UNDP: Iran war to swell ranks of poor in PHL By Justine Xyrah Garcia
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T least 35,000 Filipinos could be pushed into poverty as tensions in the Middle East continue, according to the United Nations Development Programme (UNDP). In a new policy brief, the UNDP estimated that an initial conflictrelated shock could push around 35,221 Filipinos below the international poverty threshold of $4.20 per person per day, measured in 2021 purchasing power parity (PPP) terms for lower-middle-income countries. The agency warned that the
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US LAUNCHES SECOND ROUND OF AIRSTRIKES ON IRAN; TEHRAN FIRES BACK AT GULF STATES
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number could rise significantly if the conflict drags on and further disrupts global energy markets, trade flows, and remittance channels. The estimate would raise the number of Filipinos living below the international poverty line to about 20.15 million from 20.11 million, nudging the poverty rate to 17 percent from 16.9 percent. “The most exposed groups are informal workers, public-transport drivers, smallholder farmers, remittance-dependent households, women in low-paid service and care work, and young people entering a softening labor mar-
ket,” it said. According to the UNDP, the economic impact of the geopolitical tensions would be largely regressive, with low-income households bearing the brunt of higher fuel and food prices. The report noted that many vulnerable families remain only slightly above the poverty threshold, making them susceptible to falling back into poverty even from moderate increases in living costs. The concern extends beyond income losses. The UNDP said the Middle East conflict could set back the Philippines’s human develop-
ment progress by the equivalent of 0.01 to 0.05 years, warning that persistent inflation and slower growth could undermine gains in income, health, and education. “If relief is delayed or poorly targeted, coping responses such as reduced meals, forgone health care and interrupted schooling can convert the crisis into lasting human development losses in capabilities,” it said. The impact is also expected to vary across regions. The UNDP identified the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), Bicol, MIMAROPA, See “UNDP,” A2
BusinessMirror A broader look at today’s business
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PASS TOP-UP TAX BILL, DOF TELLS CONGRESS www.businessmirror.com.ph
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Friday, June 12, 2026 Vol. 21 No. 241
P25.00 nationwide | 3 sections 24 pages | 7 DAYS A WEEK
By Reine Juvierre S. Alberto @reine_alberto
HE Department of Finance (DOF) is pushing for the immediate passage of a proposed measure that will impose a domestic top-up tax on multinational corporations in its bid to align the Philippines with the global minimum tax regime and safeguard its taxing rights. Finance Secretary Frederick D. Go told teh BusinessMirror on Thursday that the sooner the proposed Qualified Domestic Minimum Top-Up Tax (QDMTT) is enacted, the better.
“This is a DOF-led initiative that we have been processing for some time now. We have been working with the legislators on passing a law on this,” Go said. See “Tax,” A2
‘SEISMIC SHIFT’ IN LOCAL STEEL, BUILDING STANDARDS PUSHED By Bless Ogerio
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@blessogerio
HE Philippine Iron and Steel Institute (PISI) is pressing for the immediate rollout of new reinforcing steel standards, warning that older grades still allowed in construction may not withstand disasters. Following the recent collapse of a building under construction in Pampanga and the magnitude 7.8 earthquake that struck off the coast of Mindanao, PISI called on the Department of
Trade and Industry (DTI) to mandate the full nationwide implementation of Philippine National Standard (PNS) 49:2026. According to the umbrella organization of the local iron and steel industry, the updated standard marks a significant shift from previous regulations because it removes steel grades that do not meet seismic performance requirements but remain widely used in construction projects across the country. “Non-seismic grades are the wrong material for a building in See “Standards,” A2
PEDAL POWER IN NUMBERS, MOVING AS ONE Daily worker-cyclists and active transport advocates gathered at the Quezon City Department of Public Order and Safety—Green Transport Division (DPOS-GTD) on Thursday, June 11, 2026, for the launch of the Workers’ Bike Bus—an organized commuter system where riders travel together along fixed routes and schedules to strengthen safety, visibility, and solidarity on the road. Anchored on safety in numbers, the bike bus transforms everyday commuting into a coordinated and visible flow of cyclists, improving predictability in traffic and reducing road risks for participants. Beyond safety, the initiative also reflects broader economic realities, as fluctuating fuel and gas prices continue to strain household transport budgets, positioning cycling as a practical, low-cost mobility option for workers. The program also emphasizes inclusive mobility, creating space for workers of different backgrounds, ages, and physical capacities to participate in a shared transport system that prioritizes accessibility, community support, and equal access to safer streets. NONOY LACZA
Mindanao quake kills 47, injures 688–NDRRMC By Jonathan L. Mayuga
SM OFFICIALLY HANDS OVER HENRY SY SR. HALL TO SAN FRANCISCO HIGH SCHOOL IN QC SM has officially handed over Henry Sy Sr. Hall, a four-story
building, to San Francisco High School (SFHS) near SM North EDSA, one year after a devastating fire affected the campus. The facility features 24 classrooms and 1,200 classroom chairs made from upcycled plastic, among other modern amenities. The donation reflects SM’s commitment to education, sustainability, and community development. In photo: SM Prime Holdings Chairman of the Executive Committee Hans T. Sy leads the turnover of the Henry Sy Sr. Hall to San Francisco High School together with members of the Sy family and SM Supermalls President Steven Tan. He is joined by representatives from DepEd, San Francisco High School, Quezon City Vice Mayor Gian Sotto, DPWH Sec. Vince Dizon, and DepEd Sec. Sonny Angara. SM SUPERMALLS
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S aftershocks of the magnitude 7.8 offshore earthquake near Maasim, Sarangani province continue to rock Northern Mindanao, search, rescue, and retrieval operations in the rubble of collapsed buildings continue. A group of miners on Thursday joined responders from uniformed services, including the Armed Forces of the Philippines (AFP), Philippine National Police (PNP), Philippine Coast Guard (PCG), Bureau of Fire Protection (BFP), and local
government units (LGUs). At least 31 people remain missing, according to the National Disaster Risk Reduction and Management Council (NDRRMC), which also reported the casualties at 47 dead and 688 injured. The Philippine Institute of Volcanology and Seismology (Phivolcs) said aftershocks continue to occur on Thursday, the fourth day since the June 8 earthquake struck Southern Mindanao, the strongest since the 1976 Moro Gulf earthquake and tsunami that killed around 5,000 to 8,000 people. As of 4 p.m., Phivolcs’ monitor-
ing stations in General Santos City and Don Marcelino, Davao Occidental, recorded 3,182 aftershocks. Of these, 841 were plotted, and 61 were felt. Aftershocks are expected to continue in the next two weeks, but the frequency will be less and the intensity weaker by the day, Phivolcs said. Because of the aftershocks, the Department of the Interior and Local Government (DILG) asked local government units (LGUs) in affected areas to conduct safety checks of buildings and houses within their respective jurisdiction. The DILG said residents in dam-
aged houses that are already compromised and may collapse should be evacuated for safety measures. “Following the 7.8-magnitude earthquake that struck off southern Mindanao, the DENR is helping facilitate search and rescue operations, the delivery of potable water, medical evacuation, and the transport of relief goods and emergency personnel to Glan, Sarangani, under the coordination of the Office of Civil Defense,” the Department of Environment and Natural Resources (DENR) said. The DENR is also collaborating See “Quake,” A2
PESO EXCHANGE RATES n US 61.4970 n JAPAN 0.3831 n UK 82.2461 n HK 7.8478 n CHINA 9.0787 n SINGAPORE 47.7832 n AUSTRALIA 43.0233 n EU 70.9429 n KOREA 0.0404 n SAUDI ARABIA 16.3839 Source: BSP (June 11, 2026)