BusinessMirror June 24, 2025

By Jovee Marie N. dela Cruz and Samuel P. Medenilla

WHILE a full-scale war between Iran and Israel remains unlikely despite recent US involvement, an economist-lawmaker said the Philippines must strengthen its economic defenses as he urged Development Budget Coordination Committee (DBCC) to incorporate oil price shocks into macroeconomic planning and social protection funding.

House Committee on Ways and

Means Chairman Joey Sarte Salceda warned that Iran’s regional allies may conduct small-scale retaliatory attacks in the Red Sea and nearby shipping lanes, which, while limited, could still disrupt global trade.

“Even without major attacks, the threat alone could raise shipping costs and cause delays. That would affect the price of oil and food coming into the Philippines. That’s what we get for being dependent on imports of food and fuel,” said Salceda.

The Marcos administration is

set to announce plans to mitigate the economic impact of the projected surge in oil prices, including the rollout of its targeted fuel subsidies, after Iran threatened to block the Strait of Hormuz—an important waterway for the international oil supply chain.

Palace Press Office Claire Castro announced that President Ferdinand Marcos Jr. called for a meeting on Tuesday with his economic team, including the Department of Energy (DOE), to discuss their response to the oil price hikes. Among the measures, she said,

is the fuel subsidy for public transport as well as farmers and fisherfolk.

“Tomorrow we will know all of the plans [to mitigate the high oil prices],” Castro said, when asked. Fuel subsidy UNDER the 2025 General Appropriations Act (GAA), the Department of Transportation (DOTr)

The bright spot, they said, is that this could hasten the country’s green transition in an effort to reduce the Philippines’s dependence on imported oil.

“Because Iran can control the Strait of Hormuz where around 20 percent of oil passes, if Iran decides to close it, the price of oil will accelerate,” University of Asia and the Pacific economist and former Tariff Commissioner George B. Manzano told BusinessMirror

“This will be felt in the Philippines through inflation—we are a net oil importer. The inflationary pressure may discourage the BSP [Bangko Sentral ng Pilipinas] from cutting interest rates further, thus dampening invest-

ments,” he also said. De La Salle University economist Maria Ella Oplas told this newspaper that the conflict in the Middle East could start a domino effect that would

and

workers, even those abroad. If oil prices increase, Oplas said, inflation will also increase. This will be a burden to households, leading workers to ask for higher wages. But due to higher labor and other production costs, firms may not be as willing to grant

Lenie Lectura

the following price adjustments: P1.75 per liter hike in gasoline products, P2.4 per liter in kero-

sene, and P2.6 per liter in diesel. Two days after, or on June 26, the second tranche will be implemented at 6 a.m. Gasoline prices will go up by P1.75 per liter, kerosene by P2.4 per liter, and diesel by P2.6 per liter. Seaoil, Shell, Caltex, and Petron will implement the same price schedule and adjustment. Other oil firms are expected to follow suit.

“In support of the government’s call to help cushion the impact of significant fuel price movements, Seaoil will implement a staggered price adjustment reflecting last week’s

Fuel excise tax tweaks urged as oil prices soar

By Reine Juvierre S. Alberto @reine_alberto

senior research fellow John Paolo Rivera, the Israel-Iran war is pushing global oil prices higher due to heightened geopolitical risks in the Middle East, a critical region for oil production and transit. In the context of the Philippines, Rivera told BusinessMirror that oil price hikes will worsen inflationary pressures, weaken consumer purchasing power and increase transport and logistics costs.

“While higher pump prices can boost government excise tax collections on fuel, they also disproportionately burden vulnerable sectors like public transport and micro, small and medium enterprises [MSMEs],” Rivera said. To minimize the impact of increased oil prices, Ateneo de Manila University economist Leonardo Lanzona told BusinessMirror that lowering the excise tax rates on fuel is a viable way to do so.

capital investments that would also help generate about P11.4 trillion in economic output.

In addition, DTI noted that the Evis is expected to “boost” the government’s tax revenue by P400 billion compared to a fully importbased electric vehicle (EV) market, funding essential public services.

“President Ferdinand Marcos Jr. has made it clear: economic transformation must be felt by every Filipino. The EVIS is our concrete response—laying the foundation for a strong, inclusive EV industry that empowers our workers, strengthens local manufacturing, and delivers lasting opportunities for communities nationwide,” Roque said.

In a Viber message sent to the BusinessMirror, the Trade department explained the economic output, saying, “In return, the activities supported under EVIS are expected to generate P11.4 trillion in total economic output until 2040.” This includes value created from manufacturing, supply chain expansion, and market development, said DTI.

As to the 2024-2028 period covered by the Evis, DTI explained to this paper: “The projections assume the majority of local EV manufacturing facilities would likely become operational by 2028.”

This, it added, allows 3 to 4 years for policy finalization, investment onboarding, and infrastructure preparation which the agency noted is a “realistic lead time for factory setup.”

Strait of Hormuz closure will be catastrophic—Philexport

By Andrea E. San Juan @andreasanjuan

THEpossible closure of the Strait of Hormuz, one of the most critical chokepoints in global trade and a “vital” oil and gas route of some Asian countries including the Philippines, will be “catastrophic” for the Philippines, the head of the umbrella organization of Philippine exporters said Monday.

In a phone interview with the BusinessMirror on Monday, Philexport President Sergio R. Ortiz-Luis Jr. said: “I cannot imagine what will happen because I don’t know...how much oil will be blocked and what will be the price to us. So I think it will be catastrophic if that is closed for us.”

“Now, [even without] actual closure, oil is already our problem. Prices are already going up,” the Philexport chief told this paper.

Asked if this could have a significant impact on imports and exports, Ortiz-Luis said: “Of course, of course.”

Still, he is optimistic Iran would not close the critical waterway, adding partly in Filipino: “Although I don’t feel they will do that. Because closing it might also complicate the war. Many parties might line up against Iran if they do that. So I don’t think they will do it.”

Philippine economists agreed that closing Hormuz will slow down Philippine production, imports and exports.

Former Socioeconomic Planning

Secretary Dante Canlas noted that the Strait of Hormuz is “the sea lane for

much of the oil imports of China, Japan, and other Asian countries, including the Philippines.”

With this, “Disruptions in the Hormuz trigger oil-price shocks. Rising oil and petroleum prices is the main impact on the Philippines of the US-Israel-Iran war. Expect continuing oil-price shocks unless the war is de-escalated.”

This disruption may lead to a slowdown in Philippine imports and exports, “considering oil and gas are critical for production, exports and imports.”

Ateneo De Manila University (ADMU) economist Leonardo Lanzona told the BusinessMirror that the closure of the strait will lead to a “perceptible increase in oil prices.”

“The cost of imports, including oil itself. Overall, global trade will slow down so even exports will decrease,” Lanzona told this paper.

Former Tariff Commissioner

George N. Manzano echoed the two economists: “We can expect oil prices to spike further. This would be highly inflationary for the Philippines.”

De La Salle University (DLSU) economist Maria Ella Oplas explained the effect of the escalating tensions in the Middle East on prices of goods and services.

“The urgent issue is of course the effect on prices. It will affect the cost of factors of production, therefore prices of goods and services. It’s really a domino effect” Oplas said.

On Sunday, global news reports noted that the Iranian Parliament has approved a measure to shut the Strait of Hormuz following US attacks on Iran’s nuclear sites.

According to an article published by Reuters, however, Iran’s Supreme National Security Council must make the final decision on whether to close the Strait.

“The government should not benefit from this crisis while the rest of us suffer,” Lanzona said.

Although the excise tax rates will be adjusted downwards, Lanzona said this will be offset by the increased oil prices, keeping the total tax revenues constant.

Unleaded premium gasoline is taxed the highest, at P10 per liter, among petroleum products levied under Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion (Train) Law.

Diesel is taxed at P6 per liter, kerosene at P5 per liter, while P3 per liter is collected from liquefied petroleum gas (LPG).

“Lowering tax rates on oil is not going to improve the government’s fiscal position, but will not worsen it either,” Lanzona said.

The Bureau of Customs (BOC) has collected P220.77 billion in excise taxes from petroleum products in 2024, under the Fuel Marking Program. Fuel marking is mandated under the Tax Reform for Acceleration and Inclusion (TRAIN) Law as a measure against the smuggling of petroleum products.

Estimates for June 24 of fuel price hikes reflected an increase from the June 20 Department of Energy projections after the US intervention against Iran. The updated projections had diesel rising per liter by P5 to P5.20; gasoline by P3.30 to P3.50; and kerosene by P4.50 to P4.70. (See: https://businessmirror.com.ph/2025/06/23/ doe-oil-firms-to-meet-on-risingfuel-prices/).

He noted that the final MSRP will still consider external factors such as global pork prices, freight rates, and exchange rate fluctuations.

“If fuel prices increase, freight costs will follow. There’s a possible

move as a necessary security step.

The United Nations, along with countries like the UK, France, Australia, and New Zealand, expressed alarm and called for urgent de-escalation.

On the other hand, Iran condemned the strikes as “criminal,” vowing retaliation. China and Russia labeled the attack illegal and destabilizing. Middle Eastern states such as Iraq, Oman, and Qatar warned of far-reaching regional consequences.

So far, other Asean member states—Indonesia, Malaysia, Singapore, Thailand, Brunei, Vietnam, Cambodia, Laos, and Myan-

price impact, but it may not be too drastic,” Laurel said. “Businesses are cautious—they won’t speculate too much while geopolitical risks like the Israel-Iran situation remain uncertain.”

mar—have yet to release official positions.

Fueling uncertainty

THE crisis has also rattled energy markets. The Philippines is almost dependent on the Middle East for crude oil imports with Saudi Arabia, UAE, and Iraq among its top suppliers.

The government is bracing for potential fuel price hikes of over P5 per liter and has activated emergency subsidies and inventory protocols.

Former Economic Planning

Secretary Dante Canlas thinks if the conflict escalates, the country could see a repeat of the oil price shock of the 1970s.

(See related story: https:// businessmirror.com. ph/2025/06/22/no-painlessoptions-to-cushion-oil-shock/)

meetings with the oil companies on Wednesday, 25 June 2025.”

market changes,” Seaoil said. Meantime, Cleanfuel announced a price increase of P2.6 per liter on diesel and P1.75 per liter hike in gasoline on Tuesday, June 24, at 8:01 a.m.

On Monday, the Department of Energy (DOE) met with representatives of the oil companies to discuss how the parties can ease the impact of the spiraling domestic petroleum price hikes on consumers.

“Our dialogue with industry players today reflects our shared commitment to balance economic realities with the need to shield our people from sudden price shocks, and we are pleased to report that they have responded positively to our request,” said DOE-OIC Sharon Garin.

“We have also urged oil companies to increase the number of their retail stations offering fuel discounts to the transport sector,” Garin added. “This forms part of our broader efforts to alleviate the burden on vulnerable groups. We will address this in detail during our individual

Meanwhile, DOE Undersecretary Sales, who supervises the DOE-Oil Industry Management Bureau (OIMB), emphasized that cooperation between the public and private sectors is critical.

“We are closely monitoring global oil price benchmarks and foreign exchange trends, but we also urge them to exercise prudence in passing on cost changes to consumers,” he said. “Much of the recent price volatility is being driven not by actual supply disruptions, but by speculative trading due to geopolitical uncertainties,” Sales said.

As of June 23, 2025, the average pump price of gasoline stands at P55.90 per liter, diesel at P53.40 per liter, and kerosene at P70.22 per liter.

Garin is scheduled to meet on Tuesday officials from the Department of Transportation (DOTr) and the Department of Agriculture (DA) to discuss the timely rollout of targeted subsidies for public transport drivers and farmers, should the average price of crude oil breach the $80 per barrel threshold. As of Monday, the average price of Dubai crude oil stands at $75.16 per barrel.

“Lowering [the excise tax rates] should be a better option. The goal is to make the consumer as well off today as before this war,” Rivera said. Rivera, however, said temporarily adjusting fuel excise tax rates may be considered, but must be weighed against fiscal sustainability. Adjusting the fuel excise tax rates should only be considered by the government if there are sustained price spikes in global oil or commodities that disproportionately burden low-income households.

Even if temporarily suspending or adjusting the excise tax rates could cushion inflation in such cases, Rivera said restoration, or even an increase, is necessary to support public spending once inflation stabilizes and fiscal pressures mount.

“The decision should be data-driven, balancing revenue generation with affordability and equity,” Rivera said, adding that the ongoing situation in the Middle East could be premature. The BusinessMirror sought Finance Secretary Ralph G. Recto’s comment on whether the Department of Finance (DOF) is open to reviewing the current excise tax rates per liter on fuel, but he has not responded as of press time. In 2022, the DOF rejected proposals to suspend the excise tax on fuel to reduce the impact of high oil prices on consumers, as this would result in revenue losses and only benefit the rich. The TRAIN Law has a provision that fuel excise taxes can be suspended if the average price of Dubai crude oil reaches or exceeds $80 per barrel within three months. However, this is only applicable from 2018 to 2020. If the government, especially the DOF, would do the same this time, Lanzona said the only option would be subsidies in the form of lower prices targeted to vulnerable groups.

“Regulating prices through price ceilings will only cause a shortage. Whatever money the government has in maintaining these price ceilings, technically subsidizing to everyone, would be better spent in developing alternative sources of energy,” Lanzona said.

Meanwhile, Rivera said government support, such as fuel subsidies or targeted cash aid, remains crucial. Meanwhile, in seeking the immediate suspension of the 12 percent VAT on petroleum products to help ease the burden on ordinary consumers, Gabriela’s Brosas said such suspension “will immediately bring relief to millions of struggling Filipinos—especially women who must stretch every peso to keep their families afloat.”

While suspending VAT is a shortterm solution, it is an urgent step that must be taken alongside long-term reforms such as repealing the Oil Deregulation Law and permanently removing VAT on oil, utilities, and basic necessities, she added. Jovee Marie N. Dela Cruz

Dole trains more union members in workplace dispute resolution

By Justine Xyrah Garcia

TOTAL of 42 trade union -

Aists from Regions IV-B (Mimaropa [Mindoro, Marinduque, Romblon and Palawan]), V (Bicol), and VIII (Eastern Visayas) officially completed their paralegal training under the Department of Labor and Employment (Dole) on Sunday, as part of the agency’s continuing efforts to equip labor leaders with the legal knowledge to assist in workplace disputes.

The six-day course, conducted in partnership with the University of the Philippines College of Law and the UP Law Center, covered essential legal topics including labor rights, procedural due process, and practical skills such as evidence gathering and affidavit writing.

Labor Secretary Bienvenido E. Laguesma said the initiative is part of Dole’s broader effort to equip union leaders with the tools to legally and peacefully defend workers’ rights in the workplace.

“The goal is to strengthen the capacity of workers and unionists to understand, safeguard, and assert their rights in a legal, just,

and peaceful manner,” Laguesma said, mostly in Filipino, during the graduation ceremony held at a hotel in Quezon City.

He emphasized that union leaders play a vital role as “first responders” to labor disputes within workplaces.

With the completion of their training, the labor chief urged the new paralegals to help fellow workers in navigating workplace issues and legal challenges.

“You are no longer just labor leaders. You are now reliable paralegals—frontliners in defending workers’ rights and mediators in times of misunderstanding,” he added.

Since its launch earlier this year, the program has trained a total of 163 unionists across the country.

Previous sessions were also held for unionists in the National Capital Region, Regions I, III, IVA, VI, VII, XI, and the Cordillera Administrative Region.

According to Dole, the capacity building program is part of its long-term strategy to promote industrial peace and protect the rights of workers through legal education at the grassroots level.

Cebu legislator joins Marcos in Japan

DEPUTY Speaker Duke Frasco joined President Marcos during his visit to the Philippine Pavilion at the World Expo 2025 in Osaka, Japan, reaffirming his unwavering support for the administration.

Frasco emphasized the significance of showcasing Filipino culture and innovation on a global stage.

“As the Philippines takes center stage in this global platform, it is an honor to join the President in promoting Filipino excellence and forging international partnerships that will benefit our country and local communities,” said Frasco.

The Philippines Pavilion features the country’s heritage, creativity, and enduring spirit in the spotlight with the theme “Nature, Culture, and Community: Woven Together for a Better Future.”

“Our theme, ‘Woven Together for a Better Future,’ mirrors the very fabric of our aspirations under the Marcos administration—where every thread represents a Filipino, bound by a shared purpose for progress. In this spirit, I remain committed to strong, unifying leadership that advances the welfare of the Filipino people,” Frasco, husband of Tourism Secretary Cristina Garcia Frasco, said.

Support

IN a statement, Frasco also emphasized his continued support for the Marcos administration, despite issues within the House of Representatives and the government.

Frasco did not sign the manifesto of

Pinoy, Aussie

armies conclude war games

PHILIPPINE Army (PA) troops and their Australian counterparts will conclude on Tuesday the first-ever Joint Exercise “Kasangga” held in Mindanao. This was announced by the Army spokesman, Col. Louie Dema-ala.

“The first combined training exercise between the two armies in Mindanao will conclude on June 24, 2025 at Camp Kibaritan in Bukidnon,” Dema-ala said in a statement.

“Kasangga” drills included jungle and urban warfare, breaching operations, tactical combat casualty care, jungle survival training, as well as mobility, counter-mobility and reconnaissance operations,” Dema-ala said.

Duterte’s party seeks manual recount of votes for senators

By Joel R. San Juan @jrsanjuan1573 & Justine Xyrah Garci

THE Partido Demokratiko Pilipino Lakas ng Bayan (PDP Laban), that propelled Rodrigo Duterte to the presidency in the 2016 elections, on Monday asked the Supreme Court (SC) to compel the Commission on Elections (Comelec) to conduct a manual recount of senatorial votes cast in the May 12, 2025 elections.

The plea was made by the PDP Laban, through its national vice chairman Alfonso Cusi and lawyer Israelito Torreon in a supplemental petition for mandamus calling for a manual recount of senatorial votes as mandated under Republic Act 3019 or the Election Automation Law and the provisions of the Omnibus Election Code.

support for Speaker Ferdinand Martin Romualdez, the President’s cousin.

“The role of the House is to advance national progress, not to deepen political divides. It must more clearly reflect the President’s call for unity, stability, and results. My commitment to the President’s vision remains firm, and believe the House should be a proactive partner in delivering meaningful change for the Filipino people,” said Frasco, whose wife is an ally of embattled Vice President Sara Duterte.

Despite this, Frasco said he remains committed in supporting the administration’s priority programs, including the Philippines’ presence at World Expo 2025 in Osaka, led by his wife.

The secretary highlighted the strong reception to the Philippine Pavilion, which has welcomed more than 300,000 visitors in just two months, calling it a true crowd favorite.

The Pavilion, with its vibrant display of 212 indigenous fabrics from across the Philippines and dynamic live cultural performances, invites the world to discover the heart and soul of the nation—and the many reasons to love the Philippines.

The World Expo 2025, which runs from April 13 to October 13, brings together over 150 countries and organizations. This year’s event also marks a significant milestone in Philippine-Japan relations as the two nations celebrate 70 years of diplomatic ties. Jovee Marie N. dela Cruz

It can be recalled that on April 3, 2025, the group filed a petition before the SC seeking to nullify four resolutions issued by the Comelec for being unconstitutional as these allegedly alter the voting process prescribed under election laws.

It also asked the Court to immediately issue a temporary restraining order (TRO) to enjoin the Comelec from implementing the said resolutions for being unconstitutional as these were issued beyond its legal power or authority and in violation of the provisions of Republic Act 9369 and RA 10590

or the Overseas Voting Act of 2013.

The petition also sought to compel the respondent Commission on Elections through its chairman George Erwin Garcia and Department of Foreign Affairs (DFA) through Secretary Enrique Austria Manalo to properly enforce Section 31 of RA 9369 or the Election Automation Law which mandates manual counting of ballots at the precinct level and the provisions of RA 10590 which mandates an on-site counting and canvassing process.

Comelec welcomes case

THE Commission on Elections (Comelec) on Monday said it welcomes the petition filed by PDPLaban calling for a manual recount of the May 12 polls.

“The Comelec welcomes these kinds of remedies to help prove the true mandate of the electorate. We will wait for the Supreme

Court’s (SC) action on the matter,” said Garcia in an interview.

In its petition, the political party flagged the discovery of transmission equipment—including Starlink devices and solar panels—inside a private residence in Davao City as a potential conflict of interest.

PDP-Laban also raised concerns over alleged mismatches between ballots and voter receipts, along with the exclusion of more than 17 million senatorial votes from the official tally due to alleged “overvoting.”

Garcia said a manual recount is a valid legal option. However, he noted that the Comelec may soon lose jurisdiction over the case, since elected national candidates are set to assume office by June 30. He referred to the precedent set in Reyes v Comelec, in which the SC ruled that once a national candidate has been proclaimed the winner, taken an oath of office before an authorized official, and assumed their post by June 30, the Comelec and regular courts no longer have jurisdiction over electoral disputes involving that position.

“That means any issues or cases questioning the victory of a senator or a congressman must be brought before the Senate Electoral Tribunal or House of Representatives Electoral Tribunal. Comelec and even the [SC] no longer have jurisdiction,” Garcia explained.

Nonetheless, he said the Comelec is prepared to respond to the petition once the Supreme Court issues its directive.

“We will wait for the [SC]’s initial action. If necessary, we will respond to the petition accordingly,” he added.

Three winners IN the May 12 senatorial race, only three of the 10 PDP-Labanbacked candidates secured seats in the Senate: incumbent senators Christopher Go and Ronald dela Rosa, and Party-list Rep. Rodante Marcoleta.

In filing the supplemental petition, PDP Laban noted the violations committed by the Comelec in the weeks leading up to the May 12, 2025 such as the discovery of Starlink transmission devices and solar panels inside a private residence in Davao City; the undocumented destruction of some six million ballots by the poll body; the numerous complaints among overseas Filipino voters regarding mismatches between their actual ballot selections and the ballot confirmation receipt; and the discovery of a different version of software installed in the automated counting machines which was not certified by the technical evaluation committee.

Furthermore, the petitioners pointed out the “barrage of blatant and disturbing irregularities” reported by the media, election watchdogs and the voters themselves on the election day itself. These include the consistent complaints that the ACMs were incorrectly reading and flagging their ballots as having “overvoted” in the senatorial position; the exclusion of more than 17 million senatorial votes in the official tally considered as “overvotes;” rampant mismatches between the actual ballot and voter receipt; and the rerouting of the transmission of election returns to an unlisted server called Data Center 3.

Immigration warns against traffickers who use socmed

THE Bureau of Immigration (BI) yesterday warned Filipino jobseekers against a human trafficking scheme that offers high salary for a work abroad but often ends up working under exploitative conditions.

Immigration Commissioner Joel Anthony Viado issued the warning after immigration officers intercepted two Filipino women at the Ninoy Aquino International Airport (NAIA) Terminal 3 last week posing as tourists bound for Singapore.

The BI’s Immigration Protection

and Border Enforcement Section (I-PROBES) reported that two women, aged 32 and 48, were stopped from boarding a Cebu Pacific flight to Singapore after discrepancies were noted during the initial inspection.

The BI said the two misrepresented themselves as close friends and claimed they were traveling to Singapore for tourism.

House gets Sara’s response to impeachment complaint

By Jovee Marie N. dela Cruz @joveemarie

THE House of Representatives has officially received Vice President Sara Duterte’s response to the impeachment complaint filed against her, the House spokesperson, lawyer Princess T. Abante, confirmed on Monday. At exactly 3:53 p.m., a messenger from the law firm Fortun, Narvasa & Salazar, delivered Duterte’s Answer Ad Cautelam to the House, which outlines her formal defense against the charges she is facing.

In her response, Duterte, through legal counsel, maintained that the impeachment complaint should be declared void ab initio or invalid from the outset, citing a constitutional safeguard that limits impeachment proceedings against the same official to once within a year.

“The fourth impeachment complaint must be dismissed because it is void ab initio for violating the one-year bar rule under Section 3 [5], Article XI of the 1987 Constitution,” the Vice President’s response stated.

Earlier, Duterte also invoked Section 3, Article XI of the 1987 Constitution in her petition before the Supreme Court to question the validity and constitutionality of the fourth impeachment complaint filed against her.

Lawmakers from the House prosecution panel had already anticipated this defense. They earlier clarified that the impeachment initiated against Duterte on February 5, 2025 did not violate the constitutional one-year ban, as the period had not yet lapsed.

San Juan City Rep. Ysabel Maria Zamora, a member of the House prosecution team, already explained that the first three

impeachment complaints filed in December 2024 had already been archived, and the fourth complaint—now under consideration—was a consolidation of those earlier complaints.

She also noted that none of the original petitioners from the initial three complaints objected to their consolidation into a single, unified complaint.

Vice President Duterte was impeached on charges of culpable violation of the Constitution, betrayal of public trust, graft and corruption, and other high crimes. Central to the allegations is the purported misuse of P612.5 million in confidential and intelligence funds: P500 million from the Office of the Vice President and P112.5 million from the Department of Education (DepEd), where Duterte concurrently served as Secretary.

They also confessed that they were recruited to work there as household service workers, with a promised monthly salary of €500 or roughly P38,000.

They claimed that they were contacted by a recruiter through a Facebook job posting, and all travel and employment documents were coordinated via WhatsApp.

However, immigration officers became suspicious about the real purpose of their travel after they failed to answer basic questions and presented conflicting travel itineraries. Upon further interrogation, the two women finally admitted that they were actually headed to Albania and not Singapore.

By Lorenz S. Marasigan @lorenzmarasigan

NLEX Corp. has offered to construct a new and upgraded Marilao Overpass Bridge following another deadly incident involving an overheight truck that struck the existing structure last week.

Although the bridge is not part of the Nlex tollway concession and falls under the road network of the local government of Bulacan, Nlex Corp. said it has long been conducting its repairs to ensure the structural integrity of the span, which passes above the North Luzon Expressway.

“As these fraudulent schemes persist, our efforts to combat them must remain equally relentless,” he added.

“We strongly urge Filipinos to remain cautious and consult official government agencies before accepting any overseas job offers,” Viado said.

Viado said the victims were turned over to the Inter-Agency Council Against Trafficking (Iacat) for further investigation and the filing of appropriate charges against their recruiter.

Joel R. San Juan

“For the past several years, Nlex has actively sought support from the government for the structural upgrading of the bridge. In the interest of public safety, Nlex offers to construct a new and upgraded bridge to support the plans of the relevant national and local government agencies,” the company said. The current bridge, built prior to Nlex’s rehabilitation, has a vertical clearance of 4.27 meters in both directions—a height that has been breached in several incidents.

Last week, a girder from

Tuesday, June 24, 2025

Relief in sight for emasculated NFA

By Jovee Marie N. dela Cruz @joveemarie

TO address the urgent need to reduce rice prices, support farmers, and stabilize the country’s food supply, the House of Representatives on Monday vowed to act swiftly on the Department of Agriculture’s (DA) proposal to overhaul the National Food Authority (NFA) once it is transmitted to Congress.

The agency lost many of its powers and functions through laws and executive orders issued during previous administrations.

Speaker Ferdinand Martin G. Romualdez made a statement after the DA formally submitted the bill to Malacañang last week. It seeks to restore the NFA’s authority to directly intervene in the rice market—particularly by purchasing palay (unhusked rice) at competitive prices and maintaining adequate buffer stocks to curb price surges.

The proposed overhaul would also reorganize the agency and give it a clearer, more focused mandate to support farmers and protect consumers.

“Rice is becoming increasingly

unaffordable, hitting the average Filipino family the hardest...We need to ensure that the government has sufficient buffer stocks and that assistance reaches our farmers,” he said.

The bill proposes that the NFA be authorized to purchase palay at fair farmgate prices and maintain a stronger buffer stock system, enabling timely intervention during periods of price volatility caused by natural disasters, hoarding, or market manipulation.

“The farmers are among our most valuable assets. We cannot allow them

to keep suffering losses. They deserve a reliable ally in government. This bill will enable them to sell their harvest at fair, humane prices,” Romualdez said.

Key provisions of the bill include price support mechanisms, post-harvest facilities, and improved coordination between the NFA and local government units—measures the Speaker said would help stabilize local food supply chains.

“Rice is life for Filipino families. This measure will help ensure that no household goes hungry simply because rice becomes too expensive,” he said.

SILG Remulla’s ‘unsafe’ remark raises tourism industry concerns

ARECENT statement by Interior

Secretary Jonvic Remulla, who admitted that tourists are avoiding the Philippines because they “don’t feel safe,” has raised concern, with industry leaders describing such a remark as illadvised and damaging to the country’s global reputation as a travel destination.

Remulla’s statement, as reported on June 20 by several newspapers, was seen as a validation of recent travel advisories and an international online survey that named the Philippines the “least safe” country for tourists.

Remulla was quoted during his keynote address at the Hotel Sales and Marketing Association’s (HSMA) Sales and Marketing Summit, where he said that “People do not want to come to the country because they don’t feel safe. They are afraid. There is cynicism in all the bad news that goes

on here, and in the political atmosphere, and killing seems an ordinary activity, so people become afraid.”

Although Remulla said the government is changing all that, his comment came just a day after the Department of Tourism (DOT) and various industry groups had roundly criticized that survey as misleading and unfair.

Tourism Secretary Christina Garcia Frasco led the pushback, denouncing the “HelloSafe Safety Index 2025” as “built on questionable data, lacking in transparency, and entirely disconnected from realities on the ground.”

She emphasized that the Philippines remains committed in ensuring the safety and satisfaction of both domestic and international travelers.

Industry leaders IN a statement, Arthur Lopez, president of

the Philippine Hotel Owners Association (Phoa), warned that such rankings—and worse, official admissions that appear to support them—could undo years of hard work in rebuilding tourism post-pandemic.

“The HelloSafe report is misleading, unfair, and detrimental to the efforts of the tourism and hospitality industry,” Lopez said. “We fully support Secretary Frasco’s call to set the record straight.”

Maria Paz Alberto, president of the Philippine Iata Agents Travel Association (Piata) and Philippine chapter chairperson of the Pacific Asia Travel Association (Pata), said misleading narratives such as the HelloSafe index can “deter prospective visitors and cause lasting repercussions to businesses reliant on inbound tourism.”

Philippine Tour Operators Association (Philtoa) president Arjun Shroff added that responsible messaging is critical.

“We know that cash assistance is not enough if rice remains unaffordable. The NFA must step in to sell rice at subsidized prices when necessary,” Romualdez added.

The bill aligns with the Marcos administration’s “Bagong Pilipinas” governance framework, which aims to deliver coordinated, whole-of-government solutions to inflation, poverty, and supply chain disruptions.

“This is not just an NFA reform bill; it’s a social justice bill,” Romualdez said. “It puts the full weight of the state behind our

False narratives must be corrected swiftly, and it is vital that the government projects confidence in local tourism capabilities, he said.

Remulla’s remarks struck many in the industry as “a betrayal.” Instead of defending the country, the DILG chief appeared to concede the premise of the flawed survey, undermining the DOT and sowing further doubts among international travelers.

Tourism is a perception-driven industry, experts stress, and public confidence can be easily shaken by conflicting or negative messaging from the government itself.

“It’s already challenging to correct global misconceptions,” said one tourism executive who declined to be named.

“But when a Cabinet official echoes those misconceptions, the damage doubles,” he said. Jonathan L. Mayuga

PHL has what it takes to become global export powerhouse–Peza

THE Philippines has what it takes to become a global export powerhouse if it would beef up its biggest bets in the area of exports such as agricultural products, according to the top official of the Philippine Economic Zone Authority (Peza).

In a social media post, Peza Director General Tereso O. Panga said some of the country’s leading agricultural export products that place the country among the top five global industry leaders for the past three years include: abaca, pineapple, coconut, banana, as well as seaweeds and carrageenan.

“The latest PSA data on the country’s top agricultural export products shows that the Philippines has strong potential to expand its agricultural exports and increase its contribution to overall export performance,” Panga said.

“As such, the Marcos administration is determined to grow exponentially the agricultural output to achieve its goal of transforming the Philippines into an ‘export powerhouse’ by 2028,” he added.

This strategy, Panga said, “makes perfect sense since the Philippines is fundamentally an agricultural country.”

For one, he underscored that the Philippines is the largest exporter of abaca as it supplies an estimated 85 percent of the global abaca fiber production.

As for fruit exports, Panga said the Philippines is “second largest pineapple

Continued from A3

exporter, next to Costa Rica; second largest coconut exporter next to Indonesia, and second largest banana exporter, next to Ecuador.”

In addition, he said the Philippines is the fourth largest exporter of seaweeds and carrageenan.

In the agro-industry space, Panga noted that Peza hosts some of the world’s biggest company exporters of the abovementioned products such as Dole, Del Monte, Cargill, Franklin Baker, Sumifru, and Philco Food Procecssing (Thai World Group).

Other export industries APART from agriculture products, Panga stressed that the Philippines is among the top suppliers of electronics, electric hair dryers, lawn-tennis balls, and Hydraulic Servo Valves (HSVs).

In the global electronics industry, he said the Philippines is considered the ninth-largest exporter of chips, “largely due to the presence of long-standing ecozone” EMS-SMS companies such as Texas Instruments, Analog Devices, Amkor Technology, STMicroelectronics, and ON Semiconductor.

Citing Volza’s world HSV Suppliers directory, Panga said the largest exporter and supplier of HSV in 2024 which is listed as MOOG SINGAPORE PTE. LTD. has presence in the Philippines (MOOG Philippines) which he said has been operating for three decades

The complaint further accuses her of publicly disclosing an alleged assassination plot against President Ferdinand R. Marcos Jr.,

now at the Baguio City Economic Zone.

Panga said this company “manufactures HSVs for global supply to major commercial aircraft manufacturers such as Boeing, Airbus, and Bombardier.”

He explained that HSVs play a crucial role in applications requiring precise control, such as flight systems that enable aircraft to take off, navigate, and land.

Meanwhile, Panga revealed that the Philippines is the third top exporter of lawn-tennis balls, after China and Thailand.

“Head, which operates its largest production facility at ANFLO Industrial Estate in Panabo, Davao del Norte, and Dunlop, a long-time locator at the Bataan Economic Zone [now AFAB], are among our top global exporters of this product,” said Panga.

He also noted that the Philippines is the second top exporter of electric hair dryers, next to China—with the country’s locator Dyson being regarded as the “global industry leader” given its advanced technology, including features like intelligent heat control and various attachments.

Citing US Geological Survey figures, Panga said “The Philippines is a major global nickel producer, raning second worldwide after Indonesia.IN 2024, the country produced 330,000 tonnes of nickel content, representing 8.92 percent of global production.”

“Our valued locators, Taganito HPAL

First Lady Liza Araneta-Marcos, and Speaker Ferdinand Martin G. Romualdez; alleged bribery of DepEd officials; unexplained wealth and failure to properly declare assets in her Statements of Assets, Liabilities, and Net Worth (SALNs); and supposed links to extrajudicial killings during the Duterte administration.

Continued from A3

The drills brought together three platoons from the PA’s 4th and 10th Infantry Divisions and the Combat Engineer Regiment and their counterparts from the Australian Army.

“Kasangga,” which means “ally” or “partner” in Filipino, involves real-world training scenarios that will challenge the participating troops’ skills and expertise while enhancing their knowledge of each other’s tactics, techniques and procedures.

Nickel Corporation and Coral Bay Nickel Corporation, have been among the world’s largest producers of nickel and cobalt mixed sulfide since 2005,” added Panga.

The head of the investment promotion agency tasked to promote and establish economic zones underscored that “If we can accelerate the scaling up of existing investor operations in the Philippines and attract other leading export producers to establish facilities in the country’s ecozones, we could become the next global export powerhouse in the region.”

“In fact, the Philippines can already be considered an export powerhouse in several high-performing sectors. However, in terms of global standing, it ranks only within the top 40–45 exporters among 195 countries,” added Panga.

Data from the Philippine Statistics Authority (PSA) showed that the Philippines’ merchandise exports amounted to $26.87 billion in the January to April 2025 period, up 9.5 percent from the $24.54 billion in the four-month period in 2024.

By major type of goods, Agro-based products posted the fastest growth rate as it accelerated by 27.6 percent to $2.34 billion from the $1.83 bilion recorded in the fourmonth period last year.

Products under this type of good include coconut products, sugar and products, pineapple juice, bananas, Abaca Fibers, and seaweeds.

Under the 1987 Constitution, conviction in an impeachment trial requires the affirmative vote of at least two-thirds of all members of the Senate, or 16 out of 24 senators. If convicted, Duterte will be removed from office and permanently disqualified from holding any future public office.

“This inaugural Army-to-Army exercise in Mindanao marks a significant advancement in our bilateral defense cooperation and reaffirms our shared commitment as strategic partners to ensuring regional security in the Indo-Pacific,” the PA commander, Lt. Gen. Roy Galido, said.

“Participating troops trained from May 19 to June 24 at Camp Kibaritan, Bukidnon,” Dema-ala said.

Last year, the PA’s 9th and 5th Infantry Divisions hosted two iterations of “Kasangga” in Northern Luzon and the Bicol Region. Rex Anthony Naval

farmers and ensures our people will not be left helpless when prices go up due to war, calamity, or market abuse.” He also emphasized that past issues surrounding the NFA will serve as critical lessons as Congress crafts a more transparent and accountable system. “We’ve learned from the past, and we will make sure those shortcomings are not repeated. Transparency and good governance will be at the core of these reforms.” Romualdez reiterated that the House supermajority fully supports the prompt passage of the measure.

Resumes Are Dying–Here’s What’s Replacing Them

How modern hiring is leaving resumes behind!

By Henry J. Schumacher

WE all know, sending off a resume and tailoring a cover letter to a specific employer used to be the gold standard when applying for jobs.

Many of us have done that when we were hunting for a job!

However, this is no longer the case. While many companies and employers still ask for them, traditional resumes are increasingly seen as too static, too one-dimensional, to provide any actionable information for recruiters and hiring managers.

There are solid reasons employers are turning away from resumes, and there are all sorts of new things they are looking for instead.

Resumes simply don’t provide the necessary information

RESUMES used to be a fast, simple way for employers to find employees with the qualifications they wanted. When humans had to read all the job applications themselves, it helped to have one page of information that highlighted a person’s degree and job titles in handy, bullet-pointed lists. Because employers now tend to receive so many applications for so many positions, they typically employ applicant tracking systems (ATS) to sift through them and discard those that don’t include keywords or formatting required by the recruiter or hiring manager.

This means that recruiters and HR departments will increasingly square off against job seekers in AI battles that will be detrimental to both. Employers will double down on what they think are the most pertinent keywords their applicants need to use, and applicants will use tools like ChatGPT to employ those keywords.

Luckily, both employers and applicants are turning to new (and in my view even more effective) ways to find one another. Let’s have a look:

1. Rise of the video

THERE’S a reason people spend a lot of time on YouTube and TikTok. Videos are a powerful medium, and applicants are beginning to submit them—in the form of “video resumes”—to potential employers.

Although experts warn that video resumes are becoming more popular, that doesn’t mean they’re right for everyone—or for every role.

When done well, however, video resumes can highlight applicant strengths that might never have shown up on traditional resumes. Video resumes allow people to showcase their personality and communication styles, helping employers visualize how applicants might fit into their workplace culture.

The video format is also helping employers get right to interviewing, faster. Rather than taking a chance on offering just a few qualified applicants in-person interviews, which can be costly and time-consuming, recruiters and other hiring professionals are more frequently offering candidates “asynchronous” interview questions.

This means that employers can ask more candidates the same predetermined interview questions, and allow applicants to record videos of themselves answering those questions.

Asynchronous interviews can be beneficial for both hiring professionals

(resulting in travel cost savings and a wider pool of applicants) and those hoping to be hired (who can take more time to prepare their answers and showcase their interpersonal communication skills).

2. The power of your online presence

EMPLOYERS frequently state that they are moving away from resumes because they are more interested in people’s demonstrable skills than in the job titles they’ve had.

One way in which job applicants can show (not tell) their skill set, is to optimize their online presence to highlight those skills.

Companies and employers are now Googling prospective employees after checking out their resume, before scheduling interviews, because they are looking for evidence that you’re knowledgeable, credible, and capable of solving their problems.

The components of a strong online presence that can wow prospective employers. Items employers might be particularly interested in include applicants’ LinkedIn profile (including the “about” section, posts about recent achievements, and a job-seeker’s connections) and their “thought leadership content” (content produced to provide tangible resources to other colleagues).

Other online products applicants have created can also entice recruiters and hiring managers, including websites, coding repositories, and online work samples.

A prospective employee’s online presence also includes their social media footprint. Many companies are now performing “social media background checks” on applicants they are considering—meaning that they are looking not only at professional attributes, but at personal values and behaviors as well.

It’s a brave new world of hiring—and being hired

Resumes used to be a tried-and-true method for employers and prospective employees to find one another in an efficient, consistent way.

But job candidates can now present more personal, immediate, and specific pictures of their skills and their interpersonal and online “personalities” to recruiters and hiring managers. Likewise, those doing the hiring can learn so much more about candidates than they were once able to from a short, text-only document.

In conclusion, new times call for new tools, and even if the resume becomes obsolete, those on both sides of the hiring equation should take heart that there are so many exciting new ways to meet one another.

I would certainly be interested in new hiring ideas you have! Contact me at hjschumacher59@email.com

Editor: Angel R. Calso

International community sounds alarm on US-Iran conflict, urges negotiations

By The Associated Press

SEVERAL close US allies urged a return to the negotiating table following American strikes on Iran that fueled fears of a wider conflict, while noting the threat posed by Tehran’s nuclear program. Some countries and groups in the region, including those that support Iran, condemned the move while also urging de-escalation.

US President Donald Trump described the damage as “monumental” after the US hit three Iranian nuclear sites, though the US assessment was unfinished.

Iranian Foreign Minister Abbas Araghchi said the US had “crossed a very big red line,” the time for diplomacy was over and Iran had the right to defend itself.

Here is a look at the global reaction:

United Nations

UN Secretary-General António Guterres said he was “gravely alarmed” by the use of force by the United States.

“There is a growing risk that this conflict could rapidly get out of control—with catastrophic consequences for civilians, the region, and the world,” he said in a statement on the social media platform X. “I call on Member States to deescalate.”

“There is no military solution. The only path forward is diplomacy.”

United Kingdom

BRITISH Prime Minister Keir Starmer warned of escalation beyond the Middle East as he called for all sides to negotiate a diplomatic end to the crisis, saying stability was the priority in the volatile region.

The U.K., along with the European Union, France and Germany, tried unsuccessfully to broker a diplomatic solution in Geneva last week with Iran. Starmer said Iran’s nuclear program posed a grave threat to global security.

“Iran can never be allowed to develop a nuclear weapon and the US has taken action to alleviate that threat,” Starmer said.

Russia

DMITRY MEDVEDEV, who serves as deputy head of President Vladimir Putin’s Security Council, said several countries were prepared to supply Tehran with nuclear weapons.

He didn’t specify which countries, but said the US attack caused minimal damage and would not stop Tehran from pursuing nuclear weapons.

Russia’s Foreign Ministry said it “strongly condemned” the airstrikes and called them a “a gross violation of international law, the UN Charter, and UN Security Council resolutions.”

Iraq

THE Iraqi government condemned the US strikes, saying the military escalation created a grave threat to peace and security in the Middle East. It said it poses serious risks

to regional stability and called for diplomatic efforts to de-escalate the crisis.

“The continuation of such attacks risks dangerous escalation with consequences that extend beyond the borders of any single state, threatening the security of the entire region and the world,” government spokesman Bassem al-Awadi said in the statement.

Egypt

PRESIDENT Abdel Fattah el-Sissi warned of “grave repercussions” for expanding the Middle East conflict and urged a return to negotiations.

Saudi Arabia

SAUDI ARABIA , which previously condemned Israel’s strikes on Iran’s nuclear facilities and military leaders, expressed “deep concern” about the US airstrikes, but stopped short of condemning them.

“The Kingdom underscores the need to exert all possible efforts to exercise restraint, de-escalate tensions, and avoid further escalation,” the Foreign Ministry said in a statement.

Qatar

QATAR , which is home to the largest US military base in the Middle East, said it “regrets” escalating tensions in the Israel-Iran war.

Its Foreign Ministry in a statement urged all parties to show restraint and “avoid escalation, which the peoples of the region, burdened by conflicts and their tragic humanitarian repercussions, cannot tolerate.”

Qatar has served as a key mediator in the Israel-Hamas war.

Hamas and the Houthis

BOTH the Houthi rebels in Yemen and Hamas condemned the US strikes.

The Houthi political bureau in a statement called on Muslim nations to join “the Jihad and resistance option as one front against the Zionist-American arrogance.”

Hamas and the Houthis are part of Iran’s so-called Axis of Resistance, a collection of pro-Iranian proxies stretching from Yemen to Lebanon that for years gave the Islamic Republic considerable power across the region.

Lebanon

LEBANESE President Joseph Aoun said the US bombing could lead to a regional conflict that no country could bear and called for negotiations.

“Lebanon, its leadership, parties, and people, are aware today,

more than ever before, that it has paid a heavy price for the wars that erupted on its land and in the region,” Aoun said in a statement on X. “It is unwilling to pay more.”

Pakistan

PAKISTAN blasted the US strikes as a “deeply disturbing” escalation just days after it nominated Trump for the Nobel Peace Prize for his diplomatic intervention with the India-Pakistan crisis.

“These attacks violate all norms of international law,” the government said in a statement. “Iran has the legitimate right to defend itself under the UN Charter.”

China

CHINA condemned US strikes on Iran, calling them a serious violation of international law that further inflamed tensions in the Middle East.

In a statement, the Chinese Foreign Ministry urged all parties— especially Israel—to implement a cease-fire and begin dialogue.

“China is willing to work with the international community to pool efforts together and uphold justice, and contribute to the work for restoring peace and stability in the Middle East,” the ministry said.

European Union

THE European Union’s top diplomat said Iran must not be allowed to develop a nuclear weapon, but she urged those involved in the conflict to show restraint.

“I urge all sides to step back, return to the negotiating table and prevent further escalation,” EU foreign policy chief Kaja Kallas said in a post on social media.

Italy

Foreign Minister Antonio Tajani said Iran’s nuclear facilities “represented a danger for the entire area” but hoped the action could lead to de-escalation in the

conflict and negotiations.

Ireland

DEPUTY Prime Minister Simon Harris called the US airstrikes “an extraordinarily dangerous escalation of a conflict that already best be described as a tinderbox.”

Ireland, which has been especially critical of Israel’s war in Gaza, echoed other European calls for negotiations that would prevent Iran from getting a nuclear weapon.

“We’re now entering a moment of particular danger,” Harris said. “The chances now of a spiral of escalation are more likely than ever before, and there is a real prospect now of the international community losing all control of this very, very volatile conflict.”

Australia

FOREIGN Minister Penny Wong said Australia’s government endorsed the US strikes.

“We support action to prevent Iran getting a nuclear weapon and that is what this is,” she said. Her remarks to Channel Nine news Monday were firmer than an official statement supplied Sunday by her government immediately after the strikes that stopped short of backing them.

“Ultimately we want to see deescalation and diplomacy,” Wong said.

She would not say whether Australian satellite communications or signals intelligence were employed by the United States. Both countries are members of the Five Eyes intelligence sharing partnership. But Wong said the US had been clear that “this was a unilateral strike.”

Latin America

LEFT-WING Latin American governments expressed fierce opposition to the US strikes.

Iran-allied Venezuela called the attacks “illegal, unjustifiable and

extremely dangerous.”

Colombian President Gustavo Petro said they were an insult to the Middle East.

Chile’s President Gabriel Boric said they violated “rules we have established as humanity.” Mexico’s Foreign Ministry made “an urgent call for peace.”

In contrast, Argentina’s libertarian President Javier Milei, a loyal ally of Trump and Israeli Prime Minister Benjamin Netanyahu, praised the attacks on social media. “Terrorism, never again,” his spokesperson said.

Japan, Thailand and Vietnam

JAPANESE Prime Minister Shigeru Ishiba told reporters it was crucial to calm the situation as soon as possible, adding that Iranian nuclear weapons development also must be prevented. He declined to comment on whether he supported the US attacks on Iran.

Vietnam called on parties to continue negotiation efforts and respect humanitarian law and International Atomic Energy Agency regulations. “Vietnam is deeply concerned about the escalating and complex conflict in the Middle East, which poses a serious threat to the lives and safety of civilians, as well as to regional and global peace and stability,” Foreign Affairs Ministry spokeswoman Pham Thu Hang said in the statement.

Thailand called on all parties to immediately stop all acts of violence and seek a peaceful resolution. “Thailand expresses its grave concern over the escalating tensions between Israel and Iran, particularly in light of the recently intensified attacks and expansion of conflict by other parties, which pose a serious threat to regional peace and stability and risk further escalation, all of which is dangerous and affecting countless civilians,” the Foreign Affairs Ministry said in a statement.

The Vatican POPE Leo XIV made a strong appeal for peace during his Sunday Angelus prayer in St. Peter’s square, calling for international diplomacy to “silence the weapons.”

After an open reference to the “alarming” situation in Iran, the first American pontiff stressed that “today more than ever, humanity cries out and invokes peace a nd it is a cry that demands reason and must not be stifled.” Pope Leo urged every member of the international community to take up their moral responsibility to “stop the tragedy of war before it becomes an irreparable abyss.”

Russian attacks on Ukraine kill at least 10 and injured dozens

By Justin Spike The Associated Press

KYIV, Ukraine—Russian drones and missiles killed at least 10 civilians in Ukraine in nighttime attacks, local officials said Monday, with seven deaths reported in the capital, Kyiv, where emergency crews raced to find people believed trapped under the rubble of a partially collapsed apartment building.

Russia fired 352 drones and decoys overnight, as well as 11 ballistic missiles and five cruise missiles, Ukraine’s air force said. Air defenses intercepted or jammed 339 drones and 15 missiles before they could reach their targets, a statement said. The strikes came nearly a week after a combined Russian attack on Ukraine last Tuesday killed 28 people in Kyiv, 23 of them

in a residential building that collapsed after sustaining a direct hit by a missile. Ukrainian President Volodymyr Zelenskyy called that attack one of the biggest bombardments of the war, now in its fourth year.

Russian forces have for several months been trying to drive deeper into Ukraine as part of a renewed summer push along the roughly 1,000-kilometer (620-mile) front line, though the Institute for the Study of War said their progress has been limited.

“Russian forces have failed to make significant gains during this period of intensified offensive operations, however due in part to the fact that Russian forces are largely relying on poorly trained infantry to make gains in the face of Ukraine’s dronebased defense,” the Washington-based think tank said late Sunday.

At the same time, Russia has pounded

civilian areas with long-range strikes in an apparent attempt to weaken public morale.

Ukrainian President Volodymyr Zelenskyy said preliminary data indicated that Russian forces used North Korean missiles in the Kyiv strike. He called Russia, North Korea and Iran, which has provided drones to Russia, a “coalition of murderers” and warned of a potential spread of the “terror” if their alliance continues.

Zelenskyy said Ukraine’s defense and new ways to pressure Russia will be the two main topics in his visit to the United Kingdom on Monday.

Drones and missiles hit residential areas, hospitals and sports infrastructure in numerous districts across Kyiv in the early hours of Monday, emergency services said. The most severe damage was in the

Shevchenkivskyi district, where a section of a five-story apartment building collapsed. Six people were killed in that district, Kyiv Mayor Vitali Klitschko said. Ten others, including a pregnant woman, were rescued from a nearby high-rise that also sustained heavy damage in the blast.

More than two dozen people were injured in the Kyiv attack, including four children, according to the city military administration head Tymur Tkachenko. Dozens of vehicles, some burned out and others mangled by flying debris from the blast, formed a snarl in the courtyard in front of the partly demolished building, which had collapsed down to the second floor. Onlookers, some wrapped in blankets, watched tearfully as the cleanup operation See “Ukraine,” A7

www.businessmirror.com.ph

Oil rises and US stock futures, Asian shares slip after US strikes on Iran’s nuclear sites

NEW YORK—The price of oil rose and US stock futures fell as global markets react to the US strike against nuclear targets in Iran. The price of Brent crude oil, the international standard, rose 2.6% to $79 a barrel. US crude rose 2.6% to $75.76 a barrel.

On Saturday, US forces attacked three Iranian nuclear and military sites, further increasing the stakes in the war between Israel and Iran.

Futures for the S&P 500 and the Dow Jones Industrial Average slipped 0.4%, while Nasdaq futures fell 0.5%. Treasury yields were little changed. The modest moves indicate markets are taking the latest development in stride.

That was evident in early Asian trading. Tokyo’s Nikkei 225 index fell 0.6%. Other major regional markets also logged moderate declines.

The conflict, which began with an Israeli attack against Iran on June 13, has sent oil prices yo-yoing, which has in turn caused see-saw moves for the US stock market, because of rising and ebbing fears that the war could disrupt the global flow of crude. Iran is a major producer

of oil and also sits on the narrow Strait of Hormuz, through which much of the world’s crude passes.

“The situation remains highly fluid, and much hinges on whether Tehran opts for a restrained reaction or a more aggressive course of action,” Kristian Kerr, head of macro strategy at LPL Financial in Charlotte, North Carolina, said in a commentary.

An Iran retaliation that included closing off the waterway would be technically difficult to pull off but traders are afraid Iran could severely disrupt transit through it, sending insurance rates spiking and making shippers nervous to move without US Navy escorts

Some analysts think Iran is unlikely to close down the waterway because the country uses it to transport its own crude, mostly to China, and oil is a major revenue source for the regime.

“It’s a scorched earth possibility, a Sherman-burning-Atlanta move,” said Tom Kloza, chief market analyst at Turner Mason & Co. “It’s not probable.” Kloza thinks oil futures will ease back down after initial fears blow over.

Ed Yardeni, a long-time analyst, agreed, writing in a report

that Tehran leaders would likely hold back.

“They aren’t crazy,” he wrote in a note to investors Sunday. “The price of oil should fall and stock markets around the world should climb higher.”

Other experts aren’t so sure.

Andy Lipow, a Houston analyst covering oil markets for 45 years, said countries are not always rational actors and that he wouldn’t be surprised if Tehran lashed out for political or emotional reasons.

“If the Strait of Hormuz was completely shut down, oil prices would rise to $120 to $130 a barrel,” said Lipow, predicting that that would translate to about $4.50 a gallon at the pump and hurt consumers in other ways.

“It would mean higher prices for all those goods transported by truck, and it would be more difficult for the Fed to lower interest rates.”

In Asian trading early Monday, Taiwan’s Taiex fell 1.5% while the Kospi in South Korea lost 1%. Both Taiwan and South Korea rely heavily on oil imported through the Strait of Hormuz.

Australia’s S&P/ASX fell 0.7% and the benchmark in New Zealand lost 0.5%.

Dollar strengthens amid geopolitical tensions following US strikes on Iran

By Sagarika Jaisinghani, Anya Andrianova, Macarena Muñoz & Ruth Carson

THE dollar strengthened in early trading as investors sought to shield against mounting geopolitical risks following the US strikes on Iran.

The US currency saw modest gains against the euro and most major foreignexchange peers in Asia trading Monday. Crude oil futures climbed and US equity contracts slipped as the bombing fueled demand for safety and angst about energy supply. Treasuries dipped, reversing an earlier gain.

“ We expect some risk off, but not an aggressive one,” said Diego Fernandez, chief investment officer at A&G Banco in Madrid. “The world may be a safer place without the Iranian nuclear threat, but we still need to see the Iranian reaction and how the conflict evolves.”

Market reaction had been generally muted since Israel’s initial assault on Iran earlier this month: Even after falling for the past two weeks, the S&P 500 is only about 3% below its all-time high from February. And a Bloomberg gauge of the greenback is up a little more than 1% since the June 13 attack as of Monday Asia morning.

T hat’s mostly because investors have expected the conflict to be localized, with no wider impact on the global economy. But moves stand to get bigger if Iran responds to the latest developments with steps such as blocking the Strait of Hormuz, a key passage for oil and gas shipments, or attacking US forces in the region, market watchers say.

“It all depends on how the conflict develops, and things seem to be changing by the hour,” said Evgenia Molotova, a senior investment manager at Pictet Asset Management. “The only way they take it seriously is if the Strait of Hormuz gets blocked because that will

Ukraine. . .

Continued from A6

affect oil access.” Iran has vowed to impose “everlasting consequences” for the bombing and said it reserves all options to defend its sovereignty. Meanwhile, Israel resumed its assaults, targeting military sites in Tehran and western Iran.

“This marks a turning point for markets,” said Charu Chanana, chief investment strategist at Saxo Markets in Singapore. The “question is whether US assets can still command a safe-haven premium.”

Still, downside is likely to be limited because some market participants have been preparing for a worsening conflict.

The MSCI All Country World Index has pulled back 1.8% since Israel attacked Iran on June 13. Fund managers have reduced their stock holdings, shares are no longer overbought and hedging demand has increased, meaning a deep selloff is less likely at these levels.

T he biggest market reaction since the start of the escalation has been in oil.

Traders are preparing for another surge in crude prices even as it’s unclear where the crisis goes from here. Global benchmark Brent surged as much as 5.7% to $81.40 a barrel on Monday in Asia, before paring much of that gain in heavy trading.

Mor gan Stanley’s oil analysts said a quick resolution would allow prices to fall back to the $60’s per barrel, but continued tension could leave oil in the current range. “Fundamental disruptions to the global supply of oil with a possible hit to shipments through the region would push oil prices a lot higher from here,” they said. Other analysts at the firm flagged that a sustained rise in oil could trigger a short squeeze in the dollar, though underlying fundamentals “still suggest fading this dollar strength.”

The greenback has advanced since the conflict started, but it’s a relatively small move given the US currency’s traditional role as a haven in times of turmoil. The US dollar has been battered in recent months

Tuesday, June 24, 2025 A7 took place. Dozens of volunteers worked to remove broken glass, downed tree branches and other debris.

Oleksii Pozychaniuk, 29, who lives in the building next to the one struck in the attack, said he heard the whistle of the rocket approaching from inside his apartment and “froze in terror” before feeling the impact.

“Windows burst out, glass was

flying everywhere,” he said. “We barely made it downstairs with my child, everything here was on fire. We didn’t see the neighboring building yet because everything was covered in smoke, the cars were smoldering, tires were bursting from the high temperature which was also scary.” Klitschko told reporters that rescue workers were still searching the collapsed building for survivors.

Elsewhere in Ukraine, a Russian shortrange drone attack killed two people and wounded 10 more in the Chernihiv

by President Donald Trump’s trade and fiscal policies.

“ The biggest trade around at the moment is short dollar,” said Neil Birrell, chief investment officer at Premier Miton Investors. “No one likes it. But traditionally it’s the safe currency people go to, and it might just be that this turns around the fortunes of the dollar.”

“If the greenback can maintain the gains, breaking the bearish consensus that’s been in place since the start of April, it will make other US assets look much more attractive. But if the increase proves to be just a knee-jerk reaction to what is perceived as short-lived US involvement in the Middle-East conflict, the dollar’s downward path is likely to resume,” said Bloomberg strategist Sebastian Boyd.

The reaction was less straightforward in the $29 trillion market for US Treasuries since the conflict began. Yields initially sank but the moves swiftly reversed over concern about a resurgence in inflation. US Treasuries are, overall, little changed since June 13, with the yield on 10-year notes rising since then by less than two basis points to close Friday at 4.38%.

F ollowing are comments from strategists and analysts on how they expect investors to respond on Monday:

Bob Savage, head of markets strategy and insights at BNY in New York

THE US actions over the weekend will be the start of a new course for markets. Some argue that nothing matters, the action defanged nuclear ambitions of Iran, others see this as a start to widening of the conflict. The coming weeks will be pivotal as investors navigate conflicting factors such as inflation, growth, oil prices, trade tariffs and deregulation. The USD’s trajectory will be influenced by hedging activities and economic data releases, including durable goods orders and PCE.

See “Dollar,” A10

region late Sunday night, authorities said. Three children were among the wounded, according to the regional administration head, Viacheslav Chaus.

Another person was killed and eight wounded overnight in the city of Bila Tserkva, around 85 kilometers (53 miles) southwest of the capital. Meanwhile, Russia’s Defense Ministry said its air defenses shot down 23 Ukrainian drones overnight into Monday.

Oleksandr Babenko contributed from Kyiv, Ukraine.

Korea’s early exports to US jump ahead of tariff deadline

By Heesu Lee

SOUTH KOREA’S early trade data for June showed the biggest rise in exports to the US so far this year, indicating that manufacturers may have rushed shipments ahead of a July deadline that will see broad tariffs rates more than double.

The value of shipments to the US rose 4.3% in the first 20 days of June from a year earlier, customs data showed Monday. It was the first increase since March, and it marked a rebound after a 8.1% drop in US-bound shipments in the full month of May. Imports rose 4.8%, while the trade surplus came to about $3 billion. As with other nations, South Korea faces sectoral tariffs on autos, steel, aluminum and semiconductors. An across-the-board 10% tariff on other South Korean goods is set to increase to 25% on July 9 after a three-month grace period expires. “It does look like there was front-loading during the grace pe -

riod, likely driven by pre-buying ahead of the US tariffs,” said Cho Yong-gu, a fixed-income strategist at Shinyoung Securities. “I am, however, concerned about the sustainability of this trend — I expect a slowdown in the second half of this year.”

The rebound in Korean shipments to the US is likely to be short-lived. President Lee Jae Myung, who took office earlier this month, has yet to make meaningful progress in trade negotiations. A planned meeting with President Donald Trump on the sidelines of last week’s Group of Seven summit in Canada was called off at the last minute.

The trade figures add to signs of a temporary recovery in regional demand. Japan’s manufacturing PMI climbed back into expansion in June, rising to 50.4, the highest since May 2024, the government said Monday. The rebound may

also offer modest support for Korea’s intermediate goods exports to Asia.

South Korea’s overall value of shipments rose 8.3% in the first 20 days of June, the biggest jump since August 2024, the customs data showed. Imports rose 5.3%, resulting in a trade surplus of $2.62 billion.

The elevated tariff rate on South Korean goods would represent one of the steepest trade penalties imposed on US allies. On top of that, the sectoral duties will further strain the country’s export-dependent industries.

Last Friday, the Bank of Korea reported that South Korea’s current account surplus with the US surged to a record high last year, adding pressure on President Lee as he seeks to secure a trade deal with Washington. Trade Minister Yeo Han-koo departed on Sunday for meetings with his counter -

parts in Washington, Yonhap News reported.

In Monday’s data, semiconductors, South Korea’s largest export, posted a 21.8% increase, while automobile shipments climbed 9.2%. Steel exports showed a modest 1.6% increase, remaining weak under the pressure of the 50% US tariff.

Outbound shipments to China slipped 1%, while imports gained 3.4%. Exports to Vietnam recorded a 4.3% decline, whereas shipments to the European Union surged by 24%.

The trade data come after the Finance Ministry announced a 30.5 trillion won ($22.2 billion) supplementary budget to help revive an economy hit by weak consumption and external trade shocks. The package includes 15.2 trillion won in stimulus, 5 trillion won for supporting livelihoods like small businesses and 10.3 trillion

won to offset a revenue shortfall in the current budget.

The extra budget will be financed through a combination of spending cuts and additional debt issuance, lifting the debt-to-gross domestic product ratio to 49% this year. Policymakers are seeking to balance economic support with fiscal sustainability, while also navigating heightened trade tensions.

The BOK pivoted to a monetary easing cycle last October, and has since cut its benchmark rate to 2.5%. The bank lowered its growth forecast for the year to 0.8% and said further easing may be on the table depending on conditions in the second half.

With a new government in place and fiscal tools being deployed, attention remains on whether export momentum can recover, and whether a breakthrough with the US can be made before the tariff relief expires. Bloomberg News

Dangerous heat wave grips Midwest and East, expected to last all week

By Todd Richmond The Associated Press

MADISON, Wis.—Tens of millions of people across the Midwest and East endured dangerously hot temperatures again on Sunday as a sprawling June heat wave that gripped much of the US was expected to last well into this week.

Most of the northeastern quadrant of the country from Minnesota to Maine was under some type of heat advisory. So were parts of Arkansas, Tennessee, Louisiana and Mississippi, the National Weather Service said.

Weather service offices throughout the region warned of sweltering and sometimes lifethreatening conditions through Wednesday.

“Please plan ahead to take frequent breaks if you must be out -

side, stay hydrated and provide plenty of water and shade for any outdoor animals,” the service office in Wakefield, Virginia, said on X.

Meteorologists say a phenomenon known as a heat dome, a large area of high pressure in the upper atmosphere that traps heat and humidity, is responsible for the extreme temperatures.

Thunderstorms slam New York State

TWIN 6-year-old girls were among three people killed when thunderstorms brought trees down onto homes in central New York before dawn Sunday, according to the Oneida County Sheriff’s Office. Several inches of rain fell over just a few hours, inundating the small town of Kirkland.

A neighbor, Jared Bowman, said he ran next door to help the twins’

mother escape through a window after a giant maple crashed through the roof around 4 a.m.

“She was yelling, ‘Get my kids out!’” Bowman told the PostStandard.

A 50-year-old woman died when a tree hit a house nearby, sheriff’s officials said. The streets were littered with electrical lines and thousands in the region were without power.

Gov. Kathy Hochul declared a state of emergency in 32 counties due to the strong storms and forecast extreme heat.

‘I just want to sit in my air conditioning’

SUNDAY marked the second straight day of extreme heat across the Midwest and East Coast. Heat indexes on Sunday hit 103 F (39.4 C) in Chicago and 101 F (38.3 C) on Saturday

in Madison, Wisconsin, turning that city’s annual naked bike ride into a sticky and sweaty affair.

Lynn Watkins, 53, director of Sacred Hearts Day Care in Sun Prairie, a Madison suburb, said that she tried to sit outside to grill but it was so hot she had to go inside. She plans to cancel all outdoor activities at the day care on Monday with highs around 93 F (33.8 C) forecast.

“I can’t stand being outside when it’s like this,” she said. “I just want to sit in my air conditioning.”

The heat index in Pittsburgh reached 105 F, and hovered around 104 F (40 C) in Columbus, Ohio.

Forecasts in Philadelphia called for a heat index of 108 F (42.2 C) on Monday.

Philadelphia declares a heat emergency THE city’s public health depart -

ment declared a heat emergency through Wednesday evening. Officials directed residents to airconditioned libraries, community centers and other locations, and set up a “heat line” staffed by medical professionals to discuss conditions and illnesses made worse by the heat.

With temperatures in the mid80s, Delaware’s Rehoboth Beach was crowded Sunday.

“It’s only going to get worse,” said beachgoer Vak Kobiashvili. “People are trying to get out to the beach before it’s too hot to really even manage to be outside.”

Kobiashvili said even his dog didn’t want to be outside.

“East Coast weather, at least from my perspective, is just very sweaty in the summer,” he said.

“It’s that walking through a swamp kind of feeling.”

Forecasters warned the heat

index in Cromwell, Connecticut, would reach 105 F on Sunday, making for a steamy day during the final round of the PGA Travelers Championship. Fans sought shelter under trees and on airconditioned benches. Many lined up for water at a hydration station near the ninth green. Karin Skalina, of New York, had been in the sun-soaked bleachers by the eighth green and eventually sought relief on a ventilated cooling bench. “Didn’t work,” she said. “(We’re) trying to follow the shade,” Skalina said.

Courtney Kamansky, of Newington, Connecticut, came prepared with extra water bottles. Asked if she was able to find shade, she pointed to her umbrella and said, “I bring it with me.” Heat to persist into the coming

See “Heat wave,” A10

Trump open to regime change in Iran, after his administration said that wasn’t the goal

By Josh Boak & Mike Pesoli The Associated Press

WASHINGTON—President

Donald Trump on Sunday called into question the future of Iran’s ruling theocracy after a surprise attack on three of the country’s nuclear sites, seemingly contradicting his administration’s earlier calls to resume negotiations and avoid an escalation in fighting.

“It’s not politically correct to use the term, ‘Regime Change,’ but if the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn’t there be a Regime change???” Trump posted on social media. “MIGA!!!”

The posting on Truth Social marked something of a reversal from Defense Secretary Pete Hegseth’s Sunday morning news conference that detailed the aerial bombing.

“This mission was not and has not been about regime change,” Hegseth said. What the administration has made clear is that it wants Iran to stop any development of nuclear weapons, with Secretary of State Marco Rubio warning on Fox News’ “Sunday Morning Futures” that any retaliation against the US or a rush toward building a nuclear weapon would “put the regime at risk.”

But beyond that, the world is awash in uncertainty at a fragile moment that could decide whether

parts of the globe tip into war or find a way to salvage a relative peace. Trump’s warning to Iran’s leadership comes as the US has demanded that Iran not respond to the bombardment of the heart of a nuclear program that it spent decades developing. The Trump administration has made a series of intimidating statements even as it has simultaneously called to restart negotiations, making it hard to get a complete read on whether the US president is simply taunting an adversary or using inflammatory words that could further widen the war between Israel and Iran that began earlier this month.

Up until the US president’s post on Sunday afternoon, the coordinated messaging by Trump’s vice president, Pentagon chief, top military adviser and secretary of state suggested a confidence that any fallout would be manageable and that Iran’s lack of military capabilities would ultimately force it back to the bargaining table.

Hegseth had said that America “does not seek war” with Iran, while Vice President JD Vance said the strikes have given Tehran the possibility of returning to negotiate with Washington.

But the unfolding situation is not entirely under Washington’s control, as Tehran has a series of levers to respond to the aerial bombings that could intensify the conflict in the Middle East with possible global repercussions.

Iran can block oil being shipped through the Strait of Hormuz, attack US bases in the region, engage in cyber attacks or double down on a nuclear program that might seem like more of a necessity after the US strike.

All of that raises the question of whether the strikes will open up a far more brutal phase of fighting or revive negotiations out of an abundance of caution. Inside the US, the attack quickly spilled over into domestic politics with Trump choosing to spend part of his Sunday going after his critics in Congress.

Trump also used a social media post to lambaste Rep. Thomas Massie, R-Ky., who had objected to the president taking military action without specific congressional approval.

“We had a spectacular military success yesterday, taking the ‘bomb’ right out of their hands (and they would use it if they could!)” Trump wrote.

What Trump’s national security team said AT their joint Pentagon briefing, Hegseth and Air Force Gen. Dan Caine, chairman of the Joint Chiefs of Staff, said that “Operation Midnight Hammer” involved

decoys and deception, and met with no Iranian resistance.

Caine indicated that the goal of the operation—destroying nuclear sites in Fordo, Natanz and Isfahan—had been achieved.

“Final battle damage will take some time, but initial battle damage assessments indicate that all three sites sustained extremely severe damage and destruction,” Caine said.

Vance said he felt “very confident that we’ve substantially delayed their development of a nuclear weapon.”

Pressed further, he told NBC’s “Meet the Press” that “I think that we have really pushed their program back by a very long time. I think that it’s going to be many many years before the Iranians are able to develop a nuclear weapon.”

The vice president said the US had “negotiated aggressively’ with Iran to try to find a peaceful settlement and that Trump made his decision after assessing the Iranians were not acting “in good faith.”

“I actually think it provides an opportunity to reset this relationship, reset these negotiations and get us in a place where Iran can decide not to be a threat to its neighbors, not to be a threat to the United States, and if they’re willing to do that, the United States is all ears,” Vance said.

Rubio said on CBS’s “Face the Nation” that “there are no planned military operations right now against Iran, unless, unless they mess around and they attack” US interests.

Trump has previously threatened other countries, but often backed down or failed to follow through, given his promises to his coalition of voters not to entangle

the United States in an extended war. It was not immediately clear whether Iran saw the avoidance of a wider conflict as in its best interests.

How Iran and others are reacting to the US strikes

MUCH of the world is absorbing the consequences of the strikes and the risk that they could lead to more fighting across the Middle East after the US inserted itself into the war between Israel and Iran. Israeli airstrikes that began on June 13 local time targeted Iran’s nuclear facilities and generals, prompting retaliation from Iran and creating a series of events that contributed to the US attack.

While US officials urged caution and stressed that only nuclear sites were targeted by Washington, Iran criticized the actions as a violation of its sovereignty and international law.

Iran’s foreign minister, Abbas Araghchi, said Washington was “fully responsible” for whatever actions Tehran may take in response.

“They crossed a very big red line by attacking nuclear facilities,” he said at a news conference in Turkey. “I don’t know how much room is left for diplomacy.” China and Russia, where Araghchi was heading for talks with President Vladimir Putin, condemned the US military action. The attacks were “a gross violation of international law,” said

Russia’s Foreign Ministry, which also advocated “returning the situation to a political and diplomatic course.” A Turkish Foreign Ministry statement warned about the risk of the conflict spreading to “a global level.”

British Prime Minister Keir Starmer said the United Kingdom was moving military equipment into the area to protect its interests, people and allies. His office said he talked on Sunday with Trump about the need for Tehran to resume negotiations, but Trump would have posted his remarks about regime change after their conversation.

The leaders of Italy, Canada, Germany and France agreed on the need for “a rapid resumption of negotiations.” France’s Emmanuel Macron held talks with the Saudi crown prince and sultan of Oman.

Iran trying to stop oil exports through the Strait of Hormuz could create the same kind of inflationary shocks that the world felt after Russia invaded Ukraine in 2022. Oil prices have increased as the war between Israel and Iran intensified, climbing by 21% over the past month.

The price of oil rose and US stock futures fell on Sunday, amid uncertainty over Iran—which could undermine Trump’s promises to tame inflation and bring consumer prices down.

Decoy stealth bombers and Tomahawk missiles: How US hit Iran nuclear sites

By Tony Capaccio

THE heart of operation

“Midnight Hammer” was a feint. A group of American B-2 bombers—the only jets capable of deploying 30,000-pound bunker-buster munitions with a shot at breaching the mountains shrouding Iran’s Fordow nuclear facility—flew west across the Pacific Ocean. When those planes were spotted on flight-tracker data, they were seen as being deployed as a way to strong-arm the Islamic Republic into negotiations.

But in reality, they were decoys meant to maintain tactical surprise, according to US Defense Secretary Pete Hegseth. While those planes got all the attention, another group of B-2s flew east— literally under the radar. Those moves were part of a 37hour operation that resulted in strikes at the Fordow, Isfahan and Natanz nuclear sites this weekend, plunging the US directly into a

Jayati Bharadwaj, a strategist at TD Securities

THE dollar is getting a safe haven bid after a while. The source of tension is in the Middle East allowing the dollar to behave like a safe haven again. All eyes are on Iran’s response now and if they choose to obstruct the Strait of Hormuz. If they do so, it will support the safe havens and also the oil sensitive currencies.

Emmanuel Cau, head of European equity strategy at Barclays Plc

In the very near term, markets may be worried about Iran retaliation, and whether or not it blocks the Strait of Hormuz... Recent crises in the region have shown that the impact on equities from oil shocks tend to be

conflict between Iran and Israel in the Middle East and raising fears over deeper violence to come in the region and beyond. The concerns are extending to markets as well, with traders predicting stocks will drop, oil prices will spike and the dollar will strengthen. In the end, the Saturday night operation, which the US said was necessary to prevent Iran from acquiring a nuclear

short lived, and usually end up as mediumterm buying opportunities. In fact, if the conflict results in bringing more stability and peace to the Middle East, it could be seen as bullish for risk assets over the medium term.

Anthony Benichou, cross-asset sales at Liquidnet Alpha trading desk

TRUMP couldn’t afford for this to drag on. If oil stays elevated too long, especially heading into the midterms, it’s a political headache. High gas prices hit Main Street, fuel inflation, and turn voters against you. So the move had to be fast, surgical, and decisive. Note how impressive the risk premium has stayed contained in oil—shortterm vols have spiked, but there’s been little spillover elsewhere. If Iran were to shut down (the Strait of Hormuz), they’d be cutting off their own main revenue lifeline—effectively speeding up their own collapse.

bomb, was deemed a success by the Pentagon.

No US service members were lost, and Iran didn’t fire at any of the US military assets, according to the officials. Hegseth said members of Congress were only notified after the planes were out of danger, contradicting earlier reports that President Donald Trump had informed Republican congressional leadership beforehand.

Addressing the nation late Saturday, Trump said Iran’s “key nuclear enrichment facilities have been completely and totally obliterated.” But independent analysis has yet to verify that claim, and the strikes may have created a new challenge to work out what’s left and where of the Islamic Republic’s atomic facilities.

The extensive US operation included 125 aircraft overall, strikes by Tomahawk missiles launched from a submarine, and the use of 14 Massive Ordnance Penetrator bombs—the first time such bunker busters were used in combat. There were few hints that the mission was set to be carried out this weekend. The White House had promised on Thursday that Trump would make a decision on a strike “within two weeks,” suggesting there might be more time.

But the president—who often

Manish Kabra, head of US equity strategy at Societe Generale SA EQUITIES are likely to only see a shallow drop because central bank policies are much more accommodative than in previous oil shocks. There’s also no euphoria in markets in terms of flows. It won’t be like we had in 2022 when the S&P 500 and European stocks dropped 20%. Our take is that the Fed may actually ignore any potential oil shocks and that’s why I still say there’s a good possibility that the S&P 500 will make new highs this year.

Anthi Tsouvali, strategist at UBS Global Wealth Management

WE’RE definitely in a higher-risk environment than we were on Friday. Markets will react, but probably still modestly in equity markets.

We’re for sure going to see oil going higher. Investors will also have to think about the impact of higher oil on inflation, and if that’s the case, Europe is going to be hit harder than the US. Uncertainty has been very high this year and now this is another event that’s added to it. So we’ll see some volatility but right now, given the information we have, don’t see that it’s going to be long lived. So far, we haven’t seen bombings of energy facilities and the Strait of Hormuz hasn’t closed. Markets will appreciate that. While there’s going to be risk-off sentiment for sure, hopefully it’s not going to be long

spends weekends away from Washington—landed in the capital from New Jersey for a meeting in the White House’s Situation Room on Saturday. He was joined there by key members of his administration, including Vice President JD Vance, Chief of Staff Susie Wiles, Secretary of State Marco Rubio and Hegseth.

Rubio signaled on Sunday that Trump didn’t give his final goahead for the bombing campaign until the very last minutes before it was carried out.

“There are multiple points along the way in which the President has decisions to make about ‘go’ or ‘no-go,’” he said in a Fox News interview Sunday morning. “And it really comes right up to 10 minutes before the bombs are actually dropped.”

The flights in the mission amounted to the second-longest in the B-2 stealth bomber’s operational history, according to Hegseth and Air Force General Dan Caine, the chairman of the Joint Chiefs of Staff. The longest was a 40-hour round trip in October 2001 in the initial phase of the Afghanistan war.

US officials said 75 precisionguided weapons were used. The battle damage would take time to assess but “all three sites sustained extremely severe damage and de -

lived or too deep.

Ataru Okumura, senior interestrate strategist at SMBC Nikko Securities Inc.

IF a cycle of retaliation continues, increased US fiscal spending could lead to a rise in Treasury yields and US stock prices. During the conflict in Iraq in 2003 and the Gulf War in 1991, US stocks rallied as the stimulus effect of massive war spending became apparent or was expected to become apparent.

Charu Chanana, chief investment strategist at Saxo Markets in Singapore

THIS marks a turning point for markets. While oil and gold are likely to surge on geopolitical risk, the bigger question is whether US assets can still command a safe-haven premium. Rising fiscal risks, institutional strain, and policy unpredictability could accelerate the fading of US exceptionalism. Trump’s decision to bypass Congress adds to institutional concerns, likely putting upward pressure on US yields and questioning the credibility premium once attached to US assets. Beyond the immediate market reaction—higher oil, gold, and volatility—investors will be watching for a potential shutdown of the Strait of Hormuz or retaliation against US naval assets. These risks could drive oil sharply higher, add inflation uncertainty,

in Chicago, also fell ill.

week with highest temperatures shifting eastward Cincinnati Reds shortstop Elly De La Cruz got sick Saturday while playing in extreme heat against the Cardinals in St. Louis. Seattle Mariners reliever Trent Thornton, facing the Cubs

Hegseth offers an explanation for the timeline THE Pentagon briefing did not provide any new details about Iran’s nuclear capabilities. Hegseth said the timeline for the strikes was the result of a schedule set by Trump for talks with Iran

The heat is expected to persist this week with the highest temperatures shifting eastward. New York City is expected to see highs around 95 F (35 C) on Monday and Tuesday. Boston is on track for highs approaching 100 F (37.7 C) on Tuesday, and temperatures in Washington, D.C., were expected to hit 100 F on Tuesday and Wednesday.

about its nuclear ambitions.

“Iran found out” that when Trump “says 60 days that he seeks peace and negotiation, he means 60 days of peace and negotiation,”Hegseth said. “Otherwise, that nuclear program, that new nuclear capability will not exist. He meant it.”

That statement was complicated as the White House had suggested Thursday that Trump could

struction,” according to Caine.

“It would not be a surprise to me if, after an assessment period, we went back in and re-struck some of these targets to make sure that we achieved the effect,” said Joseph Votel, a former commander of the US Central Command and now a fellow at the Middle East Institute.

“That actually is a normal part of our military targeting process, is to strike, assess, and then if necessary, strike again to achieve the results that we’re looking for.”

Prior to the B-2 strikes on Fordow, a submarine with the Carl Vinson Carrier Strike Group in the Arabian Sea fired 24 Tomahawk cruise missiles, according to Caine and a graphic released by the Pentagon.

Hegseth said earlier on Sunday that “our boys in those bombers are on their way home right now.” A US official said a woman was among those who piloted the B-2s.

Later Sunday on social media, Trump posted that the damage to Iran’s nuclear sites was “monumental.”

“The hits were hard and accurate,” he said.

The defense secretary also said the mission was focused on destroying Iran’s nuclear program and not regime change in Tehran. “The mission was not, has not, been about regime change,” he said.

and test the US dollar’s safe-haven appeal amid rising concerns over fiscal dominance and institutional erosion.

Gary Dugan, chief executive officer of The Global CIO Office WE expect equities to react in a measured way, be it with some downside risk. Markets are not technically overextended with many trading within 3-5% of their 200-day moving averages. Unless we see a significant spike in oil prices we would expect equity markets to hang in around current levels.

Nirgunan Tiruchelvam, an analyst at Aletheia Capital in Singapore

THERE are 3 scenarios. A dramatic escalation in Mideast tension: This could see the Strait of Hormuz being blocked and a cycle of revenge. The second is an end to the hostilities in a similar manner that India-Pakistan ended last month. The third is the continuation of the low-intensity bombing by both sides. We expect risk assets to be under pressure under scenarios 1 and 3. Oil and other commodities will also rally under these scenarios.

Jason Schenker, president of Prestige Economics

THE level of fear in global financial markets will hinge on the next wave of actions in and the potential duration of this conflict, and

Mark Gehring, a National Weather Service meteorologist in Sullivan, Wisconsin, said this level of heat is not uncommon during the summer months in the US, although it usually takes hold in mid-July or early August. The most unusual facet of this heat wave is the sheer amount of territory sweltering under it, he said.

“It’s basically everywhere east

“This is a plan that took months and weeks of positioning and preparation, so that we could be ready when the president of the United States called,” Hegseth said. “It took a great deal of precision. It involved misdirection and the highest of operational security.” But Rubio made clear that Iran needs to abandon its nuclear weapons ambitions.

“At the end of the day, if Iran is committed to becoming a nuclear weapons power, I do think it puts the regime at risk,” Rubio said Sunday on Fox News. “I really do. I think it would be the end of the regime if they tried to do that.”

While the damage assessments are still coming in, Vice President Vance said he’s confident the US strikes on Iranian sites “have substantially delayed their development of a nuclear weapon—and that was the goal of this attack.”

Iran’s nuclear program has been pushed back “by a very long time,” he said in an interview with NBC’s Meet the Press. “I think that it’s going to be many, many years before the Iranians are able to develop a nuclear weapon.” With assistance from Eric Martin, María Paula Mijares Torres, Natalia Drozdiak, Akayla Gardner, Ramsey Al-Rikabi and Pierre Paulden/Bloomberg

it may take days or weeks before the fog of war clears enough for traders to take outlier positions with significant conviction. As for bonds, the impacts of this conflict could be mixed. While the Fed would have less leeway to cut interest rates due to higher crude oil prices, money leaving equity markets may flood into bonds and Treasuries as safe havens, sending bond prices higher and bond yields lower.

Viraj Patel, strategist at Vanda Research THIS weekend’s US strikes are another reason for hedge funds and CTAs to rush towards the exit on their bearish USD bets. We believe one of the biggest pain trades this summer could be a grind higher in the USD as the reasons for being short USD fall by the wayside. There’s a perfect storm brewing for non-US equities— especially crowded cyclical European and Asian markets. Rising geopolitical risks are another headwind for global growth on top of the ongoing slowdown in cross-border trade driven by Trump tariff policies (which certain equity markets seem to be ignoring). We believe Europe and EM could underperform here as recent ‘hot money’ inflows unwind as global investors turn more cautious. With assistance from Abhishek Vishnoi, Masaki Kondo, Jiyeun Lee, Jaehyun Eom, Michael G. Wilson, Sydney Maki, Michael Msika and Srinivasan Sivabalan/Bloomberg

of the Rockies,” he said, referring to the Rocky Mountains. “That is unusual, to have this massive area of high dewpoints and heat.”

The Associated Press journalists Christopher Weber in Los Angeles; Holly Ramer in Concord, New Hampshire; Mingson Lau in Rehoboth Beach, Delaware; and Jimmy Golen in Cromwell, Connecticut, contributed to this report.

New rules for online shopping: DTI enforces Internet Transactions Act to protect consumers

By Andrea San Juan @andreasanjuan

WITH the Internet Transactions

Act of 2023 now in “full effect,”

the Department of Trade and Industry (DTI) is reminding online merchants and e-marketplaces that the agency now has the power to issue takedown orders against online listings for illegal goods and services.

In a statement on Monday, the Trade department said: “The DTI has begun full enforcement of the Internet Transactions Act [RA 11967] effective June 20, 2025. With the transitory period now over, strict rules and liabilities apply to all online merchants and platforms.”

“Digital platforms can also be held solidarily liable with sellers for violations if they fail to act on illicit activities on their sites.

Effective immediately, all e-marketplaces, e-retailers, and online merchants must disclose the price, brand name, description, condition, and the seller’s contact details for all goods and services offered,” DTI said in a statement on Monday.

Moreover, DTI said platforms must operate “accessible and equitable” consumer redress systems, secure payment methods, and “robust” data protection standards.

Trade and Industry Secretary Cristina A. Roque said the government’s goal is “to give every Filipino consumer peace of mind when they shop online, while ensuring that our thousands of legitimate local entrepreneurs and MSMEs are protected from unfair competition and illicit trade.”

Senators push for peace, diplomacy as Mideast war worsens; urge timely exit plans for OFWs

By Butch Fernandez @butchfBM

SENATORS stepped up appeals for peace and the safety of migrant workers in the Middle East, where the armed conflict between Israel and Iran escalated at the weekend with America’s air assault on strategic nuclear facilities in three locations in Iran.

Senate President Pro Tempore Jinggoy Estrada and Deputy Minority Leader Risa Hontiveros urged the Executive to make sure the exit plans for thousands of OFWs are in place, in case the war spreads beyond Israel and Iran.

In all, nearly two million OFWs are deployed across the Middle East, half of them in Saudi Arabia.

Meanwhile, returning Senator Ping Lacson called America’s weekend attacks on Iran “unprecedentedly dangerous” and a possible trigger for another world war, even as he urged Philippine government to push hard for diplomacy among parties.

Senator Estrada said as much: “Diplomacy should always prioritize tact over aggression, and dialogue must take precedence over hostility. I stand with those who strongly advocate for restraint, open communication, and the de-escalation of the armed conflict between Israel and Iran. Malayo man ang kaguluhang ito, hindi natinmaiwasangmag-alalasalumalalang sitwasyon lalo na’t hindi na mabilang ang mga inosenteng sibilyang apektado, kabilang na ang ating mga kababayan na naninirahan at nagtatrabaho sa Gitnang Silangan.”

Hontiveros, meanwhile, warned that the “rapidly escalating conflict” could affect not only the estimated 29,473 Pinoys in Israel and 1,184 in Iran, but also the wider Filipino population of about 2.2 million in the Middle East especially after Iran’s recent threat of retaliation against American facilities or personnel in multiple countries throughout the region.

“The whole of government must prepare measures to safeguard OFWs in the region.

Milyon-milyonangPilipinongmaapektuhan kung sakaling lumala ang krisis sa Middle East. There is no room for complacency. Ano na nga ba ang kahandaan ng pamahalaan?

Mayplanonangabaparailigtasangnapakaraming OFW?” the senator asked.

Hontiveros also asked if the alert level system being relied upon by the Department of Foreign Affairs (DFA) to warn OFWs in Israel and Iran is still adequate “given the almost daily escalations in violence and disruption in the two countries.” The DFA, which issues warnings ranging from Alert Level 1 (signs of internal disturbance) to Alert Level 4 (mandatory evacuation and repatriation), has currently declared Alert Level 3 (voluntary repatriation) in Iran and Israel.

“DFA said they haven’t declared Alert Level 4 and will await the recommendation of ourambassadors. Meanwhile, many other European and Asian countries are already evacuating their citizens through remaining air and land routes. While it is important for the Pinoy community to remain calm, I hope

THE Department of Labor and Employment (DOLE) must urgently lead a clear and measurable reform agenda in response to the Philippines’ inclusion—for the ninth straight year—in the International Trade Union Confederation’s (ITUC) list of the “10 worst countries for workers,” a senator said Monday.

“This should not be taken lightly. Our international standing when it comes to labor rights is a reflection of our domestic realities,” Senator Loren Legarda said.

“Workers are the backbone of our economy, and the consistent red-flagging by global monitors means we still have deep institutional gaps to fill,” she added.

The ITUC Global Rights Index 2025 cited widespread violations of labor rights and the persistence of violence, threats, and union-busting practices in the Philippines.

The government is required to provide the fuel subsidy if the price for Brent crude oil, the international standard, reaches $80.

As of Monday, its price was already at $79. DOE earlier projected a spike in oil prices if there will be any disruption in the passage of oil tankers in the Strait of Hormuz, a 55-kilometer passage connecting the Persian Gulf and the Gulf of Oman.

The price for Brent crude oil started to rise after Israel mounted air strikes against Iran’s nuclear sites on 13 June 2025. Tehran retaliated by firing missiles to Israel. The conflict has now killed over 400 people.

Peaceful resolution

MARCOS urged the parties to peacefully resolve their conflict, which is now also affecting overseas Filipino workers (OFW)

Abroad, since most of the country’s Overseas Filipino Workers (OFWs) are in the Middle East, they may be forced to come home because of the conflict and its impact on their jobs.

“First, it will have implications on inflation. [That has a] domino effect. Oil prices [will] increase [and lead to faster] inflation. People will clamor for a wage increase,” Oplas told B usiness M irror

“Of course, since the cost of production will increase, business [cost] will get affected so either they [workers] leave or downsize. [This will increase] unemployment which will balloon because of the returning OFWs,” she also said.

Labor watchdogs have pointed out a lack of enforcement of labor protections, the suppression of union activities, and the failure to resolve longstanding complaints. Legarda urged the DOLE to undertake a systematic, multi-agency analysis of labor rights gaps, particularly those highlighted in the ITUC report, and to identify which government agencies are best positioned to address specific areas of concern, whether in enforcement, protection, grievance mechanisms, or legal reform. She emphasized the need for a targeted and coordinated approach that avoids duplication and ensures accountability. The persistent red-tagging and demonization of legitimate labor movements must not be used to suppress dissent or collective action, as doing so erodes democratic safeguards and deepens mistrust, according to Legarda. She asked DOLE to submit a clear

in the region, according to Castro. “The President also called for peaceful dialogue and diplomacy to ease the growing disagreements. We also need to stand up for global peace so that the global community can be strong,” the Presidential Communications Office (PCO) undersecretary said.

Castro said the government will provide aid to the over a million OFWs in the Middle East, including repatriation and a P150,000-financial assistance, transport and accommodation, medical assistance, livelihood and training packages.

“We are ready for anything that may happen and the government will meet all the needs of the people. And they should not worry because the government is now working for all of us,” she said. According to Salceda, “Right now, world oil prices are in the high $70s in US dollars per barrel. If things get worse in the region,

Risks of stagflation, joblessness ATENEO de Manila University economist Leonardo Lanzona Jr. said it will highlight the risk of “higher stagflation and greater unemployment.”

In 2021, former Socioeconomic Planning

Secretary Dante B. Canlas explained that stagflation emanated from stagnation and inflation. It is “an economic condition characterized by slow growth, high unemployment, and rising inflation.”

He said this was coined when, in the 1970s, the US was trying to get the economy out of high unemployment using “expansionary macroeconomic policies.”The attempt backfired since it did not lead to economic recovery but to inflation.

Canlas said the US experience led to a “re-examination of the standard ‘Phillips Curve’ among academic economists.” Stagflation goes against the Phillips Curve.

To enforce compliance, the DTI, through its E-Commerce Bureau, can now issue subpoenas that compel individuals and entities under investigation to produce relevant documents.

we won’t evacuate our people when it’s too late,” Hontiveros said.

She then called on the DFA and the Department of Migrant Workers (DMW) to ensure that contingency plans are in place and that sufficient resources for mass evacuation, transport and care of hundreds or thousands of OFWs are ready, so that these plans could be implemented at a moment’s notice.

The senator then emphasized that given the potential deadly and destructive effects of the Iran-Israel conflict, the government should make the safety of OFWs in the Middle East “an urgent national priority.”

Lacson also said he trusts that Philippine authorities have in place the needed evacuation and contingency plans for more than two million Filipinos deployed in the Middle East who may be affected by the conflict.

“US President Trump’s unprecedentedly dangerous move to ‘obliterate’ Iran’s highly fortified nuclear facilities, if not as factual as he had described it could trigger a world war on a scale nobody has ever witnessed or read about,” Lacson said on X.

Legarda pushes for labor reform after PHL lands on ‘10 worst countries for workers’ list

set of reform priorities to Congress at the soonest possible time, with defined milestones and timelines, to enable responsive legislative and budgetary support.

The senator stressed that it is the government’s duty to lead and structure inclusive dialogues on labor reform.

“DOLE must proactively engage the labor movement and steer conversations toward key policy priorities. It is through genuine, coordinated dialogue that we can craft reforms grounded in the realities faced by our workers,” she said.

In 2017, Legarda championed the Senate’s ratification of ILO Convention 151, affirming her commitment to extend labor protections not just to private sector employees, but also to over 2.3 million public sector workers. By sponsoring the measure, she sought to ensure that government employees would enjoy the

prices could go above $80. When oil gets more expensive and the peso is weak, it costs more to import fuel,” he said.

3-month average before suspension

“EVERY 10-dollar increase in oil prices could raise inflation in the Philippines by as much as 0.5 percentage points for poor households, depending on how the government handles subsidies,” he said.

However, Salceda said the country’s current excise tax suspension mechanism needs a three-month average.

“The excise tax suspension trigger doesn’t activate until an average of three months can be obtained, so that’s not yet on the horizon,” he added.

The Tax Reform for Acceleration and Inclusion (TRAIN) Law allows the suspension of fuel excise tax increases if global oil prices reach $80 per barrel.

“The Department of Transportation

The Phillips Curve, created by New Zealand-born economist Bill Phillips in the 1950s, illustrated an inverse relationship between inflation and unemployment.

This means that when inflation is high, unemployment is low, and when inflation is low, unemployment is high. This assumes that when more people are employed, there is greater demand for goods thus, higher prices and when less are employed, demand is dampened and prices remain low.

“The government should focus on the vulnerable by providing social protection to those affected by higher stagflation and greater unemployment. No one is really safe with warmongers like Trump in the highest positions,” Lanzona told BusinessMirror.

Green investments ONE of the things that can happen to

It clarifed, however, that its authority is “ancillary” to the primary jurisdiction of other regulatory agencies over specific goods or services.

same rights to organize, bargain collectively, and access fair employment conditions— rights long available to the private sector.

As a four-term senator, Legarda fought for laws to uplift workers and promote inclusive development. Among her landmark legislation are the Magna Carta of the Poor (RA 11291), which affirms the right to employment and livelihood; the Expanded Maternity Leave Law (RA 11210), which grants 105 days of paid leave to working mothers; and the Green Jobs Act (RA 10771), which creates opportunities at the intersection of decent work and environmental sustainability.

“We cannot afford to let another year pass—not because of the label we’ve been given, but because we owe it to every Filipino worker whose rights and dignity demand protection,” Legarda concluded. Butch Fernandez

should be ready to release fuel subsidies if prices stay high. Other agencies should keep a close watch on import flows and logistics. The 2026 budget should have all of this in mind,” he added.

Any disruption in the Strait of Hormuz— where over 20 percent of global oil supplies transit—could significantly inflate the Philippines’ oil import bill. With the country consuming roughly 471,400 barrels of oil per day, a $10 increase in Brent crude prices would cost the country an additional $4.7 million daily, or P94.9 billion annually at an exchange rate of P55 to the dollar.

Salceda urged economic planners to anticipate these shocks in the 2026 national budget, especially in social protection, agriculture, and transportation spending.

“These figures must be reflected in the budgetary assumptions of agencies responsible for fuel subsidies, transportation, agriculture, and power,” he stressed.

somehow cushion the impact of the conflict, Lanzona said, is for the Philippines to reconsider its dependence on oil by encouraging more green investments.

This direction will help push forward the country’s green transition. Oplas also said the country can already consider other renewable sources of energy.

But, Lanzona said, this could be expensive for the government, especially in light of the need to focus on social protection for the most vulnerable at this time.

“The Philippines can try to reduce its dependence on oil by engaging in more green investments which unfortunately are now going to involve more funds as productivity still is associated with conventional energy sources at the early stages of a green transition,” Lanzona told B usiness M irror

The law is supported by Joint Administrative Order No. 24-03, its Implementing Rules and Regulations (IRR), which were issued on May 24, 2024. The IRR were jointly developed by the DTI, the departments of Information and Communications Technology, Agriculture, and Health, along with the Bangko Sentral ng Pilipinas and the National Privacy Commission.

DTI said the law also introduces a “forthcoming” Philippine E-Commerce Trustmark for verified, compliant businesses.

Marcos highlights progress in Marawi rehabilitation, inaugurates new lake port

PRESIDENT Ferdinand Marcos said the government has already made significant milestones in its rehabilitation efforts in war-torn Marawi, including the city’s new P261-million lake port as well as its new school and internet connectivity initiatives.

During his visit at the new Port of Marawi in Lanao Del Sur last Monday, the Chief Executive was shown the facility’s features including a 8,000-square-meter backup area, a single-storey passenger terminal building with a seating capacity of 132, a one-storey fish port, berthing facilities for fast craft, and a Roll-on/roll-off (RoRo) ramp.

Marcos said the new port will enhance transportation and trade among the 18 municipalities surrounding Lake Lanao, where the port is located.

“This is the first of several ports that we will put. Because as we explained to ourselves, without this, there is no connectivity, it cannot be used because there is no place for the ship to go. So, we will put others around the lake so that our connectivity is good,” he said in Filipino in his speech while inspecting the Port of Marawi.

Before the completion of the project, local fisherfolk relied on causeways when traveling to the lake.

The new port is part of the Office of the Presidential Adviser for Marawi Rehabilitation and Development’s (OPAMRD) Marawi Recovery, Rehabilitation, and Peacebuilding Program (MRRP).

Marcos also visited the Temporary Learning Spaces (TLS) at Barangay Sagonsongan in Marawi City, Lanao del Sur to witness the installation of a satellite-based

Starlink internet unit, which he donated, to provide reliable internet service to its students and teachers.

He also went to Bangon Elementary School, Bacarat National High School, Angoyao National High School and Cabasaran Primary School, which were located in remote parts of Marawi City and have received similar Starlink internet units. A total of 720 students from the five schools are expected to have better internet access from the said donations from the President.

He also visited the Marawi Integrated School, which will be able to accommodate 9,000 to 10,000 students once completed.

“It’s almost finished, just a little more. It just needs a perimeter fence, then you can take the kids there.” Marcos said. The President also checked on the progress on improvements on the Marawi General Hospital, which he said now has access to a power generator, which is required by the Department of Health (DOH) to ensure the facility will have sufficient power in case of a brownout.

“So, these are main infrastructure developments that we have initiated here in Marawi. We still have a lot to do and we will be able to show the progress that we have been—that we have been making in putting Marawi back together,” Marcos said.

Reconstruction efforts in Marawi City are still recovering after it was ravaged by a fivemonth long clash between government troops and Maute and Abu Sayyaf forces on May 23, 2017. The siege displaced nearly 400,000 residents. Samuel P. Medenilla

DOST ramps up disaster tech and data access

By Bless Aubrey Ogerio

THE Department of Science and Technology (DOST) is reinforcing its efforts to develop disaster-resilient technologies and expand public access to science-based information in a bid to strengthen the country’s preparedness for climate-related risks.

Speaking at the agency’s 67th anniversary celebration on June 13, DOST secretary Renato Solidum Jr. emphasized how science and technology have played an increasing role in addressing national challenges and improving community resilience.

“Over the years, we’ve seen how science and technology can bridge gaps and DOST has reached communities, even those that were once considered too far or too difficult to serve,” Solidum said in his speech.

The Philippines ranks as the most atrisk country to climate-related disasters, according to the 2024 World Risk Index.

In response, the DOST has realigned its work under a simplified four-pillar

However, Lanzona said, it is still difficult to say what the impact would be and for how long the conflict will last, which will affect the Philippines. If the conflict will be a long-drawn one, Manzano said this could have an impact on OFWs as well as tourism revenues. But the most immediate impact would be on commodity prices.

Oplas noted that oil is an important factor of production. Since the country is a net oil importer and is not a major oil producer, it is “helpless” when oil prices rise.

“It ultimately depends on the response of Iran. The US hopes that their actions will bring Iran to the negotiating table at no time, restoring immediate normalcy,”

Lanzona told B usiness M irror

“However, this seems unlikely since Iran has indicated a retaliation. If so, it is going to be a long-drawn-out process,

framework: promoting human well-being, fostering wealth creation, reinforcing wealth protection and institutionalizing sustainability.

Among the agency’s key initiatives is the Mobile Command and Control Vehicles (MoCCoV) project, which deploys mobile units equipped with drones, satellite phones, and weather monitoring instruments to local government units for use during emergencies.

The department is also implementing the newly enacted Phivolcs Modernization Act, which sets aside P7 billion over five years to upgrade the country’s earthquake and volcano monitoring systems. From 2022 to 2024, DOST has signed over 25 international agreements, enabling collaborative research, capacitybuilding efforts and increased global engagement.

“We remain committed to delivering solutions and creating opportunities through strong partnerships with government agencies, private organizations, the academe, and other valued stakeholders,” Solidum said.

making stagflation a distinct possibility,” he added.

On Monday, The Philippine government expressed “deep concern” following the United States’ targeted airstrikes on Iran’s nuclear facilities over the weekend, urging a return to diplomacy amid growing fears of regional conflict and economic instability. In the meantime, the Department of Foreign Affairs is drawing up scenarios and updating their contingency plans if Iran retaliates by attacking US military bases in the region. The Philippines called on all involved parties to “take the path of diplomacy and avoid further escalation of this conflict that could threaten regional and international peace and security” (See: https://businessmirror.com. ph/2025/06/23/phl-expresses-graveconcern-on-us-strikes-on-iran/).

Double-edged sword: Conglomerate-bank ties in the Philippines

THE intricate web of relationships between the country’s top conglomerates and the Philippine banking system has long been a subject of interest and concern among economists and financial experts. A recent report by Moody’s Ratings has shed light on the “doubleedged sword” nature of these ties, highlighting both the benefits and risks that come with them. (Read the BusinessMirror story, “Contagion risks: 6 families controlling conglomerates are also behind banks,” June 21, 2025).

On one hand, the connections between conglomerates and banks have provided a vital lifeline for the country’s economic growth. By allowing conglomerates access to capital and banks to tap into corporate lending opportunities, these ties have strengthened banks and fueled business expansion. The report notes that only six families control both major conglomerates and the country’s largest banks, underscoring the significant influence of these relationships.

However, the report also warns of the potential risks that come with such concentrated exposure. In the event of an economic downturn, the interconnectedness between conglomerates and banks could lead to contagion risks, where the financial distress of one entity could quickly spread to others. The report estimates that Philippine banks’ credit exposure to conglomerates is high, standing at 158 percent of tangible common equity, significantly above the level observed in other countries in Southeast Asia.

Furthermore, the reliance of non-financial corporates (NFCs) on banks for funding means that defaults would disproportionately impact banks, rather than other creditors. This could lead to sharply higher loan loss provisions and a loss of interest income, ultimately pressuring banks’ net interest margins and capital ratios.

The Bangko Sentral ng Pilipinas (BSP) has implemented regulations to mitigate these risks, including limits on transactions with directors, officers, stockholders, and related interests (Dosri). However, Moody’s Ratings notes that these regulations may not be enough to reduce systemic risks, as NFCs can also borrow from other non-related banks, creating further linkages through non-related lending relationships. In light of these findings, it is crucial for policymakers and regulators to closely monitor the relationships between conglomerates and banks. While these ties have contributed to the country’s economic growth, they also pose significant risks that must be managed. The BSP must continue to strengthen its regulatory framework to ensure that banks are adequately capitalized and that risks are properly assessed and mitigated. Moreover, conglomerates and banks must prioritize transparency and disclosure in their dealings with each other. The report’s finding that third-degree relationships between conglomerates and NFCs have lower average interest coverage ratios and weaker debt-to-Ebitda ratios highlights the need for greater scrutiny of these relationships. Ultimately, the relationship between conglomerates and banks in the Philippines is a double-edged sword that demands careful management. While they have fueled economic growth, they also pose significant risks that must be managed to prevent financial instability. By closely monitoring these relationships and implementing effective regulations, the country can mitigate these risks and ensure a more stable financial system.

Opinion

The dog that didn’t bite

EJohn Mangun

OUTSIDE THE BOX

CONOMIC forecasters, with the fervor of doomsday prophets wielding calculators, warned for months—late 2024 through Trump’s April 2025 announcement—that his tariffs would ignite a price-spiking inferno. Yet, despite their dire charts, consumer prices remain stubbornly tranquil, mocking the predicted chaos.

Their gospel was loud and clear: Trump’s tariffs would inevitably drive prices skyward. Cable news amplified their warnings with frenzied graphics, and social media fueled the hysteria. In truth, the “Trump Tariffs” are not modest tremors but seismic shifts, shaking up a 70-year postwar tradition of low trade barriers. Economic textbooks scream that slapping new import taxes will be shouldered by businesses and consumers and prices will explode higher. Yet, here we are, and the predicted inflationary surge refuses to show up.

The US Bureau of Labor Statistics just dropped data that has these oracles grumbling. Inflation is calmer than it has been since 2022.

The Consumer Price Index clocks in at 2.4 percent year-over-year. The Sticky-Price Index, tracking goods that do not budge much, sits at 3.2 percent—hardly the fever of 2021.

The Producer Price Index, at 2.6 percent, tiptoes past the Federal Reserve’s sacred 2 percent mark but looks tame next to the four-year price surge we endured from 2021. Monthly inflation? Purring below 2 percent. That is not a nap; that is an inflation coma.

Funny thing is that this calm rolled in just as Trump took office.

Coincidence? Maybe. His early moves —slashing energy rules and hacking bureaucratic red tape—likely eased costs. More likely, the inflation wave from prior years just ran out of steam.

Their gospel was loud and clear: Trump’s tariffs would inevitably drive prices skyward. Cable news amplified their warnings with frenzied graphics, and social media fueled the hysteria. In truth, the “Trump Tariffs” are not modest tremors but seismic shifts, shaking up a 70-year postwar tradition of low trade barriers. Economic textbooks scream that slapping new import taxes will be shouldered by businesses and consumers and prices will explode higher. Yet, here we are, and the predicted inflationary surge refuses to show up.

Federal Reserve data shows money supply barely crawling back to 2022 levels. The Fed’s high rates soaked up cash like a sponge, and Biden’s spending spree dried up. The 2025 dollar buys nearly 20 percent less than it did five years ago, but that is old news, not a tariff tantrum. Market analysts, blind to this, clung to their tariff terrors.

The anticipated tariff-driven price surge remains a mirage. Economists clung to their tariff nightmares, ignoring these shifts. They swore prices would leap as firms and

shoppers ate the costs. Wrong. Retailers and some producers are absorbing the hit. Maybe foreign exporters, as in past trade spats, are eating losses to keep market share. Data is scarce, so we cannot confirm. Forecasters now mumble about delayed pain, but their models falter against reality’s stubborn calm.

The stock market prophets and their charts fared no better, warning Trump’s 2025 tariffs would devastate US markets. Goldman Sachs predicted a 5 percent S&P 500 plunge. Bank of America foresaw an 8 percent earnings blow. JPMorgan pegged recession odds at 60 percent. Yet, their models, like inflation forecasts, hinge on perfectly aligned variables, a rare occurrence. Tariffs may disrupt, but markets shrug off the doomsday script.

Human behavior, the wild card of economics, mocks precise forecasts. For a century, economists have chased the mirage of flawless forecasts, pretending their crystal balls work. They do not. The rare economist who nails a prediction twice is practically guaranteed to screw up the third. Check the track record of our local experts’ predictions about inflation and Philippine economic growth. It is intellectual arrogance See “Mangun,” A13

IMF’s Georgieva warns of broader risks from US strikes on Iran

IAngel R. Calso, Dionisio L. Pelayo

Ruben M. Cruz Jr.

Eduardo A. Davad Nonilon G. Reyes

D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa

Rolando M. Manangan

BusinessMirror

www.businessmirror.com.ph

By Shery Ahn & Yuko Takeo

NTERNATIONAL Monetary Fund Managing Director Kristalina Georgieva warned that the US strikes on Iran could potentially have broader impacts beyond energy channels, as global uncertainty escalates.

“We are looking at this as another source of uncertainty in what has been a highly uncertain environment,” said Georgieva in an interview with Bloomberg TV on Monday. The biggest shock so far has been seen in energy prices, which the IMF is watching closely, but “there could be secondary and tertiary impacts. Let’s say there is more turbulence that goes into hitting growth prospects in large economies—then you have a trigger impact of downward revisions in prospects for global growth.”

Global benchmark Brent surged as much as 5.7 percent to $81.40 a barrel early in Asia Monday, before paring much of that gain in heavy trading.

The IMF already downgraded its global growth prospects for this year

in April, when it warned that the USled world trade “reboot” would slow growth. Georgieva said the first two quarters this year have shown that trend holding, and while the world will likely avoid a recession there’s also higher uncertainty, which has a tendency to hold down growth prospects. The world is bracing for Iran’s response after unprecedented US airstrikes on the country’s nuclear facilities set traders and governments worldwide on edge. President Donald Trump’s decision to deploy bunker-busting bombs to hit sites in Iran pushed the Middle East into uncharted territory and raised geopolitical risks at a time when the world economy was already facing severe uncertainty over trade tensions.

“We are looking at this as another source of uncertainty in what has been a highly uncertain environment,” said Georgieva in an interview with Bloomberg TV on Monday. The biggest shock so far has been seen in energy prices, which the IMF is watching closely, but “there could be secondary and tertiary impacts. Let’s say there is more turbulence that goes into hitting growth prospects in large economies— then you have a trigger impact of downward revisions in prospects for global growth.”

More immediately, Georgieva said the IMF is looking particularly at how the unfolding conflict will impact oil and gas risk premia. In the oil market, options volumes are spiking, and the futures curve has shifted to reflect tensions about tighter nearterm supplies.

“Let’s see how events will develop,” Georgieva said, adding that she’s watching whether there may be disruptions to energy supply delivery routes or spillovers to other countries. “I pray no.” As for the US economy itself, the IMF chief said she sees disinflation continuing, although the country is not in a state where the Federal Reserve feels comfortable cutting rates right now.

“What we expect toward the end of the year is possibly for the Fed to apply judgment that the time may have come for some adjustment in interest rates downwards,” said Georgieva. She pointed to strength in the US labor market and solid pay gains helping consumers. At the same time she warned that the more volatility there is, the worse the situation is for businesses.

“When there is uncertainty, what happens? Investors don’t invest, consumers don’t consume, and that holds growth prospects down,” she said. Bloomberg

UK to scrap green levies for heavy industry in push for growth

By Philip Aldrick

ENERGY costs will be cut for as many as 7,000 UK businesses as the government scraps green levies to level the playing field with foreign rivals and boost growth under its new 10-year Industrial Strategy.

Big users of electricity like aerospace, automotive and chemicals firms will be exempted from several climate schemes from 2027 to reduce their bills by as much as 25 percent and protect 300,000 skilled jobs, the government said. Separately, heavy industries like steel, chemicals and glass will have their network charges, paid to maintain the grid, discounted by 90 percent from next year—up from 60 percent currently. This will help around 500 firms, according to a statement. UK manufacturers have long complained about the crippling cost of energy in the UK, which is among the highest in the developed world. Some of that is down to climate levies like feed-in tariffs and the renewables obligation.

The energy exemptions are the highlight of the government’s Industrial Strategy, a 10-year plan to lift investment and make it easier to do business in the UK. The full plan is released on Monday.

Prime Minister Keir Starmer said the strategy “marks a turning point for Britain’s economy and a clear break from the short-termism and sticking plasters of the past.”

The government has been struggling to drive economic growth since hitting businesses with a £26 billion ($35 billion) tax on jobs and higher minimum wage, both of which came into effect in April. GDP that month shrank 0.3 percent and the Bank of England has warned of underlying weakness in the economy.

Labour insisted the exemptions would complement its “long-term mission for clean power” and would not be paid for by raising household bills or taxes. Instead, they will be “funded through reforms to the energy system,” specifically higher UK carbon pricing. As part of the recent trade deal with the European Union, the government agreed to rejoin the EU carbon market.

A recent study by the Institute of Energy Economics and Financial Analysis found that the government would have raised an extra £2.9 billion over 2024-25 and 2025-26 had it matched the EU’s emissions trading scheme.

Energy Secretary Ed Miliband blamed Britain’s “reliance on gas sold on volatile international markets” for high electricity costs. He said “doubling down” on wind and nuclear power would “bring down bills for households and businesses for good.”

In response, the opposition Conservative Party pointed out that energy bills have risen under Labour. “It is astonishing that Labour are finally admitting that the costs of Net Zero are so high that they’re having to

Mangun.

dressed up as science. Variables shift, humans adapt, and the economy hums along, indifferent to the wails of market oracles.

Reality proved turbulent but hardly cataclysmic. The S&P 500 plunged 12 percent after the April 2 tariff announcement, its worst week since 2020. Yet by June, markets regained pre-tariff footing, though 6 percent below January highs. These swings, not collapse, underscore the economy’s resilience, rendering doomsday forecasts as reliable as a cracked compass. Inflation, meanwhile, stays tame.

The Trump Tariffs, like any policy, exist amid shifting variables and adaptive human behavior. The economy, unmoved by forecasters’

Opinion

A walk through on the shift from manual invoicing to electronic invoicing

LIndustry groups welcomed the measures, with Rain NewtonSmith, chief executive of the CBI employers group, saying it was “a significant leap forward in the partnership between government and business.”

spend billions of pounds of taxpayers’ money subsidising businesses’ energy bills to stop them going bust,” said Andrew Bowie, acting shadow energy secretary.

The Industrial Strategy’s main measures are:

n A British Industrial Competitiveness Scheme to exempt electricity users from paying levies such as the Renewables Obligation, Feed-in Tariffs and the Capacity Market.

n Ninety percent discounts on network charges for heavy industry under the British Industry Supercharger scheme, up from 60 percent currently.

n A Connections Accelerator Service to ensure major projects get faster access to the grid, the queue for which is holding up investment.

n Financing innovative businesses by increasing the British Business Bank’s financial capacity to £25.6 billion, as announced at the June 11 Spending Review.

n Raising research and development spending to £22.6 billion a year by 2029/2030.

n Providing an extra £1.2 billion a year for skills by 2028-2029 to train Britons to do jobs in growth industries.

n Reducing regulatory burdens on business by 25 percent and streamlining planning by hiring more planners and simplifying processes.

n Attracting “elite global talent” through visa and migration reforms. Industry groups welcomed the measures, with Rain Newton-Smith, chief executive of the CBI employers group, saying it was “a significant leap forward in the partnership between government and business.”

Stephen Phipson, chief executive of Make UK, applauded the strategy, which “sets out plans to address” the UK’s structural failings—“a skills crisis, crippling energy costs and, an inability to access capital for new British innovators.”

As announced last year, the Industrial Strategy focuses on eight sectors where the UK already has advantages: advanced manufacturing; clean energy industries; creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services.

Each will have a bespoke 10-year plan. Bloomberg

wails, endures. Economists’ certainty of tariff-driven price chaos falters, yet they vow to triumph next time. Their optimism rivals their errors. Tariffs may yet strain trade, but the economy’s calm suggests resilience, not ruin.

The lesson stings but is familiar. Nobody can give a Master Class about tomorrow. Tariffs may yet snag supply chains or slow trade, but the cataclysmic price surge remains a fantasy. Economists and analysts will persist, promising sharper forecasts. Alchemists are still trying to turn lead into gold. While the experts recalibrate, the rest of us navigate the economy’s unpredictable rhythm, unfazed by their fervor.

Atty. Rodel C. Unciano

TAX LAW FOR BUSINESS

AST week, I had the opportunity to discuss with a group of taxpayers the proposed full implementation of the electronic invoicing and electronic sales reporting system by the Bureau of Internal Revenue (BIR).

The issuance of Revenue Regulations (RR) 11-2025 early this year implementing the e-invoicing and e-sales reporting system of the Tax Code, as amended by the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE), has indeed raised concerns for many taxpayers as the BIR, it seems, is now in a hurry for the mandatory implementation of the automated system in the days ahead.

To recall, the use of electronic receipts, sales and commercial invoices, and electronic sales reporting system were introduced by the Tax Reform for Acceleration and Inclusion (TRAIN) Law in 2018 when it provided that within five years from the effectivity of the Act and upon the establishment of a system capable of storing and processing the required data, the Bureau shall already require certain taxpayers to issue electronic receipts or invoices in lieu of manual receipts or invoices, subject to rules and regulations to be issued by the Secretary of Finance.

On the use of electronic sales

reporting system, TRAIN law has likewise required certain taxpayers to electronically report their sales data to the BIR through the use of electronic point of sales system within five years from the effectivity of the Act and upon the fulfillment of the conditions on the implementation of electronic invoicing system.

However, five years after the effectivity of the TRAIN Law and in fact, up to now, the use of electronic invoicing and electronic sales reporting system has not been fully implemented. While certain taxpayers were identified for the pilot implementation of the system in 2022, we have not heard of any successful development since then.

When CREATE MORE was subsequently passed into law late last year, it retained the proposed shift from the use of manual invoicing system to the use of electronic invoicing and electronic sales reporting system envisioned in TRAIN Law, and retaining as well essentially the same conditions for its full implementation as set forth in TRAIN Law but deleted the “within five-year effec-

An electronic invoice is a systemgenerated invoice in a structured invoice data, which can be easily extracted electronically and its data can be readily transmitted electronically to the BIR for electronic sales reporting. A photo or scanned copy of a paper invoice is not an electronic invoice.

tivity” clause introduced by TRAIN.

In implementing the provisions of CREATE MORE, the Department of Finance thus issued RR 11-2025 under which certain taxpayers are already made to mandatorily comply with the use of electronic invoicing within one year from the effectivity of the regulations. So, that would be by March next year.

Electronic invoicing is defined as the automated process of generating an electronic invoice in a structured invoice data that can be easily extracted electronically from the invoice, allowing automated electronic data processing. It involves the electronic exchange of an electronic invoice that records a transaction between a seller and a buyer. An electronic invoice is a system-generated invoice in a structured invoice data, which can be easily extracted electronically and its data can be readily transmitted electronically to the BIR for electronic sales reporting. A photo or scanned copy of a paper invoice is not an electronic invoice.

On the other hand, Electronic Sales Reporting System is defined as the electronic reporting or process of storing, transmitting and/or receiving the electronic invoice data,

Iran strikes risk dividing GOP at crucial time for Trump agenda

By Jamie Tarabay & Steven T. Dennis

DONALD TRUMP’S unilateral decision to strike Iran’s key nuclear sites on Saturday notably sidelined Congress just as he needs Republicans lawmakers to unite around one thing he can’t do without them: Pass his legislative agenda.

Senate Republicans are still planning to move ahead this week with votes on Trump’s massive tax and spending bill, Stacey Daniels, a spokeswoman for Majority Leader John Thune, said Sunday.

The ambitious schedule could help Thune keep his fragile coalition intact by not giving much time for isolationists to hijack Trump’s bill to make points on executive power and US involvement overseas, particularly if it becomes a more prolonged military campaign.

The idea of using the American military and weaponry to bomb Iran had divided wings of Trump’s MAGA base in the days before the strike, with former Fox News host Tucker Carlson, Senator Rand Paul and Representatives Thomas Massie and Marjorie Taylor Greene facing off against the GOP’s hawks, including Senators Ted Cruz and Lindsey Graham.

The White House took pains after the attack to avoid angering Trump’s “America First” supporters who elected him and many other Republicans on a pledge to avoid involving the US in military entanglements overseas. The Iran strike, the administration stressed, was targeted and won’t involve US troops on the ground.

“The mission was not, has not, been about regime change,” Defense Secretary Pete Hegseth told reporters Saturday evening. “The president authorized a precision operation to neutralize the threats to our national interests posed by the Iranian nuclear program.”

By late Sunday, however, Trump was signaling that the US could be in for the long haul in Iran.

“It’s not politically correct to

use the term, ‘Regime Change,’ but if the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn’t there be a Regime change??? MIGA!!!” Trump posted on Truth Social.

Republican reaction to the strikes has been overwhelmingly positive so far, with some in the party stressing this was not the sort of full-scale invasion like the lengthy wars in Iraq or Afghanistan. It’s not clear that unity will survive, however, if Trump follows through on his threat to bomb more targets if Iran retaliates or doesn’t negotiate a deal.

“Just remember: every regime change war has been extremely popular at the start,” former Representative Matt Gaetz, a Trump ally, said Sunday on X. “But the historical trajectory isn’t good.”

Trump has long kept his party in line either by haranguing detractors on social media or wielding his popularity with base Republican voters to threaten costly primaries.

Last weekend, before the Iran operation, two Trump political officials, Chris LaCivita and Tony Fabrizio, launched a political action committee called Kentucky MAGA to try and oust Massie, who opposed Trump’s signature legislation, according to a person familiar with the matter. Massie said the Iran strike was not “constitutional.”

As much as the move is to hammer Massie for breaking ranks with the party leader as the GOP contends with narrow margins, it’s a salvo to others about the perils of crossing Trump.

Greene also opposed the strike, blaming Israel for starting the

through direct system-to-system data transfer without manual entry, to the BIR in a structured electronic format.

But how well are we ready to fully implement this envisioned shift from the manual invoicing system to the use of electronic invoicing and electronic sales reporting system? How ready is the BIR to fully establish a system capable of storing and processing the required data for the full implementation of electronic sales reporting system? This is the very condition laid down by law as a requirement for the full implementation of the system.

While automation has proved to be more efficient in documenting any form of business transaction including BIR tax reporting, our experience on the pilot implementation of the automated system would reveal, to some extent, that we, as a nation, are not yet capable for the full implementation of the use of electronic invoicing and electronic sales reporting system. I am hopeful that in the days ahead, we shall soon be able to fully implement this system for the mutual benefit of the taxpayers and tax administrators.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law) (www.bdblaw. com.ph). The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 380.

If Iran chokes off the Strait of Hormuz, a thoroughfare for a fifth of crude shipments, oil could soar to $130 per barrel, according to Bloomberg Economics—a scenario of a gloomier economy that could be punishing for Republicans in 2026.

war and criticizing Trump’s decision to strike. It’s unclear whether the Georgia Republican, typically among the president’s most vocal supporters, will face the same kind of political repercussions as Massie.

“American troops have been killed and forever torn apart physically and mentally for regime change, foreign wars, and for military industrial base profits,” she posted on X. “I’m sick of it.”

War powers

MASSIE has already cosponsored legislation with Democrats to bar the president from engaging in further military action in Iran without getting congressional approval.

On Saturday night, he publicly criticized Speaker Mike Johnson for not giving the House time to debate and vote on whether to authorize involving the US in another war.

“Why didn’t you call us back from vacation to vote on military action if there was a serious threat to our country?” he asked Johnson in a response on X.

For Trump and Republicans, the strike on Iran presents wider risks as the 2026 midterms increasingly come into focus.

The president’s calculation is unfolding against the backdrop of a fragile economy shaken by Trump’s helter-skelter rollout of global tariffs, even though they’re paused until July 9. Turmoil in the Middle East heightens the uncertainty, including the risk of a jump in oil prices that would hurt US consumers.

If Iran chokes off the Strait of Hormuz, a thoroughfare for a fifth of crude shipments, oil could soar to $130 per barrel, according to Bloomberg Economics—a scenario of a gloomier economy that could be punishing for Republicans in 2026.

Many Democrats, meanwhile, criticized Trump’s strikes, warning they risk a wider war and didn’t have congressional approval, with influential Representative Alexandria Ocasio-Cortez among a few who even suggested Trump committed an impeachable offense.  But Congress has for years been reluctant to take politically risky votes on war authorizations.

Many lawmakers felt burned after voting for open-ended authorizations to use military force in 2001 and 2002 after the Sept. 11 terrorist attacks and ahead of the Iraq war. In the decades since, presidents have bombed numerous countries, including President Barack Obama’s strikes on Libya in 2011 that helped lead to the end of that regime, without congressional authorization.

Trump, who has routinely steamrolled Congress as he pushes to expand executive branch power, essentially has free rein on the Iran campaign—at least for now.  But votes are likely at some point on reining in the president via the War Powers Act, particularly after Trump threatened more attacks. Even with some expected fractures in his party, he’d likely win enough Democratic support to win those votes.

Senator John Fetterman of Pennsylvania and Representative Steny Hoyer of Maryland, the chamber’s former No. 2 Democrat, have already supported the strike. Hegseth said the administration had followed the notification protocols required by law, informing congressional leaders once the aircraft that bombed Iran were clear of the country’s airspace.

Tuesday, June 24, 2025

PPP pipeline now has 260 projects worth ₧2.6 trillion

By Cai U. Ordinario @caiordinario

THEnational government now has over P2 trillion worth of projects in the pipeline for partnership with the private sector, according to the Public Private Partnership (PPP) Center.

The PPP Center said that as of June 18, there are 230 projects in their pipeline amounting to P2.61 trillion. This is higher than the April 11 report which included 187 projects worth P2.64 trillion.

This means some 53 projects were added to the list, including 51 national projects and two local projects. A total of nine projects, however, were delisted including three national projects and six local projects.

“[The addition of projects was due to] unsolicited proposals endorsed by the PPPC to Implementing Agencies [IA] for their decision to proceed; [projects]

with detailed evaluation or rejection of the same; projects included in the List of PPP Projects submitted by IAs to the PPPC; and project updates received through PPPC’s engagement with various IAs,” PPP Center stated in its report.

“[The] delisting of PPP projects [was due to] unsolicited proposals rejected by the IA upon evaluation and projects delisted from the IAs’ list of PPP projects,” it added. Apart from the additions and delistings, the PPP Center also noted that there were other movements in the pipeline such as the removal of the Development of

Water Supply System for the Municipality of Mangatarem project.

“The project, with an estimated cost of P0.34 billion in the pipeline, is removed from the pipeline database following its award and is now reflected in the PPPC database of projects under implementation,” PPP Center said.

Among the additional projects, the largest project to date is the P31.55 billion worth PPP for the Entire Air Navigation Services in the Philippines, an unsolicited project that is currently under evaluation by the Civil Aviation Authority of the Philippines and the Department of Transportation.

The private sector proponent is the Consortium of ComClark Network and Technology Corporation; JG Summit Infrastructure Holdings; and Asia’s Emerging Dragon Corporation.

It may be noted that among the projects added to the pipeline, only nine have cost estimates and the rest have costs that have yet to be determined as of June 18.

The two local projects, meanwhile, were the P790-million Iloi -

lo General Hospital and the P190million Tabaco City 4PH Project. Both are unsolicited projects.

For the Iloilo General Hospital, the City Government of Iloilo is evaluating the project proposed by the Professional Services, Inc. while the Tabaco City 4PH Project proposed by the Legazpi Premium Development Corporation is being evaluated by the City Government of Tabaco.

Meanwhile, among the delisted projects, the one with the largest amount was the P5.2-billion Operation and Maintenance with Improvement and Expansion Arrangement of the Port of General Santos Project. This is an unsolicited national project and the implementing agency is the Philippine Ports Authority (PPA).

Among the local projects, the P4.94 billion Bataan Emerging Gateways City and P4.35 billion Baguio-Pambansang Pabahay para sa Pilipino (4PH) Program had the largest costs. Both are being implemented by the Provincial Government of Bataan and City Government of Baguio, respectively.

TBy Ada Pelonia @adapelonia

HE Department of Agriculture (DA) said it will postpone the supposed reduction of the maximum suggested retail price (MSRP) for imported rice due to the growing volatility in global markets, driven by escalating conflict in the Middle East.

This, after the agency previously planned to lower the MSRP of the 5 percent broken rice variety from P45 to P43 per kilo starting July 1.

Agriculture Secretary Francisco Tiu Laurel Jr. told reporters on Monday that the postponement of the supposed MSRP cut would prevent any market shock.

“We’ll likely delay the rollout by a month or two to gain a clearer picture of where global prices are heading,” Laurel said, noting that they would finalize the decision as early as next week.

The DA chief noted the heightened geopolitical risks following the US airstrikes on three nuclear sites in Iran, actions that “threaten to expand the Israel-Iran conflict further across the region.” The Middle East accounts for the majority of global oil supply.

Meanwhile, Laurel also said

the DA still plans to introduce an MSRP for imported pork in August, albeit the final pricing will be determined closer to the rollout.

The DA chief has floated the possibility of imposing an MSRP for imported pork and enforcing labeling requirements for the commodity in a bid to curb profiteering and ensure price transparency. (See: https://businessmirror.com. ph/2025/06/19/da-eyes-imported-pork-price-caps-labeling-rules/)

This move follows growing concerns that some retailers may be mislabeling imported pork as local to justify higher prices.

“Some might take advantage, [so] that, instead of selling the imported pork belly at P300, they’ll pretend it’s local, then they’ll sell it for P450, P400— that’s profiteering,” Laurel said in a previous interview.

The DA earlier scrapped MSRPs for pork in May after consultations with industry stakeholders.

To complement the pricing measure, the agriculture agency is also preparing to enforce labeling rules that would clearly indicate whether pork sold at retail is locally sourced or imported.

By Andrea E. San Juan @andreasanjuan

HE Electric Vehicle Incentive

TStrategy (EVIS) is expected to help the Philippines generate 680,000 additional jobs and save up to $30 billion in foreign exchange as this framework aims to reduce dependence on imported vehicles and parts, according to the Department of Trade and Industry (DTI).

In a statement on Monday, the DTI said this strategy sets “ambitious yet attainable” production targets from 2028 to 2040, supporting the local rollout of up to 9 million electric vehicles, including two- and three-wheelers, passenger cars, buses, and trucks, along with nearly 400,000 charging stations.

Sought for comment, EV industry leaders told the BusinessMirror they have been waiting for this EVIS program, which they deem crucial to local auto parts makers.

“We have all been waiting for this EVIS program. Not only for the EV industry but also for the local auto parts makers. We need to have a local assembly of vehicles,” Ferdinand Raquelsantos, EVAP Chairman Emeritus, told the BusinessMirror in a Viber message on Monday.

Raquelsantos said for the fourwheel segment, the industry sees opportunities for Public Transport and Logistics applications.

“Our local existing EV Assemblers needed the economies of scale to be...competitive. For the local parts suppliers, we pray that should there be importation of units, it would be limited to the bare Drive Train or Rolling Chassis so the rest of the body including the Cab and Rear Shell [can be] locally produced,” he also told this paper, adding, “This means also the localization of interior parts of the vehicle.”

“We have Philippine National Standards on the Dimensional Specs for our Public Utility Vehicle [modern jeepney] for our reference to follow,” added Raquelsantos.

Through another industry leader’s lens, EVAP President Edmund Araga told the BusinessMirror in a

Viber message on Monday: “EVAP welcomes the development, considering that it can encourage a lot of prospective investors waiting for this program that may be a game changer to the industry on whether to pursue investment locally or not.”

Araga said targets set in the EVIS may only be attainable if all government sectors “are aligned in creating the demand for it.”

“If not, then the industry will find investing a high-risk direction and may not push through with their investments,” the EVAP president also told this paper.

Araga said that on passenger cars, most [original equipment manufacturers] OEMs have just recently started their EV manufacturing projects in Thailand and Indonesia and other Asean countries. He added that it might take some time for them to expand to other countries.

“But the EVAP will do its best to invite investments locally,” he also told this paper.

The DTI’s Board of Investments (BOI) developed the Evis, anchored on the Electric Vehicle Industry Development Act (Evida), to provide targeted fiscal and non-fiscal incentives that stimulate local production of EVs, batteries, motors, components, charging stations, and testing facilities.

The Trade department said “eligible” companies will be required to comply with Philippine and international standards, provide longterm after-sales support, and submit BOI-vetted investment plans.

The incentive structure supports both capital investment and sustained production.

Evis is now awaiting endorsement to the Fiscal Incentives Review Board (FIRB) for approval of its proposed incentives.

DTI said it is working closely with FIRB to finalize the Evis, set for deliberation in July 2025.

Apart from spurring job creation and increasing savings, Trade and Industry Secretary Cristina A. Roque said this new strategy is expected to attract P120 billion in

By Malou Talosig-Bartolome

THE Philippine government has expressed “deep concern” following the United States’ targeted airstrikes on Iran’s nuclear facilities over the weekend, urging a return to diplomacy amid growing fears of regional conflict and economic instability.

In the meantime, the Department of Foreign Affairs is drawing up scenarios and updating their contingency plans if Iran retaliates by attacking US military bases in

the region.

In a statement released by the Department of Foreign Affairs (DFA), the Philippines called on all involved parties to “take the path of diplomacy and avoid further escalation of this conflict that could threaten regional and international peace and security.” Tehran had earlier warned the US against joining Israel in attacking them, saying they would retaliate by hitting US assets in the region. Manila’s “primordial concern” is the welfare and

the

the

(OFWs)

with the

jority in Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait. Their remittances have saved the Philippine economy during economic downturn.

“The Philippines continues to reiterate the need for a peaceful and diplomatic solution to this crisis,” the DFA said. In a post on

Editor: Jennifer A. Ng

British firms to invest more in health innovation, tech

By Andrea San Juan @andreasanjuan

BRITISH pharmaceutical firms are infusing more capital into health innovation and technologies in the Philippines as they help the country catch up in beefing up its clinical trials, according to UK Trade Envoy to the Philippines George Freeman.

“I’ve met [with executives of] AstraZeneca [plc.] and GSK [GlaxoSmithKline LLC] and they’re investing heavily in health innovation in the Philippines,” Freeman told reporters at a briefing last Friday. He, however, didn’t reveal the value of investments discussed.

Nonetheless, Freeman said these firms are seeing “a number of opportunities” in the pharma -

ceutical space in the Philippines. “Firstly, clinical trials. So the Philippines used to be a major Southeast Asia, Asia-Pacific center for trials; and it’s getting competitive,” he added. “Other countries are investing in their infrastructure, so we need to catch up, and that’s important for the Philippine economy as well as Filipino citizens.” The UK Trade Envoy explained

that having clinical trials in the country would mean getting “quicker access to innovative medicines; and healthcare is better.”

Lourdes Desiree “Daisy” D. Cembrano, Healthcare Policy Director at the Pharmaceutical and Healthcare Association of the Philippines (PHAP) said last year that the Philippines used to be second in the Asean region as the target for clinical trials. Cembrano said that the country slid to fourth place.

She explained that before a drug is approved by any drug agencies in the world, it would need to undergo clinical trials.

The PHAP official underscored that beefing up the country’s clinical trials would also open up opportunities for the country’s healthcare professionals.

“That’s an opportunity for us to use our very good doctors. We have world-class healthcare professionals in the country. And then it’s also early access for the

patient,” Cembrano has said.

Last March, the Philippine Economic Zone Authority (PEZA) released the guidelines for the registration of pharmaceutical medical device and other health product economic zones, or “Pharmazones,” and administration of incentives to Pharmazone developers/operators and registered business enterprises.

PEZA Director General Tereso O. Panga earlier said that the release of the guidelines provide “clear direction” on the establishment of pharma zones in the country.

“These zones are expected to attract substantial pharma, medical, and healthcare-related investments, advance technology, and increase local production and research—creating numerous jobs and enhancing the country’s export potential—positioning the Philippines as a competitive player in the global pharmaceutical market,” the PEZA chief said.

Sipcor restores power plant capacity

TBy Lenie Lectura @llectura

HE Siquijor Island Power Corp. (Sipcor) announced last Monday of having fully restored their power plant’s guaranteed dependable capacity, providing 10,800 kilowatts (kW) in the province. The 10,800kW already includes two generation set units that were deployed to provide additional capacity. Moreover, it had completed maintenance on one of its service units.

“A series of corrective measures were recently implemented in the past weeks to fully restore the shortfall of power supply due to maintenance issues in both generation and distribution. The initiatives were able to fully restore the 24-hour power supply to the whole province,” the company said through a statement. Sipcor stressed that it continues to intensify its technical operations and strengthen its daily evaluation and assessment to ensure that they provide a steady and reliable power supply in all their served areas in the

province of Siquijor.

The island province was earlier placed under a state of calamity due to power interruptions. The Department of Energy earlier said that Sipcor has an installed capacity of 11.58 megawatts (MW) but only 8.816 MW is being contracted to the Provincial Electric Cooperative of Siquijor.

The power supply problems were mainly brought about by technical, operational, and regulatory issues that prevented the full utilization of Sipcor’s generating capacity, the agency said.

Maynilad resets IPO timetable to October

By VG Cabuag @villygc

WEST Zone concessionaire Maynilad Water Services Inc. extended its initial public offering to October from its original timetable of July to allow the entry of strategic cornerstone investors.

“These investors have conveyed strong and sustained interest in participating in the offering, but requested additional time to complete their internal approval processes,” Maynilad said in a statement.

To give way to their inclusion, Maynilad has submitted an updated timetable to the Securities and Exchange Commission and the Philippine Stock Exchange.

“The potential participation of these investors is expected to add even more value to Maynilad’s public offering and will be

viewed positively by all investors and the markets at large,” the company said.

Based on the updated timetable filed with the SEC and PSE, the target listing date on the main board of the PSE will be no later than end of October 2025, under the trading symbol MYNLD, the company said.

According to its prospectus the company hopes to raise some P50.24 billion in fresh funds. The company is selling 1.66 billion in primary offer of common shares, preferential offer of 24.9 million primary common shares, subject

to an upsize option of 354.7 million secondary common shares and an overallotment option of 249.04 primary common shares at an indicative price of P20 apiece.

BPI Capital Corp. serves as the domestic lead underwriter, while the Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley Asia (Singapore) Pte. and UBS AG, Singapore Branch will act as the international underwriters.

Maynilad also recently secured approval for a 10-year extension of its revised concession agreement.

On June 18, the Economy and Development Council approved the request of the Metropolitan Waterworks and Sewerage System (MWSS) to extend the concession to January 21, 2047.

“Maynilad views this extension as an affirmation of the company’s fundamentals and long-term prospects and supports the company’s move for an IPO.” It said.

Megaworld to launch new brand targeting ultra-rich

MEGAWORLD Corp., the property development arm of businessman Andrew L. Tan, announced it is tapping the ultra-high-end market, “where ownership is defined by privacy and permanence.” The company recently launched its “Megaworld Signature Collection” brand, “a curated portfolio of ultra-high-end residences, which marks the company’s strategic entry into the most elevated tier

Study: AI forces firms to tweak online tack

By Lorenz S. Marasigan @lorenzmarasigan

GOOGLE’S rollout of AI Overviews—automated summaries that often appear above traditional search results—is forcing businesses to rethink how they stay discoverable online, according to a study conducted by Truelogic Inc.

Based on the study titled “Navigating Google’s AI-Enhanced Search,” AI Overviews have seen a rapid surge in visibility, appearing in 13 percent of Google searches by March 2025, up from just 6.5 percent in January.

Some tracking platforms report that as many as eight in ten informational queries now return an AI-generated answer, potentially pushing down organic links that brands have long relied on for traffic.

“If you’re a bank, a school, a retailer or a real estate brand, and your customers search online before making decisions— this shift in Google’s search can directly impact your visibility and leads,” Truelogic Managing Partner Bernard N. San Juan III said. “AI-generated answers are changing how people search and what they click. To stay competitive, your brand needs to show up in those answers.”

To address this, Truelogic has introduced a specialized AI Search Optimization service, designed to audit a brand’s presence in AI Overviews, improve website performance, and enhance content to meet the new quality thresholds being rewarded by Google’s algorithm. The service also includes efforts to increase brand authority through third-party credibility— something the firm found to be more influential now than traditional backlink strategies.

“Forget old SEO hacks,” said Truelogic Head of Search and Analytics Timothy Uichico. “Google’s AI rewards quality. Brands need to be fast, helpful and trustworthy— that’s what our new service is built to deliver.”

Among the key findings in Truelogic’s research is that trusted, fast-loading, mobile-friendly websites with well-structured and in-depth content are more likely to be featured in AI-generated answers. Meanwhile, factors like keyword rankings and sheer volume of pages—which used to be cornerstones of SEO—are becoming less relevant.

of residential real estate.

Unlike Megaworld’s previous upscale offerings, this new category features one-of-one residences, either individually designed developments located in scarce, trophy enclaves across the Philippines, or select residences that uniquely showcase first-of-its-kind innovations, amenities or even collaborations and partnerships, a statement read.

“It is beyond what we’ve done

before. It defines an entirely new category. We recognize the need for us to diversify our portfolio and boldly tap into the opportunities in the ultra-luxury residential market. These developments are so rare that Megaworld plans to offer these only in select locations, just once or twice every year,” Kevin Andrew L. Tan, the company’s executive director, said.

Continued on B2

Banking&Finance

T-bills sales mixed on oil price, inflation jitters

By Reine Juvierre Alberto @reine_alberto

MIXED results marked the government’s Treasury bills (T-bills) auction as investors demanded higher yields over concerns over the impact of the Israel-Iran war, oil price shocks and inflation.

And despite the Bangko Sentral ng Pilipinas (BSP) reducing the key policy rate last week, T-bill yields still rose for the second consecutive week, overshadowed by the ongoing war between Israel and Iran, according to Michael L. Ricafort, chief economist at Rizal Commercial Banking

MORE medicines for cancer, diabetes, high cholesterol, hypertension, tuberculosis and mental diseases have been exempted from 12-percent valueadded tax (VAT) by the Bureau of Internal Revenue (BIR).

The BIR has issued an additional VAT-exemption of ten medicines for cancer, diabetes, high cholesterol, hypertension, and mental illness,” Internal Revenue Commissioner Romeo D. Lumagui Jr. said through a statement. Under Revenue Memorandum Circular (RMC) 062-2024, the medicines will be included to the list of VAT-exempt medicines under Republic Act 11534 or the “Corporate Recovery and Tax Incentives for Enterprises” law.

Medicines for cancer, such as “tegafur + gimeracil + oteracil potassium” with dosage strengths of 20 milligrams (mg)/5.8mg/19.6mg and 25mg/7.25mg/24.5mg, both in capsule form, were added to the list. Drugs from the treatment of diabetes, including metformin hydrochloride + teneligliptin (as hydrobromide hydrate) with dosage strengths of 1 gram/20mg and 500mg/20mg, both in the form of an extended-release tablet, are also VAT-exempt.

Film-coated tablets of atorvastatin (as calcium) + fenofibrate, with a dosage strength of 20mg/160mg, used to treat high cholesterol, will be VAT-exempt as well.

Medicines to treat hypertension, such as metoprolol tartrate + ivabradine (as hydrochloride) filmcoated tablets with dosage strengths

Corp. (RCBC).

The BSP lowered the key policy rate by 25 basis points to 5.25 percent and signaled another 25-basis points rate cut for the rest of the year.

However, the Israel-Iran war, as well as the surprise attacks of the

United States on Iran’s nuclear facilities, led to higher global crude oil prices and a weaker Philippine peso, Ricafort said.

“Both [factors] would lead to some pick up in importation costs and overall inflation that could potentially reduce and/or delay future US Federal Reserve rate cuts and BSP rate cuts,” Ricafort said.

The Bureau of the Treasury (BTr) only raised last Monday a total of P24.6 billion, P400-billion short of the P25 billion programmed for auction.

The auction committee made a partial award of the 91-day government IOUs, upsized the volume of 181-day debt papers and fully awarded the 364-day T-bills.

Total tenders for the government securities reached P65.470 billion, 2.6 times oversubscribed the P25 bil-

Tof 50mg/5mg and 25mg/5mg, will be VAT-free.

Moreover, lamotrigine, a medicine for mental illness, will also be exempted from VAT. This includes the dispersible/chewable tablet with a dosage strength of 5mg, the 25mg oral dispersible tablet and the 25mg tablet.

Meanwhile, film-coated tablets of baricitinib with dosage strengths of 2mg and 4mg used for the treatment of cancer were deleted from the list of VAT-exempt medicines. This is due to the pharmacologic category of the drug, which is a selective immunosuppressant with an approved indication for the treatment of moderate to severe active rheumatoid arthritis, atopic dermatitis and alopecia areata, the RMC read.

The circular comes after the Food and Drug Administration (FDA) Director General Paolo S. Teston endorsed updates to the list of VATexempt products under Create Act and RA 10963 or the “Tax Reform for Acceleration and Inclusion” law. Both laws exempt medicines for the prevention and management of diabetes, hypertension, cancer, high cholesterol, mental illnesses, tuberculosis and kidney diseases, as well as medicines and medical devices specifically used for the prevention and treatment of Covid-19 from VAT.

The Department of Health and the FDA identify which specific medicines are included in the List of VAT-Exempt Health Products, and this list is transmitted to the BIR. Reine Juvierre S. Alberto

HE Department of Budget and Management (DBM) authorized the creation of 4,000 more teaching positions in public schools for 2025.

A statement issued by the DBM last Monday read that Budget Secretary Amenah F. Pangandaman approved the second batch of Teacher 1 (Salary Grade 11) positions to support the hiring of more teachers in public schools.

The approval comes after the Department of Education (DepEd) requested 20,000 new teaching positions for the school year 2025 to

lion offering. Demand is also lower than the P74.205 billion from the previous auction.

Investors’ asking yields for the 91-day T-bills averaged 5.530 percent, 7.1 basis points higher than last week’s average yield of 5.459 percent. Yields were as low as 5.450 percent to as high as 5.555 percent.

Due to the demands of higher returns, the committee only accepted P4.4 billion. The amount tendered was P20.490 billion, or 2.5 times oversubscribed the P8 billion offering.

Meanwhile, the average yield of the 181-day T-bills settled at 5.557 percent, also up by 3.4 basis points from the previous 5.523 percent. The lowest yield for the tenor was 5.522 percent, while the highest was set at 5.588 percent.

The auction committee doubled

2026.

As such, a total of 1,658 teaching positions will be open for kindergarten and elementary, 391 for junior high school and 1,951 for senior high school were greenlit by the DBM.

“This is on top of the initial 16,000 positions under Batch 1 that we already approved in May this year. So now, the full 20,000 positions requested by DepEd for 2025 have been completed and approved,” Pangandaman was quoted in the statement as saying.

According to the DBM, the funding requirements will be sourced

THE Sun Life of Canada (Philippines) Inc. announced on Monday the appointment of Jonathan Juan D.C. Moreno as the life insurer’s new president.

Moreno graduated from the Philippine Military Academy and “is known for his ability to drive strategy execution and lead organizational transformation.”

the accepted non-competitive bids for the 181-day T-bills to P6.4 billion, upsizing the volume it awarded to P11.2 billion. Tenders amounted to P25.125 billion, or 3.1 times oversubscribed the P8 billion offering.

Further, the 364-day debt papers fetched an average yield of 5.655 percent, slightly lower by 0.2 basis points from 5.657 percent last week. Yields ranged from a low of 5.550 percent to a high of 5.695 percent.

The T-bills were awarded in full at P9 billion, as tenders reached P19.855 billion or 2.2 times oversubscribed.

Compared to the secondary benchmark rates, yields of the 191day and 364-day T-bills are higher than the Philippine Bloomberg Valuation (PHP BVAL) rates.

The PHP BVAL rates are 5.471

from the DepEd’s “Built-in Appropriations” under the 2025 General Appropriations Act.

This is specifically lodged under the “Program/Activity/Project-New School Personnel Positions,” which amounts to P4.194 billion.

The DBM regional offices will be coordinating with DepEd for the issuance of “Notices of Organization, Staffing, and Compensation Action” (NOSCAs) and the release of funds, which will only cover teaching positions that have been successfully filled.

Earlier, the DBM also approved 10,000 non-teaching posts to im-

percent for the three-month, 5.621 percent for the six-month and 5.684 percent for the one-year tenors as of June 23.

This June, the Treasury generated a total of P110.6 billion, more than the P100-billion borrowing program for T-bills. As of the end of April, the government has borrowed P1.135 trillion, or 44.59 percent of the P2.545-

prove the education system’s workforce. The approved positions will be for Administrative Officer II posts, classified under Salary Grade 11, and will be deployed across elementary schools, junior high schools and senior high schools in all regions nationwide.

According to DepEd, more than 27.012 million students enrolled in elementary and high schools nationwide for the school years 2024 to 2025, comprising students from public and private schools, as well as those in the “Alternative Learning System.” Reine Juvierre S. Alberto

PBy Erik Wasson Bloomberg

RESIDENT Donald Trump’s taxand-spending agenda is nearing a climactic vote in the Senate this week in the wake of air strikes on Iran, which risk embroiling the US in a prolonged Middle East conflict.

Trump’s $4.2 trillion tax-cut package, partially offset by social safety-net reductions, does not yet have the support it needs to pass the Senate. Fiscal hawks seeking to lower the bill’s total price tag are at odds with Republicans worried about cuts to Medicaid health coverage for their constituents and phase-outs to green energy incentives that support jobs in their states.

Finessing a deal to line up the votes will require focus—and a bit of arm-twisting—from Trump, who is juggling both a pivotal week for his domestic agenda alongside a highly uncertain situation in Iran following the US strikes.

Renewable energy incentives continue to divide the party as well, with some conservatives pushing for a faster phase-out of tax breaks for wind, solar, nuclear, geothermal and hydrogen. Other senators are angling to keep the breaks in place for projects that have already begun.

Senators will also find themselves in talks with some of their House counterparts over the state and local tax, or SALT, deduction. The Senate bill would keep the current $10,000 cap in place, while the House-passed version would raise it to $40,000.

Several House members from hightax states, including New York, New Jersey and California, have threatened to block the bill if it doesn’t include a $40,000 SALT cap.

G-Xchange also recently launched “Buy Load Plus Health Insurance” selling tack, where customers purchasing mobile load credits with the GCash app can receive free health and accident insurance.

Eligible users can get up to P30,000 in free accident and health insurance benefits. A hospital income coverage of P500 per day for up to 5 days can also be obtained if users are unable to work. These benefits come at no additional cost or obligation, according to G-Xchange.

“Micro-insurance provides a practical way to extend financial protection to those who have traditionally been uninsured or under-insured, especially where communities often face the greatest need for financial protection but have limited access to traditional insurance products,” the company said through its statement. Reine Juvierre S. Alberto

from various insurance providers, the company’s statement read. Users can choose from over 48 insurance products tailored for their lifestyle needs, such as coverage for health, life, travel and more within the app’s “Marketplace” segment. GCash users can also protect themselves when transacting online using the e-wallet through “Express Send Scam Insurance.” This non-life insurance provides personal cyber protection from common types of scams for P30 for up to 30 days, the company explained.

In a statement, Sun Life said Moreno has been designated as president as a “strategic leadership move” to reinforce the company’s commitment to strengthening its position as the country’s top life insurer.

“In a rapidly changing world, we are accelerating our transformation to be a future-ready and Client-centric leader in the industry. The possibilities are endless, and Sun Life is ready to lead the way,” Moreno was quoted as saying in the statement.

Prior to his appointment, Moreno served as president and CEO of AF Payments Inc., the fintech company behind Beep cards used in public transportation. According to Sun Life, he also held leadership roles across various industries, with over 20 years of experience as a seasoned business executive.

The insurer added that

Sun Life Philippines CEO and Country Head Benedict Sison said Moreno’s appointment is a significant step in the company’s journey as it strives to improve Sun Life’s impact on Filipinos.

“His proven track record of achieving results with integrity, combined with his transformational leadership, will be instrumental as we continue to evolve to meet the changing needs of our Clients and advisors,” Sison said.

Sun Life expects Moreno to bring fresh perspectives and renewed energy to the organization.

“His appointment underscores Sun Life’s unwavering commitment to helping Clients achieve lifetime financial security and live healthier lives,” the life insurer said.

Sun Life booked a premium income of P15.13 billion as of the first quarter of 2025, the highest among the life insurance industry. Reine Juvierre S. Alberto

Trump on Sunday, as US officials and foreign leaders were still digesting what the attacks on Iranian nuclear sites will mean for Middle East stability, urged members of his party to swiftly pass the tax bill.

“Great unity in the Republican Party, perhaps unity like we have never seen before. Now let’s get the Great, Big, Beautiful Bill done. Our Country is doing GREAT,” Trump said on social media.

Senate Republicans plan to begin the multi-step process to vote on Trump’s tax and spending cut bill mid-week, setting up final passage in the latter half of the week or over the weekend. That timeline would allow the House to vote on the latest version next week and meet Trump’s goal of enacting his signature bill by July 4.

Meeting that ambitious deadline will require senators to quickly negotiate resolutions to a series of thorny policy issues that have divided Republicans for weeks.

Senate Majority Leader John Thune must balance demands by fiscal conservatives for deeper spending cuts with qualms from moderate Republicans concerned the bill goes too far in making people ineligible for Medicaid and cutting funding for rural hospitals.

The Senate has some negotiating room to increase the SALT cap. The bill, per Senate rules, can lose up to $1.5 trillion over a decade. But a new estimate from the non-partisan Joint Committee on Taxation, found the legislation only costs $441 billion over ten years—after deploying a budget gimmick that assumes the $3.8 trillion cost of extending Trump’s first-term tax cuts cost nothing.

Democrats are locked out of the dealmaking, with Trump able to pass his agenda on Republican votes alone. But they have been able to use arcane Senate rules to successfully challenge and strike some provisions from the bill if the Senate parliamentarian declares the measures aren’t sufficiently related to taxes, spending or the budget.

The tax bill is the core of Trump’s economic agenda combined into a “big, beautiful bill.” The Senate version makes permanent individual and business tax breaks enacted in 2017, while adding new breaks for tipped a nd overtime workers, seniors and car-buyers.

The bill would allow hundreds of billions of dollars in new spending for the military, border patrol and immigration enforcement. To partly pay for the revenue losses, the bill imposes new work and cost-sharing requirements for Medicaid and food stamps while cutting aid to students.

The measure would also avert a US payment default as soon as August by raising the debt ceiling by $5 trillion.

Art BusinessMirror

Rising Core House: The solution to PHL’s housing backlog?

GIVEN the country’s worsening housing backlog, estimated by a United NationsHabitat report to increase from 6.5 million to 22 million by 2040, what if there was a way to build a home that’s both affordable and aspirational, compact yet comfortable?

The question led Architect Albert Zambrano to come up with what he believes could be the answer: a scalable, adaptable and economically realistic design concept that applies the idea of incremental building development. The project, called Rising Core House (RCH), figures among the showpieces of an ongoing exhibit at Yuchengco Museum in Makati, which presents proposals from contemporary Filipino architects who dare to rethink what homes, buildings, communities and cities could become, as well as their values, hopes and challenges. The show, titled Architecture and Urban Design Visions: The Power of the Imagined Unbuilt Works by Filipino Architects, is on view until June 27.

conditions over time.”

“The rationale for the model is the need to create sustainable livelihoods and shelter for the increasing number of poor families in this rapidly urbanizing world,” Zambrano writes in a feature story for espasyo a journal of Philippine architecture and applied arts.

The Manila-born Zambrano has a degree in architecture from the University of Santo Tomas and a Diploma in Urban and Regional Planning from the University of the Philippines-Diliman. Also a painter and a sculptor, the architect is currently involved with research, planning and design of urban housing while teaching at the Mapua Institute of Technology.

Zambrano’s RCH is founded on the idea that the poor should not remain poor. The concept, he says, creates opportunities for them to evolve their potentials by “harnessing their own initiatives, creativity, energies and resources to improve their

“The RCH was conceptualized by combining the characteristics of vernacular architecture with organic slum development patterns and sustainable building approaches,” he writes. “The development process is analogous to the shell growth of the chambered nautilus: as the body of the nautilus grows, so does its shell grow in stages. The housing model, in the same manner, can grow in stages as families grow and as extended families are added to the household.”

It’s a vision that breaks away from the typical mass housing in the Philippines, which lacks imagination and room for livability or adaptability. The RCH, on the contrary, is designed as a structure that can grow with its residents, offering a technical and economic template that developers can adopt at scale. It’s made adjustable to different lot shapes, customizable for various site conditions, and cost-effective without cutting corners on comfort or climate responsiveness.

Sustainability is another key facet of the RCH. The design highlights cross-ventilation, natural light, green walls, and sun shading, all without costly mechanical systems. Its roof, for instance, is built to host a rainwater harvesting network. The collected water can then be reused for sanitation, cleaning, garden irrigation, and house cooling. Meanwhile, a vertical edible garden, which often feels like a luxury in urban projects, becomes part of the daily life of the home.

Although the Rising Core House is yet to be built physically on the ground, Zambrano believes the RCH is the type of home design that is smart, flexible, and rooted in real Filipino contexts. It proves especially valuable today when land is scarce, budgets are tight, and climate grows harsher every year.

Architecture and Urban Design Visions is presented by the United Architects of the Philippines Makati Chapter. It runs until this Friday, June 27, at the Yuchengco Museum in

Makati

Filipino visual artist Miguel Lorenzo Uy shares creative process in talk

FILIPINO visual artist Miguel Lorenzo

Uy will illustrate the artistic perspective behind his media-based practice during a talk at the 12th Floor Screening Room of the DLS-CSB Design + Arts Campus on June 26, 2025.

The talk event was organized by the Museum of Contemporary Art and Design (MCAD) as part of the public programs for the ongoing exhibition Moments of Delay Moments of Delay features the second iteration of Screen (2021/2025), Uy’s multi-layered large-scale wall installation that creates parallels between the theories of the beginning of the universe and

technological static.

First presented in 2021, Screen is a site-specific silkscreen pattern directly printed on the walls of MCAD. It uses CMYK, a subtractive color system corresponding to cyan, magenta, yellow and key (black), achieved by eliminating certain spectrums of light.

Uy, a Multimedia Arts graduate of the De La Salle-College of Saint Benilde (DLSCSB), recreates static lines and glitches displayed on television screens—visual manifestations of faulty connections or malfunctioning electronic devices.

It is believed that a fraction of the static

emitted from our televisions originates from the heart of the Big Bang. A small percentage of this cosmic hum is, in fact, a sliver of the chaos of all energies that exist beyond human perception and experience.

The processes involved in translating this cosmic phenomenon into a silkscreen pattern reveals the intersection—and transformation—between the analog and the digital, the man-made and the machine-made, the painstaking individual labor and mass production.

The talk is scheduled at 3 pm. Interested participants may register through tinyurl.com/MiguelLorenzoUy.

VIRGO (Aug. 23-Sept. 22): Be discreet, handle your responsibilities and finish what you start. Refuse to let what others do or say interfere with your progress. Choose the path that allows you to show off your talents and value instead of letting someone light the fuse that leads to regression and anger. ★★

LIBRA (Sept. 23-Oct. 22): Share what’s necessary, but don’t reveal information that will place you in a vulnerable position. Nurture partnerships; listen, respond and offer positive reinforcement, and you’ll get the desired results and a shift in how others treat you. ★★★★★

SCORPIO (Oct. 23-Nov. 21): Speak your mind, get your point across and move on to what’s important to you. Your time is valuable, and opportunities require your immediate attention. Changing how you handle others will help you gain respect and the support you need to reach your goal. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Improve your surroundings, but don’t go over budget. Haste makes waste, and snap decisions will cost you. Listen to reason before you sign contracts that lock you into something you cannot afford. You are best to put your energy into bringing more cash in than letting it slip through your fingers. ★★★

CAPRICORN (Dec. 22-Jan. 19): Nurturing will help smooth any uncertainty or disagreements you have with someone you value. Fix up your personal space to suit your needs. Network and share information with people who can help you bring about positive change personally and professionally. Romance is in the stars. ★★★

AQUARIUS (Jan. 20-Feb. 18): Get active, and you’ll be ready to conquer the world. Refuse to let the changes others make interfere with your plans. Overspending to appease someone will not help you gain respect or manipulate others to do or see things your way.

PISCES (Feb. 19-March 20): Put your feelings aside and concentrate on being and doing your best. Home improvements, networking, marketing and promoting what you offer will bring stellar results. Don’t pass up an opportunity

Brothers Rayver and Rodjun

BROTHERS Rayver and Rodjun Cruz are busy with their respective shows on GMA Network and both excitedly kept us updated recently.

Rodjun is part of Stars on the Floor, the latest celebrity dance program of GMA Network, inspired by Dancing with the Stars

Together with other celebrities and digital dance personalities, Rodjun will show off his exemplary dance skills and try to “outdance” the other competitors. The new program aims to feature the best moves and showcase these celebrities in various dance styles, highlighting unique dance collaborations.

“I am thrilled to be part of this new dance show because it will help me polish my dance skills, and at the same time, I am excited to learn about different

By Jake Coyle The Associated Press

NEW YORK—Neither Pixar nor zombies were enough to topple How to Train Your Dragon from the No. 1 slot at North American box offices over the weekend. The Universal Pictures live-action remake remained the top film, bringing in $37 million in ticket sales in its second weekend, despite the sizeable new releases of Elio and 28 Years Later, according to studio estimates on Sunday. How To Train Your Dragon has rapidly amassed $358.2 million worldwide.

Six years after its last entry, the Dean DeBloisdirected How To Train Your Dragon has proven a potent revival of the DreamWorks Animation franchise. A sequel is already in the works for the $150 million production, which remakes the 2010 animated tale about a Viking boy and his dragon.

Pixar’s Elio had a particularly tough weekend. The Walt Disney Co. animation studio has often launched some of its biggest titles in June, including Cars, WALL-E and Toy Story 4. But Elio, a science fiction adventure about a boy who dreams of meeting aliens, notched a modest $21 million, the lowest opening ever for Pixar.

“This is a weak opening for a new Pixar movie,”

dance styles like disco, jazz, ballroom, even hip-hop, and various Latin movements and steps,” he enthused.

Rodjun and his fellow contestants will be judged by a panel composed of Marian Rivera, Pokwang and Coach Jay Roncenvalles (choreographer of SB19).

“This new show also aims to give our local dance community a big push in terms of exposure because it will open big doors for upcoming choreographers, online content creators, dance proteges, showcasing how rich and ready our local dance culture community has evolved,” Rodjun added.

Aside from Rodjun, appearing also are celebrities like Glaiza de Castro, Zeus Collins, Thea Astley, Joshua Decena, Faith da Silva. Korean dance sensation Dasuri Choi, Tiktok star JM Yrreverre, Kaki Almeda and Vxon Patrick Rocamora will try to win the coveted grand prize.

When he is away from work, Rodjun enjoys fatherhood tremendously. “I have so much fun being with my two kids, playing with them, feeding them, going out with them, just watching them grow. Every experience with them is really priceless. The most recent Father’s Day was extra special. Now that we have kids, my wife Dianne never fails to show me that I am very much appreciated.”

Meanwhile, Rayver is back as main program host on the new season of The Clash. “This show is like a gift that never stops giving. When I moved to GMA years ago and was assigned to host this singing competition,

I immediately felt like it was more than a job. The people in the show warmly embraced me and made me feel so at home. Some of you are aware that it was in this show where I got really close to the person who would eventually become the greatest love of my life, and for that alone I am more than grateful.”

He is of course referring to Julie Ann San Jose, who was swept off her feet by Rayver’s charm, charisma, kindness, many gifts and skills, and his effortless masculinity. “All is well in my personal life,“ he reiterated, adding, “I’ve never been happier!”

Both Rayver and Julie Ann are eager to be back on Sunday primetime for The Clash because for this season, the show will bring back a powerhouse roster of 12 contenders from past seasons who made their marks but failed to win.

“The competition is definitely more intense this time, because the contenders who are already seasoned singers will also be joined by a group of new ‘Clashers,’ so I can safely say that it will definitely be a tight battle as each week of the show progresses,” shared Rayver. He added that the original hosts from the past seasons are back: Lani Misalucha, Christian Bautista and AiAi de las Alas, but their jobs will surely be much more difficult this time.

Brothers Rodjun and Rayver Cruz are having the best times of their lives, and they both deserve the success and the personal bliss they are enjoying right now.

said David A. Gross, who runs the movie consulting firm FranchiseRe. “These would be solid numbers for another original animation film, but this is Pixar, and by Pixar’s remarkable standard, the opening is well below average.” Elio, originally set for release in early 2024, had a bumpy road to the screen. Adrian Molina—codirector of Coco—was replaced mid-production by Domee Shi (Turning Red) and Madeline Sharafian. Back at Disney’s D23 conference in 2022, America Ferrera appeared to announce her role as Elio’s mother, but the character doesn’t even exist in the revamped film. Disney and Pixar spent at least $150 million making Elio, which didn’t fare any better

internationally than it did in North America, bringing in just $14 million from 43 territories. Pixar stumbled coming out of the pandemic before stabilizing performance with 2023’s Elemental ($496.4 million worldwide) and 2024’s Inside Out 2 ($1.7 billion), which was the company’s biggest box office hit. Elemental was Pixar’s previously lowest earning film, launching with $29.6 million. It rallied in later weeks to collect nearly half a billion dollars at the box office. The company’s first movie, Toy Story, opened with $29.1 million in 1995, or $60 when adjusted for inflation. It remains to be seen whether Elio’s decent reviews and “A” from CinemaScore audiences can lead it to repeat Elemental’s trajectory.

GMA NETWORK WELCOMES ASIAN ACADEMY OF CREATIVE ARTS EXECS DURING COURTESY VISIT

THE country’s leading broadcast media company, GMA Network, received top executives from the Asian Academy of Creative Arts (AACA) during a courtesy visit held at the GMA Network Center on June 18.

Representing the AACA were president Michael McKay and CEO Fiona McKay. The visit highlighted the importance of producing and supporting creative content development in the Asia Pacific region through various training and collaborations.

Giving a warm reception from GMA were some of the network’s executives, led by senior vice president for corporate strategic planning and business development, chief risk officer, and head of program dupport Regie C. Bautista and senior vice president and head for GMA Integrated News, Regional TV and Synergy Oliver Victor B. Amoroso. They were joined by vice president and head of corporate affairs and communications Angela Javier Cruz; officer in charge and vice president for drama Cheryl Ching-Sy; vice president for musical, variety, specials, and alternative productions for GMA Entertainment Group Gigi Santiago-Lara; and officer in charge for program management Mildred G. Garcia.

In a message where she acknowledged AACA’s commitment to upholding excellence in the content industry, Bautista said, “Global distinctions such as yours help fuel our passion in continuously creating content that resonate among our viewers and bring pride to our country. We applaud the AACA for recognizing and celebrating the best in our industry, for our shared vision of nurturing the next generation of media leaders and practitioners, and in helping elevate the region’s competitiveness in the global market.”

Speaking about GMA’s content production efforts, AACA president Michael McKay said, “We’ve always loved seeing the creativity that comes out of GMA and the Philippines. We love to see the thought processes that come from the content. We like to see the way you approach things. It’s really tremendous, and it’s been great to watch GMA’s work over the years.”

In 2024, various programs and personalities of GMA Network earned accolades at the Asian Academy Creative Awards. Additionally, SantiagoLara was appointed Philippine Ambassador to the Asian Academy of Creative Arts for 2025.

The AACA honors creative excellence in the content industry. Its annual awards ceremony, the Asian Academy Creative Awards, celebrates the finest among the 17 nations in the region while also fostering strong partnerships with leading broadcast media organizations such as GMA Network.

With most schools on summer break, the competition for family audiences was stiff. Disney’s own Lilo & Stitch, another live-action remake, continued to pull in young moviegoers. It grossed $9.7 million in its fifth weekend, bringing its global tally to $910.3 million.

28 Years Later signaled the return of another, far gorier franchise. Director Danny Boyle reunited with screenwriter Alex Garland to resume their pandemic apocalypse thriller 25 years after 28 Days Later and 18 years after its sequel, 28 Weeks Later The Sony Pictures release opened with $30 million. That was good enough to give Boyle, the filmmaker of Slumdog Millionaire and Trainspotting, the biggest opening weekend of his career. The film, which cost $60 million to make, jumps ahead nearly three decades from the outbreak of the so-called rage virus for a coming-of-age story about a 12-yearold (Alfie Williams) venturing out of his family’s protected village. Aaron Taylor-Johnson, Jodie Comer and Ralph Fiennes co-star. Reviews have been good (90 percent fresh on Rotten Tomatoes) for 28 Years Later, though audience reaction (a “B” CinemaScore) is mixed. Boyle has more plans for the zombie franchise, which will next see the release of 28 Years Later: The Bone Temple next year from director Nia DaCosta.

28 Years Later added another $30 million in 59 overseas markets.

After its strong start last weekend with $12 million, A24’s Materialists held well with $5.8 million in its second weekend. The romantic drama by writerdirector Celine Song and starring Dakota Johnson, Pedro Pascal and Chris Evans has collected $24 million so far.

Next weekend should also be a competitive one in movie theaters, with both F1, from Apple and Warner Bros., and Universal’s Megan 2.0 launching in cinemas.

PHL EPR Feats Highlighted at Packaging Asia event

As sustainability regulations become more robust across Southeast Asia, Mondelēz International in the Philippines is contributing its experience and learning in plastic stewardship to support broader efforts in Southeast Asia. The company was represented during the recently held “Sustainability in Packaging Asia” event held in Singapore on June 5 and 6, 2025, together with its partner PCX Markets, to share its joint journey towards sustainability compliance and community involvement.

At the core of its sustainability efforts is Mondelēz International’s global #SustainableSnacking strategy, focused on making snacks the right way by using less plastic packaging, designing packaging to be more recyclable, and supporting plastic recovery systems to deliver meaningful environmental impact while empowering communities

In the Philippines, Mondelēz International has been at the forefront of Extended Producer Responsibility (EPR) implementation, turning legislative compliance into a platform for broader sustainability action. Through its collaboration with PCX Markets, the company has not only met its recovery obligations but exceeded them, earning the Plastic Cleanup Partner (PCP) badge, awarded to companies that have exceeded the plastic recovery requirement of the EPR law.

“Our sustainability mission is two-fold: to make an impact where it matters most, and to support change where the world needs it,” said Caitlin Punzalan, Corporate and Government Affairs Lead for Mondelēz Philippines. “In the Philippines, this means transforming global commitments into practical, verifiable action—and building models that others in the region can learn from. Our support for the EPR law is proof of this, where we not only meet the requirement for collection and diversion of 20-80% of our post-consumer plastic packaging, but we have also exceeded it since 2023.”

One of the standout programs under this mission is the Aling Tindera network, a community-based plastic collection initiative supported by the company in

Aling Jack is part of the Aling Tindera program.

partnership with Friends of Hope and PCX Markets. Friends of Hope is a non-profit organization that invests in education, environment, and agriculture.

“Through this initiative, female microentrepreneurs are upskilled to serve as their respective communities’ sustainability champions—collecting plastic waste while augmenting their income to enable them to provide for their families and inspire sustainable values within their communities,” shares Rudi Ramin, PCX Markets’ Commercial Director.

At 57, Jackielyn Mitra, or “Aling Jack,” has taken on a new role that blends her passion for keeping Brgy. BF Homes, Parañaque, clean with her dreams for a brighter future. Formerly a street sweeper, she has long been an advocate for environmental care.

Supported by Mondelēz International, Aling Jack’s plastic collection site launched in November 2024, filling her with hopes for the future. Six months later, as she has taken on the role of BF Homes’ Aling Tindera, Aling Jack has become fondly known in her community.

“Nakilala nila ako kasi tuwing makikita ako kahit saang lugar, tinatawag nila akong ‘Aling Tindera’ eh.” (“They recognize me because each time I’m seen anywhere, they call me ‘Aling Tindera.’”)

There is never a dull moment as an Aling Tindera, with people from Aling Jack’s community frequently calling on her to donate their plastics. On a normal day, she receives plastic waste from

around ten different individuals, each of whom donates around three to five kilograms of plastic to her—sometimes even ten kilograms!

Truly, the Aling Tindera Program is met with much support from the community of Brgy. BF Homes. Residents regularly drop off their plastics to Aling Jack—some pass by in their car or on foot, and some stop by after church. Street sweepers in her community also collect PET bottles from their shift and bring them to her afterward.

Complementing its community-led efforts is a robust packaging strategy that supports upstream circularity. As of the end of 2024, 96 percent of Mondelēz International’s packaging globally is designed to be recyclable, with packaging innovations in key markets like the UK and Ireland already incorporating up to 80 percent recycled plastic content for Cadbury Dairy Milk chocolate packaging. The company continues to work towards reducing virgin plastic use by five percent by 2025, compared to 2020 levels.

“We believe in walking the talk when it comes to sustainability,” Punzalan said. “Our work in the Philippines together with our partners is proof that bold, datadriven, community-rooted action can create lasting impact. We’re proud to make snacks the right way—with packaging that’s designed for circularity, recovery programs that empower communities, and actions that support a future where businesses grow by doing what’s right for people and the planet.”

Honda, Stakeholders Reaffirm Road Safety Advocacy Through One Honda Road Safety Event

assist system technology. The day was split into an insightful morning program and practical safety demonstrations in the afternoon. The road safety awareness seminar in the morning tackled topics on safe driving and riding behavior, hazard prediction, tips on preventive maintenance and common vehicle emergencies, and vehicle safety technology. To put these lessons into practice,

Departure Warning (LDW) Auto High Beam (AHB). Included with the All-New CR-V RS e:HEV CVT variant is the Adaptive Driving Beam (ADB), an intelligent LED headlight that helps enhance visibility as well as adjusting the height of the light beam to avoid dazzling the car in front and pedestrians.

Lead Car Departure Notification (LCDN) On the other hand, HPI’s latest motorcycle lineup comes

NUTRIASIA , the maker of the Philippines best condiments and sauces, joined other supportive companies, water advocacy groups, representatives of various consulates, non-government and development organizations in the launch of the Fair Water? Exhibit at the Ayala Museum last May 27, 2025.

The Fair Water? Exhibit is an initiative of the Ramon Magsaysay Award Foundation (RMAF) in partnership with the Asian Development Bank (ADB), the Ayala Foundation and the University of Oxford. The mobile exhibition which serves as a platform for intergenerational learning and action focused on equitable access to clean water will run until August 28 at the Ayala

Museum and will feature free talks organized by the Ramon Magsaysay Transformative Leadership Institute (RMTLI) every Saturday within the exhibit period.

RMTLI Director Joy Alampay acknowledged the support from Nutriasia. “We are happy that Nutriasia, one of the biggest FMCG companies in the Philippines, warmly accepted our invitation to be a part of this noteworthy initiative. We hope that our collaboration inspires other organizations to support our advocacy for sustainable access to clean water for all.” For the full schedule of talks and activities, visit Fair Water Manila’s Facebook (https://www.facebook.com/fairwatermnl) and Instagram (https://www.instagram. com/fairwatermnl/).

with features designed to keep riders safe. The Anti-Lock Braking System (ABS), and Combined Braking System (CBS) technology helps provide smooth, controlled braking and improves overall braking efficiency. RoadSync, on the other hand offers convenience and easy access to calling, messaging, navigation, and music while riding which is now present with The All- New PCX160 model.

Other safety features on Honda motorcycles include: Emergency Stop Signal (ESS) a safety feature that flashes hazard lights when the bike brakes suddenly, warning drivers behind.

Automatic Headlights On (AHO) Automatically turns on the headlights when the engine starts, helping keep the rider visible anytime.

Amid the numerous vehicular accidents in the Philippines lately, Honda conducted this event to reaffirm its commitment to its 2050 safety goal of a collision free society, having no road accidents involve any Honda vehicle, and its 50 percent halfway goal by 2030.

Achieving this goal would mean a great deal to Honda as it promotes the safety of everyone sharing the road, not just drivers. Honda would like to remind everyone to always stay safe and actively educate themselves on road safety awareness and education to work towards this goal together.

For more information on Honda’s safety advocacy, visit https://global.honda/en/safety/policy/. Learn more about Honda SENSING at https://www.hondaphil.com/ technology/honda-sensing and view Honda SENSINGequipped models at https://www.hondaphil.com/ virtual-honda. Latest models and dealerships of HPI may be found at https://www.hondaph.com/. Lastly, explore HSDC’s driver learning and training services for both cars and motorcycles at https://www.hondaph.com/ training-courses.

Well-Fest Weekend Inspires Calm, Connection at Dusit

USITD2 Davao and Dusit Thani

DResidence Davao marked a significant highlight of Well-Fest 2025 with the Well-Fest Weekend held on June 14 and 15, 2025, inviting guests to rediscover wellness through a deeply immersive and enriching experience.

The celebration continues all month long, inviting the Davao community and travelers alike to embrace balance, connection, and self-care.

Part of Dusit Hotels & Resorts’ global initiative, Well-Fest 2025 carries the theme “It’s Time to Rediscover,” promoting holistic wellbeing through engaging experiences that are rooted in culture, mindfulness, and community.

On June 15, the “Feel. Release. Renew.” workshop brought together sound healing, breathwork, emotional release, and intuitive painting in a safe, reflective space—powered by a meaningful collaboration with Moon Tribe Project. Guests left feeling recharged, having nourished both body and spirit through a healthy brunch and grounding time with like-minded individuals.

Adding flavor to the weekend, the “Good Grub for Grabs” wellness cart at the Courtyard Pool Deck offered nutritious snacks, vibrant bowls, and refreshing drinks—a hit among wellness-conscious guests looking for delicious, mindful options.  Guests can still enjoy the full Well-Fest 2025 experience until June 30. At dusitD2

Davao Hotels

Davao, the D’Fit Membership Program rewards wellness with spa privileges and pool access, while Dusit Thani Residence Davao continues its participation in Duaw Davao with Namm Spa’s discounted treatments like the Hilot Heritage Ritual and Dabawenyo Coffee Scrub—offering a blend of tradition and tranquility.  Well-Fest 2025 runs until June 30 at Dusit Davao Hotels. For event details, spa and gym offers, and special room packages, visit www.dusit.com/dusitd2-davao or follow their social media pages: Facebook: dusitD2 Davao | Dusit Thani Residence Davao Instagram: @dusitd2davao | @ dusitthaniresidencedavao

Confidential brief to ICC accuses Russia-linked Wagner of promoting atrocities in West Africa

By Monika Pronczuk & Sam Mednick

The Associated Press

DAKAR, Senegal—The International Criminal Court has been asked to review a confidential legal report asserting that the Russia-linked Wagner Group has committed war crimes by spreading images of apparent atrocities in West Africa on social media, including ones alluding to cannibalism, according to the brief seen exclusively by The Associated Press.

In the videos, men in military uniform are shown butchering corpses of what appear to be civilians with machetes, hacking out organs and posing with severed limbs. One fighter says he is about to eat someone’s liver. Another says he is trying to remove their heart.

Violence in the Sahel, an arid belt of land south of the Sahara Desert, has reached record levels as military governments battle extremist groups linked to alQaida and the Islamic State group. Turning from Western allies like the United States and France, the governments in Mali, Burkina Faso and Niger have instead embraced Russia and its mercenary fighters as partners in offensives.

Observers say the new approach has led to the kind of atrocities and dehumanization not seen in the region for decades. Social media offers a window into the alleged horrors that often occur in remote areas with little or no oversight from governments or outside observers.

Experts say the images, while difficult to verify, could serve as evidence of war crimes. The confidential brief to the ICC goes further, arguing that the act of circulating the images on social media could constitute a war crime, too. It is the first such argument made to the international court.

“Wagner has deftly leveraged information and communications technologies to cultivate and promote its global brand as ruthless mercenaries. Their Telegram network in particular, which depicts their conduct across the Sahel, serves as a proud public display of their brutality,” said Lindsay Freeman, director of the Technology, Law & Policy program at the Human Rights Center, UC Berkeley School of Law. Under the Rome Statute that created the ICC, the violation of personal dignity, mainly through humiliating and degrading treatment, constitutes a war crime. Legal experts from UC Berkeley, who submitted the brief to the ICC last year, argue that such treatment could include Wagner’s alleged weaponization of social media.

“The online distribution of these images could constitute the war crime of outrages on personal dignity and the crime against humanity of other inhumane acts for

psychologically terrorizing the civilian population,” Freeman said. She said there is legal precedent in some European courts for charging the war crime of outrages on personal dignity based predominantly on social media evidence.

The brief asks the ICC to investigate individuals with Wagner and the governments of Mali and Russia for alleged abuses in northern and central Mali between December 2021 and July 2024, including extrajudicial killings, torture, mutilation and cannibalism. It also asks the court to investigate crimes “committed through the internet, which are inextricably linked to the physical crimes and add a new dimension of harm to an extended group of victims.”

The Office of the Prosecutor of the ICC said their investigations have focused on alleged war crimes committed since January 2012, when insurgents seized communities in Mali’s northern regions of Gao, Kidal and Timbuktu.

The ICC told the AP it could not comment on the brief but said it was aware of “various reports of alleged massive human rights violations in other parts of Mali,” adding that it “follows closely the situation.”

Wagner did not respond to questions about the videos.

World’s deadliest region for terrorism, think tank says AS the world largely focuses on wars in Gaza, Ukraine and Sudan, the Sahel has become the deadliest place on earth for extremism. Half of the world’s nearly 8,000 victims of terrorism were killed across the territory last year, according to the Institute for Economics and Peace, which compiles yearly data.

While the US and other Western powers withdraw from the region, Russia has taken advantage, expanding military cooperation with several African nations via Wagner, the private security company. The network of mercenaries and businesses is closely linked to Russia’s intelligence and military, and the US State Department has described it as “a transnational criminal organization.”

Since Wagner leader Yevgeny Prigozhin was killed in a plane crash in 2023, Moscow has been developing a new organization, the Africa Corps, as a rival force under direct command of Russian authorities.

Earlier this month, Wagner announced its withdrawal from Mali, declaring “mission accomplished” in a Telegram post.

In a separate Telegram post, Africa Corps said it is staying. In Mali, about 2,000 Russian mercenaries are fighting alongside the country’s armed forces, according to US officials. It is unclear how many have been with Wagner or are with the Africa Corps.

Both the Russian mercenaries and local military allies have shared bloody imagery on social media to claim battlefield wins, observers say.

“The mutilation of civilians and combatants by all sides is disturbing enough,” said Corinne Dufka, a Sahel expert and the former head of Human Rights Watch in the region. “But the dissemination of these scenes on social media further elevates the depravity and suggests a growing and worrying level of dehumanization is taking root in the Sahel.”

The confidential brief, along with AP reporting, shows that a network of social media channels, likely administrated by current or former Wagner members, has reposted content that the channels say are from Wagner fighters, promoting videos and photos appearing to show abuses by armed, uniformed men, often accompanied by mocking or dehumanizing language.

While administrators of the channels are anonymous, open source analysts believe they are current or former Wagner fighters based on the content as well as graphics used, including in some cases Wagner’s logo.

AP analysis of the videos confirms the body parts shown

are genuine, as well as the military uniforms.

The videos and photos, in a mix of French and local languages, aim to humiliate and threaten those considered the enemies of Wagner and its local military allies, along with civilian populations whose youth face pressure to join extremist groups. But experts say it often has the opposite effect, prompting reprisal attacks and recruitment into the ranks of jihadis.

If the videos aim to deter and terrorize, it’s working, some in Mali say.

The ones appearing to show atrocities committed by Malian soldiers “caused a psychological shock in the Fulani community,” a representative of the nomadic community’s civil society told the AP, speaking on condition of anonymity for fear of retaliation. The Fulani are often caught in the middle of the fight against extremism, the focus of violence from both government forces and extremists, and of jihadi recruitment.

Thousands of Fulani have fled to neighboring countries in fear of being victimized, the representative said, and asserted that at least 1,000 others disappeared last year after encountering Mali’s army or allied militias, including Wagner.

Condemnation and investigations IN July last year, a Wagneraffiliated Telegram channel reposted three videos of what appeared to be Mali’s armed forces and the Dozo hunters, a local defense group often fighting alongside them, committing apparent abuses that allude to cannibalism.

One video shows a man in the

“The mutilation of civilians and combatants by all sides is disturbing enough,” said Corinne Dufka, a Sahel expert and the former head of Human Rights Watch in the region. “But the dissemination of these scenes on social media further elevates the depravity and suggests a growing and worrying level of dehumanization is taking root in the Sahel.”

uniform of Mali’s armed forces cooking what he says are body parts. Another shows a man dressed as a Dozo hunter cutting into a human body, saying he is about to eat the liver. In a third video, a group of Dozo fighters roasts what appears to be a human torso. One man carves off a hunk of flesh and tosses it to another.

Mali’s army ordered an investigation into the viral videos, which were removed from X for violating the platform’s rules and put behind a paywall on Telegram. The army chief described it as “rare atrocity” which was not aligned with the nation’s military values, and “competent services” would confirm and identify the perpetrators. It was not clear whether anyone was identified.

A video apparently from Burkina Faso, shared on X the same month, showed an armed man in military pants and sleeveless shirt dancing, holding a severed hand and foot, at one point grinning as the foot dangled from his teeth.

In another, a man in Burkinabe military uniform cuts through what appears to be a human body. He says: “Good meat indeed. We are Cobra 2.” Another man is heard saying: “This is BIR 15. BIR 15 always does well its job, by all means. Fatherland or death, we shall win.”

BIR 15 Cobra 2 is the name of a special intervention unit created by Burkina Faso’s ruler, Ibrahim Traore, to combat extremists. “Fatherland or death” is the motto of pro-government forces. The videos were removed from X and put behind a paywall on Telegram. Burkina Faso’s army condemned the videos’ “macabre acts” and described them as “unbearable images of rare cruelty.” The army said it was working to identify those responsible, adding that it “distances itself from these inhumane practices.” It was not clear whether anyone has been identified.

But “the real force of these stories comes from the fascination and fear they create,” Hoffman said of the videos, with the digital age making rumors of violence even more widespread and effective.

“Whether it is Wagner or local fighters or political leaders, being associated with cannibalism or ritual killings or mutilations is being associated with an extreme form of power,” he said.

Some of the graphic posts have been removed. Other content was moved behind a paywall.

Telegram told the AP in a statement: “Content that encourages violence is explicitly forbidden by Telegram’s terms of service and is removed whenever discovered. Moderators empowered with custom AI and machine learning tools proactively monitor public parts of the platform and accept reports in order to remove millions of pieces of harmful content each day.” It did not say whether it acts on material behind a paywall.

‘White Uncles in Africa’ THE Telegram channel White Uncles in Africa has emerged as the leading source of graphic imagery and dehumanizing language from the Sahel, reposting all the Mali videos. UC Berkeley experts and open source analysts believe it is administered by current or former Wagner members, but they have not been able to identify them. While the channel re-posts images from subscribers, it also posts original c ontent.

In May of this year, the channel posted a photo of eight bodies of what appeared to be civilians, face-down on the ground with hands bound, with the caption: “The white uncles found and neutralized a breeding ground for a hostile life form.” It also shared an image of a person appearing to be tortured, with the caption describing him as a “hostile life form” being taken “for research.” Human Rights Watch has documented atrocities committed in Mali by Wagner and other armed groups. It says accountability for alleged abuses has been minimal, with the military government reluctant to investigate its armed forces and Russian mercenaries. It has become difficult to obtain detailed information on alleged abuses because of the Malian government’s “relentless assault against the political opposition, civil society groups, the media and peaceful dissent,” said Ilaria Allegrozzi, the group’s Sahel researcher. That has worsened after a UN peacekeeping mission withdrew from Mali in December 2023 at the government’s request. That void, she said, “has eased the way for further atrocities”—and left social media as one of the best ways to glimpse what’s happening on the ground.

Other posts shared by alleged Wagner-affiliated channels include images of what appear to be mutilated corpses and beheaded, castrated and dismembered bodies of people, including ones described as extremist fighters, often accompanied with mocking commentary. One post shows two white men in military attire with what appears to be a human roasting on a spit, with the caption: “The meat you hunt always tastes better,” along with an emoji of a Russian flag. It is hard to know at what scale cannibalism might occur in the context of warfare in the Sahel, and actual cases are “likely rare,” said Danny Hoffman, chair in international studies at the University of Washington.

Damian Lillard in Milwaukee and now

By Tim Reynolds

The Associated Press

OKLAHOMA CITY—The promise came three years ago from Oklahoma City general manager Sam Presti. It might have been overlooked for a couple of reasons. One, the Thunder were awful at the time.

Two, he was speaking Latin.

“L abor omnia vincit,” Presti said after the 2021-22 season, quoting a motto of Oklahoma. Depending on how Presti was translating it, it could have been “hard work conquers all” or “slow work conquers all.”

Either way, it applies to the Thunder. They did hard work. They did slow work.

They conquered all. The Thunder—three years removed from winning 24 games—won 84 games this season and are National Basketball Association (NBA) champions after beating the Indiana Pacers, 103-91, in a seven-game NBA Finals slugfest. For the rest of the NBA, this should be a scary development. They have the MVP in Shai Gilgeous-Alexander. He and all of Oklahoma City’s key players are under contract for next season, there’s a 2024 lottery pick in Nikola Topic who didn’t even play this season because of a torn ACL and the Thunder currently have two picks in the top 24 in this year’s draft as well.

They are young; their starters, right now, are 27, 26, 26, 24 and 23. They

talent and advance grassroots sports development in the Ilocos region.

“This project will not only uplift our athletes but will also inspire future generations and strengthen Ilocos Norte’s capacity to craft sustainable world-class sports programs,” Tengco said.

The grant will partially finance the Ilocos Norte Sports Institute and Research (INSPIRE) Training Development Center and Dormitory, a flagship project with a total cost of P400 million. Once completed, the INSPIRE will serve as a hub for highlevel athletic training, sports science research and athlete housing which should

Bones to pick

are bold. And they might—should—be contending for a while. We definitely still have room to grow,” said  Gilgeous-Alexander, the MVP, the NBA Finals MVP, the league’s scoring champion and now, an NBA champion as well. “That’s the fun part of this. So many of us can still get better. There’s not very many of us on the team that are in our prime or even close to it. We have a lot to grow, individually and as a group. I’m excited for the future of this team. This is a great start, for sure.”

And the timing of them hitting this sort of stride is pretty good, too. Plenty of teams have questions going into next season. Oklahoma City isn’t one of them. Jayson Tatum in Boston,

Tyrese Haliburton in Indiana all have Achilles injuries and figure to miss most if not all of next season.

The Los Angeles Lakers’ LeBron James will be going into his 23rd season.

Golden State’s Stephen Curry is turning 38 next season. Kevin Durant, now of Houston (in a trade that’s going to be official in the coming weeks), is going into his 18th season. Philadelphia’s hopes hinge on Joel Embiid coming back healthy. New York will be dealing with a coaching change. Oklahoma City seems to have everything right in place.

“ They have a lot of great players on this team,” Pacers coach Rick Carlisle said.

Chan prevails in ‘Rising Stars’ Morocco leg

By Aldrin Quinto

Filipino Conference.

At the heart of Cignal’s romp was veteran setter Gel Cayuna, who elevated her game from a 21-excellent set showing against the Chargers to an impressive 27-set performance against the Solar Spikers, effectively orchestrating the offense and keeping every player utilized by coach Shaq delos Santos involved.

We talked about being happy in every match,” said the four-time Best Setter Cayuna, who also finished with five points. “We were able to adjust despite the fact that we have new players. Everybody contributed to the victory.”

Jessa Ordiales, who didn’t see action against Akari, made the most of her league debut by delivering three points, including back-to-back hits that stretched Cignal’s lead to 18-11 the third set.

he capped her impressive performance with a block on Trisha Genesis, sealing another dominant one-hour and 29-minute victory for the HD Spikers.

rika Santos again led the scoring charge for Cignal as she followed up her 14-point explosion against Akari with an 11-point effort this time.

ROSELYN DORIA-AQUINO in action against Capital1 on her way to scoring 10 points for Cignal.

part of LIV Golf’s global development arm. C han, who had earlier rounds of 64-72-69, bagged $21,875 from the $125,000 purse.

That moved him to the top of the ADT Order of Merit with a season total of US$38,352.17, ahead of Thailand’s Tawit Polthai with Japan-based Filipino Juvic Pagunsan running third. You know, I couldn’t be any more grateful for being in this position,” Chan said.

A former National Collegiate Athletic Association Division I player for University of Arizona Wildcats, Chan entered the final round two strokes off the pace and had a birdie-bogey start before the back-nine birdie run boosted his run to the top. On a day of low scoring, England’s Finlay Mason was one of five players to submit a 65 and wound up in third place with a 16-under aggregate. Carl Corpus fired a 68 for a share of ninth place at 13-under 275. Sean Ramos also shot a 68, finishing in joint 18th at 11-under 277.

History, service, and unity revered as Manila marks 454th founding anniversary

The month-long celebration salutes national heroes Dr. Jose Rizal and Rajah Sulayman, as well as modern-day champions of leadership , compassion, and resilience.

THE City of Manila proudly marks its 454th founding anniversary this June with a month-long celebration of heritage, unity, and public service, led by Mayor Honey Lacuna—Manila’s first woman mayor and a steadfast champion of inclusive, peoplecentered governance.

Under Mayor Lacuna’s leadership, this year’s Araw ng Maynila 2025 calendar features a rich lineup of events that honored the city’s storied past, celebrated its present, and paid tribute to its people. The festivities began on June 3 with the Commemoration of the Battle of Bangkusay, a historic moment of Filipino resistance, reminding Manileños of the city’s deep roots in courage and patriotism.

On June 14, love took centerstage with a heartwarming Kasalang Bayan, offering both church and civil mass weddings to hundreds of couples, affirming the city government’s commitment to supporting every Manileño’s dream of building a family. Recognizing excellence and

History, service, and unity revered as Manila marks 454th founding anniversary

Continued from C1

Finally, on June 24, Araw ng Maynila will be solemnly marked by a wresth-laying ceremony at the Rajah Sulayman monument, paying tribute to Manila’s indigenous and pre-colonial heritage—an enduring symbol of the city’s strength and identity.

This year’s Araw ng Maynila is a celebration of people—our roots, our resilience, and our shared hopes for a stronger, more inclusive capital city,” said Mayor Honey Lacuna. “As we honor our past and recognize the heroes of our present, we remain committed to building a Manila where every citizen feels seen, supported, and empowered.”

Marked with heartfelt tributes and hopeful celebrations, this year’s Araw ng Maynila also served as a meaningful milestone in Mayor Lacuna’s journey of public service—closing a chapter defined by quiet strength, steady leadership, and genuine care for the people of Manila. Through these commemorations, Araw ng Maynila 2025 stood as both a reflection of history and a reminder of the impact of a leader who chose to serve with compassion, dignity, and grace.

Araw Ng Maynila: An enduring journey of preserving heritage amid challenging times

By Vincent Peter Rivera

FOR over four and a half centuries, the Pearl of the Orient has not only endured but has flourished. As the city celebrates its 454th founding anniversary, this is a further look at the city’s remarkable resilience to the enduring narratives of the country’s history, culture, and arts— stories that truly embody the Filipino spirit.

History books claim Manila’s name originated from the Tagalog phrase “May-nila,” which means “where the indigo is found,” referencing the indigo shrubs that once thrived along the riverbanks. Long before Spanish conquest, Maynila was a flourishing pre-colonial settlement, dating back to the 13th century.

However, the modern celebration of Manila Day on June 24th does not commemorate this ancient civilization. Instead, it marks the pivotal day in 1571 when Spanish conquistador Miguel López de Legazpi formally established a city council in what is now Intramuros. This act officially declared the area a new territory for New Spain (Mexico), laying the foundation for Manila to become the capital city it is recognized as today.

Thus today, the City of Manila is home to the heritage, culture, traditions, and arts of

the country and is doing its efforts to continue the meaningful journey.

Restoring and rehabilitating cultural treasures

The Cultural Center of the Philippines (CCP), a strong pillar of art and culture not just for Manila but for the entire Philippines, is currently undergoing rehabilitation.

The project, which began in January 2023, stemmed from a building audit conducted by the CCP from 2018 to 2019. It revealed that the 55-year-old structure required more than routine maintenance to continue its mission of preserving, developing, and promoting the country’s rich artistic heritage.

We project full completion by 2025. The Main Building and its theaters will definitely open by 2026, welcoming everyone to its theaters with new productions and programs befitting the call of the time,” former CCP President Michelle Nikki Junia said in a statement.

Another significant restoration project underway is that of the Philippine Postal Corporation (PHLPost). Two years after the devastating fire on May 21, 2023, that destroyed the iconic Manila Central Post Office, PHLPost officially began its restoration phase. This crucial milestone,

reported by Philippines Graphic magazine online, marks the agency’s shift from recovery to revival as the PHLPost building approaches its 100th year in 2026.

Postmaster General and CEO Luis D. Carlos stated, “This project is about honoring our past, preserving our identity, and showing the strength and unity of our people through heritage conservation and nation-building.”

A city that champions arts Another important landmark located in Manila, the National Museum, affirms the role of the city as a hub for the arts and culture through events such as its recently launched, “CANVAS:

Day 2025

With steady trade growth, Manila ports stay on track with revenue targets

As trade activity undergoes steady growth in the country, the PPA continues to pursue long-term strategies aimed at strengthening the country’s logistics capabilities.

By John Eiron R. Francisco

CARGO ships are arriving quicker, cranes are lifting heavier loads, and container traffic is surging to new highs. The capital, long considered the Philippines’ trade lifeline, is cementing its role as a logistics powerhouse—not just for the country, but increasingly within Southeast Asia.

At the center of this growth is the Port of Manila, a tri-port complex that includes Manila North Harbor (serving domestic cargo), Manila South Harbor (focused on international cargo), and the Manila International Container Terminal (MICT), which handles containerized cargo. A separate facility in Rosario, Cavite also manages crude oil imports. All these together form the country’s most vital maritime artery— backed by two kilometers of shoreline, protected by a 3,000-meter breakwater, and covering about 600 hectares of anchorage in Manila Bay.

In 2024, the Port of Manila generated P84.81 billion in total revenue, hitting 99.3 percent of its target. The Philippine Ports Authority (PPA), which oversees port operations nationwide, posted a record P27.3 billion in annual revenue—the highest since its founding in 1974. That’s a 7.29 percent increase from P25.45 billion in 2023.

Th is growth continued into 2025. In the first quarter alone, ports across the country handled 65.77 million metric tons of cargo—a 10.5 percent increase year-on-year. Container throughput also surged 13.3 percent, reaching 2.04 million twenty-foot equivalent units (TEUs), based on preliminary PPA data.

Metro Manila’s ports accounted for the lion’s share of these volumes. Ports in Luzon handled 62.5 percent of total cargo and nearly 77 percent of containerized shipments nationwide. From January to March, the capital’s three key terminals, moved over 1.4 million TEUs combined. Despite rising volumes, the PPA reported that Manila ports remain efficient and are not experiencing critical congestion. Average yard utilization at the Port of Manila remains manageable at 67 percent to 70 percent, peaking only slightly during holiday seasons.

Authorities credited this operational efficiency to a

combination of improved infrastructure, upgraded systems, and better coordination with private sector operators.

Expansion and modernization

The agency continues to push for port modernization, digital transformation, and closer collaboration with logistics stakeholders to sustain growth and prevent bottlenecks.

One of the most significant developments to support rising trade volumes is the P5.7-billion expansion of Manila South Harbor, completed in May 2025. Funded by Asian Terminals Inc. (ATI) and global logistics giant DP World, the project represents one of the largest private sector-led upgrades in recent years.

The development includes a 600-meter extension of Pier 3, expanded yard facilities to accommodate 20,000 TEUs, and the installation of two new fully electric ship-toshore cranes—the largest of their kind in the Philippines.

These upgrades are projected to boost the port’s annual capacity from 1.4 million to more than 2 million TEUs, providing much-needed relief for Metro Manila amid rising trade volumes. Notably, the project is said to have been completed without any government spending.

The PPA is confident about maintaining momentum. The agency forecasts total cargo throughput to reach 301.47 million metric tons by the end of 2025, driven by strong domestic consumption and continued public infrastructure investments.

To support this projection, several infrastructure projects are underway across the country. These include the construction of a cargo terminal in Dapa, Surigao del Norte; improvements at Banago Port in Bacolod; and various expansion efforts aimed at boosting regional port capacity and streamlining inter-island logistics.

Part of this strategy also includes the development of alternative transport routes.

In a recent move to reduce congestion in the Visayas, the PPA launched a new rollon/roll-off (Ro-Ro) shipping route that directly connects Luzon and Mindanao.

O perated by Manilabased Seen Sam Shipping, the newly opened service bypasses the traditionally congested route through Samar and Leyte—especially criti-

cal following the temporary closure of the San

The 85-meter Ro-Ro vessel 1018 departed from the Port of Lipata in Surigao del Norte and arrived at the Port of Bulan in Sorsogon approximately 21 hours later.

The PPA says this is the first direct RoRo link between Luzon and Mindanao that avoids passing through the Visayas. Plans are already in motion to deploy another vessel on the same route in the coming weeks, helping to further ease cargo movement and provide shippers with alternative transport corridors.

A s trade activity undergoes steady growth in the country, the PPA continues to pursue long-term strategies aimed at strengthening the country’s logistics capabilities. These include investing in disaster-resilient and sustainable port facilities, modernizing customs and port technologies, and expanding partnerships across the public and private sectors.

With Manila at the center of these efforts, the Philippines is steadily positioning itself not only as a reliable logistics hub but as a rising player in the regional supply chain landscape.

AMID A HARVEST OF AWARDS, YOUR SUPPORT COUNTS MOST

THE pandemic tested the media industry, forcing newsrooms around the world to overhaul the way they do their job while following strict health protocols in order to survive a deadly infection.

The BusinessMirror, the country’s premier national business daily, was tested like everyone else, and survived, even continuing to live up to its promise to provide a broader look at today’s business.

In November 2021, the business broadsheet was recognized as the “Business News Source of the Year” for 2020 by the Economic Journalists Association of the Philippines (Ejap), the country’s premier organization of business reporters, editors and wire agencies. It was a 4-peat for BM, having gotten the same honors for the years 2017, 2018 and 2019.

And, as in the past Ejap awards, it also swept half of the individual categories, with its seasoned reporters adjudged as best in their respective coverages.

Earlier in 2021, the BusinessMirror was given the Pro Patria Award by the Rotary Club of Manila, for “its commitment of valuable resources for the protection of free expression and its resilience in disseminating fair and truthful information resulting in an informed and enlightened citizenry.”

It was just the latest recognition from the prestigious Rotary Club, which named it “Business Newspaper of the Year” for 2018-2019, and again in 2020. In all, it has received six top

Rotary journalism awards in its short 16-year existence.

The BusinessMirror has also consistently reaped top awards in the Brightleaf Journalism Awards for Agriculture and the Philippine Agricultural Journalists-San Miguel Corp. (PAJ-SMC) Binhi Awards, also for the best in agriculture journalism.

The BusinessMirror was also repeatedly adjudged the leading daily in biotechnology journalism, a recognition bestowed by the Jose G. Burgos Jr. Biotechnology Journalism Awards.

T he “broader look” mantra also drew recognition from the Philippine Statistics Authority (PSA) which named the BusinessMirror, at its first awards rites in 2018, as the inaugural “Data Champion.”

In the first “Bantog Science for the People” awards for media from the Department of Science and Technology, the BusinessMirror got the top award for the Institution category for Print; and the grand prize in the individual category for science journalist Stephanie Tumampos.

In 2018, Environment Reporter

Jonathan Mayuga received the Luntiang Aligato award from the Climate Reality Project, a nonprofit organization founded by Nobel Laureate and former US Vice President Al Gore.

T he Broader Look at biodiversity was also recognized. It was named among the Asean Champions of

Biodiversity, for the Media Category, by the Asean Centre for Biodiversity. T he Broader Look also extended to the paper’s corporate social responsibility. It organized and staged the first-ever recognition rites for the best of the Philippines’s friends in the world, with the “MISSION PHILIPPINES: The BusinessMirror Envoys & Expats Awards.” The initiative won a Gold Anvil in 2019. Distinguished institutions in government have also repeatedly recognized the BusinessMirror’s role in spreading the word about the work they do—information that shines a light on good governance and committed public service to uplift people’s hopes. Most notably, these are the Social Security System and Pag-IBIG Fund. Sixteen years, two of them in a pandemic, have tested the promise of a Broader Look. But they are also a measure of the unstinting support of friends—advertisers and news sources alike—and readers who continue to believe in that promise.

THANK YOU, EVERYONE. YOUR LOVE AND SUPPORT IS OUR MOST IMPORTANT TROPHY.