Putin pushes expanded trade in agri, energy By Samuel P. Medenilla
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UKRAINE HITS MOSCOW OIL REFINERY, DISRUPTS COMMERCIAL FLIGHTS WITH MAJOR DRONE ATTACK
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USSIAN President Vladimir Putin has called for a review of Moscow’s cooperation with Manila in a bid to boost Russia’s trade with the Philippines, particularly on agriculture and energy resources. He made the call during his bilateral meeting with President Ferdinand Marcos Jr. on Wednesday. He cited a currently big potential in both sectors as trade between the two countries exceeded half a billion dollars last year. This was higher compared to the data from the Department of Trade and Industry (DTI), which pegged the total trade between the two countries at just US$91.4 million in 2025—the lowest in the last decade. DTI said the country’s total exports with Russia
last year was at US$56.9 million, while its imports stood at only US$34.5 million. Since it peaked in 2018 at US$1.4 billion, Philippines-Russia trade continued to dwindle to its current level. The biggest decline happened in 2022, when countries imposed trade sanctions against Russia after it attacked Ukraine. From US$662.3 million, the value of the country’s total trade with Russia dropped to US$207.9 million the following year. Putin said the necessary mechanisms already exist to raise the trade volume. “Effective mechanisms of applied cooperation are in place. This includes, the joint RussiaPhilippine Commission on Trade and Economic Cooperation,” Putin said in Russian through a translator during his bilateral talk with Marcos at the sidelines of the Association of Southeast
Asian Nation (Asean)-Russia Commemorative Summit in Kazan, Russia. “Today, we have a good opportunity, Mr. President, to evaluate the current stage of Russia-Philippines cooperation,” he added. Marcos agreed with Putin, saying that during the Joint Commission on Trade and Economic Cooperation (JCTEC), held in Moscow in September, “structural issues” on Philippines-Russia trade were already addressed. He said the Philippines is now ready to explore joint ventures to help both countries achieve energy and food security. “And as you have mentioned, Your Excellency, we—there are many potential areas that I think we should still open to explore and I think that the present level of trade, although it is steady, I think that this is—there is a great deal more that we can do,” Marcos said.
The chief executive noted that the several memoranda of understanding (MOU) signed during the bilateral meeting—on innovation, retail products, cosmetics, food processing, and industrial collaboration—will contribute to the said efforts. The President concluded his two-day visit in Russia late Wednesday.
Economic potential
ON energy, Philippine Ambassador to Russia Igor Garlit Bailen said the government is currently studying the possibility of importing more oil from Russia and using the country’s floating nuclear power plant technology—a small nuclear reactor on a barge. As for food, Bailen said Russia is interested in importing seafood from the Philippines,
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2ND-ROUND EFFECTS OF WAR PROMPT RATE HIKE www.businessmirror.com.ph
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By Andrea E. San Juan
INGERING second-round effects from war-related supply shocks prompted the Monetary Board to raise the key policy rate by 25 basis points for the second time this year. Given the recent developments in the Middle East, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said “inflationary pressures remain strong.” “Global oil and fertilizer prices are still elevated and continue to put pressure on domestic fuel and food prices,” the BSP chief underscored. Moreover, he said core inflation
continues to rise, indicating that inflation is spreading through second-round effects. On top of these, Remolona admitted that the potential effects of El Niño, which the Monetary Board has not yet taken into account in its revised inflation forecast, also poses a “big risk” to inflation. See “Rate,” A2
PHL NAMED WORLD’S BEST COUNTRY TO RETIRE IN 2026 By Ma. Stella F. Arnaldo Special to the BusinessMirror
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HE Philippines has topped the list of the 20 best countries in the world to retire this year. The list was drawn up by the Expatriate Group, a specialist provider of international health insurance serving expatriates and retirees across more than 180 countries. A unit of the United Kingdom-based insurance broker, the Specialist Risk Group (SRG), the Expatriate Group gave the Philippines an overall score of 78 out of 100. It cited the Philippines’s special
visa for retirees, low cost of living, and the relatively effortless integration of expats into the culture as among the reasons it topped the list ahead of countries like Thailand, Colombia, Portugal, South Africa, and other retirement havens in Europe and Southeast Asia. “The country’s Special Resident Retiree’s Visa [SRRV] is among the most accessible retirement programs we assessed. Applicants aged 50 and over who receive a pension can qualify with a fixed deposit of US$15,000 [around £11,000], and successful applicants benefit from long-term residency without See “Retire,” A2
SAFE SPACE ONLINE From left: Department of Information and Communications
Technology Secretary Henry Aguda, Meta Head of Safety Policy for APAC Malina Enlund, and Meta Head of Public Policy for the Philippines Gio Tingson share a light moment during the launch of Meta Teen Accounts, a safety feature designed to create a safer online experience for users aged 13 to 17. Story at right. NONIE REYES
REINFORCING EARTHQUAKE READINESS Students of Corazon C. Aquino Elementary School in Quezon City take part in the 2nd Quarter Nationwide Simultaneous Earthquake Drill (NSED)
2026 on Thursday, June 18, practicing the “Duck, Cover, and Hold” procedure during a simulated earthquake. The drill comes amid heightened awareness of earthquake risks in the country following the magnitude 7.8 offshore Mindanao earthquake on June 8, 2026, which triggered thousands of aftershocks and widespread damage across southern Philippines. News agencies also reported dozens of fatalities, hundreds injured, and large-scale displacement in affected communities. Authorities continue to monitor seismic activity nationwide, including active fault lines such as the West Valley Fault, as the Philippines remains highly vulnerable to major earthquakes due to its location along the Pacific Ring of Fire. The nationwide exercise aims to strengthen disaster preparedness, reinforce public awareness, and improve emergency response capabilities at the community level in the event of a major earthquake. NONOY LACZA
Meta: Age checks a hurdle in online teen protection By Mary Jade Jadormio
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ETERMINING whether users are genuinely teenagers while preserving their privacy remains one of the biggest challenges facing social media platforms, Meta said on Tuesday as it rolled out enhanced safety features for young users in the Philippines. Speaking during the launch of Screen Smart, Meta’s digital literacy initiative, Meta Head of Safety Policy for Asia Pacific Malina Enlund said technology companies continue to grapple with how to accurately identify young users without requiring excessive personal information. “It is very difficult to find a privacy-preserving way that is accurate to determine a person’s age,” Enlund said. The event also marked the Philippine rollout of Meta’s revamped Teen Accounts, a set of built-in protections designed to create safer and more age-appropriate experi-
ences for users aged 13 to 17 on Instagram and Facebook. The initiative was launched in partnership with government agencies, youth organizations and child rights advocates amid growing global concerns over children’s exposure to harmful online content and increasing calls in some countries for stricter social media regulations. Enlund said Meta currently relies on a combination of declared age, behavioral signals and verification processes to determine whether users may have misrepresented their age. Under the system, users who attempt to change their age information may be directed to a verification process that can include facial age estimation technology or the submission of supporting documents. She acknowledged, however, that requiring government-issued identification creates privacy concerns, particularly for younger users.
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OFFERS PROMO HOME LOAN RATES TO MAKE MORE HOMES AFFORDABLE UNDER PRESIDENT MARCOS’ EXPANDED 4PH
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PESO EXCHANGE RATES n US 60.3280 n JAPAN 0.3758 n UK 80.1940 n HK 7.6994 n CHINA 8.9203 n SINGAPORE 46.8640 n AUSTRALIA 42.3201 n EU 69.4074 n KOREA 0.0396 n SAUDI ARABIA 16.0751 Source: BSP (June 18, 2026)