included inflating assets and concealing liabilities. In April, Hui had pleaded guilty in a Chinese court to charges including illegally taking public deposits and fundraising fraud. “The amount involved in the crime is exceptionally large, the circumstances are particularly heinous, exceptionally heavy economic losses have been caused, and the harm to society is extremely grave,” a report from state media outlet Xinhua wrote, adding that Evergrande and Hui “must be severely punished in accordance with the law.” Evergrande and Hui were also found guilty of fraudulently issuing securities, violating information disclosure rules as well as bribery. Meanwhile, the founder was accused of embezzling company assets through dividend mechanisms. The sentence doesn’t bring an end to the numerous legal fights surrounding Evergrande. The company is now in liquidation, with an army of creditors inside and outside of China poring over its assets in the hopes of recovering some of their heavy losses.
Rags to riches
HUI, also known as Xu Jiayin in Mandarin, was born in Henan province in 1958 and grew up in poverty. Encouraged by the prospect of Deng Xiaoping’s economic reform plan, the son of a wood cutter quit his job at a steel firm in 1992 and later began developing property in Guangzhou, the provincial capital of Guangdong. He then founded Evergrande in 1996 and rode the wave of China’s unprecedented real estate boom. Evergrande, which means “permanence and greatness” in Chinese, relied on heavy borrowing to fuel its growth, becoming the largest dollardebt borrower among its peers and for a time the country’s biggest developer by sales. During its prime, the firm built more than 1,300 projects across 280 cities. Supercharged by
The bigger. . . continued from A10
see themselves as theater audiences. A community production may introduce someone to theater. A commercial production may turn that first experience into a habit. An experimental production may challenge an experienced audience. A regional production may allow a community to see its own stories onstage. These are not competing func-
The sentence doesn’t bring an end to the numerous legal fights surrounding Evergrande. The company is now in liquidation, with an army of creditors inside and outside of China poring over its assets in the hopes of recovering some of their heavy losses. real estate riches, it also expanded its reach into industries ranging from bottled water to professional soccer and electric vehicles. For a long time, Evergrande skirted liquidity scares by tapping tycoons in China and Hong Kong to buy the firm’s stock and bonds. Hui also turned to his own suppliers and retail investors for financial backing. But Beijing’s crackdown on the property sector since 2020 capped its borrowing capacity, effectively cutting Hui off from credit markets. Hui’s charges follow a long list of harsh actions by Chinese authorities against corporate magnates. Anbang Group Holdings Co.’s former Chairman, Wu Xiaohui, was sentenced to 18 years in prison for fraud and embezzlement in 2018. That same year, China Huarong Asset Management Co. Chairman Lai Xiaomin was arrested amid a corruption scandal before being executed in 2021 on charges including bribery. HNA Group Co. Chairman Chen Feng was detained a few months later along with Chief Executive Officer Tan Xiangdong for unspecified crimes. Evergrande defaulted on its debt in late 2021. Following failed restructuring attempts, it was given a winding up order in Hong Kong in 2024, marking a significant escalation in the unraveling of the sector. Later that year, a mainland Chinese court accepted a liquidation application filed against one of its major onshore units. Hui was taken away by Chinese police in 2023 and held under socalled residential surveillance— a type of police action that falls short of formal detention or arrest. Apart from a company filing confirming Hui being put under control, Chinese authorities had remained tight-lipped about his status since then. In 2024, Chinese regulators accused Evergrande’s main onshore unit of inflating more than 560 billion yuan of revenue by recognizing sales in advance, an alleged fraud that dwarfs that of Luckin Coffee Inc. and Enron Corp. China then suspended the operations of PricewaterhouseCoopers LLP, Evergrande’s long-time auditor, for six months and imposed fines. Much of Hui’s known wealth was derived from his controlling stake in Evergrande and the cash dividends he’s received from the company since its 2009 listing in Hong Kong. Hui had pocketed more than $7 billion over the past decade, thanks to the firm’s generous payouts, according to Bloomberg calculations. With as-
Opinion BusinessMirror
Friday, August 21, 2026 A11
Dollar risks becoming biggest loser from Bessent’s bond buying By Ruth Carson & Momoka Yokoyama
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REASURY Secretary Scott Bessent’s bold intervention to stem a potentially damaging rise in US borrowing costs has some investors saying the dollar will ultimately pay the price.
Some market participants see the move as a turning point, with Washington taking a more active role in keeping its borrowing costs down. Coming after other recent efforts to rein in long-term yields, it’s reviving a concern that US policy could weaken faith in the dollar and push investors toward alternatives. “The dollar certainly is the biggest casualty,” said Gerald Gan, chief investment officer at multi-family office firm Reed Capital in Singapore. He sees Bessent as deliberately pushing down long-term real rates and signaling a tolerance for a weaker dollar to keep the economy afloat. “I would further diversify away from the dollar,” he added. The Treasury said Wednesday it would “at least double” planned purchases of outstanding 10- to 30-year bonds after borrowing costs surged to multi-year highs, making Bessent the most interventionist Treasury chief in decades. The move marked a departure from the department’s longstanding “regular and predictable” approach to debt management—something Bessent himself endorsed in a speech in November. Any attempt to engineer US yields lower can reduce the attractiveness of dollar-denominated debt relative to assets elsewhere. And if investors see the goal as easing the path for additional American borrowing, that can also have the impact of devaluing the US currency. A Bloomberg gauge of the greenback fell to a three-month low after the announcement before edging up
0.1% on Thursday. The yen, Swiss franc and New Zealand dollar were among the biggest gainers against the US currency. The buyback plan comes just weeks after the US joined Japan in intervening to support the yen, adding to the sense that policymakers are panicking, said Amir Anvarzadeh, strategist at Asymmetric Advisors in Singapore. “I don’t think they are trying to weaken the dollar so much but to try to stabilize the yields—but the sacrificial lamb is the dollar,” he said. Audrey Childe-Freeman, chief FX strategist at Bloomberg Intelligence, also sees the move as potentially bearish for the dollar. “Traders are likely to view this as an attempt to suppress market pricing around US fiscal sustainability and the Fed’s inflation-fighting credibility,” she wrote in a note.
Surging yields
LONG-TERM Treasury yields surged this week as investors demand more compensation to lend to a government with a growing debt burden. Inflation worries and competition from a wave of corporate borrowing added to the pressure, pushing the 30-year yield to levels last seen in 2007, even as expectations for an imminent Federal Reserve rate hike have faded. Washington was already showing signs of concern before Wednesday’s buyback announcement. After the US joined Japan in supporting the yen late last month, Bessent floated us-
ing a Fed facility to finance further intervention if needed. The moves were seen as reducing the risk that Japan would have to sell Treasuries to raise dollars to defend its currency. Together with President Donald Trump’s occasional embrace of a weaker dollar, the actions have reinforced a sense among some investors that Washington is increasingly willing to intervene in markets to keep borrowing costs in check. “Bessent would welcome these FX movements, as the Trump administration has been praising the benefits of a weaker dollar as a way to increase US competitiveness and reduce trade imbalances,” Evercore ISI strategists including Marco Casiraghi wrote in a note. Andrew Canobi, a director of fixed income at Franklin Templeton in Melbourne, sees the bigger story playing out in currencies. Bessent is “effectively saying we’re prepared to sacrifice a bit of dollar strength in order to keep term yields somewhat in check,” he said. “Something has to be the relief valve.” The alternative would be to tackle the country’s structural problems, he said — a much harder path — leaving policymakers to either manage yields or allow the dollar to weaken. The dollar has weathered similar hand-wringing before. The Fed’s massive bond-buying programs in the past stoked concerns that attempting to suppress yields and expanding its balance sheet could debase the currency. More recently, investors cut exposure amid Trump’s tariff threats and pressure on the Fed. None has dislodged the dollar from its dominant role in global markets. Not everyone sees an immediate threat to the dollar. It still has strong near-term support from
AI-driven inflows into US equities and higher oil prices, according to Masahiko Loo, senior fixed income strategist at State Street Investment Management. But Loo said the latest measures reinforce a longer-run case for dedollarization and currency debasement. As sovereign AI initiatives and data-center buildouts broaden beyond the US, the exceptional capital-flow advantage enjoyed by the US today could gradually erode, he added. “The dollar is shaping up as the weak link for investors weighing Treasury buybacks against the US’s widening fiscal deficit. That gives Asian currencies room to run,” said Bloomberg strategist Mark Cranfield. Shoki Omori, Deutsche Bank AG’s chief fixed income strategist for Japan, said greater liquidity support for Treasuries comes almost by construction at the dollar’s expense. The price action was telling. Short-term bonds got sold off and Fed hike expectations held firm, yet the dollar fell broadly—a sign that investors are looking beyond interest-rate differentials and questioning the broader US policy mix, he said. He expects the yen to be the biggest beneficiary over the next three to six months, as Washington’s recent moves are removing two forces that have kept the currency weak, namely the need for Japan to sell Treasuries to finance intervention and the pressure from rising US longterm yields. He also favors gold, followed by the Swiss franc and euro, as alternatives to the dollar. “The Treasury can buy back its bonds; it cannot buy back the dollar,” he said. With assistance from Matthew Burgess and Masaki Kondo /Bloomberg
India bars JPMorgan unit for alleged market manipulation By Chiranjivi Chakraborty & Savio Shetty
sistance from Venus Feng, Pearl Liu and Trista Xinyi Luo Bloomberg
The Securities and Exchange Board of India impounded 37 million rupees ($386,000), which it described as wrongful gains made by JPMorgan unit Copthall Mauritius Investment Ltd. and local firm Mansi Share and Stock Broking Ltd., according to an initial order published late Wednesday. The order by SEBI board member Kamlesh Varshney alleged that Copthall and Mansi Share undertook manipulative trades during the closing auction window on Aug. 13 to influence the indicative equilibrium price of the BSE Sensex Index in a way that would benefit their options positions on the benchmark. A spokesperson for JPMorgan declined to comment, while Mansi Share didn’t respond to an email request for comment. SEBI’s findings against JPMorgan’s unit is one of the first major actions over market manipulation involving an international firm since it accused US-based proprietary trading firm Jane Street Group of similar misconduct last year. The Wall Street firm denied the charges and is pursu-
ing an appeal in an Indian court seeking access to additional documents. Wednesday’s order highlights the challenges facing SEBI after it introduced an auction-based system earlier this month for more than 200 stocks in the $5.1 trillion stock market. Intended to align India with global peers and reduce the potential for manipulation, the system has faced backlash from traders after unexplained spikes in the stock benchmarks during closing sessions. “The reason this happened on the BSE was because of the lack of liquidity,” said Tejas Shah, head of derivatives at Equirus Securities Pvt. While the crackdown raises concerns about the process, the regulator is likely to stick with the framework, he said. That view echoes recent comments from SEBI Chairman Tuhin Kanta Pandey, who said the new system is here to stay even as the regulator is open to tweaks and has stepped up meetings with stakeholders last week. Shares of the BSE, which maintains the Sensex index, gained as much as 1.8% in early Mumbai trading. The stock has slid over 7 percent
this month on concern the new auction system is reducing derivatives trading on its platform. Copthall was one of the primary investment vehicles for JPMorgan and its clients in India. The Mauritius entity once held Indian stocks worth more than 55 billion rupees, according to data platform Trendlyne.com. Those holdings have shrunk to less than 380 million rupees as of June 30, the data show. The 46-page order on Copthall and Mansi Share alleged that both entities’ trading in the underlying securities during the closing auction was “highly unusual” and had a corresponding impact on their expiryday Sensex options positions. The firms allegedly placed outsized orders in Sensex stocks during the closing auction, accounting for more than 90% of all orders in some securities identified by the regulator. On August 13, Copthall placed buy orders totaling 3.17 million shares, nearly 12 times those of the next biggest market player, SEBI said. The firm later canceled almost a third of those orders. Mansi Share placed total sell orders for 1.28 million shares before scrapping nearly all of them, SEBI said. SEBI alleged the trading patterns appeared manipulative because both firm canceled large portions of the orders during the auction window, which were placed
tions. They are parts of an ecosystem. But accessibility cannot mean that theater workers must continually subsidize the art through unpaid labor. Theater is expensive to produce, and artists deserve to be paid. Audiences readily understand paying for concerts, movies, books, and streaming services. Theater should not be treated differently. Buying a ticket is not merely paying for entertainment. It supports an entire creative ecosystem. If Philippine theater is to become a sustainable profession, audiences,
producers, institutions, and government must recognize the economic value of creative labor. The real challenge is not that there are too many theater companies or productions. It is that there are still too few people going to the theater. The Philippines needs to develop a theater-going public. The competition is not simply between theater companies. It is for the attention of Filipinos choosing among movies, concerts, streaming, sports, social media, and countless other forms of entertainment. Every production that brings someone
into a theater and gives that person a reason to return helps build the industry. If the Philippines is to become a thriving creative industry in Asia, it needs a theater ecosystem that is broad, sustainable, and genuinely national – one that creates opportunities beyond Metro Manila, supports different forms of theater, pays artists fairly, and makes theater part of Filipino cultural life. This belief is also personal. Formal theater education provided me the foundation, but years of practice led me to a deeper grounding
in the power of community theater. Through teaching in universities and working with emerging artists and students, that same passion and love for theater can be passed on to another generation. Because theater is ultimately sustained by love. Not the kind of love that asks who is better, more legitimate, or more deserving. But the kind that keeps people creating when resources are limited, brings artists from different communities into the same room, gives young artists the courage to believe
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NDIA’S securities regulator banned a Mauritius-based unit of JPMorgan Chase & Co. from the capital market in its first enforcement action over alleged manipulation of the country’s newly introduced auction-based system for determining closing share prices.
near the highest allowed price band. That influenced indicative closing prices without fully executing the trades, SEBI said. “These large buy orders and sell orders, which were placed and then canceled, allowed them to avoid losses or wrongfully profit themselves from positions in derivatives trades that otherwise would have expired worthless,” SEBI’s Varshney wrote. Varshney has sought a detailed examination of the trades by Copthall and Mansi Share, which he said should be completed speedily and without being influenced by the findings of his order. Both entities have 21 days to respond to the allegations, including by seeking a personal hearing. The chaotic start to the price-setting mechanism—conducted during the final 15 minutes of trading— has stoked concerns among traders about dwindling liquidity during the auction window. Average turnover during the auction has shrunk 40% from levels recorded in the final 15 minutes of trading under the previous regime. “We don’t know yet if there were more cases,” said Amit Kumar Gupta, founder of New Delhi-based investment firm Fintrekk Capital. “But, such a swift decision in a short period of time tells me that SEBI is monitoring it closely and unlikely to be repeated in future.” With assistance
they have a place onstage, and keeps practitioners building even when the work is difficult. That love should not compete. It should multiply. Philippine theater does not need one kind of theater to rise above the rest. It needs more people to create, more people to watch, and more people willing to make space for one another. The future of Philippine theater is not about deciding who belongs. It is about making the stage big enough for everyone. That is a theater for all.
from Ashutosh Joshi /Bloomberg
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Sports BusinessMirror
Friday, August 21, 2026
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ON’T ask Eumir Felix Marcial about his dream of winning an Asian Games gold medal next month, ask him instead about his eighth professional fight that’s scheduled on the very same day the games open on September 19 in Nagoya. “Let’s not talk about the Asian Games for the meantime,” Marcial told the BusinessMirror on Thursday just hours after it was announced that he’ll be defending his World Boxing Council (WBC) middleweight international belt against American Omar Ulises Huerta at the Pechanga Arena in San Diego, California. “I’m extremely focused on this fight,” added the 30-year-old two-time Olympian who owns a middleweight bronze medal from Tokyo 2020. Marcial always expresses that although the Asian Games rank high in his priorities, a similarly intense dream to become a pro boxing world champion are that high, too. “There’s another regional belt that would be staked in this fight, and it could lead to my dream of fighting for
HUERTA FIRST, ASIAD FOLLOWS FOR MARCIAL a world title,” he said. “It won’t be easy that’s why I must give my entire time and focus on this one.” On Monday, Philippine Olympic Committee president Abraham Tolentino said Marcial remains on the list of boxers for the Asian Games and that with his fight set on September 19 and with a high confidence level that he’d win,
200 athletes in open water swim in ‘Bora’
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KAI SOTTO’S back manning the shade and adding ceiling to the national team. FIBA PHOTO
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His main trainer, American Kaye Koroma, is focused on improving the quality of the Zamboanga City pride’s power punches, speed, agility and ring smart—ingredients needed to beat Huerta, who similarly has a burning passion to become a world champion. Huerta was on a winning streak in 15 fights—13 of his opponents he knocked out—until fellow American Vieto Mielnicki Jr. beat him via unanimous decision last April 11 in New Jersey. That, according to Marcial, makes his opponent dangerous. “It’s going to be dangerous because
HE national men’s team won a tuneup match against visiting Korean Basketball League team Ulsan Hyundai Mobis Phoebus, 91-86, on Thursday afternoon at the San Miguel Corp. Sports Facility in Pasig City. It was a victory Gilas Pilipinas head coach Tim Cone described as close to ugly. “We won a close game, we
he is coming from a loss after an undefeated streak,” said Marcial, “and he’s got an experience.” Marcial is 7-0 with four knockouts but his last fight was almost a year ago—October 29 in the “Thrilla in Manila II” at the Smart Araneta Coliseum—and it was a controversial majority decision over Venezuelan Eddy Colmenares. He was knocked down in that fight. Marcial fought at the Bangkok Asian Games last December 19 and won the light heavyweight gold medal, 4-1, over Indonesia’s Maikhel Roberrd Muskita. Josef Ramos
EUMIR FELIX MARCIAL’S all eyes and mind on his September 19 fight as he intensifies his campaign to be a pro world champion. FB PHOTO
did not play well,” Cone told the BusinessMirror via text message. “But the game gave us a good indication of where we are and how far we must go to get ready for the window[s].” The tuneup game was part of Gilas Pilipinas’s preparations for the fourth window of the FIBA 2027
World Cup Asia Qualifiers where the Philippines plays Jordan on August and Iran on August 30 both at the SM Mall of Asia Arena. No stats were provided to the media in the game where Kai Sotto made his comeback in a Gilas uniform. Sotto has started practicing with the pool that includes RJ
Abarrientos, Justin Baltazar, Justine Arana, AJ Edu, Juan Gomez de Liaño, June Mar Fajardo, Chris Newsome, Kevin Quiambao, Dwight Ramos, Troy Rosario, Carl Tamayo, Scottie Thompson, CJ Perez, Roger Pogoy and 6-foot-10 Geo Chiu. Only naturalized player Justin Brownlee is nowhere to be seen. “Justin [Brownlee] is not with us yet,” Cone said, adding his prized import at Ginebra is recovering from knee injuries in the US. Josef Ramos
North repeats as champion of Elite JPGT Finals
BROTHERS Dave and Shaun Ildefonso are expedted to lead Abra’s campaign in the international tournament. MPBL PHOTO
Regional basketball league shifts partnership with LGU-based body HE Maharlika Pilipinas Basketball League (MPBL) sealed a landmark strategic partnership with the East Asia Super League (EASL), marking a pivotal moment in the league’s history. The collaboration paves the way for the reigning MPBL champions Abra Solid North Weavers to compete in the 2026-27 EASL season. The partnership signifies the MPBL’s first official affiliation with an international basketball organization. The EASL has established itself as one of Asia’s premier professional platforms, bringing together top-tier talent from the Japan B.League, Korean Basketball League (KBL), P. League+ and Macau SAR in a highstakes, home-and-away competition. “This is a proud moment for the MPBL,” said MPBL Founder and Chairman Manny Pacquiao. “From the beginning, our vision has been to create opportunities for Filipino basketball to continue growing..” MPBL commissioner Emmerson Oreta emphasized that the
he’ll have enough time for recovery because the boxing competitions in Nagoya start on September 24. Tolentino said Marcial ranks as a gold medal potential—he settled for silver losing to a Chinese in the final last 2023 in Hangzhou—alongside Tokyo Olympics silver medalists Carlo Paalam and Nesthy Petecio, as well as Aira Villegas, who like Petecio, clinched bronze in Paris two years ago. Marcial is now in deep training at the Knuckleheads Gym in Las Vegas under the tight watch of Reynaldo Galido, gold medalist at the Hiroshima 1994 Asian Games and a 1996 Atlanta Olympian.
Cone hints of fine-tuning Gilas after ‘ugly’ victory
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HE idyllic island beach resort Boracay will bustle with activity on Friday with the start of the Fourth Southeast Asia Open Water Championships presented by the Philippine Sports Commission (PSC) at the Boracay Newcoast overlooking the crystal clear blue waters of the Sibuyan Sea. Close to a 200 swimmers from Southeast Asian neighbors Indonesia, Singapore, Thailand, Vietnam and host Philippines will be in one of the country’s tourism crown jewels for three days of intense action in the Olympic discipline that debuted in the 2008 Beijing Olympic Games. “The open water swimmers began arriving last Wednesday for what promises to be three days of thrilling action in the competition we made extra efforts to prepare for,” Philippine Aquatics Inc. secretary general Eric Buhain said. “We aim to put our best food forward for all of our participants, considering that this is our inaugural hosting of the meet and want it to be memorable and unforgettable for all,” added the former national swimming standout and Batangas congressman. Sanctioned by the Southeast Asian Swimming Federation, the three-day championships will be shielded from the elements inside a protected cove at the 160-hectare tourism and leisure estate developed by Global Estate Resorts, a subsidiary of property giant Megaworld. Buhain added that they left no stone unturned to safeguard and secure the well-being and safety of the swimmers in the open water swimming showcase In cooperation with and supported by the Aklan provincial and Malay municipal governments.
mirror_sports@yahoo.com.ph | Editor: Jun Lomibao
agreement serves as a testament to the league’s growth. “This partnership is a reflection of the MPBL’s growing stature, not just in the Philippines, but across Asia,” Oreta said. “It is also a tribute to the dedication of our teams in maintaining a strong, competitive standard here at home.” Since joining the MPBL in 2024, the Weavers rapidly ascended to elite status, capturing the league championship in only their second season. “We are delighted to welcome both the MPBL and the Abra Weavers to the EASL family,” EASL CEO Henry Kerins said. “Abra has quickly established itself as one of the Philippines’ strongest clubs, and we’re excited to see them compete against Asia’s best.” Abra joins a prestigious list of debutants for the 2026-27 EASL season, including B.League champions Nagasaki Velca, KBL finalists Goyang Sono Skygunners, Macau SAR champions Macau Hou Chon and the P. League+’s TSG GhostHawks.
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ORTH totally erased the so-called home course advantage with an imposing 14 1/2-9 ½ victory in the Singles action to repeat as champions of the International Container Terminal Services Inc. North vs. South Elite Junior Philippine Golf Tour Championship on Thursday in Cagayan de Oro City. North, needing just 10 points from the 24 head-to-head matches to retain the crown, won six of the first seven duels— ignited by Jaicee Cervantes’ 7&5 romp over Blake Aguilar in girls’ 7-10—and halved the other to highlight a weeklong conquest over the Pueblo de Oro layout. The last 3 1/2 points took longer than expected, but North eventually completed the inevitable in thrilling fashion with Zoji Edoc turning a losing stand into a clutch victory. Edoc won the final five holes in a dramatic comeback, rallying from three down to snatch a 2-up triumph over Ethan Lago and match Cervantes’s unbeaten run. Cervantes’s partner, Andrea Dee, also rallied to eke out a hard-fought 1-up victory over Soleil Molde, while boys’ 15-18 standout Shin Suzuki remained unbeaten for three days, capping his campaign with a 3&2 triumph over Roman Tiongko. South had earlier stalled North’s march to the title by claiming five
JEHANNE MENDOZA leaps and fist pumps on her championship-clinching putt and later joins team captain Joey Anciano (right) and assistant Francis Talion in celebrating North’s victory at Pueblo de Oro. JPGT PHOTO
victories in various age divisions, but Rafa Anciano delivered an emphatic 5&4 win over Apple Gotiong in the girls’ 15-18 division, before Jehanne Mendoza finally sealed the championship for North with a gritty 1-up escape over Akeisha Yocte. Team North captain Joey Anciano credited the squad’s composure, discipline and willingness to embrace their individual roles for their victory over a strong South team. “We started slow, but we talked to the guys and the kids and told them, ‘Just take it one hole at a time,’” Anciano said. “By the turn, with God’s grace, we had the lead. Basically, it was unexpected.” South appeared to have the momentum early, but the match swung dramatically on the back nine, according to captain Boyet Zaragosa. “It was very exciting at the start because we seized the early lead. But they took control on the back nine and the momentum seemed to completely shift,” Zaragosa said. “We were leading after the first nine holes, but things turned around on the back nine, especially in the boys’ and girls’ 7-10 matches. That’s where we felt the momentum slipping away.” Santi Asuncion capped North’s domination by forcing an all-square result against Sebastian Sajuela in boys’ 15-18, bringing the singles matches to a close.
Zach Guico battled back from two-hole deficits with a blistering rally, squeaking out a 2&1 victory over Darren Ong for North’s third point, while Jacob Casuga defeated Mico Woo, 3&2, and Javie Bautista routed Ken Guillermo, 5&3. Stephen Clementer halved the match with Kingston Ching in boys’ 7-10 for the other half-point start for Team South. So outclassed were the hosts that their first point came in the form of a draw, with Lucas Revilleza blowing a late lead to allow Kenzo Tan to fight back. After Cervantes won, Winter Serapio followed suit, bouncing back from a draw and a loss with a dominant 6&4 victory over Vanya Go, also in the youngest division. The win gave North the first two points, leaving its other 22 teammates to secure the eight points needed to clinch the crown. While South showed flashes of resistance in the boys’ division, controlling nine of the 12 matches midway through the final day, North repeatedly found a way to salvage allsquare matches or snatch victories in dramatic reversals. Those comebacks further underscored the team’s tremendous poise and composure in pressure-packed situations.
Companies BusinessMirror
Editor: Jennifer A. Ng
SHOPEE LOGISTICS PARTNERS TAP SM PRIME PASIG FACILITY
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M Prime Holdings Inc. on Thursday said it has turned over a new 40,000-squaremeter facility in Pasig City to Shopee partners SPX Express and Scommerce Philippines Inc. “Our strengthening relationship with SPX and Scommerce reflects our commitment to supporting businesses and local MSMEs with well-located, adaptable spaces that improve efficiency and enable long-term growth,” Alexis Ortiga, business unit head of SM Prime’s commercial properties group, said. A leading logistics and delivery services provider to businesses across Southeast Asia, Taiwan and Brazil, SPX previously signed a multi-year lease for approximately 86,000 square meters at the 130,000-square meter Silangan Warehouse complex of SM Prime in Laguna. Scommerce provides warehousing and fulfillment solutions to sellers and businesses operating on the Shopee platform. Together, the Pasig and Laguna facilities of SM Prime provide more than 126,000 square meters of logistics space to Shopee’s logistics partners. “As e-commerce evolves, our logistics infrastructure must
grow with it,” Martin Yu, head of SPX Express, said. “Our facility in Silangan, Laguna established a strong operational base. The new Mega First Mile hub in Pasig brings us closer to Metro Manila customers, allowing us to increase processing speed and reduce delivery times. SM Warehouses provides the scale and operating standards we need to serve our sellers and buyers reliably.” The two facilities serve complementary roles within SPX’s logistics network. The Pasig facility will operate as an urban distribution hub, bringing inventory closer to customers across Metro Manila. Designed for high-volume operations, it is expected to increase processing capacity and shorten last-mile delivery times. The larger Silangan facility, meanwhile, provides space for regional fulfillment and sorting operations, connecting Southern Luzon to SPX’s nationwide distribution network. Large reg iona l facilities provide the scale required for sorting and fulfillment, while urban hubs reduce the distance between products and their final destinations. VG Cabuag
Friday, August 21, 2026
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Merger set to expand mining portfolio of Sy-led Dominion
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By VG Cabuag
@villygc
HE board of Dominion Holdings Inc. (DHI), a Sy-controlled firm, has approved the merger with Indophil Resources Phils. Inc. and Sonar Holdings Inc., which holds voting rights in Sagittarius Mines Inc. Sagittarius is the holder of the financial and technical assistance agreement covering the Tampakan Copper-Gold Project, located in South Cotabato. Tampakan is the largest undeveloped copper and gold deposit in Southeast Asia with an estimated gross value of as much as $200 billion. “The board views the merger as a strategic transaction with potential for generating long-term growth and returns for DHI,” the company said in its disclosure. “The board also authorized management to determine, fix and finalize the exchange ratio for the merger, in consultation with an independent
fairness valuator who shall determine the appropriate values of DHI and the absorbed companies.” Dominion is also streamlining its operations, decreasing the number of board directors of the company to 7 from 11. The company is also increasing its authorized capital stock to P30 billion, divided into 29.75 billion common shares with a par value of P1 per share and 2.5 million preferred shares with a par value of P100.00 per share. The current authorized capital stock of the company is at P3.42 billion. As a result of the merger, the
assets, rights and liabilities of Indophil and Sonar will accrue to and be owned by DHI as the surviving entity. In exchange, common shares of DHI will be issued to the shareholders of Indophil and Sonar. DHI believes that the merger will be value-accretive to its shareholders, it said. Dominion is set to become the country’s biggest mining firm with some of the assets of Sy family to be infused into the company. They already gained control over Atlas Consolidated Mining and Development Corp. from the Ramos family. The Sy family raised its stake to 54.48 percent through the acquisition of a 20.43-percent interest by DHI from Anglo Philippine Holdings Corp. Dominion said it has signed a deed of assignment for the acquisition of subscription rights to 727.2 million Atlas shares from Anglo for P857 million in cash. “Currently we still have a lot of mining assets in SMIC [SM Investments Corp.]. The plan is to move that to one of our other listed entities, and Atlas is the one that’s in SMIC. “We’re going to intend to move
Robinsons Land exec named CFO of the year
Moderna’s 177% surge burns shorts in $5.5-B loss
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RECORD surge in Moderna Inc.’s shares delivered a $5.5 billion blow to short sellers who had bet that the vaccine maker’s years-long slump would continue. Moderna’s stock price soared 177 percent on Wednesday after the company said its personalized cancer vaccine developed with partner Merck & Co. helped reduce the recurrence of melanoma in a late-stage trial. The jump generated paper losses of about $5.5 billion for short sellers, bringing mark-to-market losses to roughly $7.7 billion this year, according to data from S3 Partners LLC. “This is an exceptionally painful move for Moderna shorts,” said Matthew Unterman, managing director at S3 Partners. “Today’s move materially changes the risk/reward for anyone maintaining a bearish position.” Moderna’s stock had been on a tear this year, gaining 114 percent even before the melanoma trial results, as investors piled into the firm on hopes that its flu vaccine would help the company diversify away from its declining Covid immunization business. Shares had suffered four straight years of losses as demand for its Covid shot waned, dragging the stock nearly 94 percent below its 2021 peak. Wall Street analysts lauded the trial’s results as a huge potential boon for the firm. Needham analyst Joseph Stringer called the melanoma study a “landmark win” for Moderna, saying it could turn the firm’s oncology franchise into the next growth driver. Meanwhile, William Blair’s Myles Minter upgraded his rating to outperform from market perform, telling investors Moderna now has a clear line of sight to revenue diversification from its Covid business. Losses for short sellers could have been even worse too. Short interest as a percentage of Moderna’s float, a measure of how many shares are available to be traded, had reached as high as 20 percent earlier this year before falling to about 14 percent as traders unwound some of the bearish bets, according to S3 Partners. Bloomberg News
that to one of our other listed entities that will bring it into the holdings, which you know. And our plan is to do that sometime next year,” Frederic C. DyBuncio, SMIC president and CEO, said in a recent briefing. SMIC is the holding firm of the Sy family. A Bloomberg report noted that the Tampakan gold and copper mine in South Cotabato province is poised to be the Philippines’s biggest mine when it starts production in 2028, later than a previous 2026 target. It is estimated to produce an average of 375,000 tons of copper and 360,000 ounces of gold in concentrate annually over a 17-year period. Development of the mine has been stalled for years after its discovery three decades ago, with Glencore Plc exiting in 2015 amid regulator concerns that included a ban on open-pit mining which was lifted in 2021. Gold miners are enjoying higher prices owing to amped up purchases of the safe haven commodity amid global uncertainties, while copper producers are benefiting from the AI boom.
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‘WEAK‘ VERSATILITY Humanoid robots will reach “mass market” popularity within a decade, after manufacturers solve problems that hold back their current usefulness, the founder of
China’s Unitree Robotics said. The market will take off once robots can handle 80 percent of tasks given to them via voice instructions in unfamiliar surroundings, Wang Xingxing said in a speech at the World Robot Conference in Beijing on Thursday. Robots already perform well in test conditions, but their execution collapses once objects or surroundings shift even slightly, Wang said. That means robots still lag behind human workers and suffer from weak versatility in terms of the tasks they can handle, he said. The key to closing the gap lies in developing the humanoid brain, which Wang said is now Unitree’s main focus. Photo shows Unitree Robotics G1 humanoid robots at the Embodied Intelligent Robot Industry Exhibition in Shanghai on August 12. PHOTOGRAPHER: QILAI SHEN/BLOOMBERG
Vivant Energy, tower operator ink deal By Lenie Lectura @llectura
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DC One Acacia Corp., operator of JEG Tower in Cebu City, will source electricity from Vivant Energy subsidiary COREnergy for two years. The parties recently signed a retail electricity supply (RES) contract, which allows a qualified contestable customer to buy commercial electricity directly from a licensed RES under Retail Competition and Open Access (RCOA) program of the government. By transitioning to the RCOA framework, JEG Tower contracted 0.6 megawatt of energy capacity, while securing a fixed rate for the next two years and price stability for its commercial office building.
“Electricity is fundamental to how we operate our building and serve our tenants,” said Marivic Sembrano, JDC president. “By taking a more strategic approach to energy procurement, we’re able to better manage one of our major operating costs while continuing to provide a reliable, comfortable, and productive environment for the businesses that have chosen JEG Tower as their workplace.” The agreement enables JEG Tower to secure predictable generation costs while gaining access to COREnergy’s customer portal, which provides daily and hourly load profiles, billing history, load factor, and historical generation charges. These insights allow building management to monitor energy consumption
more effectively, make informed operational decisions, and identify opportunities to improve efficiency over time. “This partnership is particularly meaningful because it brings together organizations that share a longstanding commitment to serving Cebu’s business community,” said Marko Sarmiento, COREnergy vice president and head of operations. Through the RCOA framework, property owners are gaining greater flexibility to optimize electricity costs while improving how their buildings operate. JEG Tower’s partnership with COREnergy reflects this growing shift toward viewing energy not simply as a utility expense, but as a strategic investment that enhances building performance,
supports tenant satisfaction, and strengthens long-term business competitiveness. Vivant recently reported that its core profit fell by 19 percent year-onyear to P784 million due to market volatility in the first half. Non-core losses, including subsidiary downtime, dragged the parent company’s net income down by 21 percent year-on-year to P757 million, despite offsetting foreign exchange gains and insurance payouts. Consolidated revenues reached P7.6 billion at end-June this year, compared with P5.4 billion in the same period a year ago. Power generation sales, which remained the primary revenue source, jumped 53 percent to P6.3 billion, driven by six subsidiaries.
ERWIN MAX S. TAN, Robinsons Land Corp.’s (RLC) chief financial, risk and compliance officer, has been named as CFO of the Year at the 25th Global Edition of the Asia Business Leader of the Year Awards held recently in Singapore. Tan has overseen the company’s finance, risk management, compliance and capital market initiatives since 2016. During his tenure, RLC has undertaken several major funding and capital market transactions that have supported the company’s growth while preserving financial flexibility. Among these was RLC’s P13.2billion bond issuance in 2020, undertaken during the pandemic. In 2021, RLC completed the listing of RL Commercial REIT Inc. (RCR), whose initial public offering (IPO) raised approximately P23.5 billion, making it the Philippines’s largest real estate investment trust IPO. RLC followed this with a P15billion bond issuance in 2022 that attracted approximately P120 billion in bids, another P15 billion bond issuance in 2023 and an overnight block placement of RCR shares in 2024 valued at approximately P8.5 billion. Together, these capital market transactions have helped fund RLC’s growth and reflect continued investor confidence in the company. “I see this recognition as a reflection of the work of the entire team. Finance is most effective when it gives the business a clear view of its choices, helps manage risk, and ensures that resources are directed where they can have the greatest impact. That has been our focus at Robinsons Land as the company has continued to expand across its portfolio,” Tan said. Across RLC’s operations, the finance function supports investment and funding decisions in its residential, office, mall, hospitality, logistics and mixed-use development businesses. VG Cabuag
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Companies BusinessMirror
Friday, August 21, 2026
‘Manila jobs more accessible with LRT-1 Cavite extension’ By Lorenz S. Marasigan
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@lorenzmarasigan
ETRO Pacific Investments Corp. (MPIC) sees the construction of the Light Rail Transit Line 1 (LRT-1) Cavite Extension moving forward with fewer hurdles following the Villar family’s donation of land to the Department of Transportation (DOTr). MPIC Chairman Manuel V. Pangilinan said the development will allow Light Rail Manila Corp. (LRMC), a subsidiary of the infrastructure conglomerate, to continue building the extension of the train system. “I think it will help out the population in the outlying areas if you have good public transportation because
the jobs are here in Manila, right?” Pangilinan said. He said better connectivity would allow people living farther from major employment centers to access jobs without shouldering the higher costs of living closer to their workplaces. “When you build it close to the jobs, you save on expenses. But you
need to have a good public transportation.” The Villar family’s land donation to the DOTr is intended to support infrastructure for the LRT-1 Cavite Extension, which expands rail connectivity south of Metro Manila. The extension is expected to improve access between Cavite communities and the capital, giving commuters an alternative to roadbased transportation and potentially reducing the time and cost of daily travel. LRMC is a joint venture of MPIC’s Metro Pacific Light Rail Corp., Ayala Corp.’s AC Infrastructure Holdings Corp., Sumitomo Corp., and Macquarie Investments Holdings (Philippines) PTE Ltd. The consortium won the concession to operate and maintain LRT 1 in September 2015 through a P65billion 32-year concession agreement with the Department of Transporta-
tion and the Light Rail Transit Authority. Under the deal, LRMC will operate and maintain the existing rail line and will expand it further up to Niog in Cavite. So far, it has extended the system up to Dr. Santos in Sucat, Paranaque. Last month, the DOTr said the Villar family is willing to donate land for the LRT Line 1 Cavite Extension, effectively clearing the right-of-way hurdle that has stalled the project’s completion. “The Villar family wants to donate their land,” Transportation Secretary Giovanni Lopez said, dismissing reports that right-of-way acquisition remains a problem for the rail line’s southern extension. The commitment removes what had been considered a major obstacle to the timely delivery of the project, which the Light Rail Transit Authority has committed to complete before the end of the Marcos administration’s term in 2028.
Megaworld Hotels appoints new leaders By MA. STELLA F. ARNALDO Special to the BusinessMirror
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EGAWORLD Hotels and Resorts (MHR) will be welcoming two new managing directors to further drive the company’s growth strategy. Industry sources told the BusinessMirror that the two managing directors are seasoned hotelier Socrates “Sonny” S. Alvaro, who starts in September, and 31-year Marriot International veteran Anna Liza Vergara, who begins her stint in October. The appointments were announced in a townhall meeting on August 13, and were confirmed by Alvaro and Vergara in separate messages to the BusinessMirror. Asked if there could be any confusion on her co-management position with Alvaro, Vergara said: “No naman. We’ll have our own areas,” without elaborating. The two leaders have been brought in from within the Megaworld Corp./ Travellers International group —
both owned by the Andrew L. Tanled Alliance Global Group Inc. — in place of Cleofe C. Albiso, who leaves her post at the end of August. She has been MD since September 2022. Alvaro is currently general manager of Belmont Hotel Manila, while Vergara is GM of Sheraton Manila at the Newport City. Also leaving at month’s end is Arturo P. Boncato Jr., MHR Group General Manager since April 2024. Aside from his stints in the private sector, Boncato is well-known for his posts in government, the last being Tourism Undersecretary from 2018 to 2020. Announced as well, sources added, was the change in name of MHR to Megaworld Global Hotels and Resorts. The name change, scheduled for October, reflects the hospitality firm’s continued growth and expansion, as well as assertive moves in franchising global hotel brands, the sources added. The company currently has franchise agreements with the Accor Group and Marriott.
MUTUAL FUNDS
August 20, 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. -A215.2 -2.07% 1.44% -0.2% -2.37% 0.52% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.2642 10.24% 16.55% 9.33% 4.56% 4.75% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.8517 -2.64% -0.28% -1% -4.3% 0.02% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7745 1.43% 4.65% 0.98% N.A5.49% FIRST METRO CONSUMER FUND, INC. -A 0.5107 -13.46% -6.84% -7.22% N.A -8.16% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.3573 -5.19% -1.69% -1.96% -2.34% -0.35% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6537 -2.3% -1.44% -1.95% N.A1.73% MBG EQUITY INVESTMENT FUND, INC. -A 75.98 -1.83% -2.95% -4.73% N.A -15.07% PAMI EQUITY INDEX FUND, INC. -A 42.7594 0% 0.35% -0.7% -2.15% 3.38% PHILAM STRATEGIC GROWTH FUND, INC. -A 451.21 -2.39% 1.04% -0.71% -2.29% 0.38% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6123 6.68% 11.43% 7.06% 1.99% 3.27% PHILEQUITY FUND, INC. -A36.495 3.73% 3.17% 1.66% -0.41% 6% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9628 7.37% 4.53% 2.07% N.A 8.46% PHILEQUITY PSE INDEX FUND, INC. -A 4.6285 1.06% 1.43% 0.32% -1.24% 3.56% PHILIPPINE STOCK INDEX FUND CORP. -A 761.45 0.52% 1.04% 0.03% -1.47% 3.6% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.709 2.28% 1.78% 0.39% -2.78% 0.98% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.1923 -6.45% -1.18% -1.91% -2.92%-0.54% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8537 0.38% 0.64% -0.34% -1.73%3.6% UNITED FUND, INC. -A3.763110.28% 7.24% 3.44% 0.62% 14.47% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.069 0.5% 1.06% N.A N.A 3.5% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0713 0.23% N.A N.A N.A 2.66% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9344 -3.27% -2.58% -2.66% N.A -1.05% PHILIPPINE STOCK INDEX FUND CORP. -A 918.9 0.52% 0.84% N.A N.A 3.66% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 103.9065 0.79% 1.26% 0.36% -1.05%3.89% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.2354 29.56% 14.72% 1.24% 3.2% 20.59% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4575 17.31% 16.33% 6.31% 8.9% 10.48% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A N.A N.A N.A PHILEQUITY GLOBAL FUND, INC. -A,2 1.0791 N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1959 2.86% 1.03% 0.12% -0.92% 2.6% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7214 7.82% 5.65% 0.69% -0.7%5.2% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.5137 0.07% 0.47% -0.44% -0.68%2.1% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2315 0.39% 6.47% 4.25% N.A-0.17% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 2.0039 1.87% 0.94% 0.69% 0.3% 0.07% PAMI HORIZON FUND, INC. -A3.7725 0.68% 2.92% 0.66% -0.32% -0.46% PHILAM FUND, INC. -A15.9294-1.92% 1.62% -0.53% -0.9% -0.5% SOLIDARITAS FUND, INC. -A2.1215 0.36% 2.08% 0.79% -0.07% 1.01% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.4199 -2.44% 0.87% -0.52% -1.29%-0.11% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8992 -3.1% 0.69% 0.39% -1.04% -1.26% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.75 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9799 0.6% 1.95% 0.09% N.A 0.11% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.837 -2.53% 0.3% -1.18% N.A -0.57% -2.77% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.8063 -0.23% -1.59% N.A -0.6% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03345 0.87% 1.28% -2.73% -0.76% -2.48% PAMI ASIA BALANCED FUND, INC. -B $1.1607 -1.76% 9.65% 1.3% 2.15% -4.07% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.6822 11.22% 11.98% 3.6% 5.82% 6.44% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2051 4.66% 6.86% 0.35% 2.3%1.83% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 424.21 2.59% 3.26% 2.6% 2.52% 1% ATRAM CORPORATE BOND FUND, INC. -A 1.9847 2.25% 1.2% 0.61% 0.39% 1.34% COCOLIFE FIXED INCOME FUND, INC. -A 3.6058 1.62% 3.05% 2.18% 3.21% 0.17% EKKLESIA MUTUAL FUND, INC. -A 2.4409 0.75% 3.09% 1.53% 1.39% -0.48% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5095 -1.46% 1.37% 0.57% 1.1%-2.32% PHILAM BOND FUND, INC. -A4.5206 -0.55% 2.71% 0.16% 0.68% -1.94% PHILAM MANAGED INCOME FUND, INC. -A 1.5431 3.19% 4.61% 3.21% 2.94% 1.52% PHILEQUITY PESO BOND FUND, INC. -A 4.3201 1.42% 3.05% 1.65% 1.87% 0.16% SOLDIVO BOND FUND, INC. -A1.1298 2.28% 2.86% 1.72% 1.64% 0.83% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4517 -1.87% 2.35% 1.43% 1.9% -2.51% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8311 -1.68% 1.96% 0.91% 1.31% -2.83% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0078 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.83 2.03% 2.89% 1.78% 1.93% 0.71% ALFM EURO BOND FUND, INC. -A Є223.01 0.3% 1.84% 0.22% 0.53% -0.34% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0556 -2.01% 0.43% -2.62% -0.64% -1.8% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0258 -1.15% 2.16% -0.31% 0.24%-2.64% PAMI GLOBAL BOND FUND, INC. -B $1.0473 -1.61% 7.7% -0.1% -0.63% -1.2% PHILAM DOLLAR BOND FUND, INC. -A $2.4264 -0.32% 3.26% -0.85% 0.49% -2.16% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0636507 -0.28% 1.68% 0.17% 1.12% -1.24% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8631 -0.76% 2.36% -2.24% -0.76%-2.37% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1855 2.73% N.A N.A N.A 1.64% ALFM MONEY MARKET FUND, INC. -A 152.53 4.21% 4.09% 3.16% 2.85% 2.46% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2228 3.45% 3.78% 3.01% N.A2.1% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5141 3.68% 3.6% 2.97% 2.76% 2.2% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 116.86 4.17% 4.32% N.A N.A 2.55% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1941 2.53% 3.31% 2.44% N.A 1.51% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 48.3984 8.1% 4.2% N.A N.A 4.96% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.8248 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5478 29.89% 22.03% 13.78% N.A17.4% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.2005 12.54% N.A N.A N.A 7.6% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS)
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PSE STOCK QUOTATIONS
Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS
ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG FILIPINO FUND MANULIFE NTL REINSURANCE PHIL STOCK EXCH VANTAGE
49.2 122.7 10.38 107 53.35 11.06 67.7 6.99 66.2 52.5 22.85 66.9 24.6 0.485 1.44 0.54 3.8 7.69 2,654 1.15 207 0.79
pifa.com.ph to see the latest NAVPS/NAVPU.”
49.25 123 10.44 107.3 53.5 11.08 67.9 7.08 67.1 52.6 22.9 67 25 0.5 1.46 0.56 3.99 7.87 2,690 1.16 212 0.8
48.95 122.3 10.24 106.6 53.5 11.06 68.2 7.07 66 52.65 22.85 66.5 24.6 0.5 1.46 0.53 3.77 7.69 2,690 1.1 206 0.79
49.5 123.9 10.4 107.6 53.7 11.08 68.2 7.08 67.9 52.65 23.1 67 24.6 0.5 1.46 0.55 4 7.69 2,690 1.16 212 0.8
48.95 122.3 10.24 105.8 53.1 11.02 67.5 7.07 65.95 52.45 22.85 65.95 24.5 0.5 1.44 0.51 3.6 7.69 2,690 1.08 206 0.79
49.2 122.7 10.4 107.3 53.5 11.08 67.7 7.08 66.2 52.5 22.9 67 24.6 0.5 1.44 0.55 3.8 7.69 2,690 1.16 212 0.8
62,300 2,701,960 9,900 901,280 64,130 290,200 2,628,050 400 456,230 430 22,800 134,240 35,200 67,000 208,000 52,000 148,000 300 5 1,749,000 5,180 35,000
3,071,505 332,749,616 102,462 96,565,112 3,433,589 3,209,250 178,383,745 2,829 30,670,666 22,631 523,445 8,949,075 865,755 33,500 300,600 26,880 549,430 2,307 13,450 1,955,860 1,083,896 27,930
750,630 -144,111,227 9,449,563 -38,526 -1,975,604 -19,874,593 14,889,253 -1,575 -2,152,996 -71,175 55,080 -20 -45,240 282,980 1,052,216 -
INDUSTRIAL ACEN CORP 2.94 2.95 3 3.02 2.93 2.95 11,615,000 34,376,910 -8,086,900 ALSONS CONS 1.04 1.05 0.8 1.12 0.8 1.04 102,330,000 101,759,140 -1,818,820 ALTERNERGY HLDG 0.77 0.77 0.76 0.77 0.75 0.77 965,000 736,340 382,250 ABOITIZ POWER 45.5 45.6 44.3 45.65 44.3 45.5 1,980,400 89,502,360 69,049,855 1.13 1.14 1.17 1.1 1.13 1,929,000 2,174,370 -155,640 RASLAG 1.15 0.112 0.11 0.11 0.112 3,090,000 342,670 BASIC ENERGY 0.113 0.113 CITICORE RE 4.52 4.64 4.63 4.69 4.55 4.64 128,000 597,190 -4,560 29.85 29.95 29 30.2 28.1 29.95 3,845,200 113,797,500 13,819,260 FIRST GEN FIRST PHIL HLDG 107.2 107.8 107.1 110 106.1 107.2 153,370 16,468,821 -7,295,596 MERALCO 256,351,106 481.8 482 490 495 481.4 482 530,190 -161,932,894 MANILA WATER 35.95 36.05 35.3 36.3 35.3 35.95 1,014,500 36,509,660 -8,690,425 MAYNILAD 18.56 18.36 18.46 18.2 18.18 18.46 1,896,300 35,000,026 -6,904,280 2.28 2.3 2.32 2.28 2.28 619,000 1,415,850 45,850 PETRON 2.33 3.71 4 4.01 3.6 4 20,000 78,150 PETROENERGY 4.01 PRYCE CORP 15 15.18 15.2 15.2 15 15.2 4,300 65,060 16,720 9.7 9.4 9.4 9.8 1,400 13,661 -5,862 REPOWER ENERGY 9.8 9.8 SEMIRARA MINING 18.68 18.7 18.16 18.88 18.16 18.7 1,397,200 26,059,382 9,305,270 SYNERGY GRID 30.35 30.4 29.4 30.65 29.35 30.35 3,103,600 93,694,265 12,545,815 SHELL PILIPINAS 8.38 8.42 8.44 8.48 8.31 8.42 220,200 1,850,849 202,485 SPC POWER 9.9 9.9 9.61 9.55 9.5 9.9 179,900 1,722,357 555,602 1.27 1.28 1.2 1.32 1.19 1.28 2,472,040,000 3,090,415,790 -34,252,450 SP NEW ENERGY 1.83 1.8 1.76 1.84 4,500,000 8,059,010 337,670 TOP LINE 1.84 1.84 2.87 2.92 2.93 2.86 2.88 351,000 1,016,940 -327,900 AXELUM 2.91 32.55 33.3 32.85 33.55 32.6 32.6 972,300 32,168,540 -4,043,615 CENTURY FOOD DEL MONTE 3.74 3.9 3.91 3.91 3.72 3.85 5,000 18,940 -4,030 DNL INDUS 3.51 3.52 3.52 3.55 3.51 3.51 2,787,000 9,812,780 2,088,860 EMPERADOR 15.14 15.14 15.02 15.08 14.92 15.02 295,300 4,439,000 -2,174,400 SMC FOODANDBEV 47.3 47.5 47.75 47.75 47.3 47.3 46,700 2,212,360 -941,455 0.63 0.65 0.64 0.67 0.62 0.64 3,240,000 2,092,740 -730,740 FIGARO GROUP 0.29 0.31 0.31 0.31 100,000 31,000 ALLIANCE SELECT 0.31 0.31 FRUITAS HLDG 0.65 0.66 0.65 0.65 0.65 0.65 22,000 14,300 GINEBRA 232.2 233 230 230 233 175,090 40,793,740 -22,639,814 233.8 JOLLIBEE 132,656,730 157.8 158 154.8 159 154.8 158 839,310 47,048,538 KEEPERS HLDG 1.92 1.97 1.98 1.98 1.91 1.97 718,000 1,397,240 167,530 LIBERTY FLOUR 21 21.55 21.85 22.5 21 21.55 1,300 28,240 -4,420 2.09 2.19 2.12 2.12 2.09 2.09 58,000 122,750 74,200 MAXS GROUP 7.1 7.11 7.19 7.29 7.1 7.11 3,284,200 23,589,014 13,003,573 MONDE NISSIN 5.76 5.78 5.78 5.78 5.76 5.78 3,400 19,618 SHAKEYS PIZZA ROXAS AND CO 2.48 2.58 2.48 2.59 2.48 2.59 17,000 42,960 RFM CORP 5.32 5.32 5.31 5.3 5.29 5.31 646,100 3,423,142 -2,829,520 SWIFT FOODS 0.056 0.057 0.056 0.056 0.056 0.056 1,220,000 68,320 -38,080 UNIV ROBINA 63.25 63.3 61.95 63.5 61.95 63.3 1,023,590 64,746,801 32,647,332 0.52 0.53 VITARICH 0.495 0.51 0.495 0.53 282,000 145,465 0.415 0.425 0.415 0.415 0.415 0.415 10,000 4,150 ATN HLDG A ATN HLDG B 0.415 0.435 0.415 0.415 0.415 0.415 10,000 4,150 CONCRETE A 52 57.95 57.95 57.95 57.95 57.95 10 580 CONCRETE B 51.5 59.95 59.95 59.95 60,010 3,597,600 59.95 59.95 CONCREAT HLDG 1.3 1.31 1.2 1.36 1.2 1.3 8,051,000 10,387,370 916,130 EEI CORP 1.92 1.95 1.96 1.97 1.9 1.9 139,000 266,630 -211,900 MEGAWIDE 4.56 4.54 4.58 4.65 4.54 4.54 1,023,000 4,671,040 867,820 PHINMA 14.96 14.02 14.98 14.98 14.96 14.96 200 2,994 1.85 1.9 1.83 1.89 1.82 1.89 571,000 1,052,170 -25,470 CROWN ASIA 1.1 1.11 1.11 1.11 1.11 41,000 45,510 EUROMED 1.12 MABUHAY VINYL 5.11 5.25 5.26 5.27 5.11 5.27 74,600 381,747 CONCEPCION 10.68 10.8 11 10.68 10.8 306,000 3,303,036 1,273,368 10.82 GREENERGY 0.173 0.172 0.162 0.175 0.162 0.173 7,630,000 1,291,500 122,010 INTEGRATED MICR 7.4 7.44 7.53 7.84 7.35 7.4 8,875,100 67,336,342 -6,695,527 IONICS 2.1 2.14 2.2 2.22 2.08 2.1 5,846,000 12,539,710 -516,870 PANASONIC 7.38 7.45 7.4 7.4 7.38 7.4 20,100 148,418 1.21 1.23 1.43 1.45 1.21 1.21 15,759,000 20,800,610 87,370 CIRTEK HLDG 1.95 2 2 2 14,000 28,000 STENIEL 2 2
HOLDING & FRIMS
ABACORE CAPITAL 0.33 0.34 0.325 0.345 0.325 0.34 5,380,000 1,816,150 -22,800 ASIABEST GROUP 53.05 53.4 54 54 52.5 53.4 820,090 43,237,093 14,218,319 AYALA CORP 505 509 499.8 511 497 509 119,900 60,640,947 32,726,974 ABOITIZ EQUITY 37.6 37.85 37 37.9 36.95 37.85 1,850,100 69,604,510 32,086,900 9.32 9.39 9.24 9.49 9.24 9.39 2,234,500 20,988,354 958,061 ALLIANCE GLOBAL 16.8 17.1 17.1 16.8 17.02 635,900 10,755,098 -10,535,892 ANSCOR 17.02 1.03 1.05 1.08 1.08 1.03 1.05 1,452,000 1,519,960 42,400 ANGLO PHIL HLDG 8.18 8.2 8.2 8.24 8.03 8.18 143,900 1,175,723 218,835 COSCO CAPITAL DMCI HLDG 7.88 7.9 7.95 8.07 7.88 7.9 5,972,300 47,594,821 984,754 FILINVEST DEV 3.66 3.85 3.64 3.88 3.64 3.87 49,000 179,720 105,170 GT CAPITAL 492 493.4 502 505 490 492 80,620 39,762,726 -12,998,089 HOUSE OF INV 5.19 5.2 5.06 5.4 5.06 5.2 308,400 1,595,392 1,341,230 21.75 22.2 22.15 22.25 21.75 21.75 904,200 19,954,640 5,810,045 JG SUMMIT 0.355 0.36 0.365 0.36 0.36 90,000 32,750 LODESTAR 0.365 LOPEZ HLDG 6 6.03 6.02 6.16 5.93 6.03 1,764,800 10,553,553 -3,011,306 15.08 15.16 14.98 15.18 14.9 15.16 3,250,700 48,874,452 7,276,784 LT GROUP MABUHAY HLDG 0.085 0.097 0.085 0.085 0.085 0.085 980,000 83,300 0.85 0.85 PACIFICA HLDG 0.82 0.82 0.82 0.85 53,000 44,900 -830 PRIME MEDIA 1.09 1.09 0.99 1.09 1.09 1.09 1,000 1,090 SOLID GROUP 1.15 1.17 1.19 1.21 1.15 1.15 170,000 200,400 35,400 577 568 566 579 712,280 408,884,770 -160,948,320 SM INVESTMENTS 579 579 65.75 66 65.8 66.4 65.75 65.8 234,600 15,450,808 211,892 SAN MIGUEL CORP 53 56.95 53 53 53 53 870 46,110 TOP FRONTIER ZEUS HLDG 0.075 0.072 0.072 0.079 670,000 50,900 0.079 0.079 PROPERTY ARTHALAND CORP 0.455 0.46 0.435 0.46 0.435 0.455 530,000 237,100 AYALA LAND 15.12 15.2 15.26 15.38 15.1 15.12 12,318,900 186,971,566 -78,153,832 AYALA LAND LOG 1.2 1.22 1.19 1.24 1.19 1.22 1,101,000 1,331,790 -1,120 ALTUS PROP 11.6 11.86 11.9 11.9 11.6 11.6 600 7,108 -4,760 37.95 38 37.9 38.35 37.7 38 741,300 28,236,920 8,063,710 AREIT RT 0.71 0.73 0.7 0.74 0.7 0.74 75,000 52,950 A BROWN CITYLAND DEVT 0.59 0.6 0.61 0.61 0.59 0.61 15,000 8,950 CROWN EQUITIES 0.086 0.089 0.088 0.088 0.088 0.088 60,000 5,280 CEB LANDMASTERS 2.19 2.19 2.17 2.19 2.18 2.18 77,000 168,070 -13,140 CENTURY PROP 0.75 0.75 0.74 0.75 0.73 0.75 1,114,000 830,540 -108,430 CITICORE RT 3.29 3.3 3.34 3.36 3.29 3.3 2,221,000 7,362,060 -4,389,890 DOUBLEDRAGON 12.18 12.18 12.04 12 11.8 12.18 859,200 10,392,818 -2,345,344 1.03 1.04 1.03 1.04 1,341,000 1,390,960 3,090 DDMP RT 1.04 1.04 4.82 5.15 5 5 5 5 5,000 25,000 DM WENCESLAO EVERWOODS 0.028 0.029 0.029 0.029 100,000 2,900 0.029 0.029 EMPIRE EAST 0.099 0.103 0.103 0.103 10,000 1,030 0.103 0.103 FILINVEST RT 2.91 2.92 2.92 2.92 2.91 2.92 165,000 481,150 40,740 FILINVEST LAND 0.68 0.69 0.69 0.69 0.67 0.69 1,058,000 719,880 -8,850 GLOBAL ESTATE 0.62 0.62 0.61 0.62 0.62 0.62 50,000 31,000 2.06 JACKSTONES 1.78 2.05 2.05 2.05 2.06 7,000 14,370 2.46 2.5 2.5 2.62 26,000 65,120 2.62 2.62 KEPPEL PROP MEGAWORLD 2.36 2.34 2.3 2.37 10,251,000 24,084,800 16,580,520 2.37 2.37 0.69 0.7 0.68 0.7 10,163,000 7,023,280 -710 MRC ALLIED 0.7 0.7 13.88 13.74 13.72 13.92 808,000 11,161,072 1,497,332 MREIT RT 13.92 13.92 OMICO CORP 0.103 0.104 0.103 0.103 0.103 0.103 70,000 7,210 0.167 0.167 PRMIERE HORIZON 0.16 0.163 0.162 0.163 650,000 105,800 -26,040 PHIL ESTATES 0.385 0.415 0.42 0.42 0.385 0.385 280,000 116,900 1.05 1.05 PREMIERE RT 1.04 1.05 1.01 1.04 389,000 403,800 -25,920 0.98 1 0.99 1.04 0.99 1 18,000 18,240 -990 PRIMEX CORP 7.42 7.47 7.25 7.47 7.25 7.47 23,947,600 177,795,691 47,186,865 RL COMM RT 17.54 17.58 17.4 17.78 17.4 17.58 533,100 9,405,492 -481,288 ROBINSONS LAND 0.103 0.107 0.101 0.111 0.101 0.107 650,000 66,600 -3,240 PHIL REALTY ROCKWELL 3.22 3.18 3 3.27 3 3.2 2,713,000 8,551,340 1,648,010 SHANG PROP 3.24 3.29 3.25 3.3 3.25 3.25 471,000 1,530,800 -1,163,550 STA LUCIA LAND 1.85 1.88 1.85 1.9 1.8 1.88 340,000 629,170 1,550 18.22 18.24 18.26 18.4 18.2 18.24 7,859,100 143,773,014 -51,928,070 SM PRIME HLDG 0.405 0.415 0.405 0.405 0.405 0.405 20,000 8,100 SUNTRUST RESORT SERVICES ABS CBN 3.86 3.87 3.89 3.98 3.86 3.87 593,000 2,319,940 GMA NETWORK 4.33 4.35 4.35 4.48 4.32 4.34 319,000 1,389,190 MANILA BULLETIN 0.177 0.184 0.191 0.191 0.187 0.187 20,000 3,780 5.2 5.2 MLA BRDCASTING 5.1 5.2 5.2 5.2 200 1,040 0.74 0.75 0.73 0.75 0.73 0.74 5,805,000 4,292,040 41,710 DITO CME HLDG 1,747 1,748 1,735 1,757 1,735 1,748 20,905 36,498,695 5,267,810 GLOBE TELECOM 1,198 1,188 1,215 1,187 1,198 115,055 138,589,575 -4,266,980 PLDT 1,200 0.0063 0.0063 0.0062 0.0064 74,000,000 467,300 -107,100 APOLLO GLOBAL 0.0064 0.0064 9.94 CONVERGE 9.7 9.77 9.7 9.7 9.7 4,289,400 41,977,801 4,023,805 DFNN INC 0.66 0.69 0.65 0.66 0.63 0.66 200,000 128,810 5,140 EASYCALL 2.35 2.28 2.3 2.3 2.28 2.28 48,000 109,480 0.87 IMPERIAL 0.87 0.98 0.87 0.87 0.87 1,000 870 0.121 0.122 0.12 0.127 0.118 0.122 1,950,000 237,070 ISLAND INFO NOW CORP 0.465 0.47 0.47 0.485 0.45 0.47 640,000 299,150 -61,100 0.119 0.117 0.116 0.12 1,800,000 212,400 TRANSPACIFIC BR 0.12 0.12 CHELSEA 0.88 0.9 0.91 0.89 0.9 599,000 541,070 0.91 CEBU AIR 28.5 28.7 28.65 28.75 28.5 28.5 334,600 9,546,170 -216,085 INTL CONTAINER 960.5 960.5 960 940 934 960.5 692,590 656,628,580 53,240,285 LBC EXPRESS 6.55 6.65 6.55 6.55 6.55 6.55 200 1,310 3.82 MACROASIA 3.74 3.75 3.82 3.73 3.75 629,000 2,353,800 -48,850 2.1 2.12 2.1 2.1 2.08 2.1 69,000 144,850 -56,700 PAL HLDG 1.41 1.43 1.35 1.43 3,378,000 4,688,380 1,266,630 HARBOR STAR 1.43 1.43 0.031 0.032 0.03 0.033 0.03 0.031 22,700,000 708,500 -9,600 BOULEVARD HLDG 5.02 5.03 5.03 5.03 100 503 GRAND PLAZA 5.03 5.03 WATERFRONT 0.39 0.42 0.395 0.395 0.395 0.395 130,000 51,350 CENTRO ESCOLAR 14.84 15.3 14.9 15.34 14.84 14.84 23,400 355,792 -40,906 FAR EASTERN U 800 805 800 800 800 800 1,190 952,000 STI HLDG 1.27 1.29 1.24 1.28 1.24 1.28 1,048,000 1,319,730 307,120 1.16 1.18 1.15 1.16 720,000 829,350 -74,250 BELLE CORP 1.18 1.18 2.53 2.54 2.6 2.6 2.5 2.54 20,352,000 -15,386,970 BLOOMBERRY 51,880,330 9.89 9.9 9.79 10 9.79 9.89 3,685,900 14,332,905 DIGIPLUS 36,617,325 14 14.1 14.3 14.02 14.02 2,922,400 41,263,990 4,778,912 PHILWEB 14.02 METRO RETAIL 1.06 1.06 1.04 1.06 1.06 1.06 7,000 7,420 40.25 PUREGOLD 40.1 40.5 41.1 40.1 40.1 1,346,700 54,498,665 -17,660,350 PHIL SEVEN CORP 33.5 34.4 34.4 34.4 34.4 34.4 29,800 1,025,120 68,800 2.02 2.05 2.02 2.02 2.02 2.02 732,000 1,478,640 1,371,580 SSI GROUP 0.78 0.79 0.75 0.78 0.75 0.78 71,000 55,350 UPSON INTL CORP WILCON DEPOT 5.98 6 6 6.09 5.96 6 294,800 1,771,008 10,797 0.112 0.106 0.101 0.113 530,000 57,920 -5,600 APC GROUP 0.113 0.113 MEDILINES 0.234 0.232 0.233 0.234 0.23 0.232 270,000 62,570 -2,340 PAXYS 3.5 3.55 3.6 3.78 3.46 3.55 60,000 215,480 SBS PHIL CORP 3.03 3.23 3.23 3.23 3.23 3.23 2,000 6,460 -3,230 MINING & OIL 1.99 1.99 ATOK 1.89 1.99 1.99 1.99 1,000 1,990 APEX MINING 15.5 15.58 15.06 15.6 15.04 15.58 12,793,300 197,277,996 26,722,200 ATLAS MINING 17.88 17.9 18 18.2 17.02 17.88 8,511,600 151,517,156 -9,359,472 7 7.12 7 7.15 6.9 7 229,700 1,617,676 BENGUET A BENGUET B 6.91 7 6.91 6.91 65,000 454,690 7.02 7.02 CENTURY PEAK 1.99 2.29 2.29 2.29 1,000 2,290 2.29 2.29 EC VULCAN 0.32 0.345 0.28 0.35 0.28 0.345 8,340,000 2,614,800 -13,400 FERRONICKEL 2.28 2.28 2.2 2.1 2.1 2.28 3,002,000 6,569,750 1,161,420 GEOGRACE 0.099 0.097 0.092 0.107 0.091 0.099 4,240,000 401,640 119,390 LEPANTO A 0.235 0.248 0.234 0.238 0.232 0.234 64,920,000 15,452,590 LEPANTO B 0.232 0.236 0.227 0.239 0.227 0.232 3,630,000 849,500 -22,910 0.0075 0.0078 0.0075 0.0078 0.0075 0.0078 2,000,000 15,300 MANILA MINING A MANILA MINING B 0.0073 0.0076 0.0076 0.0076 0.0076 0.0076 9,000,000 68,400 -38,000 0.77 0.73 0.8 0.73 0.77 6,607,000 5,129,090 -78,410 MARCVENTURES 0.78 0.435 0.44 0.4 0.4 0.435 700,000 300,800 NIHAO 0.435 NICKEL ASIA 4.16 4.17 4.2 4.24 4.14 4.17 4,278,000 17,910,960 -654,320 OCEANAGOLD 36.35 36.25 37 37.05 36.2 36.25 733,900 26,825,820 3,497,275 ORNTL PENINSULA 0.52 0.52 0.51 0.5 0.5 0.52 50,000 25,700 -5,200 PX MINING 10.68 10.7 10.3 10.86 10.3 10.7 19,741,100 210,532,562 -87,276,114 0.0074 0.0076 0.0073 0.0075 0.0073 0.0075 4,000,000 29,600 UNITED PARAGON ENEX ENERGY 3.27 3.24 3.24 3.65 5,000 17,040 3.65 3.65 ORNTL PETROL A 0.013 0.014 0.014 0.014 0.014 0.014 100,000 1,400 ORNTL PETROL B 0.013 0.014 0.013 0.014 0.013 0.014 330,300,000 4,624,100 PHILODRILL 0.0083 0.0082 0.0082 0.0082 0.0082 0.0082 35,000,000 287,000 PXP ENERGY 2.97 3.08 2.94 3.12 2.9 3.08 790,000 2,363,000 189,370 PREFFERED ACEN PREF B 1,031 1,046 1,045 1,046 1,045 1,046 55 57,480 AC PREF B3R 1,950 1,960 1,950 1,951 1,950 1,950 40 78,010 -78,010 ALCO PREF F 485.4 495 495 495 495 495 10 4,950 BRN PREF B 101 103.9 103.9 103.9 103.9 103.9 100 10,390 102.1 104 104 104 104 104 10 1,040 BRN PREF C CEB PREF 29.2 29.4 29.5 29.95 29.5 29.5 300 8,895 CLI PREF A2 1,005 1,008 1,008 1,008 1,008 1,008 235 236,880 CPG PREF B 99 99.25 99.2 99.25 99.2 99.25 5,010 496,993 DD PREF 93.3 93.4 93.45 93.45 93.15 93.3 31,150 2,904,498 EEI PREF B 95.2 96 96 96 96 96 80 7,680 GLO PREF ANV 1,932 1,974 1,930 1,930 1,930 1,930 505 974,650 9,650 GLO PREF BNV 1,961 1,965 1,974 1,974 1,965 1,965 350 688,900 990 998.5 990 990 990 990 100 99,000 GTCAP PREF B MWIDE PREF 7B 99.2 100 100 100 100 100 30 3,000 SFI PREF 1.34 1.34 1.34 1,000 1,340 1.34 1.34 SMC PREF 2O 78.05 79.3 79.4 79.4 79.3 79.3 690 54,718 SMC PREF 2P 72.2 74.5 72.2 72.2 72.2 72.2 10 722 SMC PREF 2R 75 78.3 78.5 78.5 78.5 78.5 10 785 SMC PREF 2V 78.2 78.5 78.5 78.5 78.2 78.5 700 54,927 SMC PREF 2W 78.5 79.75 78.5 79 78.5 78.5 330 25,920 79.25 80 80.3 80.3 79.9 80 3,100 248,016 SMC PREF 2X TECH PREF B2C 8.35 9 8.37 8.37 8.37 8.37 200 1,674 TECH PREF B2D 6.89 7.49 7.4 7.5 7.4 7.5 200 1,490 TOP PREF A1 100 100.3 100 100 100 100 680 68,000 TOP PREF A2 101.2 101.7 101 101.7 101 101.7 30 3,037 -
PHIL. DEPOSITARY RECEIPTS
3.7 3.45 3.51 3.45 3.51 15,000 52,590 4.19 4.06 4.09 4.06 4.06 10,000 40,710
ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8149 0.2% 1.64% -3.82% N.A ABS HLDG PDR 3.51 0.6% GMA HLDG PDR 4.09 A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. WARRANTS 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. 2 - LAUNCH DATE IS FEBRUARY 2, AGI WARRANT 1.1 2026. 3 - LAUNCH DATE IS DECEMBER 18, 2024. MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON SEPTEMBER 12, SM A L L, M ED I U M & EM E R G IN G 2025. HAUS TALK 1.36 4 - MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON MARCH 26, 2026. ITALPINAS 0.68 5 - LAUNCH DATE IS APRIL 17, 2026, AND IT REPRESENTS THE SECOND TRANCHE OF THE ATRAM UNITIZED CORPORATE KEPWEALTH 1.35 DEBT VEHICLE, INC. FINANCE MAKATI 2 0.195 XURPAS “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.
August 20, 2026
1.15
1.09
1.16
1.09
1.15
13,000
14,790
-
1.37 0.7 1.43 2.38 0.21
1.36 0.67 1.36 2.39 0.202
1.38 0.7 1.36 2.39 0.21
1.36 0.67 1.36 2.39 0.193
1.36 0.7 1.36 2.39 0.21
402,000 59,000 2,000 1,000 390,000
547,560 40,100 2,720 2,390 76,950
-10,350 1,940
EXHANGE TRADE FUNDS FIRST METRO ETF
104.3
-3,510 -20,300
104.8
104 104.8 104 104.8 2,310 241,194 -27,456
www.businessmirror.com.ph
Banking&Finance
Foreign chambers want clarity in service tax fog By Bless Aubrey Ogerio
B
USINESSES are seeking clearer and more consistent rules on how cross-border services are taxed, as a policy dialogue convened by Arangkada Philippines examined implementation issues arising from Bureau of Internal Revenue (BIR) Revenue Memorandum Circular (RMC) 5-2024. The Joint Foreign Chambers of the Philippines (JFC), through its “Arangkada Philippines” initiative, said greater tax certainty is needed because tax rules affect how companies structure transactions, plan operations and assess investments. “Arangkada serves as a vital bridge between government and business, creating a platform where practical policy concerns can be openly discussed and translated into clear, actionable implementation that supports both compliance and competitiveness,” Arangkada Project Director Matthew Scalin said during the dialogue last Wednesday. Issued in January 2024, RMC 5-2024 requires service fees paid to nonresident foreign corporations to be subject to Philippine final withholding tax and value-added tax when the services are
used, applied or consumed in the country, even if the work is performed abroad. The rule, which draws from the Supreme Court’s ruling in Aces Philippines Cellular Satellite Corp. v. Commissioner of Internal Revenue, broadens the basis for determining the tax situs of services from where the work is physically performed to where the resulting economic benefit or utility is realized. For businesses, the change raises questions on how the rules should be applied to cross-border transactions, particularly where services involve operations spanning several jurisdictions. The JFC comprises the American, Canadian, European, Japanese and Korean chambers of commerce and PAMURI, representing more than 3,000 companies operating across various sectors of the Philippine economy. Arangkada will consolidate the issues and recommendations raised during the dialogue and pursue further discussions with concerned government agencies and stakeholders. The initiative is part of Arangkada’s broader advocacy for policy reforms aimed at improving the investment environment and competitiveness of the country.
Why great events begin long before opening day
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HAT if the success of your next conference has already been decided months before your delegates walk through the registration door? For many association leaders, event planning is often measured by what happens during the conference itself: the quality of speakers, logistics, venue, or networking reception. Yet, one of the most important lessons I recently gained from the latest episode of “Association Matters,” the Philippine Council of Associations and Association Executives (PCAAE) podcast, suggests that we may have been looking at events from the wrong end of the telescope. In our conversation with Charlotte Cailleaux, head of marketing at events management software firm EventsAir Pty Ltd, she shared a simple but powerful premise: great events do not begin on opening day, they begin with community. That insight deserves the attention of every association executive. Charlotte likened the anticipation of an event to the excitement leading up to Christmas. The celebration itself is only one part of the experience. What creates anticipation are the lights, the music, the decorations, and the countless moments that build excitement before the day arrives. Successful conferences, she argued, should be designed the same way. Associations, therefore, should ask themselves an important question: “How do we want our members to feel before, during, and after the event?” Once that emotional destination is clear, every communication and engagement activity should be designed to support it. Too often, event promotion begins and ends with registration emails. But registration is merely a transaction; community is what creates commitment. The associations that consistently deliver memorable conferences are those that nurture member engagement throughout the year. They create spaces where members exchange ideas, ask questions, share experiences, and build relationships long before they meet face-to-face. Charlotte shared an interesting example from Australia. A professional marketing association experimented with several social media platforms before discovering that a Slack community was where its members naturally wanted to engage. The lesson was not that Slack is the universal answer. Rather, every association must understand where its members genuinely connect and be willing to experiment until they find the right platform. Equally important is active com-
Association World Octavio Peralta munity stewardship. Digital communities rarely flourish on their own. Associations must initiate conversations, respond to questions, encourage participation, and create opportunities for members to interact. Engagement grows when members see that someone is listening. This approach also transforms the conference experience itself. Charlotte described one organization that launched an online community three months before its annual conference. Speakers joined discussions, attendees voted on networking activities, polls shaped elements of the program, and conversations began well before delegates arrived. By opening day, participants already recognized one another. Speakers were no longer strangers on stage. Networking became easier, and engagement started immediately rather than waiting until the second or third day. Technology, of course, plays an increasingly important role. Artificial intelligence, event apps, personalized recommendations, matchmaking, and gamification can all enhance the attendee experience. Yet Charlotte offered an observation that resonates deeply in today’s AI-driven world: the more technology becomes part of everyday life, the more people value authentic human connection. This is perhaps the greatest opportunity for associations. Technology should never replace community; it should strengthen it. As association leaders, we should stop thinking of conferences as isolated annual events. Instead, we should view them as milestones within an ongoing community journey, one that continuously creates value, relationships, learning, and belonging. The strongest conferences are not built around programs. They are built around people who already feel connected before they ever arrive. In the end, successful events don’t simply gather communities—they reveal the strength of the communities that associations have been building all along. Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives (PCAAE), the “association of associations.” The PCAAE will hold its 14th Annual Associations Summit (AS14) on November 24, 2026, at the Asian Institute of Management. The views he expressed herein do not necessarily reflect those of the BusinessMirror. E mail: bobby@pcaae.org.
BusinessMirror
Editor: Dennis D. Estopace • Friday, August 21, 2026
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New PhilHealth chief eyes funding, benefits balance
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By Reine Juvierre Alberto
@reine_alberto
O balance financial sustainability with rapid package growth, the Philippine Health Insurance Corp. (PhilHealth) is shifting toward prevention by expanding the primary care system with the Department of Health (DOH) and securing adequate premium funding from both the government and contributors. In her first news briefing last Thursday, newly-assigned PhilHealth President and CEO Beverly Lorraine C. Ho said a working primary care system will sustain the insurer’s sustainability, as better health promotion and prevention could reduce the number of patients requiring costly therapies. To do this, the PhilHealth and DOH will scale up the health insur-
er’s primary care program it dubs “Yakap” (embrace), which aims to provide members with preventive and outpatient services, Ho said. She added the program will be brought to schools and workplaces instead of relying on patients to visit clinics, as well as integrating other government health programs for a more unified health system. This is part of PhilHealth’s new
Treasury weighing euro, Japan markets for bonds
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HE Philippines is weighing euro and Japanese yen markets for next year’s bond issuance, while planning a retail Treasury bond sale this third quarter, said National Treasurer Sharon P. Almanza. In a chance interview with reporters earlier this week, Almanza said the government is considering tapping various international bond markets for its offshore borrowing plan in 2027. “We’re looking at other currencies, but that’s depending on the market, on the conditions. It could be euro, yen and the usual [US] dollar,” Almanza said. The government plans to borrow P365.982 billion, or roughly $6 billion, from the international bond market in 2027, 16.4 percent higher than this year’s target of P314.371 billion. This just accounts for 11 percent of the government’s P3.304-trillion ($54 billion) overall borrowing program next year, which will mostly be sourced domestically. For the near term, the government will issue retail Treasury bonds (RTBs) in the third quarter of this year, although Almanza said the Treasury has yet to determine the size of the offering. “There will always be a market for RTBs, particularly with maturities coming due this year,” Almanza said. However, market sentiment is still affected by geopolitical tensions in the Middle East and developments in the global financial market, particularly
shared roadmap with the health department anchored on five pillars, such as bringing services close to people, strengthening primary care, expanding access to affordable care, cutting red tape and strengthening PhilHealth’s organization. The PhilHealth will also crack down on fraudulent claims to ensure that funds are not wasted and that quality services are paid for, and will seek continued support from Congress to ensure adequate funding for premiums, particularly for indirect contributors. “[This is] also an appeal to the formal sector and the direct contributor that everyone has to pay their premiums consistently,” Ho added. Aside from improving primary care, PhilHealth plans to increase the number of hospitals offering No Balance Billing, including private hospitals willing to provide services at NBB rates. The PhilHealth and the DOH will likewise seek to cut red tape for healthcare providers by streamlining their licensing and accreditation processes. Ho said the agencies could even-
the US Treasuries, despite the domestic market remaining liquid, Almanza said. US Treasuries extended gains after the US Treasury revealed its plan to buy back longer-maturity debt. The 10-year yield climbed to 4.63 percent and the 30-year fell to 5.18 percent. The US Treasury said it’s “increasing, by at least double, the size of liquidity support buyback operations” for securities dated from the 10-year to the 30-year sector two weeks after its planned schedule for buybacks this quarter, Bloomberg reported. Still, Almanza said the government could start issuing RTBs in the third quarter to raise funds from individual retail investors. Last year, the government raised P425.508 billion through the issuance of RTBs, with tenders reaching P354.175 billion, or 11.8 times oversubscribed the P30-billion initial offering. The government could also take advantage of the Philippine local-currency bonds’ inclusion in the emerging-market bond index of JPMorgan Chase & Co. to draw foreign investments. Almanza said about $5 billion worth of Philippine bonds could be eligible for investment under the widely-tracked index. Nine eligible peso-denominated government bonds, including RTBs, will be added to the index on January 29, 2027, until they reach a weighting of 1.78 percent. Reine Juvierre S. Alberto
tually allow providers to submit requirements through a single platform instead of separately dealing with the DOH and the PhilHealth, although stronger information technology system would be critical to making the reforms work. The insurer will also proceed with organizational reforms mandated by the Governance Commission for GOCCs, while seeking to give its employees greater responsibility and fair compensation. Further, a “task-shifting” mechanism is being studied to allow certain services traditionally performed by doctors or specialists to be handled by nurses or general practitioners where appropriate, Ho added. The new PhilHealth chief she would not abandon reforms initiated under Edwin Mercado, who was recently appointed as health secretary. “We’re just going to build on the gains,” Ho said. “We will actually just focus on better execution moving forward.” “Our main goal is to address challenges systematically in the fastest possible ways so that we reduce friction,” she added.
BIR files ₧2.228-B tax evasion case vs Pogo
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HE Bureau of Internal Revenue (BIR) has filed a P2.228-billion tax evasion case against offshore Philippine offshore gaming operator (Pogo) Hongsheng Gaming Technology, Inc., which was allegedly involved with convicted former Bamban City Mayor Alice Guo and cryptocurrency investment scams. A statement issued by the BIR last Thursday said the country’s main tax-collecting agency filed a tax evasion case with the Department of Justice on August 6, citing under-declaration of income tax and failure to declare the correct value-added tax (VAT) and final withholding tax from 2021 to 2023. The BIR said it found “significant discrepancies” between the company’s declared revenues and information contained in records obtained from various government agencies. “Honest taxpayers deserve a level playing field,” Internal Revenue Commissioner Charlito Martin R. Mendoza was quoted in a statement as saying. “No business should be able to operate in the Philippines, earn income here, and evade the taxes required by law.” Mendoza said the BIR will
continue to pursue tax evasion cases wherever the evidence leads them. The filing forms part of the BIR’s Run After Tax Evaders program, which targets tax evasion and other schemes that erode government revenues. Hongsheng previously operated an offshore gaming hub in Bamban, Tarlac, which was raided by authorities in 2023 over alleged involvement in cryptocurrency investment scams. Of the 850 employees detained, 500 were Filipinos and 350 were foreigners. Gaming regulator Philippine Amusement and Gaming Corp. ordered the corporation to halt all gaming activities after the raid. Hongsheng has also been linked to Guo, who was convicted of human trafficking for her connections to the Pogo-linked operations in Bamban, Tarlac. The BIR has also filed criminal tax charges against Guo for allegedly evading taxes and for her failure to file annual income tax returns for taxable years 2019 to 2023, involving an estimated income tax deficiency of more than P1.008 billion, inclusive of surcharges and interest. Reine Juvierre S. Alberto
Quarter-point rate hike looms on inflation risks—BPI By Andrea E. San Juan
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QUARTER-POINT rate hike lo oms a s inf l at ion r isk s “broaden” and policy credibility takes priority, according to Bank of the Philippine Islands’ (BPI) Lead Economist. In a commentary he wrote, BPI Senior Vice President and Lead Economist Emilio S. Neri Jr. said the lender expects the Bangko Sentral ng Pilipinas (BSP) to deliver a 25-basis point rate hike at next Thursday’s policy meeting, with inflation risks remaining “tilted to the upside” despite the recent moderation in headline inflation. According to Neri, adverse weather remains a “key concern,” with habagatdriven monsoon rains and flooding raising the risk of further crop damage just as food supply conditions were beginning to stabilize. “Elevated domestic fertilizer prices could further add to farm input costs
as the planting season gets underway in the coming months,” Neri said in the commentary issued last Thursday. Looking ahead, he said the potential onset of a Super El Niño in the latter part of the year could “compound” agricultural supply disruptions and keep food prices elevated into 2027. During the Development Budget Coordination Committee (DBCC) briefing last Monday, BSP Deputy Governor Zeno Ronald R. Abenoja said the central bank will update its inflation forecasts in accordance with the “risk factors” that it is currently tracking. “One of them is the price of crude oil in the international market. Second, the potential effect of El Niño which the peak impact will be experienced in the fourth quarter of 2026 until the first half of 2027,” added Abenoja. In his commentary four days later, Neri wrote that oil prices remain “volatile” as US-Iran talks swing between de-escalation and renewed tensions,
while rising producer prices in China add another channel for imported cost pressures. Further, he said the approved NCR wage hike, once implemented, would add to domestic inflation pressures by raising labor costs, particularly in laborintensive services. “Beyond the direct impact on prices, potential second-round effects could make inflation more persistent as businesses pass higher labor costs through to consumers,” Neri added. Taken together, he said these risks increase the likelihood of inflation lingering above the central bank’s target range through 2027.
Peso weakness
APART from domestic inflation woes, Neri said a sharper depreciation in the local currency “would amplify” imported inflation, which may require tighter policy even if the underlying shock remains “largely supply-driven.”
He cited that the country’s gross international reserves (GIR) have “declined significantly” to $103 billion as of July, from $113 billion at the onset of the US-Iran war in late February. While reserves remain “adequate by traditional metrics,” Neri emphasized that “the sustained drawdown points to a gradual erosion of the Philippines’ external buffers.” “Without a rate hike, a faster depletion of GIR from spot-market intervention could add to Peso weakness and further lift inflation expectations,” he stressed. Within the trading session on Wednesday, the Philippine peso hit its all-time weakest intraday level of 61.995 but recovered as it closed at 61.815 against the dollar, data from the Bankers Association of the Philippines (BAP) showed. (See: https:// businessmirror.com.ph/2026/08/19/ rate-hike-may-be-good-defense-forphilippine-peso/)
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Relationships
Friday, August 21, 2026 • Editor: Gerard S. Ramos
BusinessMirror
businessmirror.lifestyle@gmail.com • www.businessmirror.com.ph
Hungry Ghost Month: When even your laundry needs a feng shui plan
TODAY’S HOROSCOPE By Eugenia Last
CELEBRITIES BORN ON THIS DAY: Hayden Panettiere, 37; Usain Bolt, 40; Carrie-Anne Moss, 59; Kim Cattrall, 70. HAPPY BIRTHDAY: Participate, get educated and consider the possibilities. Slow down and refuse to feel pressured by what others choose to do. Focus on work ethics, positive change and using what you already have working for you to improve your lifestyle, friendships and prospects. Take a wait-and-see attitude to persuasive organizations or people trying to exploit you. Replace your spending habits with a solid savings plan. Your numbers are 4, 12, 24, 28, 31, 42, 47.
ARIES (March 21-April 19): Make undercover changes to avoid interference. Keeping your life simple and free from those who tend to overreact or try to take control will help you get what you want without penalties or loss. Don’t let the changes happening around you cause you to make a premature move. ★★★
ANNA LIZA VERGARA (left) and Socrates “Sonny” Alvaro
TAURUS (April 20-May 20): Be polite, but ask direct questions. You cannot afford to let anyone take advantage of you or mislead you into thinking everything is OK when it’s not. Downplay the notion that spending will help you win acceptance or favors. ★★★
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HE Hungry Ghost Month has arrived and is generally a time when business in the country slows down. Feng shui experts or geomancers advice most people to chill during this period, as the spirits of our dead ancestors roam the earth and visit us, sometimes creating mayhem. As I write this on Wednesday, trading at the Philippine Stock Exchange has ended nearly flat 6,158.34 index points. And the deals will likely remain sluggish until September 10, when the ghosts all return from whence they came. As per the advice of geomancers, no major life decisions (e.g. weddings, moving house, celebrating birthdays and other happy occasions, etc.) should be made during this period, which started on August 13. Other taboos include late-evening excursions, swimming in the open sea, whistling or humming outdoors at night, taking photos after sunset, and leaving the laundry hanging outside overnight. The latter of course is a bit of a problem for many of us. With the onset of the monsoon season, drying our clothes under the sun has become a challenge. It will likely take two to three days for our laundry to properly dry, hopefully aided by outdoor wind. Otherwise, we take our wet clothes and linen indoors and risk the “kulob” smell, even as they are cool-dried by electric fans. (Makati Mayor Nancy Binay recently shared on social media that her son messsaged her and asked if she had changed their detergent. He wondered if it was why his clothes smelled “funky,” or, as the mayor noted, “amoy kulob”.) These past weeks, I have bravely left my laundry hanging overnight or two at the balcony. When these are dry enough to bring into the house, I first shake these and shout loudly for anyone to hear that they ought to leave my clothes ASAP. Shoo! Cross my fingers that works. I’ve also managed to avoid leaving the house at night, politely turning down dinners and other events. So apologies to my frineds, I will have to deprive you of my exciting presence in your evening gatherings. Perhaps let’s do lunch instead? And so far, everyone is safe from me getting married anytime soon. Although too bad, my dead ancestors will have been overjoyed to attend my wedding. Right, Mama? While we’re waiting out the wanderings of our dead ancestors’ spirits, we are advised to honor them by setting up an altar to offer them food, fruit and incense. To preserve our luck, we should also be generous in words and action. Practice charity, we are told. The latter of course is good to practice all year round.
MEGAWORLD HOTELS GETS A LEADERSHIP REFRESH
OBVIOUSLY not scared of the Hungry Ghost Month is
GEMINI (May 21-June 20): Change may be in the stars, but you’ll have more than one choice, and not all will be equal. Ask for expert advice when in doubt, but only move if it’s worthwhile. With increasing opportunities heading your way, you have more time than you realize. ★★★★
CANCER (June 21-July 22): Someone authoritative will take note if you let your imagination take over. The more creative you are, the easier it will be to access people, information and prospects to help you achieve your dreams, hopes and wishes. ★★★★★ Megaworld Hotels and Resorts (MHR), as it institutes enormous changes beginning September in keeping with its tremendous growth trajectory. Appointed managing directors are seasoned hotelier Socrates “Sonny” Alvaro and 31-year Marriott International veteran Anna Liza Vergara. My industry sources intimated that the appointments were announced at last week’s townhall meeting, presided by Megaworld Corp.’s energetic president Lourdes T. Gutierrez-Alfonso. Sonny and Anna Liza recently confirmed these appointments to me in separate exchanges, as I congratulated them on their promotions. Sonny has had several stints at hotels in Southeast Asia and Dubai, and currently manages our favorite Belmont Hotel Manila with the exciting view of the landing and departing planes at the Naia. He is also Cluster Manager for the company’s properties in Newcoast, Boracay, then appointed as advisor to MHR’s Food and Beverage Council in April 2022. He was named General Manager of the YearNational Capital Region+ at MHR’s Service Excellence Awards for three consecutive years. Wow! He starts in his new job as managing director in September. On October 1, Sonny will be joined by Anna Liza, also appointed a managing director. Also an experienced hotelier, Anna Liza comes from the Megaworld family as well, as she is currently general manager of Sheraton Manila—a brand of global hospitality chain Marriott International—at Newport City. The latter is owned and operated by Travellers International, a unit of Alliance Global Inc., the same parent of Megaworld Corp. Anna Liza holds the distinction of being the first Filipina to head a five-star international hotel brand. While she has stayed in the Philippines all throughout her career in the hospitality industry, she has spent most of those years in the Marriott family, having first started as front desk supervisor at the Renaissance Hotel in Makati in 1995. So we wish Sonny and Anna Liza good fortune as they take over the ever expanding MHR, and congratulations as well to President Lou for these enlightened appointments. With Sonny and Anna Liza taking over as
managers of MHR, we sadly say goodbye to our friends Cleofe Albiso and Art Boncato Jr. Both are leaving MHR at the end of August and moving on to explore other horizons. The hardworking Cleo has been MD since September 2022, instituting numerous initiatives, especially MHR’s iconic Sampaguita Brand of Service, and ensuring its hotels are recognized as Muslimfriendly accommodations. She helped drive MHR revenues by 11 percent to P3.1 billion, making the unit the fastest-growing recurring income segment for its parent firm. We met Cleo, when she was still managing Courtyard by Marriott in Iloilo, coming from the shuttered Marriott Cebu. Over the years, she has been a strong spokesperson for the hospitality industry and its challenges. She played coy when I asked where she will be going next, telling me she wanted to go into “hibernation” first. But loud industry whispers indicate she is joining another large Filipino hospitality firm, which she didn’t exactly deny. Ahem. So, stay tuned soon. Meanwhile, we have known Art since he was marketing and communications director at the old Marco Polo Davao, and we share a common ex-boss. We have applauded that his expertise has been widely recognized, which has served him well in several government posts, until he became Tourism Undersecretary from 2018 to 2020. Art has been MHR Group general ganager since April 2024, where he has devoted his efforts to ensuring all their hotels are operating efficiently, have competent staff, and, most of all, serve delicious food! (He has shown off his culinary skills mostly on Tiktok videos.) Art told me that he will be pursuing “private projects” after he leaves MHR. I know he has been helping, in his personal capacity, the local government of Camiguin in its tourism promotion activities. (To be honest, many of Art’s colleagues in the tourism industry have always thought he would make a capable Tourism Secretary, having a wealth of experience in both the private and public sectors.) We wish Cleo and Art well, and look forward to more tourism-related acitivities from both.
LEO (July 23-Aug. 22): Don’t buy into something you know little about. Rather than following the crowd or taking on unnecessary burdens, rely on intelligence and common sense. Look at the big picture and avoid risky ventures or events. Choose to let the dust settle. ★★★
VIRGO (Aug. 23-Sept. 22): Focus on your mental, physical and emotional well-being. Take action to release energy by engaging in activities, meditation or projects that bring you peace and help you be grateful for what you have instead of laboring over what you don’t have. ★★★
LIBRA (Sept. 23-Oct. 22): Enjoy your surroundings, whether walking in your neighborhood or taking a trip to an unfamiliar place. Expose yourself to something new that prompts you to learn or to change your life path. Reach out to those who share your enthusiasm and interests. ★★★
SCORPIO (Oct. 23-Nov. 21): You may not relish change, but you must indulge. The effects of trying something new will boost your curiosity and encourage you to take your skills, experience and desires to a new level. Unleash your talents and venture down a road that leads to new beginnings. ★★★★★
SAGITTARIUS (Nov. 22-Dec. 21): Take the time to listen before you reveal your thoughts and feelings. Knowing what others want or need will help you phrase your words to accommodate the situation and encourage the best results. ★★
CAPRICORN (Dec. 22-Jan. 19): A lifestyle change geared toward health and fitness will be challenging but uplifting if you follow through. Nothing worth doing is easy, but the hard work you put in and the benefits you receive will lead to unusual and exciting connections, pastimes and rewards. ★★★★
AQUARIUS (Jan. 20-Feb. 18): An opportunity to make your space functional will result in an enthusiastic approach to chores and responsibilities. Combine something you love to do with someone you enjoy being around, and it will give you a better idea of what you want to achieve. ★★★
PISCES (Feb. 19-March 20): Gaining support will require sincerity, proof and trust. Being disciplined and having a good work ethic will set an example and ensure you attract helpers who believe in and want to be a part of your plan. ★★★ BIRTHDAY BABY: You are engaging, informative and outgoing. You are unpredictable and steadfast.
‘color mixing’ BY MAX SCHLENKER
The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Taylor Johnson ACROSS 1 Sizzling 4 Arizona landform 8 Frozen treat 14 Reddit Q&A 15 With 30-Down, once-vast Asian lake 16 Contact lens solution 17 Handmade dog treat? (In this answer, unscramble letters 5-8) 19 Observed Yom Kippur 20 Arctic dwelling 21 Burden, for some 23 Madre’s sister 24 New Mexico art community 25 “No one can stop me now!” (... letters 2-7) 28 Squat counts 31 Love seat, e.g. 32 & 34 Harvests 37 Shining like a Christmas tree 41 Teacher’s “We need to talk” (... letters 8-14) 44 Feature of Times New Roman 45 Forearm bones 46 Old ___ seasoning
47 “Contact” org. 49 Curl up like a snake 51 Somber musical sequence (... letters 1-7) 56 Sample of a video game 59 “I’m down to one card!” 60 “To ___ and to hold” 61 Not yet engaged? 62 Gluten-free soy sauce 65 Wine made from a variety of grapes, and a theme hint 67 Infatuate 68 Baghdad’s country 69 Language at Gallaudet 70 Ruler with an iron first 71 Soapmaking chemicals 72 Week part DOWN 1 Convent garment 2 Symbol of resistance 3 Demanding request 4 Sriracha ___ 5 Make a blunder 6 Riyadh native 7 “Brat” or “Abbey Road” 8 “It’s a pass for me”
9 Mouse chaser 10 “Mr. Blue Sky” grp. 11 Multicolored horse 12 Buck ___, first Black MLB coach 13 Piano or bike part 18 Take the L 22 Discarded 26 Largest union of unions in the 39-Down 27 Train travel 29 Like more 30 See 15-Across 32 “When you assume, it makes an ___ out of you and me” 33 Hillary Clinton, ___ Rodham 35 Senegal’s continent 36 Org. that may fundraise for a school play 38 Initial script run-through 39 Betsy Ross’ nation, for short 40 “Gangnam Style” K-pop star 42 Paste in Japanese cuisine 43 Starch in Japanese cuisine 48 Casual top 50 Immunity ___ 51 Inaudible on Zoom
52 Silly 53 “Enough!” in Ecuador 54 Singer Lavigne 55 Distrustful 57 High-IQ society 58 “Strange thing is ...” 61 Events with slaw 63 ___ up (intensify) 64 Piglet’s pal 66 Daniel ___ Kim of “KPop Demon Hunters” Solution to today’s puzzle:
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FILMS AS EXPLORED MAPS IN FREE SCREENING CARTOGRAPHIC Cinema, a collection of motion pictures which probe films as a lens through space, identity and emotion, will be screened for free at the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde (DLS-CSB). Part of the MCADxMoving Image program, it views culture, society and politics through the media of the moving image—from filmed performances and narrative experiments, to hybrid documentaries, video essays, and archival audiovisions. Curated by professor and geographer Joseph Palis, the selection investigates films and maps as “powerful ideological tools that work in consort with one another,” as Tom Conley, American scholar of literature, cartography, and film, stated in his book Cartographic Cinema (2007). “Whether maps are actually shown in films, or when films function as maps that situate the spectator to a landscape or space, films can be seen as an atlas that contains stories which clue the audience to the place, identity and emotion,” Palis shared. The lineup includes Central Station (1998), a road odyssey by Brazilian filmmaker Walter Salles; Good Bye, Lenin! (2003), a comedy-drama by German film director and screenwriter Wolfgang Becker; and Joint Security Area (2000), a thrillermystery by Korean filmmaker Park Chan-wook. The roster comprises films situated in the war trenches and demilitarized zones, post-socialist Berlin and the hinterlands of northeastern Brazil. “Each story contains the myriad lives that survive within these borders, as it interrogates how real or humanly constructed these borders are, and shows how a place can have meaning even in landscapes of despair or desolation,” Palis added. Palis teaches undergraduate and graduate courses at the University of the Philippines Diliman Department of Geography. In addition to his research interests, which include countercartographies, geonarratives, island and archipelagic geographies, and cultural geography, he has likewise taught courses, such as cinematic geography and cartographic cinema. He currently serves as a co-editor of Palgrave Macmillan Pivot Series, which is devoted to media geographies. Cartographic Cinema is free and open to the public. It will be held at The Loop, 12th Floor of the Benilde Design + Arts Campus, 950 Pablo Ocampo Street, Malate, Manila. The event will run from August 26 to 28, at 12 noon each day. Interested participants may register through tinyurl.com/MCADCartographicCinema.
Show BusinessMirror
Editor: Gerard S. Ramos • Friday, August 21, 2026
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Ruby Ruiz is a wonderful work in progress RUBY RUIZ
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ESPITE her many achievements, celebrated thespian Ruby Ruiz believes that she is still a work in progress. “Being an actor is a continuous learning process. Even at my age, I have to continue to evolve in order for me not to stagnate as an artist. I’m glad that I am entrusted with interesting roles that allow me to explore, and to grow, and to learn. I’m grateful that there are roles that find their way into my life, and I’m even more thankful there are now roles that are specifically written for me.” It was not an easy climb for this amazing actress. Her close friends tell her that her professional life is now more colorful than her personal life because of the many wonderful roles that she has done in the past few years. But like actors everywhere, Ruiz has experienced periods of downtime, and she admitted that it can feel like a threat. Actors, who tend to measure their worth by how busy they are, almost always fall into the trap of feeling like they are losing momentum, especially when they are in between jobs or waiting endlessly for their next project. “I had lots of downtime in the past especially when I came back from Canada and tried my luck again in the Philippine entertainment industry. I guess the key lies on how one sees these long breaks, and if we can replace fear and anxiety with focus and positivity, and accept these as essential part of the process, then we can use it to fuel our next moves.” Yes, Ruiz searched for greener pastures overseas, but decided to come back and try it out again in her homeland. In 2013, she got a good role in Jeffrey Jeturian’s festival movie Ekstra but even after being noticed by both movie audiences and critics alike (Ruiz won the festival’s best supporting actress plum for this movie), acting jobs were few and far between. “I almost quit. I even started to apply for regular work. I am a single mother, I have to raise my family. I have to be practical. But deep inside me, the passion was never extinguished. I’m glad I never gave it up,” she shared. So Ruiz took control of what were within her reach—sent audition videos, texted talent casters, requested production friends and acquaintances for work—and when she got positive feedback, she
bravely took in any role, big or small. Then in 2019, she landed her first lead role in a Cinemalaya movie, Theodore Boborol’s Iska, and that was when her career pivoted. Ruiz, who played an elderly woman taking on odd jobs to help raise her autistic grandson, won the festival best actress award that year and acting offers started to pour in. Cinemalaya is undoubtedly Ruiz’s favorite movie festival. She also won for Christian Paolo Lat’s Ginhawa in 2022. And just early this week, Ruiz tied with Marietta “Pokwang” Subong for the Best Actress plum. Ruiz won for first-time filmmaker Vahn Leinard Pascual’s Status: Rejected, where she played a woman past her prime who was swept into an online romance that challenged her sense of self worth, her family ties and her great American dream. With her recent big win, Ruiz is now the actor to beat with the most number of Cinemalaya balanghai acting trophies. She now has four, edging out the late, great Eddie Garcia who had three. Ruiz’s plate may seem full, but it still has some
space for roles she has not done. She has worked with Nicole Kidman in Lulu Wang’s limited Amazon Prime series Expats. She led the main cast of the James Robinson movie First Light, a Philippine-Australian collaboration which premiered in Melbourne. She is part of the ensemble cast in the new Cholo Laurel movie Ganito, Ganyan, Ganoon, which is now streaming on Netflix. Ruby Ruiz is aware that an acting career—or any other in the field of arts—is a constantly moving forward experience. As she gets more roles on film, television or theater, she knows that she needs to develop and improve her brand, which is herself. She is also aware that it will be a journey full of surprises, including the unexpected. Progress means that there is no time limit or deadline to reach your goals, because by seeing herself as a work in progress, she has learned to relax into the process, meaning less stress, less worry and less self-judgment. And that’s what truly matters now, that she has found her spot in the crowded room of actors, truly happy and fulfilled.
Faith completely restored in Cinemalaya 22 By Edwin Galvez THE nine full-length features of Cinemalaya 22 deliver one of the most compelling slates in the history of the country’s first and oldest independent film festival. Bold, intimate, varied, sincere, defiant— these films have completely restored my faith in the annual indie showcase after a few unworthy entries last year. Overall, Cinemalaya has produced films that, despite the many odds, excel in technical execution, powerful storytelling, and the raw, natural acting of mostly non-mainstream cast members. More importantly, the festival has always thrived on sparking a deep, empathetic engagement, leaving the audience to reckon with the timely social issues its filmmakers choose to tackle. Anchored on the theme “Reel Reflections,” this year’s lineup has indeed become a voice for the powerless and the marginalized (Ganggang, Hand of God, and 2 Valid IDs); a vehicle for the power of unconditional love and forgiveness (Tayo Lang ang Nakakaalam/Only Known to Us, Status: Rejected, and Kaka sa Yawan/Brothers by the River); and a stark exposition of morality and evil (A.ni.mál, Mag-iina, and Tirik).
HUMAN DIGNITY
INSTEAD of wallowing in misery, characters like Sylvia—brilliantly played by Pokwang (Marietta Subong in real life) in 2 Valid IDs—and Farida— performed with nuanced subtlety by Iza Calzado in Hand of God—take matters into their own hands to regain their human dignity. Ma-an L. Asuncion-Dagñalan, the 2022 Cinemalaya Best Director (Blue Room), directed 2 Valid IDs from a screenplay by award-winning television and film writer Abet Pagdagdagan
Raz. The film effectively mirrors the daily struggles of ordinary Filipinos beyond proving their identity. Hand of God, meanwhile, marks the successful Cinemalaya feature directorial debut of television and film writer Mark Duane Angos from his own screenplay. His heartwarming story and honest storytelling techniques successfully elevate the film’s theme beyond the confines of a war-torn village.
HEALING AND FORGIVENESS
A SIMILAR resilience shines through the struggle of keeping a beloved or finding forgiveness and healing as the protagonists of Tayo Lang ang Nakakaalam (Neil, achingly portrayed by Martin del Rosario), Status: Rejected (Biring, fleshed out with utmost sensitivity by Ruby Ruiz), and Kaka sa Yawan (the adult Niko, played by Beaver Magtalas) choose to remain unwaveringly hopeful in the end. Tayo Lang ang Nakakaalam, which filmmaker and educator David R. Corpuz directed and co-wrote with fellow filmmaker, multimedia artist, and director Iar Lionel Arondaing, effectively illustrates the parallelism between an unaccepting society and an equally unaccepting family when dealing with those suffering from the human immunodeficiency virus. First-time Cinemalaya director Vahn Leinard C. Pascual collaborated with Jaymar Castro and Ivan Villacorta Gentolizo in Status: Rejected, a painfully delightful film about succumbing to a love scam in a desperate search for real love. Pascual succeeds in maintaining the seamless continuity of the film’s atmosphere, setting, narrative, and ensemble acting— especially with the spirited character of Tessie (played by Beverly Salviejo) as an energetic
counterpoint to Biring’s gloomy character. Ruiz’s deeply believable performance delivers an emotional rollercoaster that steals the film’s every scene. Alpha Habon also makes his Cinemalaya feature directorial and screenwriting debut in the memorably heart-tugging Kaka sa Yawan (Brothers by the River). He has beautifully woven into his stirring story of forgiveness and healing the indigenous practices, beliefs and traditions of the Tadyawan, one of the eight Mangyan communities in Oriental Mindoro. Apart from the ensemble’s commendable performance, Noelle Polack’s subdued but strong portrayal of a grieving Tadyawan mother (Ina) to the child character Ayan stands out as a resilient emotional anchor for the film.
COMPLEX BACKDROPS
SET against the complex backdrops of societal
injustice, moral conflict, structural decay, and the reign of evil are Ganggang, A.ni.mál, Tirik (To Set Upright), and Mag-iina (The Mothering). The ensemble of Ganggang—a film directed and written by JL Burgos, the 2020 Cinemalaya Special Jury Prize winner (Alipato at Muog)—delivers a fierce, unyielding response to militarization, forced disappearances, and extrajudicial killings. In A.ni.mál, multiawarded filmmaker, playwright and educator Dustin Celestino, the 2023 Cinemalaya Special Jury Prize winner (Ang Duyan ng Magiting/The Cradle of the Brave), effectively uses an act of animal cruelty as a dark metaphor for how corrupt leaders treat public service with the same callous disregard. Celestino’s talented ensemble cast competently breathes life into their characters, but acclaimed singer and actress Bituin
Escalante’s portrayal of Dr. Grace Reyes, the wife of the governor, brilliantly stands out. Tirik shows a casual interaction turning into an intensive odyssey about justice and redemption between a conflicted priest and his taxi driver-parishioner. This spiritual collision unfolds over the course of a single day based on a screenplay by multiawarded fictionist, novelist and screenwriter Charlson Ong. First-time Cinemalaya director May-I Guia Padilla masterfully draws out the raging psychological warfare between her two primary characters, Paring Bert and Santos—played with committed passion by Rocco Nacino and Floyd Tena, respectively—amid beautifully composed, scenic cinematography. What sets Mag-iina apart from this year’s Cinemalaya roster is its gothic framework, spinning a horrific family saga authored by multiawarded playwright, actor, translator, and director for the stage Guelan Varela-Luarca. The screenplay is adapted from Luarca’s full-length play Corridors, which won first prize at the 72nd Carlos Palanca Memorial Awards for Literature in 2024. Directed by filmmaker, writer, translator, dramaturg and educator Giancarlo Abrahan, 2014 Cinemalaya Best Director and Best Screenplay winner (Dagitab), the film stands out for its haunting musical score and its talented ensemble cast, highlighted by the formidable performance of Jackie Lou Blanco. Ultimately, these nine films do more than merely mirror our current realities and collective struggles—they lay a hopeful foundation for the next visionaries of Philippine cinema. The recently concluded Cinemalaya 22 was co-organized by the Cultural Center of the Philippines and the Cinemalaya Foundation, Inc., with support from the Film Development Council of the Philippines.
A SCENE from Alpha Habon’s Cinemalaya debut Kaka sa Yawan (Brothers by the River), which explores forgiveness and healing within the indigenous traditions of the Tadyawan Mangyan community in Oriental Mindoro. PHOTO FROM CINEMALAYA
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Friday, August 21, 2026
DoubleDragon posts 23% revenue growth in H1 2026 as core businesses accelerate
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oubleDragon Corp. reported consolidated revenues of P8.55 billion in the first six months of 2026, up 23 percent from the same period last year, as its core businesses continued to gain momentum.
Core revenues increased 70.2 percent year-on-year, while core net income rose 161.89 percent to P2.41 billion. The company said the results reflect its continuing transition away from fairvalue gains toward recurring and core operating revenues as its investment and leasing properties are completed and begin generating income. It expects a full shift toward core revenues from 2028 onward. As of June 30, 2026, DoubleDragon’s total assets stood at P246 billion, up from P225.3 billion at the end of 2025. Total equity reached P105.7 billion, an increase of P4.1 billion from year-end 2025, while its debt-to-equity ratio remained at 1.03 times, below its 2.33-times debt ceiling. The company expects core revenues to accelerate further in the second half of the year, driven by its leasing portfolio, new mall and warehouse openings, additional office tenants, new MerryMart supermarkets, and expected unit sales from Hotel101 projects in the Philippines and overseas.
For the remainder of 2026, DoubleDragon is set to open three CityMall community malls, two CentralHub warehouse complexes, five full-sized MerryMart supermarkets, and three Hotel101 properties in Davao, Cebu, and Niseko, Hokkaido, Japan. On June 24, DoubleDragon completed the acquisition of 98.61 percent of MerryMart Consumer Corp., further strengthening its position as an investment holding company. The MerryMart Group brings into the portfolio community malls, office buildings, warehouse complexes, supermarkets, and hospitality assets, including the asset-light Hotel101 business. Hotel101 remains a major growth driver for DoubleDragon as the company expands the concept in the Philippines and overseas. Hotel101-Madrid, a 680-room property, reached 5,000 international customer reviews on Booking.com less than five months after opening and recorded a 9.1 out of 10 rating. The hotel has also achieved full occupancy several times since opening in March 2026. DoubleDragon described Hotel101Madrid as a global prototype for the Hotel101 business model, which it plans to scale through its proptech-enabled, asset-light approach. The company recently held the toppingoff ceremony for the 702-room Hotel101Libis at Robinsons Bridgetowne Estate. Once completed, it is expected to be the largest hotel in Quezon City. DoubleDragon’s board has also approved the creation of a Singapore special-purpose
vehicle, DD Hotel101 Worldwide One, which it plans to sponsor as a S$300-million Singapore-dollar REIT. The initiative is intended to support Hotel101’s expansion and eventual development of one million standardized rooms across more than 100 countries. The company said 2026 will be its biggest year for hotel room openings, with 2,229 additional rooms expected from Hotel101Madrid, Hotel101-Davao, Hotel101-Cebu, and Hotel101-Niseko Hokkaido. Its 518room Hotel101-Manila and 606-room Hotel101-Fort in the Philippines continue to operate at high occupancy levels. Beyond hospitality, DoubleDragon continues to expand its portfolio of community malls, industrial warehouses, and office properties while pursuing its 2035 Vision. The company said it expects its growing portfolio of leasing and hospitality assets to generate higher recurring revenues, while the global expansion of Hotel101 could eventually contribute to foreign-exchange inflows into the Philippine economy. DoubleDragon said its long-term strategy is to develop Filipino business models that can be exported globally rather than simply bringing foreign concepts into the Philippine market. The company began its expansion journey when it listed on the Philippine Stock Exchange in 2014. As of Aug. 14, 2026, its shares were trading at P12.10, compared with its P2 listing price.
K- Logistikus expands, brings faster, smarter logistics solutions to the Bicol region
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USINESSES today require agile and dependable logistics to keep pace with evolving market demands. Reinforcing its commitment to demanddriven logistics, K-Logistikus Philippines has expanded its nationwide footprint with the opening of its new Bicol Crossdock Hub in Tabaco City, Albay. The new facility strengthens distribution capabilities across the Bicol Region by improving regional connectivity, accelerating the movement of goods, and helping businesses respond more effectively to changing customer needs. It also supports the company’s long-term growth strategy by extending logistics services into one of the country’s key economic corridors “Bicol is an important growth corridor, and strengthening our presence in the region allows us to better support the evolving needs of businesses and the communities
they serve,” said Sulficio O. Tagud Jr., President & CEO of K-Logistikus Philippines. “Our new cross-dock hub enables us to move products closer to key markets, shorten delivery lead times, and respond more quickly to customer demand. More importantly, it strengthens our ability to provide dependable, demand-driven logistics solutions that help our partners improve operational efficiency and achieve sustainable growth.” Strategically located along the TabacoLigao Road, the 1,500-square-meter facility serves as a distribution gateway for Camarines Sur, Sorsogon, Catanduanes, and Masbate. With capacity for up to 20 outbound trucks daily, it is positioned near major retail centers and transport routes, enabling faster distribution of fast-moving consumer goods (FMCG) while improving access to nearby island provinces. Operated by K-Logistikus’ Contract Logistics and Crossdock teams, the hub streamlines cargo handling, inventory movement, and distribution from inbound receipt to final delivery. By positioning inventory closer to customers, it shortens replenishment cycles, optimizes delivery schedules, and helps businesses operate with greater speed and cost efficiency. The Bicol Crossdock Hub marks another milestone in K-Logistikus’ nationwide expansion. Through continued investments in strategic logistics infrastructure, the company remains committed to helping businesses build more resilient supply chains while supporting regional economic development.
Okada Manila celebrates Mid-Autumn with exclusive chocolate mooncakes in 7 decadent flavors
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ORBES 5-Star Okada Manila unveils a modern take on a cherished tradition with Mid-Autumn Confections, a limited-edition collection that transforms the familiar mooncake into premium chocolate creations. Available from August 24 to October 7, 2026 at P3,988 nett per box, the seasonal offering honors the occasion’s gifting tradition through exquisite creations designed to express gratitude, prosperity, and reunion. For generations, mooncakes have held a special place at the Mid-Autumn table, exchanged among family, friends, and valued partners as symbols of togetherness and good fortune. Mid-Autumn Confections draws from this enduring custom while introducing an innovative interpretation through premium chocolate. Exclusive to Okada Manila, each piece preserves the recognizable mooncake form while revealing a delicate chocolate shell and richly flavored center beneath. Presented in an elegantly designed gift box, the assortment showcases the artistry and technical precision of Okada Manila’s pastry team. The result is an exquisite selection created to make an impression, whether presented as a thoughtful gift, shared at a festive gathering, or savored one piece at a time. Each chocolate mooncake begins with an expertly tempered shell that gives way with a delicate snap to a richly layered center. Tiramisu unfolds with deep coffee richness and velvety creaminess, while Citrus brings a bright, silky lift. Pistachio Kataifi contrasts roasted pistachio with a fine, crisp crunch, and Hazelnut delivers toasted nuttiness with a smooth, rounded finish. Salted Caramel melts into buttery
Okada Manila unveils a modern take on a cherished tradition with Mid-Autumn Confections, a limitededition collection that transforms the familiar mooncake into premium chocolate creations. sweetness sharpened by sea salt, while 64 percent Dark Chocolate lingers with deep, bittersweet cocoa. Sesame with White Lotus completes the assortment with roasted sesame and smooth lotus sweetness, paying tribute to a classic Mid-Autumn flavor. “Mid-Autumn Confections reflects how we approach
every celebration at Okada Manila: with thoughtful craftsmanship, meaningful traditions, and experiences that bring people together,” said Andreas Balla, Vice President for Food and Beverage at Okada Manila. “From discovering new flavors to creating lasting memories with family and friends, we want every Mid-Autumn visit to become part of an unforgettable celebration.” Advance reservations are available until August 23, 2026, with Mid-Autumn Confections available for pickup from August 24 to October 7, 2026 at Pastry Shop and Red Spice. Newly signed-up Reward Circle members enjoy an exclusive 10 percent discount, while guests and partner groups purchasing 10 boxes or more also receive 10 percent off. Guests may sign up for Reward Circle at okdmnl.ph/RCSignUp. Beyond the chocolate mooncakes, Okada Manila transforms the Mid-Autumn season into a destinationwide celebration filled with exceptional experiences to anticipate and discover. Guests can explore immersive festival-inspired installations, turn the occasion into an elegant escape with exclusive hotel stays, unwind with rejuvenating spa experiences, and come together for family-friendly activities throughout the Forbes 5-Star integrated resort. Adding star power to the season, select VIP guests can look forward to an exclusive Mid-Autumn concert featuring K-pop sensation SUNMI, with a special performance by The Voice of the Philippines champion Mitoy Yonting and The Draybers. Guests may reserve a box of Mid-Autumn Confections and discover the full Mid-Autumn celebration at Okada Manila by visiting www.okadamanila.com, emailing RestaurantReservation@okadamanila.com, or calling +632 8555 5799.
Vitafoods Asia 2026: A bigger, more dynamic trade event with new features, increased international participation
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ITAFOODS Asia, the premier nutraceutical event in Asia organised by Informa Markets, is set to return in 2026 with its largest edition to date. The event will feature a net exhibit space of 20,000 square meters with over 800 companies, representing an impressive 30 percent growth compared to the 2025 edition. It will take place once again at the state-of-the-art venue in Bangkok – Queen Sirikit National Convention Center (QSNCC) from September 2 to 4, 2026. This year’s event will also see the addition of two new country pavilions, Australia and New Zealand, further enhancing its global representation and showcasing innovations from these regions in the nutraceutical and functional food industries. In addition to its expanded size and international reach, Vitafoods Asia 2026 will introduce a host of exciting new features designed to
elevate the attendee experience and provide deeper insights into the industry: Sensory Box: A workshop-style feature that enables attendees to experience food ingredients through sense of smell, touch, and taste, creating an interactive experience that enables attendees to re-imagine user experience for their nutraceutical development. From Lab to Launch: The event will host a range of speakers that will provide valuable insights to R&D professionals, enabling them to envision the product all the way from raw ingredients in the laboratory to finished goods, with concept to completion journey for research professionals, including clinical trials. Four-Factor Solution Workshop: Delivered in partnership with HMT, expert brand builders specialized in serving brands, businesses and people in the food and nutrition industry. This program is curated to guide and enable entrepreneurs to align their products and brands with the target audience and market. Vitality Vending Machine: Organized in collaboration with The Office of National Higher Education Science Research and Innovation Policy Council (NXPO) and Tao Bin, this feature will include vending machines featuring healthy and nutritional beverages onsite. Thailand Nutraceuticals Award Powered by Vitafoods Asia: A prestigious award ceremony recognising excellence and innovation in the Thai nutraceutical sector for finished products. Pet Nutraceuticals Showcase: A special exhibit highlighting
the growing market for nutraceuticals designed for pets. The overarching theme for Vitafoods Asia 2026 is “Nutraceuticals Trends Across Generations”, focusing on redefining health and wellness across all life stages. This visionary theme emphasises cutting-edge science, natural ingredients, and personalized nutrition through technology, aiming to create a future where people not only live longer but live better. These include gut and microbiome health, cognitive and mental wellness, active body and longevity, and personalised and digital nutritional enablers. “Vitafoods Asia 2026 is set to redefine the future of health and wellness by embracing cutting-edge science, natural ingredients, and personalised nutrition technologies. Our theme, ‘Nutraceuticals Trends Across Generations,’ envisions a world where people not only live longer but thrive at every stage of life. This year, the event will be 30% bigger and feature greater international participation, making it a truly global platform to explore innovative solutions that cater to the unique health needs of each generation, from Boomers to Generation Alpha. Together, we are fostering a healthier and more vibrant future for all,” added Lakkana Chuvichien, Event Manager, Informa Markets. Vitafoods Asia continues to be the leading platform for professionals in the nutraceutical, functional food, and dietary supplement industries, offering a unique space to connect, collaborate, and explore the latest trends and innovations. For more information about Vitafoods Asia 2026, visit www.vitafoodsasia.com
IBM employee-volunteers, officers of TRICAP, Panay Bukidnon children and their guardians gather at the IBM Function Hall, U.P. Ayala Technohub, Quezon City, following the successful School Bag Packing Activity on August 5, 2026. The event, organized under IBM Impact in partnership with the ASEANK Indigenous Business Resource Group and TRICAP, benefited Indigenous students in celebration of the International Day of the World’s Indigenous Peoples and the National Indigenous Peoples Day.
TRICAP, IBM Impact bring hope to Panay Bukidnon children through school bag donation drive
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EMONSTRATING the power of volunteerism and meaningful partnerships, the Tribal Communities Association of the Philippines (TRICAP), Inc. and IBM Impact successfully conducted the first leg of their School Bag Packing Activity on Wednesday, August 5, 2026, at 5:30 PM at the IBM Function Hall, IBM Building, U.P. Ayala Technohub, Quezon City. The activity forms part of the observance of the International Day of the World’s Indigenous Peoples and the National Indigenous Peoples Day, celebrated annually every August 9 pursuant to Republic Act No. 10689. IBM employee-volunteers, through IBM Impact, the company’s Corporate Social Responsibility and Volunteer Program, together with the ASEANK Indigenous Business Resource Group, enthusiastically packed school bags filled with learning essentials for Panay Bukidnon Indigenous students residing in San Roque-Sampaguita, Barangay Holy Spirit, Quezon City. The initiative seeks to support Indigenous learners while fostering greater awareness, inclusion, and appreciation of Indigenous Peoples within the corporate community. Despite the heavy rainfall that affected Metro Manila, the activity proceeded successfully through the dedication of Bae Elta Laurilla, TRICAP Project Head, who ensured the safe transportation of the children and their guardians. This was made possible through the invaluable assistance of the Barangay Local Government Unit of Barangay Holy Spirit, under the leadership of Barangay Chairperson Honorable Estrella Valmocina, whose unwavering support helped make the event a success. The children and their guardians warmly interacted with IBM volunteers throughout the evening in an atmosphere of friendship and solidarity. As part of IBM’s hospitality, all participants were served a hearty dinner and received tokens of appreciation, making the experience even more meaningful for
the Indigenous families. Adding inspiration to the gathering was the participation of Century Tuna Body Finalist Christoff El Jouni, an Indigenous Lebanese who proudly embraces his heritage despite having grown up in the Philippines. He encouraged the children to remain proud of their Indigenous identity while promoting healthy living, discipline, and self-confidence. A highlight of the program was the presentation delivered by Lance Lucas, IBM Indigenous Peoples Sector Head, emphasizing the importance of Indigenous representation, diversity, equity, inclusion, and cultural understanding within the workplace. TRICAP National President Jennifer Pia Sibug-Las commended the presentation, saying it effectively raised awareness among both Indigenous and nonIndigenous participants and demonstrated IBM’s genuine commitment to empowering Indigenous communities. “Every school bag packed today carries more than school supplies—it carries hope, dignity, and the collective commitment of volunteers who believe that every Indigenous child deserves the opportunity to learn, dream, and succeed. We commend IBM Impact and the ASEANK Indigenous Business Resource Group for demonstrating that corporate volunteerism can be a powerful force in advancing Indigenous education, inclusion, and cultural appreciation,” said Jennifer Pia Sibug-Las, National President of TRICAP. The school bag packing activity marks the beginning of a series of collaborative initiatives between TRICAP and IBM in celebration of the International Day of the World’s Indigenous Peoples and the National Indigenous Peoples Day. Through volunteerism, education, and meaningful partnerships, both organizations reaffirm their shared commitment to empowering Indigenous communities and ensuring that no Indigenous child is left behind.
Motoring BusinessMirror
Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame
www.businessmirror.com.ph
Editor: Tet Andolong • Friday, August 21, 2026
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➊ GN6: Everyday practicality, smart space in motion
➋ 8 HEV: Hybrid
efficiency, premium comfort delivered
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GAC’s three‑tier MPV family arrives in the Philippines Story & photos by Randy S. Peregrino
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AC Philippines has expanded its presence in the local market with the official launch of three new multi‑purpose vehicles—the GN6, E8 HEV, and GN8 PHEV Executive. Collectively branded as the GAC MPV Family, these models are designed to meet varied demands: from everyday family mobility to premium comfort and executive travel. Each one reflects a philosophy that true comfort begins with confidence; a principle grounded in flexible space, thoughtful engineering, and reliable performance.
THE GN6: EVERYDAY PRACTICALITY WITH SMART SPACE
THIS model is the entry point into the lineup, but it is far from basic. Compact enough for city maneuvering yet spacious enough for family use, it strikes a balance between drivability and utility. Under the hood, a 1.5‑liter turbocharged gasoline engine paired with a seven‑speed wet dual‑clutch transmission produces 174 hp and 270 N‑m of torque. Its dimensions—4,792 mm long, 1,837 mm wide, and 1,750 mm tall—sit on a 2,810 mm wheelbase, giving it a footprint that blends urban agility with generous cabin space. Inside, the GN6 emphasizes flexibility. A 190 mm center aisle allows passengers to move easily between rows, while luggage capacity ranges from 324 liters with all seats up to 1,100 liters when the third row is folded flat. That’s enough to fit fourteen 20‑inch suitcases, a figure that speaks directly to real‑world practicality. The cabin integrates a 10.25‑inch LCD instrument cluster, a 14.6‑inch touchscreen with
Apple CarPlay and Android Auto, and dual‑zone automatic climate control with rear controls. Safety is comprehensive: six airbags, electronic stability control, a 360‑degree panoramic camera, and advanced driver assistance systems including adaptive cruise control, lane keeping assist, and automatic emergency braking. Beyond the basics, the GN6 also offers thoughtful touches such as rear air vents for all passengers, fold‑flat third‑row seats that disappear into the floor for a completely flat cargo area, and a suspension tuned for comfort without sacrificing stability. At P1.298 million, with an introductory discount bringing it to P1.198 million, the GN6 is positioned as a practical yet well‑equipped choice for families who want flexibility without excess.
THE E8 HEV: HYBRID EFFICIENCY WITH PREMIUM COMFORT
THIS HEV model elevates the MPV experience by combining hybrid technology with premium amenities. Its system pairs a 2.0‑liter hybrid‑dedicated engine (138 hp, 180 N‑m) with an electric motor (180 hp, 300 N‑m), managed by a two‑speed dedicated hybrid transmission. Together, they deliver a combined driving range exceeding 1,000 kilometers from a 60‑liter tank, with fuel consumption rated at 5.58 liters per 100 km under WLTC standards. For Filipino families, that means fewer fuel stops and lower running costs. Comfort is where the E8 HEV distinguishes itself. Built on a 2,930 mm wheelbase, it offers a low 375 mm step‑in height for easier access, particularly for children and elderly passengers. The cabin allows up to 18
seating configurations, with second‑row Zero Gravity seats offering leg rests, ventilation, and massage functions. The third‑row Magic Storage seats fold flat or transform into Tea Break Mode, expanding cargo capacity to 1,917 liters. Acoustic laminated glass, dual sunroofs, wireless charging, and ADiGO intelligent driving technologies round out the premium experience. Additional features include power‑sliding doors for easy ingress, a multi‑zone climate system with rear controls, and laminated acoustic glass that reduces outside noise for a quieter cabin. The E8 HEV also integrates intelligent driver assistance, such as Traffic Jam Assist and Integrated Cruise Assist, to enhance convenience on long drives. Priced at P1.858 million for the GL and P1.998 million for the GX, with launch discounts lowering them to P1.778 million and P1.918 million respectively, the E8 HEV appeals to those who want efficiency without compromising comfort.
THE GN8 PHEV EXECUTIVE: FLAGSHIP LUXURY AND TECHNOLOGY
AT the top sits the flagship model that redefines what a luxury MPV can be. Measuring 5,247 mm long with a 3,070 mm wheelbase, it combines a 2.0‑liter turbocharged Miller‑cycle engine with a permanent‑magnet synchronous motor, producing a combined 368 hp and 630 N‑m of torque. Its 25.5 kWh lithium iron phosphate battery delivers up to 120 km of electric range (NEDC) and a total combined range of 1,038 km. DC fast charging replenishes the battery from 30 to 80 percent in about 45 minutes, a practical figure for executive mobility. The cabin is where the GN8 PHEV Executive asserts its flagship status.
Designed as a private lounge or mobile boardroom, it features Zero Breeze air conditioning with over 1,600 micro‑vents, hidden seat vibration dampers, and second‑row captain’s chairs with massage, heating, ventilation, and fold‑out tray tables. Soundproof glass, a 16‑speaker audio system, a streaming‑video rearview mirror, tri‑zone climate control, PM2.5 filtration, a fragrance system, a starlight panoramic roof, and dual power‑sliding doors complete the package. Further refinements include a starlight panoramic roof that enhances cabin ambiance, a fragrance system integrated into the climate control, and hidden dampers beneath the seats that absorb road vibrations for a smoother ride. The GN8 PHEV Executive also incorporates advanced driver assistance systems,
ensuring safety matches its luxury. At P3.488 million, with an introductory price of P3.338 million, the GN8 PHEV Executive is positioned for those who demand uncompromised luxury and technology in their mobility.
OWNERSHIP CONFIDENCE
GAC emphasizes ownership confidence through warranties extending up to five years or 150,000 km for internal combustion models, and eight years or 160,000 km for EVs, with coverage for the three‑electric system reaching 200,000 km. Two years of free roadside assistance further strengthen the ownership experience. With a growing network of 30 dealerships nationwide and a dedicated parts warehouse, GAC aims to provide a “zero‑anxiety” journey for Filipino customers.
ATIV leads rainy season deals from Toyota this August MARK Luigi Bautista has unfurled Toyota’s August Drive Deals that offer lucrative discounts on many models this month. Listen to him: “Customers purchasing through full cash payment can maximize their savings with Toyota’s Straight Cash offers, which provide discounts on select vehicle variants, making it easier to drive home a brand-new Toyota this August and keep moving wherever the road takes them. “Leading the way is the ATIV HEV, available with straight cash savings of up to P80,000. With modern styling, advanced hybrid efficiency, and everyday comfort, the ATIV HEV delivers an exceptional 43.7 km/L in urban driving, 21.4 km/L in extra-urban conditions, and a combined fuel economy rating of 26.3 km/L. Engineered to maximize fuel savings without compromising driving performance, it is an ideal choice for motorists seeking a smarter, more efficient way to navigate both daily commutes and longer journeys.
XENIX Q
“THOSE looking for a spacious and premium electrified vehicle can take advantage of straight cash savings of up to P100,000 on the Zenix Q HEV. “Designed to provide comfort and versatility for both daily drives and longer journeys, the Zenix Q HEV combines a refined and spacious interior with Toyota’s proven hybrid technology. It delivers an impressive 30.2 km/L in urban
driving, 23.3 km/L in extra-urban conditions, and a combined fuel economy rating of 20.8 km/L. “With its combination of fuel efficiency, maneuverability, and everyday practicality, the Wigo G is an ideal choice for first-time car owners and customers looking for a reliable companion for their daily commute.
FORTUNER Q
driving, 17.9 km/L in extra-urban conditions, and a combined fuel economy rating of 21.1 km/L. “With its blend of comfort, fuel efficiency, and everyday practicality, the Zenix Q HEV offers a well-rounded mobility option for families and customers looking for an elevated driving experience. “Customers looking for a practical and fuel-efficient vehicle can take advantage of straight cash savings of up to P30,000 on the Wigo G. “Designed for easy and convenient everyday mobility, the Wigo G’s compact dimensions make it well-suited for navigating busy city streets while still offering ample space and comfort for daily drives. It delivers 18.2 km/L in urban
“TAKE advantage of straight cash savings of up to P30,000 on the Fortuner Q. “Designed to provide confidence and comfort across a variety of driving conditions, the Fortuner Q combines a commanding presence with a spacious and refined interior suited for both everyday drives and longer journeys. “The Fortuner Q delivers 10.9 km/L in urban driving, 13.4 km/L in extra-urban conditions, and a combined fuel economy rating of 12.3 km/L. “Other offers: n Previous Generation Hilux—up to P 100,000 n Vios XLE—up to P75,000 n Corolla Cross G HEV—up to P50,000 n Veloz V—up to P30,000 n Tamaraw FX Diesel M/T—up to P50,000 “That’s not all! Alongside flexible payment options on selected Toyota models, Toyota is taking ownership to the next level with exciting, limited time offers you won’t want to
miss this month! n Free Periodic Maintenance Service (PMS) for selected Toyota models n Exclusive Service Discount Vouchers for selected Toyota models n Trade-in rebates of up to P30,000, redeemable as a cash discount or for Toyota Genuine Accessories n Free One-Year Comprehensive Insurance for select models. n Toyota 5-year warranty for all brand-new vehicles Promo runs from August 1 to 31, 2026 only.
PEE STOP Nelda Castro reports that Mitsubishi Motors
Philippines Corp. (MMPC) was honored recently by the Philippine Red Cross Laguna Chapter with a Certificate of Recognition and Galloner Award in recognition of its significant contribution to the country’s voluntary blood donation program. MMPC earned the distinction after successfully contributing 404 blood units between January 1 to December 31, 2025. In addition, six MMPC employees from the Manufacturing Division were similarly honored with the Galloner Award for their voluntary blood donation, having each donated at least one gallon of blood through eight or more sessions. The awardees are Garizaldy Diaz, Kevin Mendros, Marijoyce Pellogo, Mark Kevin Galang, John Patrick Hardillo and Nazer Lopez. Cheers!
GN8 PHEV Executive: Flagship luxury, technology at its finest
B8
Friday, August 21, 2026
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Barangay tanod soon to augment security in schools By Jonathan L. Mayuga
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@jonlmayuga
HE Department of the Interior and Local Government (DILG) and the Department of Education (DepEd) are set to sign an agreement to strengthen security measures on school premises further, allowing barangay tanod inside schools for added safety and security. The move came following the deaths of two high school students, including the suspect, in another school shooting incident in Zamboanga City early this week. Inter ior Secretar y Juanito Victor Remul la said the new MOA will strengthen an existing agreement between the DILG and DepEd on student safety and security inside schools.
The agreement will allow the presence of barangay tanods, who are familiar not only with their respective communities but also with the students themselves, in every school. “What we are asking for is to allow the barangay tanod inside the schools,” Remulla said. “Because the barangay tanod know the children, they can talk to them, they can reprimand them,
so that’s what we are requesting as a further security step to be implemented there,” he explained. Remulla said police presence is currently limited to school perimeters, emphasizing the need to strengthen security within school grounds, where incidents involving students may also take place. In an earlier interview, Remulla said DepEd and the National Police (PNP) had signed a memorandum circular directing police officers to monitor and implement security measures outside public schools nationwide. The DILG chief further said the agreement with DepEd will, likewise, address school bullying, citing practices implemented at Ateneo de Manila University as a possible benchmark for measures that may be adopted in other schools. “Incidents of bullying should not be taken lightly…There are steps that we can take together para mangyari iyan, pero may hakbang na kami ng DepEd para diyan,” he added. The DILG remains committed to investigating the recent tragic
shooting incident at Ateneo de Zamboanga University as it continues to work with DepEd, the PNP, local governments, and other relevant government agencies and private institutions to strengthen measures aimed at protecting students from crime, violence, bullying, and other threats to their safety, Remulla also said. The shooting incident at the Ateneo de Zamboanga campus in Zamboanga City followed another school violence at the Jose National High School in Barangay San Jose, Tacloban City last June 22, wherein two minors, armed with guns, entered the school premises and started shooting fellow students, killing three of their fellow students. The Zamboanga City shooting prompted the DILG chief to call for stiffer penalties for gun owners whose weapons were used in gun crimes, and the repeal or reversion of the so-called Robin Padilla law’s amendment, which made illegal possession of firearms bailable, back to the crime’s non-bailable nature.
PNP now looking into digital evidence on Zambo school shooting By Rex Anthony Naval
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HE Nat ion a l Pol ice ( PNP) on T hu rsd ay said its investigators are now focusing on digital evidence to establish how the shooting incident at Ateneo de Zamboanga University was broadcast online and what drove the minor shooter to carry it out. This, after investigators recovered a cellular telephone and other personal effects from the Grade 8 student who opened fire inside the school’s premises on August 18, killing one classmate and injuring several others before taking
his own life, Gen. Jose Melencio Nartatez Jr., National Police chief, said. “We will examine the cellphone and other digital evidence carefully and will not conclude until the investigation is completed. The PNP is looking into whether there were prior incidents, threats, or warning signs involving the shooter that could have alerted authorities,” he added. Nartatez said the recovered device is expected to help investigators establish the suspect’s online activities before, during, and after the shooting. See “Shooting,” A6
calls for proper solid waste Weaker Neneng, habagat still threaten Luzon DENR management to prevent flooding
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ROPICAL Depression Neneng and the southwest monsoon a re now less
likely to bring significant rainfall over the western section of Luzon. However, scattered rains
and thunderstorms may still be experienced over Metro Manila and other areas, the weather
bureau said. In its weather advisor y issued at 11 a.m. on Thursday, t he Ph i l ippi ne At mospher ic, Geophysical and Astronomical Ser v ices Administration (Pagasa) sa id Neneng continues to move slowly over the coastal waters of Eastern Taiwan. However, severe winds continue to affect land areas, as the southwest monsoon will bring strong to gale-force gusts over most of Luzon and the Visayas, t he Davao Reg ion, Nor t her n Mindanao, and Zamboanga del Norte, particularly in coastal and upland areas exposed to winds. A side f rom Metro Mani la, which is reeling from severe f looding because of the nonstop rain over the past two weeks, the weather bureau reported that scattered rains and thunderstorms may still be experienced over Ilocos Region, Cordillera Administrative Region, Central Luzon, Batanes, Cagayan, Cavite, Batangas, Rizal, Occidental Mindoro, and Palawan until Friday morning. The center of Tropical Depression Neneng was spotted 450 km North of Itbayat, Batanes, packing maximum sustained winds of 45 km/h and is moving slowly northnortheastward.
NDRRMC: Death toll now 29
THE National Disaster Risk Reduction and Management Council (NDRRMC), meanwhile, reported that the casualty count due to the combined effects of Tropical Cyclones Luis, Maymay and the southwest monsoon continues to increase. As of 6:00 a.m. on Thursday, the NDRRMC said 29 people have been confirmed dead, 19 injured, and three others missing. Most of them were killed by landslides and drowning. NDRRMC said the inclement weather that caused flash floods and triggered landslides affected a total of 1.8 million families, or 6.5 million people. Despite the improving weather, evacuation of affected families to safer grounds continues. See “Neneng,” A6
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HE Department of Environment and Natural Resources (DENR) urged local governments (LGUs) and the public to practice proper solid waste management and undertake preventive measures to reduce the risks associated with heavy rainfall. The DENR issued the call as the southwest monsoon, locally called habagat, threatens to bring in more rains until the end of September. W h i le he av y r a i n f a l l a nd f looding can carry and displace waste, the proper management of solid waste before, during, and after severe weather events is critical to preventing garbage from reaching canals, creeks, rivers, shorelines, and Manila Bay, the agency said. Environment Secretary Juan Miguel Cuna said proper waste management is not only about keeping communities clean, but also keeping waterways open, reducing flood risks, and protecting the seas. “Habagat is a natural phenomenon, but the waste that ends up in waterways is something that can be prevented,” he said. The department emphasized that proper solid waste management is not simply a matter of cleanliness. Improperly managed
waste can obstruct waterways, impair drainage, worsen flooding, and eventually be carried downstream into rivers, coastal areas, and marine ecosystems. Unde r R e pu bl ic A c t 9 0 0 3 or the Ecological Solid Waste Management Act of 2000, LGUs are primarily responsible for implementing solid waste management in their jurisdictions, including segregation, collection, recover y, recycling, composting and proper disposal of residual waste. The law likewise prohibits littering and dumping in public places, including canals and esteros, and open dumping or bur ying of waste in f lood-prone areas. “The DENR, through the Environmental Management Bureau [EMB], continues to work with LGUs to strengthen compliance with R A 9003 by monitoring solid waste management plans and facilities, requiring corrective measures for identified deficiencies, and providing technical assistance and capacity-building support to improve waste avoidance, recovery, composting, recycling, and the proper treatment and disposal of residual waste,” Cuna added. See “DENR,” A6
Legislator pushes fast enactment of land-use law
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LAWMAKER has urged the immediate passage of the longpending National Land Use Act (Nlua), saying that a unified national land use policy is crucial in addressing the country’s worsening and recurring flooding problems. Parañaque Rep. Brian Yamsuan emphasized that flooding is not simply a drainage issue but a broader challenge involving land use planning, infrastructure development, and environmental management. He said that a sciencebased and long-term approach is needed to prevent communities from repeatedly suffering from destructive floods. “Localized solutions won’t fix flooding in the long run because flooding is not merely a drainage problem. It is a landuse, infrastructure, and environmental
planning problem. A National Land Use Act is the critical, missing factor in providing lasting solutions to the recurring floods that our countrymen have long endured for decades,” Yamsuan said. He said the measure would unify local development plans with a national framework, prevent construction in high-risk and protected areas, and strengthen government enforcement of land use regulations. “A National Land Use Act will give the government more teeth in enforcing land use regulations and guide us where we should build so we avoid putting homes, businesses, and infrastructure in high-risk areas,” Yamsuan said. He added that isolated flood-control projects may only transfer the problem See “Land-use,” A5