BusinessMirror August 22 2025

ROBUST economic growth, low inflation and a “strong external position,” helped affirm the country’s “A-” investment grade rating with a stable outlook from the Japanese credit watcher, Rating and Investment Information Inc. (R&I).

The Bangko Sentral ng Pilipinas (BSP) welcomed the affirmation of the country’s investment grade credit rating, noting that evidence-based monetary policy was instrumental in keeping inflation low.

BSP Governor Eli M. Remolona Jr. also said the low inflation environment improves the country’s investment climate that leads to faster economic growth.

“In line with its financial stability mandate, the BSP continues to strengthen the Philippine banking system through policies that underscore strong capitalization, prudent risk

management, and sound governance. These enable banks to finance productive economic activities while navigating a fast-evolving global economic landscape,” Remolona said. Strong, sustained confidence: Recto REACTING to the development, Finance Secretary Ralph G. Recto said the Philippines’ ‘A-’ investment-grade rating affirmed by Rating and Investment Information, Inc. (R&I) reflects strong and sustained confidence of credit rating agencies and investors in the country.

“More investments will come in, more decent jobs will be created, incomes will rise, and more Filipinos will be lifted out of poverty,” Recto said in Filipino.

The DOF said the ‘A-‘ rating shows “strong” macroeconomic stability and “robust” creditworthiness.

“This translates to lower interest rates on borrowings of the national government and the private sector, and helps attract more foreign direct investments,” the DOF added. The DOF said resources that would otherwise pay for interest may instead be redirected to infrastructure development, enhanced social services, stronger health care and improved education.

R&I touts growth rate IN its report released on Wednesday, R&I underscored that the country’s growth rate of 5.7 percent in 2024 is one of the fastest in Southeast Asia. It also cited the country’s

EASING TO PERSIST ON

WEAK GDP, INFLATION

ng Pilipinas (BSP) to continue easing monetary policy, according to an international think tank.

By Lorenz S. Marasigan

THE Department of Information and Communications Technology (DICT) will launch a technical feasibility study on converting the mothballed Bataan Nuclear Power Plant (BNPP) into a hyperscale data center, as the Philippines steps up efforts to position itself as a prime destination for global tech giants.

ICT Secretary Henry Aguda said the proposals from locators in Bataan and other areas are under review, noting that

the mothballed facility presents strong fundamentals for a largescale data center.

“There are proposals from Bataan and several other locators because the structure is good. We are studying the proposals. It’s just a technical feasibility study first, if it can really be done,” Aguda told reporters on the sidelines of the Philippine Chamber of Commerce and Industry General Membership Meeting in Makati.

The BNPP, completed in the

By Lenie Lectura @llectura

“We plan to have it out and effective next month already because it if we don’t this now there might be no movement yet from other agencies,” said DOE Undersecretary Felix William Fuentebella. A Carbon Credit Certificate or CCC refers to a tradeable certificate representing one tonne of carbon dioxide equivalent (tCO2e) of GHG (green

house gas) emissions reduced, avoided, or removed from the atmosphere, verified as real and additional by accredited independent third-party entities using internationally accepted standard methodologies.

The draft circular states that CCCs will be issued to those that voluntarily retire coal power plants ahead of the projected economic life; switch to electric vehicles; switch to co-firing in power generation; adopt innovative and developing energy technologies; implement energy efficiency improvements; engage in biofuels blending; and other mitigation activities in the energy sector that have the potential to be issued CCCs as approved by the DOE.

The CCCs may be traded, transferred or retired at the option of the participant with eligible mitigating activities. The certificates may only be traded or used once within and among the carbon markets.

The DOE is designated as the lead agency for the energy sector’s GHG inventory and is in charge of coordinating the energy sector’s Nationally Determined Contribution (NDC), while also pursuing sustainable development pathways that promote climate resilience, enhance energy security, and foster economic growth.

The Department of Environment and Natural Resources (DENR), which serves as the Designated Na-

tional Authority (DNA) for carbon markets, is tasked to coordinate, authorize, and approve participation in international cooperation under the Article 6 of the Paris Agreement and the Clean Development Mechanism of the Kyoto Protocol.

“The DENR is the DNA but there will be a body that will set the rules, standards, and audit. Basically, to preserve the integrity and the reliability of the market. It will be similar to the SEC [Securities and Exchange Commission] and BSP [Bangko Sentral ng Pilipinas]. But it will be the DENR and DOE who will issue the credits in accordance with these rules,” said Fuentebella.

BNPP as a hyperscale data center?

DICT to do…

1980s but never fueled or operated, is already under evaluation by the Korea International Cooperation Agency (Koica) and the Department of Energy (DOE) for possible revival as a nuclear facility.

Aguda said the DICT’s assessment will follow once the Koica study is finished some time in November, adding that the site already carries features attractive to hyperscalers: existing infrastructure, its location inside a freeport zone, access to fiber connectivity, and proximity to nearby cable landing stations in Poro Point, La Union.

The plan comes as the Philippines intensifies its bid to become a hyperscale haven in Asia.

Telcos and independent players have been ramping up investments in data centers, aiming to capture rising demand from global cloud service providers, content platforms, and financial technology firms.

Aguda acknowledged that hyperscalers have consistently raised concerns over power supply reliability and connectivity.

“We are now addressing the issues on power and connectivity,” he said. “I think they are more or less convinced now that there is market demand.”

Budget use by agencies still at 94% as of end-July: DBM

By Reine Juvierre S. Alberto @reine_alberto

DESPITE the government ramping up its cash allocation releases, budget use by government agencies remained steady at 94 percent as of the end of July, according to the Department of Budget and Management (DBM).

Latest DBM data showed that from January to July 2025, the notices of cash allocation (NCAs) released reached P2.986 trillion.

The amount is higher by 9.09 percent from the P2.737 trillion disbursed in the same period last year. The DBM issues NCAs to central, regional and provincial offices and operating units to cover the cash requirements of the government agencies. Of the NCAs released in the sevenmonth period, P2.808 trillion were used by state agencies, sending the NCA utilization rate to 94 percent as of end-July.

The cash utilization rate, however, stayed at 94 percent, the same level as

last year.

In the same period last year, P2.584 trillion in NCA releases were spent, posting the same utilization rate at 94 percent.

A higher NCA utilization rate reflects the capacity of government agencies to quickly disburse their allocated funds and implement their programs and projects.

Of the total NCAs released as of end-July, line departments obtained 74.77 percent or P2.233 trillion.

About P2.061 trillion or 92 percent was employed by line departments, with the utilization rate slower compared to the 93 percent posted a year ago.

The Department of Public Works and Highways (DPWH) and the Department of Education (DepEd) continued to receive the highest amount of NCAs, securing P610.004 billion and P422.587 billion, respectively.

Both agencies improved their budget use with DPWH at 94 percent from last year’s 93 percent, while DepEd’s rose to 97 percent from 95 percent.

Meanwhile, only the Department of Migrant Workers and the Commission on Audit registered a 100-percent NCA utilization rate among the line departments.

Data also showed the Department of Energy recorded the lowest NCA utilization rate at 63 percent, followed by the Department of Information and Communications

not only coffee drinks and beans but also cultural and creative products,”

which is surrounded by coral reefs. We all belong to the same South China Sea ecosystem,” said coral reef expert Wu Chuanliang in an interview with BusinessMirror

During a media tour organized by the Hainan provincial government for ASEAN journalists, the Sanya Coral Reef Ecology Institute show-

Technology with 64 percent.

Moreover, the budgetary support released to governmentowned and -controlled corporations amounting to P74.505 billion was 98 percent utilized, equivalent to P73 billion.

About 99 percent of the P678.819 billion in NCAs released as allocation for local government units (LGUs) was also utilized, amounting to P673.667 billion.

As of end-July, state agencies and LGUs still have a total of P178.160 billion in unused NCAs.

DBM data showed P5.936 trillion of the record P6.326-trillion national budget for 2025 has been released as of end-July.

For next year, the national budget is proposed at P6.793 trillion, 7.4 percent higher than this year’s level.

cased its innovative techniques for both passive and active coral reef restoration in the South China Sea. According to the institute, rehabilitating just one hectare of damaged reef typically takes a minimum of three years.

“It’s like treating a wound. With the right methods, it can heal naturally,” explained the institute’s director, who has conducted extensive research on coral reefs south of Hainan Island. Butch Fernandez

Tong Shuo, M1 coffee dream factory chief executive officer, told BusinessMirror in Mandarin during a media tour organized by the Hainan provincial government for Asean journalists. M1 Coffee operates a “vertically integrated production chain” covering everything from bean sourcing to finished products, allowing the company to absorb fluctuations in global coffee prices.

“Since we operate directly from the production site without intermediaries, we can digest price increases more easily,” he said. Latest World Bank data showed that arabica bean prices surged by 72.64 percent year-on-year to $8.77 per kilo in May 2025 from $5.08 a year ago, while robusta rose 29.70 percent to $5.24 per kilo from $4.04. (See: https://businessmirror. com.ph/2025/06/09/coffee-coco-oilprices-surge-in-may-report/)

Apart from production, M1 Coffee also invests in promoting coffee culture, staging creative projects such as stage plays, operas, and competitions across Asia-Pacific.

“Our target customers range from 18 to 60 years old, and we expect visitors from all over the world, including the Philippines,” Tong said. “Participation provides opportunities to showcase Philippine coffee and engage in cultural exchange.” Hainan, located within the equatorial “coffee bean belt,” is one of China’s early coffee-growing areas outside Yunnan Province. The island has the right environment for coffee with its soil and weather, though farms remain smaller than Yunnan’s large-scale plantations supplying global brands. The inaugural Hainan International Coffee Conference will take place in Haikou on August 22 and 23.

GDP. R&I believes that external risk is small in light of these points,” it added.

The BSP said the latest rating decision by R&I on the Philippines echoed the positive assessments of other credit rating agencies. S&P Global Ratings revised its outlook on the Philippines’ rating to positive in November 2024, while Japan Credit Rating Agency and Fitch Ratings affirmed the country’s

credit rating at “A-” and “BBB,” respectively, with “stable” outlook in the second quarter of 2025. The central bank noted that an investment-grade rating signals low credit risk, thereby helping reduce borrowing cost. This enables a country to allocate more funds to socially beneficial initiatives and programs. Reine Juvierre S. Alberto, Cai U. Ordinario

The draft circular is also meant to assist and guide the private sector in effectively

administration, it expects inflation to average 1.6 percent this year from the initial 2.2-percent forecast.

“We believe this underperformance will continue into the coming quarters, given mounting signs of softening domestic activity and the winding down of exports front-loading,” BMI said.

BMI said the Monetary Board has ample room to continue reducing policy rates. Inflation already slowed to 0.9 percent in July and remained below the 2 to 4 percent target of the BSP.

“With geopolitical risks, particu-

planning and implementing strategies to leverage CCCs, enabling reduction of operational costs, compliance with regulatory and fiscal requirements, access to available incentives, and enhanced implementation of mitigation efforts; promote

larly surrounding the Israel-Iran conflict, now largely de-escalated, energy-related price pressures are expected to remain contained. We have therefore revised our inflation forecast down to an average of 1.6 percent in 2025, from 2.2 percent previously,” it explained.

Meanwhile, despite the rate cuts, BMI still expects the Philippine peso to strengthen in the second semester of the year.

BMI expects the Philippine peso to trade between P55.2 and P59.2 against the US dollar in the second half of 2025. However, it said, the peso may end the year stronger at a spot rate of P57.22 to the US dollar.

Risks to the outlook include developments in the United States as the US Federal Reserve continues to face growing political pressure

transparency, credibility, and effectiveness of national and international climate change mitigation efforts; and ensure alignment with the future operationalization of Article 6 engagements, exploratory implementation of carbon pricing instruments, and participation in voluntary carbon markets.

from President Donald Trump who is advocating for monetary easing.

“Markets could interpret any rate cuts as politically driven, raising doubts about the Fed’s independence especially if rate cuts coincide with fiscal slippage or policy uncertainty. This would support risk appetite for EM [emerging market] currencies such as the peso,” BMI said.

Earlier, BSP said a reduction in key policy rates remains “on the table” despite the recent increase in the country’s core inflation rate.

(See: https://businessmirror.com. ph/2025/08/12/policy-rate-cutsstill-on-table-amid-inflation).

On the sidelines of the forum of the Economic Journalists Association of the Philippines (EJAP), BSP Governor Eli M. Remolona Jr. said core inflation is not expected to reach 3 percent until 2027 while headline inflation is expected to average 2 percent this year.

Last week, the Philippine Statistics Authority (PSA) reported that core inflation remains elevated at 2.3 percent in July. This is faster than the 2.2 percent recorded in June but slower than the 2.9 percent recorded a year ago. (See: https://businessmirror. com.ph/2025/08/06/july-core-inflation-worries-analysts/).

The Monetary Board began reducing key policy rates in August 2024 by 25 basis points to 6.25 percent, followed by another 25-bps cut in October to 6 percent; and another 25 bps in December to 5.75 percent at the end of 2025. While the BSP kept interest rates steady in January 2025, by April 2025, the Monetary Board reduced policy rates by 25 bps to 5.5 percent, and by another 25 bps in June to 5.25 percent.

AFP to use ‘unified, integrated approach’ vs emerging threats

THE Armed Forces on Thursday reaffirmed the military’s commitment in addressing emerging security threats through a “unified and integrted approach.” Gen. Romeo Brawner Jr., Armed Forces chief of staff, made this commitment during the first founding anniversary of the Armed Forces Intelligence Command (AIC).

“By continuously advancing its capabilities in conducting multidomain intelligence and security operations across the strategic, operational, and tactical spectrum, the AIC fulfills its role of integrating all intelligence capabilities for

our organization, which is crucial in protecting our Flag and the people,” Brawner said. With the theme “AIC @ 1: Integrated and Interoperable Intelligence in a Changing Threat Landscape,” the celebration highlighted how AIC has provided strategic intelligence to support the AFP’s mandate of conducting effective multi-domain security operations since its activation on August 21, 2024. The milestone event reflects the AFP’s resolve to remain agile, interoperable, and future-ready in facing evolving threats to the nation’s sovereignty and security. Rex Anthony Naval

Congressmen tell Magalong: Where are your evidence?

By Jovee Marie N. dela Cruz @joveemarie

HOUSE leaders on Thursday pushed back against Baguio City Mayor Benjamin Magalong’s description of the congressional investigation into alleged anomalies in flood control projects as a “moro-moro,” urging him to back his claims with evidence and to show respect for the institution.

House Deputy Majority Leader Rep. Zia Alonto Adiong said the chamber welcomes scrutiny and proof but warned that broadbrush accusations unfairly damage the reputations of lawmakers who are carrying out their duties in good faith.

“As a Muslim, I take offense at the casual use of the term ‘moro-moro’ to describe an investigation. Words carry history. We can debate corruption with vigor, but we should never trivialize the struggles of Moro communities by turning that term into an insult,” Adiong, who represents Lanao del Sur said.

He explained that while the phrase has come to mean “staged” or “sham” in everyday language, it carries painful historical baggage

for Muslim Filipinos, dating back to Spanish colonial-era plays that depicted Moros as adversaries of Christians.

The statement comes after Magalong publicly voiced skepticism about a congressional probe into alleged anomalies in flood control projects while pushing for a thirdparty inquiry, positions he has repeated in broadcast and online interviews in recent days.

Adiong stressed that institutional respect does not mean shielding anyone from accountability but allowing established committees to conduct hearings, receive evidence, and coordinate with executive agencies where criminal liability may be found.

“If you believe some House members are guilty, name them and present the proof. Do not condemn the entire House,” Adiong dared Magalong.

He appealed to Magalong to temper his language and instead present documentation, name names, and testify under oath before the House’s tri-committee inquiry, which has already invited the mayor to appear.

See “Magalong,” A4

Marcos calls for ‘nuanced

understanding’ of history

PRESIDENT Marcos called for a “nuanced” understanding of history and reconciliation as the country commemorated Ninoy Aquino Day on Thursday.

The national holiday, the Chief Executive said, gives Filipinos the opportunity to reflect and have greater clarity of the past. He said that history “offers less final judgment than continuing instruction.”

“Over the years, the Philippines has undergone a profound transformation, one defined by a broader public discourse about power, memory, and citizenship. These transitions unfolded in moments when individuals chose to meet history with resolve,” Marcos said.

He noted how he has taken the lessons of Ninoy Aquino Day, which commemorates the assassination of former Sen. Benigno S. Aquino Jr., as a guide to become a better leader, who strives “towards wholeness and reconciliation.”

“Our commemoration achieves meaning when the lessons of the past are reflected in our actions and in the moral architecture of institutions,” Marcos said.

“Through this observance, we advance the work of statecraft: disciplined, steady, and shaped by the enduring imperative to choose peace above quarrel, and dignity beyond differences,” he added.

See “Marcos,” A4

Army plane patrols NE Luzon coastal areas

ARMY (PA) on August 16 to 19 conducted a series of maritime air patrol (Marpat) missions over the coastal areas of Northeastern Luzon as part of its efforts to enhance the country’s maritime domain awareness capability.

In a statement on Thursday, the Army spokesman, Col. Louie Dema-ala, said a Cessna 172L flown by the Special Mission

CA junks Sulpicio Line’s bid to escape payment of damages over ship sinking

TAviation Company of the Army Aviation Regiment (AAR) performed reconnaisance missions in the area.

“The mission covered the archipelagic waters and territorial seas over Aurora, Isabela, Cagayan, the Calayan Group of Islands and the Philippine Rise,” he added.

See “Marpat,” A4

By Joel R. San Juan @jrsanjuan1573

HE Court of Appeals (CA) has junked the petition of Sulpicio Lines Inc. (now Philippine Span Asia Carrier Corporation) and its owners to nullify of the ruling issued by a Manila court awarding the amount of at least P230 million in damages to the victims and their families the sinking of M/V Princess of the Stars at the height of Typhoon Frank in 2008.

In a 237-page decision written by Associate Justice Wilhelmina Jorge-Wagan, the CA’s Fourteenth Division upheld the September 18, 2015 decision issued by the Regional Trial Court in Manila which found Sulpicio Lines-PSACC and its operators namely Enrique Go, Eusebio Go, Carlos Go, Victoriano Go, Dominador Go, Ricardo Go, Edward Go and Edgar Go liable for actual, moral and exemplary damages, as well as attorney’s fees for the negligence of its employees that led to the death of at least 200 passengers and crew members of the ship. More than 500 others who were on board the ship at the time of the sinking are still missing.

The CA said PSACC should pay attorney’s fees at the rate of 10 percent of the total damages awarded to the complainants, which will be received by the Public Attorney’s Office (PAO) as a trust fund to be used for the special allowances of its officials and lawyers.

Likewise, the total amount awarded to the victims and their families will earn interest of 6 percent per annum from the finality of the decision until full payment.

“All told, We cannot turn a blind eye to this gruesome mari -

time tragedy which is now a dark page in our nation’s history. We commiserate with all the victims, those who perished, young and old alike, but especially more so to the appellees in this case, who still await justice for their deceased relatives,” the CA said.

The appellate court held that the trial court did not err when it ruled that the Sulpicio Lines and the Go family failed to discharge their duties as common carrier.

It noted that under Article 1733 of the Civil Code, common carriers “are bound to observe extraordinary diligence in the vigilance over the goods and for the safety of the passengers transported by them, according to all the circumstances of each case.”

Article 1755 of the Civil Code, on the other hand, mandates common carriers “to carry the passengers safely as far as human care and foresight can provide, using the utmost diligence of very cautious persons, with a due regard for all the circumstances.”

Thus, the CA said as a common carrier PSACC was obligated to bring the passengers to Cebu safely and alive.

“However, appellants miserably failed in their duty, because

the Princess of the Stars never reached its destination as it capsized along the waters of Sibuyan, San Fernando, Romblon. This fact alone created a presumption of negligence on appellants’ part—a presumption that they were unable to overcome,” the CA pointed out.

“Certainly, if the appellants were mindful of their duty as a common carrier, i.e., to exercise the extraordinary diligence required of a person engaged in the business of transporting passengers for a fee, they should have directly ordered Capt. [Florencio] Marimon to ensure that the Stars would take shelter. More, the management could have decided that the Stars would not sail at all on June 20, 2008, given the prevailing weather conditions at the time,” it added

The CA said PSACC and their operators were not only negligent in failing to exercise diligence prior and after departure but were also in bad faith in performing their duties as a common carrier.

The CA explained based on the testimonies of expert witnesses Commo. Amado V. Romillo and Rear Adm. Benjamin P. Mata, there were three available routes to take from the Manila port to the Cebu port.

First, the “green route,” which was the safe alternate route, but would have extended the voyage by six hours; second, the “blue route,” which was a dangerous alternate route, and would have also extended the voyage by six hours; and third, the “red route,” which at the time, was an extremely dangerous route, but was also the shortest route, as it was the route normally taken from Manila to Cebu.

However, despite having the green route as option and assuring the Philippine Coast Guard (PCG) that it would take the said route, Princess of the Stars Capt. Florencio Marimon chose to proceed with its original route.

The expert witnesses were of the belief that the only feasible

reason why Marimon chose the red route was for economic reasons as taking the safe routes would have cost PSACC an additional amount of at least P1 million. They also raised the possibility of connivance between the owners and Marimon to convince the PCG that they would take the blue route, so that the ship would be given clearance to sail. The CA also declared as invalid and contrary to law and public policy the release and quitclaim executed by the complainants.

The PSACC and Go family argued that the complainants were barred from recovering damages because they already received the amount of P200,000 as payment and even signed quitclaims afterwards.

It noted that the amount represents the aggregate limit of liability for accidental death and burial expenses as contained in the insurance issued to Sulpicio Lines. Thus, the payment of the same should not free the carrier and its operators from any liability arising from their negligence.

Records showed that on June 20, 2008, M/V Princess of the Stars, a passenger-cargo vessel, departed from Pier 12, North Harbor, Manila, bound for Cebu.

The ship was carrying 724 passengers—comprising 673 adults, 20 children and 31 infants. Also onboard were 111 crew members, 10 security personnel, and four sea marshals from the Coast Guard.

At the time of its voyage, Masbate, which was included in its original route, was already under Storm Signal 3 on account of Typhoon Frank.

The ship was allowed to sail after assuring the PCG that it would take the green route to avoid the typhoon’s path.

At around 1:00 p.m. on June 21, 2008, the vessel capsized along the coast of Sibuyan Island, Romblon—its original route—at the height of the typhoon.

Flood control projects subject to ‘creative corruption’

By Butch Fernandez @butchfBM

‘CREATIVE corruption’ may as well be the term to describe how those behind billions in taxpayers’ money stole funds supposedly for flood-control projects that have been mostly shown up to be a sham by the massive flooding amid the recent serial typhoons and the southwest monsoon.

On Wednesday, Sen. Panfilo Lacson, who has closely studied the anatomy of corruption in infrastructure projects, shared with colleagues some of the terms he unearthed and which describe the practices of corrupt government officials and contractors.

Among the first batch of terms he listed, in a privilege speech, as part of a “corruptionary” or dictionary of corrupt practices are Distinct, Funders, Passing Through-Parking Fee and Reseta.

Lacson compiled these in his investigation of anomalies that marred flood control projects in many parts of the country.

Lacson detailed the schemes that siphoned at least half of P1.9 trillion from taxpayers for the last 15 years.

“In the course of our research and investigation, we encountered several words—

their meanings, we could not find in the dictionary. So we looked somewhere else. Alas! We found them—in the ‘corruptionary,’” he said.

According to the senator’s “corruptionary,” DISTINCT refers to multiple budget items seen in the General Appropriations Act with the same contract cost.

Lacson said his informants in the Department of Public Works and Highways (DPWH) as well as some contractors said this is a “coded budget” that indicates who “owns” the project.

“For those in the know, this means ‘that project is mine’,” he said.

He cited instances of such “distinct” projects in the Bulacan First Engineering District formerly headed by Henry Alcantara and Brice Hernandez, where several riverbank protection structure projects had the same contract price of P77.199 million—and which turned out to be ghost projects.

“This is well-orchestrated by an organized network of people who abuse their power. A group in the First District Engineering Office is a known syndicate of substandard and ghost projects. It uses contractors’ licenses to

implement projects or process documents to show the ghost projects were ‘completed,’” Lacson said, speaking mostly in Filipino.

The second term, RESETA, refers to the 2 to 3-percent kickback of the District Engineering Office. It is the “excess” amount from the contractor’s profit.

Lacson said this is called “Reseta” because the amount dictated by the district engineering office is like medicine prescribed by a doctor—to be just swallowed by the contractor.

The third term, PASSING THROUGH-PARKING FEE, refers to the “royalty” to politicians who control a district where the project will be implemented. It can take 5 to 6 percent of the project cost.

The fourth term, FUNDERS, refers to the politicianproponents of the project, who get 20 to 25 percent of the project cost.

Lacson cited the case of a “funder” who managed to insert P1.1 billion for flood control projects in barangay Mulawin in Naujan, Oriental Mindoro. While the barangay was to get only three projects worth P810 million in the National Expenditure Program, this ballooned to

eight projects worth P1.9 billion in the House version of the budget bill. “The remaining P1.1 billion was inserted—I repeat—inserted in the House version, Mr. President,” Lacson said in the course of his privileged speech. Lacson noted that flood control project costs include 5 percent for Value-Added Tax, 2 percent for withholding tax, 1 percent for bonds and insurances, and 1 percent for materials testing; with the allowable contractor’s profit at 8 to 10 percent. Thus, 82 percent will be left for the project itself. However, Lacson lamented that the cost for the project is further sliced into:

n 8 to 10 oercent for DPWH officials, with at least 6 percent for district engineers n 2 to 3 percent for the District Engineering Office n 5-6% for members of the Bids and Awards Committee n 0.5 to 1% for the Commission on Audit n 5 to 6 percent for ‘passing through’ or ‘parking fee’ for politicians who control districts where the projects are implemented

n 20 to -25 percent for the funders or politicians who are proponents of the project.

A4 Friday, August 22, 2025

Economy

House leader urges DBM to release variance report of 2025 natl budget

By Jovee Marie N. dela Cruz @joveemarie

ASENIOR House

leader

on Thursday urged the Department of Budget and Management (DBM) to release the variance report comparing the General Appropriations bill (GAB) approved by the House of Representatives with the final version of the 2025 General Appropriations Act (GAA), saying it would disprove allegations of congressional insertions.

Manila Rep. Rolando Valeriano, House Committee on Public Order and Safety chairman, said the report would provide full transparency and accountability, especially amid claims that billions in questionable projects were inserted by lawmakers.

TBy Butch Fernandez @butchfBM

HE chairman of the Senate agriculture committee has urged Malacañang to immediately order the setting of a floor price for palay purchases by both national government agencies and local governments (LGU), in line with Republic Act 11321 or the Sagip Saka Act.

Senator Francis Pangilinan stressed that the order is urgent and must be in place in time for the September to December harvest season, when farmers are most vulnerable to depressed farmgate prices.

Pangilinan, principal author

By Bless Aubrey Ogerio

THE Social Housing Finance Corporation (SHFC) has signed a partnership with global non-profit Water.org to integrate access to safe water and sanitation into its housing programs.

SHFC President and Chief Executive Officer Federico Laxa and Water.org Southeast Asia Regional Director Griselda Santos formalized the agreement on Monday, committing to support commu -

of the Sagip Saka Law, said that such a directive would give farmers certainty that their harvest will be bought at a fair and just price, especially at a time when production costs are surging and farmgate prices remain unstable. It will also compel traders to raise their buying price of palay as farmers now have a choice to sell to the government instead.

“Kung walang tiyak na presyo ng pagbili, lugi lagi ang mga magsasaka [If there is no fixed buying price, the farmers will always be at the losing end].

The Sagip Saka Act empowers the national and local governments to directly purchase from farmers.

“Let the numbers speak. The variance report will show the truth—what the House actually passed and what was added during the bicam [legislative bicameral conference committee],” Valeriano said.

He emphasized that the document would serve as a safeguard for both legislators and the public, showing line by line the differences between the House-approved budget and the enrolled law.

“The release of the variance report will clear the House of any wrongdoing,” Valeriano added.

“It will show, line by line, the differences between what we in the House passed in plenary and what came out in the final enrolled bill.”

“It is unfair to accuse the House of insertions without evidence. The variance will expose where the changes really happened,” Valeriano also said.

At the start of budget deliberations on Monday, Budget Secretary Amenah Pangandaman confirmed that the DBM has copies of both

“All we need is a clear EO [executive order] from Malacañang that will guarantee a floor price for all buyers of palay,” Pangilinan said, partly in Filipino. Sagip Saka Act or Republic Act 11321, authored by Pangilinan and signed into law in 2019, institutionalizes the practice of direct government purchase of agricultural and fishery products from farmers’ cooperatives and associations—without the need for public bidding. This ensures higher income for producers, reduces losses from middlemen, and gives consumers access to more affordable food.

With the looming rice supply concerns, it is critical to protect

nity associations and their member-beneficiaries through joint initiatives.

The deal forms part of the agency’s Enhanced Community Mortgage Program (ECMP) under the government’s Pambansang Pabahay para sa Pilipino (4PH) program, which has traditionally focused on financing land acquisition for squatter or informal settler families.

Moreover, the collaboration comes amid gaps in water access nationwide. Data from the 2024

Aquino was among the notable critics of the President’s father, the late President Ferdinand E. Marcos Sr. Aquino’s assassination on August 21, 1983 was among the factors which led to People Power Revolution on Epifanio delos Santos Avenue, which ended the presidency of the elder Marcos. Republic Act 9256 declared August 21 each year as Ninoy Aquino Day for the country to commemorate the historic event. In his Ninoy Aquino Day message in 2023, the President recognized the former lawmaker as a good role model for Filipinos. Marcos did not issue any message for the said special holiday last year. Samuel P. Medenilla

Manila Rep. Bienvenido Abante Jr., chairman of the House Committee on Human Rights, echoed the sentiment, saying that Magalong’s remarks cast unfair doubt on the integrity of the entire chamber.

“If Mayor Magalong says our investigation here in the House is a ‘moro-moro,’ does that mean we are all in collusion? He should be careful with his accusations. Words are easy to throw around but difficult to prove,” Abante said.

Dema-ala also said the AAR regularly conducts Marpat missions to ensure that the

the House-approved GAB and the final GAA, and that the two can be compared. She assured lawmakers the agency will provide the requested report.

“The public deserves to know which items are real, which are implementable, and which ones were merely inserted along the way. Transparency is the best disinfectant,” Valriano said.

The lawmaker reiterated that the House welcomes scrutiny of the entire budget process, including the bicameral stage.

“The variance report will show who really introduced the additions. This is not about politics—it is about truth and correcting false accusations,” Valeriano said.

Meanwhile, Valeriano also pressed for the release of a complete list of budget items categorized as For Later Release (FLR), noting that some of these were not part of the original National Expenditure Program and should be validated by implementing agencies.

Filipino farmers from exploitative traders and depressed farmgate prices, he added.

“The government has the power to set the tone of the market. If government itself has a minimum floor price for buying palay, the market will follow. The winner will be the farmers and the consumers,” he also said.

Pangilinan emphasized that ensuring a fair return for farmers is not just about livelihood—it is about securing the nation’s food supply.

“Hunger has no color. It waits for no one. If we want affordable rice for every Filipino, we must first guarantee just prices for those who plant it,” Pangilinan said.

Annual Poverty Indicators Survey (APIS) showed that only 53.1 percent of households had access to safely managed drinking water services, defined as piped supply from an improved source that is reliable and paid through a utility provider.

Access to basic sanitation, meanwhile, rose to 84.7 percent in 2024 from 84 percent in 2022, though 10.1 percent of households still rely on shared toilet facilities.

“We are revitalizing the program to go beyond its role as a

He added that Magalong’s sweeping statements insult an institution that “we work hard to preserve and promote” and suggested that the mayor consider retracting them.

The Manila lawmaker emphasized that Congress has already set up a tri-panel to review records, call witnesses, and investigate the alleged irregularities. He noted that Speaker Ferdinand Martin Romualdez has previously assured the public that the House values transparency and accountability.

“If he believes some are guilty, name names, submit documents, and testify under oath. That is how

country’s maritime frontiers are protected, secure and effectively monitored against any form of internal and external threats.

He added that the Marpat ensures that the PA and its troops

financing tool for land acquisition for informal settler communities,” Laxa said.

For her part, Santos said Water. org will work with SHFC to expand water supply, sanitation, and hygiene solutions within resettlement projects.

“We are one with you in envisioning a transformative, sustainable housing solution,” she said. “Integral to attaining sustainable housing is ensuring sustainable access to water supply, sanitation, and hygiene.”

we clean up the system,” Abante said.

“We will open the door to any witness who brings credible information. Results beat rhetoric every time,” he added.

Also, House Committee on Public Order and Safety Chairman Rolando Valeriano said if Magalong had issues with a specific lawmaker’s projects, then the mayor should name names rather than implicate all members of Congress.

“Because there are more than 300 of us congressmen, and all of us are being dragged into this,” he said.

are well-aware of its operational environment to secure timely information that can aid in its over-all critical decision-making process as it secures the land domain of the country’s sovereign territories. Rex Anthony Naval

www.businessmirror.com.ph

Group welcomes move to regulate benzene use

By Jonathan L. Mayuga @jonlmayuga

THE Department of Environment and Natural Resources—Environmental Management Bureau (DENREMB) is crafting a new chemical control order (CCO) that would regulate benzene, a known carcinogen, a move welcomed by the toxics watchdog group EcoWaste Coalition (EcoWaste).

The group expressed optimism that the finalization and eventual promulgation of the CCO will contribute to the effective control of the use of benzene with the end view of reducing occupational and environmental exposure to this category one carcinogen, or a substance that can cause cancer in humans as per the International Agency for Research on Cancer (IARC).

The EcoWaste Coalition particularly welcomed the posting of the revised draft CCO for benzene on the EMB website for further public comments.

“Unless no technically and economically feasible alternative for replacement is available,” the CCO “prohibits the importation, manufacture or use of benzene and benzene-containing mixtures in the following applications: paints, varnishes, coatings, solvents, and thinners; glues, contact cement and rubber goods; solutions for textiles, fabrics and leathers; inks and dyes; cleaning and degreasing agents; and toys and other children’s products,” the group said in a press statement.

In November 2023, EcoWaste submitted pertinent comments to strengthen the original draft CCO, noting that its development and promulgation was in line with the newly adopted Global Framework on Chemicals—For a Planet Free of Harm from Chemicals and Waste (or the GFC), which seeks to “prevent or, where prevention is not feasible, minimize harm from chemicals and waste to protect the environment and human health, including that of vulnerable groups and workers.”

To better understand how benzene is regulated in other countries, the group contacted partner organizations in the Asia-Pacific and Europe. Relevant information on current regulatory controls, provided by colleagues from India, Malaysia, South Korea, Australia, and

THE Philippine Postal Corporation (PHLPost) has issued a circular reiterating the official requirements for Postal ID applications.

Acting Postmaster General and Chief Executive Officer Maximo C. Sta. Maria III underscored that the directive aims to ensure uniform implementation in all post offices nationwide and prevent inconvenience, as well as confusion to clients. In accordance with PHLPost Circular 25-48 dated March 20, 2025, all new Postal ID applicants are required to personally appear and submit one duly accomplished application form, written in bold letters using black or blue ink. They must also present one valid proof of identity, which may be a PSA-issued Birth Certificate, National ID, Umid card, Driver’s License, Passport, PRC ID, Voter’s ID, or any other government-issued identification card bearing the applicant’s photo and signature. In addition, applicants are required to provide proof of address, such as a Barangay Certificate of Residency, utility bill, lease contract, land title, school billing statement, or other recognized proof of residence. Additional supporting documents will be required only in special cases. These include a

the European Union, was compiled and submitted to the DENR-EMB.

The DENR-EMB has positively considered some of the suggestions provided by the EcoWaste Coalition, such as the following:

1. Prohibition on benzene and benzene-containing mixtures in “toys and other children’s products” to protect Filipino children who are particularly susceptible to risks and harms caused by benzene and other hazardous chemicals;

2. Replacement of the word “may” with “shall” in the provision tasking the DENR-EMB to develop a phase-out plan for the allowed uses of benzene, as this will indicate the government’s commitment to green chemistry and show support for the GFC target on “the transition to safer and more sustainable chemical alternatives.”

3. Inclusion of “online marketplace and electronic commerce systems” in the section on liability to address the problem with the digital trade of controlled chemicals, particularly by unauthorized persons or entities.

4. Creation of a new section on “Coordination with Other Government Agencies” for better alignment of benzene-related policies and programs. This will, according to the group, “create better linkage across diverse sectors” (another GFC target), especially among government regulators.

Since the draft prohibition only applies “unless no technically and economically feasible alternative for replacement is available,” the EcoWaste Coalition reiterated its earlier proposal that juridical applicants should be required to provide information to the DENREMB on the risks and benefits of the proposed use of benzene and possible alternatives.

Adding this in the “General Requirements and Procedures” will support the GFC target on “better transparency and access to information regarding chemicals and their associated risks,” the group said. Finally, the EcoWaste Coalition suggested a periodic review of the CCO’s implementation, with stakeholder participation, to assist the DENR-EMB in assessing the effectiveness of the order and identifying necessary measures to improve compliance and enforcement.

Marriage Certificate for married women using their spouse’s surname, a Death Certificate or Annulment Decree for widowed or annulled applicants, a Divorce Decree for divorced individuals, and a Naturalization Certificate for naturalized Filipinos.

“PHLPost would like to remind the public that these requirements are standardized and that no additional documents should be imposed outside of those enumerated in the official guidelines,” Sta. Maria emphasized. He added that the Postal ID remains one of the most widely accepted government-issued identification cards in the country, recognized by both public and private institutions, and continues to play a vital role in secure identification for financial transactions, government services, and other official purposes. PHLPost calls on Area Directors, Postmasters, Marketing Specialists, and Postal ID Screeners to strictly comply with these reiterated requirements to protect applicants’ convenience and ensure a uniform, efficient process nationwide. For more information, the public is advised to visit the nearest post office or check the official PHLPost website and social media channels.

Forensic equipment donated by Japan to help PHL investigate custodial deaths

FOLLOWING the turnover of new pieces of forensic equipment and tools donated by the Japanese government to the University of the Philippines Manila (UPM), Executive Secretary Lucas P. Bersamin said there will be better local investigation on custodial deaths for persons deprived of liberty (PDLs).

The Palace official thanked the Japan’s Ministry of Justice for the gesture, which he said will help improve the forensic capacity of the UPM.

“Yet this simple act is charged with compassion: it affirms that every life, no matter how brief, deserves respect, and that even in loss, we are committed to honoring dignity, comforting those who grieve, and uncovering the truth,” Bersamin said in his keynote message during the handover ceremony, which was facilitated by the United Nations Office on Drugs and Crime, last Wednesday.

He also highlighted the importance of institutionalizing forensic studies in the country through the soon to be established National Forensics Institute (NFI).

The groundbreaking for the NFI was held in June and is expected to improve the

country’s justice system once completed in two years.

The Japanese government donated mortuary refrigerators, autopsy carts, and body scales to the UPM. Japanese Ambassador to the Philippines Kazuya Endo said the donation aims to “strengthen the forensic capabilities of law enforcement agencies and judicial authorities” of the Philippine government.

UPM conducts the independent autopsy and forensic examination of the remains of deceased PDLs in Bureau of Corrections facilities under the Declaration of Cooperation to Strengthen Procedures to Investigate Custodial Deaths of PDLs.

Department of Justice Secretary Jesus Crispin C. Remulla said the donation will also ensure accountability and transparency for PDL deaths.

“It is a way to ensure that every person deprived of liberty, regardless of their circumstances, is treated with dignity, and that any loss of life is examined with transparency, accountability, and care,”

Remulla said. Samuel P. Medenilla

Nueva Vizcaya students’ perilous river crossing prompts Angara’s call for urgent DPWH action

By Claudeth Mocon-Ciriaco @claudethmc3

DUCATION Secretary Juan Edgardo

E“Sonny” Angara has requested the Department of Public Works and Highways (DPWH) to immediately address the situation in Kayapa, Nueva Vizcaya wherein students have to cling to steel cables to cross the river in order to reach the school.

Angara, in his letter to Public Works Secretary Manuel Bonoan dated August 17, 2025, underscored the order of President Ferdinand “Bongbong’” Marcos Jr. of the need to provide safe and resilient learning environments.

He cited news reports of the bridge in Barangay Latbang, destroyed by Super Typhoon Pepito in November 2024, being used by students to be able to go to Pinayag

National High School in Sitio Macdu, as it poses danger.

“We recognize that sustainable and longterm solutions are urgently needed to make school access safe and reliable,” Angara’s letter read as he lamented that their story is a “stark reminder of the broader infrastructure challenges that continue to affect our public school system.”

Angara also appealed to the DPWH to also address the infrastructure needs of the said school and similar sites across the country.

“We hope that our agencies can continue collaborating when it comes to urgent infrastructure needs in our schools,” he said.

The DepEd chief has assured that committed to strengthening our partnership with DPWH, “to ensure that classrooms and access routes are built strong, resilient, and truly conducive to learning.”

DAR, CDA partner to boost ARB coops

THE Department of Agrarian Reform (DAR) and the Cooperative Development Authority (CDA) formally sealed a partnership to harmonize policies, streamline cooperative registration, and boost the growth of agrarian reform cooperatives nationwide.

DAR Secretary Conrado Estrella III and CDA Chairperson Alexander B. Raquepo signed a memorandum of agreement (MOA) sealing the partnership.

In a press release, Estrella highlighted the agreement as a crucial step in empowering farmers and strengthening their organizations.

“This MOA affirms our dedication to harmonizing policies, streamlining registration processes, enhancing capacity-building efforts, and fostering enterprise development. These are not just administrative milestones but transformative steps toward uplifting the lives of our farmers, helping them become self-reliant, productive, and empowered members of their communities,” he said.

As of December 2024, DAR is assisting 10,086 agrarian reform beneficiaries’ organizations (ARBOs) under its Social Infrastructure Building Program. However, only 34 percent are registered with the CDA and 19 percent with the Securities and Exchange Commission (SEC).

Since acquiring juridical personality is crucial for ARBOs to operate as business entities and deliver services to their members, DAR and CDA joined forces to address registration gaps and provide sustained capacity-building support. Under the MOA, DAR and CDA will collaborate on:

n ARBO Registration through one-stop-shop caravans to facilitate cooperative registration;

n Capacity Building via trainings on governance, financial management,

Redistricting and ‘none of the above’ force Comelec to delay Bangsamoro ballot printing

By Justine Xyrah Garcia

HE Commission on Elec -

Ttions (Comelec) has postponed the start of ballot printing for the October 13 Bangsamoro parliamentary polls as it studies the impact of a proposed redistricting bill that would transfer several municipalities to new districts.

In a Zoom interview on Thursday, Comelec Chairman George Erwin M. Garcia said the poll body cannot risk printing official ballots that may turn out to be inconsistent with the new districting once the measure becomes law.

“We don’t want to make mistakes here. We want to make sure that all municipalities remain in their proper districts. If one is removed or transferred, it will affect the printing,” Garcia said, mostly in Filipino.

Parliament Bill No. 351, which was passed on third and final reading Tuesday evening, redistributes Sulu’s seven seats to the rest of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

With the new apportionment, Lanao del Sur will now have nine district seats; Maguindanao del Norte and Maguindanao del Sur, five each; Basilan and Tawi-Tawi,

four each; Cotabato City, three; and the Special Geographic Area, two.

Several municipalities will also be transferred to different districts, raising questions over the status of candidates who filed in their original constituencies.

Garcia explained that the larger concern is not the printing itself but the reconfiguration of the automated election system, which dictates how municipalities are assigned to districts.

If a town is moved, the entire system must be reprogrammed to ensure votes are counted in the right place and election equipment is correctly allocated.

“We will need 12 days to reconfigure everything depending on how many towns are transferred so that the new seven districts can be created,” the poll chief said. Candidates, however, will not be transferred along with their municipalities, based on Comelec’s initial reading of the measure.

Those who filed in their original districts are expected to remain listed there even if their hometowns shift.

“The bill states that the candidate will remain in the district where his or her municipality originally belonged. This means

BOI Green Lane accelerates

THE Board of Investments (BOI) on Thursday said it has granted green lane certification to a solar power project in Sual, Pangasinan.

Through its One-Stop Action Center for Strategic Investments (OSACSI), the BOI awarded the certificate to Pacific Impact Energy Corporation (PIEC) for its 61.551 megawatt-peak (MWp) Capantolan Solar Power Project.

“We’re actively developing clean energy projects across Southeast Asia, but the Philippines stands out as one of the most supportive environments for renewable energy investment,” James Timko, Managing Director of Pacific Impact Development, said.

“With the Green Lane framework, the

marketing, and operations, with DAR field offices accredited as Cooperative Training Providers;

n Policy Coordination to align advocacy and legislation for cooperative growth;

n Enterprise and Market Development to enhance productivity and market access; and

n Information Sharing and Monitoring through a joint database to track registration, training, and enterprise progress.

DAR will designate focal persons, provide technical guidance, and assist in reportorial requirements, while CDA will facilitate registration, conduct trainings, and enable DAR staff to support ARBOs in processing documentation, especially in remote areas with limited connectivity.

DAR Undersecretary for Support Services

Josef Angelo S. Martires highlighted the broader impact of the initiative: “Together we are creating a seamless pathway for our ARBOs to transform from mere organizations into dynamic, market-driven agri-enterprises.”

CDA Chairperson Alexander B. Raquepo underscored the significance of the partnership in expanding opportunities for farmers, “this agreement represents our shared commitment to ensuring that agrarian reform cooperatives not only secure their legal identity but also thrive as engines of inclusive growth. By working hand-in-hand with DAR, we are making sure that our farmers are equipped, recognized, and empowered to compete in today’s markets.” The MOA will remain in effect for three years, subject to renewal. Both agencies expressed optimism that this partnership will strengthen agrarian reform cooperatives, foster rural enterprise development, and contribute to local economic growth. Jonathan L. Mayuga

the town may be transferred, but the candidate will stay in the same district,” Garcia explained.

‘None of the above,’ a bigger issue

MEANWHILE , the poll chief believes that the inclusion of a “none of the above” (NOTA) option in the Bangsamoro ballots poses an even bigger problem than redistricting.

He explained that the provision, which appeared in the Bangsamoro Electoral Code, was never debated at the committee level and even surprised political parties and some members of the parliament when Comelec raised it.

Garcia warned of potential complications if NOTA were to receive the most votes.

For district representatives, no candidate could be proclaimed, possibly triggering a failure of elections and special polls. For political parties, if NOTA garners a majority of votes, the allocation of the 40 party seats in Parliament could be thrown into dispute.

He clarified, however, that the poll body cannot remove the option.

“The only way to remove it is if the Bangsamoro Parliament amends the code. Based on our study, the wording is mandatory.

The Comelec has no choice but to include it as an option,” he said.

Garcia added that parliament has committed to submit their comments before the end of September, which will guide the commission in issuing a resolution on how to treat votes cast for NOTA.

Earlier this week, the Legal Network for Truthful Elections (LENTE) urged the Bangsamoro parliament and Comelec to enhance the electoral code and establish clear rules that would allow ‘none of the above’ votes to meaningfully affect election results. They stressed that under the current framework, NOTA only serves as a symbolic expression of voter dissatisfaction and does not affect the proclamation of winners.

Meanwhile, pressed on whether the commission still has enough time to absorb the printing reset and possible adjustments, Garcia said there is sufficient buffer in the timeline and stressed that the elections will push through as scheduled.

“It will take a law from Congress to postpone the Bangsamoro elections. At present, there is no such bill being heard. The issues we raised are not enough grounds to delay the polls,” he assured.

Pacific Impact Energy’s 61.551 MWp solar project in Sual

Philippines offers an ecosystem for enabling infrastructure. This is exactly the kind of program we look for when scaling climatealigned energy solutions,” he added.

Once operational, the investment promotion agency attached to the Department of Trade and Industry (DTI) said the project is expected to lower electricity costs, strengthen energy independence, and promote environmental sustainability by actively engaging local communities.

The BOI noted that it will also deliver clean, renewable energy and significant socioeconomic benefits, including generating jobs for around 400 workers in engineering, supply, transportation, and related fields, while maintaining long-term operational

roles for plant engineers, operators, and support staff.

The agency stressed its commitment to facilitate the smooth implementation of the Capantolan Solar Power Project.

Through the green lane, the BOI said it will continue to coordinate with relevant national and local government agencies to help address permitting and regulatory concerns. This will ensure that the project receives support in line with its strategic importance.

The Capantolan project represents part of PIEC’s broader commitment to renewable energy development in the Philippines.

DOJ and DFA deny receipt of request for Pastor Apollo Quiboloy’s

BBy Joel San Juan @jrsanjuan1573

OTH the Philippine heads of the Department of Justice (DOJ) and the Department of Foreign Affairs (DFA) have denied receipt of a request coming from the United States requesting the extradition of detained founder of Kingdom of Jesus Christ (KOJC) Pastor Apollo Quiboloy.

In a statement, the DFA said Secretary of Foreign Affairs Ma. Theresa Lazaro has not received any request from the US for Quiboloy’s extradition.

However, the DFA noted that as stated by Philippine Ambassador to the US Jose Manuel Romualdez, “the documents were sent to the DOJ as early as June and not to DFA.”

Responding to the DFA’s statement, DOJ spokesman Jose Dominic Clavano IV reiterated that any request for extradition should pass through the DFA

before being endorsed to the Justice department.

Article 7 of the RP-US Extradition Treaty requires that “all requests for extradition shall be submitted through the diplomatic channel.”

“In this case, the DFA has not received any request. The DOJ could not have officially received the request as well. Verily, no extradition request on this has yet been transmitted to the DOJ,” Clavano explained.

Meanwhile, Quiboloy’s lawyer Israelito Torreon said they have not seen any official document requesting Quiboloy’s extradition.

If the request for Quiboloy’s extradition is true, Torreon said they respect the US government’s prerogative under the extradition treaty.

Torreon also acknowledged that it is within the discretion of the Philippine government whether to immediately grant the request or hold it in abeyance

CARDIOVASCULAR diseases, particularly myocardial infarction or heart attack, have claimed the lives of 445 persons deprived of liberty (PDLs) from 2022 to 2025.

This was disclosed by Bureau of Corrections (Bucor) Director General Gregorio Pio P. Catapang based on the report submitted by its Health and Welfare Services headed by CT/CSupt. Ma. Cecilia V. Villanueva. The BuCor said

cardiovascular diseases have dislodged tuberculosis (TB) as the top cause of deaths among PDLs. It, however, stressed that TB remains a significant health concern across all Operating Prison and Penal Farms (OPPFs) due to factors such as overcrowding and poor ventilation.

Current data also show that other respiratory illnesses—such as pneumonia and acute respiratory failure—care more

pending the resolution of Quiboloy’s criminal cases pending before the local courts.

But, Torreon urged the government to exercise its sovereign right to prosecute the religious leader under the country’s judicial processes.

“Hence, we can only manifest our sincerest hope that the Philippine Government would exercise its sovereign option to allow the Philippine courts to fully exercise its jurisdiction over Pastor Apollo C. Quiboloy’s case before it will decide to transfer Pastor ACQ to the US,” Torreon said.

Clavano earlier said that in general, a person cannot be extradited from the Philippines while a criminal case against him is still pending in local courts.

“The rule is that he must first face trial and, if convicted, service his sentence here before extradition may proceed,” Clavano said.

However, Clavano also stressed that

It added that these projects collectively demonstrate PIEC’s strategic approach to building a comprehensive clean energy portfolio that will significantly contribute to the nation’s renewable energy infrastructure.

As of July 31, 2025, OSACSI has certified a total of 208 projects under the Green Lane initiative, with a total project cost of P5.478 trillion and an estimated 277,957 jobs generated. In particular, the renewable energy sector dominated the investment landscape, accounting for 162 projects with a combined project cost of P5.027 trillion. Ada Pelonia

Furthermore, BOI said PIEC is simultaneously advancing additional clean energy ventures, including the Albay Wind Power Project in Ligao and Guinobatan and the Malasiqui Solar Power Project in Pangasinan.

extradition

courts have the power to act on cases with urgency, to give way for a valid extradition request of the accused.

“So, if circumstances warrant, we may move to resolve proceedings in order not to unduly delay a valid extradition request,” Clavano said.

Quiboloy is currently detained at the Pasig City Jail as trial proceedings for the qualified human trafficking and child abuse and exploitation cases filed against him are undergoing.

The reported extradition request stemmed from Quiboloy’s indictment by a California court in 2021 for allegedly conspiring to engage in sex trafficking by force, fraud, coercion, sex trafficking of children.

In March 2024, Central District of California Judge Terry Hatter Jr. ordered the unsealing of the arrest warrants against Quiboloy.

Quiboloy’s camp has branded the charges as baseless.

Cardiovascular diseases claim lives of 445 persons deprived of liberty from ’22 to ’25

prevalent causes of mortality. From 2022 to 2025, the BuCor said 234 have died due to pneumonia; 71, acute respiratory failure; 65, cerebrovascular accident; 61, chronic kidney disease; 59, pulmonary tuberculosis; 43, electrolyte imbalance; 40, sepsis; 35, congestive heart failure; and 19, anemia.

Villanueva said that BuCor continues to actively manage tuberculosis through well-established programs and services, implemented in close partnership with various government and non-government organizations.

“These initiatives aim not only to treat but also to prevent the spread of TB within the BuCor facilities,” Villanueva noted. Villanueva also cited the continued implementation of Active Case Finding, as one of the initiatives that contribute to BuCor’s efforts to address the spread of TB. Joel R. San Juan

‘FOCUSED ON THE FUTURE,

By Reginald T. Yu Director for Public Image Philippine Association of Management Accountants

On the evening of August 15, 2025, Ballroom 1 of the Fairmont Makati became more than a venue — it became a stage where legacy and vision converged. The chandeliers shimmered with a soft golden glow, illuminating a distinguished gathering of men and women whose lives are bound by numbers, strategy, and leadership. They were management accountants, finance executives, entrepreneurs, and professional leaders, all united under one banner: the Philippine Association of Management Accountants (PAMA).

Th is was no ordinary assembly. It was the 53rd Induction and Turnover Ceremonies of the Board of Directors and Committee Chairpersons for Fiscal Year 2025–2026 — a ritual of passage that signified not just change in leadership, but the renewal of an enduring mission.

The year’s theme, “Focused on the Future, Grounded in Strategy,” cast its resonance across the evening. It was a reminder that management accounting is more than balance sheets and ledgers, more than cost analyses and performance metrics. It is the art and science of foresight — of guiding organizations through storms of uncertainty and toward horizons of opportunity. To lead in this field is to measure not only the present, but to shape what lies ahead.

A s the evening unfolded, it became clear that the event was more than ceremony. It was covenant. A covenant of continuity — ensuring that the legacy of past leaders would not be forgotten. A covenant of renewal — entrusting the association to fresh hands and bold spirits. And a covenant of vision — declaring that in its sixth decade, PAMA remains steadfast in its calling: to be anchor and compass, strategist and steward, champion of excellence and integrity in the profession it serves.

In the glow of that night, the future was not only imagined; it was already being charted.

Ceremonial Beginnings

The program began with a solemn ecumenical service led by Pastor Boris Joaquin, who reminded the assembly that leadership rooted in faith and integrity is the kind that endures. This was followed by the invocation by Director Rina Gloriani and the national anthem, presented through a stirring audiovisual montage.

Vice President for Operations Rhamir Dalioan delivered the welcome remarks in Filipino, reminding members that PAMA’s strength lies not only in technical excellence but in its human connections. His words reflected the warmth of fellowship — one of the unseen foundations of a professional association.

Acknowledgment of Dignitaries Director Mark Morales formally acknowledged the distinguished guests who graced the occasion, led by SEC Commissioner Rogelio Quevedo, BIR Commissioner Romeo “Jun” Lumagui Jr., Board of Accountancy Chair Noe Quiñanola, and BOA Member Teresita Dimaculangan , together with the former PAMA Presidents who now comprise the Council of Advisers. Captured in photographs, this tableau of past, present, and future leaders symbolized the unique bridge that PAMA continues to provide between the profession and the national institutions shaping the country’s development.

Words that Shape the Future

Introduced by VP for Professional Development Kurt Dayrit SEC Commissioner Rogelio Quevedo delivered the first keynote. He underscored PAMA’s mission as one that goes beyond the technical. “This milestone is a realization of PAMA’s mission,” he said, “to be responsive to the evolving needs of its stakeholders, add value to organizations, be respectful of its founders’ legacy, and promote integrity and professionalism.” He added that PAMA’s dedication empowers organizations to thrive by equipping management accountants with strategies for growth, sustainability, and transparency. “Together, PAMA and SEC can champion initiatives that elevate business accountability, transparency, and compliance — the cornerstone of a vibrant and trusted Philippine business environment,” Quevedo declared.

BIR Commissioner Romeo Lumagui Jr., Guest of Honor and Speaker, followed with an address that highlighted the indispensable role of management accountants in decisionmaking. “The passing of the torch of leadership is always a memorable event, for it symbolizes continuity, growth, and confidence in the future,” Lumagui began. He acknowledged the youth of management accounting as a discipline, yet affirmed its profound impact. “Management accountants provide invaluable support to executives in arriving at well-informed decisions. Indeed, in some ways they can be said to help chart the future of the organizations they serve.” His message concluded with a confident outlook: “We look forward to PAMA’s continuing advocacy of excellence in management accounting, and throughout the entire accounting profession.”

BOA Chair Noe Quiñanola capped the series of key addresses with an inspirational message that balanced tribute with challenge. “This milestone is a testament to your enduring commitment to excellence, innovation, and leadership in the field of management accounting,” he said. He called on PAMA to remain steadfast in relevance and resilience, urging incoming leaders to guide with courage and vision. “Together, let us shape a profession that not only responds to the demands of the present but anticipates the needs of the future — with integrity, excellence, and a shared commitment to nation-building.”

Transitions of Leadership

The Inaugural Vision of Atty. Imelda Busto Newly inducted PAMA President Atty. Imelda A. Busto delivered her inaugural address with both humility and determination. “I am deeply mindful of the privilege and responsibility entrusted to me,” she began. “Our theme, ‘Focused on the Future, Grounded in Strategy,’ will guide our direction.” She pledged to broaden PAMA’s scope beyond accounting to embrace all facets of management: operations, marketing, human resources, and production. “It is my vision to position PAMA not merely as another accounting association, but as a premier, inclusive professional organization,” Busto declared. Her call was clear: PAMA must not only honor its heritage but also embrace the dynamism of today’s business environment.

The Induction of New Members BOA Member Teresita Dimaculangan administered the oath of induction to new PAMA members, marking their formal entry into the association’s dynamic community. Photographs of inductees holding their certificates — their smiles reflecting pride and anticipation — captured the evening’s spirit of renewal.

Inspiration and Celebration Director Noel Tang introduced the Inspirational Speaker, Chairman Noe Quiñanola, whose earlier message tied the program together. He was later presented with a token of appreciation by Sanchez and Busto. The evening closed with tradition: the ceremonial toast led by Director Atty. Arnold Apdua, the raffle draw conducted by Auditor Ofel Oroceo, and the closing remarks delivered by Treasurer Gil Tobeo. These final moments blended solemnity with festivity — a fitting conclusion to a night that honored the past and embraced the future.

PAMA’s Mission: Anchors in a Changing World The evening’s theme reverberated beyond speeches and ceremonies. PAMA’s vision is to be the foremost association of management accounting professionals, empowering excellence and shaping the future through innovation and ethical practice. Its mission is to foster a dynamic community through education, collaboration, and responsiveness to the needs of stakeholders.

In a world where disruption is constant, PAMA stands both as anchor and compass: grounded in integrity, yet charting pathways for professionals to lead transformation.

A History That Inspires

The ceremony also drew meaning from PAMA’s history. Born on May 8, 1972, during the nation’s industrial awakening, PAMA’s founders — led by Charter President Luis Diaz — envisioned not just an association but a movement of leaders. From its roots as the Philippine chapter of the National Association of Accountants, to its later affiliation with the Institute of Management Accountants (IMA) in New Jersey, PAMA has always insisted that accountants are not just keepers of numbers but strategists of progress. Fifty-three years on, that founding vision remains alive in every induction ceremony, every oath, and every strategic initiative.

Looking Ahead

The 53rd Induction and Turnover Ceremonies of PAMA were more than a ritual. They were a reminder that the profession thrives when it prepares, plans, and acts with purpose. As the night closed, one theme lingered in every mind and heart: Focused on the Future, Grounded in Strategy. For PAMA, that is not just a theme for the year — it is a mandate, a com-

The most poignant moment of the evening was the valedictory address by outgoing President Ranulfo “Ranny” Sanchez. “It’s been an incredible experience — filled with challenges, learning, and meaningful connections. Over the past year, we worked together to strengthen our programs, adapt to changes, and create new opportunities for professional growth.” Sanchez expressed gratitude for the support of the board and members and left with words of encouragement: “PAMA thrives because of its people — because of you. While my role is changing, I’ll always be here, rooting for PAMA.” He then presented tokens of appreciation to the outgoing Board of Trustees, a symbolic gesture of gratitude for their service. The turnover ceremonies between Sanchez and his successor, Atty. Imelda A. Busto, followed — a moment captured in photographs as SEC Commissioner Quevedo administered the oath of office to the new Board, Committee Chairpersons, and Council of Advisers.

and a promise to

Induction & Turnover Ceremonies

Editor: Angel R. Calso

Israel to mobilize 60,000 reservists ahead of expanded Gaza City military operation

By Melanie Lidman, Sam Metz & Samy Magdy The Associated Press

JERUSALEM—Israel’s military said Wednesday it will call up 60,000 reservists ahead of an expanded military operation in Gaza City. Many residents have chosen to stay despite the danger, fearing nowhere is safe in a territory facing shortages of food, water and other necessities.

Calling up extra military reservists is part a plan Defense Minister Israel Katz approved to begin a new phase of operations in some of Gaza’s most densely populated areas, the military said. The plan, which is expected to receive the chief of staff’s final approval in the coming days, also includes extending the service of 20,000 additional reservists who are already on active duty. In a country of fewer than 10 million people, the call-up of reservists is the largest in months and carries economic and political weight. It comes days after hundreds of thousands of Israelis rallied for a ceasefire, as negotiators scramble to get Israel and Hamas to agree to end their 22 months of fighting, and as rights groups warn that an expanded assault could deepen the crisis in the Gaza Strip, where most of the roughly 2 million inhabitants have been displaced, many areas have been reduced to rubble, and the population faces the threat of famine.

Gaza City operation could begin within days AN Israeli military official, speaking on the condition of anonymity

in line with military regulations, said troops will operate in parts of Gaza City where they haven’t been deployed yet and where Israel believes Hamas is still active. Israeli troops in the city’s Zeitoun neighborhood and in Jabaliya, a refugee camp in the northern Gaza Strip, are already preparing the groundwork for the expanded operation, which could begin within days. Though the timeline wasn’t clear, Prime Minister Benjamin Netanyahu’s office said Wednesday that Netanyahu “has directed that the timetables ... be shortened” for launching the offensive.

Gaza City is Hamas’ military and governing stronghold, and one of the last places of refuge in the northern Strip, where hundreds of thousands are sheltering. Israeli troops will be targeting Hamas’ vast underground tunnel network there, the official added.

Although Israel has targeted and killed much of Hamas’ senior leadership, parts of Hamas are actively regrouping and carrying out attacks, including launching rockets towards Israel, the official said.

Netanyahu has said the war’s objectives are to secure the release

of remaining hostages and ensure that Hamas and other militants can never again threaten Israel.

The planned offensive, announced earlier this month, comes amid heightened international condemnation of Israel’s restrictions on food and medicine reaching Gaza and fears that many Palestinians will be forced to flee.

“It’s pretty obvious that it will just create another mass displacement of people who have been displaced repeatedly since this phase of the conflict started,” United Nations spokesman Stephane Dujarric told reporters.

Associated Press journalists saw small groups heading south from the city this week, but it’s unclear how many others will voluntarily flee. Some said they would wait to see how events unfold, with many insisting that nowhere is safe from airstrikes.

“What we’re seeing in Gaza is nothing short of apocalyptic reality for children, for their families, and for this generation,” Ahmed Alhendawi, regional director of Save the Children, said in an interview. “The plight and the struggle of this generation of Gaza is beyond being described in words.”

Some reservists question the war’s goals

THE call-up comes amid a growing campaign by exhausted reservists who accuse the Israeli government of perpetuating the war for political reasons and failing to bring home the 50 remaining hostages, 20 of whom are believed to be alive.

The hostages’ families and former army and intelligence chiefs have also expressed opposition to the expanded operation in Gaza City. Most of the families want an immediate ceasefire and worry that an expanded assault could imperil the surviving hostages.

Guy Poran, a retired air force

pilot who has organized veterans campaigning to end the war, said many reservists are spent after repeated tours lasting hundreds of days and resent those who haven’t been called up.

“Even those that are not ideologically against the current war or the government’s new plans don’t want to go because of fatigue or their families or their businesses,” he said.

Hamas-led militants started the war when they attacked Israel on October 7, 2023, killing roughly 1,200 people, mostly civilians, and abducting 251. Most of the hostages have been released in ceasefires or other deals. Hamas says it will only free the rest in exchange for a lasting ceasefire and an Israeli withdrawal.

Israel has yet to respond to a ceasefire proposal

ARAB mediators and Hamas said this week that the militant group’s leaders had agreed to the terms of a proposed 60-day ceasefire, though similar announcements have been made

Russia launches major aerial assault on Ukraine, US business targeted amid renewed peace talks

KBy Samya Kullab The Associated Press

YIV, Ukraine—Russia launched one of its biggest aerial attacks this year at Ukraine, firing 574 drones and 40 missiles overnight, the Ukrainian Air Force said Thursday.

The attack mostly targeted western regions of the country, it said. The strikes killed at least one person and injured 15 others, according to officials.

Ukraine’s Foreign Minister Andrii Sybiha said Russia struck a “major American electronics manufacturer” in western Ukraine. He provided no further details.

Western parts of Ukraine are far from the battlefield’s front line in the east and south of the country. Much of the military aid provided by Ukraine’s Western allies is believed to be transported and stored there.

It was Russia’s third largest aerial attack this year in terms of the number of drones fired and the eighth-largest in terms of missiles, according to official figures.

The strikes occurred during a renewed US-led effort to reach a peace settlement in the three-year war following Russia’s invasion of its neighbor.

Ukrainian President Volodymyr Zelenskyy condemned the

attack, saying it was carried out “as if nothing were changing at all.” Moscow has shown no signs of pursuing meaningful negotiations to end the war and urged the international community to respond with stronger pressure, including tougher sanctions and tariffs, he said.

Russia “wasted several cruise missiles against an American business,” he said, noting it was a regular civilian enterprise producing domestic utilities, such as coffee machines. “And that too became a target for Russia. Very telling.” Earlier, Zelenskyy said Ukraine will hold intensive meetings to understand what kind of security

guarantees its allies are willing to provide after receiving signals that the United States would back reinvigorated discussions seeking an end to war.

The details are being hammered out among national security advisers and military officials and Zelenskyy thinks they will take clearer shape within 10 days. He then expects to be ready to hold direct talks with Russian President Vladimir Putin for the first time since the full-scale invasion.

The talks could also be conducted in a trilateral format alongside US President Donald Trump, Zelenskyy said.

“We want to have an understanding of the security guaran -

tees architecture within seven to 10 days. And based on that understanding, we aim to hold a trilateral meeting. That was my logic,” Zelenskyy said, speaking to reporters Wednesday after his trip to Washington along with Europe’s top leaders.

“President Trump suggested a slightly different logic: a trilateral meeting through a bilateral one,” Zelenskyy said. “But then we all agreed that, in any case, we continue working on the security guarantees, establishing this approximate framework, similar to Article 5. And what we have today is political support for this.”

Article 5 is NATO’s common defense guarantee under which an attack on one member is considered an attack on them all.

A venue for the meeting is being discussed with Switzerland, Austria and Turkey as possibilities, Zelenskyy added.

Kyiv still does not have clarity over what kind of support it can expect from allies. A coalition of more than 30 countries have in principle pledged to contribute to security guarantees but talks came to a standstill when the US remained ambivalent about its role.

in the past that didn’t lead to a lasting truce.

Egypt and Qatar have said they are waiting for Israel’s response.

Egypt’s foreign minister, Badr Abdelatty, spoke by phone Wednesday with US envoy Steve Witkoff to discuss the proposed ceasefire in the hopes of winning Israel’s acceptance, the Egyptian foreign ministry said. During the call, Abdelatty urged Israel to “put an end to this unjust war” by negotiating a comprehensive deal and “to lay the foundations for a just settlement of the Palestinian cause,” according to the Egyptian government.

An Israeli official who spoke on condition of anonymity because they weren’t authorized to speak to the media said Israel is in constant contact with the mediators in an effort to secure the hostages’ release.

Netanyahu has repeatedly said he will oppose a deal that doesn’t include the “complete defeat of Hamas.”

Also Wednesday, Israel gave final approval to a controversial

settlement project east of Jerusalem in the occupied West Bank. The development in what’s called E1 would effectively cut the territory in two. Palestinians and rights groups say it could destroy hopes for a future Palestinian state.

Gaza’s death toll rises AT least 27 Palestinians were killed and more than 100 were wounded Wednesday at the Zikim crossing in northwestern Gaza as a crowd rushed toward a UN convoy transporting humanitarian aid, according to health officials.

“The majority of casualties were killed by gunshots fired by the Israeli troops,” said Fares Awad, head of the Health Ministry’s ambulance and emergency service in northern Gaza. “The rush toward the trucks and the stampede killed and injured others.”

The dead included people seeking aid and Palestinians guarding the convoy, Awad told the AP. The Israeli military did not immediately respond to a request for comment.

More than 62,122 people have been killed during Israel’s offensive, Gaza’s Health Ministry said Monday. The ministry is part of the Hamas-run government and staffed by medical professionals. The ministry does not say how many of the dead were civilians or combatants, but it said women and children make up around half of them.

In addition, 154 adults have died from malnutrition-related causes since late June, when the ministry began counting such deaths, and 112 children have died from malnutrition-related causes since the war began.

Lidman reported from Tel Aviv, Israel, and Magdy reported from Cairo. The Associated Press reporter Edith M. Lederer at the United Nations contributed.

TBy Patpicha Tanakasempipat

HAILAND’S suspended Prime Minister Paetongtarn Shinawatra testified in court on a petition seeking her removal for alleged ethical misconduct, days before a ruling that could deepen the nation’s political crisis.

Paetongtarn, the youngest daughter of influential former leader Thaksin Shinawatra, answered questions and underwent cross-examination at the Constitutional Court on Thursday. The secretary-general of the National Security Council, who was enlisted as a witness by Paetongtarn, also gave a testimony, according to a court statement. The hearing is part of the court’s probe into allegations that Paetongtarn violated ethical standards during a phone call with former Cambodian premier Hun Sen about resolving a border dispute. The court is scheduled to deliver its ruling on Aug. 29.

Paetongtarn, who turned 39 on Thursday, was suspended from prime ministerial duties on July 1 pending the court’s review of the petition. In the controversial call, she was heard criticizing the Thai army for escalating a border standoff with the neighboring country, which later erupted into a deadly five-day conflict before a ceasefire was reached last month.

A group of senators, who filed the petition, accused Paetongtarn of siding with Cambodia and undermining the Thai armed forces, arguing she mishandled a matter of national security due to her family’s close relationship with Hun Sen — long regarded as a close ally of the Shinawatra family until the recent dispute.

If found guilty, Paetongtarn would become the third member of the Shinawatra family to be removed from office. Thaksin

“Thai,”

www.businessmirror.com.ph

The World

BusinessMirror

Fed prioritizes inflation over job losses, holds rates steady amid tariff concerns

By Christopher Rugaber AP Economics Writer

WASHINGTON—Most

Federal Reserve officials said last month that the threat of higher inflation was a greater concern than the potential for job losses, leading the central bank to keep its key rate unchanged.

According to the minutes of the July 29-30 meeting, released Wednesday, members of the Fed’s interest-rate setting committee “assessed that the effects of higher tariffs had become more apparent in the prices of some goods but that their overall effects on economic activity and inflation remained to be seen.” The minutes underscored the reluctance among the majority of the Fed’s 19 policymakers to reduce the central bank’s short-term

interest rate until they get a clearer sense of the impact of President Donald Trump’s sweeping tariffs on inflation. So far inflation has crept up in the past couple of months but hasn’t risen as much as many economists feared when Trump unveiled some of his duties. The policymakers appeared to spend a substantial amount of time discussing the tariffs, and they said they expected inflation to increase in the coming months as a result. But they also “judged

Eurozone sees fastest growth in 15 months as manufacturing rebounds amid US tariffs

By Mark Schroers

THE euro area’s private sector grew at the quickest pace in 15 months as manufacturing exited a three-year downturn despite a deal locking in higher levies for exports to the US. The Composite Purchasing Managers’ Index compiled by S&P Global rose to 51.1 in August from 50.9 in July, further above the 50 threshold separating expansion from contraction. Analysts had predicted a reading of 50.6.

While services weakened a little, in line with estimates, manufacturing saw a jump to 50.5, bucking expectations for a slight slowdown and recording its first expansion since June 2022. Germany’s factory sector also neared the end of a three-year slump.

“Things are getting better,” Cyrus de la Rubia, an economist at Hamburg Commercial Bank, said Thursday in a statement. “Despite headwinds like US tariffs and general uncertainty, businesses across the euro zone seem to be coping reasonably well.”

The euro was steady against the dollar at $1.1654 after erasing small losses earlier, while euro area bonds held declines with

Thai. . .

Continued from A8

was toppled in a 2006 coup, while her aunt Yingluck Shinawatra was ousted by the same court in 2014, weeks before a military takeover. Paetongtarn’s immediate predecessor, Srettha Thavisin, was also dismissed by the court in 2023 for an ethics violation.

the German 10-year yield two basis points higher at 2.73%.

The data provide more evidence of Europe’s resilience to obstacles ranging from trade to wars, and will support those European Central Bank officials who say there’s no rush into lowering interest rates further.

President Christine Lagarde said Wednesday that the 15% US levy on most goods from the European Union, which kicked in this month, is a touch above the level the ECB assumed in its June projections but “well below” a more severe scenario it had also mapped out.

Even so, the pact with President Donald Trump’s administration looks like it will crimp business in the months ahead, according to de la Rubia, who highlighted a second straight decline in foreign orders for euro-zone manufacturers.

“US trade policy is leaving its mark,” he said. “Germany had been holding up well, possibly due to pre-emptive purchases from the US, but now it’s also seeing a drop in orders. France has climbed out of the deep hole of falling foreign demand over the last months, but incoming orders are still on the decline.” With assistance from Harumi Ichikura, Joel Rinneby and James Hirai/Bloomberg

that considerable uncertainty remained about the timing, magnitude, and persistence of the effects of this year’s increase in tariffs.”

Last month’s meeting occurred two days before the government issued a disappointing jobs report for July, which showed that hiring was weak last month and far fewer jobs were added in May and June than originally estimated. Wall Street investors increased their bets that the Fed would cut rates at its next meeting Sept. 16-17 after that report was released, according to futures pricing.

The Fed left its key interest rate unchanged last month at about 4.3%, though two members of its governing board dissented in favor of a rate cut. Both dissenters— Christopher Waller and Michelle Bowman—were appointed to the board during Trump’s first term.

At a news conference after the meeting, Chair Jerome Powell signaled that it might take significant additional time for the Fed to determine whether Trump’s sweeping tariffs are boosting inflation.

Powell will speak for the first

time after the disappointing jobs report on Friday, at the Fed’s annual economic symposium in Jackson, Wyoming. Economists generally expect he may signal that the Fed is likely to reduce rates this year without committing to a reduction in September.

Earlier Wednesday, Trump urged Fed governor Lisa Cook, an appointee of former president Joe Biden, to resign after an ad -

ministration official accused Cook of committing mortgage fraud. It represented another effort by the Trump administration to gain control over the Fed, a traditionally independent institution that has been targeted by the White House because of its reluctance to cut its key rate, which Trump has repeatedly demanded. When the Fed changes its rate, it often—though not always—af -

fects borrowing costs for mortgages, auto loans, and credit cards. The Fed typically keeps its rate high, or raises it, to cool borrowing and spending and combat inflation. It often cuts its rate to bolster the economy and hiring when growth is cooling.

According to the minutes, a few Fed officials at last month’s meeting “observed that evidence so far suggested that foreign exporters were paying at most a modest part of the increased tariffs, implying that domestic businesses and consumers were predominantly bearing the tariff costs.” And several policymakers “expected that many companies would increasingly have to pass through tariff costs to end-customers over time.”

Still, a few officials also insisted that the tariffs would likely lead to a one-time increase in prices, rather than an ongoing bout of inflation. Waller and Bowman have expressed that view and argued that as a result, the Fed should cut rates because inflation—excluding the tariffs—is cooling.

China expands digital currency efforts to challenge US dollar’s dominance

BBy Elaine Kurtenbach AP Business Writer

ANGKOK—China has been expanding use of digital currencies as it promotes wider use of its yuan, or renminbi, to reflect its status as the world’s secondlargest economy and challenge the overwhelming sway of the US dollar in international trade and finance.

However, restrictions on access to Chinese financial markets and limits on convertibility of the yuan, or “people’s money,” are big obstacles blocking its global use.

Still, Hong Kong already has stablecoin regulations and some Chinese experts are pushing for regulations to prepare for a possible stablecoin pegged to the yuan.

Officials at the People’s Bank of China and State Council Information Office in Beijing did not immediately respond to requests for comment on a Reuters report that the State Council, or Cabinet, is preparing to issue a plan for internationalizing the yuan that might include a yuan stablecoin.

In the US, President Donald Trump has made cryptofriendly policies a priority for his administration. He signed a law, the GENIUS Act, last month regulating stablecoins.

like the US Federal Reserve.

Stablecoins are not Digital Central Bank Currencies, which are digital versions of currencies issued by central banks. They are based on blockchain-based distributed ledgers. They are “stable” in the sense that their value is anchored to the currency they are based on.

partly autonomous legal system, enacted a stablecoin law that took effect on Aug. 1. Aimed at attracting wealthy investors who want to use digital currencies and other financial products, it requires that a stablecoin linked to the Hong Kong dollar must be equal to the Hong Kong dollar reserves for that digital currency. As a global duty-free port and financial hub, Hong Kong has often served as a base for trying out paths toward liberalizing Chinese financial markets. But new regulations specifically governing yuan stablecoin would be needed if such a digital currency were issued for use in Hong Kong, Liu Xiaochun, deputy director of the Shanghai Institute of New Finance, recently wrote in a report on the Chinese financial website Yicai.com.

China’s limits on cross-border dealings

digital currencies like Bitcoin, while encouraging use of the digital yuan.

Russia. . .

Continued from A8

Russian Foreign Minister Sergey Lavrov said working on security arrangements in Ukraine without Moscow’s involvement would not work, according to state news agency RIA Novosti.

“We cannot agree with the fact that it is now proposed to resolve collective security issues without the Russian Federation. This will not work. We have already ex -

T haksin was indicted in June last year over remarks made in a 2015 interview about the coup that ousted Yingluck’s government. He also faces prosecution under Thailand’s cybercrime law.

The Constitutional Court has instructed both Paetongtarn and her accusers to submit their closing statements by August 25. Bloomberg News

H er testimony also came a day before another politically sensitive case against Thaksin. He faces up to 15 years in jail, if convicted of royal defamation charges.

plained more than once that Russia does not overstate its interests, but we will ensure our legitimate interests firmly and harshly,” Lavrov said at a news conference Wednesday Recent positive signals from Trump suggesting the US will support “Article 5-like” security guarantees and Ukraine’s hopes to join the European Union have reinvigorated those discussions, Zelenskyy said.

“Today we have a positive signal from America, from President

How stablecoins work STABLECOINS are digital currencies whose value is linked to a specific currency such as the US dollar. They can be used as a substitute in situations where currency transactions might be difficult or costly. They are different from cryptocurrencies like Bitcoin in that their only purpose is to be a means of payment, not an investment meant to be traded to gain value.

Dollar stablecoins are typically bought and sold for $1 each. They are based on a reserve equal to their value, but are issued by private institutions, not central banks

Trump, from his team, that they will be participants in the security guarantees for Ukraine. And this opens up the possibility for other countries,” he added. “Now the general staff of key countries have already started talking about what they are ready for. And some countries that were not there will probably appear now.”

Turkey vocalized its readiness to provide security along the Black Sea after Trump appeared open to the possibility of supporting security guarantees for Ukraine,

Critics of stablecoins say that since they are essentially a proxy for ordinary currencies that can bypass banking systems and safeguards set up to manage traditional financial transactions, they may be most useful for illegal purposes.

China inches toward using digital currencies

CHINA launched its own digital yuan, the e-CNY issued by its central bank, on a trial basis in 2019, and McDonalds was an early participant in that project. Chinese regulators have banned mining, trading and other dealings in private, decentralized

Zelenskyy said.

Zelenskyy reiterated that Ukraine is ready to hold direct talks with Putin.

“And what if the Russians are not ready? The Europeans raised the issue. If the Russians are not ready, then we would like to see a strong reaction from the United States,” he said.

Ukraine previously has expressed hope that the US will punish Russia with more sanctions if it does not demonstrate a serious willingness to end the war.

The nearly universal use of electronic payments has facilitated use of the e-CNY in the Chinese mainland, with some cities using it to pay wages of civil servants. State media reported that as of July 2024, there were 7.3 trillion yuan worth of transactions using the currency in areas where it is being used on a trial basis.

China has also been promoting use of e-CNY in Africa, as it expands business dealings on the continent.

But e-CNY are not stablecoins. Experts say regulations are needed to safely manage use of stablecoins and to ensure they could be used smoothly with bank accounts and payment systems.

Hong Kong’s role in digital currencies

HONG KONG , a former British colony that has its own financial markets, currency and

Zelenskyy spoke positively about his meeting with Trump in the Oval Office on Monday alongside Europe’s top leaders. He sought to convince Trump that the battlefield situation was not as bad for Ukraine as Putin portrayed.

Zelenskyy pointed to errors in the US map of the front line that he said showed Russia holding more territory than it actually does.

“President Trump was interested in hearing the details. We talked a lot about Donbas, about

CHINA’S currency is not freely convertible in world financial markets and its stringent controls on foreign exchange are the biggest hindrance toward making the yuan a global currency, experts say. According to the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, as of June, the yuan was the sixth most active currency for global payments by value, with a share of 2.88%. Its use peaked in July 2024 at about 4.7%.

AP Researcher

the East, what its importance is. I noted that if our military withdraws from this territory and it is occupied, then we will open the way to Kharkiv,” Zelenskyy said, adding that he showed Trump roads leading to Ukraine’s industrial center in Dnipropetrovsk.

“I noted to him that there are many important aspects here. If we are simply talking about withdrawing from the east, we cannot do this,” Zelenskyy said, noting that he believed Trump had understood him.

Bamboo: Building a future beyond the ‘bahay kubo’

THE proposed legislation to standardize the use of engineered bamboo in construction marks a potentially transformative moment for the Philippines. For too long, bamboo has been confined to traditional “bahay kubo” construction, a perception that has unfortunately been intertwined with notions of poverty and inferiority. This legislation, spearheaded by Rep. Jose Manuel F. Alba, seeks to challenge this mindset and unlock the vast potential of bamboo as a modern, sustainable, and economically viable building material.

The anecdote shared by Architect Christian Salandanan, regarding a socialized housing beneficiary’s comment—“We are already poor, and you will still use bamboo for us”—highlights the deeply ingrained biases that need to be overcome. It underscores the importance of shifting the narrative surrounding bamboo, emphasizing its versatility and value when used with innovation and expertise. (Read the BusinessMirror story: “PHL architects turn poor man’s timber to high-value structures,” August 17, 2025).

Salandanan’s work, along with that of the Kawayan Collective, demonstrates that bamboo can be much more than just a material for basic housing. Their projects, ranging from the impressive MLR Polo Pavilion for the 2019 Sea Games to durable and innovative “bahay kubo” designs, showcase the architectural possibilities and the potential for bamboo to be a source of pride and empowerment.

The benefits of embracing engineered bamboo are numerous. As Ray Glen Villanueva of Kawayan Collective points out, bamboo is relatively cheaper, locally available, and a carbon-sequestering material that can restore degraded lands. Prefabrication techniques can further reduce costs, making bamboo construction an affordable solution to the country’s massive housing backlog.

However, challenges remain. Harvesting bamboo from mountainous regions can be difficult and costly, and proper treatment is essential to ensure its longevity. Salandanan’s emphasis on proper handling, including concrete foundations, protective roofs, and elevated storage, is crucial for maximizing the lifespan of bamboo structures.

House Bill 157 addresses a critical gap in the National Building Code by establishing Bamboo Architectural and Structural Codes. This standardization will provide engineers and architects with the necessary guidelines and confidence to incorporate engineered bamboo into their designs, paving the way for its wider adoption in the construction industry.

The success of this initiative hinges on a multi-pronged approach. First, continued research and development are essential to further enhance the properties and applications of engineered bamboo. Second, government support is needed to promote sustainable harvesting practices and establish efficient supply chains. Third, and perhaps most importantly, a shift in public perception is necessary to overcome the stigma associated with bamboo and recognize its potential as a modern and sustainable building material.

The story of the Higaonon tribe in Bukidnon, who are producing bamboo skateboards and engineered bamboo guitars, exemplifies the potential for bamboo to create sustainable livelihoods and empower communities. The fact that a Bukidnon community is earning P100,000 a week by producing bamboo slats for engineered bamboo, thereby “preventing the migration of Indigenous people,” is a testament to the economic opportunities that can be unlocked by embracing this “green gold.”

It’s time to move beyond the limitations of the “bahay kubo” mentality and embrace the full potential of bamboo as a building material for the future.

BusinessMirror

T. Anthony C. Cabangon

Lourdes M. Fernandez

Jennifer A. Ng Vittorio

G. Reyes

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

Process of vegetable oil extraction from coconut milk  as

Tfirst Philippine patent

Dennis Gorecho

Amicus Curiae

HE first patent issued in the Philippines was Patent No. 1 granted to Pablo Robledano and Eduardo Ruiz de Luzuriaga for their process of extracting vegetable oil from fresh, mature coconut milk.

This patent was issued circa 1948 that was the first ever registered by the then Philippines Patent Office, which opened on June 20, 1947.

It reflects the times when the Philippines was a top coconut product exporter. Coconut was the leading source of vegetable oil in the world until it was surpassed by soybean in the 1960s.

The so-called Robledano-Luzuriaga Process was discussed in the paper “Non-Conventional Uses and Processing Techniques For Coconut Products” by WRN. Nathanael.

The nuts are halved and the kernels removed manually, grated in a comminutor and pre-pressed, that yields about even proportions

of coconut emulsion (“milk”) and a semi-cake. This cake is flaked and pressed again to yield additional milk, which is processed together with that obtained from the original grated meat.

Centrifugal separation of the milk yields a cream—“skim milk” and a small amount of protein.

The cream is pumped into maturing tanks where it is subjected to enzymatic action under close temperature and pH control, and thereafter chilled in a continuous freezing machine. Chilling is followed immediately by melting. The cream is now ready for centrifugal separation, which removes most of the oil.

The balance of the cream is again

This patent was issued circa 1948 that was the first ever registered by the then Philippines Patent Office, which opened on June 20, 1947.

chilled and melted and sent through a centrifugal classifier, which removes the remaining oil and separates that which is left into water and proteins. Additional protein is obtained by heating and centrifuging the skim milk.

In the meantime, the process continues in a branch production line on the flaked and pressed semi-cake. It is dehydrated in a drying unit, and an expeller then strips it of the remaining oil.

In terms of the overall oil recovery rate from the fresh meat, this is reported to be 10 percent higher than by the copra method.

The paper underscored that the physico-chemical principles involved are novel since “the breaking up of the intractable protein envelope, enclosing the oil globules, is accomplished by controlled enzymatic action followed by chilling.”

A patent is an exclusive right that allows the inventor to exclude others from making, using, or selling the

The balancing act needed on rice policy

ADr. Geoffrey Ducanes

EAGLE WATCH

RAPID change in the price of rice, whether going up or going down, is a hot button issue in the Philippines that elicits strong emotional reactions and heated discussions about how to address it. This speaks to the crop’s enduring importance as a food item and in its production as a source of employment in the country.

Why rapid rice price increases is a concern?

Rice is the staple food for Filipinos. According to the Food and Nutrition Research Institute (FNRI) and the Philippine Statistics Authority (PSA), it is the food item that contributes the most to the attainment of Filipino daily calorie or energy requirements of about 2,000 calories. In the food bundles constructed by FNRI that are used to compute food poverty thresholds, rice is assumed to be part of breakfast (with scrambled egg and coffee with milk), lunch (with boiled/ginataang monggo with malunggay and dilis, and banana), and dinner (with fried fish/ boiled pork and a vegetable dish).

Based on the PSA’s 2021 Family Income and Expenditures Survey, the mean annual household expenditure on rice in the country was at P17,582 in 2021. [This would be an underestimate of the total because it does not include rice that was consumed as part of “food consumed outside the house,” such as those eaten in restaurants.]

Rice consumption varies significantly across income groups. If Philippine households were divided into per capita income deciles (ranked from lowest to highest per capita income and then divided into 10 equally sized groups), those in the lowest decile will have the highest expenditure on rice and those in the

highest decile will have the lowest expenditure on rice. Households in the poorest per capita income decile spent P19,954 on rice in 2021, on average, while those in the highest income decile spent P15,040. The type of rice consumed differed as well. For the country as a whole, 65 percent of rice expenditure was on regularmilled rice and 34 percent was on well-milled rice and special rice, with the remaining on other types of rice (NFA, glutinous, etc.).

For the poorest decile, regularmilled rice accounted for the bulk of total rice expenditure (74 percent) while well-milled rice and special rice accounted for only 22 percent.

For the richest decile, regular-milled rice accounted for only 45 percent and well-milled rice and special rice had a 53 percent share.

The share of total household income spent on rice was 6 percent for the entire country but was at a much higher 17 percent for those in the poorest income decile and only 2 percent for those in the richest income decile.

As of the latest poverty statistics from the PSA (2023), 3.9 percent of households and 5.9 percent of the population were still food poor (or had per capita income below the food poverty threshold). Rapid increases

product of his invention during the life of the patent.

It also seeks to restrain and prevent unauthorized persons from unjustly profiting from a protected invention, including the right to exclude others from making, using, or selling the product of his invention during the life of the patent. Under the Republic Act 8293 or the Intellectual Property Code (IP Code), a patentable invention is a product or process that provides any technical solution in any field of human activity that is new, involves an inventive step and is industrially applicable.

An invention is not considered new if it already forms part of the domain of prior art. An invention involves an inventive step if, having regard to prior art, it is not obvious to a person skilled in the art at the time of the filing date or priority date of the application claiming the invention. An invention that can be produced and used in any industry is considered industrially applicable. The Philippines follows the firstto-file rule in determining who has a better right over a patent. Patent owners may also give See “Gorecho,” A11

in rice prices that are unaccompanied by corresponding income growth could easily tip some households into food poverty and hunger. Such was the fear last year when the retail price of regular-milled rice rose 29 percent (well-milled rice rose 28 percent) in the14-month period from February 2023 to April 2024, equivalent to approximately a 2 percent monthly increase in rice prices over the entire period. This essentially followed with a lag and more mutedly the increase in prices of imported rice. In the 14-month period from October 2022 to December 2023, the price of Vietnamese rice increased 60 percent, or an average monthly increase of 3.4 percent over the entire period. This essentially triggered the government’s move to reduce the tariff on imported rice from 35 percent to 15 percent that is still currently in place. Why rapid rice price declines is a concern?

Although declining over time, rice farmers still account for a large part of the Philippine workforce. In 2023, there were an estimated 5.46 million rice farmers in the country, according to the PSA’s matched Family Income and Expenditures Survey and Labor Force Survey (FIES-LFS) data.

Kristin Cabot and the karma of cheating

IT’S the affair that broke the Internet, two families, and two promising start-up careers. On July 16, during a Coldplay concert, HR

Head Kristin Cabot and Astronomer CEO Andy Byron were  caught on the jumbotron locked in an embrace. Both are married— but not to each other.

Now, infidelity itself is hardly rare. Research shows that about 25 percent of marriages experience it. What made this “Coldplaygate” scandal extraordinary wasn’t the cheating—it was how they were caught, and how absurdly reckless they were about it. It felt like something straight out of a stand-up comedy sketch. When the dust settled—after 125 million video views—both resigned from Astronomer. What happened in their homes afterward, only they and their families know.

To serial cheaters, Cabot and Byron must have looked like amateurs. They broke the cardinal rule of infidelity: secrecy. Attending a concert with your lover—who happens to be your boss—in front of 50,000 fans is not discreet. It’s a brazen act, a reckless middle finger to your spouse, your children, and in Cabot’s case, even her subordinates.

Adultery is destructive because it bundles so many betrayals together: lying, deception, neglect, and manipulation. It wrecks families, scars children, and leaves wounds that last. And yet, despite the risks—divorce, financial strain, broken friendships—people still cheat. Why? Boredom, loveless marriages, narcissism, thrill-seeking, opportunity—the list is long. None of these justify adultery, but they explain why it persists. What makes Cabot and Byron’s case sting more is not just the cheating, but the arrogance. To flaunt it so openly was both foolish and cruel. Public displays of affection under such circumstances magnify the humiliation of their partners and the emotional devastation to their children.

Perhaps that’s why the public re-

Gorecho.

. . continued from A10

permission to, or license, other parties to use their inventions on mutually agreed terms.

The term of a patent shall be 20 years from the filing date of the application.

One of the oldest patent case in the Philippines involved a farming plow as decided in Vargas v. F. M. Yaptico & Co (GR 14101, September 24, 1919). The defendant was engaged in the foundry business, which manufactured plow parts such as points, shares, shoes, and heel pieces adapted to replace worn-out parts of the complainant’s plow.

The Supreme Court ruled that there was no patent infringement as it noted that for more than two

Most of these rice farmers are from low-income households. According to the same data, 22.4 percent of rice farmers belong to the poorest 10 percent of households, 15.7 percent to the second poorest 10 percent of households, and 12.6 percent to the third poorest of households. This means more than

Selling goodness and suffering

AT the far end of the lonesome road a boy walks with what looks like a heavy rattan basket on his back. A male adult voice off-camera calls the boy and asks him to come closer. Always the boy is polite, timid. The man remaining out of frame inquires what the boy is carrying in the basket. At times, the boy continues to stare at the camera while seemingly unmindful of the burden. It is at this point that the man tells the boy to put down the basket, whereupon the man looks and finds out what the boy has. In one of these encounters, the man sees bananas.

tions, the vendor offers the stranger her rice cake for free. Revealing himself to be not really destitute, the man urges the vendor to accept the thousands of pesos as a reward for her generosity.

action was so visceral. It wasn’t just about infidelity—it was about their audacity. They didn’t merely cross a line; they trampled it, in full view of the world. And the karmic fallout—their careers and reputations crumbling—was almost too poetic but massively satisfying.

Of course, adultery is never something to be proud of. But if you insist on it, at least spare your family the added pain of public disgrace. As sad as it sounds, concealment can sometimes minimize the agony.

So what were Cabot and Byron thinking when they walked into that concert? Did it not occur to them that friends, acquaintances, even family might spot them? That even without a public embrace, their presence together would raise suspicions?

My guess: they had reached a stage where consequences no longer mattered—indifferent to what their families thought, dismissive of potential fallout, imagining the worst would be an argument at home. What they didn’t foresee was global exposure. Who would have thought a jumbotron—not a detective’s camera—would lay bare their affair to millions worldwide?

With 125 million views, there’s no denying what everyone saw. Many cheaters, at least, try to shield their partners and children from further pain. Not Cabot and Byron. Their recklessness was emotional brutality, magnified by the world’s gaze.

We all saw their private moment—affection meant for secrecy—turned into a viral spectacle, thanks to Chris Martin and the jumbotron. And it was their stunned, caught-red-handed faces that sealed their fate.

years before the application for the original letters patent, or before July 22, 1908, there was, by the consent and allowance of the complainant, a public use of the invention.

The recent case of Phillips Seafood Philippines Corporation v. Tuna Processors Inc. (GR 214148, February 6, 2023) provided a comprehensive framework that offer valuable guidance for patent owners and potential infringers in the Philippines.

First, under the two-step analysis to determine patent infringement, claim construction is now a prerequisite for an infringement analysis. Second, to reach a finding of infringement, it must be shown that every element of the claim or its equivalent is present in the allegedly infringing product or process. Third, the burden of proving patent infringement rests on the plaintiff.

half of all rice farmers in the country belong to the poorest 30 percent of households, which suggests they are either already poor or are near poor. The inherent riskiness of rice farming in the country is wellknown, given the frequency of typhoons, the risks of flooding, and pest infestations, combined with the underdeveloped market for crop insurance. Global rice price fluctuations represent another risk, particularly when the fluctuations

The man inquires if he is selling them. The boy says yes. The man then asks for a piece and usually the boy agrees. The man tells the boy he is worried it might be too much to ask from him. The boy assures the man it is alright; he “gives to one who asks.” The man reveals his purpose: he does not really need those bananas. He is merely testing the character of the boy. The man continues to inquire about the boy and his family, how old he is, and how long he has been out there on the road, in the sun. This is all for his family, for his “igsuun” or siblings. The man now entreats the boy to open his hand and the man gifts him with a thousand pesos. The response is always predictable: this is too big. The boy does not know what to do and the man instructs him to buy food and slippers (for always the boys or girls in our narrative walks unshod).

There are variations to this tale. There are instances when the narrator is seen on screen and he plays a role, that of a hungry, homeless, jobless stranger. The camera is located far, hidden from sight. The man who is the narrator searches

for a person who will be the object of this more creative social experiment. That person could be a vendor by the roadside selling the humblest of products. In one instance, for example, the “poor” man stops by a woman selling the “bibingka” or na-

The limits of generosity out there really undergo rigorous testing. Think of a man selling those cheap sunglasses. Would he give them away to a man who complains how he has problems with his eyes but he cannot afford them? It happened to one who approached this young father who walked the street of the city proffering what must be difficult products to sell. When asked why he was that kind and not worried he was giving away what could have brought him some profit, the man had a sense of pride in what could help another man—even if the narrator was just testing his character.

Remember the old man by the wayside in those ancient tales who tests a series of princes by telling them he would appreciate a bite

bravado and sincerity. There is hope in this world and there is kindness for the many suffering children in isolated villages and distant farms. The enchantment lives on and they are real. And much as they reveal the living hearts that are open to share, we have to contend with one fact—poverty. How does one live through the image of a little boy walking with a thin log slung around his frail shoulders. He had nothing to share except a story about hardship. He has already walked several kilometers to sell that piece of wood in the town for a hundred pesos.

tive rice cakes. At first, he asks how much is the local delicacy and, when told of the price, he sighs how he is so hungry but he does not have the money. In all of the online presenta-

from their bread? These myths are happening once more amidst the backdrop of real poverty and we, or rather, our brothers out there in the field are passing the test with such

Has he eaten already? Yes, the boy answered. After viewing these tales, I already know what he and his family ate—bananas. Saba banana. The narrator offers the boy money and he refuses. Too much. The amount is too big. He eventually relents and accepts the thousands of pesos. One doubts if he knows the value of that money. He will buy rice, the glow in his eyes priceless. In these tales of enchantment, the boy from the farm or the mother preparing those rice cakes daily share one thing in common—it’s for the family. They are happy enough that their family will get to eat rice that night and have some fish or meat on the side. We who are viewing these scenes unfold also share one thing in common: when the boy tiny at the age of 12 and the mother looking ancient in her 30s disappear at the bend of the lonesome road, we will wipe our tears a bit, straighten up, go back to our dear cities and lovely rooms and dream of tables filled with surplus and our own happiness.

E-mail: titovaliente@yahoo.com

Modi faces tough talks with states to approve tax cut plan

By Shruti Srivastava & Ruchi Bhatia

INDIAN Prime Minister Narendra Modi’s surprise move to lower consumption taxes within three months is set to spark tough negotiations with states, who will have to shoulder the bulk of the revenue losses.

Modi proposed a major rejig of the complex goods and services tax last week, a move many businesses had been pushing for since the system was rolled out in 2017. Stocks rallied as investors bet lower taxes on everyday goods would boost consumer spending and help offset the drag on economic growth from higher US tariffs.

The tax proposals—which still need to be approved—are expected to squeeze government revenue, especially for state governments. Economists such as Gaura Sen Gupta at IDFC First Bank estimate the total cost to the exchequer at 1.8 trillion rupees ($20.7 billion) annually, with the federal government facing a net revenue hit of about 0.15 percent of the gross domestic product and states incurring losses of roughly 0.36 percent of GDP.

The uneven hit is likely to sharpen fiscal tensions between New Delhi and the states, which have sparred with Modi’s government over revenue-sharing in the past.

Some states say they were not adequately compensated for losses when the GST was introduced, leaving them with limited ways to raise

trend downward. For instance, compared to its peak in December 2023, the price of Vietnamese rice has now fallen by 40 percent as of June 2025, and has been falling, on average, by 3.5 percent monthly. As a consequence, the farmgate price of local palay, or the price at which farmers are able to sell their produce, has fallen by 26 percent in the past year. Such a big decline in farmgate prices could be expected to have

revenue on their own. Harpal Singh Cheema, the finance minister of Punjab, told reporters on Wednesday that his state has been losing 210 billion rupees annually since the introduction of the GST, and called for a new mechanism to compensate states for such losses. Wealthier opposition-ruled southern states have also long argued that much of the tax revenue they generate is diverted north, where Modi’s ruling party holds greater sway.

“States fear a further loss in revenue, which in turn increases their dependence on the center in framing their budget targets,” said Shumita Deveshwar, chief economist at GlobalData.TS Lombard, adding that she still views the reforms as “positive.”

State reactions, so far, have been mixed, with some leaders like Thomas Isaac, the former finance minister of Kerala, calling the move “devastating” in a post on X, while others say they need more time to weigh the impact.

Thangam Thennarasu, the finance minister of Tamil Nadu—an opposition-ruled southern state often in conflict with the Modi government—said they will need to “study

tremendous consequences on the welfare of rice farmers and their families. How should this be addressed?

Temporary import bans (as has been announced), import quotas, and tariff re-adjustments are options. But so is a more targeted response, such as farmgate price support.

Of the total households in the country, only 4.2 percent reported having at least one rice farmer according to PSA data. Even in the

the proposed GST rationalization” and consult other departments to assess the revenue hit.

Karnataka’s Revenue Minister Krishna Byre Gowda told local media that “any major shock in GST will fundamentally affect the fiscal health of the states.”

To further complicate matters for the opposition, the changes are likely to be announced by the Hindu festival of Diwali in October, which comes ahead of elections in the eastern state of Bihar, where the GST cuts could be used by Modi’s government to sway voters.

“Any GST cut, if passed on to the consumers and customers, has a potential to create goodwill for the ruling coalition in Bihar,” said Rasheed Kidwai, a fellow at New Delhi-based Observer Research Foundation. The state is run by a local party led by Nitish Kumar, one of Modi’s main allies in the coalition that controls the lower house of the national parliament.

The government is pursuing the overhaul with urgency. Home Minister Amit Shah began planning talks with state and federal ministries in July to build consensus, the Indian Express reported. Modi also called on states to support the GST revamp days after he announced the move.

States are heavily reliant on GST revenue, which accounts for more than 40 percent of their tax receipts. Before the GST’s introduction, Indian states had the autonomy to

poorest income household decile, only 6.7 percent of households had a least one rice farmer. The incomes of most households do not depend on rice prices, only their expenditure.

The trade-off faced is that blanket policies to raise rice prices will affect a lot more households (technically all households who consume rice), but the effect of their welfare is relatively modest. Modest, that is, compared to the effect on rice farming households

levy and raise their own taxes on goods and services. The unified GST stripped states of that power, leaving them able to independently tax only a few items such as petroleum products and alcohol.  States such as Punjab, Andhra Pradesh, West Bengal, and Kerala are facing fiscal stress due to weak revenue mobilization, elevated fiscal deficits, heavy debt burdens, and poor quality of expenditure, according to a report by a government think tank Niti Aayog.

Officials in New Delhi said federal and state revenues would dip in the short-run after the changes but should be gradually offset by stronger consumption. States can also raise taxes on alcohol and petroleum to bolster their coffers, the officials told reporters, asking not to be identified to discuss private matters. The tax proposals are being discussed this week by a panel of state finance ministers from both Modi’s Bharatiya Janata Party and opposition parties. Finance Minister Nirmala Sitharaman on Wednesday presented the federal government’s recommendations at the panel meeting.  The final recommendations of the panel would then be submitted to the GST Council—which is headed by the finance minister—and comprises all state finance ministers. The council is expected to take up the issue next month or in early October. With assistance from Shadab Nazmi/Bloomberg

whose income depend largely on rice harvests and rice prices. It is a difficult and politically fraught question but balancing both interests (the bigger household population and the rice farming households in particular) in the most costeffective way is the challenge faced by policymakers.

and

Friday, August 22, 2025

PHL eases Vietnam’s fears over 2-mo rice import ban

By Ada Pelonia @adapelonia

THEPhilippines has assured Vietnam that it continues to honor the agreement it sealed with its Asean neighbor in 2024, saying the 60-day import ban starting September is just a blip in rice trade between the two countries.

Agriculture Secretary Francisco Tiu Laurel Jr. told the BusinessMirror that there would be no changes to the memorandum of understanding (MOU), which stipulates that Vietnam will supply the Philippines with 1.5 to 2 MMT of white rice annually.

“[The agreement] will continue. It’s only a 60-day ban, and we import 4.5 [million metric tons] a year,” Laurel told this newspaper on Thursday.

President Marcos ordered the temporary ban on foreign ship -

ments of the staple grain starting September 1 as part of the government’s efforts to arrest the slide in farmgate prices of palay.

Earlier, the Vietnam Food Association urged its trade ministry to communicate with its Philippine counterpart on which rice varieties cover the ban, as it wishes to maintain partial exports during the scheduled import freeze, citing the bilateral trade agreement signed by both parties.

The Department of Agriculture (DA) had clarified that specialty

rice varieties, such as Japanese, black, and basmati rice, will be exempt from the ban.

“Japonica, basmati, and glutinous rice [from Vietnam are] exempted,” Laurel said.

A warning

MEANWHILE , the DA chief recently warned Vietnam’s rice industry against challenging the government’s decision.

This, after Reuters reported that the Vietnam Food Association has asked its country’s trade ministry to challenge the Philippines’s move to suspend rice imports for two months.

“I also would like to openly warn Vietnam. Please do not try to do this to the Philippines. We have to protect our farmers. We will do what is needed,” Laurel said during a hearing of the House Committee on Agriculture and Food.

“Under the WTO rules, national interest is superior [...] If they file a complaint, we’ll find ways not to purchase [rice] from Vietnam.”

The DA chief said world-leading rice exporter India wants to cor -

LEADING HAINAN COFFEE FIRM INVITES PHL COFFEE PLAYERS

ner a “big share” of the Vietnamese market, while Myanmar and Cambodia could also be potential suppliers of the staple grain to the Philippines.

He also noted that the country could extend the import ban up to 90 days to ensure stable farmgate prices of palay.

“The harvest sometimes extends until November [...] During the peak harvest, there’s a chance that the price of palay will go down again,” Laurel told reporters on the sidelines of the hearing.

“But if we extend it, we might see an increase or maintain a better farmgate price of palay,” he added.

Data from the Bureau of Plant Industry (BPI) showed that 2.67 MMT of rice had entered the country as of mid-August.

Of the total volume, 2.1 MMT of rice came from Vietnam, which maintained its spot as the country’s top supplier. This was followed by Myanmar at 320,560.33 metric tons (MT) and Thailand at 154,046.61 MT.

In 2024, the country’s rice imports settled to an all-time high of 4.8 MMT.

By Bless Aubrey Ogerio @blessogerio

HAINAN, China—One of China’s largest coffee producers invited Philippine coffee players on Wednesday to participate in competitions and cultural events in Hainan, particularly those organized by their company.

The M1 Coffee Dream Factory, lo-

Stakeholders: Urgent Coco Trust Fund reform to hasten modernization

By Joel C. Paredes

THE urgent need to fasttrack the modernization of the Philippine coconut industry has become a resounding call from various stakeholders, gaining significant traction following President Ferdinand Marcos Jr.’s recent State of the Nation Address (Sona).

This renewed focus comes amid a growing consensus among coconut farmers, civil society organizations, and local government representatives that the existing Republic Act (RA) 11524, or the Coconut Farmers and Industry Trust Fund Act passed during the previous Duterte administration, is fundamentally flawed and threatens to exacerbate the industry’s deep-seated problems.

During his address, President Marcos Jr. singled out coconut as a sector with immense global potential, aligning with the longstanding advocacy for a revitalized industry.

Leading the charge for legislative reform is prominent coconut activist Charles Avila, President of the Confederation of Coconut Farmers’ Organizations of the Philippines (CCFOP-Confed). Avila’s persistent call for the amendment of RA 11524 has now solidified into a unified demand from a broad spectrum of coconut stakeholders.

“The consensus among coconut stakeholders is clear: the current law will only worsen the problems in the coconut industry,” Avila said during a recent full-day forum at the Philippine Rural Reconstruction Movement (PRRM) dedicated to the “re-view” of coconut farmers and industry development.

Their collective concern stems from the belief that the current law, which governs the utilization of the multibillion-peso coco levy trust fund, lacks adequate farmer representation and control, potentially diverting funds away from their intended beneficiaries.

He noted that the coconut farmer leaders, who were joined by local government executives and civil society groups, agreed that there

is a critical need for a legislative framework that genuinely empowers farmers and fosters sustainable growth in the industry.

Dr. Dexter R. Buted, the current Administrator of the Philippine Coconut Authority (PCA), echoed these concerns, acknowledging the formidable challenges facing the industry. “Much is needed to be done to save the coconut industry and sustain it as a globally competitive product that the Philippines can excel in,” Dr. Buted said, highlighting the extensive efforts required to uplift the sector.

His remarks apparently underscored the PCA’s recognition of the industry’s vulnerabilities and the imperative for comprehensive interventions.

The urgency for reform was also amplified at the forum, which coincided with the launch of the insightful book, “Niyog At Pilipinas Noon, Ngayon at Bukas” (Coconut and the Philippines: Then, Now, and Tomorrow). Coauthored by Avila and Edicio dela Torre, the book delves into the historical context and contemporary challenges of the Philippine coconut industry.

The book serves as a powerful narrative, providing a comprehensive understanding of the industry’s past struggles and outlining a vision for a more equitable and prosperous future.

During the book launching, Dela Torre, the PRRM president and a respected figure in development work, stressed the need to put an end to historical injustices faced by coconut farmers and the critical importance of a new approach that prioritizes their welfare and ensures their active participation in the industry’s development.

The collective voice of coconut farmers, civil organizations, and government representatives, now bolstered by President Marcos Jr.’s recognition of the industry’s potential, signals a pivotal moment. The push for immediate amendments to RA 11524 and a fast-tracked modernization agenda aims to transform the coconut sector into a truly competitive and “farmercentric” global industry.

cated in Wanning, currently sources most of its beans from established coffee-producing countries such as Ethiopia and Panama. It expressed its interest in tapping into Southeast Asian markets, including the Philippines, for beans and participation in coffee-related cultural initiatives.

“Our coffee industry chain is relatively extensive. We produce

See “Leading,” A2

Risa files SR to

push China to pay for WPS damage

EN

S. Risa Hontiveros has filed Proposed Senate Resolution No. 85, urging the Executive Branch “to exert legal and diplomatic pressure upon the Chinese Government to cease all ecologically destructive activities in the West Philippine Sea and to pay reparations for damage already done.” In her draft, the senator pointed out that the Philippine Coast Guard (PCG) has also blamed the Chinese militia for the destruction of coral reef ecosystems within the PHL exclusive economic zone (EEZ), including those in Rozul Reef and Escoda Shoal. It said underwater surveys showed “that the marine ecosystem in the subject WPS features appeared lifeless, with minima to no signs of life.” The senator also pointed out that the Permanent Court of Arbitration (PCA), which rendered an adverse finding against China in the 2013 case filed by the Philippines, had held that, because of Beijing’s “aggressive and unlawful activities in the West Philippine Sea [WPS], China had breached its obligations with respect to Philippine sovereign rights over its continental shelf and EEZ.” The “current Chinese regime’s unilateral policy of reclaiming and constructing artificial islands, installations and structures was also found to have caused severe, irreparable harm to the same ecosystems,” added Hontiveros.

The senator cited estimates made in the 2012 study in the international academic journal Ecosystem Services, that “unlawful Chinese activities” in the WPS have caused at least P33 billion in damage annually to marine ecosystems within the Philippines’s continental shelf and EEZ, or around P396 billion since the 2013 filing by Manila in the PCA. Hontiveros’s filing of the draft resolution comes on the heels of a call by Chinese marine scientists and engineers for collaboration with Filipino experts to jointly study and protect the fragile ecosystem of the South China Sea.

“We are very hopeful to establish a partnership with the Philippines, See “Risa,” A2

Editor: Jennifer A. Ng

ERC wants to rethink IPO rule for local power firms

By Lenie Lectura @llectura

THE Energy Regulatory Commission (ERC) is set to revisit the guidelines on the public offering rule (POR) under Republic Act 9136, or the Electric Power Industry Reform Act (Epira).

The law requires power generation companies (gencos) and distribution utilities (DUs) to offer or sell to the public at least 15 percent of their common shares not later than five years from the issuance of their certificate of compliance (COC).

“I urge the commission to revisit its POR guidelines, either motu propio or as part of the pending rule-making petition that purposes amendments thereto,” said ERC chairman Francis Saturnino Juan.

‘Chemrez

CHEMREZ Technologies Inc.,

a unit of chemical manufacturer D&L Industries Inc., said it will build a second biodiesel plant but only after the government lifts the suspension of the implementation of the 4-percent blend requirement.

“What we announced was that we are planning and studying that second plant. We’re still there. It’s still in the planning stages,” D&L President and CEO Alvin D. Lao said.

“I would say it’s probably a matter of when, not if. Meaning, there’s a high probability we will make a second plant. But, in terms of when, how big, how much we’ll spend, we still do not have that information since we are still in the planning stage.”

He said the increase to 4 percent blend has only been postponed and not cancelled.

“So, this means it will still push through at a later date. So, in that sense, it would still make sense to proceed with more capacity for biodiesel.”

The National Biofuels Board, in its advisory last July 17, recommended the suspension of the implementation of the 4 percent (B4) and 5 percent (B5) biodiesel blend mandates. The said increase in blend, from the current 3 percent, was originally scheduled to take effect by October 1 this year for B4 and October 1, 2026, for B5.

The board said this is in view of the anticipated significant impact on pump prices and the potential inflationary effects on the national economy as coconut oil prices remain high due to supply challenges faced by coconut farmers.

Chemrez is currently the largest biodiesel manufacturer in the country.

With D&L’s Batangas plant already completed and no other major capital expenditures in the pipeline, the company said it now has the financial flexibility to undertake the construction of a new biodiesel facility, which would require much smaller capital spend compared to the amount spent on the Batangas plant.

“While the company is cognizant of the risks, D&L believes that the essential nature of biodiesel alongside a favorable regulatory environment

He said that while this requirement under section 43 (t) of the Epira has not been repealed, the ERC has the discretion to rationalize its implementation or altogether defer it, as part of its delegated authority.

“Developments and successes in Epira implementation over the years have dramatically changed the power industry landscape, calling for a reexamination of whether the POR remains relevant and valid,” the ERC said in a notice.

The mandatory five-year timeline applies only to existing gencos as of the effectivity of the EPIRA and that the same timeline does not apply or bind gencos that came into being after EPIRA, as offshoot of restructuring and privatization, the ERC noted.

“The period until when the POR should be in force can be revisited by the ERC, considering that the power industry has already transitioned during these past two decades into a fully competitive market in generation.”

Juan said the commission is contemplating on issuing rules and guidelines on POR to ensure the successful restructuring and modernization of the electric power industry.

In particular, the commission will evaluate the timelines applicable to gencos that existed after Epira for compliance if such requirement will continue to be imposed.

Also, it will study the threshold

and market conditions that should trigger when these gencos should already comply with the mandatory initial public offering (IPO), such as number of shareholders, value of assets, financial performance, and nature of plant operations, “all with the end view of implementing such public offering requirement to achieve its stated objectives and not to undermine the same.”

The ERC pointed out that “indiscriminately enforcing the POR on all gencos will not only defeat section 43 (t) objectives, but will also be anti-competitive, as it will impose additional barriers to entry; benefit a handful of generators but discriminate the others; and increase electricity costs without commensurate economic benefits.”

Earlier, the agency said 54 percent or 136 of the 251 gencos in the country have yet to comply with the POR. These energy firms have a combined capacity of about 13,745 megawatts.

still keen on second plant’

ensures consistent and growing demand, mitigating risks associated with economic fluctuations,” the company said.

Chemrez during 2002 through 2006, funded the many technical research data on the fuel fea-

tures of biodiesel from both local and foreign laboratories.

In 2006, the company built Asia’s first continuous coconut biodiesel plant, boosting the feasibility of the Philippines developing its own local biodiesel industry. VG Cabuag

SEC fines Villar Land, board for repeated delays in filing reports

THE Securities and Exchange Commission (SEC) has fined Villar Land Corp., formerly Golden MV Holdings Inc., and its 11-man board of directors, some P12 million for the repeated delays in the filing of the company’s annual and quarterly reports.

In its order, the SEC’s Market and Securities Regulation department said it found Villar Land and its board “administratively liable for gross negligence or bad faith in directing the affairs of the company,” for its inability to file annual 2024 and first quarter 2025 reports.

The administrative fine involves P1 million for each board and the company itself, and P2,000 each for every delay of submission from July 1 until the company submitted its report.

The board includes the three Villar siblings; their father and company chairman Manuel B. Villar Jr.; company president Cynthia J. Javarez; independent directors Ana Marie V. Pagsibigan and Garth F. Castaneda; the company’s CFO, CIO and heard of IR; its corporate secretary; assistant corporate secretary; and compliance officer.

Response

IN a statement, Villar Land and its officers said they “welcome the opportunity to explain their side on the issues raised and will respond to the SEC’s order in due course.”

It said the delay in the filing of the annual report and the first quarter 2025 report of Villar Land is not due to the refusal of its external auditor to sign the 2024 audited financial statements.

“The delay was caused by the auditor’s varying requests for additional audit procedures in the course of their review of the valuation of the Villar City properties that were acquired by Villar Land in 2024,” it said.

“We also want to highlight the fact that while the company firmly believes that it is the fair value of the Villar City properties that should be reflected in its financial statements, in the interest of securing the immediate release of the 2024 Audited Financial Statements, it had reluctantly proposed to the external auditors the use of cost basis in recording the value of the same properties.”

The issue started when the company in September 30 last year acquired some 366.34 hectares of land in the Villar City development.

Continued on B2

Banking&Finance

Caritas Shield HMO put under liquidation by IC

By Reine Juvierre Alberto @reine_alberto

HEALTH maintenance organi-

zation Caritas Health Shield Inc. (CHSI) has been placed under liquidation by the Insurance Commission (IC).

Insurance Commissioner Reynaldo A. Regalado said in a notice to the public that the government placed CHSI under liquidation starting last Monday, August 18.

Under liquidation status, CHSI has to cease operations and must no longer take in new members or renewing existing health plans.

Meanwhile, the IC appointed lawyer Jose A. Barcelon as the liquidator of CHSI.

All members of CHSI were instructed by the IC to verify their names through the online verification portal at https://chs.com.ph/ chsicp

They are further advised that those having claims against CHSI or claimants whose names are not found in the portal should file their claims with the IC-appointed liquidator.

The IC said that claims filed after March 2, 2026, shall be barred from

the normal liquidation proceedings but instead shall be referred to the company for reconsideration in its dissolution and winding up proceedings.

The notice of stay order issued by the IC to CHSI last August 1,2023, will remain effective until the liquidation proceedings of the company are terminated or until further notice.

Two years ago, CHSI was placed under receivership and was prohibited by IC from doing business.

The IC clarified that CHSI is entirely separate and distinct from pre-need company Caritas Financial Plans, Inc. under liquidation and life insurance company Caritas Life Insurance Corporation currently under conservatorship.

Last data available from the IC showed that CHSI booked a net income of P25.711 million in 2021.

In the same year, CHSI was able to disburse P140.510 million in health care benefits and claims to its members.

Assets of CHSI amounted to P9.837 billion as of end-2021, while its liabilities are worth P9.363 billion.

PHL, Asean neighbors’ fiscal policy at a crossroad—Amro

By Cai U. Ordinario @caiordinario

UNDERTAKING timely labor and other structural reforms in the region will help ensure inclusive and sustainable growth in the medium- to long-term, according to the Asean+3 Macroeconomic Research Office (Amro).

In a commentary, Amro Senior Economist Koon Hui Tee said Asean+3 economies, including the Philippines, are at a crossroads when it comes to fiscal policy due to external headwinds and structural challenges.

According to Tee, policymakers must “strike a delicate balance” in terms of cushioning the impact of external shocks while sustaining efforts to ensure medium-term in-

clusive growth and long-term development.

“Asean+3 economies face dual challenges of maintaining shortterm fiscal policy flexibility to respond to immediate risks while ensuring long-term fiscal sustainability,” the Senior Economist said.

“Advancing structural reforms and strengthening fiscal institutions are essential to building resilience, sustaining growth, and managing

Bill to order BSP to accumulate Bitcoins, create reserve

By Jovee Marie N. dela Cruz @joveemarie

ABILL filed at the Lower House seeks to order the central bank to buy cryptocurrencies and create and manage a Bitcoin Reserve purportedly to “diversify” the country’s asset base amid what its proponent sees as the rising value of volatile digital assets.

Camarines Sur Rep. Miguel Luis R. Villafuerte has filed his House Bill (HB) 421, which tasks the Bangko Sentral ng Pilipinas (BSP) to acquire and hold Bitcoins (BTCs) as part of the nation’s reserves to “strengthen financial stability, enhance monetary security, and provide a hedge against economic crises.”

“It is vital for the Philippines to stockpile strategic assets such as BTCs to serve important national interests such as providing financial stability, among others,” said Villafuerte. Under the measure, the BSP would

briefs

implement a Bitcoin purchase program (BPP) that allows the acquisition of up to 2,000 BTCs annually for five years—a total of 10,000 cryptos. The reserve would be held in trust for at least 20 years and may not be sold, swapped, or disposed of except for the retirement of outstanding government debt instruments.

The bill said a year before the end of the holding period, the BSP governor would be required to submit recommendations to Congress on whether to continue holding or to allow a controlled release of part of the BTC reserve. Even after the 20year period, no more than 10 percent of the assets may be sold within any two-year span.

Villafuerte, who chairs the House Committee on Information and Communications Technology, said the BTC—introduced in 2009 as the world’s first decentralized digital asset—has increasingly been regarded as “digital gold,” with its value reach-

➔ Security Bank opens two new branches

THE Security Bank Corp. announced the opening of two new branches this month in Cadiz, Negros Occidental and in Sorsogon City. Security Bank Executive Vice-President and Branch Banking Group Head Leslie Y. Cham was quoted in a statement as saying their 357t h branch “is strategically located in the dynamic city of Cadiz—a key area in Negros Occidental known for its rich mix of growing businesses, agriculture and fishing industries and holds a steady and promising economy.” On the other hand, the lender’s 358th branch located at Sorsogon City is a center for trade, tourism, and agriculture. This branch reflects our “commitment to delivering tech-enabled, customer-focused solutions tailored to the city’s needs,” Cham said.

➔ Singapore to launch insolvency arbitration protocol

SINGAPORE will launch an arbitration framework next week for resolving restructuring, debt and insolvency disputes, offering businesses and creditors an alternative to traditional court processes. “The SIAC Restructuring and Insolvency Arbitration Protocol is a first, for an international arbitration institution, in proposing the use of arbitration to resolve” such disputes, Murali Pillai, senior minister of state for law, said last Thursday. The initiative is the latest in Singapore’s efforts to enhance the city-state’s appeal as a hub for restructuring in Asia. Earlier this year, policymakers sought public feedback on proposed changes to its insolvency law, which included broadening a provision in restructuring plans to prevent shareholders from dissenting. Bloomberg News

➔ Dong weakness grows

THE Vietnamese dong, already at record lows, is facing mounting pressure from the government’s infrastructure spending spree and a hit to exports from US trade policy. The dong weakened as much as 0.1% to 26,401 per dollar Thursday, a fresh record. MUFG Bank expects it to trade at 26,500 against the greenback by year-end, citing higher import needs and a narrowing current-account surplus. Ho Chi Minh City Securities sees the currency finishing 2025 at 26,600 per dollar. Bloomberg News

➔ Citi names new head of corporate banking real estate

CITIGROUP Inc. has named Asghar Ali as head of corporate banking real estate, as the bank looks to strengthen its presence in the sector, according to a an internal memo seen by Bloomberg. Ali will be based in New York and reporting to the coheads of corporate banking, Jason Rekate and John Chirico, according to the memo. He will also join the Corporate Banking Executive Committee, the memo added. A spokesman for the bank confirmed the memo’s contents. Bloomberg News

ing an all-time high of $108,319.

He noted that other countries are already considering or implementing their own BTC reserves: El Salvador adopted Bitcoin as legal tender and started stockpiling BTC, Brazil has created its sovereign reserve, RESBit, and Germany, Poland, Switzerland, Hong Kong, and Malaysia are studying similar measures.

He said the United States, China, and the UK already hold significant BTC reserves.

This is timely, Villafuerte said, as the Bureau of the Treasury (BTr) recently issued a report that the country’s sovereign debt climbed to P16.09 trillion at the end of November 2024, or P70.7 billion higher than in the previous month.

HB 421 defines a “strategic reserve” as a stock of a critical resource that can be released at times of crisis or supply disruptions.

The BTC’s value dipped 35 percent (P22,850.35) to P 6,492,180.52 at

Thursday’s trading on NFT exchanges.

In 2014, the BSP recognized that virtual currencies like the BTC are “being exchanged in the Philippines.”

The central bank has warned the public “that such exchanges are not regulated by the BSP or by any regulatory authority in the country” at that time, or more than a decade ago.

“Thus, there are no existing regulations which would specifically protect consumers from financial losses if an organization that exchanges or holds virtual currencies fails or goes out of business. Moreover, there is no assurance that the value Bitcoin or any virtual currency would be stable. In fact, its value can be highly volatile.” (See http://www.amlc.gov. ph/2015-12-09-07-34-10/201512-14-04-11-34/request-for-amla-training/2-uncategorised/60warning-advisory-on-virtualcurrencies#:~:text=It%20has%20 come%20to%20the,the%20country%20at%20this%20time.)

Bitcoin traders jittery ahead of Powell’s talk

DIGITAL assets are losing ground as traders brace for Federal Reserve Chair

Jerome Powell’s closely watched address at the Jackson Hole Symposium on Friday.

Spot Bitcoin and Ether exchangetraded funds in the US have logged four straight sessions of outflows, with investors pulling a net $1.9 billion, according to data compiled by Bloomberg.

A broad rally in cryptocurrencies drove Bitcoin to a record on August 14, while pushing Ether to within touching distance of its own all-time high. That momentum—fed by an array of corporate crypto accumulators built in the mold of Michael Saylor’s Strategy—now appears to be dwindling.

Options activity shows traders turning defensive. The put-to-call ratio for August 22 contracts jumped to 1.33 on Deribit, the derivatives exchange, with $3.8 billion in Bitcoin options expiring. The largest open interest is in $110,000 puts, signaling concern over a near-term pullback as traders seek downside protection. Put options offer downside insurance by giving contract holders the right to sell at a certain price.

“What the put-call ratio tells you is that, given high expectation of rate cuts in Sept., the market is more sensitive to the risk of Powell sounding hawkish than dovish,” said

Peter Chung, head of research at Presto. “The market gyrations over the last few days is the result of investors positioning themselves for an uncertain outcome of the speech.”

Bitcoin fell 0.7 percent to $113,624 as of 9:45 a.m. in London, extending its retreat to 9 percent from its record of $124,514. Ether, the second-largest token, slid 1.6 percent to $4,288.

President Donald Trump has repeatedly criticized Powell’s cautious approach to rate cuts. Treasury Secretary Scott Bessent recently said he expects Trump to announce Powell’s replacement by year-end, making Friday’s Jackson Hole address likely his last as Fed chair.

Minutes from the Fed’s last policy meeting, released on August 20, underscored that officials still see inflation risks as outweighing employment concerns, even as new tariffs are expected to take time to feed into the economy. That backdrop has reinforced bets that Powell’s tone could temper hopes for aggressive easing.

“The FOMC meeting minutes released overnight indicated that the impact of new tariffs is expected to take time to materialise. Additionally, a majority of members viewed inflation risks as outweighing employment risks, signalling a continued cautious stance on rate cuts,” said Tony Sycamore, analyst at IG Australia Pty. Bloomberg News

long-term fiscal risks. Timely action today will lay the foundation for a more stable and prosperous future,” Tee added.

According to the Amro, these reforms should help enhance competition, streamline regulations, and promote technological adoption to boost productivity and improve a country’s competitiveness.

Promoting labor market reforms such as readiness for artificial intelligence (AI) can help stimulate investment and job creation. These policies can also help safeguard vulnerable workers.

Tee said that this is an example of upskilling and re-training. These efforts when combined with social protection systems “will be essential to support a smooth transition.”

Apart from labor market reforms, there are also healthcare reforms such as targeting long-term care (LTC) and enhancing preventive care will help reduce the cost of healthcare.

“One approach is to leverage digi-

tal healthcare records to better target those in need of LTC; another is to enhance preventive care to reduce future demand for more costly LTC services,” Tee added.

Earlier, in its “Asean+3 Fiscal Policy Report 2025,” the Amro said the Philippines’s debt-to-GDP, or debt measured against its gross domestic product (GDP), has begun to decline or stabilize.

The country’s debt-to-GDP ratio is currently at 60.7 percent, slightly above the internationally accepted threshold of 60 percent. The government aims to lower this to 58.4 percent in 2027, as the economy is projected to grow further. However, Amro said the Philippines’s GFN-to-GDP ratio—representing gross financing needs as a percentage of GDP—remained elevated, due to the country’s rising amortization needs. (See: https://businessmirror.com. ph/2025/04/21/structural-challenges-may-strain-fiscal-spaceof-phl).

Leading with radical candor

TO have ample ideas, references, and materials to write about for this weekly posting, I attend webinars, subscribe to various newsletters, and listen to podcasts and talks.

Recently, I watched with interest Kim Scott in one of her TED Talks sessions titled “How to Lead with Radical Candor” which I thought would resonate with association leaders. Kim is author of the book, “Radical Candor: Be a Kickass Boss Without Losing Your Humanity.”

Kim’s radical candor management philosophy is about fostering an environment of open communication and feedback in the workplace. The concept emphasizes two key components: care personally and challenge directly.

“Care personally” involves genuinely caring about the people you work with, understanding their individual goals, challenges, and aspirations while challenge directly means being willing to provide honest and direct feedback to colleagues, even if it’s uncomfortable or difficult.

Radical candor thus aims to strike a balance between being caring and empathetic while also being straightforward and honest. It encourages managers and employees to have candid conversations that lead to personal and professional growth rather than avoiding difficult topics or resorting to passive-aggressive behavior.

Here’s what association leaders can learn by adopting radical candor in their own circumstances:

1. Building trust and rapport. Radical candor emphasizes the importance of caring personally about team members. Association leaders can learn to build trust and rapport by taking the time to understand the needs, goals, and challenges of their team members. This promotes a sense of belonging and loyalty which is essential for a cohesive and highperforming team.

2. Nurturing effective communication. Radical candor encourages leaders to challenge directly by providing honest and constructive feedback. Association leaders can learn to communicate effectively by addressing issues openly and transparently. Clear communication helps prevent misunderstandings, resolves conflicts, and ensures that everyone

is aligned towards common goals.

3. P romoting growth and development. By embracing radical candor, association leaders can create an environment where feedback is viewed as an opportunity for growth rather than criticism. This encourages continuous learning and development among team members, fostering a culture of innovation and excellence within the organization.

4. Fostering collaboration and accountability. Radical candor promotes accountability by holding individuals and teams responsible for their actions and results. Association leaders can learn to adopt collaboration and shared responsibility by creating a culture where everyone feels empowered to contribute their ideas and insights. This enhances decision making and problem solving, driving better outcomes for the organization.

5. Navigating challenges and driving change. In today’s rapidly changing environment, association leaders must be agile and adaptable. Radical candor equips leaders with the skills to navigate complex challenges and drive meaningful change within their organizations. By embracing open dialogue and diverse perspectives, leaders can leverage the collective wisdom of their teams to address emerging issues and seize new opportunities.

Association leaders can benefit greatly from applying the concept of radical candor in their leadership approach. By prioritizing empathy, honesty, and open communication, leaders can develop a culture of trust, collaboration, and accountability that drives sustainable growth and success for their organizations.

Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives, the “association of associations.”

Fatted Calf x Fiz = The ties that bind us

LOVE food.

II’m a person, when offered any dishes anytime or anywhere, who will not pretend to be shy or modest and say, “No, thank you,” especially if there’s a slight rumbling in my tummy at that moment. In fact, I’m the one kapal enough to encourage people to get up and grab food from the buffet table already, even at an event I’m not hosting. Until I attended the Tagaytay Food Festival this year, that is. I had not consumed so much food in an entire weekend in my life that I even had to beg one chef in particular to please, please stop bringing out more dishes. “Awat na, Chef! Puhleeze!”

But who can blame these talented chefs in Tagaytay for wanting to share their very best?

OWNING a credit card is considered to be a key part of adulting for many Filipinos. More than just a payment tool, it offers financial flexibility—allowing you to manage bigticket purchases in line with your financial plans. On top of that, you can unlock rewards on your purchases, be it exclusive discounts, cashback, rewards points, or airline miles

for your

In particular, I was invited to a collaboration dinner between Chef Jayjay SyCip of The Fatted Calf PH and Chef Hafizzul Hashim, of the one Michelinstarred Restaurant Fiz in Singapore for a five-course degustacion. (It was deceptive, however. Since both chefs produced their own dishes for each course, it felt like a 12–course dinner instead.)

The two men served up dishes that echoed many Southeast Asian flavors, which showed just how close our countries are—Chef Fiz is from Kuala Lumpur— that we share similar ingredients and tastes. SyCip’s wife, the equally wonderful Chef Rhea Castro SyCip of Flourpot PH, took care of the desserts using bananas and coconuts, which again ubiquitously grow in the region.

The dinner provided us some comfort during a raging thunderstorm outside, brought on by Typhoon Crising. The starters alone already showcased the creative talents of Chefs Jayjay and Fiz, providing us a medley of reimagined nostalgic bites.

We were supposed to taste the four bites in a particular order, but of course I missed that instruction, drawn immediately I was to the Oscietra Caviar topping on the Century Egg Kaya Toast. The caviar and century egg gave a luxurious and slightly salty taste to what is usually a sweet breakfast fare or mid-afternoon snack for Malaysians and

next travel. But how can that rectangular plastic card in your wallet actually be a booster for your personal finances? It’s simple: when used wisely, your credit card can be a fantastic tool to help you reach your financial goals responsibly.

Let’s dive into some simple, practical tips from Metrobank (tinyurl.com/ bde5abp9) to help you maximize your credit card’s benefits—turning it into your financial best friend, not a financial burden:

■ SPEND WITHIN YOUR MEANS—A simple way to do this is to only spend what you can comfortably pay back before your next statement is due. Keep your credit card spend in check by regularly tracking your expenses.

■ PAY IT OFF ON TIME—The golden rule is to pay your entire credit card bill on time and in full each month. Not only does this help you stick to your budget, but it also helps you avoid incurring additional fees and paying interest

on purchases.

Singaporeans.

The Fish Skin with Smoked Milkfish (Bangus) in Torch Ginger Vinaigrette was a play on texture with the catfish skin fried to a crisp serving as a bed for the creamy bangus mousse and the spicy ginger.

The first course was Rellenong Alimasag, a familiar dish, which my lola used to make after picking out the meat from the blue crabs left over from the previous night’s dinner. In this version though, coconut cream is incorporated with turmeric custard, releasing bombastic flavors which still remained some familiarity.

The second course was Chef Fiz’s Nasi Lemak, a typical Malaysian rice dish cooked in coconut milk with pandan leaves. This version is served with a grilled wild-caught tiger prawn which had us using our fingers to pick out its meat, then swished in the Nasi Lemak processed to a cream, then dipped in the spicy sambal sauce. Wow! What a punch.

Next came Chef Jayjay’s Padas Sinigang, which actually used a fillet of sea bream and cooked lovingly in a broth, which was a complex concoction of souring ingredients like calamansi, tomatoes, alibangbang, and balimbing. Despite it all, the broth didn’t overwhelm my palate, although a few had commented

■ AVAIL OF FLEXIBLE PAYMENTS FOR BIG PURCHASES—This comes in handy when you need to buy a big-ticket item, and you don’t want to deplete your savings to cover the payment all at once. Many credit cards offer installment plans, allowing you to pay for that big purchase in more manageable, budget-friendly amounts over a preferred term, typically from 3 to 36 months. It’s all about managing your cash flow smartly.

■ DON’T FORGET THOSE PERKS—Most credit cards let you accumulate rewards points, enjoy discounts, or receive freebies from your favorite stores and merchants. Redeeming them, especially for your essential spend like food, groceries, or gas, is like getting a little bonus for spending on your necessities. Different credit cards offer different rewards that fit different lifestyles. Make sure to choose the card that aligns best with

your needs.

■ KEEP YOUR SPENDING UNDER 30 PERCENT OF YOUR LIMIT—Try to keep your credit card transactions per month under 30 percent of your total credit limit. So, if your limit is P100,000, aim to keep your balance below P30,000. This makes budgeting much easier and shows lenders you’re a responsible cardholder. Responsible credit card use isn’t just about flexibility; it’s also about building good credit habits. When you have a good credit payment habit, banks and credit bureaus rate you with a better credit score. Your credit score is like your financial report card, and it tells banks and other lenders how reliable you are when it comes to borrowing money. A good score can open doors to getting better loan rates for a car, a home, or even future business ventures.

To learn more tips about managing money, head to www.earnest.ph and download its free personal finance ebook.

Eugenia

at home or in the workplace. Distance yourself from people and situations that trigger your emotions. Simplicity, discipline and common sense will help you be decisive and penny-wise. ★★★

LEO (July 23-Aug. 22): Refuse to contribute to someone else’s glory. It’s up to you to take care of yourself and achieve the goals that best suit your needs. Step into the spotlight, and you’ll gain ground and a following that’ll help you reach your pinnacle. Speak directly, enforce your plans and don’t stop until the results meet your expectations. ★★★

VIRGO (Aug. 23-Sept. 22): Only change what’s necessary. Take a backseat and observe what’s unfolding around you, and you’ll gain insight into what’s needed to maintain your course of action and get positive results. Refuse to let anyone talk you into something you don’t need or want. ★★★

LIBRA (Sept. 23-Oct. 22): Participate, be the one to bring about change and make a difference. Use your intelligence and voice to plant seeds and gain support. A passionate approach to life, love and happiness will encourage you to recognize and let go of what isn’t working for you and to embrace what offers positive results.

SCORPIO (Oct. 23-Nov. 21): Emotions will fluctuate as you react to what’s happening around you. Listen, question and act on facts and what will help you achieve your goal. Update your appearance and socialize, and you’ll attract new friends or lovers. A creative project will bring out the best in you. ★★

SAGITTARIUS (Nov. 22-Dec. 21): Don’t skip a beat; learn as you go, and conquer whatever comes your way. Use your energy in positive ways and turn your back on negative influences, rhetoric or nonsense. Change comes from within. Be observant and make moves that accommodate your needs.

CAPRICORN (Dec. 22-Jan. 19): Take time out to do something for yourself. Pampering yourself, establishing a schedule, and engaging in activities and events that stimulate your mind and encourage you to enhance your skills, knowledge and interests will change your perspective on the meaning of life. Avoid impulsive reactions. Choose peace over discord. ★★★

AQUARIUS (Jan. 20-Feb. 18): Pay attention to how you look, feel and present yourself to others. A commanding demeanor will draw attention and position you for advancement. Change is within reach, and pushing for what you want will play in your favor. Don’t

Finding the filthy rich: The case of Ghislaine Maxwell et al.

FATTED CALF X FIZ = THE TIES THAT BIND US

such for them.

Of the main entrees (fourth course), I loved the Chef Jayjay’s Duck Kare-Kare, and was surprised at how tender and succulent it was—considering it was locally raised—with a small amount of pili nut stew and house-fermented shrimp paste. Taken together, the flavors were quite delicate and not as impassioned as our everyday kare-kare in peanut sauce. But that tender sliver of duck breast was the night’s winner for me.

At this point, I may have lost my mind. My tummy bursting with all that good food and creativity pushed me to stand and go out to the terrace, talk to my friends, then make my way down the steps to the restaurant grounds. Thank goodness it had stopped raining, as I had to walk around or I would’ve burst.

(It was pretty much a common theme that ran throughout the festival meals that, before I retired every night, I had to walk at least 6,000 steps in the building of the wing which housed my guest room at Taal Vista Hotel. Down the corridor, then up or down the stairs, I plodded on to yet another hallway until the tightness in my tummy eased. Whew.)

So I must apologize to the brilliant chefs if I had missed the other entrees, as I returned only to the night’s final act: Chef Rhea’s Kelapa, Bibingka, Itlog Maalat—a glutinous rice cake with banana leaf custard, dressed by a luscious coconut cream laced with Tultul (artisanal sea salt blended with coconut milk).

Good God, I thought. I already loved her divine strawberries-stuffed brioche donuts and Strawberry Shortcake, was it possible to sell my soul to her? (Yes, apparently. I purchased her Bleu Cheese Rolls to take back to Manila and now I will need a regular fix. Thank you, Ma’am.)

To close the heaviest meal of my life, Chef Rhea created Petit Fours, which were cheeky, clever and deeply rooted: calamansi mingling with fish sauce caramel, salted coconut made playful with nutmeg leaf dust, and bitso-bitso (fried pastry) reimagined with miso (soybean paste) and latik (toasted coconut caramel).

That evening’s dinner was certainly an eye-opener to what was possible in this chaotic, trumpy world we live in, if only we kept talking, laughing, and sharing our respective cultures and traditions.

n The Fatted Calf PH is along the Tagaytay Nasugbu Road, Tagaytay City. (For inquiries and reservations, call 0917-7892352.) Restaurant Fiz is at 21 Tanjong Pagar Road #01-01/2 Singapore 0844. (Call or Whatsapp: +659679-8021.) Flourpot PH is on Facebook and Instagram to connect for your orders.

FILTHY rich—we all know what this label means. This refers to wealth so egregiously bountiful, a surplus beyond excess, but otherwise still eliciting awe and admiration. How on earth did that person accumulate capital and material capaciousness? In the case of Ghislaine Maxwell, the phrase “filthy rich” assumed a different nuance; it carried the images of crass materialism, of gold, power and influence even as the modifier “filth” has become underscored. Think of grime and add crime; bring in slime and smut; to contamination embed corruption. The unfortunate thing, as put forth by this documentary now streaming on Netflix, is that originally the wealth that caused the socialite Ghislaine Maxwell to be addressed as being filthy rich does not accrue to her. Flash back to the beginning as all biography detailing one’s descent from hell goes. Long before Jeffrey Epstein came, Ghislaine Maxwell was, in a sense, already big. She moved in elite circles, among royals. Attending Oxford, she knew Prince Andrew, the Andrew. Then she met Epstein, this outrageously (as all those who got to know him) wealthy man who owned a nine-story townhouse in one tony address in New York.

to orchestrate between the girls and Epstein. Sad is the observation of another acquaintance— Ghislaine must have become too old for her man.

Ghislaine was no pushover either; she was the daughter of a press baron, Robert Maxwell, a man whose ego was as big as his media empire, if not bigger. To those who had the privilege of getting to know Ghislaine Maxwell and Jeffrey Epstein and later declaring themselves former friends, the two were seen as a couple. Strange tandem, they would say later on.

Even then, friends and associates could not understand the true nature of the duo’s relationships. In 2005, the police were alerted of the presence of nubile young girls in the mansion of Epstein. It was, however, when a mother complained about her young daughter being offered to give Epstein a massage that the police stepped in. In 2008, Epstein was convicted of procuring a child prostitute (the girls were aged 14 and a little bit above). The case had him guilty only of two counts and was soon released. It is in this documentary focused on Ghislaine Maxwell that we find an articulation of the puzzle—she was not seen by the police as being part of the crime. Epstein would be released from prison. And as the facts in the documentary and in popular sources attested, Epstein went on a sexual rampage. At the center of the sexual slavery ring was Ghislaine Maxwell who remained loyal at his side. She became, as one informant hissed, the “madame” for Epstein. The girls who were recruited had even more surprising insight: she participated in the seduction and in the ensuing sexual act she was able

Don Quixote, sin Don Quixote

By Pauline Joy M. Gutierrez

IN the ballet that bears his name, Don Quixote is more spectator than star. Onstage, he is mostly a catalytic presence—a whimsical figure who, with farmer-turned-squire Sancho Panza by his side, wanders into the town where Kitri, the innkeeper’s daughter, falls in love with Basilio, the town barber. Although Miguel de Cervantes’ knight lends humor and flair, the true heart of the tale lies in the young lovers’ whirlwind romance.

From August 22 to 24 at the Aliw Theater, Ballet Manila presents the story with worldrenowned Mariinsky Ballet principal dancers Renata Shakirova and Kimin Kim. The production serves as the grand finale of the company’s Pearl Year season, marking its 30th anniversary.

Ballet Manila CEO and artistic director Lisa Macuja-Elizalde said Don Quixote has long been her favorite ballet to dance and stage. She first performed the wedding pas de deux as Kitri in 1984 at her graduation from the Russian Ballet Academy in Saint Petersburg, and the full-length ballet two years later at the Mariinsky Theatre. “It is one of the most fun performances, but also one of the hardest,” she said at a press conference on August 15 at Conrad Manila. “The role requires you to be full of energy and love of life for three acts straight. There is no downtime.”

Adapted from the Mariinsky’s four-act production, Ballet Manila stages a condensed three-act version with tighter transitions and added elements.

“I think it’s just right, especially for the Filipino audience,” Macuja-Elizalde said. “We focus on one highlight after another. It’s bravura number after bravura number. Don Quixote is what we call a clap-trapper of ballet—the audience is always clapping [because] it’s such a fiery, happy celebration onstage.”

For guest artists Shakirova and Kim, returning to the roles of Kitri and Basilio is as demanding as it is familiar. The two have danced the pair together for nearly a decade and credit their partnership with shaping their performances.

“[Ours is] more spontaneous and sincere. It doesn’t look overly practiced or studied; it’s about giving something fresh onstage,” said Kim, explaining that they rarely rehearse excessively to avoid falling into routine. “There are dancers who follow everything to the letter, and so every performance looks the same. I think this is dangerous for the art form.”

He added, “I believe it’s better to dance and fall than to play it safe. I dance differently every time because I want the audience to always see a new me. If anyone comes to all three performances in Manila, they will see three different shows. I can’t promise that I’m always going to be good, but I can promise that each

The documentary painted another sick scenario that seemed to be true about Maxwell and Epstein— they needed each other. One could not live without the other. Ghislaine provided the right connection. The photo album of social capital proved this as she stood there mediating with princes, bankers, entrepreneurs the link with Epstein. Astutely, the associates noted how Epstein provided the money. It was a sort of symbiosis that spiraled to become a psychotherapist’s favorite profile, this woman who was relevant only to her man because she could make him happy and satiated.

Ghislaine Maxwell had become the hostess par excellence. She was to some a fabulous pimp. She had an imagination. She knew how to groom young girls. I’d like to venture a theory that this notion of grooming became such an elegant term under the domain of a Ghislaine Maxwell. She did not merely seduce the young girls; she offered them dreams and the future. And there was the wealth—the filthy one—of Epstein to back up any offer.

A rape survivor recalls how she was invited to a ranch and there was offered scholarship. Somewhere in between, she was also asked to offer a foot massage to Jeffrey Epstein. For the young girl, it seemed a strange request but she was there with the couple in a far-flung ranch and fear had taken over logic. Another survivor was informed that Epstein had been diagnosed by experts already and there was one finding—he needed to have three orgasms a day. And therefore, Ghislaine, being the dear friend, was there

performance will be different.”

The ballet’s physical demands—with precise footwork, high jumps, and complex turns—are immense. Kim recalled his experience at the Mariinsky: “Usually, dancers concentrate on the third act, because the pas de deux is the most powerful. But my teacher said you have to concentrate on the first act more. In the first act, you show your acting to the audience.”

“It’s true, the first act is the most difficult,” added Shakirova. “I remember during

to make those three releases possible. Presently, as we listen to this tale in the documentary, we find it absurd and yet that ruse seemed to have had its own success with some innocent girls then.

Blessed with noble cheekbones and pedigreed, it could have been a joy viewing Ghislaine Maxwell as she seemed caught in eternal haute poses, but here in this documentary one could not help but wonder how on earth did a woman like her persist in popularity. What evil was contained in that insouciance and that glam? We look at the women as their young-girl images were transposed against their present aged and tired person and we can only feel the regrets. As one psychotherapist puts it, the bad memories never ever go away.

In June 2019, Jeffrey Epstein was caught again. By August of that year, some days after his incarceration, he was dead. By suicide. It took a while before Ghislaine Maxwell was caught. In July 2020, she was caught and was convicted in December of 2021.

Time and history fly fast and easily. I still have a copy of the Vanity Fair magazine dated March 2003 where Vicky Ward writes an article, titled “The Talented Mr. Epstein.” In the documentary, it states how Epstein threatens her if there is a mention of the girls and other cases. Indeed, the long essay does come across as a success story. Today, the so-called Epstein Files seem to threaten the Trump administration because as photos attest the US president appeared to have had a long kinship with Epstein. And so were other big men and women of the US and European high society.

Ghislaine Maxwell: Filthy Rich is directed by Maiken Baird and Lisa Bryant.

rehearsals wanting to stop in the middle of the first act, but my teacher said, ‘No, you must go through it.’ Now, I feel for this part.”

Ballet Manila last staged Don Quixote two years ago with Esteban Hernández of the San Francisco Ballet. Choosing it again for the company’s 30th anniversary, Macuja-Elizalde said, was intentional.

“It was a choice between Le Corsaire and Don Quixote. Renata had already danced Giselle with us last year, and when Kimin became available, I thought, ‘Perfect!’ We’ll finally have

the Don Quixote I’ve always dreamed of.”

Originally choreographed by Marius Petipa to Ludwig Minkus’ Spanish-flavored score, Don Quixote premiered at the Bolshoi Theatre in Moscow in 1869. In 1900, Alexander Gorsky reworked it at the Bolshoi, injecting more realism, dynamic corps de ballet scenes, and theatrical revisions, before bringing this version to the Mariinsky Theatre in St. Petersburg in 1902.

“It’s very meaningful to note that the first ballet the Mariinsky brought to the Bolshoi Theatre was Don Quixote. Traditionally, it was always considered a Moscow ballet—a Bolshoi piece—and for us, it was a very important request,” said Shakirova, adding that with Ballet Manila celebrating 30 years, “it feels like a happy coincidence, one that makes this performance even more special.”

Founded in 1995, Ballet Manila has since grown to 42 professional dancers and a repertoire spanning classical, neoclassical, and Filipino works. “When we first founded Ballet Manila, [they] said it would last two years,” Macuja-Elizalde said. “Now, 30 years later, we are the largest classical ballet company in the Philippines.”

n Ballet Manila’s Don Quixote runs on August 22 at 8 pm, and August 23 and 24 at 5 pm, at Aliw Theater, Pasay City. Tickets are available at www.ticketworld.com.ph.

Hilton Manila Newport World Resorts Earns Dual Halal Certifications

Hilton Manila

Newport World Resorts has been officially certified for both Halal Food and Halal Kitchen by Prime Certification and Inspection Asia Pacific Inc, becoming the first hotel in Metro Manila to attain dual Halal certifications under the Philippine National Halal Certification Scheme.

This milestone enables the hotel to offer fully Halal-certified daily dining, private events, and catering services, providing a trusted option for Muslim travelers, families, and corporate or diplomatic event organizers seeking verified Halal hospitality in the Philippines.

The certifications, issued by the only Halal certification body accredited by the Department of Trade and Industry – Philippine Accreditation Bureau (DTI-PAB), affirm Hilton Manila Newport World Resort’s compliance with both the Philippine National Halal Certification Scheme of 2018 (for food) and Philippine National Standard PNS 2067:2008 (for kitchen operations).

This achievement underscores Hilton Manila Newport World Resort’s

strong commitment to inclusive hospitality and food safety, ensuring that its culinary operations meet the highest standards of Halal integrity across sourcing, preparation, and kitchen practices.

“At Hilton, we are committed to meeting the evolving needs of modern travelers,” said Gagan Talwar, General Manager of Hilton Manila Newport World Resorts. “This certification reflects our dedication to inclusive hospitality and provides peace of mind for guests who value Halal integrity in their dining experiences.”

The hotel’s all-day dining restaurant Kusina Sea Kitchens now features a dedicated Halal buffet section serving a vibrant and flavorful spread of Indonesian and Malaysian specialties prepared in a Halal-certified kitchen.

The hotel’s certification also extends to meetings, weddings, and catered

events, allowing organizers to offer Halalcompliant menus with the same assurance of quality and safety.

The hotel’s certification supports the Philippines’ national effort to position itself as a Halal-friendly destination, aligning with the country’s push to attract travelers from Muslim-majority countries and enhance its appeal in the regional Halal tourism market.

A formal certification ceremony was held on July 11, 2025, attended by Hilton Manila Newport World Resorts leadership and representatives from Prime Certification and Inspection Asia Pacific Inc., including Dr. Mary Jane AlveroAl Mahdi, Group CEO, Raymond Alido, and Saniya Macatoman.

For inquiries and reservations, please contact +632 7239 7788 or email MNLPH_F&Binquiries@hilton.com; HiltonManila_Events@hilton.com.

Clear It Up: Benzac Steals the Spotlight This Acne Awareness Month 2025

THIS Acne Awareness Month 2025, Benzac, a trusted brand in acne care for Gen Z, continues its mission to empower young adults with science-backed solutions that meet them where they are—reactive, preventive, and always real. Whether it’s a surprise breakout, an early bump, or a clear-skin day, Benzac remains the go-to companion for Gen Zs in their skin journey.

The brand emphasized a holistic, three-step approach to acne care that is approved the entire month— targeting not just breakouts, but also prevention and post-acne recovery because skin care doesn’t stop even when pimples do.

Benzac Spots Treatment (Benzoyl Peroxide)

An over-the-counter spot treatment that kills 94 percent of acne-causing bacteria, unclogs pores, and removes blackheads and whiteheads.

Benzac Power Patch

A powerful solution for early-stage bumps that hydrates and locks in moisture for 24 hours, helping fade marks quickly in just six hours.

Benzac Microbiome Equaliser

Delivers hydration from first use and maintains moisture for 24 hours. It supports the skin’s natural barrier and microbiome balance, preventing future flare-ups.

Confidence is not just about clear skin—it’s about knowing you’ve got the right care behind you. More than treating breakouts, Benzac is helping you stay ready for whatever comes next.

Follow Benzac on Facebook, Instagram, TikTok, for updates.

DP1.3M in prizes given to Ka-panda riders as foodpanda celebrates 11 years in PHL

FOODPANDA Logistics recently held a special event for its Kapanda partner riders, as part of the festivities celebrating 11 years of foodpanda’s operations in the Philippines. The “hybrid” 11UP event, which saw over 100 Ka-panda riders from across the country joining onsite in Pasig, and thousands more watching the event online, was punctuated by exciting prizes and giveaways worth over P1.3 million.

The grand prizes included brand new motorcycles, driven home by lucky winners Mark Angelo Bojocan from Mega Manila; Jomar Cabrera from Luzon; Rico Jay Rotano from Visayas; and Regine Canoy from Mindanao.

“With a milestone as special as foodpanda’s 11 years in the country, it was very important that we celebrate it together with our hard-working Ka-panda partners,” remarked foodpanda Logistics Rider Experience Lead Ron Sanders.

“Just as important was making sure that Ka-pandas from across the country were well-represented, including for the raffle prizes. And it was only fitting that the grand prizes were motorcycles, something that they can also use for their livelihoods,” Sanders added.

Sanders noted that while the big event was one of the highlights of the anniversary, there are many more exciting activities lined up for Ka-

panda riders, including visits to various rider communities, safety training, and exclusive discounts for riders.

“We want our Ka-pandas to feel just how much we value our partnership with them, and it starts with us going wherever they are,” Sanders noted, explaining that their Rider Support Express program will be heading to various cities in coming months to provide hands-on support to riders.

“We will also be conducting safety training and refresher courses for our Kapandas to help ensure their safety while they are out on the road,” Sanders added.

One of the most anticipated activities is the launching of an exclusive fuel discount program with Caltex, offering its Ka-panda partner riders savings of 10 pesos per liter at Caltex stations throughout the country. The year-long “Ka-panda Gasolinahan” campaign, which has already rolled out in various key cities and will soon expand to more areas, aims to help riders manage rising fuel costs and maximize their earnings as they navigate roads and deliver to customers’ doorsteps.

“We are definitely just getting started,” remarked Sanders on the series of activities. “Indeed, our Ka-panda partners are at the heart of what we do, and we will make sure that we support, give back and pay tribute to our delivery heroes.”

AKASO Philippines Launches AKASO 360 Camera for Filipino Creators

AKASO Philippines, managed by Super East Asia Enterprises Inc., proudly unveiled the AKASO 360 in a dynamic launch event at Terasse Manila. With the brand’s continued mission to make creative tools more accessible, the AKASO 360 is set to empower everyday storytellers

aperture enable users to capture stunning 5.7K 360° videos and high-resolution 72 MP photos. Whether you’re capturing a mountain hike, a beach weekend, or simply a fun day out

with friends, the AKASO 360 gives creators the freedom to shoot first and reframe later. Compact, lightweight, and simple to use, it’s the kind of camera that fits effortlessly into your everyday bag, always ready to level up your travel videos or social reels. Guests at the event were also treated to an exclusive showcase of AKASO’s broader product line, including the V Series, Brave Series, and EK Series cameras. These models offer options suited to different lifestyles, whether for casual content creation, everyday documentation, or more adventurous pursuits. One standout was the AIpowered Night Vision Colored Binoculars, offering a rare blend of technology and imagination. With this, AKASO reinforces its commitment to continually pushing innovation in the imaging space.

Editor: Tet Andolong • www.businessmirror.com.ph

PETROMAX ALFA ROMEO UNVEILS ALFA ROMEO JUNIOR HYBRID BOLD STEP INTO THE FUTURE OF SPORTY COMPACT SUV

PETROMAX Alfa Romeo is thrilled to introduce the Award winning Alfa Romeo Junior Hybrid, a dynamic and stylish compact SUV that embodies the brand’s iconic heritage while embracing a new era of innovation and accessibility. The Junior seamlessly blends Alfa Romeo’s signature Italian design, exhilarating performance, and cutting-edge technology, making it the perfect entry point into the world of Alfa Romeo.

Key Highlights of the Alfa Romeo Junior: n Iconic Design: The Junior boasts a distinctive and athletic design, featuring the iconic Alfa Romeo shield, aggressive lines, and a sporty silhouette that commands attention.

n Thrilling Performance: Available with a range of powertrains, including advanced hybrid options, the Junior delivers the exhilarating driving experience that Alfa Romeo is known for.

n Advanced Technology:

The Junior is equipped with a suite of advanced technology features, including a state-ofthe-art infotainment system, driver-assistance systems, and connectivity options, ensuring a connected and safe driving experience.

n Premium Interior: The

Toyota Motor Philippines breaks ground on new Toyota Marilao Service Center, strengthening nationwide network

TOYOTA Motor Philippines (TMP) has recently commenced the development of a new service center under Toyota Marilao, Bulacan, Inc., marking a significant milestone in the dealership’s expansion to continuously provide convenience and excellent quality service to its growing customers.

The upcoming facility, located along MacArthur Highway in Barangay Abangan Norte, is designed to deliver high-standard and trustworthy automotive services, reinforcing Toyota’s commitment to worry-free ownership while enriching every stage of the customer journey.

Upon completion, the Toyota Marilao Service Center will span a total floor area of 10,000 square meters, offering a full range of services including Express Maintenance, Periodic Maintenance, and General Repairs, featuring a modern showroom and well-equipped service bays to better serve

customers in the province of Bulacan.

Driven by growth, rooted in legacy

AS Toyota Marilao’s business grew in sales and after sales we found the need to expand,” shared Toyota Marilao President, Don Juan Miguel Oben. “So early last year, we finally decided that we will put up a service center to increase capacity. We feel very fortunate that this property has finally found its calling.” He added.

“We are especially excited about the opening of this new service center. It marks another milestone in Toyota Marilao’s journey—one that will allow you to bring Toyota’s worldclass service to even more customers in the area,” shared Mr. Yuya Nagata, TMP Vice President for Service Network Management. “I am confident that this facility will not only enhance customer satisfaction but also strengthen the Toyota

brand here in Bulacan. And we are confident it will become a key contributor to the growing local economy.”  Marilao is a firstclass urban municipality in Bulacan, strategically located just 22 km north of Metro Manila, placing it at the heart of a fastgrowing industrial and logistics corridor. Its economy is anchored by warehousing and manufacturing estates, plus robust retail, real estate, BPO, agribusiness and foodprocessing activities common across the municipality.

As for transportation, Marilao enjoys strong connectivity via the North Luzon Expressway (NLEX) and the parallel MacArthur Highway (Manila North Road), facilitating inbound freight and commuter flows daily.

Follow Toyota Motor Philippines on Facebook, Instagram and X, and join the ToyotaPH community on Viber to get the latest updates on products, services, and promos.

Junior’s interior is crafted with premium materials and meticulous attention to detail, creating a comfortable and sophisticated environment for both driver and passengers.

n Versatile and Practical: The Junior offers a spacious and versatile interior, making it ideal

JULY sales struggled as the industry reeled under the jolting effects of catastrophic floods caused by successive typhoons and southwest monsoons that struck the metropolis and many parts of the country just a while back.

The seven-month period saw vehicle sales hop to a modest 1.4 percent, thanks mainly to the strong showing again of the commercial vehicle segment.

In a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association, a total of 269,207 vehicles were sold from January to July, surpassing the 265,610 units in the same period in 2024.

“The industry’s continued growth, particularly in commercial segments, reflects strong market fundamentals and the agility of our members in navigating short-term challenges,” said CAMPI president Rommel Gutierrez.

Commercial vehicles increased by 10.6 percent in sales ending July at 215,440 units disposed.

But demand for passenger cars dipped by 24.1 percent to 53,767 due to inflation and high loan rates.

Again, Toyota leads the pack with 48.04 percent market share, followed by Mitsubishi at 19.01 percent and Nissan at 5.06.

Mitsubishi S.O.S. AMID the recent typhoons, Mitsubishi Motors is reaching out to help customers get back on their feet and back on the road through its 2025 Flood Assistance Program, S.O.S.

for urban adventures and weekend getaways.

Target Audience:

n The Alfa Romeo Junior is designed for young professionals, urban dwellers, and anyone who appreciates.

n Italian design, sporty performance, and advanced technology. It is the perfect choice for those who want.

Visit our website at www. alfaromeo.ph to learn more about the Alfa Romeo Junior. Follow us on social media facebook page Petromax Cars and instagram Alfaromeoph for the latest updates and news.

Floods jolt July sales; Mitsubishi & Lexus

Support On Standby.

In a statement from Faye Alexis Marcelino, Mitsubishi’s assistant vice president for corporate public relations, she said Mitsubishi aims to ease the financial weight of repairs by lowering the cost of restoring critical components such as electronics, engine parts and other systems damaged by the extreme weather.

Starting last August 6, the program has been offering up to 30-percent discount on selected genuine spare parts for Mitsubishi vehicles exposed to floods.

The program will run until November 6 this year.

“This program reflects our strong commitment to supporting our customers during difficult times,” said after-sales executive vice president Toko Imai. “We understand that our customers rely on their vehicles, not just for convenience, but also for their livelihoods and families. Their trust in Mitsubishi is something we value deeply, and this program is one way to give back by helping them recover quickly.”

For more information, customers are encouraged to visit their nearest Mitsubishi dealership.

Lexus August blast

JADE Sison-Mendoza, Lexus’ assistant vice president, invites customers to get behind a Lexus wheel this August. Her report: “This August, select Lexus models are available with up to 48 months of zero-percent interest.

“The Lexus LBX starts at P2,568,000. Its 1.5-liter inline three-cylinder hybrid system delivers responsive performance and exceptional fuel efficiency. Inside, guests are welcomed by a 7-inch digital instrument cluster and ambient lighting, offering convenience and comfort in every drive.

“The Lexus NX selling at P3,158,000, blends dynamic agility with everyday practicality.

“The Lexus RX (P4,838,000) offers refined hybrid performance. It features a panoramic view monitor, voice command capabilities, and, in select variants, a Mark Levinson surround sound system, ensuring a luxurious and composed cabin experience.

“For flagship refinement, the Lexus LS (P5,468,000) stands as the ultimate expression of craftsmanship and comfort. Powered by a twin-turbo V6 hybrid engine and engineered for smooth, responsive handling, the LS features Omotenashidriven amenities such as the 28way power seats with massage functions, soft-close doors, and a Mark Levinson premium audio system.

“The Lexus LM (P7,158,000) transforms every drive into a lounge-like retreat. Designed with privacy and indulgence in mind, the LM features ottoman-style rear captain’s seats, ambient lighting and a partitioned cabin with a large display and personalized controls. Whether used for work or relaxation, the LM offers unmatched quiet, comfort and refinement—elevating luxury travel to new heights.

“To arrange a test drive, visit the Lexus Test Drive page at https://www.lexus.com.ph/en/ discover/test-drive.html.” PEE STOP Too many road accidents the past few days hit the metropolis and many parts of the country, owing to mechanical breakdown and human error. One drunken driver even went against the flow at the Skyway; thank God he escaped unscathed. But Transportation chief Vince Dizon promptly suspended his driver’s license for life…I am grateful again to Ms. Aimee Lim of Toyota Commonwealth for extending help to a dear friend, this time to Marius Abesamis. Salamat po, madam!

Taruc, Anciano reign supreme at CJH

Sports BusinessMirror

B8 Friday august 22, 2025

With key events scrapped, Yulo faces tough odds in SEA Games

By Josef T. Ramos

DCarlos Yulo will focus on one event at the 33rd Southeast Asian Games set from December 9 to 20 in Bangkok, Thailand, due to restrictions set by the organizing committee. Yulo, winner of the men’s floor exercise and vault event gold medal in the Paris Olympics last year, is expected to defend the men’s parallel bars title he won in the Cambodia 2023 Southeast Asian Games, according to Gymnastics Association of the Philippines (GAP) President Cynthia Carrion.  “M aybe in the parallel bars again to defend the crown, but we and the coaches will make an evaluation first in what event he will be joining,” Carrion told BusinessMirror on Thursday. “They want Carlos to be there so we will bring him there.” Carrion said the Thai SEA Games organizers have scrapped the men’s and women’s individual all-around and team events. Gymnasts are allowed to compete in three qualifications, but will have to choose only one if the athlete makes it to multiple finals.

W ithout the individual all-around, Yulo and the other Southeast Asian gymnasts will only compete in one apparatus per NOC in the final—and defending the parallel bars title is the main goal as of now.

JAPAN V.League club Kurashiki Ablaze has pulled out of the Premier Volleyball League (PVL) Invitational.

The tournament opened on Thursday with two matches featuring PVL clubs.

“As of now, we cannot announce what apparatus he will compete, but it could be parallel bars. We just must figure it out. All I can say is they [Thais] would really love to see Carlos for sure, and we will bring him there. But the funny thing is they will just see Carlos in one event.”

B efore that, in the 2025 World Artistic Gymnastics Championships in Jakarta from October 19 to 25, the 24-year-old Yulo will focus on the men’s individual all-around competition, according to Carrion. Y ulo bagged two gold medals— men’s individual all-around and parallel bars—and earned the silver in the still rings and silver in team event during the Cambodia games in Phnom Penh.

T he Philippines had a total of eight medals—four gold, two silver and two bronze.  I van Cruz won the floor exercise while

WITH their berths to the Elite Junior Finals already secured, Jakob Taruc and Rafa Anciano could have taken the foot off the pedal. Instead, the two rising stars of Philippine junior golf turned in focused, high-quality performances to rule the premier 15-18 age category of the John Hay Junior Philippine Golf Tour Championship on Thursday in Baguio City.

For Taruc, it was a gritty, nervewracking climb to the top. For Anciano, it was a dominant display of form and finesse.

early, intense duel with Andres, Taruc managed to stay composed.

“There was a bit of pressure. But I always made sure God is with me, so even if I lose, it’s still okay,” he added.

Even with a comfortable lead down the stretch, Taruc said he never felt like the win was in the bag. To prep for the finals, I need to sharpen my short game, which is crucial for a course like The Country Club.”

Taruc had the advantage with the absence of No. 4-ranked Kristoffer Nadales, but the 17-year-old still had to dig deep to secure his first leg win of the season in a dramatic showdown against Andres Fabie.

C oming into the final round just one stroke off the lead, Taruc carded a 74 to finish with a 54-hole total of 222, clinching a three-shot victory at the challenging John Hay Golf Club under cloudy skies.

Fabie faltered when it mattered most, closing with a 78 to take second spot at 225.

Alonso Espartero bogeyed the final two holes and wound up third with a 228 after matching Taruc’s round of five-over card in the final leg of the seven-stage Luzon series backed by International Container Terminal Services Inc.

“I g ot too aggressive going into the back nine. I used my driver way too much, which I didn’t need to, and that cost me a bit,” said Taruc, reflecting on his final round strategy. Despite an

Fabie, who led after 36 holes, looked poised for a breakthrough victory after five tournament appearances, with his best finish previously being a fourth place at Pradera Verde. Although he squandered a onestroke lead, he fought back from two shots down with a dramatic three-shot swing on the par-3

No. 11—firing a birdie while

Taruc stumbled with a double bogey.

Taruc, who finished second at Pradera Verde and third at Splendido

Taal, birdied the par-4 12th while Fabie faltered with a double bogey, resulting in a three-shot swing of his own that vaulted him back into the lead.

Taruc then extended his advantage to three strokes after Fabie bogeyed the 13th and faded with a double bogey on the next. He thus tied Pradera leg winner Zachary Villaroman at third in the overall points standings with 37. Patrick Tambalque led with 45 points, followed by Shinichi Suzuki with 39.

Nadales, who had 32 points and held the No. 4 ranking heading into the event, was forced to skip the leg due to prior commitments, paving the way for Taruc to lock in the final finals berth in the regional series organized by Pilipinas Golf Tournaments Inc.

Alonso Espartero fired a closing 72 to finish third at 235.

A nciano cruised to a commanding win in the girls’ division, firing a two-over 71 for a 54-hole total of 222 and finished 26 shots ahead of Tiffany Bernardino.

Already guaranteed of the top finals seed after winning three of the first four legs, the Mandaluyong standout skipped the fifth and sixth legs to reset, only to return with a statement victory.

“I sank a lot of long putts and made three birdies in the front, so I’m really proud of that,” said Anciano, who birdied Nos. 1, 4, and 7 to jumpstart her final push. However, the 17-year-old Global Homeschool student wasn’t spared from mistakes. “I struggled with my driver but was able to get it

Juan Miguel Besana captured the vault gold.

Carlos’ younger sister Elaiza Yulo, according to Carrion, will also compete in the Thailand SEA Games. She is doing very well in training after her ankle sprain,” Carrion said. “I believe she will do better there in December.”

GAP is still completing its entry list.

Japan pro team withdraws from PVL Invitational

Kurashiki, the 2023 PVL Invitational champion, pulled out of the tournament following a compliance violation allegedly committed by head coach Hideo Suzuki.

“ We regret to inform you that we received a notice from the Japan Volleyball League indicating that our head coach, Hideo Suzuki, may have committed a serious compliance violation,” Daisuke Watanabe, Representative Director of Ablaze Co. Ltd., said in an official statement.

“In response to this notification, our team has decided to immediately commence an internal investigation and suspend all activities until the details of the incident are fully clarified,” he added.

“It is with great regret that we must inform you of our decision to withdraw from participating in the PVL Invitational. We sincerely apologize for any inconvenience this sudden decision, made so close to the start of the tournament, may cause to all parties involved,” Watanabe further said.

Creamline overcame Cignal in the opening match, 22-25, 25-17, 22-25, 25-11, 15-8. Michele Gumabao led the Cool Smashers with 18 points. Kobe Shinwa University is now the only foreign squad in the sixteam field.

With Kurashiki officially out, the PVL has tapped the fifthplaced team from the PVL on Tour to complete the tournament lineup.

An invitation was initially sent to Farm Fresh team owner Frank Lao, but he opted to field the ZUS Coffee Thunderbelles instead, citing that the Foxies are still not ready and are short of a full training roster. The Thunderbelles placed sixth in the PVL On Tour.

Adamson faces Cebu champ USC

World Boxing will

require sex testing for female fighters

OS ANGELES— The governing body for Olympic-style boxing will require sex testing for all fighters wishing to compete in the women’s division at its world championships next month. World Boxing already had announced its plan to require competitors to undergo a polymerase chain reaction test or an equivalent genetic screening test to determine their sex at birth. The rules will be implemented ahead of the World Boxing Championships in Liverpool, England, in early September, the organization announced Wednesday. The tests identify the presence or absence of Y chromosome genetic material as the indicator of biological sex.

“ World Boxing respects the dignity of all individuals and is keen to ensure it is as inclusive as possible,” World Boxing president Boris Van Der Vorst said. “Yet in a combat sport like boxing, we have a duty of care to deliver safety and competitiveness fairness, which are the key principles that have guided the development and creation of this policy.”

Paris Olympic champion Imane Khelif of Algeria declined to enter a World Boxing tournament in the Netherlands in June, shortly after the governing body initially announced its plans to introduce sex testing. Van Der Vorst later apologized for specifically naming Khelif, who initially planned to fight in the tournament, while outlining World Boxing’s future testing plans.

Khelif and fellow gold medalist Lin Yu-ting from Taiwan excelled in Paris under a harsh spotlight of widespread scrutiny and misconception about their sex. The 26-year-old Khelif repeatedly has said she was born a woman, and she has competed at all levels of women’s amateur boxing for nearly a decade.

C hromosome testing was common in Olympic sports during the 20th century but was largely abandoned in the 1990s because of numerous ambiguities that couldn’t be easily resolved by the tests, collectively known as differences in sex development.

Many sports switched to hormone testing to determine sex eligibility, but those tests require governing bodies to make difficult decisions on the eligibility of women with naturally high testosterone levels.

World Boxing said athletes with DSD in which male androgenization occurs will be eligible to compete only in the men’s category.

But the governing body also said it would offer extensive additional analysis and evaluation for athletes with Y chromosome genetic material who wish to compete in the women’s categories, including genetic screening, hormonal profiles, anatomical examination and further evaluation of endocrine profiles by medical specialists. An appeals process also is available.

National federations are responsible for conducting the tests and submitting the results, World Boxing said.

E arlier this year, World Athletics—