BusinessMirror July 24, 2026

Electric bill shock traced to generation charges By Lenie Lectura

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HE Manila Electric Company (Meralco) on Thursday said the rise in electricity bills for the past few months was driven by uncontrollable, surge-level generation charges, which are subject to strict regulatory oversight. Generation rate, a major component of an electric bill, is the cost of producing or purchasing electricity. This a pass-through charge paid by Meralco to its power suppliers. Meralco does not earn from this. “The recent electricity price

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increases pertain to generation charges, which reflect the spike in international fuel prices and peso depreciation as a result of the ongoing conflict in the Middle East,” said Meralco senior vice president Atty. Jose Ronald Valles. “The effect of these factors on the generation charges are beyond the control of Meralco.” Besides, Meralco’s procurement of its power requirements could not happen without the regulators’ approval. “The procurement by distribution utilities of electricity is affected by international fuel prices and exchange rate fluctuations. The procurement by distri-

bution utilities [DUs] of electricity supply is heavily regulated by the government,” Valles said. Valles said the Department of Energy (DOE) and ERC established competitive public guidelines with which all DUs must comply. These guidelines ensure equal opportunities for all eligible power generation firms, regardless of affiliation, and mandate that supply contracts be awarded to those that offer the lowest prices. “During the regulatory proceedings and public hearings, the ERC determines whether such contract complies with the distribution utilities mandate under the EPIA

to provide customers with the least-cost supply. All the power supply agreements of Meralco were approved by the ERC, a testament to its compliance with the least-cost mandate under the law,” said Valles. He said Meralco’s distribution rates have declined by 18 percent since 2014. The distribution component of an electricity bill goes directly to Meralco. “Customers are paying less today for the distribution-related charges of Meralco compared to more than a decade ago. Meanwhile, prices of basic commodities like food See “Bill,” A2

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Friday, July 24, 2026 Vol. 21 No. 283

DIPLOMACY IN MOTION US Secretary of State Marco Rubio waves as he departs Ninoy

Aquino International Airport in Manila on Thursday, July 23, 2026, after attending the Association of Southeast Asian Nations (Asean) Foreign Ministers’ Meeting, where he held talks with regional counterparts on the wars in Ukraine and the Middle East, tensions in the South China Sea, and broader Indo-Pacific security issues. In a separate event, Asean Chair and Philippine Foreign Affairs Secretary Ma. Theresa P. Lazaro joins fellow foreign ministers for the traditional family photo during the ministerial meeting in Pasay City. Rubio said the United States remains committed to pursuing diplomatic efforts to help end the war in Ukraine while reaffirming Washington’s support for its allies and partners in the region. BRENDAN SMIALOWSKI/AARON FAVILA/POOL PHOTO VIA AP

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By Reine Juvierre S. Alberto @reine_alberto

HE national government ran a P786.8-billion fiscal deficit in the first half of the year, slightly lower than the target, although fiscal space is becoming “increasingly constrained.” The budget hole widened by 2.79 percent to P786.8 billion from January to June, from P765.5 billion in the same period a year ago, the Bureau of the Treasury reported on Thursday. Revenue collections reached P2.388 trillion in the first half, while spending on infrastructure, food security and support for local governments pushed expenditures to P3.175 trillion.

Treasury data showed that revenue collections went up by 5.67 percent year-on-year from P2.260 trillion, though 0.01 percent below the P2.389 trillion mid-year target. Tax revenues rose by 5.38 percent to P2.142 trillion from P2.032 trillion last year. However, this fell short of the P2.158 trillion program by 0.77 percent, or P16.6 billion. This came after the Bureau of See “P786.8B,” A2

BLUE ECONOMY GREW 5% TO P1.08T IN ‘25, PSA REPORTS

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HE country’s ocean economy grew to P1.08 trillion last year, the Philippine Statistics Authority (PSA) said on Thursday. The Philippine Ocean Economy Satellite Account, which is released annually, showed that the blue economy expanded by 5.3 percent in 2025 from P1.02 trillion recorded a year earlier. The latest figure was also equivalent to 3.8 percent of the country’s total gross domestic product (GDP) at current prices. According to the statistics agency, marine safety, surveillance, and resource management saw the highest expansion last year at 31.7 percent. This was followed by marine insurance at 29.6 percent and sea-based transportation and storage at 10.8 percent. In terms of share, the PSA said ocean fishing contributed the largest portion of the ocean

economy last year at 24.1 percent, followed by the manufacture of ocean-based products at 21.3 percent, sea-based transportation and storage at 16.3 percent, and coastal accommodation and food and beverage service activities at 12.1 percent. On the other hand, employment in the ocean economy reached 2.46 million in 2025, equivalent to 5 percent of the country’s total workforce. This was also 3.4 percent higher than the 2.38 million employed individuals recorded a year earlier. By component, the PSA said the ocean fishing sector employed the largest number of workers, accounting for 37.8 percent of total ocean economy employment. This was followed by sea-based transportation and storage at 23.6 percent and coastal accommodation and food and beverage service activities at 21.7 percent. Justine Xyrah Garcia

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‘Economic recovery not likely for rest of the year’ By Justine Xyrah Garcia

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ESPITE the government’s expectation of stronger growth in the second half, a University of Asia and the Pacific (UA&P) economist said the Philippine economy is unlikely to stage a meaningful recovery in the remaining months of 2026. “We’re naturally optimistic at the university, but over the next five and a half months, there won’t be any recovery. If the economy grows by 3 percent, we’d already be very happy with that,” UA&P economist Ronilo M. Balbieran said in an interview on Thursday. Should the economy grow by around 3 percent, it would fall below the Development Budget Coordination Committee (DBCC)’s recalibrated gross domestic product (GDP) growth target of 3.5 to 4.5 percent this year. It would likewise mark the fourth consecutive year that the Marcos administration has failed to meet

its growth target. According to Balbieran, one of the biggest risks to growth is the government’s continued underspending on infrastructure, which has limited the public sector’s ability to generate jobs and incomes at a time when households and businesses are grappling with rising costs. Citing official data from the Department of Budget and Management (DBM), he pointed out that the government’s infrastructure spending has contracted more sharply than during the pandemic. He noted that infrastructure spending fell by over 40 in the first four months of 2026, steeper than the 26 percent contraction recorded during the pandemic. DBM data showed infrastructure and other capital outlays declined to P189.3 billion in January to April from P347.6 billion in the same period last year. Balbieran said that increasing public investment remains the See “Recovery,” A2

PESO EXCHANGE RATES n US 61.7480 n JAPAN 0.3786 n UK 82.6003 n HK 7.8753 n CHINA 9.1141 n SINGAPORE 47.8519 n AUSTRALIA 43.1680 n EU 70.4853 n KOREA 0.0418 n SAUDI ARABIA 16.4495 Source: BSP (July 23, 2026)

News

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A2 Friday, July 24, 2026

Electric bill shock traced… Continued from A1

and transport as part of consumer price index increase annually by an average of 4.1 and 2.7 percent, respectively,” said Valles. Meanwhile, the Center for Energy, Ecology, and Development [CEED] is calling for a suspension of passthrough charges, saying that these fees allow power generation companies to pass volatile fuel costs to consumers. “One of the primary drivers for increasing rates of electricity are pass-through provisions within power supply agreements [PSAs]. Generation companies are allowed to pass volatile fuel prices and other variables like foreign exchange rates onto consumers. This burdens Filipinos with expensive electricity every single month. In the Meralco franchise area, 83 percent of electricity comes from coal and gas, whose prices fluctuate wildly,” said Atty. Avril De Torres, Deputy Executive Director of CEED. For the ERC’s part, the chairperson confirmed that distribution rates were last adjusted over 10 years ago. “They have not moved for a decade. If we look at that specific component of our bill regulated by the Commission, it does not change month-to-month. It remains constant because distribution utilities can only adjust it after filing an application, undergoing hearings, and receiving a Commission decision on the appropriate rates,” said Atty. Francis Saturnino Juan.

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DA to limit rice importations to ensure local farm stability

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By Ada Pelonia

HE Department of Agriculture (DA) wants to limit the importation of rice to those with post-harvest facilities who will buy local palay, ensuring the domestic industry’s stability. Agriculture Secretary Francisco Tiu Laurel Jr. said the bid to limit importation to those who own post-harvest facilities and purchase unmilled rice has been included in the proposed RICE Act, another amendment to the Rice Tariffication Law (RTL), which is currently pending in Congress. “The general idea is that by 2028, if legally feasible, only those who have a mill, drying system, or a complete rice processing system and also bought local palay from farmers can import rice,” Tiu

Laurel told reporters on the sidelines of the Economic Journalists Association of the Philippines’s (Ejap) food security forum in Makati City on Thursday. “Having a facility alone is not enough; they should have a throughput, a quantity [of palay] processed. This will protect both farmers and consumers,” he added, citing sugar and marine industries who already use this policy. Currently, the DA chief said the “majority” or around 80 percent of

Recovery…

support growth because infrastructure projects create employment, particularly in the construction sector, while generating demand for goods and services across the broader economy.

Continued from A1

government’s most effective tool to

importers do not have a rice processing system. “If you’re just a simple rice importer, technically you won’t care about our farmers and rice processors. So, you’ll just keep importing rice that could kill the local industry,” Tiu Laurel said. “But if we give the right to import or the allocation to those who have invested in the industry through buying and processing palay from our farmers, they won’t keep importing cheaper rice that can kill their investment.” Once the RICE Act is passed, Tiu Laurel said the corresponding implementing rules and regulations (IRR) would outline the specifications of their proposal. The move coincides with the DA’s plan to restore quantitative restrictions on rice imports, which also hinges on the proposed bill’s enactment. Tiu Laurel recently asked im-

porters to stop bringing in 5 percent broken rice starting this month, banking on stakeholder cooperation to carry out the initiative. (See: https://businessmirror.com.ph/2026/07/02/ da-to-importers-stop-bringing-in-5-broken-rice/) He said the move is meant to help support farmgate prices of paddy rice, which tends to go on a freefall during the main harvest season. “We will talk with rice stakeholders as much as we can. If the new RICE Act comes out, I won’t allow the entry of 5 percent broken rice, but for now we’ll settle with talking them through it,” Tiu Laurel said. “The key here is cooperation. The importer needs to help our farmers and our processors. If not, they will just lobby against each other and end up hurting themselves.”

As workers earn more from these projects, they spend more on food, transportation, housing and other daily needs, helping stimulate demand and support businesses across other sectors, he explained. “When that particular portion of our labor force will have money, then that will actually have the demand pool for everything else, for all the sectors,” Balbieran also said. Aside from weak infrastructure spending, Balbieran said inflation has continued to weigh on household consumption—the country’s biggest driver of economic growth. Based on Philippine Statistics Authority (PSA) data, household consumption grew by just 3 percent in the first quarter of 2026, slowing from 5.3 percent a year earlier. The PSA said this was the weakest growth in household spending since the pandemic-era contraction in the first quarter of 2021. Excluding the pandemic years, it was the slowest pace since the third quarter of 2010.

Balbieran said consumers’ purchasing power has been squeezed by rising prices, a situation aggravated by the peso’s depreciation. On Wednesday, the peso weakened to P61.75 against the US dollar, matching the record low it reached on May 18. The weaker currency, Balbieran said, has also raised the cost of imported raw materials and goods, prompting businesses to pass on higher costs to consumers already grappling with more expensive fuel, electricity and transportation. “Double whammy on all the way to the final consumer because products and services will be higher aside from on top of our consumers already facing higher prices... everything gets messed up because you have higher prices, imported prices being multiplied by a higher exchange rate,” he said. The Philippine economy grew by 2.8 percent in the first quarter, marking its weakest expansion since 2021. The PSA is scheduled to release second quarter GDP data on August 7.

Asean…

velopment initiatives n India: External Affairs Minister S. Jais‑ hankar stressed that India and Asean—rep‑ resenting 2 billion people—must navigate together in a world in transition. He noted 2026 as the “year of maritime cooperation,” with opportunities in trade, investment, mobility, technology, AI, sustainability, and connectivity. “It is only through deeper co‑ operation that we can de‑risk and diversify,” he said. n United Kingdom. Barely 48 hours after his appointment as foreign secretary, Edward Miliband flew to Manila to meet his Asean colleagues around 9 p.m. local time. He high‑ lighted that although Asean‑UK relations are only five years old, they have already deliv‑ ered practical results such as the Asean power grid, enhanced cooperation against online scams and organized crime, and initiatives in health security and education. Miliband as‑ sured that London will work intensively with partners to de‑escalate the conflict in the Middle East, including reopening the Strait of Hormuz and upholding freedom of naviga‑ tion. He also expressed hope that the UK will soon become a permanent member of the Asean Regional Forum.

Continued from A17

program and cultural and creative industry projects. n Japan: Foreign Minister Motegi Toshi‑ mitsu warned that the free and open inter‑ national order based on the rule of law faces challenges, with Asean at the core of the Indo‑Pacific. He pledged Japan would remain a “trusted partner” and help Asean become “stronger and more prosperous together.” n New Zealand: Foreign Minister Win‑ ston Peters and Asean counterparts issued a joint statement committing to: n Advance cooperation on cli‑ mate‑smart agriculture for resilient ag‑ ri‑food systems and supply chains n Foster dialogues and practical ac‑ tivities, consistent with international law, to promote safe sea lanes, energy security, renewable energy, sustainable fisheries, and marine environment protection n Utilize the newly launched Ase‑ an‑New Zealand Vision Fund to support regional cooperation and sustainable de‑

₧786.8B…

Continued from A1

Internal Revenue (BIR) missed its P1.654-trillion target, collecting P1.631 trillion in the first half. Still, this represented growth of 4.96 percent from the P1.554 trillion in the same period a year earlier. The Treasury said the improvement in collections was driven by higher collections from corporate income tax, personal income tax, value-added tax (VAT), other percentage taxes and miscellaneous taxes. Meanwhile, the Bureau of Customs (BOC) exceeded its P484.8billion target by 1.45 percent after collecting P491.9 billion in customs duties and taxes. This was also 7.21 percent higher than the P458.8 billion it collected in the comparable period last year. Higher oil prices benefited the BOC, as its VAT collections jumped by 10.34 percent, the Treasury said. This offset the 2.73-percent dip in excise tax collections due to lower oil import volumes and the temporary suspension of excise tax on liquefied petroleum gas and kerosene. “Revenue growth continued to be driven by tax collections, although BIR collections reflected the impact of softer domestic economic activity,” Chinabank Chief Economist Domini S.D. Velasquez said. “This was more than offset by stronger BOC collections, supported by higher oil prices, a weaker peso, and the resulting increase in import VAT collections,” Velasquez added. Non-tax revenue collections also increased by 8.26 percent year on year to P246.5 billion and surpassed the P230.2-billion midyear target by 7.09 percent on the back of betterthan-expected Treasury income. Treasury income registered a 25.79-percent increase in the first half, rising to P182.7 billion from P145.3 billion in the same period last year. “The Department of Finance remains confident in the abilities of the revenue-generating agencies to meet their targets in the second half of the year,” Finance Secretary Frederick D. Go said.

Govt spending

YEAR-TO-DATE expenditures grew by 4.94 percent to P3.175 trillion from P3.026 trillion in the comparable period last year and were slightly below the P3.177-trillion spending program. Interest payments climbed by 16.60 percent year on year to P483.7 billion in the first half from P414.8 billion. This was also 1.58 percent below the P491.5-billion program. Primary expenditures, meanwhile, rose by 3.09 percent to P2.691 trillion from P2.611 trillion last year and exceeded the P2.685-trillion program. “The government still has room to continue pump-priming the economy in the second half of the year while remaining within its fiscal targets,” Velasquez said. “That said, fiscal space is becoming increasingly constrained. As such, we expect public spending to be focused on high-multiplier investments, particularly infrastructure and labor-generating projects, which are likely to provide the greatest boost to growth while preserving fiscal sustainability,” she added.

Wang Yi: PHL-China ties at… Continued from A17

PBBM seeks ‘reset’ in talks with Beijing after sea clash Continued from A17

in Palawan on Thursday. The chief executive recognized the bravery and faithful service to the nation, and conferred the

Order of Lapu-Lapu upon the two soldiers and awarded them financial assistance of P100,000 each. Samuel P. Medenilla

The DFA said both ministers nevertheless highlighted progress in negotiations on the Asean‑China Code of Conduct and reaffirmed their willingness to conclude talks this year. They also discussed broader cooperation in trade, investment, agriculture, tourism, connectivity, and people‑to‑people exchanges, in line with President Ferdinand R. Marcos Jr.’s directive to pursue dialogue and diplomacy while remaining assertive in protecting Philippine interests.

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Marcos honors sailors hurt at Ayungin Shoal

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RESIDENT Marcos on Thursday personally visited two Navy (PN) servicemen recovering in a military hospital in Puerto Princesa City, Palawan, honoring them for their bravery after they were injured in a confrontation with the China Coast Guard (CCG) near Ayungin Shoal in the West Philippine Sea. Marcos visited the two at Camp Artemio Ricarte Station Hospital, where he conferred the Order of Lapu-Lapu and handed each of them P100,000 in financial assistance in recognition of their courage and sacrifice in the line of duty. The President also assured the wounded personnel of the government’s continued support for members of the Armed Forces (AFP) tasked with defending the country’s sovereignty and sovereign rights. According to the AFP, a CCG rigid hull inflatable boat with eight personnel unlawfully approached within close range of the beached BRP Sierra Madre on Monday. It circled and took photos and videos, prompting AFP personnel aboard two rubber boats to drive it away. The grounded ship serves as the country’s outpost in Ayungin Shoal. The AFP said the Chinese side “reacted violently and aggressively by striking” the Navy personnel with wooden batons, causing injury and damaging the Navy rubber boat. The incident prompted strong condemnation from Philippine government officials. Marcos earlier summoned Chinese Ambassador Jing Quan to Malacañang to express the Philippines’ concern over the incident, and called for a reset in relations between Manila and Beijing to prevent similar confrontations from happening again. The Department of National Defense, AFP and Department of Foreign Affairs have likewise denounced the incident, maintaining that violence against Filipino personnel performing their lawful duties is unacceptable. In his recent remarks during the AFP changeof-command ceremony, Marcos reiterated that while the Philippines remains committed to peace and diplomacy, it will not yield its national dignity or sovereign rights. “We seek cooperation, but we will never compromise our sovereignty. We extend friendship to all, but we will never abandon our national dignity,” the President said. Marcos was in Palawan on Thursday for a series of engagements, including the inauguration of the Ibato-Iraan Small Reservoir Irrigation Project in Aborlan and the distribution of food assistance to families in Puerto Princesa City. PNA

Friday, July 24, 2026

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Luistro on Robin’s ‘one-sided’ remark: Impartiality rests with senator-judges

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By Jovee Marie N. dela Cruz

@joveemarie

HE House prosecution panel has rejected calls for neutrality in the impeachment trial of Vice President Sara Z. Duterte, stressing that its constitutional role is to advocate for the case, while “impartiality rests with the senator judges.” Lead prosecutor Gerville Luistro made the clarification after Senator-Judge Robinhood Padilla remarked that the prosecution appeared “one-sided.” “With all due respect to Senator-Judge Robin Padilla, apparently this impeachment trial is adversarial,” Luistro said. Luistro, who represents Batangas, explained that impeachment proceedings are inherently adversarial. In such a process, the prosecution is tasked with establishing the case and presenting evidence, while the defense is responsible for protecting the

respondent and challenging the claims. She emphasized that it would be unusual for prosecutors to act neutrally or defend the respondent, adding that neutrality is expected only from the judges. Senator-judges, she said, must remain impartial as they evaluate arguments from both sides before reaching a decision. Deputy Speaker Janette Garin echoed this view, noting that the House acts as prosecutor after determining that an impeachment complaint meets legal requirements and is backed by probable

cause. She added that more than 250 lawmakers voted to impeach Duterte before the Articles of Impeachment were transmitted to the Senate. Garin, who represents Iloilo, stressed that neutrality lies with the senator-judges, who must carefully hear, analyze, and deliberate on all aspects of the case before deciding. Private prosecutor Lorna Kapunan also expressed respect for the senator-judges, saying there was no intention to offend Padilla and acknowledging his active participation during proceedings. “We’re very appreciative that Senator Robin always brings color and surprise and excitement,” Kapunan said. “There was really no intent to disrespect him,” she added. Prosecutors Terry Ridon and Kaka Bag-ao, meanwhile, reiterated that presenting and proving the Articles of Impeachment is their defined role and should not be confused with the impartial duty of the court. They explained that the prosecution and defense naturally

PNP actively pursuing dela Rosa–DILG chief By Jonathan L. Mayuga @jonlmayuga

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HE hunt for fugitive Sen. Ronald dela Rosa remains on track despite the challenges posed by his law enforcement background, Interior Secretary Juanito Victor Remulla said on Thursday. Remulla said the National Police (PNP), together with other gover nment law enforcement agencies and instrumentalities, continues to actively track dela Rosa’s whereabouts but declined to disclose operational details to protect ongoing efforts. “We are on track. It’s an ongoing operation. I can’t reveal the detail, but we are actively pursuing him,” says Remulla.

A former PNP chief, dela Rosa was last seen in the early hours of May 14, leaving the Senate with fellow Sen. Robinhood Padilla after making an appearance following an extended absence. He has not been seen publicly or at the Senate since. Remulla acknowledged that locating dela Rosa, as well as former Bureau of Corrections chief Gerald Bantag, has proven challenging because of their previous service in law enforcement and their familiarity with police procedures. “ T hey k now a l l t he police procedures. They know the next steps. They are one step ahead because they know the usual…,” he said.

Thus, the Remulla said trackers have shifted from conventional law enforcement methods and are employing more adaptive strategies to locate and capture the fugitives. “We have to go asymmetric in capturing them. Hindi puwedeng usual techniques, so ngayon nageemploy na kami ng other techniques and strategies para makuha sila,” Remulla emphasized. He assured the public that law enforcement authorities will continue pursuing fugitives relentlessly, whether they are hiding within the country or abroad. “The law will continue to take its course, and we will continue to pursue those who seek to evade justice,” he said.

10 provinces under Typhoon Signal 1

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T least 10 provinces in Northern Luzon are under Signal 1 as Tropical Depression Kiyapo accelerates and continues to move while moving northwestward over the Philippine Sea east of Northern Luzon, the weather bureau reported. In its 11 a.m. Tropical Cyclone Bulletin, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) said Signal No. 1 has been hoisted over

Batanes, Cagayan including Babuyan Islands, Isabela, Apayao, Abra, Kalinga, the eastern and central portions of Mountain Prov ince (Paracelis, Natonin, Barlig, Sadanga, Bontoc, Besao, Sagada),the eastern and central portions of Ifugao (Mayoyao, Aguinaldo, Alfonso Lista, Banaue, Hingyon, Lagawe, Lamut), Ilocos Norte, the northern portion of Ilocos Sur (Cabugao, Sinait, San Juan, Magsinga l, Santo Domingo, Bantay, San Il-

defonso, San Vicente), the northern portion of Aurora (Dilasag, Casiguran), the northern portion of Quirino (Aglipay, Maddela, Cabarroguis, Saguday, Diffun) and the northernmost portion of Nueva Vizcaya (Bagabag, Diadi). Kiyapo is expected to bring rainfall and may trigger flashfloods and landslides in areas that are prone to such geological hazards, the weather bureau warned. See “Typhoon,” A16

take opposing positions in a trial. They emphasized that this does not undermine fairness, as both sides are given the opportunity to present their arguments before an impartial tribunal. T he y c l a r i f ie d t h at wh i le the prosecution advocates for accountability, the defense is equally free to contest the evidence. Meanwhile, senator-judges are responsible for weighing both sides and deciding based on the record. The panel also dismissed claims that Padilla’s questions had discouraged them, saying differences in legal interpretation are expected in open proceedings. They maintained that their responses would remain respectful and grounded in the rules of the impeachment court. Bag-ao, who represents Dinagat Island, added that such exchanges could help the public better understand the roles of the parties and the importance of accountability in the process. Meanwhile, Luistro also voiced confidence that senator-judges would uphold their constitutional duty of impartiality despite

intense public scrutiny. She said questions raised during proceedings—even those that may seem favorable to one side—should be seen as part of efforts to fully understand the evidence. “Well, we wish to believe that they remain conscious of their constitutional duty, especially when it comes to maintaining political neutrality. Let’s consider their statements and questions as expressions of curiosity rather than bias,” Luistro said. She underscored that Senate rules require decisions to be based on the evidence presented and constitutional standards governing impeachment trials. Kapunan, for her part, noted that not only the vice president but also the senator-judges are effectively under public scrutiny. She urged Filipinos to carefully evaluate the evidence, testimonies, and conduct of all participants in the trial. She also reminded the public not to be swayed by perceived bias and instead focus on the facts presented in court, emphasizing that the truth should ultimately prevail.

Lacson bares more potential anomalies in Taguig projects By Butch Fernandez @butchfBM

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EN. Panfilo Lacson seems not done yet in unmasking his colleague, former Senate president Alan Peter Cayetano, who he said belonged in jail after the latter questioned his integrity. On Wednesday, Lacson bared yet more potential anomalies involving infrastructure projects in Taguig City, the political bailiwick of Cayetano. Lacson said his team’s latest findings found three additional P100-million slope protection projects under the 2025 General Appropriations Act (GAA), raising to P2.385 billion the total insertions for projects in Taguig City. Moreover, t wo sepa rate items appeared to be double appropriations for the same project, indicating one of the two may be deemed a ghost project, he said. “From P2.085B as earlier repor ted, we found t hreeP100M additional slope protection projects for a new total of P2.385B insertions under the 2025 GAA. Two items appear to be double appropriations, involving two P100M for the same slope protection project.

One of the two must be ghost,” he said in a post on X. Lacson earlier f lagged at lea st t wo suspected ghost infrastructure projects—as wel l as a stag ger ing number of slope protection and drainage projects, most of them costing P100 million each, with a combined value of P2.085 billion. Over the weekend, Lacson said their initial findings on anomalous infrastructure projects in Taguig City included projects involving firms owned by the Discayas, the controversial contractor couple, but implemented by another contractor under a 5-percent royalty scheme. The findings also included similar projects contracted to Topnotch Catalyst Builders— one of the top 15 f lood control project contractors President Marcos named last year. The projects including those involving Discaya-owned firms dated back to 2019 and 2020, when Cayetano represented Taguig in the House of Representatives and Speaker. Lacson had vowed to pursue the investigation to its “logical conclusion” after Cayetano attacked his integrity in a Facebook Live broadcast.

Villars willing to donate land for LRT extension project, DoTR says By Lorenz S. Marasigan @lorenzmarasigan

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HE Villar family is willing to donate land for the Light Rail Transit (LRT) Line 1 Cavite Extension, effectively clearing the right-of-way hurdle that has stalled the project’s completion, Transportation Secretary Giovanni Lopez said on Wednesday. “The Villar family wants to donate their land,” Lopez said, dismissing reports that right-of-way acquisition remains a problem for the rail line’s southern extension.

The commitment removes what had been considered a major obstacle to the timely delivery of the project, which the Light Rail Transit Authority (LRTA) has committed to complete before the end of the Marcos administration’s term in 2028. However, Lopez said a proposal to dismantle the C-5 Quirino flyover to fast-track construction still requires a traffic study before any decision is made. “Meron ding mga suggestion kung kailangan bang tanggalin ang flyover na iyan. Kapag tinanggal natin iyan, sabi ko, traffic study [ang

kailangan muna] diyan,” he said. The transportation chief also raised the possibility that the flyover may co-exist with the elevated rail line, sparing the government from demolition works. Phase 1 of the extension connects Baclaran Station in Pasay City to Dr. Santos Station in Parañaque City through five new stations: Redemptorist-Aseana, Mia Road, PITX, Ninoy Aquino Avenue, and Dr. Santos. This segment began operations earlier. The Cavite leg, covering Phases 2 and 3, includes the three remaining stations yet to be constructed:

Las Piñas, Zapote, and Niog. Earlier, House of Representatives Assistant Majority Leader Mark Anthony Santos warned that Filipino ta xpayers could shoulder even higher costs for the long-delayed P64.9-billion LRT-1 Cavite Extension, revealing that more than P4 billion has already been incurred due to years of setbacks. Santos, who represents Las Piñas, cautioned that a proposed realignment of the railway would only drive costs higher, despite significant public funds already invested in the original route.

“A ba ndon i n g t he or i g i n a l alignment after taxpayers have already funded right-of-way acquisitions would only waste public resources and require even greater government spending,” Santos said. He noted that the governme nt h a s a l re ady d i sbu rse d more t h a n P926 m i l l ion for r ight- of-way acqu isition settlements covering the planned Las Piñas and Zapote stations, underscoring that the original alignment has long been backed by public investment. With Jovee Marie N. dela Cruz

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Pax Silica seen drawing up to $70-B investments

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By Bless Aubrey Ogerio

HE Bases Conversion and Development Authority (BCDA) said it expects the planned Pax Silica development in New Clark City to generate as much as $70 billion in investments over the long term, while creating hundreds of thousands of jobs and positioning the Philippines as a hub for advanced technology industries.

During a Pax Silica press briefing in Malacañang on Thursday, BCDA President and Chief Executive Officer Joshua Bingcang said the project is targeting an initial investment of $10 billion to finance core infrastructure, establish industrial zones and attract anchor locators. Once the 1,620 -hectare development reaches full buildout and becomes integ rated into global supply chains for artifi-

cial intelligence (AI), semiconductors and advanced manufacturing, total investments are projected to reach $40 billion to $70 billion, according to the BCDA presentation. The agency also projects the development will generate between 130,000 and 190,000 direct jobs, with an additional 500,000 to 800,000 indirect and induced jobs expected across supporting industries and supply chains.

Over a 25-year period, the project is projected to generate P60 billion in lease income, while annual withholding tax collections are estimated at P68 billion to P75 billion. Export potential is projected to reach $200 billion annually once the development is fully operational. The project is being positioned as a technology-focused economic hub anchored on industries such as AI, semiconductor manufacturing and other advanced industries. In a Facebook post published on Wednesday, the BCDA quoted Trade Undersecretary Ceferino Rodolfo as saying the project could help the country capture more value from emerging technology industries. “Do we want to just be observers? Do we want to just be recipients of technology, of gadgets, of computer programming capacity? Or do we want the Philippines to be there participating actively in this ecosystem?” Rodolfo said. “We are open to partnering with all countries [on this]. What’s important for our Philippine interest is defined by this: being able to add more value to the resources we have. Value adding, job creation and knowledge creation,” he added.

The BCDA also cited comments previously made by American Chamber of Commerce of the Philippines Executive Director Ebb Hinchliffe, who said the Luzon Economic Corridor accounts for about 50 percent of the country’s gross domestic product. “As we continue to develop it, the impact on the country’s economy will be significant,” Hinchliffe said. “Looking at New Clark City, for example, plans are underway to build an aerotropolis.” “This initiative goes beyond infrastructure such as railways, seaports, and airports—it also encompasses agriculture, food security, digital connectivity, power and power distribution, and critical minerals.” Earlier this week, Ma lacañang said it supports the Pa x Silica project while emphasizing that the administration will continue to uphold Philippine sovereignty. Similarly, during the unveiling of the marker for the planned AI hub in New Clark City on May 18, Bingcang also said the government rejected proposals that would have placed portions of the project outside Philippine jurisdiction.

Consultant: High-value investments coming to PHL By Rizal Raoul Reyes @brownindio

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HE emerging Pax Silica initiative, together with the Luzon Economic Corridor (LEC), is expected to reshape the Philippines into a major destination for high-value investments, with opportunities spanning infrastructure, artificial intelligence, data centers, renewable energy, logistics and advanced manufacturing. Ric Santos, chairman and chief executive officer of the leading real estate agency Santos Knight Frank, said: “We believe the Philippines is reaching an inflection point.” “The Luzon Economic Corridor and Pax Silica have the potential to become major growth engines that will attract international investment, strengthen the industrial sector and position the Philippines as an alternative investment destination in Asia,” Santos told journalists on Wednesday during the company’s First Half 2026 Property Market Overview Media Briefing.

He added that shifting global supply chains and efforts by multinational companies to diversify operations beyond traditional markets create a favorable environment for the Philippines to capture more strategic investments in the years ahead. Luzon Economic Corridor has already established itself as one of the country’s strongest investment drivers, but Pax Silica represents the next phase of the Philippines’ economic transformation by creating a secure technology and innovation ecosystem centered on New Clark City. “The Luzon Economic Corridor has been a very solid area for investment, even as other sectors have experienced ups and downs,” Santos said. “But one of the hottest developments now is PAX Silica.” He said increased overseas interest in Philippine infrastructure—including roads, railways, tollways, airports and ports—reflects growing investor confidence in the country’s long-term prospects. The Luzon Economic Corridor is a flagship infrastructure initiative initially launched through the partnership of the

Philippines, the United States and Japan. Santos noted that the initiative has since attracted growing international participation, with about a dozen more countries already joining and several others expected to participate. The corridor connects the country’s major economic hubs—Subic Bay, Clark Field, Metro Manila and Batangas—which together account for roughly half of the Philippines’ gross domestic product. Santos said Pax Silica builds on that foundation by carving out a technologyfocused development zone within New Clark City designed to modernize the country’s economic infrastructure. “It focuses on railways, ports, energy grids and 5G digital infrastructure,” he said, adding that multinational companies continue to express interest in expanding operations in the Philippines but consistently cite infrastructure readiness and workforce development as key considerations. One multinational firm, he noted, is planning to create about 5,000 jobs in the country, highlighting the need for

Welcoming Celario to the University, UE President and Chief Academic Officer Zosimo Battad expressed confidence that her vast experience and collaborative leadership will fortify the University’s communications and engagement with stakeholders as UE prepares to mark its 80th founding anniversary in September. “We are pleased to welcome Ms. Danica Magat-Celario to the University of the East. Her extensive experience in higher education marketing and communications, together with her collaborative approach to leadership, will strengthen

our engagement with our community and partners. We look forward to her contributions in advancing initiatives that support our mission and uphold the values that have guided UE for eight decades,” Battad said. Celario spent much of her career leading institutional marketing communications, digital engagement, and strategic planning initiatives in the higher education sector. Prior to joining UE, she served as Marketing Manager of the Center for Strategic Marketing and Communications of Lyceum of the Philippines University Manila. “I am honored to join UE at such an important milestone in its rich history. I look forward to collaborating with the entire university community to deepen connections, engage our stakeholders and champion the core mission that has defined UE for 80 years,” Celario said. Celario’s multifaceted experience spans strategic communications, multimedia and digital platforms, market research, event management and quality management systems. She is a trained ISO Internal Auditor and has also served as a faculty member under the Expanded Tertiary Education Equivalency and Accreditation Program, teaching courses in marketing management, strategic marketing, e-commerce, and Meetings, Incentives, Conferences, and Exhibitions or MICE. As Director of the Marketing and University Relations Department, Celario will lead

timely investments in transport networks, telecommunications, ports and education. Beyond physical infrastructure, Santos stressed that the Philippines must continue strengthening its education system and workforce training to remain competitive with countries such as India. He said artificial intelligence training and upskilling programs will become increasingly important as global companies look for talent capable of supporting emerging technologies. Business organizations, including the American Chamber of Commerce of the Philippines, Makati Business Club and the Management Association of the Philippines, are already collaborating to help promote investments within the Luzon Economic Corridor and Pax Silica. The initiative seeks to attract strategic investments in secure technology infrastructure while positioning data and digital assets as matters of national economic security.

New DTI fund targets young entrepreneurs T

HE Department of Trade and Industry (DTI) has launched a new financing program offering loans of up to half a million pesos to young entrepreneurs, aiming to help them start or expand their businesses without requiring collateral. Trade Secretary Ma. Cristina Roque on Wednesday said the Youth Enterprise Fund, administered by the DTI’s Small Business Corporation (SBCorp), is open to a wide range of business ventures, with no restrictions on industry or sector. “It’s really up to them because they are youths. Usually they have so many ideas that they want to explore, not only in the digital space. There are also products that they want to at least try,” Roque told reporters on the sidelines of the DTI National Exporters Fair in Mandaluyong City. Under the program, eligible borrowers aged 18 to 30 may access loans ranging from P30,000 to P500,000. The loans carry an interest rate of 1 percent per month on a diminishing balance and are payable for up to three years. Borrowers may also choose a grace period of zero, three, six, nine or 12 months before beginning repayment. “One year, of course, no collateral, but one year no payment basically,” Roque said, referring to the maximum grace period available under the program. Applicants are also required to pay a processing fee equivalent to 3 percent of the approved loan amount. To qualify, borrowers must submit a government-issued identification card, a mayor’s business permit, proof of a bank account and, where applicable, corporate documents. Applicants must also submit a business plan outlining the proposed project’s implementation, although this requirement is waived for enterprises that have been operating for more than one year. Applications may be filed through the SBCorp mobile application, which is available for download on Google Play and Huawei AppGallery. Further, the trade chief said demand for SBCorp financing has remained strong, with most of its available funds already utilized. “I don’t have the exact amount, but SBCorp’s funds are really being consumed. Last year, we consumed almost everything,” she said. To sustain lending activities, the DTI is seeking an additional P5 billion for SBCorp. Bless Aubrey Ogerio

Wage hike needs productivity push–Finex By Bless Aubrey Ogerio

H UE names new marketing, university relations director T

HE University of the East (UE) has announced the appointment of seasoned marketing professional Danica Magat-Celario as director of its Marketing and University Relations Department. Celario brings more than 16 years of experience in higher education marketing, strategic communications and institutional engagement to the university. Celario officially assumed office in June 2026, succeeding former UE Marketing and University Relations Director Edilberto Sulat Jr., who retired after serving the university for 24 years.

See “Investment,” A16

MAGAT-CELARIO

the university’s stakeholder engagement and strategic communications initiatives, working with academic and administrative units to enhance institutional presence and ensure that the University’s communications remain proactive, collaborative and aligned with its core values that include excellence, integrity and social responsibility. Celario holds a Master of Business Administration and a Bachelor of Science in Business Administration major in Marketing Management. Her appointment underscores UE’s continuing commitment to delivering socially relevant and nation-building education spanning eight decades.

IGHER wages will deliver more lasting benefits if accompanied by stronger productivity, lower business costs and a more competitive investment environment, the Financial Executives Institute of the Philippines (Finex) said. In a statement, Finex said it recognizes the wage adjustment as a response to the rising cost of living faced by workers but stressed that policymakers should also consider its broader impact on businesses, particularly micro, small and medium enterprises (MSMEs) and labor-intensive industries. Earlier this month, the Regional Tripartite Wages and Productivity Board in the National Capital Region approved an P85 increase in the daily minimum wage, to be implemented in two tranches—P60 beginning July 19 and another P25 in January next year. “While higher wages provide immediate relief to workers, Finex believes that the magnitude and timing of the increase underscore the need for government to carefully assess its absorptive impact, particularly on [MSMEs] and employment-intensive industries,” the group said. “The challenge now is to ensure that the gains from higher wages are not diminished by higher prices, reduced hiring, lower investment, or slower economic activity,” it added. Finex said the discussion should move beyond the wage increase itself and focus on policies that can sustain higher incomes without undermining economic growth. The group urged the government to intensify efforts to reduce red tape, simplify permitting processes, improve regulatory predictability and accelerate digitalization to help businesses become more productive and competitive.

It also called for measures to lower major operating costs, particularly electricity, logistics and transportation, which it said continue to weigh heavily on enterprises and consumers. “The country must also continue pursuing reforms that strengthen investor confidence and attract domestic and foreign capital,” Finex said, noting that higher investment expands productive capacity, creates quality jobs, introduces new technologies and raises productivity. The organization also encouraged authorities to closely monitor the wage adjustment’s effects on inflation, employment, business viability and wage distortion. “The task before policymakers is to ensure that higher wages are accompanied by policies that promote investment, productivity, competitiveness, and economic expansion,” it said. Business groups have also raised concerns about the possible economic effects of the wage increase. Earlier this month, Employers Confederation of the Philippines (Ecop) Chairman Emeritus Enunina Mangio said the adjustment could add about 0.3 percentage point to inflation, although she noted the overall impact remains uncertain because many companies have yet to finalize pricing decisions. Separately, Ecop President Sergio OrtizLuis Jr. earlier told BusinessMirror that the employer sector had proposed a lower increase of P50 to P60 during wage board deliberations, arguing that it would have struck a better balance between improving workers’ incomes and preserving businesses’ capacity to absorb higher labor costs. Meanwhile, the Department of Labor and Employment (Dole) recently said there is no legal basis to suspend the second tranche of the Metro Manila wage increase scheduled for January 2027.

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Prosecution has 30 trial days to prove Article I in VP Sara impeachment trial By Jovee Marie N. Dela Cruz @joveemarie

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HE House prosecution has been given a maximum of 30 trial days to present its evidence on the alleged misuse and irregular disbursement of confidential funds under Article I of the Articles of Impeachment against Vice President Sara Z. Duterte. Private prosecutor and House prosecution legal spokesperson Atty. Benjamin “Jay”Tolosa Jr. said on Thursday the prosecution had already identified its initial witnesses through its motions and manifestations before the Senate Impeachment Court. “We have 30 days to present evidence,” Tolosa said, clarifying that the period represents the maximum time allotted by the impeachment court. Article I accuses Duterte of culpable violation of the Constitution, graft and corruption, and betrayal of public trust over the alleged misuse, misappropriation, and irregular disbursement of confidential funds allocated to the Office of the Vice President (OVP) and the Department of Education (DepEd). Tolosa explained that the prosecution is not required to consume the full 30 days, as efforts are underway to streamline the presentation by consolidating testimonies and avoiding repetitive evidence. He emphasized that while the prosecution intends to maximize efficiency, it will not compromise the completeness of its case. “All of us—the public, the impeachment court, and the prosecution—want this trial concluded as swiftly as possible,” he said. As part of its opening presentation under Article I, the prosecution will initially call two former Land Bank of the Philippines branch managers to testify on transactions involving the withdrawal of confidential funds. Additional witnesses and documentary evidence are also being prepared to establish the movement, custody, and reported liquidation of the funds. The Impeachment Court has directed former LandBank-Shaw Boulevard branch manager Violeta Constantino and former LandBankDepartment of Education (DepEd) branch manager Nenita Camposano to appear when the trial resumes on July 29. The prosecution is required to disclose its succeeding witnesses at least five days before each scheduled hearing, in accordance with the court’s rules. Despite the extended timeframe, Tolosa said the prosecution aims to finish its presentation sooner if possible—similar to its approach under Article IV—while ensuring that all relevant evidence is properly presented before the impeachment court. Tolosa declined to identify which public or private prosecutor would conduct the direct examination of each witness.

BCDA: Pax Silica development to proceed under Marcos admin, creating up to 190K jobs By Samuel P. Medenilla

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@sam_medenilla

ITH its masterplan for the Pax Silica project already approved by the Department of Environment and Natural Resources (DENR), the Bases Conversion and Development Authority (BCDA) is targeting to begin construction at the New Clark City site in Tarlac within the Marcos administration. The project is expected to generate high-tech jobs and strengthen the country’s value chain. “Within the first two years, we will see the initial site development and even the construction of those first facilities to take place, as that is the

standard process followed in BCDA projects within its ecozones,” BCDA President and chief executive officer Joshua M. Bingcang said in Filipino

in a press briefing in Malacañang last Thursday. While the construction of the site is expected to start in the first quarter of 2028, its full development will take another 10 to 15 years. Bingcang explained this will be their timeline if their framework agreement with the United States (US) for the said project is finalized this year. BCDA earlier said the said deal was expected to be signed by November. BCDA made the statement to address the growing public concerns on the alleged negative impact to communities and the environment around the site of the project. The environmental group Kalikasan People’s Network has warned against alleged excessive water and power consumption of the data centers in the Pax Silica site. It also claims that it will displace Aetas. Bingcang said locators in the Pax Silica are projected to use 65 to 90 million liters of water and three gigawatts of power per day.

But he assured the surface water harvesting facility, which will generate 120 million liters per day, as well as power plants, which use renewable energy will be built within the Pax Silica site. Currently, he said there is a 500 megawatt power plant in the said area. BCDA said additional power plants will be built depending on the demand by locators. Bingcang assured that BCDA will comply with the necessary regulations to ensure Pax Silica will not harm the environment. He disclosed DENR already issued a Environmental Compliance Certificate (ECC) for the masterplan of the project. However, he said, each locater in the Pax Silica project will still need to get a separate ECC from DENR. “DENR will also deploy a team—we have already done this at the airport and the Subic-Clark Expressway—to monitor water and air quality, ensuring they meet international standards that pose no harm to the environment or the public,” Bingcang said.

BCDA also addressed other concerns related to the Pax Silica project. He assured that no indigenous people will be removed from the site if the project is not located in any ancestral land. It also noted that no mining and weapons manufacturing will be done in the site, which will still be covered by Philippine laws, regulations and government oversight. Bingcang said they hope the Pax Silica project will gain public support since it is expected hi-tech firms and supply chains will generate 130,000 to 190,000 direct jobs and 500,000 to 800,000 indirect jobs. “Pax Silica can help move the Philippines higher up the global value chain. Instead of merely being bystanders to these highly sought-after industries that often pass us by, we will become builders and a central hub for these activities,” he said. “Furthermore, this hub will create a new engine for investment—as I previously mentioned—as well as for exports and regional growth,” he added.

Marcos touts new dams, AI tech as key to food security amid looming dry spell

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RESIDENT Ferdinand Marcos Jr. continues to complete more irrigation and dam projects and use new technology to ensure the country’s food security as it braces for dry spells and droughts from the worsening El Niño in the coming months. Speaking during the inauguration of the Ibato-Iraan Small Reservoir Irrigation Project (SRIP) in Palawan last Thursday, the Chief Executive highlighted the need for the said measures due to the unpredictable weather caused by climate change.

“Nowadays—especially during dry spells or El Niño—we can no longer simply rely on rainfall, as weather patterns are shifting. In the past, we knew exactly when the rains would arrive and stop, and when typhoons would pass through,” Marcos said in Filipino during the event. “However, due to climate change, conditions have become unpredictable. Typhoons now occur as late as December, while dry spells can begin as early as January. That is precisely why these irrigation projects are so essential,” he added.

Housing program reaches halfway mark amid rising construction costs and geopolitical risks

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HE Marcos administration is halfway toward meeting its recalibrated housing target, but an economist warned that renewed geopolitical tensions in the Middle East could slow the pace of affordable housing construction by driving up building costs. Data obtained by the BusinessMirror from the Department of Human Settlements and Urban Development (DHSUD) showed the government had produced or financed 575,693 housing units from July 2022 to June 2026. Of the total, 81,295 units were delivered through direct housing provision, 368,731 were assisted through government financing programs, while 125,667 units were produced under the Expanded Pambansang Pabahay para

sa Pilipino (4PH) Program. The total figure represents almost 51 percent of the administration’s recalibrated target of 1.13 million housing units by the end of President Ferdinand R. Marcos Jr.’s term. Earlier this year, the DHSUD recalibrated its housing goal for the Marcos administration to 1.13 million housing interventions, consisting of both directly built housing units and indirect forms of housing assistance. The latest target replaced the administration’s earlier goal of addressing 3.2 million housing needs by 2028. Ateneo de Manila University economist Ser K. Peña-Reyes said the figures indicate progress See “Housing,” A15

Cebu City govt urges residents to help reduce waterway clogging and prevent flooding By Carmel Pedroza

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EBU CITY—The Cebu City Government has called on residents to help reduce the clogging of major waterways by practicing proper waste disposal, stressing that indiscriminate throwing of garbage continues to worsen flooding in many parts of the city during heavy rains. The appeal came after heavy downpours affected several areas of Cebu City on Wednesday, prompting post-rain inspections that revealed drainage systems, canals, and waterways clogged with plastic bottles, household waste, and other debris. City officials said the accumulated garbage obstructed the flow of water, contributing to flooding in several communities. In response, the Department of Engineering and Public Works (DEPW) immediately conducted declogging operations, clearing blocked waterways and removing tons of waste from the city’s drainage system to restore the normal flow of water. The city government said similar operations will continue in flood-prone areas as part of its ongoing flood mitigation efforts. While Cebu City continues to implement drainage improvement projects and regular cleaning activities, officials emphasized that government interventions alone are not enough to address flooding. They pointed out that improper waste disposal remains one of the leading causes of clogged waterways and overflowing drainage systems during periods of heavy rainfall. The city government urged residents to properly segregate and dispose of their garbage and to refrain from throwing waste into canals, esteros, rivers, and other waterways. Barangays, businesses, schools, and community organizations were likewise encouraged to participate in regular clean-up drives and promote responsible solid waste management within their respective communities. As the rainy season continues, the Cebu City Government called on every Cebuano to do their part in reducing flood risks. The city will continue to experience heavy rains and thunderstorms until Friday, July 23, 2026, based on the two-day Special Localized Weather Forecast and Outlook of state weather bureau Pagasa. The southwest monsoon continues to affect several parts of the Visayas and Mindanao.

Emergency response operations were conducted on Wednesday evening to help out stranded passengers from floodwaters in the downtown area. The Cebu City Disaster Risk Reduction and Management Office (CCDRRMO) deployed its rescue truck where it helped ferry stranded passengers to safety.

Marcos said the completion of the P886.12million Ibato-Iraan SRIP and other similar infrastructure projects will help provide 425 farmers with a reliable source of water during El Niño. The Ibato-Iraan SRIP is currently the largest irrigation facility and the first reservoir-type irrigation project in Palawan covering 1,072 hectares of farmland. It includes a 31-meter-high zoned earthfill dam, which can store up to 3.013 million cubic meters of rainwater, canal structures, concrete

linings, access roads and a 350-meter-long ungated ogee spillway. Aside from the SRIP, Marcos also inaugurated the Mabini-Cayacay SRIP last June and the Mahayag Dam in February. To provide better support to farmers, he said they are also deploying solar powered pumps and Artificial Intelligence (AI)-satellite assisted monitoring and fertigation systems. Marcos said the AI-satellite assisted system allows the government to closely monitor

farmlands for the deployment of fertilizers and irrigation when necessary. As for the solar-powered pump, he said it will enable farmers to maintain their irrigation without the use of crude. The Philippine Atmospheric Geophysical and Astronomical Services Administration (Pagasa) said the country is expected to be affected by intensified El Niño in the coming months, which is expected to last until the first half of 2027.Samuel P. Medenilla

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Houthis say they attacked 2 Saudi oil tankers in Red Sea as US carries out 12th night of strikes

PRESIDENT Donald Trump and Secretary of Defense Pete Hegseth salute as a US Army carry team moves a transfer case containing the remains of Pvt. Isabella Gonzales of Carrollton, Texas, Wednesday, July 22, 2026, at Dover Air Force Base, Del. AP PHOTO/MATT ROURKE

By Elena Becatoros, Collin Binkley & Konstantin Toropin

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The Associated Press

EMEN’S Iran-backed Houthi rebels said early Thursday they had attacked two Saudi oil tankers in the Red Sea, and the US military said it conducted a 12th night of strikes against Iran as the two countries vie for control of vital shipping lanes. The Houthi attack in the Red Sea threatened to open a new front in a war that has roiled the global economy, sending prices for fuel and other goods surging across the world. With the standoff in the Gulf deepening, there were no signs of progress in diplomatic efforts to end the conflict. US Central Command said its strikes were designed to “further degrade Iran’s ability to threaten civilian mariners and commercial vessels transiting regional waters,” as the Americans push to regain control over the Strait of Hormuz and restore the flow of international shipping. President Donald Trump warned earlier Wednesday that the US would destroy one bridge or power plant each time Iran shoots at a ship in the strait. Both sides have increasingly threatened civilian infrastructure. International law generally prohibits such attacks unless the infrastructure is being used for military purposes. “From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT,” Trump wrote on social media.

Iran-backed Houthis say they attacked oil tankers

THE Houthis said they had struck two tankers named Encelia and Layla in the Red Sea, leading to fires on both vessels. That would be their first reported attack on a vessel since they announced a blockade of Saudi-linked shipping through the Bab el-Mandeb Strait earlier this week in retaliation for the kingdom’s blockade on Yemen and a recent attack on the international airport in Yemen’s rebel-held capital, Sanaa. Bab el-Mandeb, at the southern tip of the Arabian Peninsula, is a vital shipping chokepoint connecting the Red Sea to the Gulf of Aden. Around 12% of the world’s trade, including a fourth of global container traffic, passes through the narrows, moving between Europe and Asia via Egypt’s Suez Canal. Saudi state media reported that the Encelia was set ablaze by an attack while sailing overnight in the Red Sea, citing an unidentified source from the General Authority of Transport. The Saudi Press Agency reported that a strike caused a fire at the bow of the ship, but no casualties. It did not mention the Layla. The United Kingdom Maritime Trade Operations Center, UKMTO, said it had received a report of a tanker being struck by “an unknown projectile” 70 nautical miles (80 miles, 130 kilometers) southwest of Al Shuqaiq, Saudi Arabia, in the Red Sea. It said no casualties had been reported.

Both sides dig in over Strait of Hormuz dispute

THE continued American airstrikes are occurring as both sides have dug in on their dispute over the Strait of Hormuz, a crucial waterway for global energy that remains largely closed. The closure of the strait, through which a fifth of the world’s traded oil and gas passed during peacetime, has jolted the world economy with effects far beyond the Middle East. Iran says it has the right to manage traffic and potentially charge fees in the strait, which was open to all and toll-free before the war. It has attacked ships using a route through the strait that is overseen by US forces and intended to be outside Tehran’s control. In response to Iran’s attacks, the US re-imposed a blockade on Iranian ports and began the widening campaign of strikes across the country. On Tuesday, Trump signaled that US forces could soon target an under-construction Iranian nuclear site buried deep under a mountain. Iran’s parliament speaker, Mohammad Bagher Qalibaf, who has led negotiations with the US, appeared to brush off Trump’s threats. “We have repeatedly said that the situation of the strait will not return to prewar conditions,” he wrote on social media.

The costs of war are mounting

TRUMP traveled to Dover Air Force Base on Wednesday for the arrival of the remains of four US service members. A day earlier Defense Secretary Pete Hegseth estimated in a fiery Senate hearing that the US had spent $37.5 billion on the war so far. In Iran, state media reported that US missiles struck locations overnight near the cities of Ahvaz, Ramshir and Andimeshk in western Iran, and two people were killed in a US missile strike in the town of Shalamcheh on the Iraqi border. Iran has responded to US attacks by targeting energy infrastructure and desalination plants that provide drinking water in parched neighboring Gulf countries. Military officials in Kuwait said on social media that their air defenses were “confronting attacks by hostile drones, following the sinful Iranian aggression.” Iran’s Foreign Minister Seyed Abbas Araghchi said Tehran would adopt an “eye for an eye” defense doctrine. “Any aggression against Iran, including our infrastructure, will compel a powerful and decisive response,” he posted Wednesday on X. Associated Press writers Bassem Mroue in Beirut; Michelle L. Price and Jim Gomez in Manila, Philippines; Christopher Weber in Los Angeles; and Fatma Khaled in Cairo contributed to this report.

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Middle East oil producers step up plans to bypass Strait of Hormuz

WORKERS walk in the Zubair oil field, whose operations have been reduced since the start of the Iran war, near Basra, Iraq, March 28, 2026. AP PHOTO/LEO CORREA

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By David Mchugh | The Associated Press

EFORE the war in Iran, roughly 15 million barrels of Persian Gulf oil were shipped each day through the Strait of Hormuz. Within a few years, much of that oil could bypass the strait. As Iran’s chokehold over the strait drags on and oil prices surge, countries across the Gulf are planning to spend billions of dollars to build pipelines enabling them to redirect more supplies to ports along the Red Sea, Suez Canal and Gulf of Oman. At least seven major pipeline projects are under construction, in the planning stage or being discussed as possibilities, according to government officials, oil companies and analysts. Even alternatives to Hormuz can become vulnerable, as Iran-backed Houthi rebels in Yemen have shown this week with a stated blockade on Saudi-linked vessels attempting to transit the Red Sea. But the war has been a wake-up call for Gulf oil producers, who are determined to become less dependent on a transit point that hugs Iran’s coast. Some alternative routes will take the oil on longer and more expensive paths to market. Regardless, relying so heavily on the Strait of Hormuz “is no longer a prudent long-term strategy,” said Victoria Grabenwöger, a senior researcher at the data and analysis firm Kpler.

The Red Sea and Gulf of Oman have become vital alternatives to Hormuz

THE effective shutdown of the Strait of Hormuz would have been an even greater shock to the world economy were it not for a pipeline Saudi Arabia built in the 1980s amid fears that Tehran would disrupt shipping through the strait during the Iran-Iraq war. The Saudis’ East-West pipeline carries oil across the desert nation from a processing facility in Abqaiq to the city of Yanbu on the Red Sea coast. Once there, it is loaded onto tankers that head either south to the Arabian Sea or north to the Suez Canal. The United Arab Emirates has been sending more oil to the port of Fujairah, which abuts the Gulf of Oman, about 145 kilometers (85 miles) south of Hormuz. Combined, the two pipelines had spare capacity of about 3.5 million to 5.5 million barrels per day before the war began, according to the U.S. Energy Information Agency. The two pipelines are now running near full capacity.

More oil could begin flowing through a UAE port by next year

THE state-owned oil company of Abu Dhabi, one of the UAE’s seven emirates, is accelerating construction of a $3 billion, 300-kilometer (200-mile) pipeline to Fujairah. That pipeline, which will run parallel to an existing one, aims to increase oil supplied to Fujairah by more than 1.2 million barrels a day. The project, which started before the war, is now reportedly about halfway completed, according to Kpler. The pipeline is intended to be completed by early 2027, but Kpler says mid-2027 is more likely given the need to expand the port at Fujairah. The ambitious timeline “has only become feasible against the backdrop of the Strait of Hormuz blockade,” Kpler’s Grabenwöger said.

Plans to pipe more oil to Turkey and Syria will take longer

IN Iraq, officials are ramping up plans to develop alternative export routes for southern oil fields around Basra. Iraq is so dependent on the Strait of Hormuz that it has had to scale back production. The Iraqi government, which gets some 90% of its revenues from oil sales, has been pursuing pipeline projects with US companies. One would take supplies from an oil terminal in Basra—through which more than 3 million barrels were exported daily before the war—to the port of Ceyhan in Turkey, along the Mediterranean Sea. That pipeline would also have a branch extending to the Mediterranean port of Baniyas in Syria. Some 2 million barrels a day of oil could ultimately flow through the pipeline to Baniyas, which the US State Department has called “a critical energy corridor.” Iraqi officials have also held discussions with Jordan on advancing longdiscussed plans for a pipeline that would carry oil from Basra to Aqaba. From there it would be exported via the Red Sea or the Suez Canal to Asia and beyond.

The new pipelines will add time and costs—and are also vulnerable to attacks

TAKEN together, the new projects to bypass Hormuz could carry 3.8 million barrels of oil a day by the end of next year, and 7.3 million barrels per day by the end of 2028, according to analysts at the investment bank Goldman Sachs. They say some 60% of the Gulf’s total prewar exports of 23 million barrels a day would be insulated from a Hormuz cutoff. Pipelines from the Persian Gulf to the Mediterranean Sea send oil in the wrong direction to help Asian countries that relied on exports through Hormuz. Getting the oil to its final destination will require a much longer trip around the southern tip of Africa. Any additional supplies piped from Saudi Arabia to the Red Sea will also be vulnerable to attacks by Houthi rebels in Yemen; the rebels have successfully disrupted shipping before at the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden. Ships loading at the port of Yanbu could use the Suez Canal instead, but the canal cannot accommodate the industry’s largest tankers, which hold up to 2 million barrels per vessel and are often the most cost-efficient way to transport oil long distances. Even pipelines farther away from Iran are not immune to attack by the paramilitary Revolutionary Guard or militant groups allied with it in the region. The Saudi East-West pipeline was shut down by a Houthi drone strike in May 2019. Associated Press writer Qassim Abdul-Zahra in Baghdad contributed.

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Friday, July 24, 2026 | www.businessmirror.com.ph

WHEN YOUR FIRST BANKER IS A BOT: AI RESHAPES CUSTOMER SERVICE These capabilities not only improve operational efficiency but also help financial institutions deliver faster and more customized services.

Supporting tool. According to researchers, certain limitations highlight why AI should complement, not replace, human customer service. PHOTO BY TEVE A. JOHNSON/UNSPLASH.

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By John Eiron R. Francisco

OT long ago, seeking help from a bank meant speaking directly with a customer service representative. Today, that first conversation is increasingly happening via artificial intelligence, as chatbots and virtual assistants are becoming the face of customer support for many financial institutions. A recent study, “AI in the Banking Sector: A Friend or A Foe?” by Jessahlee S. Villaneza, Michelle T. Sta. Mina, and Cresilda M. Bragas, published in the International Journal of Research Publication and Reviews in April 2025, suggests that the answer is far more nuanced than simply viewing AI as either beneficial or harmful. The authors found that AI has become a valuable tool for improving customer service. Chatbots and virtual assistants can respond instantly to frequently asked questions, assist customers at any hour, automate routine requests, and provide more consistent information than traditional call centers.

By taking over repetitive tasks, AI also allows bank employees to focus on concerns that require deeper analysis and decision-making. Banks are also using AI to personalize services. By analyzing customer behavior and transaction histories, AI systems can recommend financial products, provide tailored advice, and even detect potentially fraudulent activity in real time. These capabilities not only improve operational efficiency but also help financial institutions deliver faster and more customized services. Yet efficiency is only one part of customer service. The study points out that while AI excels at handling straightforward requests, it often struggles when conversations become more complicated. Disputed transactions, loan concerns, financial hardships, or

emotionally charged situations require empathy, judgment, and flexibility- qualities that automated systems have yet to replicate. Many customers have likely experienced the limitations firsthand: repeating the same concern in different ways, only to receive the same scripted response or be redirected to generic help pages. In urgent situations, the speed promised by AI can quickly give way to frustration when customers are unable to reach a human representative. According to the researchers, these limitations highlight why AI should complement, not replace, human customer service. While technology can efficiently resolve routine concerns, human employees remain essential for handling complex issues, building trust and providing reassurance during critical moments. In its 2024 Thematic Review on the Use of Artificial Intelligence and Machine Learning in the Philippine Financial Services Sector, the Bangko Sentral ng Pilipinas (BSP) found that AI adoption among BSP-supervised financial institutions is steadily gaining momentum. Of the 51 institutions invited to participate, 48 responded to the survey, representing a 94-percent response rate.

The review showed that 60 percent of participating institutions have already incorporated AI or machine learning into their strategic roadmaps, while more than half, or 56 percent, have deployed AI models into production. Around 52 percent rely on AI systems developed or maintained by external service providers, while nearly half expect digital technologies, including AI, to increase revenues by more than five percent of their annual budgets. Current AI applications are concentrated in customerfacing and operational functions, including recommender systems for financial products, electronic know-your-customer (e-KYC) and liveness verification, fraud management, credit risk scoring, and generative AI tools that assist employees in routine tasks. Despite this progress, the BSP emphasized that AI adoption in the Philippine financial sector remains largely limited to specific or “narrow” use cases. As financial institutions explore broader applications that could eventually support more critical business processes, the central bank said stronger governance frameworks will be necessary to manage emerging risks. The BSP noted that

many established AI principles—including accountability, transparency, security, auditability, fairness, robustness, and explainability—are already reflected in existing financial regulations. However, risks unique to AI, such as model accuracy, hallucinations, data quality, and other ethical concerns, require further regulatory attention. Rather than imposing highly restrictive rules at this stage, the BSP signaled that a more measured approach may be appropriate while the technology continues to evolve. It said future guidance should encourage innovation while strengthening safeguards in areas such as consumer protection, cybersecurity, anti-money laundering, and combating the financing of terrorism. The review also recognized that financial institutions are at different stages of AI maturity. While some banks have established dedicated AI teams and governance structures, others are only beginning to build their capabilities. As a result, the BSP expects institutions to adopt AI governance frameworks that are proportionate to their size, complexity, and risk profile. The central bank likewise urged BSP-supervised financial institutions to develop AI-

specific policies, assess compliance with existing regulations, and pursue AI strategies anchored on humancentric values to sustain public trust in digital banking. Looking further ahead, the BSP acknowledged that AI will continue reshaping financial services over the coming years. Customer support, fraud detection, credit assessment, investment advice, and other banking functions are expected to become increasingly data-driven and automated. At the same time, the transition raises broader workforce questions. Citing World Economic Forum projections, the BSP noted that while some AIdisrupted roles may eventually disappear, many financial institutions are prioritizing reskilling and upskilling employees as AI becomes more deeply integrated into daily operations. Ultimately, both the academic study and the BSP’s assessment point to the same conclusion: AI is reshaping how banks operate and serve their customers. Yet its long-term success will depend not only on technological capability, but also on responsible implementation, effective governance, and maintaining a balance between innovation and human oversight.

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www.businessmirror.com.ph | Friday, July 24, 2026 A11

AI notetakers promise easy meeting recaps, but some professionals question their use Here are some tips on the etiquette of kicking an AI notetaker out of a meeting, the risks of using one and how to protect yourself. By Cathy Bussewitzthe Associated Press

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AUNCHING an artificial intelligence tool to take notes and summarize important information from a virtual meeting can be alluring. Seconds after one of the agents attends an hour-long video conference, it can deliver a recap of key points and outline a todo list for all the participants. But the way popular AI notetakers accomplish those tasks makes some people avoid using them. The technology turns everything said during meetings into data. Confidential personnel information, corporate strategies, trade secrets and remarks that could later be seen as incriminating — all of it could end up in the wrong hands. “There are huge risks to the organization on AI notetakers,” Amy Dufrane, the chief executive of human resources training and certification provider HRCI, said. “I don’t think companies should use it at all.” An AI notetaker is a software application or device that uses artificial intelligence, speech recognition and large language models to record, transcribe and summarize conversations. The tools are intended to save time and improve participation, but professionals in a number of fields say there are reasons to be wary. Chief among them is uncertainty about where the collected data is stored and for how long. Privacy advocates worry the companies behind the AI notetakers are creating voiceprints without

consent. Voiceprints — a type of biometric profile similar to a fingerprint but tuned to the unique intonations and characteristics of one’s voice — can be used to access restricted or confidential information, including the contents of bank accounts. Some tech companies resell data from the notetaking tools they created or use confidential meeting transcripts and recordings to train their AI models. There’s also the risk that conversations between an attorney and client could become fair game in legal proceedings; a New York federal judge in February ordered a criminal defendant to provide prosecutors with documents he created for his lawyers because it already had been shared with a third party, which was Anthropic’s Claude. “People who use AI notetakers, they don’t always know where the data goes,” said Justin Daniels, an Atlanta-based corporate attorney at law firm Baker Donelson. “And in my context, if the data goes anywhere else and they’re not aware of it, that attorney-client-privileged conversation may not be attorney-client-privileged anymore.” Here are some tips on the etiquette of kicking an AI notetaker out of a meeting, the risks of using one and how to protect yourself.

The first step when you join a meeting is check for bots

When you join a meeting, make it a habit to check whether an AI notetaker is present. It might appear as a meeting attendee, often labeled as an AI notetaker, or a pop-up message on the screen inform-

ing participants the meeting is being recorded. The latter could signal the presence of an AI notetaker. Virtual meeting platforms such as Zoom and Google Meet let users know when recording is underway, but some meeting software does not make it clear when a notetaker is present, according to Thorin Klosowski, the Electronic Frontier Foundation’s senior security and privacy analyst. Participants also may use personal notetaking devices that are separate from the meeting platform, in which case the other attendees wouldn’t necessarily know a discussion was being recorded and transcribed. “You hope the other person would tell you that they’re doing that,” Klosowski said. “Asking everyone for consent before doing a sensitive meeting would be the most polite approach to take.” If you’re unsure whether someone has deployed an AI notetaker, you can ask. You can also state at the beginning that a meeting is not authorized for recording. A polite way to establish such a boundary is to say, “Our company policy is that this meeting cannot be recorded,” Dufrane suggested. This relieves the employee, such as a salesperson who wants to make a good impression, of having to be the “bad guy,” putting the onus on the company instead, she said. Another option is to allow the notetaker for part of the gathering but turn if off at the end to dedicate time for more delicate topics. “I won’t start talking about anything substantive until it’s shut off, because I just don’t

and why the data is being stored, and when it will be deleted, Pluymers said. They can also ask if there is a policy and written consent form to sign. If an AI notetaker shows up at a meeting unexpectedly, a participant could say, “I prefer we keep this meeting without AI recording or transcript tools and I’d be happy to take my own notes and share a recap if that’s helpful,” Pluymers suggested. “Just being warm and genuine about it and asking them to respect your wishes.” When working with AI notetaking apps, find out whether the companies that built them retain recordings, transcripts or metadata indefinitely or use them to train AI models, advises an expert. IMAGE: PETER HAMLIN/AP ILLUSTRATION.

want to take the risk,” Daniels said.

Assert your privacy rights to protect voiceprints

Many AI notetakers determine unique acoustic signatures, or voiceprints, for each speaker in the room, said Chris Pluymers, associate attorney at The Dillon Law Group in East Lansing, Michigan. That’s how the companies distinguish one speaker from another, labeling them with monikers “Speaker 1” or “Speaker 2.” One way voiceprints are used is to verify the identities of bank account holders over the phone. If bad actors got ahold of a person’s vocal signature, they could use it to access files, commit fraud or take over accounts, he said. Laws in some states govern how voiceprints can be created and stored and provide rights that individuals can assert to object to the use of an AI

notetaker during meetings they attend. In Illinois, voiceprints are considered biometric identifiers, similar to fingerprints, and are covered under the state’s Biometric Information Privacy Act, which requires written notice and informed consent before an AI notetaker or other agent collects voiceprints. The law also mandates a documented data retention schedule and destruction policy, Pluymers said. But most companies using the tools have none of those systems in place, Pluymers said. “In the world of AI, the world of data and privacy, the world of biometric identification, I don’t think you can have such a lax approach to it,” Pluymers said. “I think getting out ahead of it is crucial.” Under the Illinois law, employees can say they don’t want to attend a meeting with an AI notetaker until they have assurances of where

EMPOWERING THE NEXT GENERATION:

Converge brings robotics and coding to Oriental Mindoro schools

The Oriental Mindoro robotics workshop is the latest milestone in a deepening relationship between Converge and Stairway Foundation.

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S THE PHILIPPINES accelerates toward an increasingly digital future, the gap between the technologically empowered and the marginalized threatens to widen. Recognizing that true digital democracy requires more than just infrastructure, leading technology provider Converge ICT Solutions Inc. is stepping in to build a digitally ready generation by inspiring young, underserved Filipinos to embrace STEM (Science, Technology, Engineering, and Mathematics), innovation, and emerging technologies. Last month, Converge took a significant step in this advocacy by launching its youthoriented tech literacy program, “TechForGood: Code the Future, Build New Paths.” The pilot implementation was carried out in Oriental Mindoro, powered by a strategic collaboration with its long-term NGO partner, Stairway Foundation Inc., and the innovative software research and development company, LAYERTech Labs.

From telco to techco: A strategic evolution

For Converge, this corporate social responsibility (CSR) initiative supports its broader evolution from an internet service provider into a technology company that aims to lead innovations for the good of the Filipino people and the country. "This year, we’re very happy to level up our collaboration with the Stairway Foundation, especially as we move from being a telco to a techco. We want to

use technology for the good of all, so we endeavored to reach the students of Oriental Mindoro to help them become familiar with new technology," shared Jay-Anne Encarnado, Converge VP and Head of Corporate Communications and Public Relations. Encarnado emphasized that bringing in LAYERTech Labs was a deliberate move to provide young minds with basic knowledge in software programming and robotics—the essential building blocks for more expansive innovation.

Prior to teaching the children, LAYERTech first guided the community coordinators on robot assembly and software programming.

Democratizing tech with open-source solutions

LAYERTech Labs, an Albay-based software and R&D company, shares Converge’s strong advocacy for digital democracy. They view early introduction to advanced technology as a critical equalizer for disadvantaged youth in the digital age. To ensure sustainable learning, the program utilized

LAYERTech Labs offer a whole suite of models for different learning groups but make sure to make these accessible to low-income sectors.

bipedal robot kits softwareengineered using an open-source programming language. This

strategic choice removes the financial "barrier to entry," allowing students to continue

exploring and innovating long after the initial training concludes. The workshops were tailored to reach specific groups, prioritizing the boys of the Stairway Foundation and Puerto Galera Academy, followed by a dedicated session for the girls of Baclayan Mangyan School and the Foundation. "Our goal is to bring technology to where it is needed the most," noted Frei Sangil, President and Founder of LAYERTech Labs. "We strive to make solutions that do not aggravate existing social inequalities."

Hands-on empowerment in the community

The success of the #TechForGood program lies in its grassroots

Know where your data goes

When working with AI notetaking apps, find out whether the companies that built them retain recordings, transcripts or metadata indefinitely or use them to train AI models, said Danielle Kays, a partner at Fisher Phillips who represents businesses on privacy and employment law matters. “If there is some sort of speaker ID or voice recognition, really understand what that is and how it works,” Kays said. Even when content is deleted, metadata about meetings can remain stored with the vendor, meaning sensitive business information could influence how the model behaves and in some cases could be memorized or reproduced, she said. AI notetakers generate text, and that’s easier for outsiders to search through than video or audio files, according to EFF. “Storing a bunch of video isn’t easy, it’s costly and hard to look through, but text is much easier to search and cheaper to store,” said Klosowski of the Electronic Frontier Foundation.

approach, ensuring that local leaders are equipped to sustain the education.

The workshop is broken down to three parts:

Train the Trainers. The program kicked off with a facilitators’ training for Stairway officers and coordinators from the Baclayan community. By assembling and coding the robots themselves, these community leaders were empowered to guide the students in the future. Building from Scratch. On the second and third days, students engaged in rigorous, hands-on teamwork. They spent several hours physically assembling the robots from the ground up. Bringing it to Life. Following assembly, students connected their robot circuits to computers, applying simple coding models to bring their creations to life. "Ang partnership po na ito ay under sa ICT Program ng Stairway kung saan ako at mga ICT volunteers dito sa Baclayan community ay nagtuturo sa mga bata ng basic na paggamit ng computer," explained Jonalyn Onde, Baclayan Development Officer at Stairway Foundation. She noted that these efforts are crucial for preparing students for high school and making them competitive alongside peers from more privileged schools. A deepening alliance for child advocacy The Oriental Mindoro robotics workshop is the latest milestone in a deepening relationship between Converge and Stairway Foundation. Collaborators since 2023, their partnership initially focused on providing connectivity and digital enablement—through donated tablets and computers—while actively protecting children against the Online Sexual Abuse and Exploitation of Children (OSAEC). Over the years, this alliance has matured to encompass a wider umbrella of digital advocacies, including data privacy protection, defense against online fraud, and now, bridging the educational digital divide through robotics. By investing in the minds of the youth today, Converge is proving that building a digital nation is as much about coding a brighter future for the next generation as it is about laying down fiber-optic cables.

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Friday, July 24, 2026 A13

India’s frustrated youth turn exam leaks into symbol of broader economic despair By Sheikh Saaliq The Associated Press

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EW DELHI—Thousands of young protesters were camped on the streets of India’s capital New Delhi on Thursday, defying new restrictions in the latest show of strength for a movement that has become one of the biggest challenges to Prime Minister Narendra Modi’s government. India’s “Cockroach” protests began more than a month ago over alleged leaks in some of the country’s most competitive entrance exams for medical colleges and government jobs. The movement has since expanded beyond exam grievances, drawing professionals and families while channeling broader frustration. Thursday’s demonstrations at Jantar Mantar, a designated protest site in New Delhi, followed

overnight clashes in which police used tear gas and batons to disperse crowds, the second such confrontation this week. On Monday, thousands of protesters had defied restrictions and marched toward Parliament before police broke up the demonstration with tear gas and batons. Protesters regrouped by Thursday morning, returning to the protest site despite roadblocks, while authorities suspended Delhi Metro services at 16 stations across central New Delhi in an effort to limit access to the demonstrations. The issue of exam leaks has become a powerful symbol of frustration for millions of young Indians. Protesters are demanding the resignation of Education Minister Dharmendra Pradhan, examination system reforms and compensation for families of students who died by suicide after exam paper leaks.

Facing mounting pressure, Modi addressed the issue publicly for the first time Thursday, announcing fast-track courts to handle examination paper leak cases. Fast-track courts are special courts created to speed up cases in India’s notoriously slow justice system. “Nothing is more important than the welfare and future of our youth!” Modi wrote on X.

Cockroach party stays true to satirical origins LEADERS of the Cockroach Janta Party, which launched the protest movement, said they would not end the demonstrations until the education minister resigned. Staying true to the movement’s tongue-in-cheek style, its founder, Abhijeet Dipke, responded by posting a meme of Pradhan captioned, “Hi, my name is Nothing.” The Cockroach movement began as online sat-

A PROTESTER sits on the hood of a police car during a demonstration demanding educational reforms as part of the Cockroach Janta Party’s ongoing protest movement in New Delhi, India, Wednesday, July 22, 2026. AP PHOTO/VIPIN ire campaign in May and moved to the streets in June through smaller protests across cities. It gained momentum after prominent activist Sonam Wangchuk joined the demonstration and began a hunger strike that has lasted more than three weeks. Police forcibly transferred Wangchuk to a hospital over the weekend. For many young Indians, the protests have become one of the few visible expressions of dissent in a country where demonstrations against Modi’s government have led to a broader crackdown on activists, opposition figures and public protests. The movement’s rapid growth beyond student groups reflects wider frustration among young Indians and echoes a broader

trend across South Asia, where young people have driven anti-government movements in recent years. The movement also has gained a following among Indians of all ages over concerns about government accountability, unemployment and economic opportunity. India has one of the world’s youngest populations, with millions entering a labor market that has struggled to create enough secure, well-paying jobs. Despite years of rapid economic growth, many young people say their prospects have not improved. As one of the country’s largest voting blocs, India’s youth could also become an increasingly important political force ahead of future elections.

Russia’s largest online retailer hit by Ukrainian strikes on multiple facilities By Dasha Litvinova The Associated Press

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HE Ukrainian attacks on the sprawling Russian warehouses produced stark images, with massive pillars of black smoke rising above fires that raged at facilities for Wildberries, the country’s biggest online retailer and its equivalent of Amazon. Kyiv’s drones first hit the sites over the weekend in Elektrostal, just east of Moscow, and in the Tambov region, killing eight people and injuring scores more. Two more Wildberries warehouses— in the southern Krasnodar and Stavropol regions —were attacked and set ablaze early Wednesday. One person was killed, and 14 others were hurt. The strikes are a part of Kyiv’s aerial campaign inside Russia, aiming to undermine its wartime economy and make its citizens feel the consequences of the Kremlin’s all-out invasion of Ukraine. A look at Wildberries and how it became a wartime target:

A retailer that has grown since 2004

WILDBERRIES was launched in 2004 by Tatyana Kim, a teacher and a young mother at the time, focusing at first on selling clothes. Since then, the platform with its distinct purple logo has become an industry leader and household name, allowing big and small businesses alike to sell their goods to customers across the country by storing, shipping and delivering their inventory. In April, Forbes Russia estimated Kim’s fortune at $8.1 billion. The marketplace features all sorts of goods— clothes, books, cosmetics, toys, appliances, household items, sports gear and much more. There’s an “E-Pharmacy” page and a travel section where users can book plane tickets or hotels. In 2021, Kim acquired a small bank and turned it into what now is Wildberries Bank, but that institution has since come under sanctions by the U.K. and the European Union. Last year, Kim said the company had more than 200 facilities totaling over 5.2 million square meters (55 million square feet), with plans to

THE name of an outlet of Russia’s major online retailer Wildberries is seen on a building in Moscow, Wednesday, July 22, 2026. AP PHOTO/ALEXANDER ZEMLIANICHENKO

expand in 2026, including planned warehouses in Belarus and Kazakhstan, where Wildberries already operates. Some 500,000 to 800,000 sellers are involved with Wildberries, estimated Sergei Semko, leading analyst with Data Insight, a Moscow-based company that analyzes online retail in Russia. Wildberries currently accounts for 52% of all online orders in Russia, Semko told The Associated Press.

Kyiv says the stricken facilities supplied Russia’s military

WHILE Ukrainian President Volodymyr Zelenskyy did not name Wildberries directly, he has said the facilities his country attacked were involved in supplying gear and various technical components to the Russian military. Kremlin spokesman Dmitry Peskov said Tuesday that “it is not the case” and accused Kyiv of continuing to “strike civilian targets.” An AP search of the Wildberries website showed goods that could be used for both civilian and military purposes, such as body armor, helmets, radios and other electronics. Some of those were even marked as “tested in the SVO” or “SVO fighters’ choice”—a Russian acronym for “special military operation,” the term used by the Kremlin for the war in Ukraine. Wildberries did not immediately respond to a request for comment.

The attacks are a blow to Russia’s small businesses

THE attacks have dealt a massive blow to many small businesses in Russia, Semko said. Online retailers like Wildberries and its competitors Ozon and Yandex Market have enabled local craftsmen and entrepreneurs to sell their goods across Russia’s vast territory, he said. Since Saturday, people took to social media to say that inventory for their businesses that was being stored by Wildberries in the attacked facilities had been destroyed, tearfully recounting their losses. The extent of the damage at the four warehouses is hard to gauge. Wildberries said it took three days to put out the fire at the facility in Elektrostal, a key distribution hub for Moscow, but the site in Kotovsk, in the Tambov region, is slated to resume operations Thursday. Both Kim and the company have not elaborated on how much was damaged. Peskov said Tuesday that “the situation is difficult due to the losses suffered by both the company itself and representatives of small and medium-sized businesses.” In order to support the sellers, Wildberries offered discounts on storage fees, free transfer of goods to other facilities, discounted loans at the Wildberries Bank and other measures. Many wondered whether they would be compensated for their losses. Earlier this month, the company changed its seller policy and is now exempt from liability for stock damaged because of a “force majeure,” which includes drone attacks.

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House Republicans adopt $95 billion budget Oil prices rise another 3%, while package for Iran war and Trump’s priorities Wall Street drifts in mixed trading By Stan Choe

By Lisa Mascaro

AP Congressional Correspondent

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ASHINGTON—The House adopted a Republican-only $95 billion budget proposal Wednesday, a long-shot effort to fund the Iran war and other White House priorities over objections from Democrats and a few GOP holdouts in a final push before the midterm elections. House Republicans were divided over the plan, with conservatives wary because there are no offsetting budget cuts. But Speaker Mike Johnson plunged ahead, viewing the go-it-alone process as the best chance to usher President Donald Trump’s priorities through the split Congress, despite skepticism in the Senate. The vote tally was 216-214, with two Republicans and one independent joining Democrats in opposition. “Just bullets and bombs to finish the job,” said Rep. Jodey Arrington, R-Texas, the chairman of the Budget Committee. Democrats argued the money should be spent at home, particularly on efforts to lower costs for Americans. “Republicans plan to spend tens of billions of dollars on Trump’s failed war in Iran,” said Rep. Pete Aguilar of California, chairman of the House Democratic caucus, this week. “Think about what we could spend with these resources instead.” Congress is at a standstill over the US war against Iran — unable to stop Trump’s military strikes, but not having authorized the use of American military force — and politically torn over having to provide billions of taxpayer dollars to pay for it. Most Americans disapprove of Trump’s Iran strategy, according to a recent

DISMISSAL OF UKRAINE’S DEFENSE MINISTER STARTED TRANSFORMATION OF THE MILITARY

SPEAKER of the House Mike Johnson, R-La., leaves the chamber as members debate a series of measures including a continuing resolution to fund the government and a spending package for the Iran war, at the Capitol in Washington, Tuesday, July 21, 2026. AP PHOTO/J. SCOTT APPLEWHITE

AP-NORC poll. The budget battle comes as Trump attended the dignified transfer of four service members killed in the Middle East, bringing the military death toll to 18. Defense Secretary Pete Hegseth told senators at a fiery hearing this week that the Pentagon is running short of cash, despite a massive $150 billion onetime allotment in last year’s big budget bill. Even as the House action advanced the resolution, Johnson’s strategy faces uncertainty in the Senate. The package has $60 billion for the Pentagon and $13 billion for other national security needs, $12 billion for farmers struggling under Trump’s tariffs and $10 billion for voting law changes aligned with the SAVE America Act and proof-of-citizenship requirements that are Trump’s top priority.

A once rare budget tool is now the norm in split Congress

REPUBLICANS are relying on the budget rec-

By Samya Kullab The Associated Press

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YIV, Ukraine — In the span of a single week, the dismissal of a Ukrainian defense minister set in motion a transformation of the country’s armed forces that replaced the old guard with a new generation of leadership. Ukrainian President Volodymyr Zelenskyy’s decision to fire his popular defense

onciliation process, which enables approval on a majority vote in Congress, bypassing the Senate’s ability to filibuster the measure t o stall or kill it. Once rare, the reconciliation process is now Johnson’s preferred strategy for pushing proposals through Congress. It’s the way Republicans approved Trump’s big tax breaks and spending cuts bill last summer and funded Homeland Security this year over Democrats’ refusal to fund Trump’s mass deportation agenda. “No matter how you feel about current events, these funds are necessary to ensure our fighting forces remain ready, our troops are paid and our nation is safe,” said Rep. Mike Rogers of Alabama, the Republican chairman of the Armed Services Committee. But House Democratic Leader Hakeem Jeffries said, “Republicans have literally ripped food from the mouths of hungry children, seniors and veterans to sustain the Trump war machine.” Among those opposed was Rep. Kevin Kiley of California, a former Republican turned independent, who said he felt any war funding bill should be bipartisan. He also wanted to ensure Congress had a “much higher level of involvement” in bringing the war to an end, and he said this proposal did not set that process in motion. Republicans Rep. Thomas Massie of Kentucky and Rep. Warren Davidson of Ohio also voted against. This is the third time GOP leaders have relied on reconciliation, dubbing this version 3.0, and it’s a lengthy process. If the House approves the budget resolution, it next goes to the Senate for a round-theclock session to consider politically tough amendments—something senators would

minister, Mykhailo Fedorov, triggered days of public protest that quickly shifted toward the country’s commander-in-chief and highlighted the growing rift over the future of Ukraine’s military. Demonstrators denounced the commander, Oleksandr Syrskyi, and overwhelmingly rallied behind the departed defense minister, who has emerged as one of the country’s most influential wartime reformers with support from Ukrainians hungry for change. Protest-

rather avoid in an election year. The budget resolution sets out instructions for the various committees to draft legislation, which Johnson hopes could be done this summer, with final voting on the package once lawmakers return after the August recess.

Senators pan House’s budget and have their own ideas

SENATE Majority Leader John Thune has been noncommittal on the House package that also divides his own GOP majority, with some Republican senators preferring more money for the military and others demanding the costs be offset with cuts elsewhere. “We’ll see,” Thune said this week. Thune’s focus, at the moment, is avoiding another government shutdown. He wants the Senate to approve a stopgap funding measure, called a continuing resolution, to provide routine government funding before lawmakers leave for the summer break. If senators are unable to reach agreement on government funding, Thune has said he may hold onto the House’s budget resolution and use it later in the fall as a way to push the resolution through the Senate over objections. He wants to prevent a federal shutdown when current funds expire, Sept. 30. “It’s a possibility that, if necessary, we could pull that budget resolution passed by the House and use it to fund government,” Thune said. “I hope that’s not necessary.” Thune has also clashed with Trump over the president’s push for the SAVE America Act, which would require proof of citizenship for voting. The measure, while popular among Trump’s most ardent supporters, does not have enough support among Senate Republicans for passage.

ers demanded his reinstatement. Fedorov’s dismissal followed months of increasingly bitter disagreements between the two men. For Zelenskyy, it was the second time in a year that a wartime decision triggered a public backlash, after he moved in mid-2025 to curb the powers of anti-corruption agencies. As he did then, the president appeared to move quickly to contain the political fallout. He dismissed Syrskyi and replaced him with Mykhailo Drapatyi, a disciplined battlefield commander

AP Business Writer

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EW YORK—US stock indexes barely budged on Wednesday after oil prices climbed another 3% as fighting continues in the war with Iran. The S&P 500 edged down by 0.1%, coming off its best day in three weeks. The Dow Jones Industrial Average dipped 6 points, or less than 0.1%, and the Nasdaq composite fell 0.6%. Despite the modest moves for indexes, stocks had some big swings underneath the surface. Philip Morris International rallied 3.3% after the seller of Marlboro cigarettes reported stronger profit and revenue for the latest quarter than expected. Its shipments of smoke-free products rose 7.5%. AT&T climbed 3.5% after reporting a stronger profit than analysts expected. CEO John Stankey also said the telecom is accelerating plans to send roughly $10 billion to its shareholders this year through the buybacks of its stock. Super Micro Computer soared 19.8% after the seller of AI servers said it expects to report stronger profit margins for the latest quarter than it had earlier forecast. It, though, also said that revenue will likely come in at the low end of its forecasted range of $11 billion to $12.5 billion. On the losing side of the market was GE Vernova, which fell 8.7% after reporting a weaker profit for the latest quarter than analysts expected. Alphabet sank 1.5% ahead of its earnings report, which arrived after trading ended for the day. Anticipation was high, and not just because the parent company of Google is one of the largest stocks on Wall Street. It’s also one of the biggest spenders on artificial-

whose reputation was forged in the years following Russia’s first invasion in 2014. Drapatyi’s appointment marked a sharp generational and philosophical break from Syrskyi, who was shaped by Soviet military tradition. But public support continues to coalesce around Fedorov. The protests have further elevated his political standing.

New appointment eases concerns about military morale

MUCH of the public’s anger was directed at Syrskyi, who became a symbol of deeper frustrations that had accumulated within the military since Russia’s full-scale invasion in 2022. Drapatyi’s appointment has helped ease some of those concerns. Widely respected by troops and fellow officers, he represents a younger generation of commanders whose credibility was earned on the battlefield rather than inherited through the Soviet military system. “He enjoys a high level of trust within the military. I think this appointment could boost what is often called morale, that is, strengthen the fighting spirit,” said Oleksandr Musiienko, a military analyst in Kyiv. The divide between Fedorov and Syrskyi was described by one Western defense official as between “different planets.” The official spoke on the condition of anonymity because they were not authorized to brief journalists. Fedorov championed a data-driven, technology-led approach to warfare that clashed with Syrskyi’s more traditional ground-forces doctrine. Drapatyi could be a bridge between the two camps, analysts said. Low-profile but

intelligence technology. Investors are looking for signs that the deluge of dollars going into processors, computer memory and other building blocks of the AI boom are producing enough profits to make the investments worth it. If Alphabet and other “hyperscalers” say that isn’t the case, stocks of chip companies and other AI winners would look very expensive following their monumental moves higher. Such worries have kept AI stocks at the center of Wall Street’s swings for weeks, and they helped drag the market up and down Wednesday. Micron Technology swung between a loss of 3.6% and a gain of 1.2% before finishing with a drop of 1.2%. That’s after it jumped 14.4% in the first two days of this week to reclaim nearly all its 13.3% plunge from the week before. It’s still up 236% for the year so far. All told, the S&P 500 fell 10.24 points to 7,498.96. The Dow Jones Industrial Average dipped 6.06 to 52,218.58, and the Nasdaq composite sank 146.30 to 25,690.90. Stocks broadly also felt pressure from continuing climbs for oil prices, which raise costs for most businesses and erode their profits. The price for a barrel of Brent crude oil, the international standard, rose 3.4% to $94.07 and briefly topped $95 in the morning to touch its highest level in nearly six weeks. That’s up from less than $72 early this month, which is roughly where it was before the war with Iran. Rising oil prices are threatening a reacceleration of inflation. That in turn could push the Federal Reserve and other central banks to raise interest rates, which would slow economies and undercut prices for stocks and other investments. AP Business Writers Yuri Kageyama and Matt Ott contributed to this report.

highly respected, he has earned the confidence of front-line commanders while embracing many of the reforms championed in Kyiv. “He has shown an ability to adapt to the realities of modern warfare, to changing battlefield conditions and to shifting and reallocating resources,” Musiienko said. For many Ukrainians, Syrksyi came to embody the rigid command structures and Soviet-era thinking that Fedorov’s ambitious reforms sought to overhaul. When Fedorov publicly identified Syrskyi as the chief obstacle to those reforms, it brought to light those broader public grievances. They include the military’s entrenched bureaucracy and Syrskyi’s command style, criticized as overly centralized and prone to micromanagement, alongside constant mobilization challenges. Syrskyi also came under intense criticism for his association with the 425th Separate Assault Regiment, known as Skelia, which for many Ukrainians became emblematic of the tactics that expended soldiers’ lives for marginal territorial gains. In addition, the regiment was the focus of a major public scandal after an investigation by the Ukrainian publication Babel reported allegations of systemic abuse, torture in training camps and dozens of noncombat deaths. The allegations triggered an investigation, resulted in the suspension of the regiment’s commander and intensified scrutiny of the military’s command culture. Associated Press journalist Volodymyr Yurchuk contributed.

Friday, July 24, 2026 A15

DA seeks to protect 3M hectares of rice land from reclassification

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By Ada Pelonia

@adapelonia

HE Department of Agriculture (DA) is seeking to exempt at least 3 million hectares of rice farmland from reclassification for urban expansion or infrastructure projects. This, after the DA lifted the moratorium on the reclassification of agricultural lands last June following a

five-month review amid concerns on unchecked land conversion. Agriculture Secretary Francisco

Tiu Laurel Jr. said the DA has outlined its recommendations for rules governing land reclassification, which would be released in August. Aside from streamlining the application process, he also wants to ensure the stability of the domestic rice industry. “At least 3 million hectares of rice land nationwide shouldn’t be [reclassified] unless by order of the president,” Tiu Laurel told reporters on the sidelines of the Economic Journalists Association of the Philippines’ (Ejap) food security forum in Makati City on Thursday. Furthermore, he said the DA would

also suggest that solar projects should only be allowed on flat land when they have an agricultural component. Irrigated land would be maintained. ”We will also suggest a policy that we don’t want to place anything on land below an 8 percent slope, since there are renewable energy projects like solar,” Tiu Laurel said. ”If it doesn’t have an agricultural component, we don’t want them on our flat land which is the most productive, especially for irrigation,” he added. In January, the DA issued a circular which slapped a moratorium on the ac-

ceptance and processing of Land-Use Reclassification Certification applications until June 2026. Only lands used for renewable energy and socialized housing projects were exempted. Tiu Laurel said the move would help the agency reassess its regulatory framework and tighten oversight amid growing demands from projects that “have been eating into farm areas.” The DA noted that continued loss of productive farmland could erode the country’s ability to grow staples and weaken food self-sufficiency, leading

to overdependence on imports. It also said that policymakers see agricultural land preservation as a strategic buffer against volatility and price spikes. Under the law, local government units (LGUs) can authorize the reclassification of agricultural lands to nonagricultural uses, provided that these can no longer be used for farm purposes. A joint memorandum circular among several government agencies released in 1995 requires a certification from the DA prior to any reclassification.

PNP chief commends cops for quick arrest of 18-year-old bomb hoax suspect Comelec says

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HILIPPINE National Police (PNP) chief Gen. Jose Melencio Nartatez Jr. on Thursday commended police officers for the swift arrest of an 18-year-old suspect accused of posting bomb threats against several schools in San Ildefonso, Bulacan. Nartatez, in a statement, said the arrest underscores the PNP’s commitment to respond decisively to threats that endanger students, teachers, and any member of a community. “Bomb threats and similar hoaxes are never

harmless because they create fear, disrupt classes, and divert police resources from real emergencies. This successful operation shows the PNP’s commitment to run after those who violate the law in the interest of peace and order and public safety,” the PNP chief said. Police investigation showed that the suspect allegedly posted bomb threats on the official social media pages of several schools in San Ildefonso earlier this week. Acting on the reports, investigators

Housing. . .

Palace: ₧22.7B govt savings will be used to aid sectors affected by ME war

Continued from A5

but warned that several risks over the administration’s remaining two years could slow the construction and turnover of new housing units. “Affordable housing projects operate on relatively thin margins and are highly sensitive to cost increases,” Peña-Reyes told the BusinessMirror. He said housing projects are particularly vulnerable because construction materials such as cement, steel, copper, aluminum and imported finishing materials account for a significant share of total building costs. If global commodity prices remain elevated or rise further because of geopolitical tensions, the economist said developers may have to absorb the higher costs, scale back projects, or delay construction. Data from the Philippine Statistics Authority (PSA) showed that the average cost of construction in May stood at P12,778.68 per square meter, 6.7 percent higher than the P11,974.75 recorded in the same month last year. Separate PSA data also showed that both wholesale and retail prices of construction materials in Metro Manila have been on an upward trend. As of June, wholesale prices rose by 2.9 percent, sharply higher than the 0.2 percent increase recorded in the same period last year. Meanwhile, retail prices increased by 1.8 percent, up from 1.1 percent a year earlier. “For government housing projects with fixed budgets, cost overruns can mean fewer housing units are ultimately delivered unless additional funding is appropriated,” Peña-Reyes added. Aside from pushing building costs, he said a sustained increase in global oil prices due to the Middle East conflict could also ripple across the construction sector by raising transportation costs for building materials, pushing up logistics and distribution expenses, and fueling broader inflation that could keep financing costs elevated. The economist also said expected minimum wage adjustments across several regions in the coming months could add to the financial pressures facing housing projects. Higher labor costs, he said, may lengthen construction timelines, including for government-backed housing initiatives, while further increasing project costs.

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ALACAÑANG said the government still has over P10 billion available funds from the pooled savings of government agencies to be used to help sectors, which are affected by the resumption of Middle East (ME) war. Palace Press Officer Claire Castro issued the statement with the resumption of the conflict in the Middle East following the collapse of the peace talks of the United States (US) and Iran, which resulted in the escalation of attacks between the two factions in the region. She said the Department of

tracked the suspect and arrested him in Barangay Hilera, Jaen, Nueva Ecija. Nartatez commended the strong coordination and cooperation between police cybercrime investigators and the local police in identifying the perpetrator that eventually led to the arrest. He said the dedication shown by the police in this case reinforces the commitment that the PNP assured to the Department of Education (DepEd) in ensuring the safety of learners and

Budget and Management (DBM) was able to collect P22.79 billion of savings from the National Budget Circular (NBC) 602 and 603. “These savings will be used for UPLIFT interventions involving the DMW [Department of Migrant Workers,] DOTr [Department of Transportation], and DOE [Departer of Energy] programs. Most likely, these will be allocated to those affected by the crisis in the Middle East,” Castro said. DBM issued NBC 602 last April instructing government

school personnel and authorities. Nartatez assured that all the appropriate criminal charges will be filed against the suspect, “We will continue working closely with DepEd, school officials, and local government units to ensure that every threat is treated seriously and investigated promptly,” he added. To support the implementation of the policy, Nartatez directed all Police Regional Offices and local police units to immediately coordinate with DepEd regional and division

agencies for the reduction of Maintenance and Other Operating Expenses (MOOE) by 20 percent and the guidelines for deferring capital outlays. NBC 603 was released last May, providing the guidelines for offering and declaration of savings from programs, activity, and projects from unobligated allotments from fiscal year 2025 General Appropriations Act and Continuing Appropriations. Of the said savings, P12.37 billion were allocated for the expanded United Package for Livelihoods, Industry, Food,

offices on school threat response protocols. He also instructed the Anti-Cybercrime Group to intensify investigations into online bomb threats, fake shooting alerts, and viral threat messages targeting schools. The PNP Chief also urged the public to remain vigilant and immediately report bomb threats and other security concerns through the Unified 911 Hotline to enable authorities to respond quickly and prevent possible harm. Rex Anthony Naval

and Transport (UPLIFT), which was announced by President Ferdinand Marcos last week. The expanded UPLIFT will provide cash aid to 37.5 million Filipinos. With the remaining savings, Castro said the government currently has sufficient funds to assist those who may be affected by the Middle East conflict. “As of now, this represents the savings, and we haven’t yet received information indicating a budget shortfall. So, at this stage, we cannot say that the budget is insufficient,” Castro said. Samuel P. Medenilla

Villanueva pushes skills credit system to fast-track Filipino career growth By Butch Fernandez @butchfBM

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ENATOR Joel Villanueva is pushing to institutionalize a career progression and skills crediting system to help build a more competitive, adaptable, and future-ready Filipino workforce. Senate Bill No. 2313 seeks to establish the Career Progression and Specialization Program and Credit Accumulation and Transfer System (CPSP-CATS), which will provide structured pathways for career advancement, specialization, and professional qualification. By aligning workforce competencies with evolving industry needs, the measure will help address labor market challenges and strengthen the country’s human capital competitiveness. “Every training completed, every competency developed, and every experience gained should help Filipinos move forward in their careers,” Villanueva said. “Through the proposed CPSP-CATS, profes-

sionals will have clearer pathways to advance, specialize, and earn certifications with corresponding Philippine Qualifications Framework [PQF] Levels without having to start over whenever they pursue career growth,”he added. While existing laws such as the Continuing Professional Development Act, the Philippine Qualifications Framework Act, and various Professional Regulatory Laws support professional development, Villanueva said they lack a unified framework for career progression and skills crediting, resulting in inconsistent implementation across professions. Under the bill, the Professional Regulation Commission (PRC), in consultation with the Civil Service Commission, will develop career progression and specialization programs for all 46 regulated professions. The PRC will also accredit specialty training providers, oversee program implementation, and establish mechanisms for recognizing and transferring learning and professional practice credits across education and training sectors.

Villanueva said the measure responds to continuing labor market challenges despite economic growth. As of May 2026, around 2.5 million Filipinos were unemployed, while more than 6 million employed workers remained underemployed and sought better opportunities. “These figures underscore the need for policies that help professionals strengthen

their qualifications, develop specialized competencies, and improve their career prospects,” Villanueva said. “This bill is about giving Filipinos more opportunities. By recognizing skills and competencies, we empower workers to grow in their careers, boost productivity, and contribute more to their families and to nation-building,” he added.

no petition filed vs Dupal-ag in Cavite special polls By Mary Jade Jadormio

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HE Commission on Elections (Comelec) has yet to receive any petition seeking the cancellation of the certificate of candidacy (COC) of congressional aspirant Marvin Dupal-ag for the special election in Dasmariñas, Cavite. Comelec Chairman George Erwin M. Garcia made the clarification about Dupal-ag, who was previously listed by police as Calabarzon’s No. 2 most wanted person before his arrest in 2019. “Wala pa tayong natatanggap base sa ating monitoring sa Commission on Elections patungkol sa bagay na iyan,” Garcia said during a press briefing. Garcia also noted that Dupal-ag’s status as one of Calabarzon’s most wanted persons referred to a previous period and should not be taken out of context. He said the absence of a final judgment of conviction means a candidate generally remains qualified to seek public office unless otherwise disqualified by law. “Ang lahat ng mga kumakandidatong hangga’t walang final judgment of conviction o perpetual disqualification to hold public office ay makakatakbo,” Garcia said. Garcia explained that even a conviction by a lower court does not automatically disqualify a candidate if the decision is still under appeal and has not yet become final. Dupal-ag was arrested in Toledo City, Cebu in August 2019 after evading authorities for nearly 16 years and was then identified by Police Regional Office-Calabarzon as its No. 2 most wanted person. Authorities said he was facing murder, frustrated murder and carnapping charges. Police records at the time showed that warrants for his arrest had been issued by the Regional Trial Court in Imus, Cavite in connection with the criminal cases. Despite those cases, Comelec maintained that questions on a candidate’s eligibility must be resolved based on existing election laws and the status of court proceedings, not merely on pending accusations. Dupal-ag is among the five candidates seeking to represent Cavite’s Fourth District in the special election that will fill the congressional seat vacated following the expulsion of former Rep. Francisco “Kiko” Barzaga. The special election is scheduled on Aug. 29, with the campaign period set from July 30 to Aug. 27.

News

A16 Friday, July 24, 2026

PNP, Australian Federal Police join forces in fight vs. transnational crimes

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HE Philippine National Police (PNP) has joined forces with the Australian Federal Police (AFP) as part of its efforts to intensify the fight against transnational crimes through closer intelligence sharing, expanded training, and stronger operational coordination. This took place after PNP chief Gen. Jose Melencio Nartatez Jr met with AFP commissioner Krissy Barrett during a courtesy visit at police headquarters in Camp Crame, Quezon City last July 22. The meeting reaffirmed the longstanding partnership between the two law enforcement agencies and underscored their shared commitment to addressing security threats that extend beyond national borders. “Australia is one of the PNP ’s trusted partners in law enforcement. Our cooperation strengthens our ability to combat transnational crimes such as cybercrime, human trafficking, terrorism, and drug trafficking,” Nartatez said. “By sharing intelligence, expertise, and best practices, we improve our capability to respond to security threats that no country can address alone,” he added. The PNP and the AFP have worked together for years through intelligence exchanges, investigative suppor t, specialized training, and joint efforts against organized crime. Rex Anthony Naval

www.businessmirror.com.ph

MAP to President: SONA must focus on jobs, investments, and food security

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By Bless Aubrey Ogerio & Jonathan L. Mayuga

RESIDENT Ferdinand Marcos Jr.’s upcoming State of the Nation Address (SONA) should shift the national conversation from politics to economic execution by laying out a clear agenda for jobs, investments, food security and lower business costs, the Management Association of the Philippines (MAP) said. In a statement issued on Thursday ahead of Monday’s SONA, MAP President Donald Patrick Lim said the country needs a stronger focus on measures that would improve economic resilience amid geopolitical uncertainties and climate-related risks. “But beyond these reforms, what we want to hear is a clear economic agenda that creates jobs, attracts investments, improves food security, lowers the cost of doing business, and restores confidence,” Lim said. Map said governance reforms remain important and reiterated its support for several priority measures under the Legislative-Executive Development Advisory Council (LEDAC), including the Anti-Political Dynasty Bill, the Party-List System Reform Act, the Citizen Access and Disclosure of Expenditures for National Accountability (CADENA) Act, and the Independent People’s Commission Act.

According to the business group, these measures would help strengthen accountability and public trust in government. On the other hand, MAP also addressed the government’s ongoing investigation into alleged irregularities in flood-control projects, saying the controversy underscored the importance of holding all sectors accountable. “The investigations have sent a strong signal that the government is serious about accountability, and they must result in convictions where appropriate, stronger procurement systems, greater transparency, and ultimately better public service,” the group said. “The public expects timely resolution and institutional reforms that prevent similar problems from happening again,” it added. At the same time, MAP cautioned that anticorruption efforts should not delay legitimate public investments. “The government must

demonstrate that we can fight corruption without paralyzing development,” it said. The organization noted that infrastructure projects that are transparent and urgently needed should continue, alongside investments in healthcare and education. “Delaying public spending has its own economic cost through lost jobs, delayed investments, and slower growth,” MAP said. Rather than halting projects, the group said government should strengthen transparency, oversight and the use of digital tools in public spending. “This is precisely why reforms, such as the CADENA Act, are important—they institutionalize transparency so that the government can move faster while strengthening public accountability,” it said. MAP also pointed to the economic concerns facing households and businesses, saying high living costs, business uncertainty and the continuing challenges confronting micro, small and medium enterprises should remain at the forefront of the administration’s agenda. “We must fight corruption decisively, but we should not let the fight against corruption become a brake on economic growth,” the group said. “It is time to bring the conversation back to creating jobs, attracting investments, stabilizing food prices, and improving the daily lives of our people.” For its part, Malacañang said President Marcos’ SONA will feature “a simple and dignified program,” with no celebrity directors or star-studded performances.

All security preparations in place for SONA—DILG chief

AS the 5th SONA President Marcos draws close, Department of the Interior and Local Government (DILG) Secretary Jonvic Remulla assured the public that all security preparations are in place, saying authorities are ready to ensure a safe and orderly event. More than 20,000 personnel from the

Typhoon. . . Continued from A3

In the weather advisory it issued at 11 a.m. on Thursday, Pagasa said Cagayan, Apayao, Abra, Ilocos Norte and Ilocos Sur are forecasted to receive between 100 and 200 mm of rain from tomorrow afternoon until Saturday noon. Meanwhile, Batanes, Isabela, Kalinga, Benguet and La Union are expected to receive between 50 and 100 mm of rain. Under these conditions, numerous flooding and localized flooding are possible mainly in areas that are urbanized, lowlying, or near rivers. Pagasa also released a heavy rainfall outlook due to the southwest monsoon, 50 to 100 mm rain is expected in Negros

Investment. . . Continued from A4

“It is both a geopolitical and economic framework designed to bring together trusted international partners to build secure, diversified and resilient technology supply chains,” he said. Santos identified several sectors that stand to benefit from the combined impact of the Luzon Economic Corridor and Pax Silica. Real estate and industrial developments are expected to receive a significant boost as infrastructure projects accelerate and multinational firms establish new operations. Industrial hotspots include Pampanga, Laguna, Cavite and Batangas. He noted that the Philippines could capitalize on growing global demand for data center capacity as several countries have imposed restrictions or moratoriums on new facilities. The country is already home to major operators including ST Telemedia Global Data Centers, ePLDT’s Vitro facilities, Digital Edge, Evolution Data Centers and NARRA Technology Park, with more international hyperscalers expected to enter the market as data sovereignty policies continue to evolve. S a nto s s a i d t h e P h i l i p p i n e s h a s

Philippine National Police (PNP) have already been deployed as part of the government’s comprehensive security operations, with contingency measures in place for various scenarios, Remulla said. “Yes, we are ready. In fact, command conference namin tungkol dito ngayon. We have 20,000 police now deployed, and we are ready for any contingencies,” Remulla told reporters during an interview. The DILG Secretary said coordination meetings and command conferences among concerned agencies are ongoing to finalize operational plans and ensure seamless interagency coordination ahead of the President’s address. The Department emphasized that heightened security measures are intended to protect the public and maintain peace and order amid reports of planned mass demonstrations in parts of Metro Manila during the SONA. As part of these preparations, the PNPNational Capital Region Police Office (NCRPO) will be placed under full alert status beginning 5:00 p.m. on Friday, July 24, 2026. The NCRPO said regular anti-criminality operations and police visibility efforts will continue without interruption while security operations for the SONA are underway. The PNP has, likewise, heightened security at traditional demonstration areas, including the Batasang Pambansa and People Power Monument in Quezon City, Malacañang, Liwasang Bonifacio, the Senate in Pasay City, and the United States Embassy. Meanwhile, Remulla said the administration remains focused on delivering results and expressed optimism that sustained gains in governance and public service will continue to strengthen public confidence. “The economy is surprisingly resilient. Inflation is controlled. Crime is down. I think with the resolution of some cases, with the arrest of some unwanted persons, with the conclusion of the flood-control, tingin ko aakyat din ‘yan,” he said.

Hiraya. . . Continued from B8 n Balibago Waterworks System Inc. n Teresa Waterworks Inc. n Calsons Waterworks n Villages Water n BP Waterworks n Taguete Waterworks n Trilan Waterworks n Lago Waterworks n Leoncia Waterworks n Neplum Waterworks

Asked about complaints from residents who said they continue receiving water bills despite prolonged interruptions or weak water pressure, company officials said billing practices continue to follow the Angeles City Water District’s Citizens Charter. Lopez said the company remains committed to improve service. “We are aware of the challenges and we are doing our best to improve these services,” Lopez said. “We will continue to drill more wells if needed to make sure people benefit from these developments.” Meanwhile, the Angeles City Council is considering additional consumer protection measures for utility customers. During a committee hearing Wednesday, Councilor Maricel Morales proposed an ordinance that would require utility providers, including the Angeles Electric Corp., to provide at least 30 days’ notice before implementing rate increases or tariff adjustments. The proposal would also require monthly water quality reports, independent water sampling by the City Health Office, prohibit “air billing,” require immediate inspection of disputed water meters, and bar utility disconnections on Fridays, weekends and holidays or while billing disputes are pending. Under the proposed measure, water concessionaires would also be required to provide free water tanker services if interruptions last more than 12 hours. The ordinance also seeks to establish a Utility Consumer Welfare Trust Fund to support water quality testing, engineering audits and emergency water distribution, while imposing administrative penalties on violators.

Occidental, Negros Oriental, Zamboanga del Norte, Zamboanga del Sur, Zamboanga Sibugay, Lanao del Norte, Lanao del Sur, Maguindanao del Norte, Sultan Kudarat and Sarangani today until tomorrow, while Palawan, Antique Iloilo, Guimaras, Occidental Mindoro and Negros Occidental will experience the same intense rainfall by Friday to Saturday noon. Pagasa said Kiyapo will continue moving west-northwestward until Saturday towards the Luzon Strait before turning northwestward. The center of Kiyapo may pass very close to the nor theastern por tion of mainland Cagayan between tomorrow morning and afternoon, then pass very close or make landfall in the vicinity of Babuyan Islands between tomorrow afternoon and evening.

It is forecast to exit the Philippine Area of Responsibility by Saturday morning or noon. According to weather forecasters, it will gradually intensify while moving over the Philippine Sea and may reach tropical storm category tomorrow. It will continue to strengthen while traversing Extreme Northern Luzon and may intensify into a severe tropical storm after passing the Babuyan Islands. A weakening trend is expected once Kiyapo makes landfall in the vicinity of southern mainland China and moves further inland. As of 11 a.m. Kiyapo was spotted 830 km East of Northern Luzon, packing maximum sustained winds of 45 kilometers per hour near the center and gustiness of up to 55 kph. It is moving at a speed of 25 kph northwestward. Jonathan L. Mayuga

shifted from planning to execution in its energy transition, supported by expanding investments in solar, wind, hydro, geothermal and emerging small-scale nuclear technologies. The government’s target of generating 30 percent of electricity from renewable sources by 2030 provides long-term policy support for continued investments.

quality of employment that may be created under the initiative, saying previous foreign-led manufacturing investments have often produced temporary or lowvalue jobs with limited technology transfer to local firms. IBON further argued that Pax Silica should be given a closer perspective within the broader geopolitical competition between the United States and China, pointing out that the initiative supports efforts to secure semiconductor and critical mineral supply chains for allied economies. It warned that Philippine development priorities should not be overshadowed by foreign strategic interests. Nevertheless, the Marcos administration has defended PAX Silica as a key component of its strategy to accelerate economic transformation and attract high-value industries. Further, government officials have said the initiative complements the Luzon Economic Corridor and is expected to bring investments in semiconductor manufacturing, digital infrastructure, ar tificial intelligence, clean energy, and critical minerals processing. They argued these investments could generate thousands of higherpaying jobs, strengthen the country’s role in global supply chains, and improve its competitiveness as multinational companies diversify their production networks.

IBON’s view

HOWEVER, economic think-tank IBON Foundation expressed cynicism about whether Pax Silica will deliver genuine industrialization, arguing that it risks reinforcing the country’s long-standing dependence on foreign investment and multinational corporations. Although Pax Silica could attract billions of pesos in investments and generate new jobs, IBON said the Philippines may remain at the lower end of global value chains if it continues to focus on export-oriented manufacturing without developing strong domestic industries. “Industrialization is not simply about attracting foreign investors,” IBON said in a policy paper, emphasizing that the country needs to build Filipino-owned manufacturing firms, strengthen local technological capabilities, and promote value-added production. The group also raised concerns over the

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2nd Front Page BusinessMirror

PBBM SEEKS ‘RESET’ IN TALKS WITH BEIJING AFTER SEA CLASH

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RESIDENT Ferdinand Marcos Jr. has sought a “reset” of talks with Beijing to prevent future violent confrontation between the Chinese Coast Guard and members of the Philippine Army during his meeting with Chinese Ambassador to the Philippines Jing Quan earlier this week. This, after two members of the Philippine Navy were hurt by people onboard a Chinese Coast Guard vessel at the Ayungin Shoal last Monday. Marcos condemned the incident, which prompted him to summon the Chinese Ambassador. “Whatever issues exist between China and the Philippines, he [Marcos] wants a reset in those discussions. The Chinese ambassador heard him, and the President also heard [the position of the] Chinese ambassador; so, hopefully, this leads to a better outcome,” Palace Press Officer Claire Castro said in a press briefing on Thursday. Castro declined to give further details about the meeting, which lasted an hour and 20 minutes at the Palace, but she said its outcome appears to be positive. As to the Chinese embassy’s claim that the Ayungin incident happened after the Philippines

allegedly violated the terms of a supposed 2024 arrangement between Manila and Beijing by doing construction work in BRP Sierra Madre, Castro said she has no information on the matter. The DFA has denied there was such an arrangement. BRP Sierra Madre is a Philippine Navy ship, which was intentionally ran aground in the Ayungin Shoal to allow the country maintain its territorial claim in the area. Castro challenged the Chinese embassy to release a copy of the said 2024 agreement. The Presidential Communications Office undersecretary said the Philippine government is still open to holding future talks with China despite its repeated efforts to encroach on parts of the West Philippine Sea. “We should always act in good faith. We should always have in mind that we are dealing with people who will also be in good faith. It is difficult to [make a] deal when you immediately think that the person you are talking to is lying,” Castro said. In a related development, Marcos visited the two Philippine Navy members who were hurt from the Ayungin mishap, at the Camp Ricarte Station Hospital sa Puerto Princesa City See “‘Reset,’” A2

Friday, July 24, 2026 A17

Wang Yi: PHL‑China ties at crossroads; protests traded By Malou Talosig‑Bartolome & Rex Anthony Naval

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HINESE Foreign Minister Wang Yi and Philippine Foreign Secretary Ma. Theresa Lazaro exchanged protests over the July 20 maritime clash at Ayungin Shoal, underscoring the deepening strain in bilateral ties.

China’s Foreign Ministry spokesman Guo Jiakun said Wang lodged a “strong protest against the reckless act” of Philippine Navy sailors, accusing them of ramming inflatable boats into a China Coast Guard (CCG) vessel. Beijing insisted the Philippine side provoked the incident—a claim the Armed Forces of the Philippines has denied. The exchange took place during Wang and Lazaro’s bilateral meeting on the sidelines of the Asean‑related ministerial meetings in Manila, their first Foreign Minister‑level engagement in two years. The DFA earlier said Lazaro pro-

tested the “violent” incident that injured a Filipino soldier, while also raising Manila’s objections to the July 10 AI‑generated China Daily video portraying Filipinos as “stupid monkeys” and as lackeys of the US and Japan. On Thursday, a third incident tested the Asian neighbors’ relations: The Philippine Coast Guard (PCG) reported being harassed by the CCG as it, along with the Bureau of Fisheries and Aquatic Resources (BFAR), conducted fuel subsidy missions for Filipino fishermen at Bajo de Masinloc (BdM). The CCG side used its water cannon and at

one point, executed a dangerous maneuver, crossing approximately 500 meters ahead of the bow of BRP Datu Paiburong (MMOV-3018).

Relations at a crossroads

AMID this chain of incidents, Guo quoted Foreign Minister Wang as saying. “China‑Philippines relations now stand at a crossroads, and it falls on the Philippines to make a right and rational choice about the way forward.” Wang questioned the timing of the Ayungin clash, noting it occurred a day before his scheduled visit to Manila. He alleged that “some forces in the military and police” deliberately create incidents to derail dialogue, acting on the “bidding of external forces” rather than the well‑being of Filipinos. Wang warned that attempts to “provoke trouble with the help of external forces” would only cause the Philippines to “reap what it sows.” He urged Manila to stop provocative maritime actions, honor commitments made to China, and take steps to stabilize relations.

Teodoro: China has no right to enter

DEPARTMENT of National Defense

(DND) Secretary Gilberto Teodoro Jr. on Thursday said Chinese maritime forces, especially its Coast Guard, have no right to enter Philippine territory in the West Philippine Sea (WPS) and interfere with Filipino troops there going about their lawful mandate. He issued this comment after Chinese Ambassador to the Philippines Jing Quan, attempted to justify the actions of the CCG who clashed with Philippine Navy personnel manning the BRP Sierra Madre (LS-57) in Ayungin Shoal on July 20. The Chinese envoy claimed that CCG personnel went to Ayungin Shoal after receiving reports that Filipino troops are engaging in construction activities aboard the Sierra Madre, which he said is in violation of a provisional agreement entered into by the two nations. And while not confirming construction activities, Teodoro said, in a mix of Filipino and English, “They have no right to interfere, secondly, they have no right to be there.” Asked if China’s actions are escalatory in nature in the WPS, Teodoro said, “it’s not an escalation. It is part of a design to control the Pacific Ocean.” See “Wang Yi,” A2

Expanding RE key to stable pricing –energy think tank

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CYBER THREATS IN FOCUS National Bureau of Investigation (NBI) Director Atty. Melvin A. Matibag (left) and Rotary Club of Manila President Reginald T. Yu are seen during the Rotary Club of Manila’s third weekly membership meeting at the Sheraton Manila Hotel in Pasay City on Thursday, July 23, 2026. Speaking on the sidelines of the event, Matibag said the NBI has launched a case build-up into alleged online death threats against Sen. Risa Hontiveros, adding that investigators will determine whether the evidence warrants the filing of charges before the Department of Justice. Story in B8 News. NONOY LACZA

Asean Dialogue Partners bare plans By Malou Talosig-Bartolome

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SEAN foreign ministers spent most of Wednesday in separate meetings with 11 of their dialogue partners: the United States, Canada, Russia, China, South Korea, Japan, India, Australia, New Zealand, the European Union and the United Kingdom. The sessions were held behind closed doors, with media allowed only during the ministers’ opening remarks. The meetings produced a wide range of pledges and announcements spanning trade, security, energy, digital cooperation, and re‑ gional stability. Highlights included: n United States: Secretary of State Marco Rubio announced: n US$2.5 billion in strategic US govern‑ ment investments

n US$1.5 billion in Development Finance Corporation projects for aviation, energy, and supply chains n Nearly US$130 million in assistance for demining and civilian safety, plus initiatives to strengthen energy security through LNG market development, grid technologies, civil nuclear programs, and critical mineral sup‑ ply chains n Canada: Foreign Minister Anita Anand unveiled: n C$1.7 million to help Philippine com‑ munities safeguard children from exploita‑ tion and recruitment by criminal and terror‑ ist networks n C$1 million to the World Bank to com‑ bat money laundering, terrorist financing, and proliferation financing in the Indo‑Pa‑ cific n C$2.4 million to support the Asia‑Pa‑

cific Group on Money Laundering in tackling money laundering, terrorist financing, and emerging threats such as cyber‑enabled fraud n C$455,000 to reinforce fair recruit‑ ment systems for migrant workers, and C$490,000 to support women’s leadership during the Philippines’s Asean chairship this year n Russia: Foreign Minister Sergey Lavrov cited “promising prospects” in food and energy security, as well as digital transformation with Asean partners. n Australia: Foreign Minister Penny Wong said, “We will cooperate where we can and disagree where we must, and we want to con‑ tinue to engage because we believe that is in our national interest.” She emphasized peace and stability in the region, professional military conduct, transparency of intent, and issues of

consular affairs and human rights. n European Union: High Representative Kaja Kallas called for a strategic partnership with ASEAN “based on concrete action,” high‑ lighting cooperation in supply chain resilience, digital and green transition, and protection of undersea critical infrastructure and maritime security. n China: Foreign Minister Wang Yi noted Asean‑China trade volume reached US$1 tril‑ lion in 2025, stressing that “mutual trust and mutual benefit” had been the foundation of progress. He expressed hope that “sincerity, inclusiveness, and cooperation” would drive future prosperity. n South Korea: Foreign Minister Cho Hyun outlined pragmatic initiatives under the new South Korea‑Asean Comprehensive Strategic Partnership, including an AI‑companionship See “Asean,” A2

By Lenie Lectura

XPANDING indigenous renewable energy (RE) provides stable pricing that shields consumers from volatile market costs and lowers electricity rates, the Institute for Climate and Sustainable Cities (ICSC) said Thursday. ICSC’s insight comes after the Department of Energy (DOE) announced that the Philippines has the highest average residential electricity rate in Southeast Asia. According to the DOE, high electricity prices have been driven by tightening supply, prolonged power plant outages, higher fuel costs, and greater reliance on more expensive electricity sources. Nearly 50 distribution utilities (DUs) recorded residential electricity rates above the national average of P12.43 per kilowatt-hour (kWh) in June 2026, indicating that consumers in many parts of the Philippines continue to pay significantly more than the national benchmark. “National averages, however, tell only part of the story. Data compiled by ICSC through its electricity rate monitoring platform—the Power Rates and Energy Supply Overview for the Philippines (PRESYO-PH)—indicates that 48 ongrid electricity providers recorded residential rates above the national average in June 2026. This shows that many Filipino households are paying significantly more than the national benchmark,” it said. Electricity prices are influenced by a range of factors, including power supply agreements, exposure to the Wholesale Electricity Spot Market (WESM), and local operating conditions. The recurrent outages of many coal power plants, particularly in the Visayas region, have driven WESM prices sharply higher. This significantly contributed to the recurring grid alerts and the increase in electricity rates. DUs with greater exposure to WESM purchases were particularly affected by these price spikes.

Southern Leyte Electric Cooperative (Soleco) posted the highest residential electricity rate in June at P16.57 per kWh, up 32 percent from May. This surge occurred after the generation charge—the largest component of an electricity bill— shot up by almost P4 per kWh. Next is the Aurora Electric Cooperative, Inc. (Aurelco) which currently charges P16.42 per kWh. On the other hand, there are DUs with lower rates like Bohol Electric Cooperative I (Boheco I) in Bohol province, whose residential electricity rate was approximately P10.80/ kWh in June. Another is Sna Jose City Electric Cooperative (Sajelco) in NuevaEcija, with a residential electricity rate of P9.85/kWh. ICSC said a contributing factor to these lower rates is their power procurement strategy, which prioritizes geothermal energy, an indigenous resource with relatively stable and predictable generation costs. As a result, despite elevated WESM prices, these DUs were better able to shield their consumers from higher electricity costs. ICSC pointed out the need to diversify the country’s power mix by expanding the use of indigenous RE resources with more stable and predictable pricing, supported by prudent long-term power procurement and planning. “While recent public discussions have focused on the various charges reflected in electricity bills, the generation charge consistently accounts for the largest share of what consumers pay. This highlights the need for a more diversified power mix centered on indigenous renewable energy resources and improved power procurement strategies that prioritizes affordability, energy security, and resilience,” noted ICSC Energy Transition Advisor Alberto Dalusung III. He stressed that expanding the role of indigenous RE resources presents a practical path toward a more secure, affordable, and reliable energy future.

A18 Friday, July 24, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

Fuel dependency, not political theater, is our real economic enemy

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S impeachment proceedings and partisan feuds continue to capture national attention, Citi Philippines CEO Paul Favila has offered a sobering counter-narrative. The perpetual controversies surrounding the Vice President and the political machinations within the Senate, while headline-grabbing, pale in comparison to a more insidious challenge: the nation’s enduring dependence on fuel imports. (Read the BusinessMirror story: “Reliance on imported fuel, top PHL risk,” July 21, 2026). Favila’s assessment reflects how international investors actually view the country. While domestic audiences obsess over the impeachment trial and the latest political maneuverings, global capital is looking at a different metric entirely—energy security, or rather, the lack thereof. The observation cuts two ways. Philippine economic policy has long been a prisoner of political cycles—every new administration reshuffles infrastructure, incentives, and regulations to suit its agenda. But Favila’s April meetings in New York, held amid escalating Middle East tensions, revealed something telling: global investors have learned to look past political theater. What actually erodes their confidence is structural vulnerability. Favila’s comparison to other Asian nations is particularly instructive. He notes that while political chaos exists everywhere—“parliamentarians throwing chairs at each other”—these countries have managed to progress economically despite their governance theatrics. The Philippines, however, has allowed politics to “seep into” economic decision-making in ways that create genuine vulnerability. The country’s reliance on imported fuel affects everything from electricity prices to transportation costs to manufacturing competitiveness. When global energy markets convulse, the Philippine economy absorbs the shock immediately. Domestic firms face higher operating costs. Consumers see inflation in food and basic goods. The central bank faces impossible choices between controlling inflation and supporting growth. What makes Favila’s critique sting is his assertion that “politics does not know how to run an economy.” This is not a call for authoritarianism or technocratic rule; rather, it is an indictment of how our political culture has consistently prioritized short-term partisan gains over longterm economic resilience. Energy policy, in particular, has suffered from decades of political interference, regulatory uncertainty, and populist pricing mechanisms that have discouraged the very investments needed to reduce import dependence. The message to policymakers should be clear: investors are willing to tolerate political noise, but they will not tolerate structural economic fragility. The impeachment trial may make for compelling television, but it is the nation’s fuel import bill that determines whether factories stay open, whether jobs are created, and whether the Philippines can finally achieve the sustained growth that has eluded it for generations. The irony is that political stability and energy security are not mutually exclusive; they are mutually reinforcing. A nation that controls its energy destiny is a nation that can weather political transitions without economic trauma. Conversely, a nation that remains dependent on foreign fuel will find that every political crisis becomes an economic crisis, and every economic shock becomes political ammunition. Favila’s warning should serve as a wake-up call. The Philippines can survive political drama—other nations have proven that. What it may not survive is another decade of energy dependence masquerading as economic policy. The challenge, then, is to take politics out of the economy where it matters most: in the structural decisions that determine whether the country controls its own destiny or remains hostage to global energy markets. That is the battle worth fighting. Everything else is just noise.

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Red-tagging the traditional lightning rallies during UP graduation Dennis Gorecho

Kuwentong Peyups

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IGHTNING rallies are part of a longstanding tradition across the University of the Philippines (UP) System where graduating students and student leaders raise sectoral and national issues during commencement exercises.

They take the stage with unannounced or scheduled protests to spontaneously unfurl banners with inscriptions like “Serve the People” while chanting “Iskolar ng Bayan, Ngayon ay Lumalaban,” wear political messages on their traditional sablay, and deliver speeches on social justice, human rights, and other socio-economic issues. This tradition aims to collectively raise issues that matter to them and amplify calls as they receive their diplomas—a reminder that the honor and excellence they carry beyond the university are inseparable from service to the people. Following the declaration of Martial Law in 1972, student activists realized conventional, prolonged protests were easily crushed by the state. The “lightning rally”—swift,

unexpected, and punchy demonstrations—was adopted as an effective tactic to evade arrests and capture public attention without giving authorities time to disperse them. UP is known globally as a university system that fosters the ideals of academic excellence, freedom and human rights, nationalism and development, and progressive thinking, hence its campuses, are also famous for being centers of student activism and dissent. The culture of activism in UP has largely been shaped by the student and people’s movements that challenged the prevailing social order and influenced historical events since UP’s establishment in 1908. “The struggle for freedom is the next best thing to actually being free,” a popular line from the late UP

student leader Lean Alejandro who became a key figure in the national anti-dictatorship movement. Comments on social media videos of lighting rallies during the graduation ceremonies were peppered with familiar lines: “Corned beef,” “NPA” “Mamundok na kayo” often accompanied by laugh reactions or graphic commentary. The term “corned beef” is used in social media to describe the bodies of suspected rebels killed in the armed encounters. Two UP students (Alyssa Alano and Maureen Keil Santuyo) were among the 19 civilian casualties during the military operation in Barangay Salamanca, Toboso, Negros Occidental on April 19, 2026. The term is a form of “dark slang” that refers to the reddish, shredded, or mutilated appearance of severely damaged human remains, which some claim resembles canned corned beef. Reducing a person to a “processed and disposable” food item, “corned beef” is often used by pro-military or anti-insurgency users on platforms to mock the fallen alleged rebels by stripping away their humanity. It is not just a descriptor but a tool of psychological warfare used to dehumanize dissenters and desensitize the public by turning violent scenes into internet memes or jokes.

State-prepared scripts of vicious language are propagated, mostly by trolls, to drown out progressive voices and ensure that the public perceives activists as legitimate targets. Dehumanizing words become normalized through a gradual process in which language that strips individuals or groups of their human qualities is repeated, accepted, and integrated into everyday discourse. Activists are often framed as threats to social order—“troublemakers,” “anti-development,” or “enemies of peace.” “Corned beef” is also linked with long-running state counterinsurgency disinformation narratives of redtagging UP as a breeding ground for communists, downplaying UP’s role as a stronghold of academic freedom and independence. Red-tagging, also known as redbaiting, is a pernicious practice as part of the government’s counterinsurgency efforts that targets individuals or organizations critical or not fully supportive of the actions of a sitting administration by publicly accusing them as either communists or terrorists or both, regardless of their actual political beliefs or affiliations. The Supreme Court stated in Deduro v. Maj. Gen. Vinoya (G.R. No. 254753, July 4, 2023) that “redSee “Gorecho,” A19

China clings to austerity despite sharper economic slowdown

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HINA’S public spending plunged last month by the most since October, suggesting the government tightened fiscal policy further despite increasing calls for more support as economic growth slips. A broad measure of expenditure tumbled 11.9 percent in June from a year earlier, according to Bloomberg calculations based on Ministry of Finance data released Wednesday. By contrast, broad fiscal revenue gained 1.8 percent. That took the broad deficit in the first half to 4.57 trillion yuan ($675 billion), 13 percent less than a year earlier. Goldman Sachs Group Inc. estimates the “negative fiscal impulse” in April-June contributed more than 40 percent of the sequential decline in real economic growth from the first to second quarter. China’s fiscal pullback has put a drag on overall investment, with economic expansion weakening more than expected in the second

quarter. A shift toward looser policy is still likely as top officials call for faster deployment of pro-growth measures that have already been approved to ensure the economy expands enough to meet Beijing’s annual target of 4.5 percent to 5 percent. The slowdown in fiscal expenditure “appears to be an intentional fine-tuning of the spending pace after strong first-quarter growth,” Standard Chartered Plc. economists including Ding Shuang wrote in a Wednesday note. “The government retains sizeable fiscal headroom within the budget framework approved in March,” they said. The Ministry of Finance said it

will continue to carry out what it called a “more active” fiscal policy, according to a statement made in a video clip released as part of its quarterly briefing. Among other steps, it said officials will “push for all existing policies to be rolled out on the ground and look to “reasonably accelerate the pace of spending,” along with stronger expenditure aimed at improving people’s well-being. The ministry also pledged continued backing for “the expansion of effective investment.” That phrase hints at the government’s continued focus on quality projects to avoid wasteful investment—an approach that’s presented a hurdle for faster spending. Infrastructure-related spending under the general public budget, the largest among the government’s four books, fell almost 9 percent in April-June from a year earlier, according to Bloomberg calculations

based on the ministry’s numbers. Meanwhile, the government’s combined expenditure on education, healthcare as well as social security and employment rose 4.9 percent in the period. Officials have since last year been touting a policy of “investment in people,” as part of efforts to encourage births and household spending, handing out perks such as childcare subsidies and pre-school fee exemptions. In a separate video clip, the ministry attributed a first-half increase of 4.7 percent in general public income, which incorporates tax revenue, to a recovery in industrial prices and corporate earnings, along with robust stocks trading and stronger imports. The intake from value-added tax, the country’s largest source of fiscal revenue, rose 6 percent. China’s revenue from corporate income tax, the See “China,” A19

www.news.businessmirror@gmail.com

Opinion BusinessMirror

Friday, July 24, 2026 A19

Singapore PM rejigs team From modern to ancient dumbing down with younger ministers, focus on energy Tito Genova Valiente ANNOTATIONS

By Faris Mokhtar

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INGAPORE Prime Minister Lawrence Wong is bolstering his leadership team, elevating several younger ministers in a cabinet reshuffle following recent resignations from his bench.

Among the changes announced Wednesday, first-term politician Jeffrey Siow, 48, will be promoted to transport minister and second minister for finance. One-third of Wong’s cabinet will be younger than the age of 52. The appointments are effective July 27. With an increased focus on energy matters “which are vital to Singapore’s economic competitiveness and future,” Wong said the Ministry of Trade and Industry will be renamed Ministry of Energy, Trade and Industry from October 1. The refreshed slate is Wong’s second rejig after he led the ruling People’s Action Party to a convincing victory in last year’s general election. The premier is boosting his slate of younger talent and putting more women into senior roles as he readies Singapore’s next generation of leaders to take shape by the vote due by 2030. “We are giving the newer and younger officeholders greater responsibilities as they step up,” Wong, who is 53, said at a press conference. “At the same time, we are maintaining continuity and experience in the core leadership team.” Earlier this week, Acting Minister-in-charge of Muslim Affairs Muhammad Faishal Ibrahim resigned after his interactions with a woman failed to meet the standards expected of a public office holder. Wong appointed Zaqy Mohamad in his place. In June, Koh Poh Koon stepped down as senior minister of state for manpower and health for family reasons. Minister-in-charge of Energy and Science & Technology Tan See Leng will relinquish his manpower portfolio to “devote his full attention” to his new remit as Minister for Trade & Industry (Energy & Industry), Wong said. Singapore, which relies heavily on imported natural gas for power generation, is particularly vulnerable to swings in global energy markets, with recent disruptions adding to cost pressures. Wong convened a crisis ministerial committee earlier this year to assess risks and ensure energy security. The city-state has been looking at alternative solutions to bolster its energy security, such as nuclear power, and will undergo a review on its ability to make a decision on the potential deployment of advanced nuclear technologies by the International Atomic Energy Agency starting in 2027. The reshuffle signals that Wong is trying to put more emphasis on boosting the economy given the disruptive geopolitical conditions and concerns over job instability, said Teo Kay Key, senior research fellow at Singapore-based thinktank Institute of Policy Studies Social Lab. Policymaking now is more mul-

Gorecho. . .

continued from A18

tagging is a threat to people’s life, liberty, and security.” “Red tagging is used by the military and paramilitary units to silence or cause untold human rights abuses on vocal dissenters,” said my UP Law professor and SC Senior Associate Justice Marvic Leonen. No UP student is limited to lessons learned within the classroom. UP said in a statement that the institution “stand by the right of all students to lawfully and peacefully exercise their constitutionally protected freedoms, especially in furtherance of raising their social

The refreshed slate is Wong’s second rejig after he led the ruling People’s Action Party to a convincing victory in last year’s general election. The premier is boosting his slate of younger talent and putting more women into senior roles as he readies Singapore’s next generation of leaders to take shape by the vote due by 2030. tifaceted and complex and policymakers need to have a better understanding of the entire landscape, she said. Wong described his search for someone to succeed him as finance minister as “work in progress,” the Straits Times reported on Wednesday. “I am always looking to find someone who will be ready to be finance minister.” Wong took over as finance minister in 2021 and has been double hatting since he became prime minister in 2024. Apart from Siow, Indranee Rajah is the other second finance minister. Deputy Prime Minister Gan Kim Yong and Minister for National Development Chee Hong Tat both sit on the central bank’s board. Singapore needs both experienced and new generation leaders to steer the city-state through immediate challenges, the premier said. “Leadership renewal is therefore a continuous process,” he said. “That is how we build a strong team for Singapore—not just for today, but for the years ahead.”

Other changes include:

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ATELY, the concept of Dunning-Kruger effect has been bandied around locally. The idea was to embellish their discourse to prove a point. David Dunning and Justin Kruger are two scientists from Cornell University, who in 1999 tested participants in the area of logic, grammar and humor! Back then, I wondered how the respondents fared in the test. Apparently, those who performed in the bottom quartile rated themselves above average.

The examiners attributed this tendency to “metacognition,” a process that can be explained away as “thinking about your thinking,” not exactly à simple act. Do our senators think about their thinking? In the act, what do they achieve? One of the most terrifying prospects is that if, for example, politicians were game enough to participate in the experiment, it is possible that they reach conclusions and errors but due to their incompetence, they may not realize it at all. It is as if you know but you do not know. It is a painful ending. At the core of these difficulties is confidence. We put a lot of premium on it that we cannot lose face; we put on the mask of confidence at the expense of truth. There is also this common perception that our skills and talent in one domain or area can be transferred to another, as if genius is a moveable feast. Or that, our skills as a professor of philosophy can be moved into the area of post-modern literature. Imagine an individual like this. The DunningKruger effect says this can bring about overconfidence. Depending

By Maggie Eastland

E-mail: titovaliente@yahoo.com

trols on AI chips, restricts the sale of advanced processors to Chinese companies outside of China. Trump officials are now looking into whether some companies took advantage of a loophole to ship advanced AI chips to subsidiaries of Chinese firms. Nvidia and Moonshot didn’t respond to a request for comment on the Kratsios post. Moonshot’s K3 upended assumptions that Chinese AI capabilities were meaningfully behind US leaders such as OpenAI and Anthropic PBC. The Chinese lab said its open-weight model outperforms all rivals except for Anthropic’s Claude Fable 5 and OpenAI’s GPT-5.6 on overall capability, setting off a rout in tech stocks similar to DeepSeek’s impact last year. Moonshot “developed a sophisticated internal platform to conduct

large scale distillation against US models,” Kratsios said, referencing a technique in which AI researchers use the outputs of a so-called teacher model to train a student model and replicate some of its capabilities. Treasury Secretary Scott Bessent on Tuesday voiced similar distillation concerns, though not specific to Moonshot, about open-source Chinese AI companies engaging in what he called intellectual property theft to create AI models. “This administration supports open source models, but what we do not support is IP theft. If we see, especially, that overseas models are stealing from our great companies, we have the ability to sanction them,” Bessent said on Fox Business. He reiterated that stance on Wednesday, writing in a post on X that US sanctions and entity list designations “will be on the table.” Bessent’s comments echoed growing accusations from OpenAI and Anthropic that their Chinese rivals have made systematic and unauthorized use of results from leading US models to develop a rival generation

of chatbots at a fraction of the cost. Anthropic has previously accused Moonshot specifically of distilling its models. Moonshot has not responded to those allegations. In April, the Trump administration vowed to take further steps to address the practice, known as adversarial distillation, including weighing steps to hold foreign actors accountable. Lawmakers in the House and the Senate have advanced legislation with similar aims of blacklisting or sanctioning Chinese firms found to be improperly distilling from US models. The possibility of sanctions is bubbling up as Moonshot dashes toward a final fundraising round before moving toward an initial public offering in Hong Kong as soon as this year. For now, Moonshot plans to raise capital at a valuation of as much as $50 billion. Though US investors don’t face blanket restrictions on backing companies traded in Hong Kong, targeted sanctions could prevent American capital from reaching specific firms. With assistance

tion of a massive “Six Networks” program—a strategic national infrastructure push involving data centers, power grids and telecom networks aimed at positioning China for long-term growth in the new era of artificial intelligence. Prior to that, Premier Li Qiang promised to fully leverage existing policies and study a pipeline of additional measures as part of a more active response to the economic slowdown. Chinese provinces are already ramping up fundraising for capital expenditure. In June, local governments issued 291.7 billion yuan of bonds primarily to be used for infrastructure investment, according to Bloomberg-compiled data. That’s the highest since February and more than double the amount sold in the previous month—although it remains slightly below its yearearlier level. The trend will likely continue in

the months ahead, as provinces still have nearly 1.9 trillion yuan in remaining bond quota to draw down in the second half. “Faster budget execution in the second half is all but certain, largely making up for first-half underspending. The real test is whether Beijing signals additional stimulus and, more importantly, a structural pivot from supply-side capacity building to demand-side support,” said Bloomberg economists Chang Shu and David Qu. After prioritizing borrowing to refinance off-balance sheet debt earlier in the year, local governments will probably cram their sales of infrastructure bonds into the third quarter. They are now close to using up the remainder of a three-year swap bond allowance of 6 trillion yuan. Investors are keenly awaiting Beijing’s future plans for dealing with local debt risks, which are key

to the health of regional government finances. The outlook may become more clear when the ruling Communist Party’s decisionmaking Politburo meets later this month. “Whether the Politburo meeting offers policy guidance on what comes after the 6 trillion yuan program expires will be critical for market expectations of government bond supply over the medium to longer term,” Guotai Haitong Securities Co. analyst Tang Yuanmao wrote in a Wednesday note. Separately, the government has also planned 800 billion yuan in new policy financing tools—a quasifiscal instrument used to drive investment—for this year. The funding hasn’t yet been tapped and is set for an aggressive rollout in the third quarter, the state-run Securities Times reported Wednesday. With assistance from James

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WHITE House official accused China’s Moonshot of improperly using US artificial intelligence models and Nvidia Corp. chips to create the Kimi K3 system that stunned the tech industry last week with its advanced capabilities.

The company “acquired GB300equipped servers and has accessed GB300s in Thailand, likely to train its AI models,” White House Office of Science and Technology Policy Director Michael Kratsios said in a social media post Wednesday, making the case that Moonshot violated US export control rules and companies’ terms of service to build its product. The semiconductor ser vers Kratsios referenced are part of the Blackwell generation of Nvidia products, which the US forbids from sale to Chinese companies. Though the Trump administration has allowed some sales of Nvidia’s H200 chips, it continues to prevent sales of the more advanced Blackwells. A May memo affirmed that the Bureau of Industry and Security, which is responsible for export con-

Al-Rikabi, Isabelle Chong, Srinidhi Ragavendran and Sing Yee Ong /Bloomberg

continued from A18

Peyups is the moniker of the University of the Philippines. Atty. Dennis R. Gorecho heads the Seafarers’ Division of the Sapalo Velez Bundang Bulilan Law Offices. For comments, e-mail info@ sapalovelez.com, or call 0908-8665786.

cultural component to it. This will be our learning as members of the civil society and their lessons as our esteemed politicians. Who remembers Caligula and his “foolish Roman Senator”? Caligula was always portrayed as a stuttering, dumb emperor. But, seated or standing with his foolish Senator, Caligula was either a madman or the most enviable Satirist. His foolish Roman Senator, after all, was a horse, fitted with the most expensive jewels. His name was Incitatus. Caligula did not only want him elevated to the Senate; the emperor was on his way to making Incitatus into a Consul. Historians remained conflicted as to whether all these grand and silly plans were realized. These could have been metaphors. Or hallucinations. If there’s one conclusion that we, modern man and ancient thinkers, can agree upon is that the act of Emperor Caligula to make his horse Incitatus into a Senator is to mock the Senate and its lack of power and to show his contempt for the institution. Do we have the chance to do this? Do we have Incitatus in our midst?

US official says Moonshot accessed banned Nvidia chips

K SHANMUGAM, 67, will be senior minister on top of his two other portfolios—coordinating minister for national security and minister for home affairs. David Neo, 48, will become minister for culture, community and youth. He was previously acting minister in that portfolio. Zaqy Mohamad, 51, who was earlier appointed as Acting Ministerin-charge of Muslim Affairs, will remain as senior minister of state in the defense ministry. Jasmin Lau, 43, who contested in her first election in 2025, will become acting manpower minister. She will also be appointed as senior minister of state in the ministry of digital development and information. Sim Ann, 51, was appointed second minister for foreign affairs and second minister for home affairs. Ng Chee Meng, 57, is back in the cabinet as minister in the prime minister’s office. The labor union chief said last year he wouldn’t seek another government role after his return to politics was marred by controversy. With assistance from Ramsey

consciousness. The University shall remain a beacon of critical thinking, conscience, and courage.” Lightning rallies remind graduating students of their transition from students to professionals to still be committed to serving the people. Every graduating class faces a different political, economic, and social landscape. As long as these issues persist, the students will continue using commencement ceremonies to express solidarity with different sectors.

on the system in which certain individuals operate, the end-product is arrogance. There are studies indicating that, following Psychology Today, the Dunning-Kruger effect points to à compelling fact—overconfidence is strongest among the worst performers. The context for this is in the domain of chess. We can simplify the DunningKruger effect as a cognitive bias. This bias says individuals with limited knowledge have the tendency to exaggerate their own know-how in an area. I particularly like the metaphor of Mount Stupid. Think of a real mountain. À peak. On the summit of that Mountain Stupid is overconfidence, which you arrived at after learning a small amount of knowledge about a topic. Because you have arrived at the peak, you develop this illusion that you have gained enough mastery about the subject matter. This is part of the confidence curve, which includes the Valley of Despair, in which, confidence about a knowledge sinks (knowledge about other politicians?). Then there is the third, the Slope of Enlightenment, where we expect our leaders to continue to

study if only to match what they know. There is a much-quoted line from David Dunning, which says: “Not knowing the scope of your own ignorance is part of the human condition. The problem with it is we see it in other people but we don’t see it in ourselves.” The more I go deeper in these studies, the more I fear that we may be creating multiple echo chambers. I would like to bring down the topic to the level of local politics, where these concepts could matter. Will our local leaders care? May they discuss the implications of these tests and implications? Given the antiseptic and nonjudgmental nature of these tests, will they find humor in the social experiment? We can test Senator Aquino, for example, in tandem with Senator Gatchalian and let them see the humor in questions that aim to validate concepts of looking into the nature of their “thinking about their thinking.” There will be no pressure to excel, but simply to rethink. It should be fun. Two senators can face each other and measure their “confidence” and “overconfidence.” Who knows these concepts of overconfidence and confidence may not exist among our senators, afterall tests have crucial

China. . .

second biggest, gained 3.9 percent. Growth in stamp duty surged 40.9 percent in the period, the most among all major taxes, with the collection from stocks trading nearly doubling. Increases in individual income tax and combined revenue from VAT and the consumption tax on imports both surpassed 11 percent. China’s years-long property downturn is, however, continuing to put a dent in government finances. Local authorities saw income from land sales slump 31.5 percent in January-June. Major public works projects are set to become the focus of government spending in the months to come. The government on Monday vowed to expedite the construc-

from Zheping Huang/Bloomberg

Mayger/Bloomberg

Sports BusinessMirror

A20 Friday, July 24, 2026

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

ELREEN, KYLA, EUMIR: BRIGHT HOPES IN ASIAD E

LREEN ANN ANDO leads a weightlifting team without Tokyo Olympics gold medalist Hidilyn Diaz-Naranjo and the swimming association hopes for a bounce back by Kayla Sanchez in the Aichi-Nagoya 20th Asian Games in September. Boxing association honorary chairman Ricky Vargas also boldly declared Tokyo 2020 bronze medalist Eumir Felix Marcial should be in Nagoya all the way to the Los Angeles 2028 Olympics. The Asian Games are set September 19 to October 4.

Diaz Naranjo begs off

THE country’s first Olympic gold medalist, Hidilyn Diaz Naranjo, begged off from competing in the Asian Games, according to Samahang Weightlifting ng Pilipinas (SWP) national coach Patrick Lee. “She [Diaz-Naranjo] informed us that she’ll skip the Asian Games because of personal reasons,” lee said. “And I’m sure she’ll announce it herself one of these days.” Diaz placed fourth place in the women’s 59 kgs

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OIRON, France—Jasper Philipsen capped a fine team performance Wednesday to win stage 17 of the Tour de France, where defending champion Tadej Pogačar protected his overall lead. Mathieu van der Poel led his Alpecin-Premier Tech teammate Philipsen to his first stage victory of this Tour by controlling the pace and containing counterattacks through the last kilometers. Philipsen finished just ahead of Mauro Schmid and Olav Kooij. The Belgian rider described a “a rollercoaster of emotions” after what had been a disappointing Tour for him personally. “I prepared very, very well. I was in the shape of my life, I think, and the first stages, the first 12 days were just horrible. I couldn’t find myself, couldn’t find the feeling I was hoping for,” said Philipsen, who thanked his team colleagues. “I was like an angry bird at the table. I was just disappointed in myself, angry that I couldn’t take [a] stage win, that I didn’t

SANCHEZ

ANDO

class where Ando clinched a bronze medal in the Hangzhou 2023 Asian Games. In Diaz Naranjo’s place as leader of the weightlifting squad is citing two-time Olympian Elreen Ann Ando (women 61 kgs), who will be joined by Rosegie Ramos (women 53 kgs), Kristel Macrohon (women 69 kgs) Ian Delos Santos (men 70 kgs) and Eleaphraime Limmomg (men 60 kgs). “They are on our short list and we believe they could provide us the best results in the Asian Games,” Lee said. Ando is a two-time Southeast Asian Games gold medalist, while De los Santos ruled his division in the world junior championships last May in Egypt. Ramos also won a gold medal in the Asia youth championships in Uzbekistan and Macrohon won gold at the 2019 Southeast Asian Games.

MARCIAL

Kayla magic in Nagoya

PHILIPPINE Aquatic Inc. (PAI) secretary-general Eric Buhain said they are hoping for Kayla Sanchez to flash the same magic that made her one of the most successful Filipinos at the Bangkok Southeast Asian Games October. “We are hoping for Kayla, and the rest to sustain, to sustain their charge in the Asian Games,” said Buhain who, however, threw caution that the Asian Games are an Olympic-level competition with swimmers from China, Japan and South Korea seeing action. Sanchez had a forgettable swim in her Asian Games debut in Hangzhou but recovered in Bangkok with three gold medals in the 100m freestyle, 100m backstroke and and 4x100 freestyle relay.

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Vargas: We need Eumir

RICKY VARGAS believes Eumir Felix Marcial is a staple not only in the Asian Games but also in the Los Angeles 2028 Olympics. “We really need Eumir [Marcial] to compete for our country in the Asian Games all the way to LA,” Vargas told BusinessMirror on Thursday. Marcial missed the men’s 80 kgs gold in Hangzhou after he lost to China’s Tanglatihan Tuohetaerbieke via split decision in a controversy-marred final. Josef Ramos

Philipsen gets boost from teammates

SPECTATORS stand on bales of hay during the 17th stage of the Tour de France won by Belgium’s Jasper Philipsen. AP

World-class action in Ironman 70.3 Lapu-Lapu HE Ironman 70.3 Lapu-Lapu on August 9 will feature another world-class showcase of endurance, but what truly sets the event apart is the extraordinary support from thousands of schoolchildren and local residents whose energy transforms the race into one of the most memorable stops on the global triathlon calendar. As the world’s top professionals, seasoned age-groupers and rising local stars prepare to tackle the iconic 1.9km swim, 90km bike and 21km run course at Mactan Newtown in Cebu, they can once again expect an atmosphere unlike

She also had five silver medals in the 200m freestyle, 50m freestyle, 50m backstroke and two women’s relays. Joining Sanchez, according to Buhain, are Xiandi Chua, Teia Salvino, Heather White, Logan Noguchi and Gian Santos. “We are not coming home empty handed again, hopefully,” Buhain said. There wasn’t any medal from the pool in Hangzhou with Ryan Papa winning the country’s last Asian Games gold medal in men’s 200 backstroke at the 1998 Bangkok edition.

any other—one created by enthusiastic youngsters waving flags, holding handmade placards and cheering every athlete from start to finish. Last year, Australia’s Josh Ferris and New Zealand’s Amelia Watkinson not only conquered the grueling course but also left with lasting memories of the community that embraced every participant. Ferris captured the men’s professional title in three hours, 49 minutes and 10 seconds, defeating New Zealand’s Mike Phillips (3:52:40), while Watkinson dominated the women’s professional division in 4:14:22 to reclaim the crown eight

King in action San Miguel Beer import George

years after her first victory in 2017. Both champions agreed that what they remembered most wasn’t simply standing atop the podium, but it was racing amid an overwhelming wave of encouragement from the people lining the course. “I was screaming along without knowing,” Ferris said. “My ears were about to burst, they were so loud. All the school kids out there, all the people were cheering, and it was awesome.” “It’s different, it’s not just racing, it’s racing with emotion,” Watkinson said. Registration is ongoing. For details, visit www.ironman.com/ races/im703-cebu-philippines.

King Jr. goes hard for a layup against Converge big man Justin Baltazar in the Philippine Basketball Association Governors’ Cup on Wednesday night at the Ynares Sports Center in Antipolo City. The Beermen won, 128-122, to remain undefeated in three games while the FiberXers dropped to 3-1 won-lost. PBA IMAGES

Mandaue tennis tilt unfurls

T Six years to Brisbane Australian Olympian Emma McKeon (left) and Brisbane 2032 Organizing Committee President Andrew Liveris pose at the unveiling of the count-down clock marking six years until the Brisbane 2032 Olympics in Brisbane Thursday. AP

HE Palawan Juniors Tennis Series wraps up its successful three-leg Visayas swing with the Mandaue City Juniors Age Group Tennis Championships where the region’s finest and rising talents battle for honors and ranking points beginning Thursday at the Mandaue City courts in Cebu. The tournament ser ves as the final stop of the regional circuit after tournaments in Naga City and Cebu City. Fresh from a dominant campaign in last week’s Cebu City leg, Matthew Morris faces a tougher challenge as he tries to replicate his title romp. The Dumaguete City standout captured three crowns, including the boys’ 16- and 18-andunder singles titles and the 18-and-under doubles championship with Jhunreal Espinosa.

This time, however, Morris will have to contend with top seed Aaron Tabura in the premier division, while another showdown with Espinosa looms in the 16-and-under category. Also expected to contend are Everett Niera, Marcus Sio, Andrio Estrella, Rynel Borgonia, Max Ada and Claudwin Toñacao. The girls’ divisions are likewise packed with contenders as Mitchellen Cruspero goes for back-to-back titles in the 18-and-under class. Standing in her way is Donna Mae Diamante, eager to avenge her loss last week, while Juliana Tenepre, Alexa Ong and Christine Palomares.

find my feeling. And the team, they had to deal with it, not only the riders, the staff. This one is for them to keep on believing,” Philipsen said. Pogačar, who is chasing a third straight Tour title and fifth overall, maintained his lead of just over four and a half minutes over Remco Evenepoel, the winner of the previous two stages. But it was a bad day for Pogačar’s UAE Emirates XRG teammate Adam Yates, who struggled and only made it back within the time limit. The British rider slumped over his handlebars, clearly exhausted. The race ends Sunday in Paris. Cycling’s governing body, the UCI, meanwhile, responded to criticism of unannounced anti-doping controls after Pogačar and his main rival Jonas Vingegaard were woken in the early hours of Sunday for tests by the Swissbased International Testing Agency. Vingegaard subsequently crashed during Sunday’s stage and had to abandon the race. The UCI said it acknowledged the night-time testing “can disrupt riders’ rest and recovery” and said it remained an exceptional measure. “While fully aware of how onerous such a measure is for riders, the UCI nevertheless underscores that these controls serve an overriding interest: the fight against doping,” the body said in a statement. AP

COLLEGE of Saint Benilde’s Camilla Bartolome eludes Southern Storm’s Isabella Maticevski at the net. SSL PHOTO

‘NC’ champ Letran grabs semis berth

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ETRAN displayed the heart of a champion BY turn back Enderun Colleges, 21-25, 25-21, 25-14, 14-25, 15-4, TO secure the last semifinals seat in the 2026 Shakey’s Collegiate National Invitationals on Thursday at the Ninoy Aquino Stadium. The reigning National Collegiate Athletic Association champion gathered itself up after a fourth-set meltdown and unleashed its true form in the decider to advance to the next round. As College of Saint Benilde built confidence heading into the semifinals after a four-set victory over Australian guest team Southern Storm, 25-14, 22-25, 25-22, 25-23, to end the elimination round. The Lady Blazers won back-toback games and claimed the No. 2 seeding in the knockout semifinals against the same rival on Friday. Judiel Nitura and Reeza Abayon took care of business in the fifth set as the Lady Knights opened a huge lead on their way to closing the elimination round with a 2-3 win-loss record. Letran will take on top-seeded University of Santo Tomas in the knockout semifinals. Heady setter Hizki Flores provided stability for Letran, especially in the fifth set, with good setups that allowed the Lady Knights to drill crucial hits to pull away early. “I just told my teammates that we need to execute and follow whatever our coach told us,” said Flores, who tallied 16 excellent sets to help the Lady Knights hammer out 57 attack points. “We made gradual adjustments, which is why we secured the win.” Abayon showed the way for the Intramuros-based squad with 17 points on 15 kills and two aces while Nitura added 14 points. Althea Botor uncorked a gamehigh 24 points on 18 kills, three kill blocks and three aces in a wasted effort for the Lady Titans, who threw away 28 points on errors as they closed out their campaign with a 1-4 card. Kai Lleses unloaded 15 kills in a 16-point performance for CSB, which finished the round with a 4-1 record. “Our coach said that this game is about giving others exposure and it’s our chance to carry the team even without the core—to show that even the second unit can compete,” Lleses said.

Companies BusinessMirror

Editor: Jennifer A. Ng

Friday, July 24, 2026

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Vehicle sales retreat as oil SM PRIME: CEBU ARENA TO HOST 20 BIG EVENTS prices surge in Jan-June P

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By Bless Aubrey Ogerio

@blessogerio

HE Philippine automotive industry ended the first half in negative territory, as its sales performance trailed last year’s pace despite showing signs of improvement in June, industry data showed Thursday.

grew by 49.2 percent thanks to improving supply level.” Passenger car sales in the first half declined 11.3 percent to 40,503 units from 45,647 units a year earlier, accounting for 19.80 percent of total industry sales. Commercial vehicle sales likewise fell 11.4 percent to 164,054 units from 185,265 units, representing 80.20 percent of the market. Among commercial vehicle categories, Asian utility vehicles and multipurpose vehicles slipped 8.1 percent to 37,475 units from 40,788 units, while light commercial vehicles declined 12.3 percent to 121,813 units from 138,865 units. Sales of light-duty trucks and buses dropped 12.1 percent to 2,936 units from 3,341 units, while medium-duty trucks and buses fell 11.1 percent to 1,526 units from 1,717 units. Heavy-duty trucks and buses posted the steepest decline, plunging 45.1 percent to 304 units from 554 units in the same period last year. Toyota Motor Philippines Corp. remained the top-selling CampiTMA member in June with 17,627 units sold, followed by Mitsubishi Motors Philippines Corp. with 6,535 units and Suzuki Philippines Inc. with 1,532 units.

The Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) reported that total vehicle sales reached 204,557 units from January to June, down 11.4 percent from 230,912 units sold in the same period last year. In June alone, industry sales stood at 37,231 units, 8 percent lower than the 40,483 units recorded in June 2025 but 11 percent higher than in May, making it the best-performing month of 2026 to date. Prior to June, auto sales fell due to higher oil prices which made internal combustion engines (ICE) less attractive to consumers. Combined with industry estimates, the total auto market moved

around 42,000 new vehicles in June, reflecting an 18.7-percent increase from May. Despite the year-on-year decline, Campi President Jose Maria Atienza said June’s performance points to stronger demand heading into the second half. “At Campi’s recently held Philippine International Motor Show (PIMS), a number of new ICE and various Electrified Vehicle (xEV) models were launched and these are expected to add momentum to the improving market demand,” Atienza said. “This June, we saw sales of both Internal ICE vehicles and xEVs rise. Industry sales of gas and diesel cars grew by 10 percent versus May due to more stable fuel prices, while xEVs

SEC seals data-sharing deal with BSP, PSA

Pag-IBIG Fund SAFE Loan helps over 803,000 members with P5.82 billion released in less than six weeks

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HE Securities and Exchange Commission (SEC) has partnered with the Bangko Sentral ng Pilipinas (BSP) and the Philippine Statistics Authority (PSA) for the sharing of corporate data to improve the measurement of foreign direct investments (FDI) in the country. The three agencies signed an agreement which seeks to establish a framework for collaboration and data sharing on FDI compilation, aligned with international standards that integrate both bank-reported and enterprisesourced data. It also aims to address the potential underreporting of FDI data in the country. “Data must become insight. Insight must drive better policy. Better policy must translate into greater investor confidence, more investments, more jobs, and stronger economic growth… May this partnership remind us that when institutions work as one, we make better decisions, build greater trust, and create more opportunities for every Filipino,” SEC Chairman Francis E. Lim said. Under the agreement, the SEC will provide the PSA and the BSP with corporate data and documents, including audited financial statements, general information sheets and articles of partnership of companies. Corporate data will then be transmitted periodically through a central repository managed by the PSA. The corporate regulator will also provide access to the SEC Application Program Interface endpoints for retrieving specific data of companies covered by the agreement. Corporate documents will be provided through the Swift Corporate and Other Records Exchange Protocol, or the SEC SCORE Protocol--the agency’s online platform that facilitates the request and provision of corporate documents between the SEC and other government agencies. VG Cabuag

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AG-IBIG Fund has released P5.82 billion under its Special Assistance for Financial Emergencies (SAFE) Loan as of July 22, providing aid to 803,769 members in less than six weeks since the program started on June 10. The SAFE Loan forms part of Pag-IBIG Fund’s continuing efforts to heed the call of President Ferdinand R. Marcos Jr. to deliver responsive government services by providing Filipino workers with ready and affordable assistance amid financial challenges caused by the continuing tensions in the Middle East. “President Marcos has called on government agencies to make services more responsive to the needs of Filipino workers. In line with this call, Pag-IBIG Fund is providing ready and affordable financial assistance through the SAFE Loan, especially as the continuing tensions in the Middle East create financial challenges that are being felt by our members and their families. We want our members to know that they can turn to Pag-IBIG Fund for support as they meet their needs and care for their families during this time,” said Secretary Jose Ramon P. Aliling, who heads the Department of Human Settlements and Urban Development and chairs the PagIBIG Fund Board of Trustees. Under the Pag-IBIG SAFE Loan, active Pag-IBIG Fund members with at least 12 monthly savings may borrow up to P10,000 or up to 90 percent of their total Pag-IBIG Regular Savings, whichever is lower. To qualify, members must also not be in default on any existing Pag-IBIG loan. The loan carries a low interest rate of 5.95 percent per annum, is payable in 12, 24 or 36 months, and comes with a three-month grace period before the start of monthly payments to provide members with added financial relief as they address their immediate needs. Members may apply online through Virtual Pag-IBIG by accomplishing the SAFE Loan application and uploading a photo of one valid ID,

as well as a selfie photo while holding the same ID. They may also apply at any Pag-IBIG Fund branch nationwide. Loan proceeds are credited directly to the member’s Pag-IBIG Loyalty Card Plus or Land Bank Cash Card. Meanwhile, Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said the strong availment of the SAFE Loan reflects Pag-IBIG Fund’s continuing commitment to help members meet their immediate financial needs. She said the SAFE Loan comes at a time when Pag-IBIG Fund is also helping members with their dream of homeownership through affordable housing loans offered at rates below market, making its programs more responsive to both the immediate and long-term needs of Filipino workers. “Pag-IBIG Fund is here to help our members in every way we can. In support of President Marcos’ call to provide aid to Filipino workers in need, we are providing ready and affordable financial assistance through the SAFE Loan. At the same time, we continue to help members achieve homeownership through housing loans offered at rates below market,” Acosta said. She added that members who may need further financial assistance may also apply for Pag-IBIG Fund’s Multi-Purpose Loan, provided they still have remaining loanable amount based on their Pag-IBIG Regular Savings. “For members who still have remaining loanable amount based on their savings, our Pag-IBIG MultiPurpose Loan remains ready to provide further assistance should they need it. This is part of our commitment to be here for our members, not only for their immediate financial needs, but also as their partner in achieving homeownership and building better lives for their families,” Acosta said. Members who need ready and affordable financial assistance may apply for the Pag-IBIG SAFE Loan until Sept. 8, 2026.

EVs buck trend

SALES of electrified vehicles (xEVs) surged 132.7 percent to 31,381 units in the first half from last year’s 13,488 units, raising their share of total industry sales to 15.34 percent from 5.84 percent in 2025. In June alone, xEV sales reached 6,995 units, up from 6,032 units in May and more than double the 3,057 units sold in June 2025. Campi said battery electric vehicles (BEVs), hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs) accounted for 28 percent of total June vehicle sales, up 6 percentage points from May. BEV sales jumped 256.8 percent to 8,702 units from 2,439 units a year earlier, while plug-in hybrid electric vehicle sales surged 3,356.9 percent to 5,531 units from just 160 units. HEVs remained the largest segment within the xEV market, with sales rising 57.5 percent to 17,148 units from 10,889 units in the comparable period last year. The figures cover battery electric, hybrid electric and plug-in hybrid vehicles recognized by the Department of Energy as of July 8.

ROPERTY developer SM Prime Holdings Inc. on Thursday said it has lined up more than 20 shows in its newly launched SM Seaside Cebu Arena this year, as the company is aiming to take advantage of a stronger concert economy in the Visayas. The lineup features Filipino and international acts, live productions, sports events and family entertainment, with some set for their first large-scale performances in the region, the company said. “Our goal is to help Cebu capture a larger share of the live entertainment economy. When major events come to the city, the impact extends beyond the venue. They support tourism, hospitality, transport, retail and the local services that benefit from stronger visitor inflow,” SM Prime President Jeffrey C. Lim said. Lim said the development of SM Seaside Cebu Arena also reflects the post-pandemic shift in consumer behavior experiences. For Millennials and Gen Z, experiences hold strong appeal

because they create lasting memories, are easily shared socially and align with a more intentional approach to wellness, time and spending. “Technology is also fueling growth, with online ticketing platforms improving access and venue systems enhancing the audience experience through better visuals, sound and production quality.” In May, the company partnered with global ticketing compa ny Tic k et m a ster to launch SM Ticketmaster. The venture will replace SM Tickets and combine Ticketmaster’s global platform and fraud prevention tools with SM Prime’s local operating network. At the venue level, SM Seaside Cebu Arena features the most advanced center-hung display in the Visayas. The technology gives audiences a clear view of both the live performance and digital replays from every seat, supporting a wide range of events, from sports and concerts to family entertainment, corporate shows, circus productions and motorsports. VG Cabuag

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Companies BusinessMirror

Friday, July 24, 2026

Napocor wants to turn water hyacinths into biomethane

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By Lenie Lectura

@llectura

HE National Power Corp. (Napocor) and the EU-Philippines Green Economy Partnership have signed a memorandum of understanding (MOU) to conduct a study on converting water hyacinth into biomethane for renewable energy (RE). Supported by the P3.67-billion EU-Philippines Green Economy Partnership, “Project Lily” aims to convert invasive water hyacinths from Napocor hydroelectric facilities into sustainable RE. Napocor said water hyacinth has long posed operational challenges in reservoirs by obstructing water f low and affecting hydropower operations. Project

Lily aims to determine whether the invasive biomass can instead become a valuable renewable energy resource that contributes to greenhouse gas reduction, improved watershed management, and energy security. “Project Lily reflects our belief that every challenge presents an opportunity. For years, water hyacinth has disrupted our operations, but today we begin exploring how it can become part of the solution. Through this partnership, we are taking the first step toward transforming an environmental burden into a renewable energy resource and

as a potential model that can be replicated in communities across the Philippines and beyond,” said Napocor President and CEO Jericho Jonas B. Nograles. A feasibility study will be conducted to evaluate the technical, financial, and regulatory viability of the project to determine if it can proceed to implementation. Napocor, for its part, will provide access to project sites and relevant facilities, facilitate coordination with local government units and key stakeholders, and share operational and technical information necessary for the successful completion of the study. Napocor is a gover nmentowned and -controlled corporation mandated to conduct “missionary electrification” in farflung, off-grid communities in remote islands and rural areas of the country under Republic Act 9136 or the Electric Power

MUTUAL FUNDS

Industry Reform Act of 2001. Through its Small Power Utilities Group (SPUG), Napocor fulfills its mandate of powering missionary areas as it operates 272 SPUG power plants in 192 municipalities across 35 provinces in the Philippines. T he EU -Ph i l ippi nes Green Economy Partnership, co-led by the European Union (EU) and the Department of Environment and Natural Resources, is designed to transition the Philippines into a green economy. With EUR60 million grant from the EU, it focuses on advancing circular economy practices, reducing waste and plastics, increasing energy efficiency, and expanding the use of clean energy. This program will run from 2023-2028 in collaboration with other national government agencies, local government units, and the private sector.

July 23, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A219.93 -1.03% 1.03% 0.79% -2.33% 2.72% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.1355 3.68% 13.61% 9.43% 4.52% -1.2% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.8775 -3.41% -0.86% -0.31% -4.2%0.93% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7694 1.25% 3.82% 0.66% N.A1.46% FIRST METRO CONSUMER FUND, INC. -A 0.5145 -14.68% -8.29% -6.77% N.A -7.45% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.4132 -5.77% -2.46% -1.12% -2.33% 0.92% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6672 -1.68% -1.99% -0.73% N.A3.96% MBG EQUITY INVESTMENT FUND, INC. -A 75.01 3.53% -4.01% -5.31% N.A -15.21% PAMI EQUITY INDEX FUND, INC. -A 43.5731 0.57% -0.35% 0.15% -2.15% 5.34% PHILAM STRATEGIC GROWTH FUND, INC. -A 461.3 -1.26% 0.58% 0.29% -2.27% 2.61% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6505 11.53% 11.71% 8.2% 2.17% 5.71% PHILEQUITY FUND, INC. -A36.9635 3.76% 2.35% 2.57% -0.38% 7.35% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9912 9.63% 4.34% 3.27% N.A 11.66% PHILEQUITY PSE INDEX FUND, INC. -A 4.7127 1.49% 0.8% 1.21% -1.24% 5.45% PHILIPPINE STOCK INDEX FUND CORP. -A 775.37 1.09% 0.4% 0.87% -1.47% 5.49% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.706 0.6% 1.02% 0.77% -3.02% 0.56% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.2384 -6.67% -1.92% -0.87% -2.96%0.9% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8694 0.86% -0.02% 0.51% -1.72%5.51% UNITED FUND, INC. -A3.50161.21% 3.78% 2.42% -0.3% 6.54% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0889 1.07% 0.42% N.A N.A 5.42% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0782 -0.66% N.A N.A N.A 3.33% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9414 -3.63% -3.7% -2.06% N.A -0.33% PHILIPPINE STOCK INDEX FUND CORP. -A 935.47 1.07% 0.19% N.A N.A 5.52% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 105.7705 1.31% 0.66% 1.2% -1.04%5.76% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.2362 30.43% 12.67% 0.15% 3.58% 20.66% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4064 16.78% 13.98% 6% 8.88% 8.24% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) PHILEQUITY GLOBAL FUND, INC. -A,2 1.0693 N.A N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1826 1.81% 0.43% 0.14% -0.98% 1.98% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7084 7.47% 5.73% 0.64% -0.91%4.41% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.5144 -0.26% -0.38% -0.09% -0.71%2.15% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2319 0.35% 5.78% 4.21% N.A 0% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 2.018 2.07% 0.57% 1.09% 0.26% 0.87% PAMI HORIZON FUND, INC. -A3.8026 2.17% 2.46% 1.17% -0.37% 0.35% PHILAM FUND, INC. -A16.0487 -1.03% 1.15% -0.05% -0.95% 0.26% SOLIDARITAS FUND, INC. -A2.1443 0.99% 1.84% 1.38% -0.07% 1.99% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.4423 -2.2% 0.36% 0.12% -1.38%0.25% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9031 -2.92% 0.17% 1.15% -1.09% -0.83% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.71 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9787 0.47% 1.49% 0.24% N.A -0.02% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8416 -2.23% -0.53% -0.73% N.A -0.02% -0.81% -0.94% N.A SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.8179 -2.25% 0.83% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A$0.03316 1.87% 0.19% -2.86% -0.79% -3.18% PAMI ASIA BALANCED FUND, INC. -B $1.1626 -0.1% 7.98% 0.92% 2.39% -4.33% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.603 11.04% 10.07% 3.43% 5.82%5% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1953 4.58% 5.34% 0.23% 2.35%1.03% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 422.46 2.62% 3.19% 2.55% 2.48% 0.6% ATRAM CORPORATE BOND FUND, INC. -A 1.9827 2.35% 1.23% 0.6% 0.37% 1.24% COCOLIFE FIXED INCOME FUND, INC. -A 3.5772 1.49% 2.9% 2.04% 3.16% -0.09% EKKLESIA MUTUAL FUND, INC. -A 2.4248 0.89% 2.9% 1.4% 1.3% -1.19% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.4968 -0.91% 1.11% 0.44% 1.07%-2.8% PHILAM BOND FUND, INC. -A4.4762 -0.29% 2.35% -0.06% 0.52% -2.86% PHILAM MANAGED INCOME FUND, INC. -A 1.5326 2.89% 4.42% 3.08% 2.88% 0.76% PHILEQUITY PESO BOND FUND, INC. -A 4.3079 1.6% 2.93% 1.59% 1.73% -0.16% SOLDIVO BOND FUND, INC. -A1.1236 2.44% 2.72% 1.62% 1.55% 0.28% -1.82% 2.03% 1.3% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4293 1.72% -3.41% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8199 -1.66% 1.71% 0.79% 1.12% -3.42% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0017 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.33 2.26% 2.86% 1.81% 1.99% 0.64% ALFM EURO BOND FUND, INC. -A Є222.82 0.48% 1.74% 0.24% 0.59% -0.38% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0592 -1.08% -0.01% -2.48% -0.59% -1.47% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0259 0.39% 2.01% -0.15% 0.31%-2.26% PAMI GLOBAL BOND FUND, INC. -B $1.0468 -1.43% 7.35% -0.21% -0.51% -1.2% PHILAM DOLLAR BOND FUND, INC. -A $2.4339 1.14% 2.6% -0.69% 0.61% -1.85% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0637485 0.31% 1.8% 0.23% 1.17% -1.08% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8674 0.91% 1.13% -2.09% -0.69%-2.23% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1828 2.75% N.A N.A N.A 1.41% ALFM MONEY MARKET FUND, INC. -A 151.93 4.15% 4.04% 3.11% 2.82% 2.07% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2185 3.39% 3.74% 2.95% N.A1.75% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5092 3.67% 3.55% 2.93% 2.74% 1.87% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 116.41 4.12% 4.3% N.A N.A 2.19% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.192 2.58% 3.29% 2.41% N.A 1.32% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 48.0378 7.75% 4.39% N.A N.A 3.63% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.8327 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.4858 29.11% 21.15% 13.65% N.A14.55% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1779 11.2% N.A N.A N.A 5.61% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS)

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PSE STOCK QUOTATIONS

July 23, 2026

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL DOMINION HLDG FERRONOUX HLDG FILIPINO FUND MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

49.95 125.3 10.38 103.8 54.8 13.78 11.8 66.5 7 14.78 60.3 52.95 23 65.6 23.95 0.51 1.32 7.63 2.39 7.71 0.09 2,476 0.96 200.8 4,782 0.79

50 126 10.5 104 55 14.78 11.82 66.7 7.05 14.8 60.95 53.05 23.35 65.8 24 0.55 1.34 7.69 2.73 7.89 0.096 2,498 0.97 202 4,900 0.8

50.05 122.7 10.58 103 54.7 13.96 11.8 66.55 7.07 14.9 60.95 53 23 65.25 24.45 0.51 1.34 7.7 2.49 7.71 0.09 2,478 0.99 202.2 4,752 0.8

50.05 126 10.58 104.5 55.2 13.96 11.86 67 7.07 14.9 61.05 54 23 65.8 24.5 0.55 1.34 7.88 2.5 7.71 0.096 2,478 1.02 202.2 4,778 0.81

49.9 122.6 10.58 102.5 54.6 13.96 11.8 66.3 7 14.78 60 53 23 65.25 23.9 0.5 1.34 7.6 2.49 7.71 0.09 2,476 0.96 200.8 4,752 0.8

50 126 10.58 104 55 13.96 11.82 66.5 7 14.8 60.95 53.05 23 65.6 24 0.52 1.34 7.63 2.5 7.71 0.096 2,476 0.96 201 4,778 0.8

19,070 2,159,210 100 1,840,970 214,840 100 562,500 1,780,880 700,200 26,200 739,460 1,820 4,300 156,450 109,800 376,000 8,000 913,900 6,000 300 510,000 200 1,932,000 34,650 15 516,000

953,918 269,643,116 1,058 190,875,559 11,816,755 1,396 6,657,606 118,744,728.50 4,901,442 387,846 45,054,809.50 96,484.50 98,900 10,256,050.50 2,676,920 189,900 10,720 7,009,144 14,990 2,313 45,960 495,400 1,889,420 6,964,658 71,540 414,800

INDUSTRIAL ACEN CORP 3.04 3.05 3.1 3.14 3.03 3.04 19,555,000 59,958,790 -15,735,970 0.72 0.74 0.74 0.75 0.7 0.74 1,637,000 1,182,430 92,160 ALSONS CONS 0.79 0.77 0.76 0.78 153,000 118,510 -20 ALTERNERGY HLDG 0.8 0.8 ABOITIZ POWER 43.65 44.15 44.25 44.6 43.4 44.15 644,600 28,368,090 15,477,975 RASLAG 1.09 1.05 1.07 1.05 1.05 1.07 19,000 20,480 0.109 0.111 0.109 0.112 0.107 0.11 7,190,000 791,660 96,120 BASIC ENERGY 4.36 4.44 4.44 4.46 4.35 4.46 191,000 837,100 -582,250 CITICORE RE 19.48 19.5 19.4 19.8 19.02 19.48 641,700 12,477,082 -285,688 FIRST GEN FIRST PHIL HLDG 91.7 91.9 89.95 91.95 89.95 91.9 490,610 44,297,392 2,558,411.50 JOLLIVILLE HLDG 3.5 3.97 3.96 3.96 3.96 3.96 4,000 15,840 598.5 598 600 600 590.5 598 126,480 75,511,235 8,348,670 MERALCO 35.1 35.3 36.4 36.4 35.1 35.1 5,293,400 187,758,025 63,483,605 MANILA WATER 19.7 19.74 19.66 19.52 19.7 4,700,500 92,991,350 -26,000,612 MAYNILAD 19.94 PETRON 2.44 2.43 2.42 2.47 2.42 2.43 1,086,000 2,637,360 58,350 PETROENERGY 3.54 3.46 3.55 3.55 3.46 3.47 74,000 258,710 0 15.08 15.1 15.08 15.08 14.98 15.08 1,005,900 15,088,924 PRYCE CORP 8.96 9.22 9.2 9.25 9.2 9.25 400 3,685 REPOWER ENERGY 22.6 22.65 21.9 23 21.1 22.65 5,031,600 112,776,825 5,917,960 SEMIRARA MINING SYNERGY GRID 28.7 28.9 28.1 29.6 28.1 28.9 3,535,000 102,612,495 11,095,735 SHELL PILIPINAS 9.17 9.2 9.32 9.45 9.15 9.2 561,900 5,215,263 91,621 SPC POWER 10.28 10.28 10.24 10.2 10.2 10.24 17,600 180,606 1.48 1.49 1.54 1.58 1.49 1.49 14,773,000 22,433,100 -2,129,330 SP NEW ENERGY 1.56 1.57 1.57 1.58 1.54 1.57 1,541,000 2,397,800 -680,660 TOP LINE VIVANT 20.75 20.75 19.22 19.22 19.22 20.75 500 9,763 2.88 2.8 2.87 2.88 2.8 2.87 129,000 367,560 AXELUM 0.31 0.32 0.31 0.32 0.31 0.32 40,000 12,700 -6,500 BALAI FRUITAS 29.6 30 30.1 30.65 29.2 30 833,000 25,141,085 -17,581,465 CENTURY FOOD 4.02 4.11 4.02 4.02 4.02 4.02 77,000 309,540 DEL MONTE 3.43 3.44 3.44 3.5 3.43 3.43 1,754,000 6,037,240 -427,760 DNL INDUS EMPERADOR 15.46 24,803,886 15.46 15.7 15.46 15.72 15.7 1,582,000 24,502,672 SMC FOODANDBEV 49 49 48.6 48.95 48.45 48.6 100,200 4,877,865 -2,166,850 0.56 0.57 0.56 0.56 0.54 0.56 1,316,000 721,940 124,610 FIGARO GROUP 0.65 0.65 0.65 0.66 36,000 23,410 FRUITAS HLDG 0.66 0.66 264.2 265 264 265.4 760 201,410 -34,504 GINEBRA 265.4 265.4 JOLLIBEE 145.3 145,373,983 145.2 148.2 148.5 145 145.3 994,960 -54,843,795.00 KEEPERS HLDG 1.95 1.97 1.97 1.98 1.94 1.97 408,000 802,000 1,220 22.9 24.4 24.8 24.8 22.85 24.4 8,900 212,225 -21,960 LIBERTY FLOUR 2.14 2.15 2.14 2.14 9,000 19,310 -2,140 2.15 2.15 MAXS GROUP 0.07 0.071 0.071 0.071 170,000 12,090 3,550.00 MG HLDG 0.072 0.073 MONDE NISSIN 6.8 6.9 6.78 6.92 6.73 6.8 1,746,900 11,926,078 4,240,902 SHAKEYS PIZZA 5.89 5.95 5.95 5.99 5.95 5.95 3,200 19,060 2.32 2.41 2.45 2.45 2.31 2.35 51,000 119,760 37,570 ROXAS AND CO 5.32 5.35 5.32 5.37 5.31 5.35 341,100 1,819,271 -1,162,679 RFM CORP 0.047 0.049 0.047 0.047 0.047 0.047 200,000 9,400 4,700 SWIFT FOODS UNIV ROBINA 59.7 59.75 60 60 59.75 59.75 1,856,730 111,034,947 -64,774,662 0.495 0.495 VITARICH 0.485 0.495 0.485 0.485 230,000 111,750 0.4 0.41 0.415 0.415 0.41 0.41 230,000 94,950 ATN HLDG A 51 53 51 52.95 51 52.95 20 1,039.50 CONCRETE A 0.9 0.92 0.91 0.91 744,000 678,160 -39,480 CONCREAT HLDG 0.92 0.92 EEI CORP 2 2.09 1.93 2.16 1.93 2 528,000 1,088,140 -2,140 MEGAWIDE 4.27 4.25 4.13 4.5 4.13 4.25 1,188,000 5,096,060 342,580 PHINMA 14.96 14.92 14.9 14.92 14.9 14.92 34,900 520,518 8 8 8 8 8 200 1,600 10.02 SUPERCITY 1.75 1.79 1.75 1.76 1.75 1.76 3,000 5,270 CROWN ASIA EUROMED 1.08 1.08 1.04 1.04 1.04 1.08 8,000 8,600 5.22 5.22 5.1 5.13 5.13 5.22 500 2,601 -2,088 MABUHAY VINYL CONCEPCION 12.58 12.46 12.6 12.6 12.46 12.46 9,900 123,468 -3,780 0.136 0.139 0.135 0.141 830,000 114,020 GREENERGY 0.141 0.141 6.07 6.1 6.2 6.24 5.74 6.07 1,844,500 11,222,038 -1,089,434 INTEGRATED MICR IONICS 1.44 1.39 1.4 1.41 1.38 1.4 2,159,000 3,040,200 -384,870 PANASONIC 8.36 8.46 8.46 8.46 8.46 8.46 800 6,768 1.1 1.11 1.14 1.18 1.09 1.11 8,906,000 10,041,110 121,770 CIRTEK HLDG

HOLDING & FRIMS

ABACORE CAPITAL 0.31 0.315 0.325 0.33 0.31 0.315 1,830,000 581,800 -96,000 44.9 44.95 40.5 45.3 40.25 44.95 1,303,200 56,544,365 4,188,745 ASIABEST GROUP 490 490.8 487 492 481.2 490 966,130 473,569,294 207,670,756 AYALA CORP ABOITIZ EQUITY 33.1 33.35 33.45 33.65 33 33.35 1,703,900 56,857,130 6,009,540 ALLIANCE GLOBAL 8.26 8.31 8.2 8.37 8.15 8.26 1,997,000 16,532,575 -1,415,185 ANSCOR 17.02 16.58 17 16.8 16.8 16.8 18,300 310,900 1.14 1.15 1.14 1.14 1.1 1.14 2,864,000 3,228,970 109,760 ANGLO PHIL HLDG 8.4 8.41 8.7 8.7 8.3 8.4 424,000 3,569,881 -818,591.00 COSCO CAPITAL DMCI HLDG 7.64 7.66 7.5 7.73 7.42 7.66 4,947,700 37,849,484 18,253,906 FILINVEST DEV 4.15 4.19 4.15 4.15 4.15 4.15 11,000 45,650 475.2 476.4 481 481 471.2 476.4 84,660 40,222,430 -8,669,254 GT CAPITAL 24 24.4 23.95 24.5 23.95 24 1,118,700 27,045,480 6,473,435 JG SUMMIT 0.355 0.37 0.3 0.3 0.37 2,210,000 773,450 -135,450 LODESTAR 0.375 LOPEZ HLDG 5.69 5.7 5.35 5.86 5.25 5.7 3,962,900 22,610,577 -5,817,262 LT GROUP 14.56 14.58 14.44 14.6 14.44 14.56 739,300 10,730,374 -2,401,934 PRIME MEDIA 0.74 0.82 0.81 0.81 0.81 0.81 1,000 810 1.24 1.26 1.26 1.24 1.26 137,000 171,690 0 1.27 SOLID GROUP 588.5 594 586.5 595 585 588.5 167,810 99,070,995 1,857,490 SM INVESTMENTS SAN MIGUEL CORP 68.5 68.65 67.6 68.95 67.6 68.5 218,060 14,919,180.50 1,543,624.50 TOP FRONTIER 54 58.95 54 54 54 54 880 47,520 0.058 0.058 0.053 0.055 0.055 0.055 60,000 3,370 ZEUS HLDG PROPERTY ARTHALAND CORP 0.435 0.45 0.44 0.47 0.44 0.45 410,000 182,250 -13,500 4 4.5 4 4 4 4 15,000 60,000 ANCHOR LAND 16.82 16.84 16.92 16.94 16.76 16.84 16,372,400 275,883,742 -74,610,666 AYALA LAND AYALA LAND LOG 1.1 1.11 1.12 1.15 1.11 1.11 717,000 802,510 -70,190.00 AREIT RT 37.2 36,184,745 37.05 37.25 37.35 37.05 37.05 973,700 -26,133,365.00 A BROWN 0.73 0.8 0.62 0.87 0.62 0.73 57,187,000 37,940,680 -42,720 0.58 0.58 0.58 0.59 17,000 10,010 CITYLAND DEVT 0.59 0.59 0.085 0.087 0.085 0.085 0.085 0.085 330,000 28,050 CROWN EQUITIES CEB LANDMASTERS 2.21 2.23 2.21 2.22 2.21 2.22 111,000 245,630 -8,860 CENTURY PROP 0.68 0.69 0.69 0.69 0.68 0.68 2,307,000 1,575,990 125,480.00 CITICORE RT 3.41 3.42 3.42 3.45 3.41 3.41 539,000 1,843,590 -321,700 11.78 11.68 11.6 11.9 222,000 2,630,516 -130,208 DOUBLEDRAGON 11.9 11.9 1.04 1.05 1.04 1.05 1,164,000 1,217,430 DDMP RT 1.05 1.05 DM WENCESLAO 5 5 4.8 5 5 5 6,000 30,000 0.029 0.029 0.027 0.029 0.029 0.029 100,000 2,900 EVERWOODS 0.103 0.103 0.1 0.103 0.1 0.1 330,000 33,360 EMPIRE EAST 2.9 2.91 2.91 2.92 2.9 2.91 494,000 1,437,550 FILINVEST RT 0.7 0.71 0.7 0.71 186,000 131,900 29,890 FILINVEST LAND 0.71 0.71 GLOBAL ESTATE 0.61 0.61 0.6 0.61 0.61 0.61 4,000 2,440 2.06 1.8 2.05 1.99 1.99 2.06 63,000 128,130 JACKSTONES 2.58 2.63 2.58 2.58 2.58 2.58 2,000 5,160 KEPPEL PROP 2.11 2.12 2.16 2.19 2.11 2.12 25,033,000 2,628,820 53,245,830 MEGAWORLD 0.77 0.77 0.76 0.78 3,128,000 2,406,730 1,540 MRC ALLIED 0.78 0.78 MREIT RT 13.94 13.96 13.96 14 13.9 13.94 235,600 3,292,148 350,886 PRMIERE HORIZON 0.155 0.16 0.154 0.162 0.154 0.162 30,000 4,700 5.01 5.1 5.01 5.01 5.01 5.01 200 1,002 PHIL RACING 1.07 1.07 1.07 1.07 136,000 146,140 1.08 1.08 PREMIERE RT 0.98 1.03 0.98 0.98 0.98 0.98 10,000 9,800 PRIMEX CORP 7.2 7.26 7.25 7.29 7.18 7.2 2,080,800 14,993,116 -4,624,328 RL COMM RT ROBINSONS LAND 17 17.04 17.02 17.14 17 17 578,200 9,859,466 439,426 ROCKWELL 2.59 2.59 2.55 2.55 2.55 2.55 173,000 444,910 -112,200 3.3 3.26 3.25 3.3 136,000 450,340 0 SHANG PROP 3.39 3.39 1.96 2.09 2.08 2.09 2.08 2.09 5,000 10,410 STA LUCIA LAND 18.26 18.36 18.18 18.48 18.14 18.36 3,268,300 60,049,462 8,107,262 SM PRIME HLDG SUNTRUST RESORT 0.435 0.435 0.415 0.43 0.43 0.435 40,000 17,250 SERVICES ABS CBN 3.65 3.69 3.57 3.74 3.57 3.69 208,000 766,430 4.6 4.62 4.6 4.62 85,000 392,360 GMA NETWORK 4.62 4.62 0.2 0.207 0.207 0.209 100,000 20,840 MANILA BULLETIN 0.209 0.209 MLA BRDCASTING 5.1 5.4 5.1 5.1 5.1 5.1 100 510 0.75 0.76 0.75 0.76 0.74 0.76 6,355,000 4,756,200 308,630 DITO CME HLDG GLOBE TELECOM 1,820 1,822 1,835 1,840 1,815 1,822 27,955 50,947,945 4,390,785 1,219 1,239 1,239 1,216 1,234 60,100 73,689,765 -36,825,990 PLDT 1,234 0.0064 0.0065 0.0065 0.0067 0.0065 0.0065 45,000,000 296,800 APOLLO GLOBAL CONVERGE 10.12 9.81 9.97 9.95 9.81 9.81 4,719,600 47,035,955 10,411,219 DFNN INC 0.66 0.67 0.64 0.68 0.64 0.67 360,000 238,160 -3,350 ISLAND INFO 0.122 0.125 0.129 0.129 0.121 0.122 810,000 99,170 0.52 0.53 0.53 0.54 0.52 0.53 394,000 208,930 520 NOW CORP 0.114 0.116 0.115 0.116 120,000 13,910 TRANSPACIFIC BR 0.116 0.116 CHELSEA 0.82 0.82 0.77 0.82 0.77 0.77 4,000 3,130 28.9 28.95 28.9 29 28.9 28.9 26,000 751,700 112,650 CEBU AIR INTL CONTAINER 956 957 969 975 952 957 1,280,990 1,229,435,770 -212,179,680 7.6 7.9 7.65 7.65 7.5 7.5 2,400 18,050 -18,050 LBC EXPRESS 0.63 0.66 0.63 0.63 0.63 0.63 10,000 6,300 -4,410 LORENZO SHIPPNG MACROASIA 3.83 3.83 3.79 3.83 3.8 3.83 82,000 313,090 87,860 PAL HLDG 2.29 2.34 2.37 2.37 2.28 2.34 421,000 972,950 -594,020.00 HARBOR STAR 1.08 1.1 1.11 1.11 1.08 1.1 1,620,000 1,769,670 1.26 1.37 1.27 1.27 1.27 1.27 3,000 3,810 ACESITE HOTEL 0.036 0.037 0.036 0.037 30,500,000 1,101,600 BOULEVARD HLDG 0.037 0.037 DISCOVERY WORLD 0.86 0.93 0.86 0.92 0.86 0.92 35,000 31,460 15,340 WATERFRONT 0.44 0.39 0.4 0.42 0.38 0.39 600,000 234,800 8,000 CENTRO ESCOLAR 14.52 15.32 14.7 14.7 14.5 14.5 6,500 94,616 -87,360 800.5 822.5 800.5 800.5 800.5 800.5 10 8,005 FAR EASTERN U 6.95 7 7 6.95 6.95 2,600 18,145 IPEOPLE 7.07 1.21 1.22 1.21 1.21 1.19 1.21 168,000 203,160 -38,720 STI HLDG BELLE CORP 1.18 1.19 1.19 1.19 1.18 1.19 719,000 855,600 18,320,600 2.12 2.13 2.15 2.15 2.08 2.12 8,670,000 -3,355,760 BLOOMBERRY 1.86 1.88 1.87 1.87 1.86 1.86 75,000 140,000 PACIFIC ONLINE 9.89 9.92 10.2 10.38 9.88 9.89 12,322,700 123,155,285 3,544,345 DIGIPLUS 13.1 13.2 13.5 12.9 13.12 1,172,000 15,428,038 5,647,448 PHILWEB 13.12 METRO RETAIL 1.07 1.07 1.06 1.07 1.07 1.07 42,000 44,940 4,280 PUREGOLD 40.3 39.9 40.1 40.1 39.9 39.9 981,200 39,220,935 6,202,665 34.4 35 34.6 35 34.5 34.5 16,500 572,250 -387,780 PHIL SEVEN CORP 2.04 2.08 2.04 2.1 2.04 2.08 32,000 66,920 SSI GROUP 0.68 0.69 0.69 0.69 0.69 0.69 26,000 17,940 UPSON INTL CORP WILCON DEPOT 5.55 5.62 5.7 5.71 5.53 5.55 1,012,500 5,675,300 -1,370,011 APC GROUP 0.11 0.11 0.105 0.105 0.105 0.11 40,000 4,300 0.205 0.207 0.205 0.205 0.205 20,000 4,100 0.205 MEDILINES MINING & OIL ATOK 1.71 1.79 1.72 1.72 1.79 93,000 163,930 -14,680 1.95 13.3 13.38 13.98 14 13.24 13.3 2,269,900 30,715,870 -4,086,038 APEX MINING ATLAS MINING 12.02 12.04 12 12.2 11.82 12.04 4,200,300 50,533,806 5,799,414 BENGUET A 6.2 6.3 6.19 6.2 6.19 6.2 43,800 271,559 6.16 6.28 6.16 6.16 6.16 6.16 1,000 6,160 BENGUET B 0.25 0.26 0.26 0.26 110,000 28,600 -7,800 0.26 0.26 EC VULCAN 1.88 1.9 1.88 1.87 1.88 1,484,000 2,811,330 -1,758,600 FERRONICKEL 1.92 GEOGRACE 0.076 0.076 0.073 0.073 0.073 0.076 130,000 9,820 0.184 0.184 0.182 0.183 0.183 0.184 18,290,000 3,354,380 LEPANTO A 0.181 0.184 0.18 0.187 0.175 0.184 4,830,000 867,200 63,000 LEPANTO B 0.007 0.0074 0.007 0.007 0.007 0.007 3,000,000 21,000 MANILA MINING A 0.007 0.0077 0.007 0.007 0.007 0.007 25,000,000 175,000 MANILA MINING B MARCVENTURES 0.65 0.65 0.63 0.64 0.63 0.63 977,000 617,090 3.76 3.77 3.71 3.84 3.71 3.76 6,852,000 25,928,660 -520,650 NICKEL ASIA OCEANAGOLD 1,220,630.00 33 33.1 33.2 33.2 32.85 33 707,600 23,376,050 0.44 0.45 0.445 0.455 0.445 0.45 310,000 138,600 ORNTL PENINSULA 7.9 8 8.29 8.29 7.9 7.9 1,316,300 10,636,159 -2,962,616.00 PX MINING ENEX ENERGY 3 3 2.88 3 3 3 11,000 33,000 0.013 0.014 0.013 0.014 0.013 0.013 75,400,000 980,500 ORNTL PETROL A 0.0081 0.0081 0.008 0.008 0.0079 0.0081 66,000,000 528,100 -7,900 PHILODRILL 2.5 2.51 2.51 2.57 2.48 2.51 411,000 1,030,850 -10,280 PXP ENERGY PREFFERED ACEN PREF B 1,035 1,040 1,040 1,040 1,040 1,040 200 208,000 2,472 2,478 2,478 2,498 2,478 2,478 830 2,062,920 AC PREF AR 1,941 1,950 1,950 1,950 1,942 1,950 2,155 4,185,830 AC PREF B4R ALCO PREF F 482 499.6 485 485 485 485 50 24,250 98.5 99.6 98.6 99 98.6 99 2,000 197,600 BRN PREF A 105 105.9 105 105 105 105 5,900 619,500 BRN PREF C 1,010 1,028 1,018 1,018 1,005 1,005 50 50,595 CLI PREF A2 99.2 99.5 99.5 99.5 99.2 99.5 4,070 404,950 CPG PREF B DD PREF 93.75 93.75 93.2 93.5 93.2 93.75 4,730 441,760 993 1,019 994 994 994 994 20 19,880 -19,880 FDC PREF B MWIDE PREF 6A 98 100 100 100 100 100 1,010 101,000 -101,000 97.1 101.5 101.5 101.5 101.5 101.5 100 10,150 MWIDE PREF 7A 100.1 102.9 101 101 100.1 100.1 570 57,237 MWIDE PREF 7B PCOR PREF 4B 989 996 989 989 989 989 50 49,450 980 989 975 975 975 975 20 19,500 19,500 PCOR PREF 4C PCOR PREF 4E 971 997 990 990 970 970 2,000 1,951,475 601,450 77.85 77.95 77.85 77.85 77.85 77.85 100 7,785 SMC PREF 2N 78.25 78.5 78.45 78.5 78.25 78.5 31,540 2,475,680 SMC PREF 2O SMC PREF 2Q 74 74.95 74.9 74.9 74.9 74.9 10 749 73.4 73.5 73.5 73.5 73.5 73.5 231,980 17,050,530 -11,041,170 SMC PREF 2S SMC PREF 2T 54 76.45 76.5 76.5 76.5 76.5 40 3,060 6.87 7.68 6.85 6.85 6.85 6.85 1,100 7,535 TECH PREF B2D 100 100.3 100 100.3 100 100 1,910 191,090 TOP PREF A1 TOP PREF A2 100.4 101 100.6 100.8 100.6 100.6 260 26,164 -

ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8097 -0.11% 0.51% -3.94% N.A -1.15% PHIL. DEPOSITARY RECEIPTS A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. ABS HLDG PDR 3.17 3.36 3.18 3.18 3.18 3.18 18,000 57,240 4.31 4.47 GMA HLDG PDR 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. 2 - LAUNCH DATE IS FEBRUARY 2, 2026. 3 - LAUNCH DATE IS DECEMBER 18, 2024. MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON SEPTEMBER 12, WARRANTS 2025. AGI WARRANT 1.04 1.12 1.04 1.12 1.04 1.12 38,000 41,000 4 - MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON MARCH 26, 2026. SM A L L, M ED I U M & EM E R G IN G 5 - LAUNCH DATE IS APRIL 17, 2026, AND IT REPRESENTS THE SECOND TRANCHE OF THE ATRAM UNITIZED CORPORATE HAUS TALK 1.33 1.35 1.33 1.39 1.33 1.33 1,454,000 1,954,550 DEBT VEHICLE, INC. 0.243 0.218 0.218 0.247 1,610,000 381,840 XURPAS 0.247 0.247

“While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

pifa.com.ph to see the latest NAVPS/NAVPU.”

3,001 26,163,491 37,231,742 276,171 1,656,572 -39,275,002.50 0 0 8,967,676.50 -75,790 6,855,164.50 -10 302,375 495,400 149,400 -1,521,566 71,540 -126,400

NEXGEN ENERGY

2.75

2.8

EXHANGE TRADE FUNDS FIRST METRO ETF

106

106.4

2.79

2.8

2.79

2.8

7,000

19,590

-31,800 -1,070 -952,630 -

105.5 106.4 105.5 106.4 1,950 206,755 -26,357

www.businessmirror.com.ph

Banking&Finance

The art of leading across cultures: Lessons from European associations

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N the second episode of “Europe Insights,” a four-part series of the Philippine Council of Associations and Association Executives (PCAAE) podcast “Association Matters,” I had the privilege of speaking with Stylianos “Stelios” Filopoulos, founder and managing director of Association by Design. Our conversation focused on “Leadership in a Multicultural Association Environment,” and it offered timely lessons not only for European associations, but also for organizations in the Philippines and across Asia that increasingly operate in multicultural and multi-generational environments. One of the takeaways from our discussion was Stelios’s reminder that there is no single model for association leadership. European associations vary widely, from small trade groups focused on advocacy to large professional societies composed of scientists, doctors, and technical experts. Due to this diversity, leadership competencies also differ. Some leaders must become industry spokespersons and policy advocates while others must focus on strategic thinking, community engagement, and organizational growth. Yet despite these differences, Stelios emphasized one universal leadership competency: the ability to “create space.” In multicultural organizations, leaders must create an environment where people from different cultures, communication styles, and perspectives feel heard and respected. This resonated deeply with me as associations, by nature, bring together individuals with varied experiences and viewpoints. Effective leaders do not erase diversity in pursuit of uniformity. Instead, they create alignment while preserving differences. His reflections on European culture were equally insightful. Europe, after all, is composed of countries with distinct histories, languages, and social norms. Stelios described Brussels, the hub of many European associations, as a “melting pot” where people develop a shared culture while still maintaining their identities. He warned, however, against leaders becoming too attached to their own cultural norms, as this can unintentionally alienate others. Another memorable point was his description of consensus building. In Europe, consensus is highly valued, especially within the European Union environment. But Stelios humorously compared excessive consensus to a “tasteless soup”: safe, but lacking in flavor. The lesson here is important: leadership is not about pleasing ev-

Association World Octavio Peralta eryone all the time. Rather, it is about ensuring that people still recognize themselves in the organization and feel comfortable contributing to its mission. Trust, according to Stelios, is the true “currency of engagement.” Members participate more actively when they feel respected, included, and confident that their voices matter. But engagement does not happen automatically. Associations must intentionally mobilize their communities, communicate clearly, and align organizational rhythms with members’ available time and attention. In today’s busy world, people are not merely investing membership fees, they are investing energy, participation, and attention. Our conversation also touched on language and inclusivity. Even when English is the common working language, every culture expresses itself differently. Stelios noted that language is not merely a communication tool; it is part of identity. This is why associations should provide common frameworks and shared goals while allowing flexibility for local adaptation. Finally, we discussed leadership succession, an issue many associations struggle with. Stelios advocated for more intentional succession planning, including term limits and leadership transition models such as “president-elect” systems. Importantly, he highlighted that succession planning should not apply only to volunteer leaders, but also to CEOs and secretariesgeneral. Renewal, he argued, keeps organizations dynamic, creative, and future-ready. As associations in the Philippines continue to grow in scale and influence, these insights from Europe are worth reflecting upon. In a rapidly changing and interconnected world, perhaps the future of association leadership is less about authority and control and more about facilitation, inclusion, trust, and shared purpose. Octavio Peralta is the founder and volunteer CEO of the Philippine Council of Associations and Association Executives (PCAAE), the “association of associations.” The PCAAE will hold its 14th Annual Associations Summit (AS14) on November 24, 2026, at the Asian Institute of Management. The views he expressed herein do not necessarily reflect those of the BusinessMirror. E mail: bobby@pcaae.org.

Rural lender gets BSP OK to operate as digital bank

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HE MariBank Philippines Inc. becomes the seventh digital bank in the Philippines after the Monetary Board (MB) approved its request to upgrade its banking license from a rural bank to a digital bank. The approval was contained in the MB Resolution 133 dated February 19, 2026, according to the Bangko Sentral ng Pilipinas (BSP) Circular Letter CL-2026-035. The circular was issued a month after the Securities and Exchange Commission (SEC) approved MariBank’s amended Articles of Incorporation and By-laws bearing the digital banking license. On July 8, 2026, the corresponding Certificate of Authority to operate as a digital bank was issued by the central bank governor, the circular also noted. According to the BSP, the former rural bank commenced its operations as a digital bank on July 18, 2026. MariBank now joins the six digital banks that have been granted licenses and are operational in the country. According to the BSP website, these six digital banks are GoTyme Bank Corp., Maya Bank Inc. , Overseas Filipino Bank Inc. (a digital bank of Landbank), Tonik Digital Bank Inc., UnionDigital Bank Inc., and UNObank Inc. In an earlier interview, Lyn I. Javier, BSP Deputy Governor for Financial Supervision Sector, told reporters that the central bank will announce “in due time” the new digital banks that would

be granted licenses. “In due time ‘cause I cannot say so because even if we approve granting a license, they still have to process the articles of incorporation, bylaws, which process is beyond the control of the BSP,” added Javier. “When we receive the application we have to compare them across [several elements],” she explained. “We have to look at the business model, we have to vet, we have to look at the fitness and propriety of the owners, the proposed directors, officers.” “So as you go through the process as well you have to go back to the applicant and ask these questions and again vet. So we have to vet it thoroughly,” Javier added. It doesn’t end there, however. After vetting, Javier said there would be more discussions. “Are they offering a viable or a good value proposition already for the industry, and then other developments would come in. So those are the factors we consider,” she added. In an interview with reporters last January, Javier said the BSP will ensure that only digital banks that possess “greater inclusiveness” would be granted licenses in the country. (See: https:// businessmirror.com.ph/2026/01/27/ bsp-sifting-through-applicationsfor-digital-bank-license/) Andrea E.

San Juan

BusinessMirror

Editor: Dennis D. Estopace • Friday, July 24, 2026

B3

Banks now liable to victims of OTP scams—BSP Counsel

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By Andrea E. San Juan

S the deadline for phasing out one-time passwords (OTPs) lapsed a month ago, banks are now liable to pay the amount lost by a depositor if victimized by hijacking the user’s one-time password (OTP), according to the chief legal counsel of the Bangko Sentral ng Pilipinas (BSP). “I’m sure you’ve heard that OTP alone is no longer allowed. There should be something more than that, especially for complex and high-value transactions,” BSP General Counsel Roberto L. Figueroa told reporters on the sidelines of the Ceremonial Signing of Information Sharing Agreement between the BSP and the Department of Justice (DOJ) last Wednesday. “So if that’s the reason why the victim got scammed, and the bank,

if it’s a high-value complex transaction [that] merely relied on the use of OTP by the customer, we all know that that’s not a sufficient defense on the part of the bank,” Figueroa added. He said the deadline was last June 25 so it is expected that all of the banks have already complied with the central bank’s circular. “If, let’s say, a depositor or a client of a bank gets victimized, and the reason for that is because of their failure to comply with the require-

ments of the Afasa [Anti-Financial Account Scamming Act], then the bank will suffer the consequence of that non-compliance,” Figueroa said. The central bank’s primary lawyer said that the consequence could include “complete full restitution,” meaning whatever is the amount lost by the victim or by the depositor, even if the bank is not the scammer, the bank will now be ordered to pay the depositor or the customer the amount that was lost. “You cannot anymore use the defense that it’s the customer who entered the OTP,” Figueroa said. The BSP’s chief legal officer further noted that under the Afasa, it is clear that banks should have a “robust fraud management system,” and that banks are now required to have a multi-factor authentication. “It’s not just one; in this case OTP. So with the deadline having passed, that means the victims of the scam or fraud can now use all these provisions of Afasa against the bank. A bank can no longer claim that it’s the fault of the client,” added Figueroa. Last year, the central bank re-

quired BSP-supervised financial institutions (BSFIs) to replace on or before June 25, 2026, SMS-based and email-based one-time password (OTP) with stronger technology. The latter includes biometric, behavioral, adaptive, or passwordless solutions, cited under BSP Circular 1213, issued in May 2025. The circular covers banks and ewallet operators that average more than P75 million of online transactions per month. That stipulation includes most universal and commercial banks, all digital banks, and some cooperative, thrift, and rural banks, the BSP noted. These BSFIs are required to apply the stronger technology to transactions deemed as high-risk. The circular, likewise, requires covered BSFIs to strengthen their fraud management systems to better detect and prevent unauthorized transactions. “These systems must be capable of flagging unusual or suspicious activities, including unusually rapid transactions and those involving new recipients or unrecognized devices,” the central bank pointed out.

Govt agencies sparingly used cash OK’d by DBM By Reine Juvierre Alberto @reine_alberto

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HE cash utilization rate of state agencies slipped in the first half of 2026 despite higher allocations released by the Department of Budget and Management (DBM). Government agencies posted a 96.9-percent cash utilization rate as of end-June, lower than the 99-percent utilization rate recorded in the same period last year. This came after the DBM released a total of P2.489 trillion in notices of cash allocation (NCA) in the first six months of 2026, of which P2.645 trillion was utilized by line departments, state-run corporations and local government units (LGUs). NCAs released in the first half

were higher by 10.04 percent than the P2.489 trillion disbursed a year ago. In the same period last year, P2.463 trillion worth of NCAs were spent out of the P2.489 trillion in NCAs released. NCAs are disbursement authorities issued by the DBM to cover the cash requirements of the operations, programs and projects of government agencies. A higher NCA utilization rate reflects the capacity of state agencies to timely disburse their allocated funds and implement their programs and projects. Line departments received the bulk of the releases, utilizing P1.751 trillion of the P1.835 trillion allocated to them, equivalent to a 95.4-percent utilization rate. Several agencies have posted a 100

percent utilization rate, including the Office of the Vice President, Department of Education, Department of Foreign Affairs, Department of Labor and Employment, Department of Migrant Workers, Department of Social Welfare and Development and Department of Tourism. The Judiciary, the Civil Service Commission, the Commission on Audit, the Commission on Elections and the Office of the Ombudsman, likewise, recorded 100-percent utilization rates. The Department of Information and Communications Technology, however, registered the lowest utilization rate among line departments at 76 percent, having used P3.482 billion of the P4.606 billion allocated to it. Meanwhile, NCAs released as

budgetary support to governmentowned and -controlled corporations reached P183.486 billion, of which P183.453 billion was used, translating to a 100 percent utilization rate. LGUs similarly utilized nearly all of their allocations. Of the P719.762 billion released, P719.681 billon was spent, also equivalent to a 100 percent utilization rate. Allocations to LGUs include the national tax allotment, special shares for LGUs, Metropolitan Manila Development Authority, Bangsamoro Autonomous Region in Muslim Mindanao and other transfers to LGUs. The DBM earlier said that it expects the utilization rate to accelerate in the coming months, as completion of projects, activities and other programs is forthcoming.

Asia hedge funds hurt by July selloff after strong H1

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SIA-FOCUSED hedge funds have been caught up in the July selloff after the fervor for artificial intelligence and technology hardware propelled doubleor even triple-digit returns in the first half. WT China Fund, led by Wang Tongshu, lost 17 percent this month before fees through July 17, having soared 120 percent in the first six months, said people with knowledge of the matter, who asked not to be identified discussing private information. Keystone Investors Pte’s hedge fund retreated 12 percent through the same day, after surging 63 percent in the previous six months, said people with knowledge of its performance. FengHe Asia, known for its stockpicking savvy and consistent performance, joined peers posting declines, as did funds of CloudAlpha Capital Management and Indus Capital Partners. Eagle’s View Capital Management saw its Japanese convertible bond arbitrage fund chalk up a rare gain so far this month, thriving on the volatility that July has brought, according to its manager Chris McGuire. Asia hedge fund performance has come under pressure from a combination of renewed swings in crowded AI-related stocks, reversal of momentum trades and geopolitical uncertainty, Morgan Stanley prime brokers wrote in a note dated July 21. Selling pressure has eased this week, and fund performances have started to rebound. Yet industry observers expect losses in the first weeks of July to be far more widespread, given that many regional hedge funds don’t provide intra-month updates.

BUILDINGS in Singapore. PHOTOGRAPHER: NICKY LOH/BLOOMBERG

Among their most popular trades, memory chip giant SK Hynix Inc.’s South Korea-listed shares have lost about 28 percent of their value this month. Japanese peer Kioxia Holdings Corp. has tumbled 28 percent, and is now trading about 40 percent off its peak. Hedge funds had piled into such bets in anticipation that AI’s advancement from training to actual applications would spur higher demand for chips, energy storage, cooling solutions and server components for years to come. They also sought out Chinese stocks such as MiniMax Group Inc. and Z.AI Co. on the country’s spending to rival the US and build cheaper AI models. Z.AI, whose shares lost more than half of their value earlier in the month, has begun to rebound, along with fund performances. The plethora of stocks in the AI supply chain in the region was the key driver behind the outperformance of Asia-based hedge funds in the first half. Bullish wagers on global semiconductors were the most crowded

trade, according to a Bank of America Corp. global fund manager survey released earlier in July. In the past couple of months, global banks have raised financing rates for hedge funds seeking to add to leveraged bets on stocks such as SK Hynix and Samsung Electronics Co. through swaps. Lenders are carefully rationing their capacity to accommodate new trades on them. Investors have become increasingly jittery about what large cloud service providers known as hyperscalers—such as Microsoft Corp., Meta Platforms Inc. and Amazon. com Inc.—would reveal about their capital expenditure plans during the upcoming earnings season. Exacerbating the stock swings were the rebalancing of leveraged single-stock exchange-traded funds and retail punters unwinding trades. Money manager DWS has downgraded the global semiconductor industry from positive to neutral, arguing a large part of the positive expectations based on surging demand from hyperscalers and high

entry barriers for new competition had been priced in. While many stocks don’t appear too expensive based on multiples of future earnings, DWS cast doubt on whether current margins and growth rates can continue. “The AI story in the semiconductor sector remains intact,” Tobias Rommel, portfolio manager for global equities at DWS, wrote in a note this month. “But after the strong rally, it is less about growth and more about the sustainability of earnings.” Some funds remain positive on technology stocks amid the correction. The July selloff likely reflected fund positioning more than stock fundamentals, said John Pinkel, a San Francisco-based partner and manager of Indus Capital’s longonly Select Fund, which accounts for 71 percent of the firm’s $6.4 billion assets. “Investors who had a strong first half may have faced redemption or rebalancing pressure into quarterend,” he said. “Managers without sufficient cash on hand to absorb that can become forced sellers, amplifying any pullback.” Meanwhile, macro hedge funds managed out of Asia have been more subdued this year. The US and Israeli war against Iran upended earlier bets on interest rates and they largely missed out on the AI-driven stock rally because of their traditional focus on fixed-income and currency trades. CloudAlpha, FengHe and Keystone declined to comment, while WT Asset Management didn’t respond to a request for comment. Bloomberg

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Friday, July 24, 2026 • Editor: Gerard S. Ramos

BusinessMirror

businessmirror.lifestyle@gmail.com • www.businessmirror.com.ph

TODAY’S HOROSCOPE

TROPICAL Hut Supermarket along Scout Borromeo in Quezon City, which opened in 1962, is finally closing its doors at the end of July. Fortunately, Tropical Hut Hamburger will continue to operate and be expanded in this property. PHOTO

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Elisabeth Moss, 44; Anna Paquin, 44; Jennifer Lopez, 57; Kristin Chenoweth, 58. HAPPY BIRTHDAY: Let go of negativity, and focus on the possibilities. Life is about living, not hanging on to the past. Separate the good from the bad, learn your lessons as you go and make progress through positive thought and reinforcement. Be the bright light in the room and the one who offers positive alternatives. Your numbers are 3, 16, 19, 27, 31, 35, 44.

FROM WIKIPEDIA

ARIES (March 21-April 19): Turn your creative imagination into something spectacular. Position yourself with people who inspire you to let your heart lead the way. Happiness is the prerequisite of doing what’s best for you whenever you can. A positive change to how you live or earn your income can be yours if you channel your energy and enthusiasm into what you want to pursue. ★★★★★

TAURUS (April 20-May 20): Tame what tempts you. Be rational, use common sense and put your money to work toward greater stability and security, not loss and debt. Distance yourself from big talkers, manipulators and scammers. Pay attention to how you present yourself and deal with others. Use intelligence to counter any offer that benefits someone else more than it does you. ★★★

Tropical Hut and remembering the comfort of familiar places

GEMINI (May 21-June 20): Stop procrastinating and start living your dream. A change is in the stars; all you must do is make it happen. Pursuing education, traveling, promoting and presenting what you can do, networking and forming connections with people who can help push your agenda will get you on the road to victory. Stop talking and start doing. ★★★

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MEDIA colleague posted on her Facebook account on Wednesday, rather wistfully, that Tropical Hut Supermarket on Scout Borromeo St. was closing shop. For those of us who have been long-time residents of Quezon City, Tropical Hut was one of the OG grocery stores we patronized, buying anything from fresh meats to canned goods and small toys. And when the holiday season came around, we would buy our leg of ham at the kiosk which sold Majestic Ham, which the supermarket hosted. Papa would also have his keys duplicated at one of the stalls outside, along the supermarket’s perimeter. Boosting the popularity of Tropical Hut are its delicious burgers, which thank goodness will not be affected by the closure of the supermarket slated at the end of July. Back in my elementary years, whenever Mama said she was going to shop for groceries at Tropical Hut, I was very eager to tag along because, most likely, there would be an opportunity to eat a cheeseburger at the adjacent cafe. While Mama was picking up our groceries, I would sometimes sneak off and cross over to National Book

A NOSTALGIC FAVORITE The Tropical Hut Super Cheeseburger Classic with fries and drink PHOTO BY STELLA ARNALDO

Store to check out the latest Nancy Drew books in stock, buy school supplies I needed, then after make my way to the small Sanrio store—the first of its kind in the Philippines—to see what new kawaii My Melody or Little Twin Stars stuff had come in. (Nope, I was never a Hello Kitty fan.) These days, National Book Store at the corner of Quezon Avenue is a shadow of its former self. It’s now called just “NBS”, and the Sanrio store has been long gone. And much of the property is devoted to food and beverage merchants, instead of books. The smallsizing of NBS began sometime in the early 2000s, which was later mirrored by Tropical Hut, in that the favored supermarket which once dominated the Scout area had also gradually scaled back its operations. (Apparently, it is no longer a “Supermarket” but a “Foodmart”.) The area also hosts other equally popular community supermarkets—the former Rustansowned The Marketplace at Scout Madriñan, which caters to the more affluent residents; another OG, Hi-Top Supermarket along Quezon Avenue; and just a hop and a skip away, Robinsons Supermarket along Tomas Morato Avenue on the ground floor of a towering condominium. I suppose the onslaught of more supermarkets in the area, along with availability of online store delivery, no longer made it tenable for Tropical Hut to continue operating. With higher cost of utilities and persistent inflation, it may have been difficult for the supermarket to keep the prices of its grocery items affordable as it once had. Besides, Tropical Hut’s owner, the Mercury Drug Group, already sells grocery items at its drugstores so in a way, the company hasn’t strictly exited the supermarket business. The grocery portion of the group will just exist inside its ever-expanding drugstore network, side by side its pharmaceutical business. In a way, it is serving more customers by killing two birds with one stone: buy your drugs, buy your snack food—in just one store. While it’s a tad upsetting to say goodbye to my once favorite playground, Tropical Hut fans will be happy to know that the burger joint at Scout Borromeo will be kept, and even expanded to a fullblown restaurant, while the rest of property will reportedly house the burger operations’ main office. And perhaps, more restaurant branches will be rolled in the near future. Once upon a time, I also thought Tropical Hut Hamburger would likely go the way of its supermarket business. But in 2022, one guy’s tweet about his visit to the burger joint’s Escolta branch,

along with a photo of his order—burger, fries, and a glass of soda—sparked a sentimental frenzy of visits to other branches. I admit that because of that tweet, I have since returned to patronizing the restaurant, ordering what is now dubbed the Super Cheeseburger Classic. The sandwich is wrapped in foil such that it is still warm when I receive it via delivery, and doesn’t break the bank because it costs just P187. It is beefy, juicy, and just the perfect no-frills cheese burger. I also belatedly realized that Tropical Hut Hamburger now caters to group orders, so it makes for an inexpensive meal for company meetings or family hangs, while bingeing on the latest hot streaming series. Meanwhile, according to another Facebook post, there is an ongoing closing-out sale at Tropical Hut Supermarket, uhm, Foodmart, where its remaining inventory are being sold at heavily discounted prices, in case our dear readers are interested in making a nostalgic pilgrimage to the place. Living in Quezon City most of my life, I’ve said goodbye to other great well-stocked supermarkets, which sold some unique goods. My Lola’s favorite was Sunshine Mart near the Mayon St.-Quezon Avenue area, where she would buy prepared morcon for cooking during Christmas Day. Then there was also Glo-ri Supermarket along Del Monte Avenue, which was walking distance from our former home in Santa Mesa Heights, where my favorite purchase was Caroline’s Potato Chips, which was a treat using my saved baon. (Sheesh. Who even remembers that chip brand? I’m definitely showing my age!) Of course, cities must change. New businesses will come, old ones will find new lives, and today’s children will someday look back with the same fondness on the places they now take for granted. That’s the cycle of every neighborhood, and every generation. Still, every now and then, I can’t help but grieve the loss of these familiar landmarks, because they were never just stores. They were the backdrop to our family traditions, small triumphs, childhood treats, and ordinary weekends that, without realizing it then, would become ingrained as my life’s sweetest memories. Maybe that’s why the news about Tropical Hut Supermarket feels so personal to me. It isn’t really about the closing of a grocery store. It’s about saying goodbye to a place that quietly witnessed my youth. And while the shelves may soon be empty, the flavors, the faces, and the memories it gave me remain wonderfully, deliciously full.

CANCER (June 21-July 22): Sharing too much will be detrimental. Put your time and effort into building a solid base to house your dreams, hopes and wishes. Don’t be afraid to be different or to take the road less traveled. Don’t feel obligated to put others first when making yourself a priority makes you strong enough to carry those you love along with you. ★★★

LEO (July 23-Aug. 22): Engage in activities, and show off your skills, attributes and generosity. Think big, but implement discipline and fine-tune your plans to suit your budget. Helping others won’t be easy, but it will help you see the light and let go if necessary. The decisions you make will determine what you get in return. Do what’s best for you. ★★★★★

VIRGO (Aug. 23-Sept. 22): Keep your guard up when dealing with contracts, joint ventures and shared expenses. Don’t force your will on others; if you want to win approval or acceptance, use diplomacy. Change comes from finding out what others want or need and being willing to compromise. Don’t jeopardize your position or reputation. Focus on self-improvement. ★★

LIBRA (Sept. 23-Oct. 22): Try not to be too revealing. Be a good listener, size up situations and work quietly on your own as you collect what you need to succeed. An unexpected opportunity will surface if you attend lectures or networking functions or reach out to help a cause that concerns you. The people you meet and what you learn will pay off. ★★★★

SCORPIO (Oct. 23-Nov. 21): Be clear regarding what you can and are willing to do. Walk away from any situation that makes you uncomfortable. Use your insight and intelligence to outmaneuver anyone trying to take advantage of you. Downplay your plans and limit how much you spend. Walk away from temptation, overindulgence or taking on more than you can deliver. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Put more time and effort into your home, surroundings and meaningful relationships. Share your feelings and intentions, and find out where you stand before you make a commitment to anyone who may have different opinions, intentions or values. If you go over expenditures, contracts and medical issues carefully, ask questions and resolve issues, you’ll ease stress. ★★★

CAPRICORN (Dec. 22-Jan. 19): Save time; cut your losses and focus on feeling, looking and doing what’s best for you. Protect your assets and your reputation from anyone trying to outmaneuver you. Distance yourself from those who ask too many personal questions or try to put you in a vulnerable position. Choose a lifestyle that eases stress and encourages health, peace and happiness. ★★★

AQUARIUS (Jan. 20-Feb. 18): Stick close to home, send out resumes and look for opportunities that help you engage in conversations with like-minded people. Don’t let negativity set in when a positive attitude will attract far better people and prospects. Consider what you are good at and enjoy doing, and find a way to turn your skills into a profit. ★★★★

PISCES (Feb. 19-March 20): Be good to yourself and the ones you love. Spending time nurturing meaningful relationships will encourage a positive lifestyle change. Love and romance are in the stars, but tension will mount if equality and balance aren’t maintained. Don’t argue when a give-and-take attitude is the path to peace, love and personal happiness. ★★ BIRTHDAY BABY: You are forceful, driven and proactive. You are helpful and courteous.

‘beast mode’ BY MAX SCHLENKER

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Eyebrow’s shape 5 Get a lode of these! 9 Bob Marley, religiously 14 Barack Obama’s birthplace 15 Wither 16 “It’s my duty” 17 Debug? 19 Celebratory Jewish dances 20 Get some fresh ___ 21 Better mortgage deal, informally 22 Instrument with 47 strings 23 Job listing website 25 Guests may be welcomed with them 29 MCAT? 31 Business such as Groomingdale’s or Vanity Fur 33 Mrs., in Monterrey 34 Mr., in Mumbai 35 Egg-cellent mothers? 36 “Ink” 38 Least bad 39 URL ending for the ACLU 40 Illegal payment to a politician 42 Smallest U.S. coins

43 T-bird? 46 ___ Lou Wood of “Sex Education” 47 “The Star-Spangled Banner” preposition 48 Median Harvard course grade 50 Deplete of energy 52 Like some summer (and winter?!) coffee orders 56 Discoveries 57 Sea dog? 59 “Set Fire to the Rain” singer 60 People whose first language may be ASL 61 What’s needed to make a mini martini? 62 Roller coasters and carousels 63 California or Baja California 64 ___ ring (Hindu marriage symbol) DOWN 1 Vietnamese dress 2 ___ to go 3 Leafy green also known as beet spinach 4 Warm greeting 5 Confessed

6 Add on to someone else’s joke 7 “Pageboy” author Page 8 Messy room 9 Singer who founded Fenty Beauty 10 Unconcerned with right and wrong 11 “I’d rather you pick” 12 Agcy. affected by the REAL ID Act 13 Instagram handle symbols 18 Cookies that come in many limited edition flavors 22 Future throne occupants 24 CPR experts 26 Soft hue 27 Inventor Samuel with a namesake code 28 Sour moods 30 Indigenous 31 Where Incas once ruled 32 Fixed into one’s mind: Var. 35 Spicy 37 Monkey sidekick in “Aladdin” 38 Meaty Mexican stew 40 Flummoxes 41 Whiskey options 42 Like taxes on Tax Day

44 Ignite 45 Lincoln’s headpiece 48 From a distance 49 Longish skirt 50 Filmed 51 Opera set in Ancient Egypt 53 Livestreamer’s audience, colloquially 54 Dutch currency 55 Outing that might end with a kiss 57 Loops in via email 58 Purpose Solution to today’s puzzle:

www.businessmirror.com.ph • businessmirror.lifestyle@gmail.com

Show BusinessMirror

Editor: Gerard S. Ramos • Friday, July 24, 2026

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‘CHEF’S TABLE’:

Heartbreak and tragedy behind traditions EUGENE DOMINGO in Ang Babae Sa Septic Tank 4: Oh Sh*t! It’s Live sa Cheter!

Laughter and satire: Catch ‘Ang Babae Sa Septic Tank 4’ on July 30 GET ready for an evening of sharp wit, local artistry, and non-stop laughter as the hit satirical franchise officially takes over the live stage. The hilarious meta-comedy Ang Babae Sa Septic Tank 4: Oh Sh*t! It’s Live sa Cheter! is coming to the PETA Theater Center in New Manila, Quezon City, and you can catch the performance on July 30 at 7:30 pm. Starring the iconic Eugene Domingo alongside a brilliant ensemble cast, the production skewers the chaotic, passionate world of the performing arts— making it a perfect, relatable night out for theater lovers and newcomers alike. The July 30 performance is brought to the stage by showbuyer Lendl Fabella, made possible through the invaluable support of platinum partners, Sen. Bam Aquino and Synchronize11 Productions, alongside community partners, Step Up Travels, Abundo Psychological Clinic, Toyota Commonwealth, and Gratia Psychological Services. Gather friends, family, and colleagues for a memorable night at the theater. Tickets are available via TicketWorld.

KARA DAVID with her FAMAS haul.

GMA SHOWS AND PERSONALITIES TRIUMPH AT INAUGURAL FAMAS BROADCAST AWARDS

GMA Network once again affirmed its excellence in broadcast, entertainment, and public service as its programs and personalities emerged among the biggest winners at the first-ever FAMAS Broadcast Awards. Multi-awarded broadcast journalist Kara David led the network’s roster of winners during the awarding ceremony held on July 20 at The Manila Hotel. She earned three major accolades: Best Documentary for I-Witness’ “Embalsamador De Motor,” Best Public Affairs Talk Show for I-Listen, and Best Host for Public Service for I-Listen. GMA Public Affairs continued its strong showing with Born to Be Wild winning Best Educational Show and Biyahe ni Drew taking home the award for Best Lifestyle Show. These recognitions further underscore GMA Public Affairs’ enduring commitment to producing thought-provoking documentaries, informative programs, and meaningful stories that inspire, educate, and create a positive impact. GMA Entertainment likewise extended its winning streak, proving its ability to deliver programs that not only captivate audiences, but also create lasting connections with Filipino viewers. Family Feud was named Best Show for Game, Reality and Competition, while Fast Talk with Boy Abunda received the award for Best Entertainment Talk Show. Sparkle star Kelvin Miranda brought home the Best Performer for Series and Anthology award for his role in the epic series Sanggre: Encantadia Chronicles. Meanwhile, the country’s top-rating noontime program It’s Showtime was recognized as Best Variety Show, with Vice Ganda taking home the award for Best Host for Entertainment.

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VAN FUNKE wears his white beard long. He looks tough. He is tough after having been ignored in Los Angeles, where he has expressed his interest to learn more about pasta-making. It seems like the more entrenched food experts do not see him with the delicacy of someone who could prosper in the industry. But Evan Funke treats pasta-making like a sacred act. In the restaurant which he built, you could see him inside a glass-enclosed quarter where he—softly now, then tougher—kneads the flour before him. No machine is used; for Evan Funke, making pasta should be done manually. The captivating moment in the documentary series Chef’s Table: Noodles comes when that flour which went through Evan Funke’s attention is now served to you to be eaten, to be savored by someone who, all this time, has been watching the ritual with the same concentration as well. But for Evan Funke, there is no mentor in Los Angeles. No one wants to share their skills with him. And so, one day he decides to go to Italy, to Bologna. There, he would learn to study handmade pasta. And for months, he would slowly develop his skills in the art and science of rolling “sfoglia”, those thin pasta sheets under the strict teaching of the very acclaimed “sfoglina” Alessandra Spisni. Evan would eventually return to LA, set up his own restaurant where he could use his skills. Sadly, he would discover that some of his business partners had different sets of values, some of these impacting negatively on the economic side of his ventures. After several attempts in pasta-making business, he would return to Bologna, the women’s welcome to him would be maternal. It was also in Bologna that he was persuaded to secure his own “matterrelo”, the traditional rolling pin. There would be successes and there would be failures, but for Evan Funke, there would always be Bologna and the women who kept the flame burning alive for those who want to learn. The second episode of Noodles would have been a grand Chinese drama, a weepie, except that our protagonist Guirong Wei is a complex, strong woman who could not stand being part of a mushy extravaganza. Guirong Wei is from Xian, a northcentral city and capital of Shianxi province. She was born to poverty. To make the situation extreme, she was among two other sisters, a condition almost hopeless in a Chinese setting. But Guirong Wei has a consciousness that urged her to give up her position in the family. A cousin convinces her to join her in the big city, a proverbial route for women in the countryside. Guirong Wei’s parents are unhappy but she is convinced—it is best for her other siblings to stay behind and study. Her cousin has plans for her. Why not be a florist? Or a seamstress? But Guirong Wei has other ambitions: she wants to be a cook, a chef. But those are men’s works, admonishes her cousin, a bit shocked. The first few days see Guirong Wei observing the older chefs. Think of a 13-year-old girl doing this. Her patience and persistence worked and she soon found herself in the kitchen. The male chef had seen in her what others did not. The young cook started a new path but, all this time, she had not forgotten her promises to her two sisters and to her parents. She was religiously sending any amount she could. In the kitchen that was given to her, she judiciously began to develop the cuisine common in her city. This made her extraordinarily unique and popular. She still lived poorly but this time her dreams were alive. The Filipino OFW could see himself in Guirong Wei except that she dreamt big. She wanted to be a chef and soon she was given that responsibility. There were milestones in her life but she never negated her promise to her sisters and parents. Her sister would become a doctor and the other was doing great in their city. It didn’t take long before she was able to build four homes for her family. Her parents thought of her as their son. In London, she became the mind behind the authentic Xian cuisine. Guirong Wei is credited for revolutionizing the Shianxi culinary traditions, from hand-pulled noodles to traditional dumplings. Peppe Guida was acknowledged to be the driedpasta virtuoso who fused tradition with innovation.

While, for example, Evan Funke followed a tortuous and complex path, Peppe was content with the “ready” forms of pasta and there developed his own culinary approach. The result was quick and excellent and the customers were looking for Peppe. But our pasta master was shy. But he had a wife, Leila Granito, who the family looked to as the “heart and soul” of their family. During those moments when Peppe was not yet used to responding to the customers’ sincere appreciation, you could hear over the din or the silence, as the case may be, the loud albeit sweet voice of Leila calling our timid chef “Peppe!” “Peppe!” As Leila’s tenacity continued on, Peppe’s nervousness began to wear off...until one day, amid all the successes, Leila felt something strange. She would pass away in 2019. But Peppe and his two children made sure her legacy lives on in a magnificent villa called Villa Rosa, La Casa di Leila. Peppe also runs a Michelin-starred restaurant, not bad for a timid pasta maker. Mention Khmer and you are saddled, unfairly perhaps, with violence, diaspora, migration, people— women and children—genocide. No one thinks of Cambodia and its culinary practices, of their unique noodles, and the taste separating them from Thai or Vietnamese, just to cite an example. Nite Yun was born in a refugee camp. Unlike other Khmer, she was proud of her identity and ethnicity. She demonstrates this pride in the Cambodian food she prepares for her friends. When the episode opens, the voice of Nite Yun could be heard in the background. “There was music... there was dance...there were recipes.... Then, the war came. The genocide.” According to Nite Yun, when you cook, you bring with you all the memories of Khmer women who survived the genocide. In her case, the soup she makes carries with it not only the village but her mother who was strong enough to continue walking. For that’s how she lived through the hardships. Nite Yun would then go back to Cambodia, not to further her knowledge about the country’s food but to learn about her parents—how they were when they were young. And yet, it was among her kin and the vendors in the marketplace that she came up with the idea to put up her own restaurant in San Francisco. The city of San Francisco was the most appropriate place for Nite Yun to introduce to the world this dish that was not Thai or Vietnamese. It was a culinary tradition that came with personal tales, as well as the stories of women and men who saw war and deprivation. As one food activist put it, Nite Yun was not only offering Khmer food; she was sharing a story from her almost-forgotten country. Everyone believed she was powerful enough to bear the burden of the food she was reinventing. Around Nite Yun were always the migrant women of Cambodia. And her own mother.

Days were quiet and successful until Nite Yun’s brother called her up: their father was dead. He took his own life. In these four episodes of Noodles, food was not central in the narrative; the biography of chefs took center stage—brave, unflinching. Their respective countries became significant. Is this a new way of knowing ourselves and others? Chef’s Table: Noodles streams via Netflix.

THE boy band BTS performing at the World Cup 2026 halftime show.

MADONNA, BTS AND MORE WORLD CUP HALFTIME PERFORMERS SEE JUMP IN SONG STREAMS, JUSTIN BIEBER UP 110%

NEW YORK—It was the 11-minute performance heard around the world. Madonna, Justin Bieber, BTS and Shakira each brought abridged hits to the World Cup’s first halftime show in a whirlwind performance on Sunday just outside New York. And it has resulted in some noteworthy streaming bumps. Luminate, the industry data and analytics company that provides insight into changing behaviors across music listenership, examined streams of each song performed by each musician two days before the final (Friday and Saturday) and compared those figures to the final and the day afterward (Sunday and Monday.) They found: 1. Global streams of Justin Bieber’s “Everything Hallelujah” more than doubled, rising 110 percent from 592,000 streams to 1.25 million. 2. Global streams of Madonna’s “Music” rose 66 percent, from 193,000 streams to 321,000. 3. BTS’ “Dynamite” also grew in terms of global streams, from 2.14 million to 3.05 million for an increase of 43 percent. 4. And Shakira and Burna Boy’s official anthem for the 2026 World Cup, “Dai Dai,” also saw a slight bump for an addition of 3.48 million new global streams. That’s a 24 percent increase, from 14.78 million to 18.27 million. In the US alone, streams of “Dai Dai” rose 52 percent, from 1.68 million streams to 2.55 million. Luminate also found that the aforementioned artists only saw considerable jumps in the songs they performed on the field last weekend as opposed to their full catalogs. That phenomenon is more common for Super Bowl halftime performers. Take Bad Bunny for example: After his record-breaking performance this year, streams of his catalog jumped 175 percent in the US on the day after the Super Bowl, when compared to the previous Monday. AP

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Friday, July 24, 2026

Unioil, Aramco open first station in Sucat, bringing premium fuel experience to Filipino drivers

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ilipino motorists now have a new place to fill up their fuel tanks, and it comes with global pedigree. Unioil Petroleum Philippines has opened the first Aramco-branded fuel station in the country, located in Sucat, Parañaque, in partnership with Aramco, one of the world’s leading integrated energy and chemicals companies. The station marks the first tangible result of Aramco’s acquisition of a 25% equity stake in Unioil in 2025, a deal that brought together one of the Philippines’ most established fuel retailers with a global energy powerhouse. This partnership offers the Philippines ProForce, a branded premium fuel, and professional Valvoline Express Care automotive services, which are designed to provide a seamless customer experience. The Sucat station is the first of several Aramco-branded stations along North EDSA, Quezon Avenue, and the North Luzon Expressway already in development. This expansion marks a significant chapter in the Philippine downstream oil sector. It signals a strategic partnership, Aramco’s confidence in the Philippines, and longterm commitment to local motorists and the communities the partnership serves. Ziyad H. Al Juraifani, Aramco Vice President of Retail, said: “This is another milestone in Aramco’s growth story. Sucat is Unioil’s first Aramco-branded station in the Philippines, but it’s part

EastWest Ageas certified Great Place To Work for second year In a row

F In the photo are, from left, Unioil President Kenneth Pundanera, Director Geminesse Co, and Chief Executive Officer Janice Co Roxas-Chua with Ziyad Al Juraifani - VP Aramco Retail, Nader Al Douhan - Director International Retail for Aramco, and Usman Hamid - Group Governance and Policy Department Director for Aramco. of a bigger plan. The Philippines has the growth and consumer demand to support a stronger fuel retail market, and that’s what drew us in. Unioil brings local market knowledge, and we bring global standards. Together, that’s a strong combination aiming to bring premium products to local motorists.” Kenneth C. Pundanera, President of Unioil, explained that consumers are at the center of the partnership. He said: “Our priority is to give Filipino motorists a new fueling experience when they visit our stations. Through this partnership, we’re providing high-quality fuels,

dependable service, and greater value, so customers can truly feel real quality with every visit.” Beyond the pump, Unioil and Aramco are also renovating community basketball courts in multiple areas in Metro Manila, as part of the companies’ aim to support the communities they serve through grassroots projects and empowering youth through sports. For more information about this partnership, visit https://www.facebook. com/unioil. For updates on new station openings, follow Aramco on Facebook at facebook.com/aramcostationsphilippines.

AST-rising insurance company EastWest Ageas has officially been Certified™ by Great Place To Work® for a second year in a row. It earned this recognition after its head office employees and field sales personnel gave it a grade of 85 percent, 20 points higher than the average employer. Great Place To Work® is the global authority on workplace culture, employee experience, and the leadership behaviors proven to deliver market-leading revenue, employee retention, and continued innovation. Commenting on the certification, Lois Dalida, Chief People and Culture Officer, shares, “We are humbled and grateful to receive the certification once more. At EastWest Ageas, we value fostering a workplace culture that ensures our people thrive both in their professional and personal lives. This milestone only pushes us to continue pursuing this purpose and explore more ways to live up to our status as a Great Place to Work.” EastWest Ageas has achieved this certification through programs that focus on employee well-being, workplace engagement, and career advancement. The company’s WFH 2.0 program, which requires staff to report on-site twice a week, has also enabled employees

to balance their work with their personal responsibilities. EastWest Ageas also values empowering its people through training seminars that develop their skills. It also remains open to fresh ideas, allowing employees to take the lead in their respective departments. These efforts are reflected in the company’s own numbers: 94 percent of the employees report feeling welcomed when they first joined EastWest Ageas. The company likewise saw its time-to-fill rate grow from 50% to 69% within the past year. These internal results mirror broader patterns Great Place To Work has observed across certified companies. According to Great Place To Work research, job seekers value working at organizations with this certification, as they are 4.5 times more likely to find a supportive boss. Staff at these companies are 93 percent more likely to look forward to reporting to work. They are also twice as likely to be paid fairly, to earn a share of the company’s profits, and to have equal opportunities for promotion. For people planning to advance their careers in a company that puts them first, EastWest Ageas is currently hiring new talent. Check out its careers page at www. ewageas.com.ph.

Gluta-C Brightening Sunscreen SPF 60+ delivers healthy, even-toned, glowing skin

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OST Filipinos already know they should wear sunscreen every day. The challenge isn’t awareness; it’s finding one they actually enjoy wearing. From sticky textures and greasy finishes to white cast, breakouts, and products that seem to disappear the moment you start sweating, daily sunscreen has become one of the easiest skincare habits to skip. Responding to these everyday concerns, Gluta-C introduces its new Brightening Sunscreen collection featuring SPF 60+ PA+++ protection, blue light defense, antioxidant-rich ingredients, and three skin-enhancing shade variants designed for everyday wear. Developed through consumer insights and Gluta-C’s long-standing commitment to creating safe, multi-benefit skincare, the new collection helps simplify daily routines by combining sun protection, skincare, and complexion-enhancing benefits in one product. For years, sunscreen conversations centered almost entirely on preventing sunburn. Today, Filipino consumers are asking different questions— whether a sunscreen will feel lightweight enough for the daily commute, stay comfortable without becoming oily by midday, wear well under makeup, and blend seamlessly without leaving a white cast. In today’s climate, sunscreen’s everyday wearability has become just as important as its level of sun protection. Recent social listening across Filipino skincare communities shows that texture, comfort, trust, and

ease of use now influence sunscreen purchases just as much as SPF protection. Consumers increasingly want products that fit seamlessly into their daily routine, not products that feel like another skincare chore. These insights align with Gluta-C’s own consumer research, which found that people are increasingly looking for skincare products that are safe and deliver multiple benefits in one application. This multibenefit philosophy has long been at the core of GlutaC’s product development—creating formulations that do more than address a single skincare concern while helping keep skin healthy. The brand’s latest consumer survey also revealed a shift in what people consider beautiful skin. Rather than simply aiming for fairer skin, respondents said they want skin that looks even-toned, moisturized, and naturally glowing. These findings reinforce the growing demand for skincare products that not only protect against everyday environmental stressors but also visibly improve overall skin health. Gluta-C Brightening Sunscreen was created to simplify daily skincare by combining multiple benefits into a single product. • Available in Tone-Up, Light Shade, and Medium Shade, each formula features: • SPF 60+ PA+++ broad-spectrum UV protection • Blue light protection for daily digital exposure • Glutathione and Vitamin C antioxidants • Moisturizing skincare benefits • Lightweight, comfortable texture for everyday wear • Matte finish to help minimize unwanted shine • Skin tint that blends naturally for a healthylooking complexion • Instead of requiring separate products for sun protection, hydration, brightening, and complexion enhancement, the collection brings these benefits together in one easy step, making it easier to stay consistent with daily sunscreen use. “We’ve always believed that skincare should do more than solve one concern,” said Angeline Fiechter, President of Ardent World Inc. “Every Gluta-C product begins with one important question: Will it help keep

the skin healthy? Before we add brightening benefits, we make sure the formula nourishes, moisturizes, and supports overall skin health.” “Our consumer research confirmed what we’re seeing today—people no longer define beautiful skin by fairness alone. They want skin that looks healthy, even-toned, moisturized, and naturally glowing. That’s exactly what inspired the development of our new Brightening Sunscreen. We wanted to create a sunscreen that not only offers high sun protection but also delivers the skincare benefits consumers truly value while remaining lightweight and comfortable enough for everyday use.” Whether commuting to work, attending classes, exercising outdoors, driving, working beside a sunny window, or spending hours in front of digital devices, daily sun exposure has become part of modern life. Gluta-C Brightening Sunscreen helps simplify daily skincare by combining broad-spectrum UV protection, blue light defense, hydration, antioxidant care, and complexion-enhancing benefits into a single product. By reducing the need for multiple steps, it addresses one of the biggest barriers to sunscreen use: convenience. Suitable for a wide range of skin types and lifestyles, the collection makes daily protection easier while helping maintain skin that looks healthy, moisturized, even-toned, and naturally radiant. Both global skincare trends and local consumer conversations point to a growing shift toward preventive skincare. Sunscreen is increasingly viewed not only as protection against sunburn but also as an essential step in helping prevent uneven skin tone, dryness, premature signs of aging, and the visible effects of daily UV and blue light exposure. At the same time, today’s consumers are choosing products based on how they perform in real life. Lightweight textures, non-greasy finishes, skinfriendly ingredients, and multi-benefit formulations have become just as important as SPF ratings. As skincare routines continue to evolve, consumers are looking for products that make healthy skin easier to achieve every day.

PDRF was represented by its President, Butch Meily; Chief Resilience Officer Guillermo Luz; Executive Director Veronica Gabaldon; and Operations Center Director, Arnel Capili.

PDRF, ADB partner to boost disaster resilience across ASEAN

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HE Philippine Disaster Resilience Foundation (PDRF), one of the country’s major private sector coordinators for disaster resilience, recently formalized a strategic partnership with the Asian Development Bank (ADB) by signing a Memorandum of Understanding (MOU) at the PDRF Emergency Operations Center (EOC) in Clark, Pampanga. The agreement marks a significant step in advancing coordinated disaster preparedness, resilience, and climate adaptation between the two institutions. The MOU outlines specific areas of cooperation, including information exchange, hazard monitoring, capacity development, and coordination between ADB and PDRF. These initiatives are designed to enhance institutional readiness ahead of the typhoon season and strengthen long-term response capabilities for future emergencies. PDRF was represented by its President, Butch Meily; Chief Resilience Officer Guillermo Luz; Executive Director Veronica Gabaldon; and Operations Center Director, Arnel Capili. During his remarks, PDRF President Butch Meily shared, “The partnership between a premier multilateral development institution such as ADB and a leading private sector disaster management organization such as PDRF is important for the Philippines and the world. We are going to achieve great things together and blaze a new trial for others to follow.”

Enchanted Kingdom unveils a month filled with magic for Eldar the Wizard’s birthday

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NCHANTED Kingdom, the first and only world-class theme park in the Philippines, is set to make the entire month magical as it announces the spectacular lineup of enchanting gifts from its iconic Storyverse character, Eldar the Wizard, in celebration of his birthday this July. Kicking off its Love Saribuhay campaign this quarter, EK is showering guests with magical treats both inside and outside the Park as it counts down to Eldar’s Birthday Bash on July 25, 2026 at the Spaceport Grounds. The highly anticipated celebration, which coincides with the soft opening of the Park over 30 years ago, will feature enchanting parades, shows, games, appearances, giveaways, and other surprises perfect for guests of all ages. Eldar the Wizard has been the heart of EK’s vibrant Storyverse and has brought magic, wisdom, and inspiration to generations of Filipinos for the past three decades. He embodies EK’s core values and inspires everyone to embrace love of God, respect, loyalty, integrity, and innovation. Ahead of his grand birthday celebration, the beloved wizard is currently extending the magic and fun of the festivities beyond the park through Eldar’s Birthday Bash Community Outreach Program. As part of this initiative, Eldar

heads to selected foundations and orphanages in Laguna to share enchanting treats, special performances, and memorable experiences with the beneficiaries. EK will launch its newest seasonal show featuring all of the Storyverse characters in a surprise dance party, as they give back to Eldar the magic and joy he has shared with the kingdom and the Filipino people over the years. Guests can also savor his special food selections, including the family feast bundle of Eldar’s Meal exclusively offered at Amazon Grill and LaunchTime restaurants. Alternatively, everyone can try the meal’s chicken inasal, which is available for solo orders at Snaptooth Snack Station, Parkside, and Diggers Treat. Tropical Coolers’ standout drink, Eldar’s Purple Brew, will also remain available as a refreshing grab-and-go treat to enjoy while exploring the Park. EK has also introduced its latest addition to its lineup of Eldar merchandise, adding everyday items such as pillows, purses, and bags in a variety of kinds and styles. Meanwhile, the photo outlet in Rialto 4D and Eldar’s Photo Hub in Victoria Park have rolled out its new Face Recognition feature, allowing parkgoers to easily access all their photos in one place.

In-park tenant partners are also taking part in the festivities, with Dairy Queen becoming the first to announce its offerings, including the exclusive in-park Eldar’s Hat Dilly Bar and the Purple Yam Blizzard as the Blizzard of the Month. As the ultimate gift for Eldar’s big day, EK is bringing back its regular park hours of 11 am to 8 pm every Friday to Sunday until August 30, before shifting to Thursdays to Sundays starting September 1. Everyone can grab the chance to visit the Park on July 24 to 26 through Eldar’s Birthday Bundle, which includes one Regular Day Pass, a mixture of free treats from various in-park retail and food outlets, and participation in seasonal in-park activities, all for P1,400 only. Plus, it offers reserved seating to Eldar’s Birthday Bash, exclusively guests visiting on July 25. Promo is available for walkin purchase or through the EK Online Store until July 26 only. For more information and updates on Eldar’s Birthday Bash and EK’s other events and offerings, visit https://www.enchantedkingdom.ph and EK’s official social media accounts @enchantedkingdom.ph for Facebook and TikTok, and @ ek_philippines for Instagram.

ADB was represented by HK Yu, Vice-President for Administration and Corporate

Management (VPAC); Lakshmi Menon, Director General of the Corporate Services Department; Pamela Chiang, VPAC Senior Advisor; and Mark Gibb, Director of the Organizational Resilience and Security Division. During the ceremony, VP HK recognized PDRF’s work in helping communities become more resilient and better prepared for natural disasters, and thanked PDRF for partnering with ADB to strengthen the institution’s organizational resilience. In her remarks, she said, “We commend PDRF’s work in helping communities become more resilient and better prepared for natural disasters. Our partnership is an important step in strengthening ADB’s business continuity and organizational resilience. It also reflects ADB’s commitment to working closely with the private sector to advance preparedness, coordination, and long-term resilience amid growing risks.” Through this partnership, the ADB and PDRF seek to strengthen institutional and operational linkages that support disaster resilience, improve climate adaptation, and promote meaningful private sector engagement. The collaboration is also expected to contribute to broader resilience efforts across the ASEAN region, leveraging both organizations’ extensive networks and expertise.

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Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

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Editor: Tet Andolong • Friday, July 24, 2026

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THE newly built Ford Learning Center in Calamba, Laguna. FORD PHILIPPINES

Ford Philippines opens new learning center, appoints Pushparaj Muthusamy as customer service director STO�Y BY RANDY S. PEREGRINO

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ORD Philippines has officially opened the doors of its newly built Ford Learning Center in Calamba, Laguna, a facility that now serves as the central hub for technical and non-technical training of dealer personnel nationwide. The move underscores Ford’s intent to strengthen its dealer network and elevate the customer ownership experience in the country. The Learning Center spans 1,500 square meters and houses seven mechanical bays—including one dedicated to electric vehicles—four classrooms, a Ford showroom, meeting rooms, office spaces, and a cafeteria. It replaces the brand’s former 110-square-meter training area at Don Bosco Technical Institute in Makati, marking a significant expansion in both scale and capability. With state-of-the-art tools, equipment, and globally aligned processes, the facility is designed to deliver a higher level of training that ensures every customer interaction is seamless, professional, and reassuring. “The opening of the Learning Center is not just about opening a new building; it is about building the future of Ford in the Philippines. It represents our strong commitment to this market—to our customers, our partners, and our people,”

said Ford Philippines managing director Pedro Simoes. “At Ford, we believe that great vehicles are only part of the ownership journey. What truly makes the difference is the experience—how we support, serve, and care for our customers every day.”

WORKSHOP AND HANDS-ON TRAINING

THE mechanical bay is a 451-square-meter workshop area that enables multiple simultaneous training sessions. It provides real-world learning for technicians and non-technicians, mirroring the environment of a Ford dealership. The bays are equipped with two-post and four-post lifts, allowing comprehensive training across both internal combustion and electric vehicles. This setup ensures that participants gain practical experience in diagnostics, repairs, and certifications, preparing them to handle the full spectrum of Ford’s product lineup.

SHOWROOM AND CLASSROOMS

THE Learning Center also features a 195-square-meter reception and showroom space, capable of accommodating a Ford vehicle display. This allows immersive product training and walkarounds for dealer sales personnel and service advisors.

Four modern classrooms, with flexible configurations, can host more than 100 participants per session. These spaces are designed to support lectures, workshops, and interactive learning modules, ensuring that both technical and customer-facing teams receive comprehensive training.

SUPPORT FACILITIES

ASIDE from the workshop and classrooms, the Learning Center includes meeting rooms that can accommodate small groups of two to seven participants. These spaces are intended for coaching, assessments, and focused discussions. A 72-seat cafeteria provides a central hub for interaction and knowledge sharing, while a 24-seat extension office supports employees working within the facility. Together, these amenities create an environment conducive to both formal training and informal collaboration.

STRENGTHENING AFTER-SALES SERVICE

THE Learning Center is part of Ford’s broader commitment to modernize its after-sales operations. This follows the opening of the Ford Parts Distribution Center in Laguna in 2024, which improved parts availability and accessibility nationwide. Customers today benefit from a range

of service offerings, including online service booking, mobile service vehicle, express service, service price calculator, and pickup and delivery. These initiatives are designed to enhance convenience, ease of service, and peace of mind— further reinforcing Ford’s focus on customer satisfaction.

LEADERSHIP TRANSITION

MEANWHILE, Ford Philippines also announced the appointment of Pushparaj

Muthusamy as director of Ford Customer Service Division. Based in Manila, Raj reports directly to managing director Pedro Simoes. He succeeds Joyce Laxamana, who has been appointed parts supply and logistics director for Ford Asean. “As vehicle technologies rapidly evolve—from advanced connectivity to sophisticated safety features and electrified systems—our dealership teams must be equipped with the highest level of technical mastery, product knowledge, and customer-handling skills. We are confident that this Ford Learning Center can help standardize, elevate, and future-proof our operational capabilities,” said Muthusamy. In his new role, Raj will lead Ford’s after-sales operations in the Philippines, focusing on enhancing the ownership experience, driving service retention through data-driven initiatives, and strengthening relationships with dealer partners. “Raj’s expertise in data analytics and his customer-centric approach have already delivered significant results for our operations. His leadership will be pivotal as we continue to modernize our service offerings, build long-term loyalty with our customers, and enhance the Ford ownership experience with a focus on after-sales,” said Simoes.

Mitsubishi XFORCE unfurled on new strengths; Inchcape-Stellantis dissolved MITSUBISHI Motors Philippines Corp. (MMPC) has unfurled the New Mitsubishi XFORCE, reinforcing its commitment to providing Filipinos with stylish, practical and reliable mobility solutions. “Building on the strengths that have made the XFORCE a popular choice among compact SUV buyers, the refreshed lineup now offers more options through the introduction of the new XFORCE GLX CVT variant,” said Nelda Castro. The New XFORCE is designed to deliver an ownership experience that “simply feels right, whether navigating daily commutes, spending time with family or exploring new destinations.” It now has three variants from the previous two, each targeting a distinct customer profile. The GT variant is for customers who want all the available comfort, convenience and safety features that XFORCE has to offer. The GLS is for those seeking a well-rounded blend of style, connectivity and everyday versatility. And the latest, GLX variant, broadens the appeal of the XFORCE by making its core strengths accessible to more customers without compromising the design, comfort and driving confidence that define the model.

STYLE & PRACTICALITY

THE new XFORCE GLX CVT has added style and practicality, delivering the same bold SUV character, comfortable ride quality, spacious cabin and everyday versatility that customers “have come to appreciate

from the nameplate.” Equipped with key features such as 17-inch alloy wheels, Reverse Camera, 6 Speaker System and a practical, spacious interior, the GLX CVT retains the core strengths that define the XFORCE experience. Priced at P1,119,000, Nelda said the XFORCE GLX CVT opens the door for more Filipinos to enjoy a compact SUV that combines distinctive design, driving confidence and everyday functionality, proving that choosing the right SUV can simply feel right. Said Nelda: “The updated GLS CVT is now equipped with leather seats with Heat Guard, helping maintain cabin comfort even under the heat of the sun. Drivers also benefit from the added convenience of Cruise Control during longer journeys, while the inclusion of a Multi-Around Monitor provides greater visibility and confidence when maneuvering in tight

spaces in the city.” “The XFORCE has been well received by Filipino customers for its eye-catching design and elevated comfort. With the introduction of the new GLX variant and updating the other variants, we are enhancing the lineup to give customers more opportunity to experience the XFORCE and find the variant that best fits their lifestyle and needs,” said MMPC president and CEO Ritsu Imaeda. The Mitsubishi XFORCE is available in three variants: the XFORCE GLX CVT, priced at ₱1,119,000; the XFORCE GLS CVT, priced at ₱1,299,000; and the XFORCE GT CVT, priced at ₱1,661,000.

Alex Hammett, managing director, South Asia and Pacific, Inchcape, said: “Our priority is to ensure a smooth transition, and we will continue to work closely with Stellantis to support our customers, dealers and partners, while honouring our existing commitments. Our focus is now on continuing to grow our existing portfolio and bringing new products to our customers in the Philippines.” Inchcape said it values its longstanding relationship with Stellantis and continues to partner with the OEM in other markets. Good luck, fellas.

PARTNERSHIP GONE

PEE STOP The state-of-the-art Isuzu Sta. Rosa

INCHCAPE Philippines and Stellantis have mutually agreed to conclude the Chrysler, Dodge, Jeep and Ram (CDJR) distribution partnership in the Philippines, effective end of June 2027. In a statement, Inchcape said the decision reflects Inchcape’s ongoing approach to portfolio management, with the Group regularly reviewing its brand partnerships to ensure its portfolio remains aligned with business priorities and strategic growth ambitions. Inchcape said, “We remain committed to the local market in the Philippines, concentrating its investment and capabilities on the areas where it sees the strongest opportunities to drive sustainable longterm growth.”

dealership was recently inaugurated before a packed audience led by Isuzu Philippines Corp. (IPC) president Mikio Tsukui. Also present were IPC vice president for aftersales Hodaka Matsuda, IPC vice president for sales Shunsuke Yasui, IPC executive vice president Yasuhiko Oyama, Gencars operations executive Giannina Cabangon, Gencars president Lerma Nacnac, Gencars vice chairman Benjie Ramos, Gencars VP for Region IV-A operations Rosabel Dimacuha and Isuzu Sta. Rosa general manager William Abril. Cheers!...From Toyota Motor Philippines’ Mark Luigi Bautista comes this July savings for Toyota straight-cash buyers: Vios P75k, ATIV HEV 30k, Corolla Cross 40k, Avanza 50k, Veloz 30k and Tamaraw FX 50k. Trade-in is pegged at 30k.

NEWLY appointed Ford customer service division director Pushparaj Muthusamy. FORD PHILIPPINES

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News

Friday, July 24, 2026

Impeach Court summons two LandBank managers By Jovee Marie N. dela Cruz @joveemarie

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HE Senate Impeachment Court has ordered the issuance of subpoenas for two former branch managers of the Land Bank of the Philippines to testify in the impeachment trial of Vice President Sara Duterte. Summoned to appear on July 29 are Violeta Constantino, former manager of Landbank’s Shaw Boulevard branch in Mandaluyong City, and Nenita Camposano, former manager of the bank’s Department of Education (DepEd) branch. The two witnesses are set to be presented by the House prosecution panel in connection with allegations that Duterte committed

culpable violation of the Constitution, graft and corruption, and betrayal of public trust. The charges stem from the alleged misuse of P612.5 million in confidential and intelligence funds released to the Office of the Vice President (OVP) and the DepEd during her tenure as education secretary. These allegations are covered under Article I of the four Articles

of Impeachment. House lead prosecutor Batangas Rep. Gerville Luistro said Constantino will take the stand first, followed by Camposano. During the proceedings on Wednesday, defense counsel Mark Vinluan inquired whether more than one witness would be presented on the scheduled date. Presiding Officer Francis Escudero responded that subpoenas would be issued to both witnesses “in case,” noting that the duration of direct and cross-examinations remains uncertain. “I have no idea if it’s going to be a short direct [examination] and cross [examination] or re-cross or both. So we shall see. Kindly prepare for the two witnesses on that day,” the presiding officer said. Of the P612.5 million in questioned funds, P500 million was allocated to the OVP, while P112.5 million was released to the DepEd. Prosecutors have disclosed that P448 million of the total amount

has been disallowed by the Commission on Audit (COA), including P73 million that has been definitively ruled as irregular. The Vice President, along with two other accountable officials, has been ordered to return this amount to the government. The COA also reported that the entire P112.5 million released to the DepEd was spent within just 11 days. Meanwhi le, the Phi lippine Statistics Authority (PSA) certified that several of the supposed beneficiaries of the funds have no existing personal records in its database, indicating they may be fictitious. Among those cited was a certain “May Grace Piattos.” In addition, the National Bureau of Investigation’s forensic examination division found that multiple signatures on acknowledgement receipts of alleged recipients appeared to be similar and may have been executed by a single individual.

DND eyes acquisition of armored fighting vehicles

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EFENSE Secretar y Gilberto Teodoro Jr. said there are plans to acquire some 500 plus fighting vehicles for the militar y as part of ongoing efforts to enhance the mobility and protection for its troops. In an interview over Radyo Pilipinas late on Wednesday, Teodoro,

in a mix of Filipino and English, said ground troops “need to react fast and they must be fully protected, along with their vehicles.” “Kaya nage-embark tayo na bumili ng 500 plus fighting vehicles para protektado ang ating mga sundalo [and that is why we are embarking on acquiring 500 plus fighting vehicles to ensure

that troops will be protected],” he said. The “fighting vehicles” the DND chief was referring to are also known as the “infantry fighting vehicles,” a type of armored fighting vehicle designed to transport infantry into combat and provide direct fire support. Teodoro did not give specifics

for security reasons but noted that once these platforms are acquired, the ground forces no longer need to walk or march as much as possible. He added that these fighting vehicles will have a deterrent effect as they allow troops to respond immediately to any threats Rex Anthony Naval with PNA

Hontiveros subject of online threats By Joel R. San Juan @jrsanjuan1573

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HE National Bureau of Investigation (NBI) is now conducting a case build-up against hundreds of Facebook users who have allegedly posted remarks threatening to kill majority senator and possible 2028 presidential contender Anna Theresia “Risa” Hontiveros. In an interview on the sidelines of the Third Weekly Membership Meeting of the Rotary Club of Manila, Matibag

told reporters that Hontiveros’ camp has already communicated its request for investigation on the “wave of threats” and “prokilling” remarks online that erupted online following the killing of pro-administration vlogger Alicia Lipata, known as Mima Alicia. Hontiveros said her office has submitted to the NBI the names and screenshots of hundreds of Facebook users who have threatened to kill her. Matibag said the identified Facebook accounts would be referred to the NBI forensic

laboratory, as well as, its Cybercrime Division for proper disposition. “Like any other case that was referred to us for investigation, we will do a case build-up on this matter and after the case build-up, if we feel that it is enough for us to file a case before the DOJ [Department of Justice], then we will file it,” Matibag added. Matibag also expressed alarm that uttering or posting death threats online has become a norm even for some government officials.

The NBI, however, assured that the agency would pursue those behind the death threats against Hontiveros. “As a law enforcement agency, we will do our mandate as to the law and order. If we need to run after them, we will run after them. But make no mistake that this will be political or personal. We will base our actions on evidence and according to the process and to the law,” Matibag stressed. Hontiveros said her camp is taking these threats seriously.

Hiraya Water aims service upgrade by December

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NGELES CIT Y—Hiraya Water Corporation, formerly PrimeWater, said it aims to improve water service reliability in Angeles City by December through new deep wells, pipe replacements and upgrades to its treatment facilities, following consumer complaints over recurring water interruptions, weak pressure and water quality. T he compa ny responded to quest ions f rom t h is repor ter who sought it comment a f ter residents ra ised concer ns over inconsistent water supply a nd bi l l ing , prompt ing t he A nge les C it y Cou nc i l to consider a leg isl at ive inqu ir y. Angeles City Water District genera l m a n a ger Guy L ope z said Hiraya Water has operated under its new cor porate name since May.

Branch manager Lodee Guanlao attributed some service issues to infrastr ucture cha l lenges, including service lines extending 50 to 100 meters from main pipelines in some communities and illegal connections that affect water distribution. Guanlao said the company investigates reported complaints that are found to be valid and continues to coordinate with local government agencies while informing consumers of scheduled interruptions and maintenance through its official social media pages. To improve supply, Guanlao said Hiraya Water is developing four new deep wells to inaugurate this year. Guanlao said they target a total of six new water sources by yearend. The company is also rehabilitating water

treatment facilities, installing additional filtration systems, and replacing aging pipelines to reduce water losses, costs that he said are being absorbed by the company. “We target December this year. The deep wells will boost additional water supply, and together with total pipe replacements, consumers should begin seeing improvements,” Guanlao said in an interview on Wednesday. On water quality, Guanlao said the utility conducts daily and monthly monitoring of chlorine residuals and physical, chemical and bacteriological parameters through its own laboratory and monitoring team. He added that the company issues certificates of water potability and said the Angeles City Health Office has also posted potability certifications.

He ac k nowledged elevated iron and manganese levels remain a challenge in some areas beyond the Abacan Bridge but said the company is addressing the issue through new treatment and filtration projects, routine f lushing and other mitigation measures. Guanlao said the utility estimates about 1 percent of its roughly over 60,000 consumers are affected by persistent service issues. “Even if it’s only around 600 consumers, we will still fix those problems,” she said. Hiraya Water is one of several water service providers operating in Angeles City. The ten other water utility companies each serving different areas within the city include: See “Hiraya,” A16

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Pampanga LGUs told: Strengthen waste management, measures By Ashley J. Manabat

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NGELES CITY—An environmental advocacy group urged local governments in Pampanga to strengthen solid waste management and preventive health programs during the rainy season, citing continued cases of illegal dumping and concerns over suspended septage management programs. Sonny Dobles, vice president of the Abacan River and Angeles Watershed Advocacy Council Inc. (Araw-ACI), called on mayors and barangay chairpersons in the province to strictly enforce the Ecological Solid Waste Management Act (Republic Act 9003) and the Clean Water Act (Republic Act 9275). Dobles said the laws are intended to protect public health and prevent the contamination of land and water resources through proper waste and wastewater management. “These laws have to be enforced to protect every citizen from the danger caused by mismanaged waste, either solid or in liquid form, dumped on land or in water bodies,” “It is saddening to think that our officials seem to have grown numb and no longer give a damn about the lives and safety of our people, especially the poor,” Dobles said. He said the group continues to observe illegal dumping in open areas, as well as the disposal of garbage into waterways including the Abacan River, Balibago Creek, and Dau Creek. Dobles warned that local officials could face administrative or legal liability if they fail to enforce environmental laws. He also said poor communities are often the most affected by flooding, pollution and

diseases linked to improperly managed waste. He said illnesses such as leptospirosis, severe diarrhea, typhoid and wound infections become more prevalent during the rainy season. “Marami pa rin tayong nakikitang basura na nakatambak sa mga open spaces na kalaunan ay nagiging open dump na,” Dobles said. “At ang mas grabe ay ang pagtatapon ng basura sa mga ilog at sapa kagaya sa Abacan River, Balibago Creek, at Dau Creek.” The group’s appeal comes after an illegal open dump in barangay Calumpang, Mabalacat City was closed following a fire that sent heavy smoke into nearby communities. Reports of illegal dumping have also surfaced this year in the towns of Sta. Ana and Arayat. Dobles also expressed concern over the suspension of septage or environmental fee collection in several Pampanga local governments including Angeles City, Magalang, Apalit, San Simon and Arayat. He said the suspensions have disrupted septage management programs required under the Clean Water Act, although some local governments have said they are reviewing the fee structure. He urged local governments to complete their reviews promptly to avoid prolonged interruptions in septage services, warning that delays could increase the risk of groundwater contamination. Dobles also backed an earlier call by Nueva Ecija Gov. Aurelio Umali for the Department of Environment and Natural Resources to investigate the compliance of local government units and private operators with laws governing the treatment and disposal of septic waste.

Logico assumes command of PMA

LT. GEN. Michael Logico delivers his assumption address after formally taking command of the Philippine Military Academy at Fort Gregorio del Pilar in Baguio City on Wednesday. He replaced Vice Adm. Caesar Valencia, who retired from the service after serving as PMA Superintendent from July 22, 2024 to July 22, 2026. PNA PHOTO COURTESY OF THE PMA By Rex Anthony Naval

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T. GEN. Michael Logico on Wednesday assumed command of the Philippine Military Academy, replacing Vice Adm. Caesar Valencio who retired on Wednesday. In a statement, the Armed Forces Public Affairs Office director, Col. Xerxes Trinidad, said the newly appointed AFP chief of staff, Gen. Antonio Nafarrete. served as guest of honor and speaker during the change of command and retirement ceremony at PMA headquarters in Fort Gregorio del Pilar, Baguio City. Logico is a member of the PMA Class of 1993 and headed the Army (PA) Training Command before this latest appointment. “He also held key leadership positions in training, doctrine development, joint exercises, and special operations in the AFP,” Trinidad said. In a statement issued by the AFPPAO, Nafarrete was quoted as saying during the assumption of command and retirement rites: “The future of the Armed Forces begins within these halls. Therefore, every lesson taught, the standard enforced, and the values instilled will shape the leaders who will command our units, protect our sovereignty, and uphold the trust of the Filipino people.”

Nafarrete expressed confidence that under Logico’s leadership, the PMA will continue to produce officers of character, competence, and unwavering commitment to the nation. The ceremony also honored Valencia’s distinguished service as PMA superintendent from July 22, 2024 to July 22, 2026. During his tenure, he led transformative reforms that modernized cadet education and training, including the implementation of the enhanced Bachelor of Science in Management Major in Security Studies curriculum, institutionalization of the “Faster, Stronger, Better” Physical Fitness Program, implementation of a microcredential program for PMA classes 2025 to 2027, and increased international engagements for cadets. Valencia also strengthened strategic partnerships with government agencies, academic institutions, and the private sector to support infrastructure modernization, capability development, and preparations for the International Cadet Conference 2026, with the latter supporting the PMA Growth Plan, which aims to ensure that PMA remains responsive to the demands of the modern security environment in support to the thrusts of AFP, Department of National Defense, and national government. With PNA

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Bangko Sentral ng Pilipinas 33rd Anniversary A BusinessMirror Special Feature

Friday, July 24, 2026 C1

BSP book traces how financial crises reshaped the Philippine banking system

Taken together, the seven chapters portray the Philippine financial system as one shaped not by the absence of crises but by the lessons they left behind.

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By John Eiron R. Francisco

INANCIAL crises are often remembered for how they changed daily life for Filipinos. Prices climbed, jobs became harder to find, businesses struggled to stay open, and families had to make difficult choices just to stretch their budgets.

From left, BSP Assistant Governor and book co-editor Veronica B. Bayangos, BSP Governor Eli M. Remolona, Jr., and BSP consultant and book co-editor Dr. Ramon Moreno during the launch of “Risk and Resilience in the Philippine Financial System: How Much Has Changed,” July 3, at the BSP Head Office. PHOTO COURTESY OF BSP.

Behind those everyday experiences were financial shocks that tested the country’s economy and exposed weaknesses in its financial system. Over time, each crisis left lessons that shaped how the Philippines prepares for the next one. Banks became more tightly regulated, government agencies strengthened their oversight, and new safeguards were introduced to help prevent problems from spreading across the financial sector. In commemoration of its 33rd anniversary, the Bangko Sentral ng Pilipinas (BSP) celebrated its journey on July 3 with the launch of “Risk and Resilience in the Philippine Financial System: How Much Has Changed?” Co-edited by Dr. Ramon Moreno, senior consultant to the BSP Research Experts Panel and former visiting professor of economics at the University of the Philippines, and Assistant Governor Veronica B. Bayangos. Established on July 3, 1993, under the 1987 Constitution and the New Central Bank Act of 1993, the BSP became the country’s central monetary authority, succeeding the Central Bank of the Philippines, established on January 3, 1949. The transition ushered in a new framework for monetary policy and financial supervision aimed at promoting price and financial stability. According to Dr. Eli M. Remolona Jr., the seventh Governor of the BSP and Chairman of the Monetary Board, the book was launched to highlight the role that narratives play in shaping financial markets, noting that people respond not only to economic data but also to information they receive from friends, traditional media, and, increasingly, social media. “It tells the stories behind some of the most important financial crises in our history, and those stories matter,” Remolona said. He added that how narratives spread is key to understanding the evolution of financial crises, warning that one of the greatest risks is the false sense of security created by overly reassuring narratives.

‘How much has changed?’

Divided into seven chapters, the book revisits major episodes that defined the Philippine financial landscape—from the debt and banking crises of the 1980s to the Asian Financial Crisis, the Global Financial Crisis, the COVID-19 pandemic, and other periods of economic stress. Rather than simply recounting these events, the publication examines how each one influenced policies that continue to underpin financial stability today. The opening chapter, written by Moreno and Bayangos, examines how the Philippine financial system became more resilient from the 1970s to the 2020s. It explains that earlier crises were more severe because of high public and external debt, heavy reliance on foreign borrowing, weak financial regulation, and limited safeguards. The authors said later economic shocks, including the COVID-19 pandemic, had a more limited impact as stronger fiscal management, tighter banking regulation, higher foreign exchange reserves, and improved capital and liquidity buffers strengthened the country’s ability to withstand crises. The chapter also notes that reforms, together with the banks and large conglomerates that managed funding pressures and bad loans, helped contain financial stress. However, the authors caution that underdeveloped capital markets, the complexity of large business groups, and governance issues in infrastructure projects remain as challenges to the financial system’s resilience. The book also looks back at one of the country’s most difficult economic periods. In the second chapter, Justin Ray Angelo J. Fernandez and Remolona examine La Década Perdida, or the “Lost Decade,” the debt crisis that swept Latin America and also ensnared the Philippines. The authors say the country’s growing reliance on borrowing from abroad and its weakening debt position made it especially

Front row, BSP Assistant Governor and book co-editor Veronica B. Bayangos, BSP Governor Eli M. Remolona, Jr., and BSP consultant and book co-editor Dr. Ramon Moreno during the launch of “Risk and Resilience in the Philippine Financial System: How Much Has Changed” with members of the BSP team (second row). PHOTO COURTESY OF BSP.

vulnerable when both local and global economic shocks hit in the early 1980s. Using economist Hyman Minsky’s financial instability framework, they trace how years of rising debt eventually led to the country’s 1983 debt moratorium and years of slow economic growth. Although debt restructuring under the Brady Plan eventually restored investor confidence and allowed the country to borrow from international markets again, the authors say the episode highlighted the importance of keeping debt at sustainable levels, building financial buffers during good times, and fixing financial problems before they worsen. Another chapter revisits a lesser-known but defining moment in Philippine financial

history, the 1981 default of businessman Dewey Dee. After leaving the country with P700 million in unpaid obligations, Dee’s default represented less than one percent of total private-sector credit at the time. Yet it triggered the closure of 16 commercial banks, 12 investment houses, and 17 other financial institutions as confidence evaporated and funding across the financial system quickly dried up. Author Johnny Noe E. Ravalo says the crisis exposed weaknesses that went far beyond a single corporate default. Limited regulatory oversight, inadequate credit information, weak risk monitoring, and the lack of a system for identifying risks that could spread across the financial sector allowed uncertainty to escalate quickly.

The episode showed how the failure of a single borrower could trigger wider financial problems when banks and financial institutions were closely connected, and there was little information available about underlying risks. More than four decades later, Ravalo says those lessons remain relevant. While the Philippine financial system is now stronger and more advanced, he noted that managing risks that could spread across the financial system remains an ongoing challenge as markets become more interconnected. He adds that while the next “Black Swan” event cannot be predicted, strengthening risk monitoring remains essential. The fourth chapter turns to the 1997 Asian Financial Crisis, which abruptly ended the region’s rapid economic expansion and ex-

posed weaknesses in many financial systems. Written by Diwa C. Guinigundo and Faith Christian Q. Cacnio, the chapter explains how the rapid opening of financial markets, large inflows of foreign capital, and weak financial safeguards left many economies vulnerable to currency crashes, banking problems, and deep economic downturns. Although the Philippines was affected, the authors say it weathered the crisis better than many of its neighbors. Earlier banking and debt reforms, cautious lending, lower corporate debt, and steady remittances from overseas Filipinos helped cushion the economy. They also credit timely government policies, including a flexible exchange rate, stricter banking rules, and measures to manage foreign exchange risks, with helping restore market confidence. The next chapter shifts to the 2007–2009 Global Financial Crisis, which began with the collapse of the United States housing market before spreading across the world. In their contribution, Dante B. Canlas, Hazel C. Parcon-Santos, and Jose Adlai M. Tancangco explained why the Philippines avoided the recession experienced by many advanced economies. According to the authors, reforms introduced after the Asian Financial Crisis strengthened the country’s defenses. A stronger banking sector, tighter supervision, healthier bank finances, higher foreign exchange reserves, and local banks’ limited exposure to the risky US mortgage investments that triggered the crisis helped shield the country from the worst of the global turmoil. These strengths were reinforced by the BSP’s quick response, including providing liquidity to banks, cutting policy rates, lowering reserve requirements, carrying out foreign exchange operations, and granting temporary regulatory relief, alongside economic stimulus from the national government. The sixth chapter examines how those years of reform were put to the test during the COVID-19 pandemic, which caused the country’s deepest economic contraction since World War II. Written by Zeno Ronald R. Abenoja, Veronica B. Bayangos, and Dennis D. Lapid, the chapter explains how a stronger financial system helped banks withstand the economic shock despite business closures, income losses, and widespread uncertainty. The authors say lower interest rates, liquidity support, and temporary regulatory relief helped keep the financial system stable and prevented wider financial problems. While these measures also resulted in higher public debt, lower bank profits, and an uneven recovery, they accelerated the country’s shift toward digital financial services. The chapter argues that resilience today depends not only on strong financial buffers but also on the ability of government agencies and financial institutions to respond quickly and adapt to technological change. The final chapter shifts the focus to smaller financial incidents that tested public confidence in banks and other financial institutions. Veronica B. Bayangos, Elisha G. Lirios, and Benjamin E. Radoc Jr. argue that while these incidents did not grow into full-scale financial crises, they exposed weaknesses that led to important reforms. Drawing lessons from bank holidays, investment fund scares, and governance issues, the authors explain how each episode led to stronger capital and liquidity standards, tighter governance rules, better coordination among regulators, and a more forward-looking approach to supervision.

Continued on C2

C2 Friday, July 24, 2026

Bangko Sentral ng Pilipinas 33rd Anniversary A BusinessMirror Special Feature

www.businessmirror.com.ph

BSP bolsters central banking fundamentals with new reforms The central bank emphasizes that a modern economy also depends on a payments system that works—one that supports financial transactions that are “fast,secure, and reliable.” By Andrea E. San Juan

O

VER the past year, the Bangko Sentral ng Pilipinas (BSP) said it pursued reforms intended to toughen up the fundamentals of central banking: stable prices, a sound financial system and safe and efficient payments.

PRICE STABILITY

With price stability as its primary mandate, the central bank has the duty to prevent prices from rising or falling to help protect the purchasing power and support better financial decision making of Filipinos. “When inflation is kept in check, households can manage budgets more effectively, save money with greater confidence, and plan better. Businesses, in turn, are better able to invest, expand, and create jobs,” the central bank said. As such, in 2025, the BSP “carefully” adjusted its monetary policy in response to inflation trends and expectations. The target reverse repurchase (RRP) rate was reduced to 4.50 percent. By year-end, interest rates on overnight deposit and lending facilities were also lowered to 4 percent and 5 percent, respectively.

“This timely easing helped stimulate business activity and consumer confidence without compromising inflation management,” the central bank noted. The central bank explained that inflation remained “benign” in early 2026 before rising in March due primarily to global oil supply disruptions linked to geopolitical tensions in the Middle East. In response, the BSP implemented a preemptive 25-basis-point policy rate increase in April and another 25-basispoint in June, bringing the reverse repurchase (RRP) rate to 4.75 percent. “The move was meant to anchor inflation expectations and prevent potential second-round effects, or subsequent increases in wages, prices, and inflation expectations following an initial price shock, in this case the spike in global oil prices due to the Middle East conflict,” the central bank also noted. In 2025, the BSP said it also actively managed liquidity in the financial system to ensure that market conditions remained aligned with policy goals. As of December 2025, the central bank said outstanding liquidity placements reached

P1.5 trillion, with a greater share shifting to short-term, overnight instruments. “Banks used BSP facilities to support lending, meet withdrawals, manage deposit movements, and comply with reserve requirements,” the central bank said. Meanwhile, the BSP explained that price stability is “further supported” by a stable external environment. “The BSP facilitated private sector foreign borrowings and prudently managed the country’s gross international reserves (GIR),” the central bank said. As of end-April 2026, the country’s foreign reserves reached US$104 billion, equivalent to almost seven months of import cover and nearly four times shortterm external debt.

FINANCIAL SYSTEM

Beyond price stability, the BSP highlighted the importance of strengthening the financial system “against tomorrow’s risks.” “A financial system that people can trust—one that remains resilient in the face of shocks, emerging risks, and rapid technological change—is another,” the central bank emphasized.

From left: BSP Director Marianne M. Santos, Managing Director Charina B. De Vera-Yap, Deputy Governor Bernadette Romulo-Puyat, DICT Assistant Secretary Christian Mark G. Guingcangco, Undersecretary Sarah Maria Q. Sison, store owner Cecilia Valencia, Pasig City District 1 Councilor Simon Gerard R. Tantoco, Pasig Market Federation President Lucila L. Damasco, Pasig Market Administrator Joey Molina, and DICT Free Wi-Fi Program Director Edgar Navarro during the satellite-based web service launching in Pasig Market in support of Paleng-QR Ph Plus. PHOTO FROM BANGKO SENTRAL NG PILIPINAS OFFICIAL FACEBOOK PAGE.

This was evident in how Philippine banks continued to grow in 2025, with total banking assets expanding to nearly P30 trillion, driven by “healthy growth” in loans and investments, the BSP said. “This steady expansion reflected sustained confidence in the system and the banks’ continued ability to support households, businesses, and key industries,” it also noted. According to BSP, bank credit also grew at double-digit rates in 2025, widening access to financing for households and productive sectors. “Loans flow to real estate, manufacturing, trade, utilities, and families—sectors that drive jobs, commerce, and everyday economic activity,” BSP said. This expansion, the central bank said, “directly supported” financial inclusion, giving more Filipinos the ability to save, invest, build homes, and grow enterprises. Moreover, the central bank said BSP-supervised non-bank financial institutions—from electronic money issuers and

payment service providers to pawnshops and remittance firms—played an “increasingly important role” in widening access to finance. “Digital payments and alternative credit channels helped reach underserved communities, providing lower-cost and more convenient services,” BSP said.

FUTURE-READY PAYMENTS SYSTEM

The central bank also emphasized that a modern economy also depends on payments system that works—one that supports financial transactions that are “fast,secure, and reliable.” In 2025, the BSP reported that digital payments continued to expand, supported by the quick response (QR) code-based payment ecosystem, particularly QR Ph person-to-merchant (P2M) and InstaPay QR person-to-person (P2P) payments. “QR Ph P2M posted 2.5 billion transactions amounting to P1.2 trillion, reflecting broader merchant acceptance and rising consumer preference for more

convenient retail payments. Likewise, InstaPay QR contributed to this momentum with 183.3 million transactions valued at P926.1 billion,” the BSP said. Meanwhile, PESONet facilitated 117.2 million transactions worth P13.2 trillion, supporting higher-value transfers such as corporate, payroll, and bulk payments. “Behind these channels, resilience remained a priority. The Peso Real-Time Gross Settlement Payment System or PhilPaSSplus delivered consistently high efficiency, ensuring the timely settlement of large-value interbank transactions and retail payment clearing results,” the central bank said. Looking ahead, BSP said it advanced initiatives to prepare the Philippines for an “increasingly connected” payments landscape. “The adoption of ISO 20022 messaging standards strengthened data quality and transparency, laying the groundwork for more efficient, interoperable, and futureready payment systems,” the central bank said.

BSP book traces how financial crises reshaped the Philippine banking system Continued from C1

Banks also strengthened their internal controls and crisis response plans, improving their ability to stop problems from spreading across the financial system. “By understanding how these past crises unfolded, we become better equipped to question optimistic narratives, detect risks earlier, and respond more effectively when the next shock comes,” Remolona said. “The numbers will always matter, but so will the stories we tell about them.”

‘Progress, But Challenges Remain’

Meanwhile, Moreno said the book’s title, How Much Has Changed?, is meant to encourage readers to reflect on whether the Philippine financial system has truly transformed over the decades or whether some challenges have remained unchanged. “If you read the book, you may find that both answers are true,” he said. While the country has made significant progress since the financial crises of the 1980s, he said, persistent structural issues continue to hinder its long-term economic advancement. Moreno noted that during the 1970s and 1980s, policymakers in the Philippines and many other countries had a limited understanding of how financial vulnerabilities accumulated and how risks could be managed. By contrast, he said the country’s ability to withstand economic shocks had improved considerably by the late 2010s. He attributed this to several reforms, including the establishment of the BSP in 1993, the adoption of inflation targeting, stronger financial regulation and risk management, declining public and external debt from the mid-2000s to 2019, the buildup of foreign exchange reserves, and the country’s attainment of investment-grade credit ratings. Despite these gains, Moreno said re-

The main headquarters of Bangko Sentral ng Pilipinas in Malate, Manila. PHOTO SOURCED FROM THE BSP WEBSITE.

curring challenges continue to constrain the Philippines’ ability to break out of the so-called middle-income trap, a situation in which many developing economies struggle to advance to high-income status. Citing World Bank data, he said only 34 countries have moved from middle-income to high-income status since the 1990s, while 108 economies have remained in the middleincome bracket. Although the Philippines’ recent graduation to upper middle-income status is a welcome milestone, he stressed that reaching the high-income category will require sustained effort. “Philippine growth fell behind that of its Asian peers at the time of the debt crisis of the 1980s, and the Philippines has not fully caught up since,” Moreno said. He said severe financial crises remain difficult to predict and are often driven by external shocks, such as the global financial crisis and the COVID-19 pandemic, which are largely beyond the control of policymakers. “Governance also remains an ongoing concern,” Moreno noted. “Some countries

have advanced despite weak governance, but the evidence suggests that economic growth and investment are slower and riskier when such problems pass a certain threshold.” Moreno said the Philippines has built a stronger and more resilient financial foundation over the years, but preserving those gains will depend on ensuring that the lessons from past crises are not forgotten. “The book is an effort to highlight some of these lessons and to remind us that much work remains to ensure the progress we have achieved is sustained,” he said.

Enduring lessons

Taken together, the seven chapters portray the Philippine financial system as one shaped not by the absence of crises but by the lessons they left behind. While globalization, digitalization, and financial innovation continue to introduce new sources of risk, the book argues that resilience is built through continuous reforms, stronger institutions, and the ability to adapt before vulnerabilities escalate into full-blown crises.

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Bangko Sentral ng Pilipinas 33rd Anniversary A BusinessMirror Special Feature

Friday, July 24, 2026 C3

GCash brings ‘Wais Tindera Caravan’ to Cebu, empowering MSMEs with financial tools and responsible borrowing can support business growth when used with proper planning. Through this campaign, entrepreneurs learned about excessive interest rates, lack of transparency, and unsustainable repayment terms.

Partner in every stage of growth

Lucky winners of Puhunan Package from the recent Wais Tindera caravan in Cebu City.

O

VER 200 nano, micro, small, and medium enterprises (NMSMEs), including sari-sari store owners and vendors gathered at the Wais Tindera Caravan in Cebu to deepen their understanding of digitalization and responsible borrowing. In celebration of MSME Month, GCash reinforces its commitment to being the trusted growth partner of Filipino NMSMEs, powering every stage of their entrepreneurial journey. GCash continues to champion local businesses by providing easier access to the integrated financial and digital tools they need to sustain their livelihoods, navigate uncertainty, and drive the Philippine economy. The Wais Tindera Caravan serves as the Financial Literacy x Business Literacy (FinLit x BizLit) of GCash and Fuse Financing designed for Filipino micro-entrepreneurs. The program provides lessons on budgeting, pricing, inventory management, sales tracking, and business growth. The caravan also tackled the risks of predatory lending as many microretailers still rely on informal lenders, including

the “5-6” system, which often carries high interest rates and can lead to cycles of debt. Digital financial tools were also introduced, like GLoan Negosyo—a Fuse cash loan product designed to meet NMSMEs' urgent funding needs—and GCash Pera Outlet Plus (GPO Plus), which enables store owners to earn extra income by offering cash-in, cash-out, bills payment, and other digital transactions to their communities. "Through the Wais Tindera Caravan, we aim to equip NMSMEs with the practical financial and business skills needed to make informed decisions, manage their finances effectively, and adopt responsible borrowing practices to grow their businesses sustainably." said Kevin Yu, Head of B2B lending at Fuse Financing.

Responsible Borrowing for NMSMEs

A key focus of the Cebu leg was responsible borrowing. Participants learned how to assess whether a loan is necessary for business growth, borrow within their capacity to re-

Hundreds of sari-sari store owners, vendors, and other small business owners join the Wais Tindera Caravan in Cebu. The financial literacy program aims to empower entrepreneurs amid the increasingly digital economy.

With GLoan Negosyo, the caravan highlights the importance of accessible financing and responsible borrowing.

pay, and use credit for productive purposes such as inventory expansion.

Attendees actively participate during the learning session.

Sessions also covered how to understand loan terms, interest rates, and repayment

obligations before borrowing. The program highlighted how formal lending solutions

The caravan underscores the commitment of GCash to empowering Filipino MSMEs at every stage of growth. By introducing innovations like GCash SoundPay Plus and GCash EasyPOS, the platform helps small businesses seamlessly adopt digital QR and card payments, driving operational efficiency. Beyond accessible payment solutions, GCash fosters grassroots, community-wide economic growth. Through GCash Pera Outlet Plus, neighborhood merchants can earn extra income by providing vital Cash In and Cash Out services to their localities, while accessible insurance offerings protect these grassroots businesses from unexpected financial shocks. The caravan, in addition, addressed the digital trust gap as well among small business owners who may be hesitant to adopt digital financial services. Sessions explained how digital payments work, how to use GCash safely and securely, how responsible use of digital tools can help build a financial track record, and gain access to formal financial products and services. The Wais Tindera Caravan supports the “Finance for All” mission of GCash. Financial literacy remains central to the program, with participants learning skills they can apply immediately and tools they can integrate easily. For more information, please visit www.gcash.com.

GCash future-proofs MSMEs with customer-first payment innovation

Building payment innovation around the needs of Filipino MSMEs amid growing digital needs

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HE Philippines is steadily becoming a digital payments nation. According to the Bangko Sentral ng Pilipinas (BSP), 57.4% of retail payment transactions by volume were made digitally in 2024, up from 52.8% in 2023 and 42.1% in 2022. With the BSP targeting a digital payment share of 60% to 70% by 2028, businesses are increasingly expected to support cashless transactions . To help businesses keep pace with this shift, GCash continues to expand its suite of payment solutions with innovations designed to make digital payments more accessible, convenient, and secure for merchants. For MSMEs in particular, accepting digital payments can help broaden payment options, reduce cash handling, and improve operational efficiency.

Simplifying payments at the point of sale

GCash has built a portfolio of payment devices for every type of MSME because every business has different needs. Rather than offering a one-size-fits-all solution, GCash provides payment devices designed for different business sizes and ways of operating. This helps merchants choose the right solution, making it easier to accept digital payments and run their business more efficiently. GCash EasyPOS is an all-in-one payment terminal for medium and large enterprises that accepts QRPh, Visa, and Mastercard payments on a single device. It helps businesses connect with GCash customers, who can enjoy rewards when they pay through the GCash app. With features like digital receipts, refunds, settlements, and transaction monitoring, GCash EasyPOS simplifies operations so merchants can focus on growing their business. GCash SoundPay Plus is designed for micro and small merchants in the retail and F&B sectors who need secure and fast payment confirmations. It combines QR payments, card acceptance, and instant voice confirmation, so merchants know immediately when a payment is successful without checking devices or screenshots. This speeds up transactions and helps them manage busy counters with confidence. "Digital payments should work for businesses of all sizes, especially MSMEs that are the backbone of the economy," said Ren-Ren Reyes Jr., President and CEO of G-Xchange Inc. "As more Filipinos choose to pay digitally, our goal is to make it easier

The GCash payment devices have made transactions more convenient, secure, and seamless.

for merchants to accept these payments with solutions that are simple, reliable, and built around their everyday needs." At the heart of it all are Filipino MSMEs. Every GCash payment solution is built by listening to their everyday challenges and understanding what they need to grow. By putting merchants at the center of innovation, GCash develops tools that make payments simpler, safer, and more convenient. More than this, GCash is creating solutions that make running a business easier, so entrepreneurs can focus on serving their customers and growing their livelihood.

Supporting businesses at every stage of their journey

The launch of GCash EasyPOS and GCash SoundPay Plus builds on earlier GCash for Business solutions that support enterprises at different stages of digital adoption, including GCash PocketPay and GCash SoundPay. GCash PocketPay is designed for MSMEs, bazaar merchants, and mobile sellers who take their business wherever their customers are. It turns an NFC-enabled Android smartphone into a contactless card terminal, making it easy and affordable to accept card payments without investing in additional hardware. On the other hand, GCash SoundPay, a portable QR payment device, provides instant voice confirmation for every transaction. "Digital adoption looks different for every business," said Paul Albano, General Manager of GCash for Business. "Whether they're just beginning to accept digital pay-

ments or looking to upgrade their payment capabilities, we want to provide solutions that are practical, accessible, and easy to use." All these payment solutions are connected through the GCash for Business Portal. From one dashboard, merchants can activate devices, monitor transactions, manage wallets, and transfer funds. Designed to be accessible, businesses can get started with just a verified GCash account, which comes with a P5 million wallet limit. This makes it easier to manage payments, cash flow, and daily operations in one place.

One platform with built-in security

Beyond convenience, GCash places security at the core of every transaction. Its merchant solutions integrate secure payment processing, real-time transaction confirmations, stronger authentication, and fraud protection features to help safeguard both businesses and their customers. These built-in security measures enable merchants to accept digital payments with greater confidence while providing customers with a safe, seamless, and reliable payment experience. By combining ease of use with robust security, GCash helps build trust in digital transactions and supports the broader shift toward a cashless economy.

Helping MSMEs grow in a digital economy

As digital payments become increasingly common, the opportunity lies in helping businesses maximize their benefits. Through its growing suite of payment solutions, GCash enables MSMEs to accept more payment methods, streamline operations, lower the cost of digital adoption, and serve more customers. With digital payments continuing to gain momentum in the Philippines, GCash remains committed to developing practical payment innovations that help businesses of all sizes participate more fully in the country's growing digital economy. For more information, please visit www.gcash.com.

C4 Friday, July 24, 2026

Bangko Sentral ng Pilipinas 33rd Anniversary A BusinessMirror Special Feature

www.businessmirror.com.ph

BSP@33: Three decades, three pillars, one sustainable future for every Filipino

After 33 years, the BSP’s mission to help maintain financial system stability remains unchanged—but its tools are sharper, its outlook broader, and its commitment stronger than ever.

F

OR over three decades, the Bangko Sentral ng Pilipinas (BSP) has worked to protect the economy by upholding the fundamentals of central banking: stable prices, a sound financial system, and safe and efficient payments. For over three decades, the Bangko Sentral ng Pilipinas (BSP) has worked to protect the economy by upholding the fundamentals of central banking: stable prices, a sound financial system, and safe and efficient payments. In 2025, the BSP pursued bold reforms that strengthened these fundamentals—laying the groundwork for a more resilient and sustainable future for Filipinos.

Keeping prices stable to protect the future

The BSP’s primary mandate is price stability. Keeping prices from rising—or falling— significantly helps protect purchasing power and supports better financial decision-making. In 2025, the BSP carefully adjusted its monetary policy in response to inflation trends and expectations. The target reverse repurchase (RRP) rate was reduced to 4.50 percent. By year-end, interest rates on overnight deposit and lending facilities were also lowered to 4.00 percent and 5.00 percent, respectively. This timely easing helped stimulate business activity and consumer confidence without compromising inflation management. Inflation remained benign in early 2026 before rising in March, primarily due to global oil supply disruptions linked to geopolitical tensions in the Middle East. In response, the BSP implemented a preemptive 25-basis-point policy rate increase in April and another 25-basis-point increase in June, bringing the reverse repurchase (RRP) rate to 4.75 percent. The move was meant to anchor inflation expectations and prevent potential secondround effects, or subsequent increases in wages, prices, and inflation expectations following an initial price shock, in this case the spike in global oil prices due to the Middle East conflict. The BSP also actively managed liquidity in the financial system to ensure that market conditions remained aligned with policy goals. As of December 2025, outstanding liquidity placements reached P1.5 trillion, with a greater share shifting to shortterm, overnight instruments. Banks used BSP facilities to support lending, meet withdrawals, manage deposit movements, and comply with reserve requirements. Price stability is further supported by a stable external environment. The BSP facilitated private-sector foreign borrowing and prudently managed the country’s gross international reserves (GIR). As of end-April 2026, the country’s GIR reached US$104 billion, equivalent to almost seven months of import cover and nearly four times short-term external debt.

Strengthening the financial system against tomorrow’s risks Price stability is only one part of

the strong foundations that the BSP continues to build as it turns 33 years old. A financial system that people can trust—one that remains resilient in the face of shocks, emerging risks, and rapid technological change—is another. Philippine banks continued to grow in 2025. Total banking assets expanded to nearly P30 trillion, driven by healthy growth in loans and investments. This steady expansion reflected sustained confidence in the system and the banks’ continued ability to support households, businesses, and key industries. Bank credit also grew at double-digit rates in 2025, widening access to financing for households and productive sectors. Loans flow to real estate, manufacturing, trade, utilities, and families—sectors that drive jobs, commerce, and everyday economic activity. This expansion directly supported financial inclusion and gave more Filipinos the capability to save, invest, build homes, and grow enterprises. BSP-supervised non-bank financial institutions—from electronic money issuers and payment service providers to pawnshops and remittance firms—played an increasingly important role in widening access to finance. Digital payments and alternative credit channels helped reach underserved communities and provide lowercost, more convenient services. Another major milestone in 2025 reinforced confidence in the Philippine financial system: the country’s successful exit from the Financial Action Task Force (FATF) grey list, followed by its removal from high-risk jurisdiction lists in Europe. This achievement reflected years of reforms strengthening antimoney laundering and counterterrorism financing frameworks. New rules on large-value cash transactions, stronger governance standards, and enhanced reporting requirements further reinforced financial integrity and transparency. As everyday transactions became increasingly digital, the BSP moved decisively to strengthen cyber resilience and consumer protection. In 2025, it established a Financial Cyber Resilience Governance Council to guide sector-wide efforts against online threats. New regulations under the Anti-Financial Account Scamming Act also required financial institutions to adopt

The old Central Bank of the Philippines building in Intramuros, Manila. The Central Bank of the Philippines became the Bangko Sentral ng Pilipinas (BSP) on July 3, 1993, pursuant to the 1987 Philippine Constitution and Republic Act No. 7653, also known as the New Central Bank Act of 1993. PHOTO COURTESY OF BSP.

advanced fraud-monitoring tools and introduce rapid “kill-switch” mechanisms to protect customers from scams. After 33 years, the BSP’s mission to help maintain financial system stability remains unchanged—but its tools are sharper, its outlook broader, and its commitment stronger than ever.

Powering a future-ready payments and settlement system A modern economy also depends on a payments system that works—one that supports financial transactions that are fast, secure, and reliable. In 2025, digital payments continued to expand, supported

by the quick response (QR) code-based payment ecosystem, particularly QR Ph person-tomerchant (P2M) and InstaPay QR person-to-person (P2P) payments. QR Ph P2M posted 2.5 billion transactions amounting to P1.2 trillion, reflecting broader merchant acceptance and rising consumer preference for more convenient retail payments. Likewise, InstaPay QR contributed to this momentum with 183.3 million transactions valued at P926.1 billion. Meanwhile, PESONet facilitated 117.2 million transactions worth P13.2 trillion, supporting higher-value transfers such as corporate, payroll, and bulk payments.

Behind these channels, resilience remained a priority. The Peso Real-Time Gross Settlement Payment System or PhilPaSSplus delivered consistently high efficiency, ensuring the timely settlement of large-value interbank transactions and retail payment clearing results. Looking ahead, the BSP advanced initiatives to prepare the Philippines for an increasingly connected payments landscape. The adoption of ISO 20022 messaging standards strengthened data quality and transparency, laying the groundwork for more efficient, interoperable, and future-ready payment systems.

Anchored on stability, focused on the future

At 33, the Bangko Sentral ng Pilipinas looks back with pride and forward with purpose. Its journey affirms a simple, enduring truth: sustainable progress is built on strong fundamentals. In a world shaped by rapid technological change, climate risks, and global uncertainty, the BSP remains firmly anchored on its three pillars. These fundamentals guide sound, forward-looking policies and underpin public trust. Building on these strong fundamentals, the BSP moves ahead with confidence—securing stability today to shape a sustainable future for all Filipinos.

PBCOM CELEBRATES 100-BRANCH MILESTONE, STRENGTHENING PRESENCE NATIONWIDE J

UNE 2, 2026 marked a historic milestone for the Philippine Bank of Communications (PBCOM) with the inauguration of its 100th branch in Santiago, located at VCC Building, 213 City Road, Centro West, City of Santiago, Isabela. Led by Business Manager Mark Lester Gelano, this landmark achievement underscores the Bank’s continued expansion and commitment to making banking more accessible and inclusive for Filipinos nationwide, bringing renewed hope and promise to the people of Isabela through greater access to financial opportunities and services. Building on this milestone, PBCOM inaugurated its 99th branch in Butuan City in the same week. Located on the Ground Floor of the VPH Realty Corporate Building along J.C. Aquino Avenue, PBCOM Butuan reflects the Bank’s ongoing efforts to bring its services closer to communities nationwide. Headed by Business Manager Ver Joeven Tanginan, the branch has been very well supported by the community since its opening. PBCOM Butuan is the Bank’s 12th branch in Mindanao and its 99th across the Philippines, strengthening its growing regional presence. “We are proud to mark two significant milestones in our contin-

(From L-R) Branch Banking Group Sales Head, Sherwin Ng; Isabela Washington and International Sales Corp Finance Head, Jose Tan; President and CEO, Patricia May Siy; Mrs. G Cakeshop Corporation Chief Operating Officer, Irene Montemayor; PBCOM Santiago Business Manager, Mark Lester Gelano; North Luzon Region Head, Misael Velasquez

ued expansion with the opening of our 99th branch in Butuan and our 100th branch in Santiago. These achievements reflect our commitment to expanding the reach of our services nationwide. Each new location in our network represents an opportunity to bridge the gap between communities’ financial

needs and the Bank’s trusted services,” said PBCOM President and CEO Patricia May T. Siy. The first quarter of 2026 has been a dynamic period for the Bank, with a total of six branches opened nationwide, including two relocated branches: the Naga Branch, headed by Business Manager Gregory Clark

Orcine, and the Tagbilaran Branch, led by Business Manager Cielito B. Meguillo, which was inaugurated on June 26, 2026. As PBCOM continues to grow its network, it remains focused on enhancing accessibility, meeting evolving customer needs, and strengthening its presence in key cities nationwide.