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PHL BONDS MAY BEAT ASIAN PEERS IN 2026
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HILIPPINE bonds look well-placed to beat Asian peers in early 2026 as they offer attractive yields, with the debt expected to jump in value on the prospect of further interest-rate cuts, according to a Bloomberg analysis.
PHILIPPINE INFLATION-ADJUSTED YIELDS ARE ELEVATED
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TRASLACIÓN 2026: CALL FOR HUMILITY EXTENDS TO GOVERNMENT OFFICIALS By Justine Xyrah Garcia
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T the annual Feast of the Jesus Nazareno on Friday, humility emerged as an urgent demand not only for devotees navigating the Traslación, but also for public officials who hold power. Balanga Bishop and former Quiapo rector Rufino Sescon said that “pagbaba” or lowering oneself is part of public service, not just a posture of faith. “In our country today, there are those who refuse to step down even when they are clearly at fault. They refuse to step down even if the public suffers. They refuse to step down even as the poor endure
hardship,” Sescon said during his homily in the Misa Mayor ahead of the Traslación. Without naming particular individuals, Sescon questioned officials who refuse to yield even when communities bear the cost. “They refuse to step down even when floods destroy communities, even if they no longer deserve their positions,” he added, before issuing a plea: “Tumigil na. Tama na. Maawa na kayo sa taong bayan [Stop it. Enough. Have mercy on the people].” Sescon said stepping aside when necessary is not an admission of weakness or wrongdoing, noting that “there are See “Traslación,” A2
SEA OF FAITH Amid chanting, swaying bodies and the relentless press of the faithful,
thousands of barefoot devotees reached for the andas (carriage) of the Black Nazarene as the centuries-old image inched its way back to Quiapo Basilica during the annual Traslación on January 9, 2026. By early afternoon, the Quiapo Church Command Post estimated about 686,600 attendees—including 556,600 along Ayala Boulevard and 130,000 in Quiapo proper—a massive turnout, though still far below the 8.12 million devotees recorded in 2025, one of the largest crowds in the procession’s storied history. NONIE REYES, BERNARD TESTA, ROY DOMINGO & JOEL PAREDES
DOTr amends traffic apprehension rules By Lenie Lectura
The study of six key emerging Asian debt markets across seven metrics shows peso-denominated sovereign bonds offer appealing yield spreads over US Treasuries and substantial inflation-adjusted returns. Indonesian bonds, on the other hand, are scoring the lowest in the analysis after outperforming peers last year. Philippine bonds started the year strong after Bangko Sentral ng Pilipinas Governor Eli Remolona said this week that a rate cut is on the table in February. Inflation data continues to undershoot the central bank’s 2 percent-4 percent target, further
supporting bonds. “Recent gains in the Philippine bond market could extend amid relatively benign inflation, healthy bond spreads relative to US Treasuries and further rate cuts especially if economic recovery is delayed,” said Michael Ricafort, chief economist at Rizal Commercial Banking Corp. in Manila. For now, Philippine bonds are offering more value relative to their own historical trend. The 10-year government yield is currently around 6 percent, which is 0.3 standard deviations above the five-year average. Only See “Philippine Bonds,” A2
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EPARTMENT of Transportation (DOTr) Secretary Giovanni Lopez on Friday directed the Land Transportation Office (LTO) to cease the confiscation of licenses in traffic apprehension cases. In a memorandum issued on January 9, Lopez also revised the guidelines for settling traffic apprehension cases to 15 working days from 15 calendar days, “to afford both the government and the public sufficient time to resolve cases.” “This means that holidays and long weekends are not included in the number of days when the driver settles a violation,” he said in a statement.
If the driver fails to settle the case within 15 working days, the license will be automatically suspended or revoked. The new memorandum circular will take effect immediately. For erring drivers, their licenses will be placed under an administrative alert in the LTO system. On January 6, LTO chief Markus V. Lacanilao ordered an investigation into the complaint of a transport blogger against some members of the agency’s personnel. Lacanilao said in a statement that he also ordered the temporary suspension of the LTO personnel who confiscated the license of James Deakin’s son. See “DOTr,” A2
PESO EXCHANGE RATES n US 59.1480 n JAPAN 0.3771 n UK 79.5067 n HK 7.5912 n CHINA 8.4697 n SINGAPORE 46.0475 n AUSTRALIA 39.6114 n EU 68.9725 n KOREA 0.0408 n SAUDI ARABIA 15.7732 Source: BSP (January 9, 2026)