SCS tensions top Quad, trilateral talks in Mla By Malou Talosig-Bartolome
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EIGHTENED frictions in the South China Sea framed back‑to‑back meetings of the Quadrilateral Se‑ curity Dialogue (Quad) and the Japan‑US-South Korea trilateral in Manila, with foreign ministers warning against destabilizing ac‑ tions and affirming support for Asean “unity and centrality.” The Quad Foreign Ministers— US Secretary of State Marco Ru‑ bio, Australian Foreign Minister Penny Wong, Indian External Affairs Minister S. Jaishankar, and Japanese Foreign Minister
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UKRAINE OVERHAULS ITS MILITARY TOP BRASS FOR THE FIGHT AGAINST RUSSIA
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Toshimitsu Motegi—issued a joint press release after meeting at the sidelines of the ASEAN PostMinisterial Conference in Manila Wednesday. “We discussed regional chal‑ lenges and opportunities to strengthen our support for the practical implementation of the Asean Outlook on the Indo-Pacific [AOIP] through our shared priori‑ ties of maritime and transnation‑ al security, economic prosperity and security, critical and emerg‑ ing technologies, and humanitar‑ ian assistance and emergency re‑ sponse,” the four ministers said. They said they are “united in our
conviction that peace and stabil‑ ity in the Indo-Pacific maritime domain underpin the security and prosperity of the region.” In a statement, the Japanese Foreign Ministry said Motegi voiced “strong opposition to any unilateral attempts to change the status quo by force or coercion.” “The four ministers held candid discussions...and aligned their perspectives on the situations in the Indo-Pacific and the Middle East regions, including in the East China Sea and the South China Sea,” the Japanese foreign minis‑ try said. Motegi also expressed grave
concerns over export restrictions, including on critical minerals. He likewise emphasized the commit‑ ment to the complete denuclear‑ ization of North Korea and the im‑ portance of addressing malicious cyber activities. Rubio said they “share a vision of a free and open Indo-Pacific that is grounded in the rule of law, sovereignty, and territorial integrity.” Wong noted that all Quad mem‑ bers are comprehensive strategic partners of Asean. “We respect Asean centrality and Asean-led architecture and See “SCS,” A2
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PESO DIPS AS OIL PRICES RISE ON REIGNITED WAR www.businessmirror.com.ph
WORKING FOR A RAISE Construction workers carry on with their tasks at a project site along Mindanao Avenue in Quezon City on Wednesday, July 22, 2026, as Metro Manila’s minimum wage earners prepare for a pay increase. Malacañang has affirmed that the implementation of the National Capital Region’s historic P85 daily wage hike will proceed as scheduled, with no deferment despite calls from some business groups. The first tranche of P60 takes effect on July 25, followed by an additional P25 on January 20, 2027, raising the daily minimum wage for nonagricultural workers to P780. The increase is expected to benefit more than 1.1 million minimum wage earners in the NCR. NONOY LACZA
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Thursday, July 23, 2026 Vol. 21 No. 282
DESPITE EL NIÑO, COCO EXPORT EARNINGS SEEN TOPPING 2025’S By Ada Pelonia
By Andrea E. San Juan @andreasanjuan
HE Philippine peso slumped anew to a record low of P61.75 against the dollar on Wednesday on the back of a re-escalation of tensions between the United States and Iran which led to elevated crude oil prices. Data from the Bankers Asso‑ ciation of the Philippines (BAP) showed this rate is .5 or half-a-cen‑ tavo weaker than its previous finish of P61.745 against the greenback on Tuesday. The P61.75 per-dollar level was last seen on May 18 and 19 of this year, BAP data also noted. Jonathan L. Ravelas, senior ad‑ viser at Reyes Tacandong & Co. ex‑ plained that the peso fell after the greenback strengthened further on
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elevated crude oil prices as US and Iranian attacks escalated, renewing inflation concerns. As such, the foreign exchange an‑ alyst said he expects the currency to range 61.60-61.90 levels in the near-term. For his part, Michael L. Rica‑ fort, chief economist at the Rizal Commercial Banking Corporation (RCBC), said the peso-dollar ex‑ change rate lingered at 61.75 after See “Peso,” A2
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HE Philippine Coco‑ nut Authority (PCA) is optimistic that ex‑ port earnings from coconutbased products in 2026 could surpass the record $3.57 billion last year despite the threats posed by El Niño on plantations. PCA Head Executive As‑ sistant Joseph Cezar Delig‑ ero said the agency is bank‑ ing on a raft of government interventions to prevent a plunge in productivity, which could affect coconut shipments, the country’s top farm export. This, after coconut pro‑ ductivity fell by around 20 percent in 2024 when the Philippines was hit by the dry spell. “We’re hoping that [pro‑ ductivity] won’t drop that
much this year, given the ac‑ tivities in place based on our learnings from the previous El Niño in 2024,” Deligero told reporters. He noted that the PCA has ventured into solar drip ir‑ rigation programs while con‑ tinuously working with both cooperatives and other gov‑ ernment agencies for mitiga‑ tion measures, among others. “We’re still positive that we’ll be able to surpass our 2025 export [earnings],” Deligero said. Meanwhile, he also allayed concerns on the impact of coconut scale insect (CSI) or cocolisap’s infestation on pro‑ duction, which tends to inten‑ sity during extreme heat. “With the threat of the su‑ per El Niño, we’re anticipat‑ ing an increase in pest in‑ festations. But our research centers and regional offices See “El NiÑo,” A2
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Despite wage hike, DOLE sees limited job losses By Mary Jade Jadormio
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HE Department of Labor and Employment (DOLE) expects only limited em‑ ployment dislocation from the im‑ plementation of the daily minimum wage increase in Metro Manila, with around 1.1 million workers projected to benefit from the ad‑ justment. Government estimates indicate that about 12,000 workers could face displacement, although the overall impact of the wage order is expected to remain positive. “There will be a slight disloca‑ tion of around 12,000 employees. But overall, the picture provided to us was that there will be a 2.7 per‑ cent growth because of this,” Labor Secretary Francis N. Tolentino said during a media forum on Tuesday. The projections were based on the general equilibrium model used by the government in evaluating wage adjustments, which takes into ac‑ count inflation, labor costs and oth‑ er economic indicators. “Some employers may rotate
workers, retrench employees or re‑ duce their workforce. But overall, the picture provided us was that there will be a 2.7-percent growth because of this,” he said. The Regional Tripartite Wages and Productivity Board-National Capital Region also considered the positions of labor groups, employ‑ ers and government agencies dur‑ ing consultations before issuing Wage Order No. 27. Employer concerns over higher operating costs were among the factors weighed during the delib‑ erations, although the labor chief maintained that the projected dis‑ ruptions remain small compared with the number of workers expect‑ ed to receive higher pay. “The disruption is very mini‑ mal.... The overall impact is much bigger because 1.1 million will im‑ mediately benefit starting July 25,” Tolentino said. The labor chief also defended the regional wage-setting system, saying it helps moderate inflation by preventing labor costs from See “DOLE,” A2
PESO EXCHANGE RATES n US 61.7110 n JAPAN 0.3783 n UK 82.5817 n HK 7.8702 n CHINA 9.1201 n SINGAPORE 47.7935 n AUSTRALIA 43.1977 n EU 70.3629 n KOREA 0.0417 n SAUDI ARABIA 16.4396 Source: BSP (July 22, 2026)