BusinessMirror February 06, 2026

THEMarcos Jr. administration’s economic managers are bracing for a prolonged period of peso weakness, as they have projected that the local currency could reach P60 per dollar over the next 5 years.

The peso is expected to hover at P58 to P60 against the greenback starting this year until 2030, according to the Development Budget Coordination Committee’s (DBCC) macroeconomic assumptions in its 192nd meeting, which were disclosed on February 4. According to experts, the economic managers are just “being realistic” when they assume that the local currency will further depreciate.

“The P58 to P60 range looks more like prudent budgeting than a surrender to weakness,” Robert Dan J. Roces, SM Investments Corporation group economist, told the BusinessMirror. “Planners are being realistic, not pessimistic.” With this range, Roces said it provides the government a cushion against a strong US dollar and higher global interest rates.

However, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., told the BusinessMirror that a weaker peso would exert pressure on consumer prices. “A weaker peso is basically an imported-inflation engine—food, fuel, and even power costs rise because so much of what we consume is priced in dollars,” he said.

Roces shared the same sentiment, but noted that the pass-through will be gradual and not sudden. “It stays manageable if policy remains tight.”

On the positive side, Roces said exporters, and the business process outsourcing and tourism sectors will benefit. Remittances from overseas Filipinos will also increase in peso terms, he added. However, these gains can be offset by higher costs of imports and capital spending.

As to its fiscal drag, Ravelas said a weaker currency makes the government’s foreign debt more expensive, which tightens its fiscal space.

“[A weaker peso] squeezes households, slows business spending, and ultimately drags on gross domestic product [GDP],” he added.

By Justine Xyrah Garcia

INFLATION in January may have hit an 11-month high, but economists are not pressing the panic button just yet—even with the government projecting a weaker peso in the coming years.

The cautious tone comes as the Development Budget Coordination Committee (DBCC) on Wednesday released its updated medium-term macroeconomic assumptions, projecting the peso to trade between P58 and P60 against the US dollar from this year until 2028.

The Philippine Statistics Au-

thority (PSA) reported on Thursday that headline inflation averaged 2 percent in January 2026, faster than the 1.8 percent recorded in December 2025, but still slower than the 2.9 percent posted in January 2025.

The January print marked the highest inflation rate in 11 months, or since the 2.1 percent logged in February 2025.

Despite the pickup, former Socioeconomic Planning Secretary Dante B. Canlas said inflation is likely to remain within the central bank’s target range in the nearterm, barring major shocks to food and energy prices.

He noted that weaker aggregate demand is also helping temper price pressures, creating a “moderating effect” on inflation.

“Unless profound input price shocks in food and energy materialize, I don’t see a surge in inflation…For subsequent months, we go by the data, that is, we wait if there are fresh shocks to the economy to assess inflationary impacts,” Canlas told the BusinessMirror

Canlas said the Bangko Sentral ng Pilipinas (BSP) should also “go easy” in cutting interest rates to “avoid further weakening of the peso against the US dollar.”

For Philippine Institute for Development Studies (PIDS) Senior Research Fellow John Paolo R. Rivera, a possible weakening of the peso to P60 per dollar could result in a mild but persistent pass-through to inflation, mainly through higher import costs for “fuel, transport, and some food items.”

“But the impact this year should remain manageable as global commodity prices are relatively stable and domestic demand is still subdued, meaning currency driven inflation will likely be incremental rather than sharp,” Rivera told the BusinessMirror

WITH January’s infla-

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand Marcos Jr. said the new blockchain-secured, onestop mobile application of the Technical Education and Skills Development Authority (TESDA) will enhance the connectivity of jobseekers to training as well as employment opportunities.

The chief executive led the launch of the TESDA Skills Passport Mobile Application at the Makabagong San Juan National Government Center in San Juan

City last Thursday. This is Marcos’ first public appearance outside of the Malacañang Palace since he was hospitalized last month after being diagnosed with diverticulitis, a medical condition where the large intestine suffers from inflammation.

“Through the TESDA Skills Passport Mobile Application, we now have an all-in-one digital platform,” he said in Filipino in his speech during the event.

TESDA trainees can view scholarship, employment opportunities, TESDA-accredited

See “Blockchain,” A2

tion print above market expectations, the Bangko Sentral ng Pilipinas’ (BSP) path to further monetary policy easing may have become “murkier,” according to HSBC Global Investment Research.

In a commentary, HSBC Asean economist Aris Dacanay said the rise in core consumer price index (CPI), driven by higher water and restaurant service prices, as well as rising costs in restaurants, recreation, personal care, and health, could “complicate” the BSP’s plans for more rate cuts.

The Philippine Statistics Authority (PSA) reported on Thursday that inflation averaged 2 percent in January 2026, faster than

the 1.8 percent recorded in December 2025, but still slower than the 2.9 percent posted in January 2025. (See: https://businessmirror.com.ph/2026/02/05/housing-utilities-push-inflation-upto-2-in-january/)

“All in all, we think January’s CPI has made the path to further rate cuts rougher,” Dacanay said. While economic growth has slowed to its slowest pace since 2011, Dacanay said inflation has not been as benign as warranted over the past two months.

Despite the upside surprise in headline inflation, Dacanay said HSBC still expects the BSP to cut its policy rate in February, as it expects growth concerns to outweigh inflation.

“Being outlook-dependent is important,” Dacanay said, pointing to factors, such as rice policy adjustments following the lifting of the rice import ban and cooling demand from weak household consumption and decline in public spending.

“If the BSP were to decide to pause its easing cycle, we think it would only be a postponement of easing, not a complete derailment,” Dacanay added. Meanwhile, after the January inflation print was released, the BSP reiterated that the Monetary Board, its highest policy-making body, sees the monetary policy easing cycle nearing its end.

“Any further easing is likely to

Tesda uses blockchain for skills mobile app

training institutions, and TESDA online training courses in the app.

It will also allow employers to verify the National Certificate, training, and identities of TESDA scholars with the use of blockchain technology or a decentralized ledger of all transactions across a peer-to-peer network.

To make the app easier to use, it also features an artificial intelligence (AI), which can answer the inquiries of users.

Marcos also assured that the personal information of its users are protected by TESDA’s security measures.

“So, to our youth, TESDA scholars, and to all those who want to learn new skills, I invite you to try and use the TESDA Skills Passport Mobile App,” he said.

The new mobile app can be downloaded on the Apple App Store and Google Play.

With its P20-billion budget allocation, TESDA will be able to increase its beneficiaries this year, according to the President.

“This is the largest budget they have received—so that they can expand scholarship programs and also skills training,” he said.

BCDA: Lufthansa, FedEx to expand operations in Clark

By Bless Aubrey Ogerio @blessogerio

GLOBAL

logistics and aviation companies are planning major expansions in Clark, with combined investments expected to exceed $600 million, according to the Bases Conversion and Development Authority (BCDA).

BCDA President and CEO Joshua Bingcang on Thursday said Lufthansa Technik Philippines (LTP) is planning to invest about $400 million, while Federal Express Corp. (FedEx) has lined up an estimated $240 million for the expansion of its Clark operations.

LTP’s planned investment will fund the construction of a new maintenance, repair, and operations (MRO) facility at Clark Aviation Capital (CAC).

FedEx’s expansion, meanwhile, includes an $80-million building, with equipment and operational components expected to cost as much as twice the value of the structure itself.

“FedEx has already finalized its construction plans, which have been approved by us,” Bingcang said during a media luncheon in Makati City.

“Their responsibility will be to build the apron and a new runway.”

He said the FedEx facility will be located across the planned apron, with Lufthansa’s expansion situated nearby. “In fact, Lufthansa will also be getting an additional area, so they are clearly in expansion mode as well. That’s for Clark,” Bingcang added. Discussions between BCDA and global logistics firms such as FedEx, UPS, and Lufthansa Technik have been ongoing since 2024 as part of the government’s push to position Clark

as a major logistics and aviation hub.

Lufthansa has already submitted a formal proposal and is seeking at least 15 hectares for its expansion at Clark International Airport, with BCDA targeting the completion of the deal within the first quarter.

FedEx, for its part, is looking to increase its daily flight operations to as many as 20 aircraft per day, supported by a new 80,000-square-meter facility. The company currently operates out of a much smaller, roughly 3,000-square-meter facility at Clark.

BCDA estimated that the combined cost of the apron, runway, and taxiway infrastructure needed to support these expansions could reach about $7 billion.

Bingcang said construction of the airport apron is expected to begin this year, with the facility targeted to open by the third

quarter of 2027. Construction of the taxiway and a second runway is scheduled to start next year.

K-water project

SEPARATELY, Bingcang mentioned the unsolicited proposal of South Korea’s K-water to develop a bulk water supply system for New Clark City.

The P15-billion project will be implemented under a public-private partnership arrangement in joint venture with Maynilad Water Services Inc., set to run for 50 years. At present, New Clark City’s water supply capacity is estimated at 20 to 30 million liters per day. Once the project is implemented, capacity could increase to as much as 150 million liters per day, according to BCDA. K-water is also the firm currently managing Angat Dam, the country’s main water source for Metro Manila.

PHL aiming to become S.E. Asia’s leader in digital…

The DICT secretary noted the importance of infrastructure sharing among telecommunications companies, noting that studies show this could add up to 1.1 percent to the country’s GDP.

Meanwhile, National Telecommunications Commission (NTC) Commissioner Ella Lopez echoed the call for collaboration, stressing that regulation alone cannot address persistent challenges in affordability, service quality variations, and digital exclusion.

“These challenges are not mere

technical hurdles. They are obstacles to education, healthcare, economic growth, and even disaster resilience,” Lopez said.

She said overcoming these barriers requires sustained investment, regulatory certainty, and coordination among government, industry, and development partners.

“When connectivity expands, markets expand. When access improves, demand grows. When networks are resilient, confidence flows,” Aguda said.

nomic activity has weakened further,” the BSP said.

be limited and guided by incoming data,” the central bank said.

Last month’s inflation outturn of 2 percent is within the BSP’s forecast range of 1.4 to 2.2 percent.

“The inflation outlook continues to be benign while inflation expectations remain well anchored,” the BSP said.

Inflation is also expected to settle within the 2 to 4 percent target range for 2026 to 2027.

“The Monetary Board noted that the outlook for domestic eco -

“Business sentiment has continued to decline on governance concerns and uncertainty over global trade policy,” the BSP added. “Nevertheless, domestic demand is expected to rebound gradually as the effects of monetary policy easing work their way through the economy and public spending improves.”

The Monetary Board will convene on February 19, 2026, to discuss the evolving assessment of Philippine macroeconomic prospects and their implications to monetary policy.

Reine Juvierre S. Alberto

He said January’s inflation pickup is likely partly temporary, but warned that pressures could persist due to transport fare adjustments, volatile electricity rates, and higher import costs from a weaker peso.

Ateneo de Manila University (ADMU) economist Leonardo A. Lanzona echoed similar concerns, saying the inflationary impact of a weaker peso has yet to fully materialize, as the production side of the economy has not yet absorbed its effects.

“While the cost of imports increase, this can incentivize greater exports which can have spillovers on production for domestic consumption. The country’s ability to diffuse production will determine how the foreign exchange will [impact] production,” Lanzona told the BusinessMirror

Drivers DATA from the PSA showed that inflation in housing, water, electricity, gas, and other fuels index climbed to 3.3 percent in January, accounting for nearly half—or 45.9 percent—of the overall inflation acceleration last month.

Electricity prices rose faster at 6.5 percent, up from 4 percent in December 2025, while rentals increased to 2.9 percent from 2.4 percent a month earlier. Slower decline in liquefied petroleum gas (LPG) prices also contributed, with inflation easing to -2.8 percent from -5.1 percent in December. Inflation for restaurants and accommodation services likewise accelerated to 4 percent, accounting for 41.3 percent of the overall inflation increase in January.

The PSA attributed the rise largely to higher prices of prepared meals, with lunch items posting increases of more than 10 percent, reflecting higher input costs such as pork, electricity, rent, and wages.

Rivera said the data indicate a gradual shift away from purely food-driven inflation toward more services-led price pressures.

“As consumption normalizes and wage adjustments feed through, services inflation may become a more important driver of overall price dynamics than headline food inflation alone,” he said, noting that logistics costs and any recovery in domestic demand pose additional risks.

For Lanzona, a weaker currency could still support higher production, which may help offset demand-side pressures on prices. He stressed that inflation—whether driven by food or services—may not be the central issue in the coming months.

“The problem is whether the government expenditures will cause aggregate demand to increase. This seems to be likely because the government intends to raise its infrastructure in the second quarter,” Lanzona said. He added that government investments must translate into higher production and productivity, not only for export-oriented industries but also for the domestic sector.

Interventions

The revision in the DBCC’s macroeconomic assumptions comes after its expectations of slower economic growth, projected at 5 to 6 percent in 2026.

The GDP growth target was revised downwards from the previous 6 to 7 percent goal due to lingering global uncertainties in trade and investment, as well as domestic headwinds.

President Ferdinand R. Marcos Jr. has expressed concern over the weakening of the peso, saying that he does not want the currency near the P60 mark to a dollar. With the economic managers building a weaker peso into their assumptions, Ravelas said it is less about defying the president.

“[It’s] more about being realistic. Markets follow fundamentals, not wishes, and policymak-

ers need to anchor expectations where the data is actually heading,” Ravelas said. Roces said the DBCC raising the foreign exchange band is “simply a matter of risk management.”

The global dollar is still strong since US yields remain high, Roces said. US deficits are also large, and safe-haven flows pick up whenever there is geopolitical or trade stress.

“On the local side, our import bill for oil, food, and capital goods remains significant, so the demand for dollars is structural,” he added.

Aside from foreign exchange, the DBCC also expects the export of merchandise goods grow by 2 percent in 2026 and 3 percent in 2027 to 2028 from the 2-percent contraction it projected in 2025.

Meanwhile, import payments are expected to rise at a slower pace—2 percent in 2026 from the earlier assumption of 4 percent. It is also projected to grow by 4 percent until 2028.

MEANWHILE, Department of Economy, Planning, and Development (DepDev) said easing food inflation has helped keep headline inflation manageable, but acknowledged that faster non-food inflation—particularly electricity—continues to pose a challenge, even as government measures are being rolled out.

Food inflation slowed to 0.7 percent in January 2026 from 1.2 percent in December, which the agency believed provided some relief to households, especially low-income families. DepDev Undersecretary Rosemarie G. Edillon said the government is addressing rising electricity costs through measures to strengthen the Department of Energy’s Net Metering Program, which allows consumers to offset power bills by exporting excess renewable energy to the grid. She also cited reforms by the Energy Regulatory Commission (ERC), including full lifeline discounts and subsidies to low-income electricity users.

“Rest assured that we are exerting all efforts to strengthen food systems, improve climate resilience, and enhance governance to further support price stability and help sustain economic momentum in the months ahead,” Edillon said.

Navy to activate detachment at Tubbataha

By Rex Anthony Naval

THE Puerto Princesa, Palawan-based Western Naval Command will establish a monitoring detachment at the Tubbataha Reefs Natural Park Ranger Station as part of its ongoing efforts to secure the country’s vast waters.

This was made possible after the Wesnavcom formalized a partnership with the Tubbataha Management Office (TMO) through the signing of a memorandum of understanding (MOU) on February 3.

“The agreement establishes a monitoring detachment at the Tubbataha Reefs Natural Park Ranger Station. This initiative will enhance maritime monitoring and conservation efforts, strengthening inter-agency coordination for effective maritime situational awareness in the Sulu Sea,” Wesnavcom said in a statement.

Rear Adm. Vincent Sibala, Wesnavcom chief, said this represents command’s commitment to protect the country’s vital marine ecosystems while safeguarding national security.

“By integrating naval assets with TMO’s expertise, we fortify our defenses against illegal activities and promote sustainable maritime stewardship,” Sibala said. Meanwhile, Angelique Songco, protected area superintendent of the Tubbataha Reefs Natural Park, said partnering with the WNC will amplify their ranger operations.

Such partnership, she added, will ensure that Tubbataha Reefs—a United Nations Educational, Scientific and Cultural Organization (Unesco) World Heritage Site—remains a beacon of biodiversity for future generations.

The Tubbataha Reefs Natural Park, located in the Sulu Sea, is one of the world’s richest marine environments, facing ongoing threats from illegal fishing, poaching, and environmental degradation.

The new detachment will provide real-time naval support for patrols, surveillance, and rapid response.

Kerwin Espinosa surrenders to NBI

By Joel R. San Juan

THE National Bureau of Investigation (NBI) yesterday confirmed the surrender of Albuera, Leyte, Mayor Rolan “Kerwin” Espinosa who is the subject of an arrest warrant for a murder case.

NBI spokesperson Palmer Mallari said Espinosa will be presented before Judge Merlo Pasco Bagano of Branch 14 of the Regional Trial Court in Cebu for the return of the warrant.

Mallari also confirmed that the NBI would wait for the court’s issuance of a commitment order to determine where Espinosa would be detained pending court proceedings against him.

The prosecutors recommended no bail against Espinosa and his co-accused identified as Ronald Danieles Bulak, Eddie Mar Mitra, Marcelo Adorco, and a certain alias Ronel.

In 2023, Espinosa was acquitted by a Manila court of the illegal possession of firearms and explosives charges filed by the police in connection with the August 2016 raid in his residence in Albuera, Leyte. Espinosa was also cleared of the drug charges that were filed against him at the height of the anti-illegal drug war launched during the term of former President Rodrigo Duterte.

Remulla vows to end tobacco smuggling, illegal manufacturing

By Jonathan L. Mayuga @jonlmayuga

INTERIOR Secretary Jonvic Remulla vowed on Thursday to eradicate the illegal smuggling, selling, and manufacturing of tobacco products.

Remulla made the vow following the confiscation of more than P400-million worth of cigarettes and machinery in Barangay Panipuan, Mexico, Pampanga.

Remulla said the National Police (PNP), Bureau of Customs (BOC), and Bureau of Internal Revenue (BIR) will join forces to stop the illegal activities. “We started last December in Mabini, Batangas, in Malabon, and in Mexico Pampanga. With the help and cooperation of all, we will do everything to stop these activities,” he said in a statement.

Three cigarette-making machines, two cigarette-packing machines, fake tax stamps, and other paraphernalia amounting to some P400-million worth were confiscated in the illicit factory.

In a press briefing, after an inspection of the suspected illegal cigarette factory, Remulla said that the task force arrested six Chinese nationals who have been operating the illicit factory since March 2025 and who are involved in human trafficking.

The raiders rescued 60 Filipino workers, who were allegedly subjected to involuntary servitude. The Filipinos, Remulla said, were made to live in poorly ventilated and lit barracks and were not paid the P15,000 monthly pay they were promised.

He said the factory produced over P4.5-billion worth of illegal cigarettes in the span of one month. Found inn the possession of these Chinese nationals are several tons of tobacco leaves, fake BIR stamps, and other paraphernalia for the production of

illegal cigarettes.

According to Remulla, the incorporators of the company are Stephanie Sampana, Sweetly Wan Sampana, Brian Manzano, all Filipinos, and Moong Sang Kim and Su Yong Kim, both Korean nationals, all under Samyong Global Corporation, formerly Sangil Steel Philippines.

Among the illegal cigarette brands confiscated were Two Moon, Carnival Cigarette, and HP. Remulla warned retailers that the manufacturing, transportation, and selling of illegal cigarettes are against the Anti- Agricultural Sabotage Act.

“ Nakikiusap kami sa lahat ng maliliit na tindahan, kung kayo po ay mahulihan ng iligal na sigarilyo, pati po kayo ay makakasuhan ng non-bailable offense.”

Citing the previous directive of Presiden Marcos, Remulla said the government does not turn a blind eye to this modus and that the President is not in the business of protecting any illegal foreign businesses and their perpetrators.

In 2024, the Philippine government lost more than P30 billion due to the illegal sale of tobacco, which should have been appropriated to the country’s health care system.

Cops arrest 6 Chinese for human trafficking

MEXICO, Pampanga – Authorities arrested six Chinese nationals and rescued 65 Filipino workers during a raid on an illicit cigarette factory here last week.

Speaking at a press briefing following an inspection of the raided warehouse on Thursday, Interior Secretary Juan Victor Remulla said the operation, conducted on January 28, also resulted in the confiscation of P400 million worth of illegally-manufactured cigarettes and raw materials.

“Rescued po sila. Sila ay victims ng human trafficking [They were rescued. They are victims of human trafficking],” Remulla said, adding that the Filipinos were forced to work in “inhumane” conditions.

Remulla said the Filipinos, 54 men and 11 women, were recruited with the promise of a P15,000 monthly salary but were never paid by the operators.

Ang tawag doon [That is called] involuntary servitude,” he said, noting that the victims lived in small barracks that had no windows and electric fans and with only a single light bulb to provide illumination.

Remulla said the rescued Filipino workers are now receiving assistance from the government.

Also seized during the operation were three cigarette manufacturing machines and two cigarette packing machines capable of producing an estimated P150 million worth of cigarettes per day or P4.5 billion worth per month.

The illegal operation, Remulla said, started just last month. He identified the lessor of the factory’s lot as Samyoung Global Corporation, whose incorporators are three Filipinos and two Koreans.

“We are looking deeper into the entire structure ng kumpanyang ito [of this company],” he said.

The Criminal Investigation and Detection Group director, Maj. Gen. Robert Alexander Morico II, said they have subpoenaed one of the Filipino incorporators as part of the investigation.

The six Chinese nationals face charges for violating Republic Act 9208, or the Anti-Trafficking in Persons Act. They underwent inquest proceedings on January 30, with a preliminary investigation set for February 9. PNA

House panel defends junking of impeachment complaints vs Marcos

By Jovee Marie N. dela Cruz @joveemarie

THE House Committee on Justice on Thursday defended the panel’s decision to junk two impeachment complaints against President Marcos, saying the petitions were declared insufficient in substance owing to weak evidence and the absence of a clear link between the allegations and impeachable offenses.

The Makabayan bloc accused the panel of acting as the President’s legal defense rather than performing its constitutional duty as a check and balance, after the impeachment complaints were dismissed at the committee level.

Justice Committee Chairperson Gerville Luistro said in a television interview that based on what she heard from committee members, there was no connection—or what Mamamayang Liberal Rep. Leila de Lima referred to as the “nexus”—between the alleged facts presented and the supposed grounds for impeachment.

Luistro, who represents Batangas, said that it is not enough to allege that a public official committed an offense, emphasizing the need to establish a causal connection between the acts complained of and the constitutional grounds for impeachment.

“One of the observations of the members was that there was no personal participation on the part of the impeachable official. Without that, we cannot say that he had personal knowledge,” she added.

Luistro also noted that some of the evidence attached to the complaints consisted merely of news clippings, which she said do not meet the requirement for authenticated or certified records.

On the graft and corruption allegations, Luistro pointed out that the complaint cited a video involving former lawmaker Zaldy Co, who is under investigation for alleged irregularities in flood control projects.

“That video has not been authenticated up to this date,” she said, adding that for it to be admissible, the person involved should either personally testify under oath or submit an affidavit to support the allegations at the sufficiency-in-substance stage.

Luistro clarified that the committee report declaring the complaints insufficient in substance is effectively a dismissal,

but noted that the decision may still be reversed by the plenary.

According to Luistro, if at least one-third of all House members vote to overturn the committee report, the decision will be reversed and the complaints will be sent back to the Justice committee, which will then be required to prepare articles of impeachment.

On Wednesday, the House Committee on Justice voted to dismiss the two impeachment complaints filed against Marcos for alleged violations of the Constitution. The first complaint was filed by lawyer Andre de Jesus, while the second was lodged by the Makabayan bloc led by former Gabriela Rep. Liza Maza.

The committee voted 42-1, with three abstentions, to declare the de Jesus complaint insufficient in substance. A subsequent motion by Deputy Minority Leader and Caloocan Rep. Edgar Erice to find the Makabayan complaint sufficient in substance was defeated by a 39-7 vote, with no abstentions.

In a joint statement, Party-list Reps. Antonio Tinio of ACT Teachers, Sarah Jane Elago of Gabriela and Kabataan Rep. Renee Louise Co of Kabataan condemned the dismissal of the complaints, saying the majority improperly weighed evidence at a stage that merely requires a recitation of facts sufficient to support an impeachable offense. They argued that determining the truthfulness of allegations should only take place during the hearings, after the President has been formally served notice of the charges.

“The majority has no duty to defend the President, yet that is precisely what appears to be happening,” the Makabayan bloc said, warning that Congress will be judged by how it handles pending impeachment complaints, including one against Vice President Sara Duterte.

The bloc further claimed that the President bears primary responsibility for the alleged flood control corruption under the system of budget “allocables” and kickbacks and accused him of protecting officials allegedly involved in the scheme.

“The majority has abandoned its constitutional role as a check and balance and has instead become the President’s defense team,” the statement

See “Impeachment,” A4

Speaker presses passage of Magna Carta for Barangays

THE leader of the House of Representatives on Thursday vowed to prioritize the passage of longoverdue bill establishing a Magna Carta for Barangays, emphasizing that barangay officials are the true frontliners of government who deserve dignity, protection, and stronger institutional support.

Speaking before the House Committee on Local Government-Subcommittee on Local Officials and Personnel, Speaker Faustino G. Dy III said the proposed Magna Carta is grounded in both personal experience and a deep understanding of grassroots governance.

As a former barangay captain, mayor, and governor, Dy said that barangay officials

are the first responders and primary point of contact during emergencies—often the first to arrive and the last to leave.

He noted that barangay officials carry wide-ranging responsibilities, effectively serving as the executive, legislative, and judicial arms of government at the community level. They implement national and local programs, pass ordinances through the sangguniang barangay, mediate disputes under the Katarungang Pambarangay, and partner with authorities in peacekeeping and law enforcement.

“Having served as both mayor and governor, my conviction has only grown stronger that barangay officials are the true frontliners of our government,”

the Speaker said.

“They are the first responders. The first point of contact. The ones on the ground. They are the first people residents turn to when problems arise, the first to act during crises, and more often than not, the last to leave when the situation has been resolved,” he added.

Dy underscored the breadth of responsibilities carried by barangay officials, noting that in practice they function as the executive, legislative, and judiciary all rolled into one.

He said barangay officials in communities around the country implement government programs, craft ordinances through the sangguniang barangay, mediate disputes through the Katarungang Pambarangay,

and serve as partners in peacekeeping and law enforcement. No other level of government, he said, is as close to the daily lives of ordinary Filipinos.

The Speaker also highlighted the indispensable role barangay officials played during the Covid-19 pandemic, when they enforced health protocols, delivered assistance, and remained in their communities despite risks to their own safety.

“During Covid, our barangay officials saved us,” emphasized Dy.

According to Dy, the proposed Magna Carta seeks to improve compensation and benefits for Punong Barangays, Kagawads, SK officials, and barangay personnel; ensure the availability of basic services

and facilities such as barangay halls and health centers; and strengthen the barangay as an institution so it can more effectively fulfill its role as the country’s primary unit of governance.

“This bill is about giving our barangay leaders the dignity and recognition they deserve,” Dy said, adding that barangay officials are not merely implementers of policy but vital partners in solving the country’s most pressing problems.

Dy expressed optimism that with the support of lawmakers, the proposed Magna Carta for Barangays can be advanced in the 20th Congress, describing it as a measure that serves the barangay, the community, and the vision of Bagong Pilipinas. Jovee Marie N. dela Cruz

DOTr orders extension of airport runways

By Lorenz S. Marasigan @lorenzmarasigan

THE Department of Transportation (DOTr) on Thursday ordered the extension of airport runways to at least 2,100 meters, as well as, the installation of equipment to enable these to be night rated.

Transportation Secretary Giovanni Lopez said the agency is extending runways at regional and provincial airports to accommodate larger aircraft, following the directive to make domestic travel more affordable and boost tourism.

Estrella orders investigation of ‘land grabbing’ in Tarlac

By Jonathan L. Mayuga @jonlmayuga

GRARIAN Reform

ASecretary Conrado M. Estrella III has ordered the immediate investigation of the reported land grabbing of more than 187 hectares of agrarian reform land previously awarded to farmer-beneficiaries in Capas, Tarlac.

Responding to media reports, Estrella immediately ordered the investigation as he vowed not to tolerate any violation of the agrarian reform laws.

Under Department of Agrarian Reform (DAR) Special Order 67, Estrella directed DAR Region 3 Director Eric Luna to “ascertain, without delay, the facts and circumstances surrounding the matter, even though it happened before his term.”

Luna was given 15 days to submit a comprehensive written report of findings and recommendations, which will serve as the basis for the legal and administrative actions that the department will take.

“The allegations are grave and strike at the very core of agrarian reform. The Department of Agrarian Reform will act decisively to uncover the truth and to ensure that the rights of the farmers are fully protected,” Estrella said.

He emphasized that the Department will hold accountable any individual or group found to have violated agrarian reform laws, while ensuring that all parties are accorded due process and a fair resolution.

A preliminary review of records from the Department shows that no transactions involving the questioned land occurred during the Marcos administration.

The alleged land grabbing was

brought to public attention by Pyra Lucas, founder of United Filipino Against Crime and Corruption, who alleged that political figures in Tarlac used their influence to facilitate the transfer of two parcels of land in Capas—the Bocobo and Morales estates—to a private company.

Lucas further alleged that the land, originally awarded to 170 agrarian reform beneficiaries, was transferred through political influence and manipulation during the previous administrations.

Documents from the DAR Provincial Office–Tarlac confirm that the landholdings were placed under Republic Act 6657, or the Comprehensive Agrarian Reform Program (CARP), in 1996, and that Certificates of Land Ownership Award (CLOAs) were issued to farmerbeneficiaries.

Records further show that in 2000, several beneficiaries sold their landholdings to Kung Meng Sheng Tao Inc., represented by Arsenio Ng and Teodoro Nyu, which later obtained private titles. This development triggered a tenyear legal battle initiated by the Bocobo corporations seeking the nullification of the titles issued to Kung Meng.

Following the resolution of the legal disputes that reached the Supreme Court, Kung Meng subsequently pursued the conversion of the agricultural land for residential, commercial, and industrial purposes.

The DAR chief underscored that the ongoing investigation is intended to protect the integrity of the agrarian reform program, safeguard the rights of farmerbeneficiaries, and ensure that no individual—regardless of influence or position—is above the law.

“Our policy at DOTr for new airports being built is that all runways must be 2,100 meters minimum so they are ready for bigger aircraft in the future,” Lopez said.

The extended runways will allow airlines to deploy larger planes with more seats, potentially lowering per-passenger costs. Only airports with topographical constraints will be exempted from the requirement.

The DOTr and Civil Aviation Authority of the Philippines (Caap) are also prioritizing nightrating certification for tourist airports, enabling red-eye flights that typically offer cheaper fares.

“When an airport is nightrated, our countrymen can travel at night or early morning, and those red-eye flights are usually

₧1-M

Tcheaper,” Lopez said.

More flight options throughout the day also create greater competition on airfare pricing, he explained.

The initiatives come after Lopez, last year, asked Philippine Airlines and Cebu Pacific to reduce one-way fares to Siargao from P17,500 to around P11,700. The lowest current one-way ticket to the surfing destination stands at P3,908.

“We are also looking at alternatives to air travel,” Lopez said, citing the case for Siargao’s cruise terminal, for instance.

2GO now operates ferry service to the island at P3,500 per passenger, with travel time of about 28 hours.

“That is another option. The

journey is longer, but at least that vessel is like a cruise ship,” Lopez said.

The DOTr is also studying potential reductions in terminal fees at Caap-managed airports.

“We will check and if it is possible to lower them, we will lower them,” Lopez said.

There is a growing public and legislative scrutiny over alleged high domestic airfares, with Sen. JV Ejercito filing on Tuesday a resolution calling for a Senate inquiry into “costly” domestic flights, highlighting instances where local airfares exceed those to nearby international destinations such as Singapore and Vietnam.

Earlier, the Air Carriers Association of the Philippines (Acap) said it is open to collaborating

with the government on longterm measures to reduce domestic travel costs, amid growing public and legislative scrutiny over high airfares.

Acap pointed to structural factors affecting domestic flight economics, including airport charges, taxes, and infrastructure limitations.

The group emphasized that short runways at some airports force airlines to deploy smaller turboprop aircraft with fewer seats, resulting in higher per-seat costs that make it “challenging to to sustainably and affordably serve some domestic markets.”

Acap is composed of five member airlines: Philippine Airlines, PAL Express, Cebu Pacific, Cebgo, and Philippines AirAsia.

unregistered farm inputs seized, 2 arrested

By Ada Pelonia @adapelonia

WO persons were arrested and P1 million worth of unregistered agricultural inputs were seized in a joint policeFertilizer and Pesticide Authority buy-bust operation in Aritao, Nueva Vizcaya.

FPA and Criminal Investigation and Detection Group (CIDG) agents arrested the two suspects from Guimba, Nueva Ecija, after they allegedly sold unregistered fertilizer and pesticide products to a CIDG operative who acted as a poseur-buyer.

“This operation sends a clear warning to individuals engaged

in the sale and distribution of unregistered fertilizer products,” FPA Executive Director Glenn Estrada said. “These illegal products pose serious risks to farmers, crop productivity, and the environment.”

“The FPA will continue to work closely with law enforcement agencies to strictly enforce existing laws and protect the agricultural sector,” Estrada added.

The agency noted that assorted fertilizer and pesticide products in various brands and quantities, boodle money and a P1,000 bill used in the buy-bust, one delivery receipt, and an Isuzu Crosswind vehicle were confiscated during the operation.

The seized products were

confirmed to be unregistered and covered under FPA Advisory 2023-023. Inventory and marking of the evidence were also conducted on-site in the presence of local barangay officials.

The FPA said two alternative recording devices were used during the operation to ensure transparency and proper documentation, with the suspects informed of their rights.

Further investigation and the filing of charges are ongoing, it added.

Illegal online sale

EARLIER, the FPA stressed that the online sale and trade of fertilizers and pesticides has never been allowed under the law.

The agency explained that it does not issue licenses or permits allowing the sale of regulated agricultural inputs through online platforms.

Estrada said the regulatory action was necessary to address the risks posed by unauthorized online transactions of fertilizers and pesticides.

“Fertilizers and pesticides sold online are often untraceable and may be counterfeit, substandard, improperly labeled, or chemically unsafe,” Estrada said. He explained that online selling prevents effective regulation, as products often pass through multiple unlicensed entities without oversight.

Stock market rebound proof confidence is returning–FPI

THE strong rebound being shown by the Philippine stock market “is proof that confidence is returning and fundamentals are reasserting themselves,” the Federation of Philippine Industries said on Thursday.

Jesus L. Arranza, FPI chairman emeritus, attributed the market’s resurgence after months of sluggishness to the “calm and steady” leadership of President Marcos amid “all the political noise surrounding the flood-control scandal.”

“President Marcos is doing the right thing by staying focused on the work…His calm, steady demeanor signals that he’s in control and well on top of the situation, and

markets respond to that kind of leadership. Calmness begets calmness,” Arranza said in a statement.

The benchmark Philippine Stock Exchange index (PSEi) soared by 104.88 points on Tuesday (February 3) to close at 6,401.96, its highest finish since January 19, effectively erasing all declines recorded since President Marcos exposed the corruption in flood control projects in his State of the Nation Address in July last year.

As investors locked in their profits, trading retreated a bit on Wednesday as index fell slightly by 29.01 points.

“Investors read more than headlines—they read a leader’s posture and direction, his

body language,” Arranza said.

“With no sign of panic or drift, there’s no reason to assume the political noise will rattle the economy or dampen investor appetite.”

FPI said the message for the business community is simple:

“keep building, keep investing, keep doing our part in growing the economy.”

“We condemn those behind the flood-control anomalies and want swift accountability.

But we also have to stay anchored on the country’s economic goals. You rarely go wrong when you respect duly constituted authority and keep the focus where it belongs—on progress,” the FPI statement read.

DOF to make up for loss of air-travel tax

By Jovee Maric N. dela Cruz @joveemarie

THE majority leader of the House of Representatives said the Department of Finance (DOF) has committed to replace revenues currently sourced from the travel tax, easing fiscal concerns as Congress moves to fast-track a bill abolishing the levy with Senate backing.

In an interview on Wednesday, House Majority Leader

Ferdinand Alexander A. Marcos said Finance Secretary Frederick D. Go expressed full support for the proposal during their meeting, including assurances that programs dependent on travel tax collections—particularly higher education—will not be affected.

“I actually had a meeting with Secretary Go of the Department of Finance this Wednesday. He fully supports the bill to abolish the travel tax,” Marcos said. He said the Finance department

addressed concerns about funding streams currently sourced from the levy.

“And he assured me that whatever funds currently coming from the travel tax that go to higher education, they will find an alternative source,” he added.

The DOF commitment comes as Marcos confirmed that Senate Majority Leader Juan Miguel Zubiri will serve as the Senate counterpart of the measure, setting the stage for a coordinated bicameral effort.

Earlier the British Chamber of Commerce of the Philippines welcomed Tuesday’s recordbreaking surge in the PSEi, citing the administration’s efforts to re-accelerate strategies aimed at further increasing economic activity, hopes of renewed monetary policy easing, and managing inflation, among other measures.

“These developments set a positive tone for the Philippines’ Asean Chairmanship and further position the country as a strategic trade and investment partner for its regional and global peers such as the UK,” said BCCP chairman Chris Nelson.

The House leader said both chambers will seek to include the proposal in the Legislative-Executive Development Advisory Council (Ledac) priority list next week to speed up its passage.

“Next Tuesday, we will push for its inclusion in the Ledac priorities. Hopefully, this will become a priority for the President, and we can pass it as soon as possible,” he said. Impeachment. . .

read, vowing to continue pursuing accountability outside the impeachment process.

Meanwhile, Bayan Muna chairperson and former impeachment prosecutor Neri Colmenares warned that the committee’s interpretation of “sufficiency in substance” could render impeachment an “impossible dream.”

“All complaints begin as allegations. It is only during hearings or trial that these are proven true or false,” Colmenares said, likening impeachment proceedings to criminal cases where evidence is presented only after the filing stage.

See “DOF,” A13

He urged House members to revisit their understanding of impeachment rules, stressing that impeachment remains the Constitution’s only accountability mechanism against high-ranking officials.

DepEd, DPWH ramp up drive to finish over 8,000 classrooms, clear construction backlogs

By Claudeth Mocon-Ciriaco @claudethmc3

TO address long-standing gaps in basic education facilities, the Department of Education (DepEd) on Thursday assured that it is intensifying efforts to complete unfinished classroom projects, working closely with Department of Public Works and Highways (DPWH) to resolve unfinished projects carried over from earlier years. Both agencies are jointly conducting nationwide validation activities covering 384 schools with unfinished or for-completion classroom projects. The validation seeks to con -

firm the physical status of each project, remaining scope of work, funding gaps, and site readiness, so that classrooms can be prioritized for immediate completion.

“ Batay sa pinakahuling datos, lagpas 8,000 classroom projects ang sabay-sabay na tinatrabaho para sa 2024 at 2025. Nasa 3,600 classrooms na ang natapos ng DPWH, at ang natitira ay patuloy na tinututukan para agad makumpleto at magamit ng ating mga mag-aaral ,” said Education Secretary Juan Edgardo “Sonny” Angara. DepEd is also ensuring that classrooms are completed and turned over for use by learners as it prepares to broaden delivery

Sandiganbayan denies Revilla’s plea to be detained at the PNP Custodial Center; trial for malversation case to proceed

THE Sandiganbayan on Thursday denied the motions filed by former Senator Ramon”Bong” Revilla Jr. seeking to stop his impending trial for malversation through falsification of public documents charges in connection with the P92.8 million anomalous flood control project in Pandi town in Bulacan.

In a 30-page resolution, the Sandiganbayan Third Division also junked Revilla’s motion to be transferred to the Philippine National Police (PNP) custodial facility from the Quezon City Jail Male Dormitory which is under the Bureau of Jail Management and Penology (BJMP), citing possible threat to his life from co-detainees and gang-related violence, as well as the insufficient number of jail personnel to ensure his safety.

The anti-graft court stressed that the PNP custodial centers may only be used as temporary facilities for arrested persons prior to the issuance of a commitment order and that prolonged detention in a PNP facility “has no legal basis.” Furthermore, it recognized that the Quezon City jail male and female dormitories have been designated as jail facilities for persons implicated in the flood control scandal.

Likewise, the Sandiganbayan said the detention of Revilla and other accused in a jail supervised by the BJMP would be beneficial to them for the purposes of computation of time allowances. It added that both facilities have a negative congestion rate and are the nearest detention facilities to the Sandiganbayan.

“From the foregoing, there is no basis for the Revilla’s claims of harm, harassment, and threat to his person that would warrant a transfer of his custody to any PNP custodial facility,” the Sandiganbayan declared.

Also denied by the Sandiganbayan were the motions filed by Revilla seeking the quashal of the information and the warrant of arrest issued against him.

The anti-graft court held that all the elements for malversation through falsification of public documents were sufficiently alleged in the information.

Revilla sought the quashal of the warrant of arrest on the ground that his right to due process during the preliminary investigation was violated.

However, the Sandiganbayan held that “as long as the evidence

See “Revilla,” A13

NBI says Interpol seeks additional information in connection with its red notice request vs Co

Toptions starting 2026. For previous years, classroom construction for public schools has largely been implemented through the DPWH, which is mandated to undertake the construction of school building projects.

The Department also confirmed that it maintains an inventory of unfinished classroom projects from previous years. To address these backlogs, DepEd proposed P3.192 billion under the 2026 national budget to complete 3,614 classrooms.

Congress approved P2.282 billion, enough to fund the completion of 2,067 classrooms.

Despite funding constraints, Angara said it is pressing ahead

with concrete measures to fasttrack completion, in line with the President’s directive to prioritize school infrastructure and learner safety.

As part of this effort, DepEd and Angara added that while ongoing DPWH projects are being addressed, DepEd is also laying the groundwork for more flexible approaches to classroom delivery beginning in 2026.

“ Sa mga nagdaang taon, sabay-sabay naming inaayos ang mga naiwan at hindi natapos na silid-aralan. Para sa 2026 pataas, mas pinalalawak namin ang mga opsyon—kasama ang mas aktibong partisipasyon ng LGUs at iba pang flexible approaches

tulad ng public-private partnerships— para mas mabilis at mas akma sa pangangailangan ng bawat komunidad ang solusyon ,” Angara said.

As part of the government’s continuing efforts to address the classroom shortage, Angara met with mayors from the National Capital Region on February 4.

During the meeting, DepEd presented the guidelines for school building projects under the 2026 General Appropriations Act, including eligibility requirements for local government units and other options to address classroom needs, such as leasing and repair of existing facilities. Angara noted that discussions on classroom construction targets for the DPWH’s implementation for 2026 are ongoing. Mayroon ding naka-program para sa 2026, bagama’t patuloy pa itong pinag-uusapan. Ayon kay Secretary Vince Dizon, nasa humigitkumulang 1,500 hanggang 2,000 classrooms ang target na maipatayo sa ilalim ng new construction para sa 2026 ,” he shared. Angara stressed that close collaboration between DepEd, DPWH, local government units, and the private sector remains critical to accelerating solutions to infrastructure gaps and ensuring that public funds translate into safe, functional learning spaces for learners.

Comelec awaits ACT-CIS Rep. Yap’s resignation letter

By Mary Jade Jadormio

THE Commission on Elections (Comelec) said it is still awaiting a formal notice from the House of Representatives regarding the resignation of ACT-CIS Party-list Representative Edvic Yap before it can take any official action.

Comelec Chairman George Erwin M. Garcia said the usual procedure requires the House to first inform the poll body whether the resignation of a party-list lawmaker has been accepted.

“ Usually ang ginagawa po natin, nag-iintay ang Comelec ng notice o

sulat mula sa House of Representatives na nagsasabing tinanggap na ang resignation at mayroong naganap na vacancy,” Garcia said in an ambush interview.

Yap resigned from the House plenary through written communication and was read during a plenary session.

This is after Ombudsman Jesus Crispin Remulla said Yap was among the officials who received funds from the anomalous flood control projects.

Garcia explained that after accepting the resignation, the House issues a resolution authorizing its secretary general to formally notify

Comelec of the vacancy.

Once informed, Comelec will then be asked to identify the next nominee who will assume the post based on the list of nominees earlier submitted by the party-list organization.

Kung dalawa ang nakuha ng party-list na upuan at nag -resign ang number one nominee, ang number two ang aangat at ang number three ang maaari naming i- certify bilang kapalit ,” Garcia said. He stressed that Comelec also needs a separate resolution from the party-list organization itself confirming that it has accepted the resignation of its top nominee.

CCC, Taguig LGU explore cooperation to promote urban resilience

By Jonathan L. Mayuga @jonlmayuga

O further boost urban resil -

Tience in the city of Taguig, the Climate Change Commission (CCC) and the local government unit led by Mayor Maria Laarni Lopez Cayetano met recently to discuss the city’s climate initiatives, sustainable practices, and potential areas of cooperation to strengthen local climate action and urban resilience.

The meeting highlighted Taguig City’s ongoing efforts in sustainability and climate governance, as well as opportunities to further enhance the implementation and mainstreaming of its local climate plans.

for their own sake; they are initiatives designed to address the real needs of our people, ensuring that no one, including fisherfolk, is left behind,” said CCC Vice Chairperson and Executive Director Robert E.A. Borje. “Taguig City’s Probinsyudad concept, which redefines progress and prosperity, offers a valuable policy lesson for other LGUs in Metro Manila to develop their own localized models of sustainable development.”

“True progress is not measured only by infrastructure or economic growth, but by whether communities are safer, livelihoods are protected, and future generations inherit a stable and healthy home,” Borje further pointed out.

community participation,” Mayor Cayetano said. “Through collaborations on youth leadership and climate advocacy, we are moving closer to a sustainable and climateconscious Probinsyudad.”

The CCC recognized Taguig City’s integrated approach to urban sustainability, which balances development with heritage conservation, livelihood protection, and inclusive growth, highlighting the city’s approach as a potential model for other local governments.

Asked whether the process is similar to what happened in the case of former Ako Bicol party-list Representative Zaldy Co, Garcia said the procedures are essentially the same.

Ganun din po ang nangyari noon, nakatanggap kami ng sulat mula sa House at resolution mula sa partylist na tumatanggap ng resignation at nagsasabing sino ang papalit ,” he said. Garcia said Comelec will not act if it does not receive confirmation from both the House and the party-list organization, as the declaration of vacancy is a crucial trigger.

DAR’s Project Vista to boost farmers’ income and livelihoods in Abra

AGRARIAN Reform Beneficiaries (ARBs) in LicuanBaay, Abra are set to benefit from improved livelihoods, stronger farmer organizations, and better market opportunities, the Department of Agrarian Reform (DAR) said.

By Joel R. San Juan @jrsanjuan1573

HE National Bureau of Investigation (NBI) disclosed that the International Criminal Police Organization (Interpol) has asked for additional information in connection with its request to issue a red notice against former Ako Bicol Party-List representative Zaldy Co, who is being sought by authorities for his alleged involvement in the multi-billion flood control scandal.

At a press briefing, NBI spokesman Palmer Mallari immediately clarified that there is nothing unusual with the Interpol’s request.

“It’s a normal thing that from time to time, the Interpol would be directing to submit information,” Mallari said.

“So it’s normal to have supplemental information being questioned,” Mallari added. Mallari said the NBI will comply with the Interpol’s request on or before February 11.

The NBI announced last December that it has already requested the Interpol to issue a red notice against Co, who is now considered a fugitive following the issuance of an arrest warrant against him by the Sandiganbayan in connection with the malversation and graft charges filed against him and several others.

The case stemmed from the P289.5 million anomalous flood control project in Naujan, Mindoro which was undertaken by Sunwest Construction and Development Corp., a construction firm being linked to the family of Co.

See “NBI,” A13

The discussions centered on nature-based and people-centered solutions that respond to the city’s unique context as a lakeside urban community, with particular attention to protecting livelihoods dependent on Laguna Lake, following its trademark identity as a “Probinsyudad,” a portmanteau of probinsya (province) and siyudad (city).

“These are not merely projects

For her part, Cayetano emphasized the city’s commitment to urgent climate action, fostering partnerships, and advancing sustainability and community participation through initiatives, including youth-focused climate advocacy.

“Climate action is more urgent than ever, and our City continues to take meaningful steps by partnering with organizations that champion sustainability and

The Commission also emphasized that initiatives such as sustainable lakeshore management, urban and water-based farming, public open spaces, and climate-responsive urban planning are consistent with the National Adaptation Plan and the Nationally Determined Contribution Implementation Plan, both developed under the administration of President Ferdinand R. Marcos Jr.

The meeting also explored opportunities for capacity building and collaboration in climate planning, urban adaptation, sustainable agriculture, climate finance, youth engagement, and public awareness campaigns.

AFP reiterates commitment to veterans’ healthcare

THE Armed Forces of the Philippines (AFP) reiterated its commitment to provide world-class healthcare for its veterans and their families.

This was highlighted anew after AFP chief Gen. Romeo Brawner Jr. met with Veterans Memorial Medical Center (VMMC) medical director, Dr. Peter Paul Galvez, at Camp Aguinaldo, Quezon City late

Wednesday.

The meeting is part of ongoing efforts of the AFPs to advance military medical services and strengthen interagency collaboration.

Aside from this, the two officials also committed to further enhance healthcare support systems for Filipino veterans and their families.

“The meeting highlighted opportunities for closer

cooperation between the AFP and VMMC, particularly in medical capability development, specialized treatment, and institutional partnership,” the AFP added.

The engagement reflects the AFP’s broader support to advance its medical services while fostering enduring partnerships with key government health institutions. Rex Anthony Naval

Under the leadership of Secretary Conrado M. Estrella III, the agency is strengthening value chain development through the Value Chain Innovation for Sustainable Transformation in Agrarian Reform Communities (VISTA) Project. Led by the DAR Abra Provincial Office, the Expanded Agrarian Reform Community Coordinating Committee (EARC-CC) meeting brought together representatives from local government units, farmers’ groups, youth, women’s groups, cooperatives, people’s organizations, and community leaders to ensure that projects directly address the needs of ARBs. Licuan-Baay, known as the Coffee Capital of Abra, served as the venue for consultations and on-site activities.

During the meeting, proposed subprojects were presented for review and validation to ensure they will help farmers improve production, add value to their crops, and increase income. The consultations also aimed to strengthen coordination among agencies so ARBs can access support services more easily.

To ensure that assistance reaches the right beneficiaries, the DAR VISTA Team conducted community profiling and participatory mapping. These activities helped validate ARB lists, identify

Friday, February 6, 2026

Iran, US hold nuclear talks as Trump delivers blunt warning to Khamenei

By Jon Gambrell The Associated Press

DUBAI, United Arab Emir -

ates—Nuclear talks between Iran and the Unit -

ed States will take place Friday in Oman, the Iranian foreign minister said, as tensions between the countries remain high following Tehran’s bloody crackdown on nationwide protests last month.

The announcement Wednesday by Iranian Foreign Minister Abbas Araghchi came after hours of indications that the anticipated talks were faltering over changes in the format and content of the talks. US President Donald Trump, meanwhile, sent a blunt warning to Iran’s Supreme Leader Ayatollah Ali Khamenei ahead of the talks.

“I would say he should be very worried,” Trump said of Khamenei in an interview with NBC News.

Turkey had been working behind the scenes to host talks in Istanbul with regional countries taking part and discussions focused on issues like Iran’s ballistic missile program and other concerns.

Early Wednesday, a regional official said Iran was seeking a “different” type of meeting focused exclu -

sively on the issue of Iran’s nuclear program, with participation limited to Iran and the United States. The official spoke on condition of anonymity because they were not authorized to brief the media.

A similar series of talks had been hosted last year by Oman, a sultanate on the eastern edge of the Arabian Peninsula that long as served as an interlocutor between Iran and the West.

Those talks ultimately broke down in June as Israel launched what became a 12-day war on Iran that included the US bombing Iranian nuclear sites.

A White House official, who spoke on condition of anonymity as they were not authorized to discuss the talks publicly, confirmed the talks would happen in Oman. The official said several Arab and Muslim leaders urged the Trump administration on Wednesday not to walk away from talks even as Iranian officials pressed to narrow their scope.

The official added that the White House remains “very skeptical” that the talks will be successful but has agreed to go along with the change in plans out of respect for allies in the region.

Alan Eyre, a former US diplomat once involved in past nuclear negotiations with Tehran, similarly offered a

skeptical opinion of talks succeeding.

“Opting for indirect talks is the diplomatic equivalent of a surgeon taking a hit of ether and then putting on gloves before a difficult surgery,” Eyre wrote on X.

Rubio hopes talks will go beyond nuclear ones

TENSIONS between the countries spiked after Trump suggested the US might use force against Iran in

response to the bloody crackdown on nationwide protests last month that killed thousands of people or if Iran conducted mass executions of detained demonstrators. The USbased Human Rights Activists News Agency reported Wednesday that over 50,000 people also had been arrested over the protests.

Trump also has been pushing Tehran for a deal to constrain its nuclear program.

Iran’s reformist President Masoud Pezeshkian on Tuesday said he had instructed the foreign minister to “pursue fair and equitable negotiations” with the US, in the first clear sign from Tehran it wants to try to negotiate. That signaled the move is supported by Supreme Leader Ayatollah Ali Khamenei, who has the final say on all matters of state and previously dismissed any negotiations.

US Secretary of State Marco Rubio said the US hoped to discuss a number of concerns beyond the nuclear issue, including discussions on Iran’s ballistic missiles, support for proxy networks across the region and the “treatment of their own people.”

“The leadership of Iran at the clerical level does not reflect the people of Iran. I know of no other country where there’s a bigger difference between the people who lead the country and the people who live there,” he told reporters.

Vice President JD Vance told “The Megyn Kelly Show” that diplomatic talks with Iran are challenging because Khamenei oversees Tehran’s political system and declines to speak directly with Trump, unlike the leaders of China, North Korea or Russia.

Vance said Trump’s bottom line is that Iran cannot be allowed to develop

a nuclear weapon, asserting that other states in the region would quickly do the same.

Iran long has insisted its nuclear program is peaceful. However, Iranian officials in recent years have increasingly threatened to pursue the bomb and had been enriching uranium up to 60% purity, a short, technical step away from weapons-grade levels of 90%.

Vance said he believed Trump would work to “accomplish what he can through non-military means. And if he feels like the military is the only option, then he’s ultimately going to choose that option.”

Talks expected even after US shot down Iranian drone

ON Tuesday, a US Navy fighter jet shot down an Iranian drone that approached an American aircraft carrier. Iranian fast boats from its paramilitary Revolutionary Guard also tried to stop a US-flagged ship in the Strait of Hormuz, the narrow mouth of the Persian Gulf, the Navy said. Iran did not formally acknowledge either incident, which strained but apparently did not derail hopes for talks with the US.

See “Iran,” A9

Russia and Ukraine hold second day of US-brokered talks in Abu Dhabi

By Kamila Hrabchuk The Associated Press

KYIV, Ukraine—Negotiators from Moscow and Kyiv on Thursday held a second day of US-brokered talks in Abu Dhabi on ending their war amid an escalation in Russia’s winter attacks on Ukraine’s power grid and after a sharp rise last year in Ukrainian civilians killed in the fighting.

“We are working in the same formats as yesterday: trilateral consultations, group work, and further synchronization of positions,” said Rustem Umerov, Ukraine’s National Security and Defense Council chief, who was present at the meeting. The delegations from Moscow and Kyiv were joined in the capital of the United Arab Emirates by US special envoy Steve Witkoff and US President Donald Trump’s son-in-law, Jared Kushner, according to Umerov. They were also at last month’s talks in the same place as the Trump administration tries to steer the two countries toward a settlement.

Continued from A8

On Wednesday, Iranian military chiefs visited a missile base in an attempt to highlight its military readiness after the 12-day war devastated Iran’s air defenses. The base holds the Khorramshahr missile, which has a range of more than 2,000 kilometers (1,250 miles) and was launched toward Israel during the war last year.

Turkey urges diplomacy

ALSO Wednesday, Turkish President Recep Tayyip Erdogan reiterated Turkey’s opposition to foreign intervention in neighboring Iran, calling for the resolution of issues through dialogue.

Turkey has been urgently working for the past week to bring the US and Iran to the negotiating table, and was previously expected to host the talks.

“We believe that external inter -

General Alexus Grynkewich, NATO’s Supreme Allied Commander in Europe, was also present at the talks, according to a spokesman for the general who spoke on condition of anonymity to discuss sensitive matters.

Ukrainian President Volodymyr Zelenskyy urged allied countries to press Moscow into ending its all-out invasion, which began almost four years ago on Feb. 24 2022, and said his country needs security guarantees to deter any postwar Russian attacks. Ukrainians must feel that there is genuine progress toward peace

ventions involving our neighbor Iran would pose significant risks for the entire region,” Erdogan said during a visit to Cairo. “Resolving issues with Iran, including the nuclear file, through diplomatic means is the most appropriate approach.”

Associated Press writers Suzan Fraser in Ankara, Turkey, Melanie Lidman in Jerusalem, Farnoush Amiri in New York, and Aamer Madhani and Moriah Balingit in Washington contributed to this report.

war through last December, according to the United Nations Human Rights Monitoring Mission in Ukraine.

Emma Burrows in London contributed to this report.

and “not toward a scenario in which the Russians exploit everything to their advantage and continue their strikes,” Zelenskyy said on social media late Wednesday. Fighting has continued in parallel with the talks. Russia has hammered Ukraine’s electricity network, aiming to deny civilians power and weaken their appetite for the fight, while a grinding war of attrition continues along the roughly 1,000-kilometer (600-mile) front line snaking along

Last US-Russia nuclear pact expires, prompting fears of a new arms race

MOSCOW—The last remaining nuclear arms pact between Russia and the United States expired Thursday, removing any caps on the two largest atomic arsenals for the first time in more than a half-century.

The termination of the New START Treaty could set the stage for what many fear could be an unconstrained nuclear arms race.

Russian President Vladimir Putin last year declared readiness to stick to the treaty’s limits for another year if Washington follows suit, but US President Donald Trump has been noncommittal about extending it. He has indicated that he wants China to be a part of it — a push Beijing has rebuffed.

Putin discussed the pact’s expiration with Chinese leader Xi Jinping on Wednesday, Kremlin adviser Yuri Ushakov said, noting Washington hasn’t responded to his proposed extension.

Russia “will act in a balanced and responsible manner based on thorough analysis of the security situation,” Ushakov said.

Foreign Ministry on Wednesday night said in a statement that “under the current circumstances, we assume that the parties to the New START Treaty are no longer bound by any obligations or symmetrical declara -

tions within the context of the Treaty, including its core provisions, and are fundamentally free to choose their next steps.”

New START, signed in 2010 by then-President Barack Obama and his Russian counterpart, Dmitry Medvedev, restricted each side to no more than 1,550 nuclear warheads on no more than 700 missiles and bombers — deployed and ready for use. It was originally supposed to expire in 2021 but was extended for five more years.

The pact envisioned sweeping onsite inspections to verify compliance, although they stopped in 2020 because of the Covid-19 pandemic and never resumed.

In February 2023, Putin suspended Moscow’s participation, saying Russia couldn’t allow US inspections of its nuclear sites at a time when Washington and its NATO allies have openly declared Moscow’s defeat in Ukraine as their goal. At the same time, the Kremlin emphasized it wasn’t withdrawing from the pact altogether, pledging to respect its caps on nuclear weapons.

In offering in September to abide by New START’s limits for a year to buy time for both sides to negotiate a successor agreement, Putin said the pact’s expiration would be destabilizing and could fuel nuclear proliferation.

New START followed a long succession of US-Russian nuclear arms reduction pacts. Those have been terminated, as well.

Trump has indicated he would like to keep limits on nuclear weapons but wants to involve China in a potential new treaty.

“I actually feel strongly that if we’re going to do it, I think China should be a member of the extension,” Trump told The New York Times last month. “China should be a part of the agreement.”

Beijing has balked at any restrictions on its smaller but growing nuclear arsenal,

Taiwan-US ties ‘rock solid,’ island’s president says after Trump-Xi call

By Simina Mistreanu The Associated Press

TAIPEI, Taiwan—Taiwan’s ties with the United States are “rock solid,” the island’s president said Thursday, hours after President Donald Trump and Chinese leader Xi Jinping spoke on the phone about topics that included the self-ruled island’s future.

“The Taiwan-US relationship is rock solid, and all cooperation projects will continue uninterrupted,” Taiwan President Lai Ching-te told reporters during a visit to textile merchants in western Taiwan.

while urging the US to resume nuclear talks with Russia.

“China’s nuclear forces are not at all on the same scale as those of the US and Russia, and thus China will not participate in nuclear disarmament negotiations at the current stage,” Foreign Ministry spokesperson Lin Jian said Thursday.

He said China regrets the expiration of the treaty, calls on the US to resume nuclear dialogue with Russia soon and to positively respond to Moscow’s suggestion that the two sides continue observing the core limits of the treaty for now.

Associated Press writer Ken Moritsugu contributed to this report from Beijing.

The comments came after Xi, in his first call with Trump since November, warned the U.S. president to be “prudent” about supplying arms to the self-ruled island, according to a readout of their call provided by China’s Foreign Ministry.

Taiwan is a self-ruled democracy that China claims as its own territory, to be annexed by force if necessary. Beijing prohibits all countries it has diplomatic relations with—including the US— from having formal ties with Taipei.

Still, while the US doesn’t officially recognize Taiwan as a country, it is the island’s strongest informal backer and arms supplier.

In December, the US State Department announced its

largest-ever arms sales package to Taiwan, valued at more than $11.1 billion and including missiles, artillery systems and drones. The package is yet to be approved by Congress.

China reacted angrily to the proposed arms sales, conducting two days of military drills around the island in late December, for which it dispatched air, navy and missile units.

The arms sales are also facing pushback from Taiwan’s opposition KMT party and some of its population, along with a proposed increase of defense spending to 3.3 percent of Taiwan’s gross domestic product.

Taiwan’s opposition-controlled parliament has blocked Lai’s budget plan, including a $40 billion special defense budget, proposing instead a much smaller defense spending plan.

Trump said the call with Xi was “excellent” and “thorough” in a post late Wednesday on Truth Social.

He added that he is looking forward to a trip to China in April that will be the first of his current term in office.

Trump also said China is considering buying 20 million tons of US soybeans in the current season, up from 12 million tons in the previous season.

AP Video journalist Johnson Lai contributed to this report.

Washington Post cuts a third of staff in a blow to a legendary news brand

TBy David Bauder AP Media Writer

HE Washington Post laid off one-third of its staff Wednesday, eliminating its sports section, several foreign bureaus and its books coverage in a widespread purge that represented a brutal blow to journalism and one of its most legendary brands.

The Post’s executive editor, Matt Murray, called the move painful but necessary to put the outlet on stronger footing and to weather changes in technology and user habits. “We can’t be everything to everyone,” Murray said in a note to staff members.

He outlined the changes in a companywide online meeting, and staff members then began getting emails with one of two subject lines—telling them their role was or was not eliminated.

Rumors of layoffs had circulated for weeks, ever since word leaked that sports reporters who had expected to travel to Italy for the Winter Olympics would not be going. But when official word came down, the size and scale of the cuts were shocking, affecting virtually every department in the newsroom.

“It’s just devastating news for anyone who cares about journalism in America and, in fact, the world,” said Margaret Sullivan, a Columbia University journalism professor and former media columnist at the Post and The New York Times. “The Washington Post has been so important in so many ways, in news coverage, sports and cultural coverage.” Martin Baron, the Post’s first editor under its current owner, billionaire Jeff Bezos, condemned his former boss and called what has happened at the newspaper “a case study in near-instant, self-inflicted brand destruction.”

And former House Speaker Nancy Pelosi called the layoffs “part of a broader reprehensible pattern in which corporate decisions are hollowing out newsrooms across the country.”

In a speech to members of the Washington Press Club Foundation, Pelosi said: “A free press cannot fulfill its mission if it is starved of the resources it needs to survive. And when the newsrooms are weakened,

our republic is weakened.”

Journalists pleaded with Bezos for help BEZOS , who has been silent in recent weeks amid pleas from Post journalists to step in and prevent the cutbacks, had no immediate comment.

The newspaper has been bleeding subscribers in part due to decisions made by Bezos, including pulling back from an endorsement of Kamala Harris, a Democrat, during the 2024 presidential election against Donald Trump, a Republican, and directing a more conservative turn on liberal opinion pages.

A private company, the Post does not reveal how many subscribers it has, but it is believed to be roughly 2 million. The Post would also not say how many people it has on staff, making it impossible to estimate how many people were laid off Wednesday. The Post also did not outline its finances.

The Post’s troubles stand in contrast to its longtime competitor The New York Times, which has been thriving in recent years, in large part due to investments in ancillary products such as games and its Wirecutter product recommendations. The Times has doubled its staff over the past decade.

Eliminating the sports section puts an end to a department that has hosted many well-known bylines through the years, among

them John Feinstein, Michael Wilbon, Shirley Povich, Sally Jenkins and Tony Kornheiser. The Times has also largely ended its sports section, but it has replaced the coverage by buying The Athletic and incorporating its work into the Times website.

The Post’s Book World, a destination for book reviews, literary news and author interviews, has been a dedicated section in its Sunday paper.

A half-century ago, the Post’s coverage of Watergate, led by intrepid reporters Bob Woodward and Carl Bernstein, entered the history books. The Style section under longtime Executive Editor Ben Bradlee hosted some of the country’s best feature writing.

All Mideast correspondents and editors laid off WORD of specific cuts drifted out during the day, as when Cairo Bureau Chief Claire Parker announced on X that she had been laid off, along with all of the newspaper’s Middle East correspondents and editors. “Hard to understand the logic,” she wrote. Lizzie Johnson, who wrote last week about covering a war zone in Ukraine without power, heat or running water, said she had been laid off, too.

Anger and sadness spread across the journalism world.

See “Washington,” A12

US to create critical minerals trading bloc with its allies to counter China

By Didi Tang, Josh Funk & Matthew Lee The Associated Press

WASHINGTON—The Trump administration announced Wednesday that it wants to create a critical minerals trading bloc with its allies and partners, using tariffs to maintain minimum prices and defend against China’s stranglehold on the key elements needed for everything from fighter jets to smartphones.

Vice President JD Vance said the US-China trade war over the past year exposed how dependent most countries are on the critical minerals that Beijing largely dominates, so collective action is needed now to give the West self-reliance.

“We want members to form a trading bloc among allies and partners, one that guarantees American access to American industrial might while also expanding production across the entire zone,” Vance said at the opening of a meeting that Secretary of State Marco Rubio hosted with officials from several dozen European, Asian and African nations.

The Republican administration is making bold moves to shore up supplies of critical minerals needed for electric vehicles, missiles and other high-tech products after China choked off their flow in response to President Donald Trump’s sweeping tariffs last year. While the two global powers reached a truce to pull back on the high import taxes and stepped-up rare earth restrictions, China’s limits remain tighter than they were before Trump took office.

The critical minerals meeting comes at a time of significant tensions between Washington and major allies over President Donald Trump’s territorial ambitions, including Greenland, and his moves to exert control over Venezuela and other nations. His bellicose and insulting rhetoric directed at US partners has led to frustration and anger.

The conference, however, is an indication that the United States is seeking to build relationships when it comes to issues it deems key national security priorities.

SECRETARY of State Marco Rubio speaks at a news conference during the Critical Minerals Ministerial meeting at the State Department, Wednesday, Feb. 4, 2026 in Washington. AP PHOTO/KEVIN WOLF

While major allies like France and the United Kingdom attended the meeting in Washington, Greenland and Denmark, the NATO ally with oversight of the mineral-rich Arctic island, did not.

A new approach to countering China on critical minerals VANCE said some countries have signed on to the trading bloc, which is designed to ensure stable prices and will provide members access to financing and the critical minerals.

Administration officials said the plan will help the West move beyond complaining about the problem of access to critical minerals to actually solving it.

“Everyone here has a role to play, and that’s why we’re so grateful for you coming and being a part of this gathering that I hope will lead to not just more gatherings, but action,” Rubio said.

Vance said that for too long, China has used the tactic of unloading materials at cheap prices to undermine potential competitors, then ratcheting up prices later after keeping new mines from being built in other countries. Prices within the preferential trade zone will remain consistent over time, the vice president said.

“Our goal within that zone is to create diverse centers of production, stable investment conditions and supply chains that are immune to the kind of external disruptions that we’ve already talked about,” he said.

In Beijing, Chinese Foreign Ministry spokesperson Lin Jian said in

response to a question about the trading bloc that “we oppose any country undermining the international economic and trade order through rules set by small cliques.”

To make the new trading group work, it will be important to have ways to keep countries from buying cheap Chinese materials on the side and to encourage companies from getting the critical minerals they need from China, said Ian Lange, an economics professor who focuses on rare earths at the Colorado School of Mines.

“Let’s just say it’s standard economics or standard behavior. If I can cheat and get away with it, I will,” he said.

At least for defense contractors, Lange said the Pentagon can enforce where those companies get their critical minerals, but it may be harder with electric vehicle makers and other manufacturers.

US turns to a strategic stockpile and investments TRUMP this week also announced Project Vault, a plan for a strategic US stockpile of rare earth elements to be funded with a $10 billion loan from the US Export-Import Bank and nearly $1.67 billion in private capital.

In addition, the government recently made its fourth direct investment in an American critical minerals producer, extending $1.6 billion to USA Rare Earth in exchange for stock and a repayment deal. The Pentagon has shelled out nearly $5 billion over the past year to spur mining.

The administration has prioritized

the moves because China controls 70% of the world’s rare earths mining and 90% of the processing. Trump and Chinese President Xi Jinping spoke by phone Wednesday, including about trade. A social media post from Trump did not specifically mention critical minerals.

Heidi Crebo-Rediker, a senior fellow in the Center for Geoeconomic Studies at the Council on Foreign Relations, said the meeting was “the most ambitious multilateral gathering of the Trump administration.”

“The rocks are where the rocks are, so when it comes to securing supply chains for both defense and commercial industries, we need trusted partners,” she said.

Japan’s minister of state for foreign affairs, Iwao Horii, said Tokyo was fully on board with the US initiative and would work with as many countries as possible to ensure its success.

“Critical minerals and (their) stable supply are indispensable to the sustainable development of the global economy,” he said.

Agreements and legislation move forward

THE European Union and Japan together as well as Mexico announced agreements to work with the United States to develop coordinated trade policies and price floors to support the development of a critical minerals supply chain outside of China. The countries said they would develop an agreement about what steps they will take and explore ways to expand the effort to include additional likeminded nations.

Also Wednesday, the Republicancontrolled House approved a bill to accelerate mining on federal land despite objections from Democrats and conservation groups that it amounted to a blank check to foreign-owned mining corporations.

The bill, which next heads to the Senate, would codify Trump’s executive orders to boost domestic mining and processing of minerals important to energy, defense and other applications.

Associated Press writers Matthew Daly and Ken Moritsugu in Beijing contributed to this report.

Bitcoin plunges 8% and South Korea’s Kospi sinks nearly 4% in the latest tech-led sell-off

By Elaine Kurtenbach AP Business Writer

WORLD shares retreated Thursday in Asia on heavy selling of technology stocks, while the price of bitcoin fell as much as 8%.

The latest round of jitters over high prices for tech shares sent South Korea’s Kospi down nearly 4%. Oil prices sank more than $1 a barrel.

Bitcoin was trading near $71,000 early Thursday, down 7.3% after crashing to about $69,000 earlier in the day, according to CoinDesk. That’s its lowest level since November 2024.

Cryptocurrencies like bitcoin have dropped after US Treasury Secretary Scott Bessent, said in answer to questions in the House Financial Services Committee on Wednesday that he did not have the authority to order banks to buy such assets.

In share trading, Germany’s DAX slipped 0.2% to 24,568.67 and the CAC 40 in Paris edged 0.2% higher to 8,278.99. Britain’s FTSE 100 gave up 0.3% to 10,371.83. The future for the S&P 500 was up 0.2% while that for the Dow Jones Industrial Average edged 0.1% lower.

In Asian trading, Tokyo’s Nikkei 225 shed 0.9% to 53,818.04, while the Kospi in South Korea skidded 3.9%, to 5,163.57.

Shares in South Korea’s biggest company, Samsung Electronics, lost 5.9%. Chip maker SK Hynix plunged 6.7%.

Hong Kong’s Hang Seng regained early losses, closing 0.1% higher at 26,885.24. The Shanghai Composite index gave up 0.6% to 4,075.92.

Australia’s S&P/ASX 200 fell 0.4% to 8,889.20, while Taiwan’s Taiex lost 1.5%.

On Wednesday, the S&P 500 fell 0.5% for its fifth modest loss in the last six days. The Dow rose 0.5% and the Nasdaq composite sank 1.5%. More than twice as many stocks rose within the S&P 500 than fell, but sinking technology stocks weighed on the index for a second straight day.

Advanced Micro Devices dropped 17.3% even though the chip company reported a stronger profit for the lat -

est quarter than analysts expected. It also gave a forecast for revenue for the start of 2026 that topped analysts’ expectations, but that may not have satisfied investors after its stock doubled over the last 12 months. Tech stocks are under pressure even when they deliver strongerthan-expected profits after their prices shot higher as they’ve grown to dominate markets. Companies like software makers, meanwhile, are struggling with questions about whether they’ll lose in the future to competitors powered by artificialintelligence technology.

Uber Technologies also dragged on the market after falling 5.1%. The ride-hailing company reported results for the latest quarter that fell short of analysts’ expectations. It also gave a forecast for profit in the current quarter that was below analysts’ expectations, while naming a new chief financial officer.

Some tech stocks nevertheless climbed, including a 13.8% rise for Super Micro Computer. The company, which sells AI servers and other equipment, delivered a stronger profit for the latest quarter than analysts expected.

Walmart edged up by 0.2%, a day after its total market value topped $1 trillion for the first time. The retailer has broken into a small club dominated by Big Tech companies like Nvidia and Apple, which are each worth more than $4 trillion.

In other dealings early Thursday, US benchmark crude oil fell $1.05 to $64.09 per barrel. Brent crude, the international standard, lost $1.11 to $68.35 per barrel. Prices of precious metals resumed their roller coaster ride, as gold bounced up 0.2% while silver dropped 4.6%. Their prices have surged and swooned recently as investors sought safer places to keep their money amid worries about everything from tariffs to a weaker US dollar to heavy debt loads for governments worldwide. But critics have said their prices rose too far, too fast and were due for a pullback. The dollar rose to 157.03 Japanese yen from 156.88 yen. The euro fell to $1.1805 from $1.1809.

On Capitol Hill, Treasury secretary’s testimony descends into insults and shouting matches

By Fatima Hussein The Associated Press

WASHINGTON—A hearing about oversight of the US financial system devolved into insults several times Wednesday as Treasury Secretary Scott Bessent clashed with Democratic lawmakers over fiscal policy, the business dealings of the Trump family and other issues.

Appearances by treasury secretaries on Capitol Hill are more typically known for staid exchanges over economic policy than for political theater, but Wednesday’s hearing of the House Financial Services Committee hearing featured several fiery exchanges between the Republican Cabinet member and Democrats, with Bessent even lobbing insults back to the lawmakers.

Bessent called Rep. Sylvia Garcia “confused” when she questioned how undocumented immigrants could affect housing affordability across the country, prompting the Texas Democrat to snap back, “Don’t be demeaning to me, alright?”

Bessent later mocked a question from Rep. Stephen Lynch, D-Mass., about shuttered investigations into cryptocurrency firms. Lynch expressed frustration with Bessent’s interruptions, saying, “Mister Chairman, the answers have to be responsive if we are going to have a serious hearing.”

Bessent replied, “Well, the questions have to be serious.”

After a back-and-forth over whether tariffs cause inflation or one-time

price increases for consumers, California Democratic Rep. Maxine Waters asked committee leaders to intervene with Bessent: “Can someone shut him up?”

And in a fiery exchange with Rep. Gregory Meeks over the Abu Dhabi royal family’s investment into the Trump family’s World Liberty Financial cryptocurrency firm last year, the New York Democrat dropped an F-bomb as he shouted at Bessent: “Stop covering for the president! Stop being a flunky!” The Treasury Department did not immediately respond to a request for comment on the fireworks.

Bessent’s performance was “not a role you typically see a treasury secretary play,” said Graham Steele, a former assistant secretary for financial institutions under Biden-era Treasury Secretary Janet Yellen. The department has traditionally “been removed from some of the day-today, hand-to-hand political combat,” Steele said in an interview. He recalled his former boss having tense exchanges over climate change and policy issues with Republican lawmakers during committee hearings, but the exchanges were not personal, he said, noting treasury secretaries have to strike a “delicate balance” of working with the White House while safeguarding the “economic stature” of the country internationally. In recent months, Bessent has ratcheted up his insults when it comes to Democratic leaders.

He has called California Gov. Gavin Newsom “economically illiterate,” compared him to the fictional serial

killer Patrick Bateman, and called him “a brontosaurus with a brain the size of a walnut.” He has on several occasions called Massachusetts Sen. Elizabeth Warren an “American Peronist” after she told American financial institutions not to finance the Trump administration’s massive support package for Argentina.

Bessent’s combativeness is, in part, a sign of the times, said David Lublin, chair of the Department of Government at American University’s School of Public Affairs.

“President Trump has shown he likes belligerence and he likes nomi -

nees and others who defend him vociferously,” Lublin told The Associated Press.

“It’s hard to say that this is unusual for this political environment. What used to be the normal modicum of respect for Congress has frayed to the point of vanishing,” Lublin said.

What was unusual, in Lublin’s view, was for Bessent to reveal his thoughts on monetary policy—normally the purview of the Federal Reserve—and his insistence that Trump has the right to interfere with the decision-making of the central bank. “You have a cabinet secretary defending the president’s efforts to erode institutions,” Lublin said.

On Thursday, Bessent will get another opportunity to spar with lawmakers. He is scheduled to appear before the Senate Banking, Housing and Urban Affairs Committee on the same topic: the annual report by the Financial Stability Oversight Council, which Bessent leads.

Islamic militants kill 162 people in attacks on two villages in Nigeria, lawmaker says

By Tunde Omolehin And Dyepkazah Shibayan The Associated Press

SOKOTO, Nigeria—Armed extremists killed at least 162 people during attacks on two villages in western Nigeria, a lawmaker said Wednesday, in one of the deadliest assaults in recent months. One rights group estimated the death toll could be higher.

attacks are unacceptable,” the rights group said, adding that the gunmen had been sending “warning” letters to the villagers for more than five months.

He said the attacks were carried out by the Lakurawa, an armed group affiliated with the Islamic State group. No one has claimed responsibility for the attacks.

Ayodeji Emmanuel Babaomo, the Red Cross secretary in Kwara state, said the organization has been unable to reach the communities where “scores of people were killed” because they are in a remote area — about eight hours from the state capital and near Nigeria’s border with Benin.

Footage from the scene on local television show bodies lying in blood on the ground, some with their hands tied, as well as burning houses.

Amnesty International said in a statement the gunmen killed over 170 people, razed homes and looted shops.

“The security lapses that enabled these

State governor AbdulRahman AbdulRazaq described the attack as a “cowardly expression of frustration by terrorist cells” in response to ongoing military operations against armed extremists in the state.

Nigeria is in the grip of a complex security crisis, with an insurgency by Islamic militants in the northeast alongside a surge in kidnappings for ransom by gunmen across the northwest and north-central regions over recent months.

Separately on Tuesday, unknown gunmen killed at least 13 people in the village of Doma, in the northwestern state of Katsina, police spokesman Abubakar Sadiq Aliyu said. No one has claimed responsibility for the attack, Boko Haram extremists in northeastern Nigeria killed at least 36 people last week dur -

After crushing protests, Iran’s supreme leader now tries to avert a US attack

By Lee Keath

The Associated Press

CAIRO—Iran’s Supreme Leader Ayatollah Ali Khamenei crushed the protests that swept across the country last month, but only by unleashing the bloodiest crackdown of his nearly four decades in power.

Now, with an American flotilla nearby, the 86-year-old Khamenei is trying to avert a potential US attack. He has warned that if US President Donald Trump strikes, a regional war will ensue. At the same time, he is allowing Iran to enter negotiations with the US over its nuclear program, reversing his previous rejection of talks.

The ferocious suppression of the protests is a sign of how deep a threat Khamenei and Iran’s leadership see in the widespread popular anger. Years of sanctions, economic mismanagement and corruption have gutted Iran’s economy, hitting its once-large middle class hard. Chants of “Death to Khamenei!” during January’s protests underscored how economic woes have turned to resentment of clerical rule.

Popular discontent is not the only strain on the theocratic system that Khamenei heads. Israeli and US bombardment during last summer’s 12-day war heavily damaged Iran’s nuclear program, missile systems and military capabilities. And Iran’s network of regional proxies that includes Hamas in Gaza and Hezbollah in Lebanon—dubbed the “Axis of Resistance”—has crumbled in recent years, setting back its ability to wield influence across the Middle East.

Still, Iran’s domestic crackdown displayed the iron grip that Khamenei and his Revolutionary Guard are capable of imposing. Thousands were killed, tens of thousands were arrested and the Internet was shut down, largely cutting off Iranians from communicating with the outside world for weeks.

Here’s what to know about Khamenei:

He transformed the Islamic Republic WHEN he rose to power in 1989, Khamenei had to overcome deep doubts about his authority.

A low-level cleric at the time, Khamenei didn’t have the religious credentials of his predecessor, Ayatollah Ruhollah Khomeini, the leader of the Islamic Revolution. With thick glasses and a plodding style, Khamenei also lacked Khomeini’s fiery charisma.

But Khamenei has ruled three times longer than the late Khomeini and has shaped Iran’s Islamic Republic perhaps even more dramatically.

He entrenched the system of rule by the

“mullahs,” or Shiite Muslim clerics. Under the Islamic Republic, clerics stand at the top of the hierarchy, drawing the lines to which the civilian government, the military, and intelligence and security establishment must submit. In the eyes of hard-liners, Khamenei stands as the unquestionable authority—below only that of God.

At the same time, Khamenei built the paramilitary Revolutionary Guard into the dominant player in Iran’s military and internal politics.

The Guard boasts Iran’s most elite military and oversees its ballistic missile program.

Khamenei also gave the Guard a free hand to build a network of businesses, allowing it to dominate Iran’s economy. In return, the Guard became his loyal shock force.

He fended off domestic challenges

THE first major threat to Khamenei’s grip was the reform movement that swept into a parliamentary majority and the presidency soon after he became supreme leader. The movement advocated for giving greater power to elected officials—something Khamenei’s hardline supporters feared would lead to dismantling the Islamic Republic system.

Khamenei stymied the reformists by rallying the clerical establishment. Unelected

bodies run by the mullahs succeeded in shutting down major reforms and barring reform candidates from running in elections.

With the failure of the reform movement, waves of popular protests have followed, each crushed by the Revolutionary Guard and Iran’s other security agencies.

Huge nationwide protests erupted in 2009 over allegations of vote-rigging. Under the weight of sanctions, economic protests broke out in 2017 and 2019. More demonstrations broke out in 2022 over the death of Mahsa Amini after police detained her for not wearing her mandatory headscarf properly.

The successive crackdowns killed hundreds, and hundreds more were arrested amid reports of detainees tortured to death or raped in prison.

Deadliest crackdown yet

THE latest bloodshed has eclipsed that past unrest. The demonstrations began in late December in Tehran’s traditional bazaar after the rial currency plunged to a record low of 1.42 million to the US dollar. They quickly spread to cities across Iran.

Khamenei declared that “rioters must be put in their place,” giving a green light for a crackdown. When hundreds of thousands took the streets on Jan. 8 and 9, protesters who are

veterans of past demonstrations said they were stunned by the firepower unleashed, with security forces firing on crowds.

Activists say they have so far documented more than 6,700 killed and are working to verify potentially thousands more. The government has put the toll far lower at 3,117, still higher than past crackdowns.

In the past, authorities have sought to defuse public anger by easing enforcements of some of the Islamic Republic’s social restrictions or acknowledging economic woes.

But so far, Khamenei has only toughened his rhetoric, referring to the protests as “a coup.” Activists say tens of thousands have been detained in past weeks.

Nuclear negotiations

BY agreeing to nuclear negotiations with the US, Khamenei may be seeking to buy time to avert US strikes—or counting on Trump’s threats being a bluff. Turkey, Egypt, Oman, Pakistan, Qatar, Saudi Arabia and the United Arab Emirates have all been working to try to arrange talks, which could take place in the coming days.

But the two sides are far apart. Iran has staunchly opposed the main American demands, that it halts all nuclear enrichment and that it surrenders its uranium stocks.

Trump has been vague about what the goal of airstrikes would be. He had initially threatened strikes to stop Iran’s leaders from killing peaceful protesters or prevent mass executions. He has shifted to wielding the threat to push Iran to engage seriously in nuclear negotiations.

Some in Iran and among the large Iranian diaspora have expressed hopes that the US will use military force to bring down Khamenei. But that could require potentially an enormous military operation, likely far beyond just airstrikes. There are also strong voices even among Khamenei opponents against foreign intervention toppling the theocracy.

And the scenario of eliminating Khamenei only brings to the fore the question that has hung over his rule as he grows older: Who or what would come after him?

Officially, a panel of Shiite clerics is tasked with choosing one of their own as his successor, and multiple names touted among leading Shiite clerics, including Khamenei’s son. But under Khamenei, the Revolutionary Guard has grown to become the most powerful body behind the ruling clerics’ robes.

Violently removing the supreme leader could prompt Guard commanders or its regular military to more overtly seize power. That could set off a bloody conflict over control of the oil-rich country of 85 million people.

ing separate attacks on a construction site and on an army base.

The armed groups in Nigeria include at least two affiliated with IS, an offshoot of the Boko Haram extremist group known as the Islamic State West Africa Province in the northeast, and the lesser-known Islamic State Sahel Province (ISSP), known locally as Lakurawa, and prominent in the northwest.

The Nigerian military has said in the past that the Lakurawa has roots in neighboring Niger and that it became more active in Nigeria’s border communities following a 2023 military coup.

James Barnett, a researcher at the Washington-based Hudson Institute, said the attack in Kwara state was most likely perpetrated by the Jama’atu Ahlis Sunna Lidda’awati walJihad, or JAS, a Boko Haram faction that has been responsible for other recent massacres in the area.

On Tuesday, the head of US Africa Command said the United States had sent a small team of military officers to Nigeria, the latest step in its response to the security crisis. In December, US forces launched airstrikes on IS-affiliated militants in Nigeria.

Africa’s most populous country has been in the diplomatic crosshairs of the US following threats by US President Donald Trump to attack the country, alleging it is not doing enough to protect its Christian citizens.

Shibayan reported from Abuja, Nigeria. Associated Press writer Afolabi Sotunde contributed to this report.

Washington...

“The Post has survived for nearly 150 years, evolving from a hometown family newspaper into an indispensable national institution, and a pillar of the democratic system,” Ashley Parker, a former Post journalist, wrote in an essay in The Atlantic. But if the paper’s leadership continues its current path, “it may not survive much longer.”

Fearing for the future, Parker was among the staff members who left the newspaper for other jobs in recent months.

Atlanta paper also makes cut ALSO on Wednesday, the Atlanta JournalConstitution, which stopped print editions and went all-digital at the end of last year, announced that it was cutting 50 positions, or roughly 15% of its staff. Half of the eliminated jobs were in the newsroom.

Murray said the Post would concentrate on areas that demonstrate authority, distinctiveness and impact, and resonate with readers, including politics, national affairs and security. Even during its recent troubles, the Post has been notably aggressive in coverage of Trump’s changes to the federal workforce. The company’s structure is rooted in a different era, when the Post was a dominant print product, Murray said in his note to the staff. In areas such as video, the outlet hasn’t kept up with consumer habits, he said.

“Significantly, our daily story output has substantially fallen in the last five years,” he said. “And even as we produce much excellent work, we too often write from one perspective, for one slice of the audience.”

While there are business areas that need to be addressed, Baron pointed a finger of blame at Bezos—for a “gutless” order to kill a presidential endorsement and for remaking an editorial page that stands out only for “moral infirmity” and “sickening” efforts to curry favor with Trump.

“Loyal readers, livid as they saw owner Jeff Bezos betraying the values he was supposed to uphold, fled The Post,” Baron wrote. “In truth, they were driven away, by the hundreds of thousands.”

Baron said he was grateful for Bezos’ support when he was editor, noting that the Amazon founder came under brutal pressure from Trump during the president’s first term.

“He spoke forcefully and eloquently of a free press and The Post’s mission, demonstrating his commitment in concrete terms,” Baron wrote. “He often declared that The Post’s success would be among the proudest achievements of his life. I wish I detected the same spirit today. There is no sign of it.”

NBI. . .

Continued from A5

Co’s camp has asked the Supreme Court (SC) to stop the Sandiganbayan from hearing the cases against him and to set aside the resolution issued by the Office of the Ombudsman recommending his prosecution in connection with the alleged anomalous project.

Co left the country last July 2025 before the flood-control scandal broke out and has been in hiding since then.

However, the apostille he attached on his petition to certify the petition and attachments were personally signed by him, indicated that he is in Stockholm, Sweden.

Revilla. . .

Continued from A5

on record establishes a prima facie case against the accused, the court has sufficient basis to issue a warrant of arrest.”

Likewise, the Sandiganbayan denied Revilla’s motion to remand the case to the Ombudsman for reinvestigation and/or reconsideration.

It stressed that the filing of a motion for reconsideration before the Ombudsman is not a matter of right and that the filing of the information even before the accused could file such motion for reconsideration does not violate any rule.

“Revilla failed to show any compelling reason that would justify a reinvestigation of the instant case. As discussed, any remand to the Ombudsman, either for reconsideration or reinvestigation, will prejudice the accused and would serve no purpose other than to unduly delay the proceedings,” the Sandiganbayan explained. With the denial of all his motions, the Sandiganbayan said the arraignment and pre-trial of Revilla and his co-accused will proceed on February 9. Joel R. San Juan

. .

Continued from A5

priority areas, and select suitable sites for livelihood and infrastructure support.

DAR personnel also joined coffee and cacao harvesting and processing activities in Barangay Mapisla. This allowed the team to better understand farmers’ actual conditions, challenges in postharvest handling, and opportunities to improve product quality and market access.

The activity also highlighted the Lapat System, an indigenous practice in Abra that promotes responsible use of natural resources. This supports sustainable farming while protecting the environment, ensuring long-term benefits for ARBs and their communities.

Project VISTA aims to strengthen agricultural value chains by providing targeted support, building partnerships, and promoting climate-resilient livelihoods— helping ARBs earn more, manage their farms better, and secure a more sustainable future.

The project is a partnership between the Philippine government and IFAD to develop sustainable, market-driven agricultural value chains. By prioritizing coffee and cacao, the project aims to revitalize rural economies, expand market opportunities, and secure a better future for upland farmers and their families.

The project will cover 86 agrarian reform communities (ARCs) in two regions: the Cordillera Administrative Region (Benguet, Apayao, Ifugao, Abra, Mt. Province, and Kalinga) and in SOCCSKSARGEN (Sarangani, Sultan Kudarat, North Cotabato, and South Cotabato). Jonathan L. Mayuga

Supreme Court petition challenges Manila’s ‘unconstitutional’ 1,200% garbage fee hike

ABy Joel R. San Juan @jrsanjuan1573

PETITION was filed before the Supreme Court (SC) on Thursday seeking to enjoin the Manila City government from implementing an ordinance increasing garbage fees by more than 1,000 percent for being unconstitutional.

The petition was filed by high school teacher and Las Piñas city resident John Barry Tayam in his capacity as a concerned citizen and a frequent visitor of Manila City for local tourism.

Subject of his petition is the constitutionality and legality of Manila City Ordinance No. 9151 or the “Revised Schedule of Garbage Collection Fees in the City of Manila” which was enacted on November 27, 2025.

He named Manila Mayor Francis “Isko” Domagoso and the City Council headed by Vice Mayor Angela Lei Ilagan-Atienza as respondents in the petition.

The ordinance amended the Garbage Collection Fee provision under Section 144, Article H of the 2013 Omnibus Revenue Code.

city government failed to comply with the publication requirements mandated by the law and to conduct adequate public hearings and consultations prior to its imposition.

“This lack of transparency and consultation renders the collection of these fees an arbitrary exercise of police power,” Tayam said.

“An increase of this magnitude ceases to be a mere regulatory fee and becomes a prohibitive burden that threatens the economic viability of the local business sector, thereby rendering the ordinance unconstitutional and void ab initio,” he added.

“I have personally experienced the city’s chronic flooding caused by uncollected garbage. I contend that the exorbitant fees imposed discourage proper waste disposal, leading to an environmental degradation,” he said.

Tayam said with the enactment of the said ordinance, businesses in Manila face 1,200 percent surge in waste disposal costs compared to the previous revenue code.

Tayam asked the Court to waive its rules on legal standing and hear the case “in the interest of the public and the cleanliness of our nation’s capital.”

He argued that the Manila City government committed grave abuse of discretion in the immediate implementation of City Ordinance No. 9151.

The petitioner noted that the

Tesda launches digital ‘Skills Passport’ app to modernize training and boost job access

By Claudeth Mocon-Ciriaco @claudethmc3

THE Technical Education and Skills Development Authority (Tesda) on Thursday introduced a new app as part of agency’s initiative to modernize technical-vocational education and training (TVET) and improve access to skills development for Filipino learners and workers.

The Tesda Skills Passport, according to Tesda Director General Jose Francisco “Kiko” Benitez, is a mobile-first, digital solution designed to streamline training, certifications, employment, and scholarship services for Filipinos. The launch, held at the Makabagong San Juan Theater, featured President Ferdinand “Bongbong” Marcos Jr.

“Skills are the engine of opportunity, at dahil sa Tesda Skills Passport, mas malakas na ang sistema natin na magbibigay at magve-verify ng trainings at certifications. With this super app, skills are now more accessible and visible, so we can better ensure that Training leads to Trabaho,” Benitez said.

The Tesda Skills Passport functions as a digital identity and portfolio, allowing users to securely store, manage, and present their skills and credentials. Its key features include:

°Skills Passport—a verified digital record of Tesda National Certificates (NCs) and completed trainings, with a QR-enabled resume for easy sharing with poten -

DOF. . .

Continued from A4

Marcos reiterated that the travel tax has become counterproductive, arguing that it now undermines tourism growth, mobility, and economic recovery.

“It’s outdated. It’s a hassle for traveling Filipinos. If we want to boost local and international tourism, the travel tax is not the way to do it,” he said.

While acknowledging the concerns raised by Tourism Secretary Christina Frasco, Marcos questioned the efficiency of how travel tax revenues are currently utilized, particularly by the

tial employers.

°Job Opportunities—a job hub that provides employment listings from partner job platforms and features “Find a TESDAn”, which allows Tesda graduates to create worker profiles and get matched with jobs and work opportunities based on location, industry, and salary preferences.

°Learning Paths—direct access to the Tesda Online Program (TOP), where users can explore free courses and receive personalized recommendations based on their skills and career goals.

°Scholarships—real-time access to Tesdascholarship programs synchronized with the Biometricenabled Scholarship Registration System (BSRS), allowing users to view scholarships filtered by location or qualification and track application status directly through the app.

°Centers Near Me—a mapbased locator that helps users find Tesda-accredited training, assessment, and technology institutions nationwide.

Moreover, the platform incorporates identity verification and data security safeguards, including PhilSys validation, which is the government’s identification system, to help ensure accuracy and privacy of learner records.

During the event, Marcos Jr., who also served as the keynote speaker, became the first official user of the Tesds Skills Passport, marking the formal activation of the platform.

Tourism Infrastructure and Enterprise Zone Authority (Tieza).

“I respect Secretary Frasco’s opinion, but Tieza has an abysmal reputation in terms of absorptive capacity. The funds allocated to it are hardly used as efficiently as possible,” he said.

Marcos noted that travel tax collections reached about P7.7 billion last year, arguing that scrapping the levy would generate greater economic returns through increased travel and consumer spending.

“The multiplier effect of abolishing the travel tax will be much higher than the impact of projects funded by it that haven’t necessarily delivered the highest returns,”

The Tesda Skills Passport aligns with the PBBM administration’s emphasis on digital transformation of government services as well as its commitment to skills development and workforce competitiveness.

Meanwhile, Education Secretary Juan Edgardo “Sonny” Angara underscored that the initiative supports the Department of Education’s (DepEd) efforts to align basic education, skills training, and employment outcomes, in collaboration with Tesda and Commission on Higher Education (Ched).

Kung malinaw ang ugnayan ng edukasyon at trabaho, mas nagkakaroon ng saysay ang bawat hakbang ng pagkatuto...Dapat malinaw, mapagkakatiwalaan, at madaling dalhin ng mga mag-aaral at manggagawa ang kanilang credentials saan man sila magpunta ,” Angara said.

For DepEd, the platform supports its reform initiatives by providing Senior High School (SHS) graduates, particularly those in the Technical-Vocational-Livelihood (TVL) track, with a seamless pathway from education to employment.

“ Para sa mga SHS graduate, lalo na sa TVL track, mahalaga na dala nila ang kasanayan na kinikilala at magagamit saan man sila magpunta. Ito ang pundasyon ng isang edukasyong may malinaw na patutunguhan ,” Angara said.

The Tesda Skills Passport is now available and can be downloaded on Android and iOS devices.

he said.

Earlier, Marcos filed House Bill 7443 seeking the repeal of the travel tax imposed under Presidential Decree 1183 and related provisions of the Tourism Act of 2009.

The bill would remove fees of up to P2,700 for first-class passengers and P1,620 for economy travelers—costs that can reach P6,480 for a family of four.

Under the measure, agencies currently funded by travel tax collections, including Tieza, the Commission on Higher Education, and the National Commission for Culture and the Arts, will instead be funded through the General Appropriations Act.

Tayam also branded the increase in garbage fees as “unjust, excessive, oppressive, and confiscatory,” which he said is prohibited under Section 130 of the Local Government Code.

“The immediate implementation of the Revised Schedule of Garbage Collection Fees poses a direct financial threat to the business owners and stakeholders of Manila,” Tayam said.

“As the business permits renewal, assessments and payment for license to operate, the recovery of such amounts becomes a tedious and difficult process for the thousands of affected business establishments,” he pointed out.

Tayam also asked the Court to order the Manila City assessor and treasure to cease and desist from assessing and collecting the new fess and to refund all garbage fees already collected under the ordinance during the 2026 business permit renewal period.

In his petition, Tayam also sought issuance of a temporary restraining order (TRO) and/or a writ of preliminary injunction and the immediate conduct of a special raffle of the petition to immediately enjoin the implementation of the ordinance.

Comelec, DBM scramble on additional funding request for Antipolo 2nd district special elections

THE Department of Budget and Management (DBM) has rejected the request for additional budget for the Antipolo second district’s special election, the Commission on Elections (Comelec) said.

Comelec Chairman George Erwin M. Garcia told the reporters in an interview that they are “deeply saddened” by the decision of DBM to deny additional funding for the special elections following the death of the district’s representative Rep. Romeo Acop. “ Nalulungkot po kami, napaka -unfortunate na development. Hindi po kami nabigyan ng dagdag na budget,” he said.

However, in a statement, DBM debunked that they denied the poll body’s request.

“Rather, DBM advised that the funding requirement for the special election may be charged against COMELEC’s existing and available appropriations, consistent with the law and sound fiscal management,” the statement read.

In its clarification, the DBM said the estimated cost of the special election in Antipolo’s second district amounts to P98.712 million, which exceeds the P11.189 million allocation specifically earmarked for special elections under the 2026 General Appropriations Act (GAA).

However, the budget department maintained that the amount remains “well within” the Comelec’s overall available resources.

The DBM pointed out that Comelec has a built-in appropriation of P19.873 billion under the 2026 General Appropriations Act (GAA) to carry out its constitutional and statutory mandate, including the conduct of elections.

It also said that based on Comelec’s own financial reports as of December 31, 2025, the poll body still has P20.926 billion in accumulated unobligated allotments from prior years.

This brings Comelec’s total unobligated allotments to P40.799 billion, which DBM said may be used to fund mandatory expenditures such as special elections.

“Under the Constitution and existing budget laws, COMELEC

is authorized to utilize its current appropriations, continuing funds, and savings to cover necessary expenditures,” the DBM said.

The budget department cited Section 25(5), Article VI of the Constitution, as well as the general provisions of the GAA, which allow the use of savings to address actual funding requirements.

DBM also stressed that the conduct of a special election to fill a permanent vacancy in the House of Representatives is a mandatory and ministerial duty of Comelec under Republic Act No. 7166.

Garcia, however, disputed the DBM’s position, saying the budget department’s records may not reflect the commission’s actual financial obligations.

“In their records, they said we still have an existing budget. But in our records, those were all obligated already,” the poll body chief said. “ Sana po pinatawag kami para maipaliwanag namin kung bakit ito ang kailangan at kung saan mapupunta ang pondo.” He said that in previous years, Comelec was usually asked to justify its funding requests before any decision was made.

“With all due respect, hindi naman po ganoon kalaki ang P98 million kung ikukumpara sa ibang gastusin ng gobyerno,” Garcia said. Garcia also said that seeking assistance from Congress is no longer possible since the national budget for 2026 has already been enacted. He recalled that in 2023, Comelec received an additional P2.5 million from the Executive to cover the cost of a reset election.

Despite the funding setback, Garcia said preparations for the Antipolo special election will continue as Comelec is set to sign a contract with the National Printing Office for ballot printing.

He also assured that teachers who will serve in the special election will still receive the same honoraria given during the 2025 national and local elections, including the P2,000 across-theboard increase, even if the polls are conducted manually.

Mary Jade Jadormio

Time for brighter governance amid economic clouds

MOODY’S Analytics’ caution about a “darker” economic outlook for the Philippines in 2026 should be interpreted not as an inflexible prediction, but rather as a serious assessment of issues that have been allowed to persist over time. The think tank’s assessment underscores a reality policymakers can no longer afford to downplay: economic growth is not faltering for lack of monetary easing or external opportunity alone, but because confidence—in governance, in policy execution, and in the state’s capacity to deliver—has been badly eroded. (Read the BusinessMirror story: “Outlook ‘darker’ in 2026 on trade, trust issues,” February 2, 2026).

The numbers tell a troubling story. Economic growth slowed to 4.4 percent in 2025, the weakest pace since the pandemic rebound, and far below the government’s target. The final quarter’s 3-percent growth, coupled with downward revisions to earlier figures, confirms that the slowdown is not a statistical quirk but a sustained loss of momentum. More alarming is that this deceleration occurred despite low inflation and an easing monetary stance—conditions that would normally lift consumption and investment.

That they did not speaks volumes. As Moody’s Analytics notes, private consumption slowed even as interest rates fell, suggesting households remain cautious and unconvinced that better times lie ahead. For ordinary Filipinos, cheaper credit means little if job security feels fragile, public services appear compromised, and scandals dominate headlines. Confidence, once lost, is not revived by rate cuts alone.

Equally damaging is the sharp decline in investment. Gross capital formation contracted in 2025, making it one of the biggest drags on growth. This reflects more than global headwinds or tighter financial conditions. The loss of momentum in government spending—exacerbated by corruption findings in flood control projects—has weakened the state’s role as a growth anchor. When public funds are misused or projects are delayed, the signal to investors is unmistakable: execution risk is high, and governance remains uncertain.

Exports, long a reliable bright spot, have also proven insufficient to carry the economy. A deteriorating global trade environment threatens to dim this last source of strength, exposing the country’s vulnerability when domestic demand and investment fail to pull their weight. As economists have pointed out, the slowdown cannot be blamed solely on corruption scandals or climate shocks. Underspending, policy bottlenecks, weaker construction activity, and soft external demand have combined to strip the economy of its usual buffers.

The lesson is clear. Restoring growth is less about tweaking interest rates and more about rebuilding trust. This requires credible action against corruption, faster and more transparent public spending, and a clear demonstration that policies are not only well-designed but competently executed. Investors and consumers alike respond to signals of integrity and efficiency, not rhetoric.

A darker outlook is not inevitable. But unless governance improves and confidence is decisively restored, 2026 may indeed confirm Moody’s Analytics’ warning. Economic momentum, once lost, is hard to regain— and the cost of inaction will be borne not by forecasts and spreadsheets, but by Filipino households and businesses already feeling the weight of uncertainty.

BusinessMirror

T.

Intellectual property rights battles over shoes

AN episode of the 2025 Netflix K-drama  “Typhoon Family” features  Lee Jun-ho (as Kang Tae-poong) of Typhoon Trading with the high-stakes effort to sell 7,000 pairs of patented safety shoes.

The company attempts to overcome the 1997 IMF financial crisis by exporting the specialized shoes described in the patent as being made from five layers of special fiber for top-level protection. The promo material showed the shoes withstood a steel pipe, a frying pan, and a torch flame.

The shoes symbolize the company’s struggle for survival and resilience, focusing on the characters’ dedication to selling them despite impossible odds, facing sabotage, a shipping blacklist, and financial ruin.

Back in the 1980s, shoe factories in Busan dominated production for major global brands due to outstanding quality and low labor costs. Among those shoes, some had the phrase “Best Quality!” handwritten inside the soles by the craftsmen themselves.

Patent is one of the “intellectual property rights” which also include (a) copyright and related rights; (b) trademarks and service marks; (c) geographic indications; (d) in-

dustrial designs; (e) layout-designs (topographies) of integrate circuits; and (f) protection of undisclosed information.

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.

In the Philippines, most of the Supreme Court decisions on footwear concern trademark infringement.

In Ang v. Teodoro (GR 48226, December 14,  1942), the Supreme Court upheld Teodoro’s exclusive right to use “Ang Tibay” as a trademark for shoes and slippers, adding that it  was a distinctive mark, not merely descriptive, and had acquired a secondary meaning through years of exclusive use by Teodoro.

The Court found that  Ang’s use of “Ang Tibay” for her own products (pants and shirts) constituted trademark infringement and unfair competition. Even though the products were not directly compet-

60 is the new 50

ONE way in which the Philippines’ slow transition to an ageing society has manifested itself is through the labor force activity of those we call senior citizens, or those 60 years old or older.

According to Commission on Population and Development Undersecretary Lisa Grace Bersales in a recent report, the country’s senior population was almost at 11 million in 2025, comprising almost 10 percent of the country’s total population of about 114 million.

There are two alternative benchmarks that are widely used to classify a country as “ageing,” the first is when the share of those 60 years and older cross the 10 percent threshold, and the second when those 65 years and

older breach the 7 percent threshold. Using either benchmark, the country is almost certain to be classified as ageing by 2030 or soon after.

In the October 2024 Labor Force Survey (LFS) of the Philippine Statistics Authority (PSA), which is the latest quarterly LFS survey for which detailed analysis can be made, Filipinos 60 years and older had a labor force participation rate (LFPR) of 44.5 percent and an unemployment rate of 0.7 percent. Those 65 years and older had an LFPR of 36.2 per-

ing (shoes vs. garments), the Court held that the similarity in branding could cause consumers to wrongly believe the goods originated from the same source.

In Skechers v. Inter Pacific Industrial Trading Corp. (GR 164321, March 28,2011) the Court ruled that the stylized “S” on Strong rubber shoes was confusingly similar to the Skechers logo, constituting trademark infringement because the “S” was the dominant feature that caught the consumer’s eye.

In Great White Shark Enterprises, Inc. v. Caralde Jr., (GR 192294, November 21, 2012), the Court found no confusing similarity between the subject marks. While both marks use the shape of a shark, the Court noted distinct visual and aural differences between them.

In Canon Kabushiki Kaisha v. NSR Rubber Corp. (GR 120900, July 20, 2000), the Court ruled that NSR could register the trademark “CANON” for sandals. Despite Canon’s existing trademark for cameras/chemicals, the Court found no likelihood of confusion due to unrelated goods and different trade channels.

In Birkenstock Orthopaedie GmbH v. Phil. Shoe Expo Marketing Corp. GR 194307, November 20, 2013), the Court ruled that it is not the application or registration of a trademark that vests ownership thereof, but it is the ownership of a trademark that confers the right to register the same. A trademark is a creation of use and belongs to one who first used it in trade or commerce.

In determining similarity and likelihood of confusion, case law has

cent and an unemployment rate of 0.6 percent.

Recall that the LFPR is simply the share of the labor force (employed plus unemployed) to the total working age population (15 years and older minus overseas Filipino workers) and is thus a measure of the economic activity or activeness of the population.

The LFPR for seniors was understandably lower than the overall average for the population of 63.3 percent, but higher than the LFPR of the youth (15-24 years), which was only at 31.3 percent in the same period.

This means seniors are even more economically active than the youth. This has not historically been the case. Twenty years ago, in the October 2025 LFS, the LFPR of the youth was higher than seniors’ LFPR, especially compared to those 65 years and older.

This increased economic activity of seniors has occurred simultaneous with the improvement in the life expectancy of Filipinos from about 68 years in 2000 to about 74 years at present (higher for women than men by about 5-6 years in both periods).

developed the Dominancy Test and the Holistic or Totality Test. The Dominancy Test focuses on the similarity of the prevalent or dominant features of the competing trademarks that might cause confusion, mistake, and deception in the mind of the purchasing public. Duplication or imitation is not necessary; neither is it required that the mark sought to be registered suggests an effort to imitate. Given more consideration are the aural and visual impressions created by the marks on the buyers of goods, giving little weight to factors like prices, quality, sales outlets, and market segments. In contrast, the Holistic or Totality Test considers the entirety of the marks as applied to the products, including the labels and packaging, and focuses not only on the predominant words but also on the other features appearing on both labels to determine whether one is confusingly similar to the other as to mislead the ordinary purchaser. The “ordinary purchaser” refers to one “accustomed to buy, and therefore to some extent familiar with, the goods in question.” The IP laws aim to protect and secure the exclusive rights of scientists, inventors, artists and other gifted citizens to their intellectual property and creations, particularly when beneficial to the people, for such periods as provided in the law.

Atty. Dennis R. Gorecho is a junior partner  of the Sapalo Velez Bundang Bulilan Law Offices. For comments, e-mail info@sapalovelez.com, or call 0908-8665786.

The pattern in LFPR holds when broken down by sex, as male seniors (60+) have an LFPR of 55.2 percent and female seniors (60+) have an LFPR or 36.5 percent, compared to the male youth (37.8 percent) and female youth (24.4 percent).

The very low unemployment rate for seniors appear to indicate that almost all seniors who want to work are able to find some form of employment.

Seniors also had the lowest underemployment rate (compared to the youth, those 25 to 49, and those 50 to 64), with only 10 percent of employed wanting more hours of work among those 60 years and older and 9 percent for those 65 years and older, compared to 13 percent nationally.

Seniors 60 years and older averaged 35 hours worked during the reference week of the survey. This only goes down slightly to 33 hours when considering those 65 years and older. This has occurred even as the average hours worked declined overall by about half an hour from 2005 See “Eagle Watch,” A15

Epstein’s fondness for elite lawyer ends in downfall

By Tom Schoenberg

WHEN private equity titan Leon Black needed help with creative tax and wealth strategies, he turned to Jeffrey Epstein. But when Black needed help with Epstein, he turned to a powerful Wall Street attorney and fixer, Brad Karp.

The largest release yet of Justice Department records on Epstein reveal that Karp, the chairman of elite law firm Paul Weiss, was often in near orbit as Black paid the convicted sex offender $158 million for financial advice over the years—with Karp sometimes helping set the amounts. In a twist, he and Epstein also formed what they both called a “friendship” —musing in messages, arranging to attend a Woody Allen film premier and meeting up, including for dinner at Epstein’s Manhattan home. Those old ties—now exposed— just came to an abrupt head, with Karp resigning from the perch he held atop one of New York’s biggest law firms since 2008.

“Recent reporting has created a distraction and has placed a focus on me that is not in the best interests of the firm,” Karp said in a statement late Wednesday. Paul Weiss said he will continue serving clients at the firm.

Epstein files now show how the pedophile and the powerhouse attorney worked as allies while reshaping the management of Black’s wealth. At times, Epstein characterized the billionaire’s office as sloppy and amateurish, exposing him to taxes and reputational risks while making sensitive payments. (Later, in 2021, Black publicly admitted he had tried to cover up a “consensual affair” with a Russian model by paying her “substantial” sums.)

“He MUST be more careful,” Epstein wrote to Karp in late 2017, urging him to explain risks to Black and complaining that the billionaire needed to “re do his office with top line professionals.”

“I understand. Can’t wait. :),” Karp responded.

Over the years, Epstein also extolled Karp’s prowess to contacts across business, politics and academia. To Microsoft Corp. founder Bill Gates, it was “call Brad Karp.” To Donald Trump’s one-time adviser Steve Bannon, it was “I think you should meet Brad Karp.” To former Treasury Secretary and Harvard University professor Larry Summers, it was “Brad would be a good person for you.”

On Wall Street, Karp needed no introduction. He’s known throughout its corridors of power, sometimes guiding the likes of Citigroup Inc. through legal issues. As the files became public, he abruptly dropped out of an industry conference this week where he was scheduled to speak on “leadership in uncertain times.” Before federal authorities charged Epstein in 2019 with sex trafficking of minors, the files show he and Karp veered between professional conversations and camaraderie.

But throughout, the documents make clear that Karp worked for Black, the co-founder of Apollo Global Management Inc.

A representative for Black didn’t immediately respond to a request for comment. Paul Weiss has said it was retained by Black to negotiate a series of fee disputes with Epstein. “The firm was adverse to Epstein,” the firm said. “And at no point did Paul Weiss or Brad Karp ever represent him.”

In statements to the media, the firm also has said Karp “had a small number of social interactions by email” with Epstein, which he regrets.

‘Appreciate our friendship’

BLACK’S hiring of Epstein for estate planning and tax advice has been publicly known for years, contributing to his exit as Apollo’s chief executive officer in early 2021. At various

From the ER to recovery: A not-so-epic journey

IEpstein files now show how the pedophile and the powerhouse attorney worked as allies while reshaping the management of Black’s wealth. At times, Epstein characterized the billionaire’s office as sloppy and amateurish, exposing him to taxes and reputational risks while making sensitive payments. (Later, in 2021, Black publicly admitted he had tried to cover up a “consensual affair” with a Russian model by paying her “substantial” sums.)

points, the files show, Karp stepped into that work to deal with Epstein.

One of the earliest available messages referencing Karp is from 2014 and doesn’t mention Black. In it, Epstein’s assistant told her boss that Karp wanted to bring his daughter along to an Allen film screening that Epstein was inviting people to. (Two years later, Karp asked Epstein for help getting his son work on an Allen movie.)

Sometimes the messages got feisty, with Epstein lecturing Karp over a fee. “your job, is to get leon to a place that =AO he pays for what he received. NO discusion or movement,” Epstein wrote in January 2016.

“I understand and will have that =onversation,” Karp responded.

The next year, on a message discussing a “big transaction,” Epstein wrote, “I trust you 100 percent.”

“I really appreciate you always being straight with me,” Karp wrote on another message chain with Epstein that December. “I appreciate our friendship.”

In 2018, Epstein confided in Karp that he had spoken off the record to someone from the New York Times working on a story about Elon Musk. “ny times all over me re elon musk,” Epstein wrote. “i feel sorry for him.”

Karp responded: “Seriously? And so do I. I=’s not good.”

Epstein sometimes sent Karp links to articles about famous men accused of sexual misconduct. In mid-2017, after a woman was accused by prosecutors of trying to blackmail former New York Governor Eliot Spitzer, Epstein wrote Karp that he hadn’t really followed the “extortion girl issue,” and asked whether he did. Karp responded “not really.”

In early 2019, a team of defense lawyers submitted a letter to the editor of the New York Times. They took issue with how it had characterized Epstein’s 2008 prosecution agreement, which was facing mounting public criticism for going easy on him by letting him plead guilty to just two state charges. A few days before the letter’s publication, Karp offered to review it.

“I would love to see and comment on a draft,” he wrote Epstein. (The lawyer would later say that it “looked strong.”)

Epstein acknowledged his “judgment and friendship.”

Also that year, several prominent men were named in misdemeanor arrest warrants from a Florida prostitution sting targeting massage parlors. Epstein told Karp he knew someone in the state who could offer legal expertise.

Another Wall Street veteran “just called and needs immediate help,” Karp wrote back. “His name is about to be released as well. Who’s the best lawyer you can think of to help. He’s got about 30 mins before his name is released.”

“They’re talking right now,” Epstein wrote minutes later.

“Thanks so much,” Karp responded. Bloomberg

WENT through the second time in my lifetime to have a blood transfusion. The culprit was my hemoglobin that was diagnosed as having gone down low. Described by medical scientists as “the chief protein component of the red blood cells…loosely combining with molecular oxygen to form oxy hemoglobin,” it made me imagine a thing that has grown pallid within me, turned deathly white. I am certain that is not medically appropriate but it’s my way of coping with low hemoglobin. Or a sense of it.

The first time I had the blood transfusion was last year and it was for the same reason. During that time, I responded differently to the medical advice. “Is it necessary?” I remember asking the good doctor. It was.

When the blood arrived, it was in a thick transparent plastic pouch. I withdrew my gaze from it. And when I sensed that another blood from a human being (that was the great assurance) had started to flow into me, I suddenly was possessed of complex emotions - one of repugnance, then a stab of guilt (oh, how ungrateful I am), and ending with a weary resignation.

There is something in hospitals that make it the quintessential “total institution.” The concept has been attributed to American sociologist Erving Goffman who refers to it as a place where a particular type of people (e.g. sick patients) are separated from the greater community for a considerable time. Freedom and privacy are highly limited or not there at all.

Part of the rule in a total institution is making everyone appear the same. In prisons, it’s that glaring orange shirt. In the case of the hospital is that gown that’s tied at the back. I remember the first time I was hospitalized, I unconsciously remained

wearing my shirt and pants. The as sumption was the hospital medical staff would not notice. Sensing per haps my discomfort at the thought of wearing that patient’s gown, they allowed me until the next to re main in clothes I was wearing upon admission.

When I woke up the second day, I was look ing to a male nurse with that contentious clini cal uniform (my POV).

“Sir, you need to change to this gown. It will be easier for us to conduct medical procedures.” I conceded; I saw no space for refusal.

In so many ways, I was more professional and civil with my sec ond blood transfusion. I could hear my inner self assuring “been there, done that.” But that laidback smug ness was short-lived. A chilling wind of sadness seemed to cover my being. Was this what anxiety was all about? Or, was I struck by the thought that I was well into a path of affliction, healing, and sickness again. And, of course, as thinking human beings we know where all this will end.

I was reassuring myself that I have done enough and so much, there were excellent acts and there were numerous good responses to the human groups around me. Despite not really living a healthy life, I had a good career, my writings have been recognized, and I have been more than good to those who were good to me.

I have loved truly, the one that any man has the right to carry to his grave.

What is there to worry about?

My primal duty now is to get well and be healthy for all my kin, especially my nieces and nephews and my only sister, who worry about my condition.

These were, just to bring you back to the right context, all happening in the hospital. My first day.

Then came a shift again. It was beautiful, I repeat a beautiful consciousness that was part gravitas, part hubris, but I couldn’t care less.

and the medical gown embraced like a soft Uniqlo shirt, what is there to be apprehensive about?

The days, unfortunately, would have surprises, most of them unpleasant.

First, there were strict visiting hours. My friends traveled from Legazpi, arrived at 3 p.m., but were made to wait until 4 p.m., the beginning of visiting patients. That problem would still be prosaic compared to what would follow the next few days. Was it on the second day that a nurse began to ask me “Sir, humihingal ka?” (Are you gasping for breath?). Instinctively, I responded, “No.” That was the word used “ hingal.” I ignored it. But they persisted. Hinihingal ka?” In another form. I started to get conscious of my breathing. They continued to ask to the point of making me feel they wanted me to have difficulty in breathing. I knew they meant well but I was looking for a more nurturing, positive thinking. Wasn’t there “Sir, how is your breathing?”

Then one day, the finger pulse oximeter registered below 90. It was, however, fluctuating, giving a 93 and 94 sometimes. The oxygen came. It was a nasal cannula with two small prongs inserted into the nostrils. It was uncomfortable but tolerable. It did not stop there. An oxygen face mask replaced the one with tiny prongs. The device was disturbing. Immediately, I felt I could not breathe anymore. I was awake the whole night. I became agitated. For no clear reason, the next day the one with two prongs was placed again. Was I happy. The pulse oximeter began to read and it was yielding 94. When my pulmonologist came, I asked if I needed an oxygen. “How are you feeling, Sir?” The question was transcendental. “I am feeling well, Doctor.” 94 is good enough for me. The oxygen was taken off.

E-mail: titovaliente@yahoo.com

China trader who made $3 billion on gold bets big against silver

By Alfred Cang and Jin Wu

ABILLIONAIRE Chinese trader who made his name riding gold’s record-breaking rally has turned his sights to silver’s breakneck surge, with a bet on the metal’s collapse now worth almost $300 million.

Bian Ximing, who avoids the limelight and spends much of his time in Gibraltar, has made nearly $3 billion from bullish bets on Shanghai Futures Exchange gold contracts since early 2022. He has now built the bourse’s largest net short position in silver, according to Bloomberg analysis of exchange data and people with knowledge of his investments. They asked not to be named as the information is not public.

Bian’s big short comes with significant risk, and he has been forced to liquidate some positions at a loss in a volatile silver market. But he now holds a short that stands at about 450 tons of silver, or 30,000 contracts— so the metal’s sharp drop since last week has resulted in a paper gain of about 2 billion yuan ($288 million).

Eagle

to 2024. In that period, the average hours worked for seniors either increased (by one hour for 60+) or did not change (for 65+). What kind of jobs do seniors have? This is particularly interesting for those aged 65 years and older who would be considered of retirement age already, even in government service. By class of worker, 59 percent were self-employed and 18 percent were working in private establishments. About 7 percent reported being employers, 5 percent working in government, 4 percent in private households, and another

Including previous losses, Bian stands to make a net profit of around 1 billion yuan, based on his position and prices at the end of Tuesday. Silver is again sliding in Thursday trade and has tumbled more than 16 percent—almost certainly significantly increasing Bian’s proceeds.

Bian, through his brokerage Zhongcai Futures Co., began ramping up silver shorts in the final week of January, according to exchange data. SHFE does not detail the identity of individual investors behind brokerage accounts, but the people said Bian’s own bets—and products he directly manages for a small number of clients—make up the bulk of the company’s precious metals positions. Bian and Zhongcai Futures did not respond to emails seeking comment.

7 percent in family-owned business working without pay.

In contrast, for the country as a whole, only 28 percent were selfemployed, 50 percent working in private establishments, 9 percent in government, 6 percent in familyowned business without pay, 3 percent as employers, and 4 percent in private households.

The labor force participation of seniors is related to how well-off their households are, with seniors from lower-income households being more economically active compared to those from higher-income households. [This is computed from the merged LFS and Family Income and Expenditures Survey of 2023]. The LFPR for seniors (65+) in the

Exchange data showed Zhongcai’s silver short position surged to about 18,000 lots on Jan. 28. It climbed further to about 28,000 lots on January 30, when the metal in Shanghai reached an all-time high.

China’s big short BIAN’S bet comes as weeks of dramatic price swings are beginning to prompt market watchers to rethink their single approach to precious metals. While many institutional investors continue to view gold as a hedge against interest-rate shifts, central-bank buying and global uncertainty, silver’s surge is increasingly seen as an industrial rally pushed higher largely by speculative positioning—not economic and other fundamental factors.

Bian gained notoriety in China’s futures markets for aggressively bullish bets on gold that began nearly four years ago. He is one of a handful of larger-than-life characters that have dominated commodities trading since the economic boom began more than two decades

poorest 20 percent of households is 37 percent. This goes down monotonically with higher income, with seniors in the richest 20 percent if households having an LFPR of 28 percent.

ago. Unlike many of his peers, he has stood out for his seclusion—and for the loyal following his musings on investment philosophy have garnered online.

From August last year, he built a long position in silver that generated more than 1.3 billion yuan in profit, according to calculations based on exchange data.

In November, however, he began shifting his position, attempting to call the top of the rally with tentative moves that occasionally left him on the losing side of trades. From last week, however, Bian held his short position with conviction, spreading his exposure across longer-dated contracts and holding it through upward price swings.

The sharp selloff has, for now, rewarded his strategy.

Bloomberg used daily data from SHFE to reconstruct changes in Zhongcai positions and to estimate profits. The exchange doesn’t disclose details such as position costs, however, meaning there could be small discrepancies. Bloomberg

This pattern is the opposite of what is observed for the working age population as a whole, where LFPR increases from about 57 percent among those belonging to the poorest 20 percent of households to 67 percent among those in the richest 20 percent of households. As life expectancy continues to improve and as senior citizens increasingly comprise a bigger share of the population, the economy will necessarily become ever more reliant on their economic contributions. There is a need to enhance policies that support their continued economic activity. Such policies include preventing forced exit from the labor market due to age alone, flexible work arrangements, skills development and job training targeted to seniors, and perhaps incentives to employers hiring senior citizens. Improving social security coverage is also important to ensure that labor force participation at an advanced age is more of a choice rather than a necessity.

Friday, February 6, 2026

2nd Front

BusinessMirror

PHL AIMING TO BECOME S.E. ASIA’S LEADER IN DIGITAL CONNECTIVITY

By Lorenz S. Marasigan

THE Philippine govern-

ment is targeting the number one position—or at worst, second place—among Asean nations in digital connectivity before President Ferdinand Marcos Jr.’s term ends, a Cabinet official said on Thursday. Department of Information and Communications Technology (DICT) Secretary Henry Aguda said the Philippines has already improved its regional standing from ninth to between sixth and seventh place in terms of internet speed, quality, and coverage.

“Our ambition is before the president steps down, if not number one, we stand at number two,” Aguda said at the Telecom Summit on Thursday.

He said this target reflects the administration’s recognition of connectivity as critical national infrastructure that determines investment flows, job creation, educational access, and government service delivery.

Aguda acknowledged significant improvements in the country’s internet landscape. Mobile internet speeds have reached 200 Mbps in Cebu and 420 Mbps on pure 5G networks in Metro Manila. Mobile operators also reduced costs per megabyte by an average of 17 percent last year.

“Maybe speed is no longer the problem. What we need to address is the consistency of con-

nection,” Aguda said, emphasizing the need for more cell sites to stabilize networks.

And despite progress, Aguda lamented that the digital divide persists.

He said in Metro Manila, seven out of 10 households have internet connectivity. In other parts of Luzon, Visayas, and Mindanao, only three or four out of 10 households are connected.

“This is not just a digital divide, it’s also an opportunity divide,” Aguda said, noting that lack of connectivity prevents access to online education, digital jobs, e-commerce, financial services, and government services.

The government is banking on two major initiatives to address this: the Konektadong Pinoy Law and the National Digital Connectivity Plan (NDCP).

President Marcos approved the NDCP two weeks ago, providing an 11-year roadmap with an estimated P6 trillion in investment. The plan focuses on four pillars: better governance, more infrastructure investment, meaningful access, and stronger resilience and inclusion.

The Konektadong Pinoy Law, meanwhile, addresses regulatory bottlenecks that previously hindered network deployment.

“For the longest time, red tape hindered us…Konektadong Pinoy fixes that. Rules are now clear. Deployment is faster. The market is now more open,” Aguda said.

See “Digital,” A2

Tepid GDP growth leads to job volatility in 2025—study

By Justine Xyrah Garcia

THEcountry may have entered in a “growth recession” last year, with job losses mounting due to the slow pace of economic growth, according to a new discussion paper by the House of Representatives’ Congressional Policy and Budget Research Department (CPBRD).

Using the Sahm Rule, an unemployment-based measure commonly used to identify ongoing economic downturns, the CPBRD found that the Philippines breached the rule’s threshold for five consecutive months from July to November 2025.

Based on its estimates, employment declined by an average of around 1.76 million workers on a month-on-month basis during months in 2025 when recession signals were triggered.

The study said the losses reflected weakening employment conditions rather than a surge in new jobseekers, as labor force participation remained broadly stable, easing slightly to 64.03 percent in 2025 from 64.43 percent in 2024.

“Even in the absence of new labor

market entrants, employment conditions were deteriorating, pointing to heightened employment volatility and reduced job security among existing workers, dynamics likely amplified by the growing prevalence of gig and platform-based work, which offers flexibility but lacks the stability and protections of traditional employment,” the think tank said.

Young workers were among the most affected, with youth unemployment peaking at 3.2 percentage points year-on-year during the period.

The CPBRD said the labor market deterioration coincided with a broader economic slowdown, citing GDP growth of 4 percent in the third quarter of 2025—well below government targets—as consistent with weaken-

ing job creation.

Subsequent data released by the Philippine Statistics Authority (PSA) showed that growth weakened further, with third-quarter GDP revised down to 3.9 percent, fourth-quarter growth slowing to 3 percent, and fullyear growth settling at 4.4 percent.

The CPBRD pointed to structural weaknesses across key sectors, particularly the industrial sector, which saw the pace of growth slowing at 0.7 percent in the third quarter of 2025.

It said the slowdown limited the economy’s capacity to generate stable, full-time jobs, pushing displaced workers toward a “highly competitive, saturated, and, for many, less pecuniary rewarding services sector.”

However, the think tank found that services growth was insufficient to offset job losses elsewhere, as the sector posted its lowest growth rate

in three years at 5.5 percent in the third quarter.

It added that the elevated input costs, including logistics and energy expenses, compressed profit margins across industries, while mounting policy uncertainty—linked to the corruption scandal—further weighed on business confidence. The CPBRD urged policymakers to focus on restoring fiscal space, easing regulatory and tax burdens on small and micro businesses, and reinvigorating industrial development to strengthen the economy’s capacity to generate stable employment. “In lieu of government mandated price controls, reductions in both the compliance costs and tax burdens of private firms can result not just in the creation of significantly more jobs but also appreciably higher wages,” it added.

Editor: Jennifer A. Ng

B1

Friday, February 6, 2026

ACEN takes full control of RE projects in India

By Lenie Lectura @llectura

ACEN Corp. announced Monday it has taken full control of the renewable energy (RE) projects currently under construction or in advanced stages of development with a partner in India.

The power arm of Ayala Corp. said last Thursday that its subsidiary ACEN Renewables International Pte. Ltd. (ACRI) has consolidated its joint venture with UPC Renewables in India, making the development platform 100-percent owned by ACEN.

GERI eyes ₧7B via sales from project

activities.

By VG Cabuag @villygc

Together, the projects will also create over 1,500 green jobs during the construction phase, contributing to local employment and economic development.

‘These new projects build on the momentum of ACEN and UPC Renewables’ joint efforts in India, which already includes three operational assets: the 420 MW Masaya Solar, 70 MW Paryapt Solar and 140 MW Sitara Solar.

As a result, ACEN now fully owns a 1,059 megawatt direct current (MWdc) or 819 megawatt alternating current (MWac) diversified portfolio, comprising three renewable projects under construction and advanced development in Rajasthan and Karnataka, alongside a pipeline of nearly seven gigawatts (GW) of RE projects across India.

RCR

RThe construction of the 420MW solar farm in Rajasthan and the 120 MW wind farm in Karnataka are expected to be completed in 2027, ACEN said last year. Located in the high-irradiance Barmer region of Rajasthan, the 420 MW solar farm is projected to produce 767 gigawatt hours (GWh) annually. In Karnataka, the 120 MW wind farm will harness strong monsoonal wind patterns and favorable terrain to deliver 391 GWh of renewable energy annually.

ACEN International President Group and Chief Investments Officer Patrice Clausse said this new development strengthens the company’s presence in India and supports its broader ambition to scale renewables across key growth markets in Asia-Pacific. India has set a target of 500 gigawatts of renewable energy capacity by 2030.

“India is a core market for ACEN’s international growth, and this transaction reflects our long-term confidence in the country’s renewable energy sector. With full ownership of this platform, we are well positioned to accelerate development, optimize our portfolio, and continue deliver-

ing clean, reliable power at scale,” said Clausse. He added that ACEN remains positive on India as a longterm renewables market, given the country’s strong policy support, maturing market structures, and growing demand for renewables. “India’s regulatory framework is well established and predictable, with strong rule of law and effective mechanisms for redress and compensation in case of changes in regulation. The country’s growing domestic manufacturing base for key equipment, including solar cells and wind turbine components, is strengthening supply chain resilience and reducing exposure to global volatility,” he said.

ACEN currently has about seven GW of attributable RE capacity spanning operational, under-construction, and committed projects. These are in the Philippines, Australia, Vietnam, India, and Lao PDR, along with strategic investments in Indonesia and other markets.

The company has 100-percent RE generation and aims to reach Net Zero greenhouse gas emissions by 2050.

revenues in 2025 hit ₧11.08B

L Commercial REIT Inc.

announced last Thursday that its revenues last year reached P11.08 billion, a 35-percent increase from the previous year’s P8.18 billion, driven by strategic asset infusions and an occupancy rate of 96 percent.

For the October to December quarter alone, the company said it had P3.42 billion in revenues, a growth of 49 percent from the previous year.

The company didn’t disclose net income figures.

Revenues rose by P358 million or 12 percent quarter-on-quarter, reflecting the full quarter contribution of the 9 malls recently acquired.

RCR said it remains in a strong financial position with unaudited total assets of P167.76 billion, un -

audited shareholders’ equity of P162.19 billion and continues to be debt-free.

“RCR continues to benefit from the upside of mall’s rental income from the 2024 asset infusion (two offices and eleven malls), together with the 2025 infusion (nine malls). With a higher proportion of malls in the portfolio, RCR is well positioned to capture the advantage of the ever- resilient consumer while the office performance remains vibrant,” Jericho P. Go, president and CEO of the company, said.

The company said its inclusion the benchmark 30-company Philippine Stock Exchange index, is a testament to being part of the most liquid and well-capitalized firms on the PSE.

“RCR remains focused on continuously improving the perfor -

Primelectric eyes another DU deal for So. Cotabato

THE newly-formed joint venture between Razon-controlled Primelectric Holdings Inc. (PHI) and Pacquiao-led MP Holdings proposed to partner with South Cotabato II Electric Cooperative Inc. (Socoteco II) and invest an initial P10 billion to help improve power distribution service in the area.

“For now, we are preparing around P10 billion. If successful, this will be our fourth distribution utility (DU) to extend our assistance to bring better services to their existing customers,” said PHI President Roel Z. Castro.

The JV entity—Ignite Power— will be finalized “within the next few weeks,” added Castro. Ignite Power will be 70-percent owned by PHI and 30 percent by MP Holdings.

When asked what led PHI to partner with MP Holdings, Castro said he fully supports former senator Emmanuel “Manny” D. Pacquiao’s vision to develop South Cotabato by bringing new investments to spur economic development.

“With development comes employment, and others,” Castro said.

Once the Ignite Power venture is formalized, Castro said they will focus on building a partnership with Socoteco II.

“The JV with Socoteco2, this will take time. We are not even sure if we can have JV with them as they just received our proposal,” said Castro. Ignite Power’s intention to enter into a JV with SOCOTECO II is subject to government approvals, added Castro.

PHI has significantly expanded its power distribution utility footprint in the Visayas through strategic partnerships and acquisitions to upgrade infrastructure and lower consumer rates. It recently acquired a 70-percent stake in Bohol Light Company, Inc. from SPC Power Corp.; formed a JV with Central Negros Electric Cooperative (CENECO) to establish a new entity, Negros Electric and Power Corp; and took over Panay Electric Co. and later transformed this to the MORE Electric and Power Corp. Lenie Lectura

mance of the existing assets of RCR, as well as being constantly on the lookout for dividend accretive acquisitions in order to provide sustainable growth to its stakeholders,” according to a statement the company issued.

The company’s board has approved the declaration of its fourth quarter 2025 regular cash dividend of P0.1112 per outstanding common share.

The said cash dividends will be payable on March 2, to shareholders of record as of February 20.

RCR’s dividend policy is to distribute at least 90 percent of its distributable income, in compliance with the REIT Law.

For 2025, RCR has declared a total of P7.54 billion in cash dividends, representing more than 90 percent of its unaudited

distributable income.

With a diversified portfolio of 38 assets as of end-2025, comprising of 21 malls and 17 offices,

The company has established itself as a multi-asset real estate investment trust and is wellpositioned to further expand its portfolio.

Robinsons Land Corp., the company’s sponsor, continues to hold a robust pipeline of potential future infusions, including over 1.1 million square meters of mall gross leasable area, more than 250,000 square meters of office GLA, almost 300,000 square meters of logistics space and approximately 4,000 hotel room keys.

RCR’s market capitalization based on its closing share price as of December 31 last year is P156.78 billion. VG Cabuag

GLOBAL-Estate Resorts Inc. (GERI) on Thursday said it expects some P7 billion in sales from the exclusive residential village within the 116-hectare “Nascala Coast,” its first-ever development to rise within the company’s beachside township in Nasugbu, Batangas.

GERI said it will develop “Villa Scala” by next year and completed by 2032. Spanning 18 hectares, “Villa Scala” will offer 217 lots, each featuring views of Nasugbu Bay, the West Philippine Sea, as well as the nearby rugged mountain ranges. The residential village will offer prime lots with sizes ranging from 407 square meters to 1,081 square meters.

“’Villa Scala ‘captures the essence of Nasugbu’s distinct allure, where pristine beaches, breathtaking mountain vistas and a deep appreciation for nature welcome everyone. With this village, we envision to continue developing ‘Nascala Coast’ into a thriving coastal address where generations of families can flourish,” Rachelle P. Hernandez, first vice president of Megaworld Global-Estate Inc., said.

“Villa Scala” is emerging as an ideal destination for those who enjoy the coastal lifestyle, the company said.

The development is set to become a premier maritime destination, with future residents soon gaining access to a nearby marina facility designed for yachting, sailing and high-end marine leisure

A highlight of the village is the “Villa Scala Clubhouse” located on the cliffside near the beach.

Among the notable features of the clubhouse include an infinity pool, function rooms, fitness center and an open courtyard that give residents views of the surrounding landscape.

It will feature an abundance of landscaped parks and lush areas, with about 40 percent of the entire village will be dedicated to open spaces. Roads will be as wide as 15 meters, and the village will implement an underground cabling system for both electrical and telecommunication utilities to further preserve the panoramic views future residents can enjoy.

Currently only 2.5 hours from Metro Manila and an hour from Tagaytay, GERI’s “Nascala Coast” is accessible via South Luzon Expressway, Manila-Cavite Expressway or the Ternate-Nasugbu Highway. The upcoming CaviteBatangas Expressway (CBEX) is expected to further enhance the property’s connectivity as it will support a faster, smoother travel to the development, particularly for those coming from Metro Manila.

“Nascala Coast” is taking shape as a standout tourism and leisure development that will blend residential villages and beachside condominium clusters together with commercial hubs, leisure destinations, expansive commercial lots, mixed-use centers and t town centers, according to GERI.

Another MBA ordered by IC to stop operation

HE Insurance Commission

T(IC) has once again ordered another mutual benefit association (MBA) to halt its operations.

In a notice, Insurance Commissioner Reynaldo A. Regalado informed the public that the regulator issued a cease and desist order against Tulungan Mutual Benefit Association Inc. (Tulungan MBAI).

Regalado said the IC ordered to stop Tulungan MBAI’s operations due to its continuing inability to comply with certain regulatory requirements and orders of the commission.

Simultaneously, Tulungan MBAI was placed under conservatorship starting February 4, 2026. Being under conservatorship means the IC is allowed to be involved in the management until the viability of the firm is restored.

The regulator is empowered by law to put an insurer under conservatorship if it deems it to be in a state of continuing inability or unwillingness to maintain a condition of solvency or liquidity deemed adequate to protect the interests of policyholders.

As such, lawyer John A. Apatan, manager of the IC’s Conservatorship, Receivership and Liquidation Divi-

sion, was designated as interim ex officio conservator of the association.

The conservator is authorized to take charge of the assets, liabilities and management of Tulungan MBAI, reorganize the management of the association and restore its viability, among others.

The association was formerly the Santo Rosario Credit and Development Cooperative MBA. The MBA was organized by the cooperative in 2009 to provide protection and security to low-income earners or those who have only a small income. Owned by the members of the cooperative, the SRCDC MBAI is the first micro insurance MBA in Bulacan.

MBAs are non-stock and nonprofit organizations organized to pay sick benefits to members, or to provide financial support to members while out of employment.

MBAs also pay the relatives of deceased members a fixed or any sum of money, irrespective of whether such purpose is carried out by means of fixed dues collected regularly, according to the Insurance Code. There are 39 MBAs operating under licenses issued by the IC as of end-2025. Reine Juvierre S. Alberto

Association Matters Podcast: Conversations on Governance, Leadership and

SETTING up a podcast has been my dream since the early years of the Philippine Council of Associations and Association Executives (PCAAE) which I founded with a few colleagues in November 2013. But the vision has been sidelined as the organization took on more pressing requests from its members.

In a time of accelerating change, increasing complexity, and heightened expectations of accountability, associations are being called upon to do more and to do better. They are expected, not only to represent sectors and professions, but also to lead, govern responsibly, and create lasting impact.

It was also fortuitous that Membes, an Australian association management system (AMS) solutions provider, has reached out to the PCAAE and has expressed a partnership that included, among others, co-hosting a podcast.

It is in this context that the PCAAE is set to launch soon the “Association Matters: Conversations on Governance, Leadership and Impact,” a new short-form podcast designed to elevate discourse and practice across the association community.

“Association Matters” is anchored on a simple but powerful premise: strong associations do not happen by accident. They are built through clarity of purpose, sound governance, effective leadership, and continuous learning. The podcast will serve as a platform for practical conversations with association leaders, executives, and practitioners who are shaping how associations operate and evolve in the Philippines and beyond.

The rationale for launching the podcast is both timely and strategic. Association leaders today are navigating a rapidly changing environment, shifting member expectations, digital transformation, volunteer engagement challenges, sustainability concerns, and increasing scrutiny of governance practices. At the same time, learning preferences are evolving. Leaders seek concise, relevant, and ondemand content that fits into busy professional lives. With a focused 10-minute format, Association Matters responds directly to this need by distilling insights that are immediately applicable and grounded in real experience. Each episode will explore themes

‘Single large corporate debt default risky for PHL banks’

By Reine Juvierre Alberto @reine_alberto

PHILIPPINE banks are among the most vulnerable in South and Southeast Asia to risks from a single large corporate default, according to S&P Global Inc. S&P

“Banks in Brunei, the Philippines, and Thailand are the most exposed to loan concentration risk,” S&P Credit Analyst Geeta Chugh wrote.

“In these countries, banks could lose more than a full-year’s earnings before tax because of high con-

Impact

central to association excellence, including governance frameworks, the board–secretariat partnership, strategic planning, volunteer leadership, financial stewardship, collaboration, and the future of associations. Rather than theoretical discussions, the podcast emphasizes lived practice: what works, what doesn’t, and what association leaders can do differently. In doing so, it reinforces peer learning and encourages reflection across sectors.

“Association Matters” extends beyond content alone. For PCAAE members, the podcast offers a trusted learning channel that complements conferences, summits, and training programs. For emerging leaders and volunteers, it provides exposure to seasoned perspectives and role models in association leadership. For partners and sponsors, it presents an opportunity to engage a high-trust audience of decisionmakers in a non-commercial, purpose-driven environment aligned with governance and leadership excellence.

The podcast also strengthens PCAAE’s role as the national voice for associations. By curating conversations that highlight good practices and shared challenges, PCAAE positions itself, not only as a convener, but also as a thought leader shaping the future of the association sector. The podcast becomes a living archive of insights, one that reflects the diversity, dynamism, and collective wisdom of the association community.

As the PCAAE prepares to launch “Association Matters”, the message is clear: associations matter to professions, to industries, and to society. By amplifying voices, sharing lessons, and fostering dialogue, this podcast aims to inspire stronger governance, more effective leadership, and greater impact, one conversation at a time.

Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives, the “association of associations.” The views he expressed herein do not necessarily reflect those of the BusinessMirror. E-mail: bobby@pcaae.org.

centration and in some cases due to relatively weak earnings,” Chugh was quoted in a statement as saying. S&P’s scenario analysis found that the Philippines and Brunei face the highest risk in the region due to high single-name concentration.

Visa says autonomous AI must be addressed

AMERICAN multinational payment card services corporation

Visa Inc. is focusing on building security into its systems from the outset, as agentic commerce becomes the next major evolution in payments and fraud.

During a forum the company’s local business organized, Visa’s Country Manager for the Philippines Jeffrey Navarro said there is a 477-percent increase in mentions of “AI agent” within the sophisticated world of fraud.

Agentic commerce is transactions carried out by artificial intelligence “agents” on behalf of consumers and is now considered the “next frontier” in payments.

As AI-driven commerce begins to take shape, Visa is also using the same technology to counter its threats and ensure safe and reliable transactions.

Axel Boye-Moller, head of valueadded services in Asia Pacific, said during the same forum last Thursday that Visa has invested more than $3 billion in AI and data infrastructure over the past 10 years, with over 100 AI models in production to combat fraud.

Visa has integrated AI for its product development, as well as in embedding the technology in its risk scoring models. It is also using AI copilots in client-facing

products and AI automation capabilities for delegated processes.

Stefaan d’ Hoore, regional risk officer for Asia Pacific, said that while agentic commerce is new, Visa is already prioritizing security up front.

Existing e-commerce security tools, particularly tokenization, will form the backbone of protection, d’ Hoore said.

Under this system, card numbers are replaced with digital tokens that are tied to a specific merchant or device. “[It] becomes mostly useless for fraudsters if they get their hands on it.”

Better forms of authentication, including passkeys and biometric authentication, will also properly authorize transactions before they are completed, d’ Hoore added.

In 2024, Visa blocked $203 billion in enumerated transactions, which are fraudulent, automated, card-not-present transactions.

Through its Visa Scam Disruption, Visa has disrupted more than $1 billion in attempted scams globally.

Based on Visa’s Biannual Threats Report, the Philippines posted a 13.4 percent suspected digital fraud rate, higher than the global average.

Reine Juvierre S. Alberto

THE Bitcoin slumped below $72,000, a level last seen 15 months ago, as a broad risk-off sentiment engulfed global markets.

The largest cryptocurrency is extending a downward spiral that has seen it shed more than 42 percent from its peak in October last year. Bitcoin came within a whisper of breaching $70,000 before recovering slightly to trade around $71,000 as of 9 a.m. in London. It is hovering around the lowest levels since Donald Trump’s election win in November 2024.

“The market is currently navigating a ‘crisis of faith,’” said Shiliang Tang, managing partner of Monarq Asset Management. While earlier legs of the decline were driven by crypto-specific liquidations, the Wednesday pressure is tied to wider cross-asset stress.

Markets entered a period of synchronized selling last Wednesday, with the Nasdaq 100 down more than 2 percent and losses spreading across software, chipmakers, and other rate-sensitive corners of the equity

said its assessment of riskadjusted capital levels could decline sharply for certain banks, potentially leading to negative rating actions. Despite this, S&P said most rated banks in South and Southeast Asia possess adequate capital, earnings and provisioning buffers. They can also maintain minimum regulatory capital in case of an idiosyncratic large borrower default, added.

Banks rush to hire traders as markets turn volatile Bitcoin

EXTREME market swings from metals to currencies are fueling a hiring push at hedge funds and banks as they seek traders who can capitalize on surging volatility.

Among the prime targets for multi-strategy firms are specialists in so-called volatility arbitrage, a way to profit from the difference between the price swings the market expects and those that actually occur.

“In the last few days these guys have printed money,” said Tony Ernest, managing partner at hedge fund talent consultant Monroe Partners Asia. “As Trump has been in the seat and the markets have been increasingly volatile, they have been in demand.”

Japanese securities firms are rushing to hire currency and fixedincome traders, said the founder of a recruitment company in Tokyo. One of Australia’s largest banks, fresh off its best month for trading revenue in nearly a decade, plans to hire in areas including commodities, according to an executive who asked not to be identified discussing private matters.

These moves show the upside of a series of market tremors that have left some investors nursing heavy losses—and encouraged others to make efforts to cushion themselves against further selloffs.

The turmoil has been widespread.

Gold suffered its biggest decline in four decades. Japan’s government bond market endured a $41 billion meltdown in just a few hours. The dollar and the yen have fluctuated wildly. Indonesia’s stock market

was hit by a selloff so violent that the country’s top financial regulator and the head of its stock exchange both resigned.

While volatility inevitably leaves some investors in the red, it also creates chances for swing traders and intraday specialists to make money. Rising trading volumes boost revenue for banks and brokers. Price dislocations create ways for arbitrageurs to pick up quick profits.

The recent spike in volatility has simply created more opportunities to trade, said Nick Bird, whose Hong Kong-based quant hedge fund firm OQ Funds Management oversees just over $1 billion.

Braced for turmoil

NOT everyone is so sanguine. Although most money managers are a long way from panic mode, many are bracing for more turmoil on what has already proved to be a wild year.

Australian Retirement Trust, the country’s second-biggest pension fund, is reducing its exposure to the dollar and shifted toward the euro, yen and pound, said Andrew Fisher, head of investment strategy. Debt funds in Asia including at Aberdeen Investments are looking to boost their exposure to bonds that have a lower correlation with the US.

AMP Ltd., a Sydney-based pension and wealth manager, has decided not to roll over its exposure to private credit on fears the $1.7 trillion market has become too frothy, said Stuart Eliot, head of portfolio design and management for the

firm’s investment arm.

AMP is also paying more attention to geopolitics. Around 18 months ago, it hired two geopolitical consultants to give it insight into potential flashpoints around the world. That has already proved useful, said Eliot.

Less than a week into this year, US soldiers captured Venezuelan President Nicolas Maduro in a stark challenge to global norms. Since then, Trump has ramped up talk of acquiring Greenland, threatened more tariffs on Canada and a handful of European countries, and escalated tensions with Iran.

Trump’s foreign policy moves have created opportunities for some fund managers. Tribeca Investment Partners, an Asia-based firm, sent a team of investors to Caracas to meet would-be partners and inspect potential assets the week after Maduro’s capture. Bond investors flocked to the country’s defaulted debt.

market. Stock declines continued Thursday, with most benchmarks in Asia and Europe lower. Unlike equity markets, however, Bitcoin and other tokens had already been sliding for months.

“Crypto sentiment is currently in extreme fear as the market has been routed over the last week,” said Andrew Tu, head of business development at crypto market maker Efficient Frontier. “If $72,000 doesn’t hold for Bitcoin, it’s highly likely we will visit $68,000 and potentially even decline back down to the lows of 2024 after the initial rally.” Flows to US-listed Bitcoin exchange-traded funds remain choppy. After seeing about $562 million in net inflows on Monday, investors pulled out $272 million from the group on Tuesday, according to data compiled by Bloomberg. Skepticism about Bitcoin’s role as a safe haven during market stress is growing. The token is now down about 17 percent this year, and the broader crypto market has lost over $460 billion in value in the past week. Bloomberg

These dramatic actions have also added to the belief among investors that they need to reduce their exposure to the US, adding fuel to a shift away from dollar assets that has become self-perpetuating.

Ka-hay Yip, chief investment officer of the $110 million macro hedge fund manager Bright Stream Capital Management, said an important moment over the past few weeks was Trump’s comment that the dollar was “doing great”—in response to a reporter’s question about a slump in the currency.

“It is very rare for a US president to try to talk down the dollar,” said Yip, who took the statement as a signal that a weak dollar is a US policy goal. He said it is best to short the dollar against countries with huge trade surpluses. Swirling doubts around the dollar have been one of the drivers of a rush toward gold, which zoomed to all-time highs at the start of the year as speculators from Shanghai to London joined a bubble. At the end of January, gold fell more than 12 percent, its biggest intraday decline since the early 1980s. Silver plunged as much as 36 percent, a record drop. The extreme rally in gold meant that it was only a matter of time before the price tumbled, said Mark Dowding, chief investment officer of RBC BlueBay Asset Management, which oversees over $133 billion in assets. He blamed herd behavior, particularly among Generation Z investors—and warned that a selloff in tech stocks could be the next big flashpoint. Bloomberg

Bold bites and Thai comfort at Azuthai

I’VE never had so much fun than eating with foodie friends at Azuthai last week.

Siblings Malu Gamboa-Lindo and Chef J Gamboa, owners of the landmark restaurant, unveiled exciting new dishes prepared by their new Thai chef, Leo Patcharobon. With over 11 years of experience in the culinary field, Chef Leo impressed us with her bold creations and soft, familiar delights. Before joining Azuthai, she was the Head Chef at Playgrounds Lembongan Bali Hotel and ran her own restaurant in Thailand.

In 2017, Azuthai was the first restaurant in the Philippines to receive the Thai Select Award from the Thailand Ministry of Commerce for its authentic cuisine. And it has received the same honor consistently over the years, ensuring its rightful place

in the world’s best spaces for Thai cuisine.

First off, it was an interesting surprise to be served Miang Kham, which is a traditional Thai snack composed of ginger, galangal, lemongrass, red onion, peanuts, coconut, dry shrimp, chili, and lime, all piled on Betel leaves. The latter makes for a resilient “cup” to hold all the ingredients together.

When the traditional dipping sauce is drizzled on, the snack becomes a curious sweet, citrusy, spicy blend with a crunch that abruptly reminds us that, yes, it’s just a snack, folks! And what a great opening to the amazing dishes soon to follow.

Following the crunch was the velvety Pra Tuna, basically fresh Tuna Tartar with mint leaves, shallots, kaffir lime and lemongrass. The dish was light and clean with the buttery taste, giving way to a slightly spicy and citrusy kick.

Now, when I eat a salad, I like it clean. Often, I just have lettuce leaves, tomatoes, onions, and vinaigrette. Sometimes sprinkled with parmesan cheese and served with croutons, but even without these, I’d still enjoy it just as much. In Chef Leo’s version, Yum Nuea Yaug is served with grilled Wagyu beef, tomatoes, onions, and Thai herbs. Honestly, I didn’t think it would work since I really find meat proteins mixed in with greens quite

MCAD offers travel grants to Filipino artists

THE Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde (DLS-CSB) continues its mission to support Filipino contemporary artists as it opens the first cycle of the MCAD Travel Bursary for 2026.

Established in 2025, the initiative seeks to facilitate linkages and active collaborations among MCAD, artists, institutions, organizations and donors who support the works and projects of local creators.

The grant is open to all artists—Filipino citizens based in the Philippines—who have been invited, and need supplemental

aid toward travel, to participate in national, regional, or international residencies, art festivals, or large-scale exhibitions.

Among the recipients of the previous cycles was interdisciplinary artist Josephine Turalba, who completed her residency in the serene town of Nakanojo in Japan in 2025.

Turalba’s practice incorporates intersecting layers of different media, from performance and sculpture, to photography, sound and video.

“I spent time listening underwater, sketching on site, and following threads of textile history. Those experiences became the hydrophone recordings and embroidery

drafts now forming my Nakanojo Biennale installation,” she shared.

Her finished output, dubbed Drifting Threads and Topographies, is a siteresponsive installation of 10 embroidered piña-silk panels suspended in a former classroom.

It reflects on the lingering textures of its textile-making past and the stillness of its mountain setting.

For the 2026 iteration, which will cover events and activities for the period of March to August 2026, the grant will provide a pretravel allowance for transportation expenses and airport terminal fees, plus a round-trip

economy class ticket for either domestic or international travel departing from the Philippines—based on the official itinerary of the inviting institution.

The artists must be responsible for securing the necessary visas and show proof of support for accommodation, per diem, and other expenses for their stay. The application is open until February 28, 2026.

More information or inquiries can be found at www.facebook.com/MCADManila or via mcad@benilde.edu.ph with MCAD Benilde Travel Bursary as the subject heading.

a will, there’s a way, and if you use your Leo finesse, you’ll gain insight into how to handle anyone trying to mess with you. Secrecy is your passage forward, and the element of surprise is your ticket to success.

VIRGO (Aug.

investments and contracts is necessary. ★★★

LIBRA (Sept. 23-Oct. 22): Socializing will be the pick-me-up that moves you in a positive and fruitful direction. Don’t hesitate to make the first move or to liberate yourself with lifestyle choices that help you grow intellectually, spiritually or financially. The opportunity to connect with someone at a higher level will help you carve a path to peace, love and gratitude. ★★★

SCORPIO (Oct. 23-Nov. 21): Stop, look, listen and rethink. You’ll require more time to decipher your options and consider what’s possible and what isn’t. Refuse to let an outsider influence you or meddle with your personal affairs. Look at the big picture and what it entails to make your dreams come true. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Make a hefty push, complete projects and feel free to have a great time. Whether you plan a trip or attend a self-help seminar or reunion, you have plenty to gain by interacting with those you encounter along the way. Put some forethought into your plans, and you can create a schedule that is fun and profitable. ★★★★

CAPRICORN (Dec. 22-Jan. 19): A clear conscience comes from being honest with yourself and others. Set high standards, project how you feel, what your intentions are and what you expect from others, and you will clear a path to reach your goal. Don’t take a chance; protect your heart and your money from users trying to put you in a vulnerable position.

AQUARIUS (Jan. 20-Feb. 18): Fixate on finances, investments and your overall well-being. A change of attitude that encourages you to engage

Show

A problematic resurrection: ‘Wake Up Dead Man’

THE young priest, Fr. Jud Duplenticy, was a pugilist at 17. As the film opens, he is shown seemingly in a not-so- polite conversation with a deacon (who would later be described by the bishop as a “dick”), and before you could mutter “Hail Mary,” he has punched the other guy. Of course, what follows is a trial before disciplining priests, which included that bishop, Bishop Langstrom. The young priest is full of remorse to the point of respectfully disagreeing with one one of his superiors who persists in using the imagery of a fighter to articulate his stand on evangelization. The young priest is keener with the act of healing the world for his Christ than battling it. All this he uttered after knocking out that deacon. That stand of his seems to work on his favor. Out in the courtyard, he is summoned by the bishop with a totally non-Catholic set of vocabulary. Apparently, the bishop has been championing the boxer-priest. His being given another chance proves that protection. Fr. Jud is then assigned to Our Lady of Fortitude Parish in Chimney Rock, in upstate New York. He will be under Monsignor Jefferson Wicks, the grandson of Reverend Prentice Wicks who founded the church. If those kinship bothers you, you have to wait for the encounter with the Monsignor who has been described by the Bishop as “beads shy of a full rosary and a real son of a bitch.” This name given becomes a self- fulfilling prophecy when upon the arrival of Fr. Jud—“young, dumb and full of Christ”—the highly energized Monsignor Wicks requested, uhm, commanded Fr. Jud to listen to his confession. Whereupon Wicks confesses to his sins, which are multiple masturbations. Graphically, he describes it to the overwhelmed confessor: some were done standing; some in bathroom. The details are sordid that he, Fr. Jud, stops the monsignor. But, no pun intended, the facts have been already spilled. Thus begins a procession of magnificently aberrant personages all wrapped in the embrace of what they all see as the charismatic Wicks. There is Nat Sharp, a town doctor who would later turn alcoholic after his wife, bringing all their children, left him for another man. He would never recover from this abandonment.

person. She attends to everything: dressing up Wicks for the Mass, keeping the files, and guarding numerous secrets as if they are divine mysteries. From the get-go, the presence of Fr. Jud is not only unwelcome but seen as a threat to Wicks. The parish priest has developed a cult personality founded on instilling fear and shame in his parishioners, especially the core group. During the mass, a special feature of Wicks’ sermon is to deathly focus on one or two mass-goers not as an epitome of good Catholic behavior but as an impeccable transgressor. He relishes a walk-out for that would mean an itch has been scratched, More importantly, the fact that majority of the flock remains in their seat means people have taken sides.

In the middle of this plot would enter Benoit Blanc, a private detective wearing a beige trench referencing Humphrey Bogart in those Raymond Chandler noir films, plus a lot of flamboyance. Blanc would make his presence after a murder has taken place in the church on, of all, days, Good Friday. Yes, somebody dies in this narrative but the police thinks it’s murder.

artifice. Mila Kunis ( ) is the local police chief. Jeremy Renner (The Hurt Locker) is Nat Sharp, the alcoholic doctor. Kerry Washington (Scandal) is Vera Craven, the lawyer who is always feeling out of the boys’ club. Cailee Spaeny (Priscilla) is Simone, the cellist who, according to Wicks, is a faithless individual who assumes she can pay for miracles. Daryl McCormack (Good Luck to You, Leo Grande) is Cy Draven, the would-be politician whose prime problem is how to connect with people.

As Lee Ross, the once hotshot sci-fi novelist, Andrew Scott (All of Us Strangers) hitches his star not to any literary genius but to a mad (as in uncontrollable) priest. His descent to anonymity is only equaled by the continuous rise of his false faith in the desire that he can plumb the depths of Wicks’ evangelical power only he imagines. Scott practically disappears in the role, bringing in an instability that merits pity rather than condemnation.

collection of characters. It must be his youth and a vulnerability that easily gets unsettled, which makes him the object of our sympathy. Knives Out is the third film in the series. It is written and directed by Rian Johnson. It is produced by Ram Bergman and Rian Johnson. Wake Up Dead Man: A Knives Out Mystery streams on Netflix

GMA GALA 2025 WINS BIG AT TIKTOK AWARDS 2025

THE 2025 GMA Gala, a celebration of GMA Network’s 75th anniversary and Sparkle GMA Artist Center’s 30th anniversary, was recognized at the TikTok Live Awards 2025 with the “Digital Spotlight Award” after garnering 1 billion online views.

Vera Draven is a woman who measures her success with the fact that she has become a lawyer like her father. She is very vocal with the admission that her dead father looks down upon her, always proud of her achievements. Vera has an adoptive son, Cy. He is a failed politician who holds on social media as his weapon.The parish has a celebrity writer in Lee Ross (Andrew Scott), who was once a bestselling author. He is forever trying to restore his fame and he is using Wicks’ church and evangelical magic to start a magnum opus. If there’s a writer, then there must be a musician to fulfill a tandem. She is Simone Vivane who used to be a concert cellist. She has developed a mysterious affliction, some painful nerves, and she gives all her savings to Wicks, hoping for a miracle, a full healing.

Over and above the life of this parish and the church is Martha Delacroix, a devout if not officious

Earlier, fisticuffs ensued between Fr, Jud and Wicks. The physical confrontation is captured by Cy who lugs around a camera for his vlog. Then the crime occurs. The escalating divisiveness brought about by the arrival of Fr. Jud is one crucial issue. There is also his history of impulsiveness. No one sees the volatile temper of Wicks as a possible reason for the misdeed that occurred in Chimney Rock. And no one is prepared at all when the “dead man rises from the grave,” shamelessly borrowing the resurrection from the Old Book.

A significant part of Wake Up Dead Man: A Knives Out Mystery follows the template of a classic whodunnit—there is an endless if not twisted search for the killer. Following the tradition of this genre, the unfolding of the guilt is littered with footnotes, back commentaries from the characters themselves. Coming off as explanations, this device is like a tricky and unrealistic Greek chorus. But we know they belong to the genre.

Bold bites and Thai comfort at Azuthai

Continued from B4

confusing. But this Wagyu Beef and Tomato Salad was oddly satisfying and not too heavy despite the meat. The charred beef gave a nice earthy bite to the dish, but didn’t overwhelm. And those tomatoes! Yum. Just red, ripe, and juicy! Another dish that wowed the crew was the Ka Ta Ron Pad Ka Prow, which is sizzling Wagyu Beef with long beans, chilies, basil, and egg. It felt like Chef Leo took her inspiration from very own sisig, which is made of pork jowl and ears instead. (She told us later that sisig is actually one of her favorite Filipino dishes!) So indeed, the Wagy Beef Krapow felt very homey, familiar and comforting, that I started looking for a bowl of rice so I could mix in the beef. The long beans gave the dish a nice and healthy crunch, a good counterpoint to elevate its savory taste.

There is Italian spaghetti, Filipino Spaghetti, and now, tadaah! Thai Spaghetti! In Chef Leo’s dish, she actually uses fettuccine in her Tom Yum Haeng,

or Creamy Tom Yum “Carbonara.” Again, this is a dish that I thought wouldn’t work. But Chef Leo tells us that it was good to take inspiration from other cultures and introduce a totally new, modern dish, with still a signature Thai taste. And I agree. In this dish, she uses Tom Yum Cream Sauce—instead of just basic egg—with prawns, squid and mussels tossed in, instead of just a sprinkling bacon bits. It was tasty and quite food-forward.

Definitely not one for traditionalists, but I think the Millennials (or your kids) will enjoy this as much as I did. Another pleaser was the Khao Mok Kai, or Southern Style Chicken Rice. This dish felt like a grandmother’s hug, so simple and comforting that I can just eat this by my lonesome. But nooo, I had to share the dish with my two friends Joyce and Iris! Rats. Along with the chicken slices, the rice was teeming with the flavors of curry powder, ginger, yogurt, sweet mint, and chili sauce. Everything came together to produce a warm and welcoming rice dish, which may be eaten on its own, or paired with the other dishes in

As the exhaustingly onerous Monsignor Wicks, Josh Brolin with the perpetually tousled wolf-cut of a hairdo, is terrifying in his act as a tough shepherd who believes not in herding his followers but caging them in thoughts of hell and a punitive god. Up in the ancient pulpit cordoned by the wooden wings of an eagle, his voice is always a death sentence rather than a guide to hope.

There is another horrifying figure in our tale—she is the formidable Glenn Close who plays Martha. It’s chilling how she holds on to her notion of religion as the only guide to a good conduct only she has a knowledge of.

It must be said, however, that while Close arrests our attention, it is Daniel Craig as Benoit Blanc who gains both our trust and doubt as we navigate this conundrum. Admitting himself to be kneeling at the altar of the rational, he goes up the altar and delivers the angriest rebuke that silence the crowd. As Blanc, the practicing heretic, he finally solves the murder, brings out the two guilty criminals, and restores our belief in the human spirit, however damaged.

As the central figure, Fr. Jud, Josh O’Connor

Chef Leo’s lineup.

I didn’t stay for the Mango with Sticky Rice, although I was curious about Chef Leo’s take, but professional duties had me rushing home. Lucky me, a new dessert was served first: Buo Loy. This had Thai sweet rice balls, young coconut, and with coconut cream, it was just a vibrant, palate stunner. Let me confess, I fell in love with it, so much so that I had it all to myself, even though it was served in the middle of the table for sharing. Hahaha. Call me kapal ng mukha, but I’m sorry, people, this sweet, nutty and creamy dessert was just the perfect closing to a joyful meal. It gave me that extra sprint in my step as I rushed to catch the MRT home, and it was so unforgettable, I dreamt about it that night. I still think about it to this day. Wow. Amazing Azuthai.

n For inquiries and reservations, call (02) 8817-6252, 88130671, or 0927-1361306. Azuthai is on the ground floor of the MilkyWay Building, 900 Arnaiz Avenue corner Paseo de Roxas, Makati City

The TikTok Live Awards shine a spotlight on creators and talents who have made a substantial impact on the platform. Sparkle’s win underscores the collective creativity, authenticity, and star power of its roster of artists. With billions of engagements across TikTok, the glamorous event captivated audiences globally while advocating for a meaningful cause and showcasing its purpose.

Senior manager and head of Sparkle’s PR, events, and digital, Roche Tuazon-Chavez, along with Sparkle PR manager Caiel Pajarillo, received the Digital Spotlight Award. “Thank you so much to the TikTok Live Awards for this Digital Spotlight Award. On behalf of Sparkle GMA Artist Center, we are truly honored to be recognized. This award belongs to our artists, fans, creators, and partners who continue to support and inspire us,” said TuazonChavez.

The event was attended by various personalities and PR practitioners making an impact in the digital landscape.

More than just a celebration, the GMA Gala brought together not only GMA and Sparkle artists and personalities but also strengthened its commitment to clients and partners in collaborating on larger initiatives. Beyond the online buzz, the event also successfully raised P2.5 million for the GMA Kapuso Foundation. As Sparkle moves forward, fans can expect more groundbreaking projects and collaborations in the years to come, as it underscores spreading kindness online.

More updates about Sparkle GMA Artist Center stars can be found at sparklegmaartistcenter on Instagram,

Batangas women gain digital skills through Aboitiz Construction, Aboitiz Foundation, Connected Women

Aboitiz Construction and Aboitiz Foundation, in partnership with Connected Women, successfully equipped 48 women from Malvar, Batangas, for the digital economy as they graduated from the Elevate AIDA (Artificial Intelligence Data Annotation) program last January 22, 2026. This milestone is part of a larger, nationwide mission to empower 300,000 women through technology upskilling and sustainable income opportunities.

The initiative provided the graduates with essential skills in data annotation, preparing them to utilize Artificial Intelligence (AI) and secure remote work opportunities. This online skills development program is specifically designed to open doors for women in underserved communities, providing a path to new careers in the technology sector and giving them the

chance to earn a sustainable income while working from home.

The ceremony, held at the Malvar Municipal Hall, was honored by the presence of Malvar Mayor Art Abu and Lilibeth Lat, Barangay Chairperson of Bagong Pook.

“At Aboitiz Construction, our commitment to business transformation includes empowering the people in our host communities. By equipping these women with digital skills, we are providing them with the tools to stay competitive and resilient in a technology-driven world,” said Karmine Andrea Ching, Sr. Assistant Vice President for Business Transformation of Aboitiz Construction.

Following the graduation, Connected Women will continue to support the graduates through upskilling sessions and by assisting them in applying for online job opportunities.

“The Elevate AIDA training in

Malvar, Batangas is a testament to what we can achieve when communities, local government, and partners like Aboitiz Land come together. By equipping our women graduates with digital skills and confidence, we are empowering them to create opportunities, uplift their families, and contribute to a stronger, more inclusive future,” said Mardi Mapa-Suplido, COO of Aboitiz Foundation.

To further support their transition, Aboitiz Foundation, in collaboration with UnionBank, will conduct an online session next month on financial literacy and cybersecurity. This session will help graduates manage their finances effectively and stay safe from digital risks while working remotely.

This partnership is a key part of the larger mission to foster inclusive growth and technology upskilling for Filipino families across the country.

Richmonde Hotels introduce value-driven extended stay packages for work, leisure

REastwood Richmonde Hotel, located in the heart of Eastwood City with direct access to Eastwood Mall, offers long-stay guests spacious guest rooms and recreational facilities like a rooftop pool, to provide a most comfortable and convenient home away from home.

making it an ideal address for both business and leisure stays. Guests staying a minimum of two nights can avail themselves of package rates starting at P3,900 nett per night (room only) and P5,500 nett per night (with daily breakfast buffet for two). Aside from these competitive rates, the package comes with value-added perks such as dining and massage discounts, access to the Health Club’s facilities, and the ease of settling in without the pressure of a short, overnight stay. For guests planning a longer visit, the longstay package delivers even greater savings and convenience, with rates from P3,800 nett per night (room only) or P5,400 nett per night (with daily breakfast buffet for two) if staying for at least five nights. Inclusive of daily laundry privileges, dining discounts, Wi-Fi access, and complimentary use of the gym and sauna, the package supports extended work assignments and unhurried city breaks, allowing

guests to balance productivity, retail therapy, and relaxation with ease.

Effortless city living

Meanwhile, Eastwood Richmonde Hotel delivers a seamless extended-stay experience within the metro’s pioneer master-planned development, the vibrant mixed-use township of Eastwood City where corporate offices, branded retail shops, diverse dining spots, and entertainment venues are all within easy walking distance. Ideal for guests who value safety, accessibility, and efficiency, the hotel lets both business and leisure travelers move through their day with ease, eliminating long commutes and maximizing time for productivity and recreation.

Guests staying a minimum of two nights can enjoy rates as low as P4,400 nett per night (room only) and P6,000 nett per night (with daily breakfast buffet for two).

AFrom mini getaways to long weekends: MHR drops discounts at PTAA Travel Tour Expo 2026

Travelers looking to fill their 2026 calendars with sun, city lights, and leisure breaks are in luck. Megaworld Hotels & Resorts (MHR), the Philippines’ largest hotel operator, is bringing its biggest deals of the year to the PTAA Travel Tour Expo at the SMX Convention Center from February 6 to 8, 2026. With rates starting as low as P2,600, MHR is making it easier than ever to book in advance for everything from romantic escapes to summer family vacations.

Valentine’s Day and Chinese New Year Stays

For those planning a romantic escape this Valentine’s Day, MHR offers a variety of settings to reignite the spark. Couples can enjoy the cool highland breezes and European-inspired vineyard views at Twin Lakes Hotel or seek family-friendly experiences at the Philippines’ biggest hotel, Grand Westside Hotel, or opt for a date night at Savoy Hotel Manila.

As the Chinese New Year approaches, guests can ring in the Year of the Horse with festive stays in the heart of the celebration. Hotel Lucky Chinatown offers unparalleled access to the vibrant cultural traditions of Binondo, while Richmonde Hotel Ortigas provides a peaceful yet festive sanctuary in the central business district, complete with curated menus to welcome a year of prosperity.

Observing Ramadan

The month of Ramadan presents a wonderful opportunity for travel, and MHR provides the essential conveniences for religious observances. At Boracay Newcoast, guests can easily fulfill their fasting and prayer traditions with access to Halal-friendly options and peaceful spaces.

With three hotels to choose from—Savoy Hotel Boracay,

busier stations.

Summer Getaway

When the heat of the summer season arrives, the focus shifts to the stunning shores of the Visayas, starting with the vibrant island of Cebu. Travelers can dive into the best of Cebu experience at Mercure Mactan Cebu, which

Perfect for short business trips or quick city escapes, the package includes access to the hotel’s gym and pool, as well as convenient parking to ensure a balanced stay that blends work commitments with moments of relaxation.

For longer visits, the hotel’s five-night package offers even greater value, with rates from P4,300 nett per night (room only) and P5,900 nett per night (with daily breakfast buffet for two). Designed for guests who want to fully settle in, the package includes daily laundry privileges, parking benefits, and lifestyle conveniences that support both work schedules and downtime. With everything from offices to entertainment just steps away, Eastwood Richmonde Hotel transforms extended city stays into an effortless and rewarding experience.

Extended comfort, purposeful hospitality

Committed to thoughtful and inclusive hospitality, Richmonde Hotels aim to offer service that goes beyond comfort and convenience. Both Richmonde Hotel Ortigas and Eastwood Richmonde Hotel are Department of Tourism certified Muslim-friendly establishments, providing considerate services that respect diverse guest needs, while championing sustainable practices that support responsible tourism. Guided by its signature Sampaguita brand of Filipino service, marked by genuine warmth, care, and attention to detail, Richmonde Hotels continue to enrich everyday stays with experiences that are comfortable, meaningful, and distinctly welcoming.

To book or get more information about Richmonde Hotel Ortigas, call (632) 8638 7777 / (63) 917 534 4352, email stay@richmondeortigas.com.ph, or log on to www.richmondehotelortigas.com.ph. For inquiries on Eastwood Richmomde Hotel or to make a reservation, call (632) 8570 7777 / (63) 917 531 6867, email stay@eastwoodrichmonde.com, or visit www. eastwoodrichmondehotel.com.ph.

behavior. As the country’s affluent segment expands, shoppers are becoming more sophisticated, globally exposed, and discerning, shaped by their travel experiences and familiarity with international retail standards. Many now seek the same premium grocery experiences they enjoy abroad, valuing high quality, a well-selected assortment, and a relaxed, refined atmosphere that transforms grocery shopping into a lifestyle experience. By introducing Spinneys, Ayala Malls meets these expectations with a globally benchmarked offering for an increasingly diverse, internationally influenced community. Ayala Malls COO Paul Birkett shares, “Having spent many years in Dubai, I’ve seen how Spinneys has become a benchmark for premium grocery experiences. We’re thrilled to bring this globally best-in-class model to Ayala Malls, giving our customers access to the same high-quality, internationally inspired offerings here in the Philippines. Our aim is to deliver a thoughtfully curated grocery experience that reflects global standards, while remaining firmly grounded in local tastes and preferences.”

Spinneys brings to the Philippines the full strength of its Gulf Cooperation Council (GCC) operations, known for superior quality imported goods, carefully developed private label products, and next-generation store experiences. The Spinneys experience is characterized by: A diverse, well-considered assortment, blending curated imported items with high-quality private labels tailored to local tastes Fresh, artisanal, and specialty selections reflecting global sourcing standards Contemporary store layouts and service models designed to make shopping seamless, engaging, and enjoyable, drawing on Spinneys’ experience across Dubai and other GCC markets Discovery-led experiences, including personalized service and in-store education on food, nutrition, and everyday cooking The partnership also builds on Spinneys’ long-standing connection with the Philippines, where over 1,300 Filipinos already form part of its GCC workforce. The venture both strengthens avenues for Filipinos seeking opportunities abroad, as well as creates pathways for overseas workers to return home and contribute to the growth of local industry.

Kingsford Hotel Manila offers sophisticated living in the heart of Entertainment City, while Eastwood Richmonde Hotel remains the classic choice for shopping and nightlife lovers. Rounding out the city offers is Belmont Hotel Manila, which continues to be a favorite for savvy travelers seeking comfort and efficiency right beside the airport.

Megaworld Hotels & Resorts invites everyone to drop by their booth 190-194, 207-211 at the SMX Convention Center Manila from February 6-8. This is the prime opportunity to take advantage of exclusive expo-only discounts and book your 2026 adventures in advance.

two Filipino entrepreneurs grew their businesses with Sun

BEHIND every beloved Filipino food brand is a story of courage, creativity, and resilience. For Chef Czarina Sevilla, owner of Avocadoria, and Wendy Villanueva, owner of Wilmar’s Taho, building a brand meant transforming vibrant local flavors into thriving enterprises. These women prove that success in entrepreneurship is built on passion, purpose, and planning for the future. Despite their different origins, both entrepreneurs share a common partner in their journey towards business growth: Sun Life.

Avocadoria: From a Simple Idea to a National Craze

For Chef Czarina Sevilla, Avocadoria was born from a desire to elevate the familiar. “We wanted to turn something familiar into something healthier, more meaningful, and proudly local,” she shared. What began as a simple idea has blossomed into a brand recognized locally for its creamy, avocado-based delights. Avocadoria’s rise was fast, but its growth was intentional. Guided by the values of quality, consistency, and care, Chef Czarina made sure every product they served reflected the team’s dedication. However, the rapid growth of the business also brought hurdles. “Our biggest challenge was scaling while maintaining quality,” said Chef Czarina. “But we addressed this by strengthening our systems, training people well, and planning ahead especially in managing costs and risks.”

As the business grew, Chef Czarina realized the importance of protecting everything she has built, including her people, her operations, and her future. This motivated her to engage with Sun Life for their business protection and financial planning solutions. “Knowing we had proper coverage from Sun Life gave us the confidence to expand and invest in growth because risks were already planned for,” Chef Czarina explained. Today, Avocadoria proudly operates multiple local and international branches. With Sun Life, Chef Czarina

can enjoy peace of mind as she continues to serve her customers and grow her business.

Wilmar’s Taho: A Legacy Reimagined Wendy Villanueva, owner of Wilmar’s Taho, was focused on keeping a 30-year legacy moving forward. She runs the business guided by the values of integrity, consistency, and care. Started by her parents in 1990, the business faced its greatest test during the pandemic.

“I decided to sell taho online

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

Motoring BusinessMirror

THE CONTINENTAL ULTRACONTACT UX7

SUV-SPECIFIC TIRES HAVE ARRIVED

CONTINENTAL Tires Philippines recently launched the Continental UltraContact UX7, making it available in the local market. The SUVspecific Continental UltraContact UX7 tires are designed for the balance of everyday driving with adventureseeking moments. Featuring its X-Force Macroblocks tread pattern design and special materials, including the structure, the Continental UltraContact UX7 is proven to be safe, comfortable, and durable.

The Continental UltraContact UX7 tires utilize innovative technologies such as X-Force Macroblocks Tread Pattern Design, Robust360 Construction, and Adaptive Diamond Compound.

X-Force Macroblocks Tread Pattern Design

DURING cornering, the tire’s outer shoulder bears the most significant stress and pressure. The X-Force tread pattern design maximizes contact with the road surface, creating a wider ground contact that effectively distributes force to the rest of the tire to improve handling and stability. Those Aqua Channels accelerate water evacuation for better braking,

even in wet conditions. There is also protection against daily wear and tear, helping extend tire life.

Robust360 Construction

THE UX7’s Robust360 reinforced tire structure is more durable, featuring a strengthened tread steel wire layer and a stronger tire design to ensure superior performance and durability in a variety of road conditions. It also delivers low noise levels thanks to the precision-cut tread design.

Adaptive Diamond Compound WITH the materials chosen by Continental Tires, the UX7 has improved tread wear resistance by effective heat transferring,

which also improves braking distance.

Meanwhile, members of the Philippine motoring media put the Continental UX7 to the test at the SM Mall of Asia Grounds and experienced the innovations and technologies that the latest SUV-specific tires offer. Showing no compromise, the Continental UltraContact UX7 has delivered a quiet, smooth ride while subjected to the toughest maneuvers. Moreover, whenever subjected to further difficult tests, the Continental UltraContact UX7 tires performed above and beyond. Even with repeated tests ranging from sudden maneuvers to slaloms and the demanding figure-eight test.

Whether driven on wet or dry roads, the Continental UltraContact UX7 offers superior performance, with short braking distances and excellent handling. All these proven performances made the Continental UltraContact UX7 the top choice for the 2025/2026 Asia’s Best SUV Tire by Top Tire Review.

Officially distributed by JM Far East, Inc., the Continental UX7 is now available at their authorized dealers and via Lazada at https://www.lazada. com.ph/shop/continental-tirephilippines . For more details, customers can also check the Continental Philippines Facebook page at facebook.com/ continentalph.

Campi, Mitsubishi & Toyota welcome gov’t reassurance

SHAKEN a bit recently is the motoring industry after government incentives to the local auto world got scrapped from the final national budget for 2026.

Data showed that at least P4.7 billion in government subsidies was pledged to help energize vehicle production to enrollees led by Toyota Motor Philippines (Vios) and Mitsubishi Motors Philippines Corp.(Mirage).

But in a pleasant turn of events, officials assured both automotive giants the government isn’t shirking away from its monetary pledge, drawing happy reactions from

the “aggrieved” parties.

Mitsubishi statement MITSUBISHI Motors Philippines Corp. (MMPC) expresses its sincere gratitude to the Philippine government for securing funding for the Comprehensive Automotive Resurgence Strategy (CARS) Program incentives. This demonstrates clear commitment to the local automotive industry and reinforces confidence in the sector’s stability and long-term prospects.

We are grateful to Finance Secretary Frederick Go for leading this initiative and to the Department of Budget and Management, Department of Finance and the Department of Trade and Industry and other government agencies for their coordination in ensuring the program’s commitments are fulfilled.

MMPC remains dedicated to delivering quality vehicles to our valued customers and

stakeholders. We will continue to maintain a responsible presence in the Philippines, supporting communities, contributing to economic growth, and upholding our role in the country’s long-term development.

Campi reply THE Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) welcomes the announcement of a funding solution for the Comprehensive Automotive Resurgence Strategy (CARS) Program incentives. We thank the concerned agencies— the Department of Trade and Industry, Board of Investments, Department of Budget and Management, and the Department of Finance, for its prompt action to resolve the issue on CARS incentive funding.

This gives renewed confidence in our industrial policy and puts the automotive sector

back on track for long-term investment planning. CAMPI and its members look forward to the implementation of the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) Program, which will be instrumental in industry recovery and growth.

CAMPI will continue to work with the Government and our auto-supporting industries in coming up with programs and policies to sustain automotive manufacturing in the Philippines.

In the same vein, Toyota Motor Philippines has also echoed the same sentiment, completing a happy resolution to the pledged government incentives for said car companies.

As the saying goes, all is well that ends well.

Toyota Antipolo THE Toyota Taytay, Rizal Inc. will soon build the Toyota Antipolo Dealership in Rizal Province

along L. Sumulong Memorial Circle in Barangay San Jose.

It will span a total floor area of 12,160 square meters across three floors and a mezzanine, with a complete range of services including express maintenance, periodic maintenance, body & paint services and general repairs.

Additionally, a modern showroom for 7 car displays and 37 well-equipped service bays are also being tabled.

“I have always hoped that a Toyota dealership will be part of Antipolo,” said TMP President Masando Hashimoto. “I can’t wait for the grand opening at the earliest possible time, not just because Toyota Antipolo is set to strengthen our network, but also because it helps us serve customers with greater convenience.”

Antipolo is a rapidly growing city whose economy is driven by retail, real estate development, tourism, and micro small and medium enterprises (MSMEs), supported by its role as the capital of Rizal province and its proximity to Metro Manila.

PEE STOP Enrico “Chino” Subido reports that the Grand Launch of the UAAGI On the Move 2026 will

“As we establish Toyota Antipolo, we are proud to contribute to the local economy,” said Toyota Antipolo President Zellyn Lim Diaz. “This project will generate employment— from jobs during construction to long-term careers once operations begin. More importantly, it will provide opportunities for learning, development and stability for many families. Because progress is most meaningful when it uplifts others.”

EONGHYEON KANG

Jovercame an early fumble and barely survived a late scare to seize control of the International Container Terminal Services Inc. (ICTSI)

Philippine Ladies Masters with a 71 for a one-stroke lead in Thursday’s blustery second round at Summit Point Golf and Country Club in Lipa City.

One shot behind first-round leader Yunseo Lee at the start of the day, Kang bogeyed No. 2 to briefly slide backward before responding with birdies on the next two holes.

From there, she steadied herself as gusts strengthened and the heat further baked the greens.

Her composure stood in sharp contrast to the unraveling of erstwhile contenders, allowing Kang to build what appeared to be a comfortable cushion midway through the round. But just when she seemed to have the course and conditions figured out, Kang faltered at the par-three 17th, where a wind-blown tee shot found a greenside bunker.

She failed to get up-and-down and walked off with a double bogey.

The mishap erased a three-stroke cushion, leaving Kang at 138 for a shaky one-shot edge heading into the final round of the $200,000 event.

“I just didn’t mind the wind,” Kang said through an interpreter. “It was actually windier yesterday, so I was a bit more comfortable today.”

Still, the late stumble served as a reminder of how quickly conditions could turn at Summit Point and Kang said she would welcome the comfort of familiar company in the final pairing.

“Playing with a friend in the final round would make me feel a little bit comfortable,” added Kang, who earned her first

Kang survives scare, clings to 1-shot lead

professional win back home in 2024.

Pressing her from behind are Yeonseo Hwang and Taiwanese Ching Huang, who surged into contention with matching 139 totals.

Hwang produced the day’s best round, a 67 highlighted by three birdies over the final four holes, while Huang stayed steady with a 69 marked by three straight birdies from No. 9 for the second straight day.

Hwang, a 22-year-old three-year pro, rocketed from joint 19th with a blistering start, birdieing four of her first 11 holes before briefly stalling with back-to-back bogeys from No. 12.

She recovered in emphatic fashion, closing with three birdies in her final four holes to vault into a share of second at five-under.

“My putting wasn’t good in the first round, but today it was,” Hwang said.

“I’m confident for tomorrow.”

Huang, meanwhile, looms as a major threat after winning the Ladies Philippine Golf Tour Midlands leg in 2018 under similarly blustery conditions, once again showcasing calm precision when accuracy mattered most. Yunseo Lee and erstwhile joint second Jisun Kang struggled in the

demanding conditions, opening the door for new challengers in the first leg of the Taiwan Ladies Professional Golf Association (TLPGA) Tour co-organized by Pilipinas Golf Tournaments Inc.

Taiwan’s Lee Min stayed within striking distance with a 71, while Yunseo Lee slipped with a 74 and Tzu Chi Lin charged back with a 68, leaving all three tied for fourth at 140 in the tri-sanctioned event by the TLPGA, the Ladies Philippine Golf Tour and the Korean LPGA Dream Tour.

Jisun Kang slid to solo seventh at 141 after a 74 as the relentless wind and oppressive heat continued to exact a toll on the field.

While the battle at the top intensified, the Filipinas again found the conditions unforgiving despite their familiarity with the course.

Daniella Uy squandered a one-under card after 10 holes with bogeys on Nos. 12 and 16 to settle for a 73, yet still turned in the best Filipino showing at 144, good for a share of 12th, six strokes

Alex Eala: WOW - Woman of Wonder

By Richard J. Gordon

AS Alex Eala competes on the world’s most demanding tennis courts, the public witnesses a young 20-year-old athlete still in the process of becoming— disciplined, hardworking, not yet perfect, yet fully committed to mastering her craft.

It is this visible struggle for excellence that has drawn the admiration and respect of both the nation and the international community.

Simultaneously, the global spotlight extends beyond the court. In the same tennis capitals where Eala competes, Filipinos are present not

only as spectators, but as engineers, nurses, medical technologists, educators, caregivers and professionals whose labor and integrity contribute meaningfully to the success of their host countries.

As the world watches Eala, it also catches a powerful glimpse of the Filipino diaspora, individuals whose dedication and excellence help make the countries they serve stronger and more prosperous.

In moments when Filipinos cheer for Eala from arenas and living rooms alike, the world sees more than fandom, it sees character. It sees a people known for resilience,

up, Israel, it’s bobsled time! A handful of diverse athletes—a pole-vaulter, sprinter, shot-putter, rugby player and former Olympian in skeleton—will compete as Israel’s first bobsled team during this year’s Milan Cortina Winter Games, unlikely ambassadors of their diplomatically isolated nation.

Most of these guys had never touched a sled before this season. Their leader, AJ Edelman, is believed to be the first Orthodox Jew to ever compete in a Winter Games and another founding member of the team, Ward Farwaseh, will likely to be the first Druze Olympian.

professionalism, and quiet excellence.

In one shared moment, it becomes a two-in-one showcase: Alex Eala on the court, and the Filipino worker beyond it, together reflecting the true worth of the Filipino people.

Alex Eala stands as a WOW: Woman of Wonder, mirroring the values lived daily by millions of Filipinos overseas, the WOW: Workers of the World.

At a time when national leadership has struggled to inspire confidence, Eala and the Filipino diaspora affirm a powerful truth: Filipinos can

behind Kang, as the wind rattled erstwhile early contenders Mafy Singson and Florence Bisera.

“I hit a lot more greens yesterday than today,” said Uy, citing a day-long struggle with her irons and wedges in blustery conditions. Still upbeat, she added: “I need to commit to my shots and trust my caddie.”

Sarah Ababa, the reigning LPGT Order of Merit champion, birdied the last hole to save a 72 and gain a share of 16th at 145.

Singson also fell from one-under after No. 10, sliding from joint 11th to a share of 25th after bogeys on Nos. 11, 13, 16 and 18 for a 75 and 146.

Bisera fared worse, stumbling to a 79 after a 71 as she hobbled with three bogeys in her first six holes and a late stretch marred by two bogeys and a double bogey and barely made the 60 and ties cut at 150 for a share of 53rd.

Pauline del Rosario (74), Kayla Nocum (74) and Princess Superal (75) all pooled 149s for

Thai Vongchaisit tows field in PHL Golf Championship

UNIVERSITY of Mississippi product Sarut Vongchaisit of Thailand fired a four-under 68 to set the pace as Filipino-German Keanu Jahns and Fidel Concepcion shot 71s in the first round of the Philippine Golf Championship of the Asian Tour on Thursday at Wack Wack Golf and Country Club.

Charles Porter of the US and Jeunghun wang and Wooyoung Cho of South Korea were a stroke behind in a share of second place.

Australia’s Travis Smyth and Kevin Yuan carded 70s to tie for fifth with Marcus Plunkett of the US and Hung Chien-Yao and Wang Wei-hsuan of Chinese Taipei. Jahns and Concepcion were in a group at 10th spot after enduring a tough opener in the tournament back by the Philippine Sports Commission.

MBy Josef Ramos

ARCUS JARWIN MANALO will head the Association of Boxing Alliances in the Philippines (ABAP) and the first order of the day for the newlyelected president is to strengthen the grassroots program of the organization that has produced the most number of Olympic medals. But before he went further following his unanimous election at the Meralco Building on Thursday, Manalo admitted his in unfamiliar territory.

Both Philippine Golf Tour players stood one-under on the front nine then made a birdie and a bogey on the back. Only 21 players from the field of 144 broke par in the tough opening event of the Asian Tour. Brycen Ko and Jhonnel Ababa shot even-par and were in a big group sharing 22nd place. Asian Development Tour winner Car Corpus shot 73 to share 39th spot with 10 others.

Amateur Rolando Bregente, a member of the Philippine team to the Southeast Asian Games in Thailand last year, submitted a 74 for a share of 50th place. Also at two-over were Justin Quiban, Sean Ramos and Mars Pucay. Aidric Chan, also a winner on the ADT, shot a 75, matching Rupert Zaragosa and Japan Tour player Justin de los Santos. Aldrin Quinto

City Rep. Robbie Puno.

“With Sir Ricky [Vargas] heading the SBP [Samahang Basketbol ng Pilipinas] and Cong. Robbie wanting to be more of a consultant, they wanted me to step up because I’ve been in the ABAP for quite sometimes,” said Manalo, who got the unanimous vote of all 11 board members of the association.

“I’m not used to being a leader but as a worker who follow orders,” said Manalo, who served as secretary-general to former ABAP presidents Ricky Vargas—now head of the basketball federation—and

Manalo’s credentials speak well of sports—Exercise and Sports Sciences and Psychology degrees from the University of the Philippines and also Masters in Exercise and Sports Science on Sports Psychology from the Texas Tech University. He joined ABAP as a mental performance coach in 2013 and served as secretary-general and executive director until his election on Thursday. Puno was named chairman and

“I used to be at the bottom of the pack athletically, and I made it here to the Olympics, so there must be some self-selection process,” said Edelman, speaking to AP from Italy. “I’m very sure that with this program now—with the infrastructure that has been set up— Israel will become a force in bobsled.”

Their participation comes at a time when Israel’s presence in international sports has been met with boycotts, bans and backlash over the humanitarian toll of the war in Gaza, which has killed more than 71,800 Palestinians, according to the territory’s health ministry, and devastated the strip. The athletes say they are proud to represent Israel and hope to be role models for young Israeli athletes and lay the groundwork for future gold in the sport.