BusinessMirror March 05, 2026

Talosig-Bartolome

likely grow at a faster pace of 5 percent in 2026, seen to be propelled by a “gradual” recovery in public investment and government spending, according to projections by Switzerland-based UBS Investment Bank.

Almendras, who serves as the private sector representative to President Marcos Jr.’s advisory body, the Legislative-Executive Development Advisory Council (LEDAC), underscored weak consumption and reduced infrastructure spending as critical risks in the first quarter.

“I’m worried about consumption. I’m worried about the reduced spending of government and infrastructure,” said Almendras, who also served as energy and acting foreign affairs secretary during the presidency of Benigno Simeon “Noynoy” Aquino.

UBS: 5 percent growth in 2026

IN a statement on Wednesday, the Zurich-based lender

By Reine Juvierre S. Alberto

THEnational government’s outstanding debt breached the P18-trillion mark in January, having frontloaded its borrowings in the first month of the year to shield itself from rising global interest rates.

The Bureau of the Treasury (BTr) reported on Wednesday that the government’s outstanding debt grew by 2.41 percent

“This

strategy of frontloading domestic and external issuances to secure concessional financing terms ahead of global market uncertainties that can further raise interest costs.

Year-on-year, the outstanding debt jumped by 11.16 percent from P16.312 trillion. About 68 percent of the total debt stock was owed to domestic lenders, while the remaining 32 percent came from foreign sources, limiting exposure

CURTAILED foreign investments and elevated oil prices could widen the gap of the Philippines’s balance of payments (BOP) in the near term, analysts noted.

“The Middle East conflict mainly affects us through higher oil and shipping costs, which can put some pressure on the trade balance and the [balance of payments] BOP. But the key point is this: the January BOP deficit was much smaller than last year, so we’re starting from a stronger position,” Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co. told the BusinessMirror in a Viber message on Wednesday.

“We may see some short-term pressure in the coming months if oil prices stay high or markets turn

risk- off, but a sharp BOP deterioration is unlikely unless the conflict escalates significantly,” he also told this newspaper.

Data from the Bangko Sentral ng Pilipinas (BSP) showed the country’s balance of payments registered a deficit of US$373 million in January 2026.

That BOP deficit in the first month of the year is 90.85 percent narrower than the $4.078-billion deficit posted in January 2025, and leaner by 54.90 percent than the $827-million deficit in December 2025 which is the largest gap in the BOP in 8 months. For his part, Philippine Institute for Development Studies (PIDS) Senior Research Fellow John Paolo Rivera said that since the Philippines is a net oil importer, sus -

tained increases in crude prices would raise the country’s import bill, potentially widening the current account deficit and putting pressure on the BOP.

Rizal Commercial Banking Corp. chief economist Michael L. Ricafort said the BOP gap may also widen “if oil and other commodity import bills go up.”

Impact on FDIs

RIVERA said there may also be “indirect effects” on the BOP through weaker global trade or more volatile capital flows if geopolitical risks trigger investor caution.

Ravelas also noted that rising Middle East tensions can make foreign investors more cautious, adding that “some [foreign direct

investment] FDI decisions may be delayed rather than canceled.”

As such, he said that the key to keeping FDI flowing is “stability” at home with clear policies, predictable rules and steady growth in place.

“If those are in place, FDI should remain resilient despite global geopolitical noise,” Ravelas also told this newspaper.

It is worth noting that softer FDI inflows may contribute to a wider deficit in the balance of payments as these are recorded in the financial account of the BOP.

In fact, Security Bank chief economist Angelo Taningco said in a televised interview that “foreign investments might be curtailed because you have a low investor confidence.”

MANILA Electric Co. (Meralco) is reassessing its fuel supply position as hostilities between Iran and the United States-Israel alliance escalate, its chairman said on Wednesday. The country’s largest power distributor, however, moved to ease public concern, saying the conflict has yet to affect electricity prices in March—though an impact in April remains possible.

Meralco Chairman Manuel V. Pangilinan said the company is taking stock of its exposure to key fuel inputs, particularly liquefied natural gas (LNG), coal, and diesel, as prolonged tensions in the region threaten to drive up global commodity prices.

“Meralco will review its current fuel posi-

tion—especially LNG, the likely impact on the price of coal, the price of diesel—as these may affect...power prices,” Pangilinan said. “We want to ensure adequate supply of power and manage price volatility as responsibly as possible.”

Pangilinan

the next few weeks if we conserve power.”

Despite the uncertainty, Meralco’s Head of Utility Economics Larry Fernandez sought to reassure consumers that supply disruptions are not imminent. While Qatar is the world’s largest LNG supplier, the Philippines sources much of its natural gas from Malaysia and Australia—both geographically distant from the conflict zone and unaffected by the current hostilities.

“Supply will be there,” Fernandez said. “What we are monitoring is the price of energy commodities. The price will really depend on how long the situation will persist.”

Fernandez noted that March electricity bills will likely remain unaffected, as fuel price movements have not yet fed through to Meralco’s procurement costs. However, he cautioned that the following month’s rates could reflect some upward pressure if the conflict drags on.

“What is happening now in the Middle East has no effect yet on March prices. The very least that we may see an effect is in April,” Fernandez said.

He drew parallels with a similar flare-up in the Middle East last year, when energy prices spiked for roughly a month before normalizing once the situation stabilized.

Meralco is the largest private sector electric distribution utility company in the Philippines covering 39 cities and 72 municipalities, accounting for 55 percent of the country’s utility output.

Lorenz S. Marasigan

from A14

investments, and protection—can give people the flexibility to make the most of the years they have worked towards, enabling them to live later life on their own terms,” it added.

Sun Life Asia surveyed 3,006 respondents from Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore and Vietnam.

Mideast war halts overseas voter listing in Israel, Iran

By Mary Jade Jadormio

THECommission on Elections has temporarily suspended overseas voter registration for Filipinos in Israel and Iran due to security concerns in parts of the Middle East.

In a statement, the poll body said voter registration for overseas Filipinos in Israel is suspended until March 7, following the suspension of consular services in the area. The suspension covers services of for-

from A14

Among the highlights of the bill is it provides funding and resources support to agricultural cooperatives and promotes their clustering and consolidation of their farmland so they can achieve economies of scale.

“President Ferdinand R. Marcos Jr. has expressed his willingness to cer-

eign posts in Israel, including the Philippine Embassy in Tel Aviv, after the Israeli government halted consular operations for safety and security reasons.

“Voter registration for overseas Filipinos in Israel is similarly suspended

tify the Agriculture Cooperatives Act of 2025 as urgent to expedite its implementation,” PCO said in a statement. Marcos also urged Congress to promptly pass the amendments on the Rice Tariffication Act, which is part of the 21 common legislative agenda (CLA) of the Legislative-Executive Development Advisory Council (LEDAC).

Other bills which were tackled in the meeting were the Agricom Act as well as the Agriculture and Fisheries

until March 7, 2026,” the Comelec said.

The poll body also announced that voter registration activities in Iran have been suspended until further notice, following the advice of the Philippine Embassy in Tehran.

However, the commission clarified that consular services and voter registration activities in other Middle Eastern countries remain available to Filipinos.

Earlier this week, the Comelec said overseas voter registration in the Middle East would continue despite rising geopolitical tensions in the region as Philippine embassies and consulates

Extension Act.

Aside from the President and Pangilinan, other participants in the said meeting were Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio M. Balisacan, Department of Agriculture Secretary Francisco P. Tiu Laurel Jr., and Executive Secretary Ralph G. Recto.

Undecided

WHEN asked about the President’s reaction on the progress of the Anti-Dynasty Bill, Castro said the chief executive remains undecided, when it comes to the consanguinity provision of said piece of legislation.

The Anti-Dynasty Bill is also part of 21 CLA Marcos wants Congress to pass into law by June.

Based on the current version of the bill in the Senate, it will prohibit the spouse or person related within the second degree of consanguinity or affinity of an incumbent elected official from seeking re-election or to hold or run for office.

“The President will study what the best version is and after all, it will come from Congress. So, once it is developed and forwarded to the President, that will be studied,” Castro said.

“What the President really wants is to expedite and find the best law for the Anti-Political Dynasty Law—that’s what the President wants,” she added.

Subsidy no substitute for suspension CASH subsidies under the Pantawid Pasada could serve as a complement, but not a substitute for suspension, Salceda added.

While some P2.5 billion in funding is left from the 2025 General Appropriations Act, the funds can only be released

remained operational.

The poll body had also encour

aged Filipinos in the region to remain vigilant and stay informed about developments in their respective areas, while avoiding false or misleading information. It likewise advised overseas Filipinos to monitor notices and advisories issued by the Department of Foreign Affairs and Philippine embassies or consulates in their host countries.

Overseas voter registration for the 2028 national elections began on December 1, 2025 and will run until September 30, 2027 in Philippine embassies and consulates abroad.

if global oil prices reach $80 per barrel.

“Even when activated, cash subsidy rollout takes weeks. In 2022, it took a month to reach 29 percent of beneficiaries. Excise suspension works on day one,” Salceda said.

As risks in the supply of global energy markets heightened after tensions in the Middle East intensified, Salceda said Congress only has two weeks to enable the President to reduce the levy on fuel products.

Congress will adjourn on March 20 and resume in May. It will adjourn again on June 5 and does not return until after the President’s State of the Nation Address in late July.

“If we do not pass something before March 20, relief arrives in August at the earliest,” Salceda said. “Legislation is the only realistic option, and we have two weeks.”

The government cannot yet activate the fuel tax suspension under the TRAIN Law, as the trigger requires the Mean of Platts Singapore to average above $80 per barrel for three consecutive months.

Even if prices cross $80 soon, Salceda said the counting starts in April, runs through May and June, and the provision kicks in by July.

Finance Secretary Frederick D. Go said the economic team is moving to work with Congress to secure authority for the President to temporarily adjust the fuel excise taxes. (See: https://businessmirror.com.ph/2026/03/03/special-power-to-fix-fuel-excisetax-sought/)

Marikina Rep. Miro S. Quimbo, chairman of the House Committee on Ways and Means, filed House Bill 8257 on Tuesday, seeking to grant the President authority to do so during national or global economic emergencies.

healthy [gross international reserve] GIR.”

Taningco said this as he pointed out that there will be more risks occurring on the balance of payments in the Philippine economy, explaining further that, “You have not just trade deficit widening on the goods side.”

He said the surplus in trade services could also shrink because of export travel services being “hampered.”

Ricafort said inflows of foreign direct investments into the country “could be partly weighed by geopolitics that could slow global economic growth and could lead to higher global inflation and interest rates.”

Stabilized buffers RIVERA explained, however, that the Philippines still has adequate buffers such as: “strong remittances, BPO service exports, and

to foreign exchange risks, the Treasury said.

Domestic debt

DOMESTIC debt amounted to P12.324 trillion as of the end of January 2026, up by 1.72 percent from P12.116 trillion in the previous month. The government issued debt papers worth P208.05 billion in January, providing Filipinos with a stable investment option while also reducing exposure to exchange rate fluctuations. As a result, valuation adjustments on domestic securities denominated in foreign currencies were minimal, rising by only P0.47 billion. Compared to a year ago, domestic debt increased by 11.19 percent from P11.084 trillion.

Foreign debt

MEANWHILE , foreign debt rose by 3.89 percent to P5.809 trillion as of end-January 2026 from P5.591 trillion a month ago. The increase was driven by new global bond issuances and fresh official development assistance loans, which accounted for P191.02 billion of the rise.

According to John Paolo R. Rivera, senior research fellow at the staterun think tank Philippine Institute for Development Studies, frontloading some foreign borrowings can be a prudent move, but it should be balanced because more foreign borrowing raises foreign exchange risk.

“With around 32 percent foreign debt, I would not say it’s alarming per se, but the priority should be to keep the foreign share stable or gradually lower, extend maturities and maintain a credible deficit-reduction path so the debt stock does not accelerate,” Rivera told BusinessMirror Peso depreciation added P26.61 billion to the debt stock through valuation effects.

“The recent increase in external borrowings was a strategic and timely approach to capitalize on a narrow window of favorable international credit conditions,” the Treasury said. It added that the triple-tranche global bond sale underscored sustained investor confidence in the Philippines’s creditworthiness and long-term growth prospects.

Year-on-year, foreign debt expanded by 11.10 percent from P5.228 trillion.

‘Still manageable if…’ ALTHOUGH the national government’s debt has surpassed P18 trillion, it remains manageable as long as the economy maintains steady growth, and the government keeps the budget deficit and interest payments under control.

“The bigger red flag is when debtto-GDP keeps rising and interest payments start crowding out priority spending,” Rivera said.

Fiscal risks become more significant if debt levels remain persistently high—around the low- to mid-60 percent range—or trend upward, especially if revenue performance weakens, signaling shrinking fiscal space, he added.

“These inflows help offset external pressures. Unless the conflict significantly disrupts energy markets or global growth, BOP position may fluctuate but is unlikely to deteriorate sharply in the near term,” the senior research fellow of the state think tank pointed out.

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed the country’s gross international reserves (GIR) rose to $112.515 billion at end-January 2026, the highest since September 2024.

The latest GIR level provides a robust external liquidity buffer, equivalent to 7.5 months’ worth of imports of goods and payments of services and primary income, BSP said. (See: https://businessmirror. com.ph/2026/02/09/jan-usd-reserves-seen-shielding-phl-fromshocks/#:~:text=Preliminary%20 data%20from%20the%20 Bangko,recorded%20in%20 end%2DDecember%202025.)

The government’s outstanding debt will likely remain on an upward track and could hit new highs in peso terms, Rivera said, more so if the peso depreciates, given the recent peso volatility and continued financing needs.

“The key to watch is not just the headline level, but whether debtto-GDP stabilizes as growth recovers and whether interest to revenue stays manageable,” Rivera added. The government’s debt, measured against the size of its gross domestic product (GDP), stood at 63.2 percent at the end of 2025—the highest in 10 years.

This comes after the economy grew slower-than-expected at 3 percent in the fourth quarter, slower than the 5.3 percent in the same period a year earlier.

The current debt-to-GDP ratio is higher than the 60.7 percent posted in 2024 and the 63.1 percent in the previous quarter. At the end of 2026, the outstanding debt is expected to reach P19.057 trillion. The government will borrow a total of P2.682

House Justice panel rules 2 impeachment complaints vs VP ‘sufficient in substance’

By Jovee Marie N. Dela Cruz | @joveemarie

THE House of Representatives’ Committee on Justice on Wednesday ruled that two verified impeachment complaints against Vice President Sara Duterte are “sufficient in substance,” formally allowing the constitutional impeachment process to move forward in the House of Representatives.

Two new pacts strengthen PHL-SoKor ties

THE Departm ent of National Defense (DND) on Wednesday said that it and its counterparts from the Republic of Korea (ROK) formalized two significant agreements aimed at enhancing defense capabilities and honoring the enduring legacy of war veterans.

These agreements were signed during the state visit of South Korea President Lee Jae Myung to the Philippines on March 3.

“ President Marcos welcomed several Memoranda of Understanding [MOU] across key sectors, including defense acquisitions and veterans cooperation, as part of ongoing initiatives to further strengthen bilateral relations under the Philippines–R OK Strategic Partnership,” the DND said.

O ne of the agreements, the renewal of the MOU on Cooperation in the Field of Patriots a nd Veterans Affairs, was signed by Defense Secretary Gilberto Teodoro Jr. and ROK Minister of Patriots and Veterans Affairs Kwon Oh-eul.

The MOU seeks to enhance tribute initiatives for Filipino Korean War veterans, promote exchanges among their descendants, a nd strengthen the administrative capacities of veterans affairs i nstitutions in both countries.

M eanwhile, the DND also signed Amendment Number 2 to the Implementing Arrangement (IA) between the DND and t he ROK’s Defense Acquisition Program Administration (Dapa) concerning the procurement of defense materials.

“ Signed by DND Undersecretary for Acquisition and Resource M anagement Salvador Melchor Mison Jr. and ROK Minister of Dapa Lee Yong Cheol, the amendment provides for support from t he ROK in the procurement and maintenance of defense materials, further advancing the modernization of the Armed Forces of the Philippines,” it added.

I n light of the 77th anniversary of the establishment of d iplomatic relations between the two countries this year, the DND said these initiatives reinforce the elevated strategic partnership between the Philippines and the ROK, grounded in shared history, mutual commitment, and common values, and contribute to promoting peace, stability, and prosperity in the Indo-Pacific Region. Rex Anthony Naval

O n the third verified complaint filed by Fr. Joel Saballa and others, the committee, chaired by Batangas Rep. Gerville Luistro, recorded 54 votes in favor, one against, and zero abstentions. The panel issued the same tally for the fourth complaint.

The third complaint, backed by priests, nuns, and lawyers and endorsed by Party-list Rep. Leila de Lima of Mamamayang Liberal, alleged misuse of about P612 million in confidential funds and corruption within the Department of Education during Duterte’s tenure as secretary. It also revives claims that she threatened President Marcos, First Lady Liza Araneta Marcos, and former Speaker Ferdinand Martin G. Romualdez.

The fourth complaint filed by Nathaniel Cabrera, endorsed by Deputy Speaker Paolo Ortega V and Manila Rep. Bienvenido Abante Jr. centers on alleged omissions in Duterte’s Statements of Assets, Liabilities, and Net Worth, and claims of unexplained wealth disproportionate to her lawful income.

Both the Saballa et al impeachment complaint and the Cabrera impeachment complaint were declared sufficient in substance,” Luistro said in a press conference. B oth complaints invoke impeachable offenses under Article XI, Section 2 of the 1987 Constitution, including culpable violation of the Constitution, betrayal of public

trust, graft and corruption, bribery and other high crimes.

The committee approved a motion by San Juan Rep. Ysabel Maria Zamora to formally issue notices to the Vice President. She is required to file her answer to the two complaints within a non-extendable period of 10 calendar days.

10 days to answer

UNDER House rules, a respondent must be notified and given 10 calendar days to submit an answer once a complaint is deemed sufficient in form and substance.

O nce Duterte submits her response, the complainants will have three calendar days to file their reply, which will then be furnished to the Vice President. The Vice President will subsequently be given another three days to submit her rejoinder.

The panel also emphasized the importance of submitting evidence. Both complaints, having been declared sufficient in substance, allow for the filing of affidavits and counter-affidavits. Complainants must notify the committee when submitting such documents, as witnesses are required to be sworn in before the Justice Committee.

“Once all evidence and responsive pleadings are completely gathered, the committee will then determine whether there is sufficient ground to support the impeachment complaints,” Luistro explained. Only if the committee’s decision is affirmative will the process move to the formal hearing stage.

The House Committee on Justice previously set aside the first impeachment complaint, citing a violation of the constitutional one-year bar, and approved the withdrawal of the second complaint, leaving only these two cases active.

Meanwhile, Luistro said Duterte may be impeached even for acts allegedly committed while she was serving as secretary of the Department of Education, stressing that accountability in public office cannot be divided.

Luistro addressed a constitutional issue earlier raised by Cagayan de Oro Rep. Rufus Rodriguez on whether a vice president may be

held liable for actions taken while concurrently heading another government agency.

R odriguez had argued that accusations against Duterte during her tenure as Education secretary should be set aside, since the post is not impeachable.

Public trust ‘indivisible’

LUISTRO, however, said several members of the committee were clear in their position that public trust is “indivisible.”

“ You cannot divide accountability depending on which title is convenient. The Constitution speaks to the office—not the label,” she said.

Luistro said the panel is not determining guilt but whether the allegations—if assumed true for purposes of review—are sufficient in substance to warrant further proceedings.

“ If the accusations are speculative, we must dismiss them. If they are trivial, we must reject them. But if they raise serious constitutional questions about public funds, abuse of authority, and violations of public trust, then we must not close the door prematurely,” she said.

She stressed that the proceedings are not about personalities or political convenience.

Trivialize

FOR his part, Abante said the allegations against Duterte must not be trivialized.

A bante, who chairs the House Committee on Human Rights, said the Constitution places accountability at the center of public service.

The Constitution of the Republic of the Philippines begins with a simple but powerful principle: public office is a public trust,” he said.

“ This is not a slogan. This is not just decoration on our documents. This is the foundation of our democracy,” he added.

A bante emphasized that the Constitution begins with the principle that public office is a public trust, adding that impeachment exists to ensure accountability.

“ In a democracy, no official – no matter how powerful – is above the Constitution,” he said.

He maintained that the proceed-

ings are not about personalities or political ambitions, but about whether serious allegations against a sitting Vice President warrant full constitutional examination.

The complaint, he noted, raises issues on transparency in financial disclosures, alleged misuse of public funds, and possible betrayal of public trust.

Abante cited the constitutional requirement for public officials to file Statements of Assets, Liabilities, and Net Worth (SALNs), saying the public has the right to know that officials are not secretly enriching themselves.

He also pointed to findings of the Commission on Audit regarding the use of confidential funds under the Office of the Vice President and the DepEd, where Duterte previously served.

According to Abante, more than P612 million in confidential funds were placed under Duterte’s authority across the two offices, including a transaction amounting to P125 million allegedly encashed and liquidated within 11 days in December 2022.

A bante also referenced statements attributed to Duterte about having spoken to someone regarding killing the President, First Lady, and former Speaker if something were to happen to her – remarks later described as a joke.

But threatening the life of the Head of State is not something that can be brushed aside as humor,” he said.

A bante clarified that impeachment is distinct from criminal proceedings.

Criminal courts determine guilt and punishment. But impeachment answers a different question: Is this official still fit to hold the trust of the Filipino people?” he said.

O rtega, for his part, said the House must rely solely on facts in deciding whether the impeachment case against Duterte should proceed to a Senate trial.

This is not about declaring anyone guilty today. Our duty is straightforward: examine the facts and determine whether there is enough basis to move this to the Senate,” Ortega said.

If the evidence supports it, we

elevate it. If it does not, we dismiss it. We owe the Filipino people a process that is fair, steady, and faithful to our mandate,” he added. He said the House must rely solely on facts in deciding whether the impeachment case against Duterte should proceed to a Senate trial.

No escape

PARTY-LIST Rep. Chel Diokno of Akbayan warned that Duterte cannot escape impeachment by claiming her actions were taken in her capacity as Secretary of the DepEd. Di okno dismissed arguments suggesting that acts performed while serving as education secretary fall outside the scope of impeachment.

The former dean of De La Salle University’s College of Law said drawing a line between the Vice President’s constitutional office and her Cabinet post would undermine accountability. If we carry that argument to its logical conclusion, it would mean, for example, that if a Vice President were to attend a function as secretary of education where the President was also present and then, let’s say, hypothetically, were to brandish a firearm or even discharge it at the President, then does that mean that she cannot be impeached?” he asked. He added that such reasoning could create a loophole shielding serious crimes.

“ That would mean that the Vice President could easily hide behind that distinction and commit plunder and commit other high crimes as secretary of Education, and there would be no accountability,” Diokno said.

O ther lawmakers echoed the position that the impeachment proceedings are directed at the vice president as a constitutional official, regardless of her cabinet role.

Party-list Rep. Antonio Tinio of ACT Teacher told the committee the proceedings are not directed at the Education secretary as a separate office.

“We are not impeaching the DepEd secretary, which would be absurd, but the Vice President carrying out her function as a member of the Cabinet as provided for the Constitution as DepEd secretary,” Tinio said.

PCO, major newspapers join forces vs fake news

THE Presidential Communications Office (PCO) and the country’s nine leading newspapers on Wednesday joined forces to combat “fake news” and disinformation across digital and social-media platforms and protect the public from their harmful effects.

T he PCO signed a Memorandum of Understanding (MOU) with the nine newspapers to strengthen cooperation against these threats and safeguard the public by fostering a culture of transparency, media literacy, fact-based reporting and responsible information sharing.

T he MOU is part of an organized action dubbed as Oplan Kontra Fake News, which the PCO is taking to stem the proliferation of fake news and fabricated content that threatens public order and safety and undermines freedom of expression and democratic processes.

P residential Communications Secretary Dave M. Gomez formalized the agreement with top broadsheets, including BusinessMirror , Business World, Daily Tribune, Malaya Business Insight, Manila Bulletin, Manila Standard, Philippine Daily Inquirer, The Manila

U nder the agreement, “fake news” is defined as content that:

• Has no factual basis or is materially misleading but is presented as truthful;

• Is deliberately created or shared to deceive; and Is capable of causing identifiable public harm such as panic, violence, reputational damage, or interference in democratic processes. Disinformation thrives in darkness—in confusion, in distortion, in deliberate deceit. But truth has always been like daylight. And just as a magnifying glass focuses sunlight to reveal what is hidden, this collaboration concentrates the light of verified information, sharpening clarity and exposing falsehoods. In shining that light, we dispel the shadows where fake news attempts to hide,” Gomez said.

A mong the agreement’s key objectives are enhancing the dissemination of verified information, strengthening public trust in credible media institutions, promoting media and information literacy, and enabling coordinated and rapid responses to disinformation during crises, emergencies and disasters.

The Nation

Consolidated anti-political dynasty bill draws flak from opposition legislators

By Jovee Marie N. Dela Cruz | @joveemarie

OPPOSITION lawmakers

in the House of Representatives have withdrawn from the consolidated anti-political dynasty bill approved at the committee level, calling the measure “watered-down” and urging its return to further deliberations.

T he Akbayan Reform Bloc— composed of Reps. Chel Diokno, Perci Cendaña, Dadah Kiram Ismula and Dinagat Islands

consolidation of the various anti-dynasty measures filed in the chamber and disregarded key proposals raised during hearings and consultations.

A mong the provisions allegedly excluded were proposals prohibiting political dynasties within the party-list system and banning succession among family members in elective posts.

“ The adopted committee report falls short of the fair and democratic legislative process expected of Congress,” the bloc said, noting that inputs from fellow legislators, resource persons, and citizens were not fully incorporated.

the collective intent to strengthen democratic representation,” they said.

D e Lima, for her part, “I refuse to be part of a measure institutionalizing dynasties.” She added that the 1987 Constitution has mandated Congress for nearly four decades to prohibit political dynasties.

S he said passing a weak measure would allow a few families to continue dominating government posts, instead of dismantling entrenched political clans.

T he approved House Bill 6671, principally authored by Speaker Faustino Dy III and Majority Leader Ferdinand Alexander A. Marcos, bars political dynasties within the second degree of consanguinity or affinity.

U nder the bill, spouses and relatives within the second civil degree—whether legitimate, illegitimate, full, or half-blood— are prohibited from simultaneously holding national or local elective positions. The coverage includes the President, Vice President, and senators at the national level, as well as provincial, city, municipal, and barangay posts.

Nartatez orders probe of source of work, class suspensions rumors

By Rex Anthony Naval

GRep. Arlene Bag-ao—expressed “profound disappointment” over the adoption by the House Committee on Suffrage and Electoral Reforms of what it said was a “diluted version” of the proposed reform. P arty-list Rep. Leila de Lima of Mamamayang Liberal also announced she was withdrawing her co-authorship of the substitute bill approved at the committee level.

C iting these concerns, the Akbayan lawmakers formally withdrew as authors of the committee’s consolidated report and called on the panel to return the measure to the committee level for further deliberations.

I n a statement, the Akbayan Bloc said the adopted committee report failed to reflect a genuine

A genuine anti-political dynasty law must faithfully incorporate the substantive proposals raised during consultations and reflect

PHL, US, Japan forces train to defend major shipping lane

ARANKING Philippine Navy (PN) official on Wednesday said the just concluded 15th multilateral maritime cooperative activity (MMCA), held in the West Philippine Sea (WPS) and up to Batanes Group of Islands, trained Filipino naval forces to defend a major international shipping route. First and foremost, the 15th MMCA was conducted between the Philippines, the United States and the Japanese selfdefense forces. This was conducted in the waters west of the country all the way up north to the Babuyan Group of Islands. It’s the first time that we have reached that part of the country, the northern islands, Babuyan and Batanes Group of Islands. It’s a great accomplishment on the part of the AFP [Armed Forces],” PN spokesperson for the WPS Rear Adm. Roy Vincent Trinidad told reporters.

The 15th MMCA took place from February 20 to 26, and involved naval and air units from the AFP, Japan Maritime Self-Defense Force and the

US Indo-Pacific Command. Trinidad said a lot of “integrated activities” took place between the participants that include communications, cross-deck activities, ship-to-ship, and air-to-air exercises.

A sked if the 15th MMCA reached up to the Bashi Channel, which is the international name for the strait between Taiwan and Yami Island, Trinidad said participants only reached the Balintang Channel.

Balintang and Bashi Channels are adjacent and connected to each other. We refer to the Balintang Channel as the body of water beneath or in the southern part of the Yami towards Luzon mainland. So we did not cross, we did not go beyond our northernmost island. So the exercises were conducted in the Balintang Channel. The significance of this is that it allows the PN, the Air Force [PAF] for the component, joint headquarters for the coms [communications] and the overall C2 [command-and-control],” he added.

Continued from A4

W ith this MOU, the PCO and its media partners commit to opening clear communication channels for verifying social media claims and exercising prudence to curb the spread of fabricated content. The partnership will also advance media and information literacy initiatives to empower Filipinos to discern fact from fiction.

I n line with this commitment, the PCO has established an AntiFake News Desk—a dedicated mechanism where its partners and the public can report suspicious or misleading content.

R eports will be promptly evaluated and referred to the appropriate agencies, including the Department of Information and Communications Technology and the Department of Justice for proper action.

A lso, Trinidad said Bashi Channel is classified as a “sealane of communication” or SLOC that allows access from South China Sea to the Pacific Ocean.

A lot of international maritime traffic passes through that, international trade. If I’m not mistaken, US$5 trillion annually passes through the Bashi Channel,” he added.

Trinidad said it is highly important that the country is able to defend such waterways or SLOC, in line with the Comprehensive Archipelagic Defense Concept (CADC) which calls for the Philippine military to defend all Philippine territories including its 200 nautical miles exclusive economic zone (EEZ).

“ The thrust of the CADC is to be able to secure and to protect our maritime entitlements all the way up to the EEZ and even the extended continental shelf, not only the Bashi Channel or Balintang Channel,” he said. PNA

C abangon vowed to back the PCO’s Oplan Fake News campaign since it will protect the public from the harmful effects of fake news.

E arlier, the Makabayan bloc— composed of Party-list Reps. Antonio Tinio of ACT Teachers, Sarah Jane Elago of Gabriela, and Renee Louise Co of Kabataan— also withdrew its support for the substitute bill.

T he bloc criticized the measure as a mere regulation rather than a prohibition, arguing that it falls short of the constitutional mandate under Article II, Section 26 of the 1987 Constitution, which explicitly commands the prohibition of political dynasties.

T he measure effectively prohibits arrangements such as spouses serving as mayor and vice mayor in the same locality, siblings simultaneously sitting as senators, or a governor serving alongside a child on the provincial board within the same province.

I f enacted, the bill would take effect in the next election cycle and in subsequent polls.

House okays on second reading bill resetting BARMM elections

THE House of Representatives has approved on second reading House Bill 8220, which resets the first regular parliamentary elections in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) to the second Monday of September 2026.

The measure, approved via voice vote on Tuesday, now awaits a certification of urgency from Malacañang to fasttrack its approval on third and final reading and keep the region’s electoral timetable on track.

L anao del Sur Rep. Zia Alonto Adiong, principal author and sponsor of the bill and a member of the Legislative-Executive Development Advisory Council (Ledac), said the proposal is a necessary legal measure to safeguard the peace process and ensure that the first elected Bangsamoro Parliament stands on solid constitutional footing.

In his sponsorship speech, Adiong stressed that the Bangsamoro transition has long been anchored on faith and peace, and said the urgency of the bill is tied to the region’s right to democratic self-governance and to a political settlement that can endure beyond personalities and transition arrangements.

the legality and legitimacy of the first elected Bangsamoro Parliament.

T he bill sets the first regular parliamentary elections in BARMM on the second Monday of September 2026 and every three years thereafter. It directs the Commission on Elections to promulgate and enforce the necessary rules and regulations in accordance with national laws, the Bangsamoro Organic Law, and the Bangsamoro Electoral Code.

H B 8220 also provides for a holdover arrangement during the extended transition period, allowing the Bangsamoro Transition Authority to continue functioning as the interim government until successors are elected and qualified. Interim members may be replaced by the President or have their tenure cut short on election to another office or due to other causes.

To ensure readiness and continuity, the measure mandates the use of the automated election system deployed in the May 12, 2025 national and local polls for the first BARMM parliamentary elections, including the same machines, devices, equipment, and service providers involved in operations and maintenance.

EN. Jose Melencio Nartatez Jr., National Police chief, on Wednesday said that there is no truth to claims floating in social media that there will be nationwide work and class suspensions this March 4 to 6 owing to an alleged and unspecified threat.

I n a statement, Nartatez said this claim has no official basis and did not originate from any authorized government agency. At present, there is no verified security threat that would warrant such an advisory. The PNP remains in close coordination with concerned agencies to ensure public safety and maintain peace and order,” he added.

L ikewise, Nartatez urged the public to remain calm and rely only on announcements released through official government channels.

The deliberate spread of false information that causes unnecessary alarm is addressed under existing laws and will be dealt with accordingly,” he said.

H e added that the PNP Anti-Cybercrime Group is monitoring the source of this misleading post, and appropriate action will be taken against those found responsible.

“ We remind everyone to verify before sharing. Let us work together to prevent misinformation from disrupting public order,” Nartatez added.

A t the same time, Comelec is authorized to explore alternative modes of conducting the elections should the automated system become impracticable under prevailing circumstances.

B eyond monitoring, the PCO will actively pursue those who deliberately peddle fake news and disinformation on social media platforms. The Office will engage with and collaborate with digital platforms such as Meta and Google to address coordinated disinformation campaigns and promote accountability in the digital space.

We are in support of PCO headed by Dave Gomez so we can fight fake news. Because you know, it could ruin one’s life, family, reputation, business, institution, society,” Cabangon said.

R epresenting and signing in behalf of their respective publications were T. Anthony C. Cabangon, publisher, BusinessMirror; Arjay Balinbin, associate editor, Business World; Luisito “Chito” Lozada, executive editor, Daily Tribune; Allen A. Macasaet, publisher and chairman, Malaya Business Insight; Herminio B. Coloma Jr., publisher, Manila Bulletin; Rolando Estabillo, publisher, Manila Standard, Paolo R. Prieto, president and chief executive officer, Philippine Daily Inquirer; Anna Marie Ang-Thompson, chief executive officer, The Manila Times; and Teresa Mendoza, senior vice president, The Philippine Star.

C oloma said the new antifake news drive should unite media companies in safeguarding public interest.

“ Solidarity does not mean uniformity of perspective. It means a shared dedication to the truth. It means open lines of communication, timely access to verified information, and transparency in public affairs,” he said.

T his was echoed by Macasaet, who said the newspapers should go beyond competition in fighting fake news.

“ For me, I think we should all do this together. Although competition is very stiff, we should be part of fighting misinformation and disinformation,” he said.

Sam Medenilla and PNA

He cited legal complications arising from Supreme Court rulings affecting the Bangsamoro parliamentary redistricting framework, particularly following the exclusion of Sulu from BARMM. According to Adiong, these developments created a legislative gap that Congress must address to secure

Subic…

The Senate has already approved its counterpart measure on final reading.

Jovee Marie N. dela Cruz

Continued from A6

Meanwhile, fully 70.42 percent of Subic workers, or a total of 121,276, are male, the SBMA Labor Department also reported.

T he are concentrated mostly in the services sector with a total of 84,599; followed by 18,471 in manufacturing; 11,783 in construction; and 6,423 in shipbuilding and m aritime-related sector.

T he 50,950 female workers who compose 29.58 percent of the Subic workforce, meanwhile, are mostly in the services sector, too, holding a total of 30,284 jobs. Female workers, however, dominate the manufacturing sector with a total of 19,352. The others are in shipbuilding and maritime-related business, with a total of 751, and construction, with 563 workers.

S BMA Chairman and Adminis -

trator Eduardo Jose L. Aliño said t hat the Subic agency is pursuing an aggressive investment and job creation program under President Marcos’ personal instruction to provide more employment opportunities for residents in the Subic Bay area.

I n 2024 alone, the SBMA brought in 159 new locators that generated 6,466 new jobs for the community.

A liño said that more Subic companies are now hiring workers through the SBMA Labor Department’s regular job fairs, as well as o nline posting of job openings on the SBMA Career Portal.

H e advised job seekers to browse the SBMA official website mysubicbay.com.ph for available e mployment with Subic Freeport locators and accredited companies.

A s this developed, Nartatez said the PNP is now coordinating with the Department of Migrant Workers (DMW) and the Department of Foreign Affairs (DFA) on how it could help in providing assistance in any plan for the repatriation of overseas Filipino workers amid the escalating tensions in the Middle East.

T here are some 2.5 million Filipinos in the Middle East and at least 1,400 of them have already signified intention to go back home amid the series of air strikes in the region starting February 28.

The PNP is ready to provide manpower and other resources for any plan of lead government agencies to bring home as many of our kababayan. We are putting a sufficient number of our personnel and resources on standby for this purpose,” Nartatez said.

E arlier, the DMW said there is no mass repatriation in the Middle East yet, but vowed that the government is ready to assist affected Filipinos.

MORE than 2,000 condominium units are being built in Manila’s Port Area under the government’s Pambansang Pabahay para sa Pilipino (4PH) program to house thousands of urban poor families in the capital.

T he Port Town Housing Project is expected to generate 2,150 residential units in five buildings, which the Department of Human Settlements and Urban Development (DHSUD) said could accommodate over 6,000 informal settlers.

T he project is being implemented through a joint venture between Home Development Mutual Fund (Pag-IBIG) and the Social Housing Finance Corporation (SHFC), both attached agencies of the DHSUD.

Housing Secretary Jose Ramon P. Aliling, together with PagIBIG Fund Chief Executive Officer Marilene Acosta, and SHFC President Federico Laxa, inspected the project site on Tuesday to check the progress of construction.

“ The purpose of this inspection is to ensure that completion timelines are met and that construction is carried out to high standards. We closely examined each building and immediately identified issues that could cause delays,” Aliling said, mostly in Filipino.

T he housing czar also said the joint venture setup forms part of the recalibrated implementation of the 4PH program, which now allows Pag-IBIG Fund to enter into joint ventures with other government housing institutions, including SHFC.

H e said similar joint venture housing developments involving Pag-IBIG Fund, SHFC, and the National Housing Authority (NHA) are also being explored as the government looks to expand housing supply for low-income families.

“ To further accelerate and improve the implementation of the Expanded 4PH program, the DHSUD, together with our attached agencies, continues to study other possible modalities so we can help more Filipino families achieve their dream of owning a home,” Aliling said.

E arlier this year, several Quadruple A contractors also signed an investment and partnership agreement with Pag-IBIG Fund to accelerate the rollout of projects under the 4PH program.

T he DHSUD also earlier reported that roughly 423,430 socialized housing units have been completed so far.

P resident Marcos initially set a target of 6.5 million housing units by 2028, which was later revised to 3.2 million and subsequently adjusted to 1.1 million units.

Justine Xyrah Garcia

Economy

No immediate plans to revise 2026 GDP growth target—Go

By Justine Xyrah Garcia

DESPITE global oil prices edging above the government’s medium-term assumptions, economic managers are not pressing the panic button just yet.

F inance Secretary Frederick D. Go said there are no immediate plans to revise this year’s gross domestic product (GDP) growth target, noting that the outlook still hinges on how high oil prices climb and how long they stay elevated.

“ It depends on the price of oil and the duration of oil. We don’t know. Price of oil today is only $76 to $78 [per barrel [bbl]. So it hasn’t even breached $80 [per bbl],” Go told reporters in a chance interview at Malacañang.

G o said one scenario being monitored by economic managers assumes Dubai crude rising to $85 per bbl, which could shave 0.1 to 0.25 percentage points off the country’s full-year GDP growth.

However, he stressed that this remains a working assumption, as prices have yet to reach that level. S till, current prices have already exceeded the Cabinet-level Development Budget Coordination Committee’s (DBCC) medium-term assumption of $60 to $70 per barrel for Dubai crude.

Th is newspaper earlier reported that the ongoing US-Israel war against Iran has injected fresh volatility into global oil markets, posing potential risks to first quarter growth.

E conomists warned that a prolonged conflict could spill over into the domestic economy through higher fuel costs, faster inflation and, ultimately, slower GDP expansion  (See: https://businessmirror.com. ph/2026/03/02/no-dbcc-recastfor-now-despite-external-risks/).

Go said the duration of the crisis remains uncertain, adding that officials are “hoping this will be as short as possible.”

M alacañang also assured the public that oil inventories remain adequate. Current reserves are estimated to be sufficient for about 50.5 days for diesel; 51.5 days each for fuel oil and gasoline; 67.5 days for kerosene; 58 days for jet fuel; and 29 days for liquefied petroleum gas (LPG).

Rate cuts not enough

INTEREST rate cuts are often

viewed as a buffer for the economy.

But with external risks mounting, some economists say monetary easing alone may not be sufficient.

U niversity of Asia and the Pacific (UA&P) economist Peter Lee U said fiscal policy, particularly government spending, needs to play a stronger role in cushioning the economy against external shocks.

“As [Bangko Sentral Gov. Eli M. Remolona] said in the news last week, monetary policy may be reaching its limits for effectiveness already. In the Philippines, fiscal policy [government spending] has to get back into the game,” U told the BusinessMirror.

U s aid another rate cut may not be enough to significantly lift investment spending, noting that the country’s investment climate has been “challenging” for years. Government spending can more immediately stimulate growth if the past leakages are plugged,” he added.

Cebu braces for Gulf crisis impact

CBy Carmel Pedroza

EBU CITY—The Cebu Chamber of Commerce and Industry (CCCI) is urging businesses to adopt proactive and precautionary measures as tensions escalate in the Middle East Gulf region, while calling on government agencies to closely monitor inflationary pressures, ensure energy supply stability, and provide timely support mechanisms for micro, small, and medium enterprises (MSMEs) should conditions worsen.

In a statement, the chamber outlined steps companies can take to cushion potential economic fallout, including conducting scenario planning, recalibrating sales and growth targets, reviewing pricing strategies, strengthening cost management, securing supply chains, and preserving liquidity by building contingency reserves.

The business group warned that the immediate economic impact of the escalating conflict will likely be inflationary, driven by a spike in global oil prices.

A s a country heavily dependent on imported fuel, the Philippines is expected to face higher transportation costs, increased electricity rates, and rising prices of basic goods and services.

For Cebu’s trade-driven and tourism-dependent economy, the effects could cascade across sectors, affecting manufacturers, exporters, retailers, and transport operators.

Business establishments reliant on imported raw materials may also face additional cost burdens due to supply chain disruptions and currency volatility.

Province orders austerity, contingency measures AMID these concerns, Cebu provincial

Aand city officials have begun rolling out precautionary measures.

I n Cebu province, Gov. Pamela Baricuatro issued Executive Order 15 on Monday, March 2, directing all provincial departments—including city a nd municipal offices—to scale down non-essential travel, merge official trips, and shift to virtual meetings whenever feasible.

T he order, which took effect immediately, outlines contingency steps t o address potential fuel price surges, protect food supply chains, and assist overseas Filipino workers (OFWs) who may be affected by unrest in the Middle East.

O nly critical and emergency operations—such as ambulance services, d isaster response, and law enforcement—are exempted from the travel restrictions.

P rovincial offices have been instructed to tighten fuel consumption a nd prioritize vehicles dedicated to essential services.

O il companies implemented price increases beginning March 3, raising concerns over higher operating costs for both government and consumers.

In Cebu City, Mayor Nestor Archival has initiated parallel preparations to cushion the impact of possible petroleum price increases.

C ity Hall estimates it spends around P300 million annually on fuel and vehicle maintenance.

The Department of General Services has been directed to secure a stable fuel supply sufficient to cover operations for at least one to two months.

A rchival also flagged added pressure as the dry season approaches, noting that increased deployment of water

By Bless Aubrey Ogerio

PLANNED shift to online filing for over-thecounter (OTC) medicines is expected to ease processing bottlenecks at the Food and Drug Administration (FDA), which is grappling with thousands of pending applications at its drug regulation unit.

FDA Director General Paolo Teston said the agency is preparing to transition the Center for Drug Regulation and Research (CDRR) from manual to online submissions for generic OTC medicines within the first quarter of 2026. Everything right now at the CDRR is being filed manually. We want to improve turnaround time for registration of over-the-counter medicines,” Teston told reporters on the sidelines of the European Chamber of Commerce of the Philippines (ECCP) luncheon in Makati City.

Under existing rules, fully compliant applications are supposed to be processed within the period prescribed under the Anti-Red Tape Act, which he

tankers could further drive up fuel consumption.

R ising petroleum costs, he said, may translate into higher transportation fares, increased commodity prices, and expanded operational expenses for the city government.

Safeguarding OFWs

THE provincial government has also mobilized its social welfare and tourism offices to prepare assistance for C ebuano workers who may require repatriation.

These offices have been instructed to coordinate closely with the Overseas Workers Welfare Administration (Owwa) and maintain an updated masterlist of affected OFWs.

Data from the Department of Foreign Affairs (DFA) show that more than t wo million Filipinos are based in the Middle East, including about 1.1 million land-based OFWs who could face direct or indirect risks from the conflict.

I n a formal move, Archival sent a letter to Owwa requesting a status update on Cebu City-based OFWs in affected Gulf areas, including security assessments, repatriation or c ontingency plans, and coordination guidelines between national and local governments.

W hile there have been no confirmed requests for assistance from C ebu City residents so far, the mayor said the city is preparing for all possible scenarios.

A mong the measures under consideration are activating a local OFW a ssistance desk, coordinating with barangays to identify affected families, and rolling out referral services, t emporary aid, and reintegration

said is around 180 days. He noted, however, that timelines vary depending on the completeness of submissions and the technical evaluation required. “Evaluation of pharmaceutical product requires a technical evaluation. t’s critical,” Teston said.

Imagine you’ll be consuming a product that is meant to heal you and if it doesn’t go through that kind of process, you will not get the results that you’re expecting from the pharmaceutical product.

So it really takes time,” he added.

The online portal is part of a broader effort to address a backlog of around 16,000 to 17,000 applications at the CDRR.

B ased on internal projections, clearing the pending applications could take up to 2028 if current capacity remains unchanged.

It will take us 33 months in our projection,” Teston said, explaining that the estimate was based on the output capacity of each evaluator. According to him, the computation factored in

support for returning workers.

The city also plans close coordination with both OWWA and the DFA should evacuations become necessary.

Food security, price monitoring

TO guard against price manipulation, Baricuatro has ordered the creation of a Provincial Price Monitoring Dashboard to track essential goods and deter hoarding and profiteering.

T he province is also crafting a short-term food sufficiency strategy, with emphasis on sourcing from Cebubased producers to reduce reliance on potentially disrupted imports.

The Cebu Chamber emphasized that MSMEs—which comprise the majority of businesses in Cebu and across the country—are particularly vulnerable.

W ith thinner margins and limited financial buffers, they are more exposed to sudden operating cost increases, fluctuating demand, and supply chain interruptions.

A ccess to working capital may also tighten if financial markets react negatively to prolonged geopolitical instability.

B eyond inflation, the chamber warned that prolonged conflict could dampen investments, weaken consumer confidence, slow tourism flows, a nd potentially affect remittances from OFWs in the Middle East—a critical pillar of domestic consumption.

While the situation remains fluid, preparedness and prudence will be key,” the chamber said, expressing confidence that Cebu’s business community can draw on lessons from past c rises—from global financial shocks to the pandemic—to mitigate risks and safeguard economic stability.

roughly 254,000 applications processed annually and 248 evaluators assigned to review them.

To ease the workload, the FDA is exploring the use of automated systems for low-risk products. “For lowrisk products, probably, it will be done by the program,” he said, adding that automation could help free up human evaluators for more complex applications.

The FDA chief clarified that the goal is not to issue approvals instantly. “I’m not saying that the approval is real-time. We don’t want that type of service unless, of course, it’s ultra-low risk,” he said.

He added, “What I’m saying is, there will be a relevant improvement in the processing of applications, in particular OTC generics.”

While the agency is pushing for faster implementation, adjustments in the timeline may still occur.

Everything is urgent to me as Director General. want everything to be fast. But within the year, sure,” he said. The FDA’s reforms come amid calls from industry groups for more predictable and efficient regulatory processes, particularly for widely used medicines.

I n February, the Bangko Sentral reduced the Target Reverse Repurchase (RRP) Rate by 25 basis points to 4.25 percent. Rates on the overnight deposit and lending facilities were adjusted to 3.75 percent and 4.75 percent, respectively.

P hilippine Institute for Development Studies (PIDS) Senior Research Fellow John Paolo R. Rivera, meanwhile, said restoring business and consumer confidence is critical to helping the economy withstand external shocks.

“ I have always been calling for internal stability through confidence and trust so we can absorb external shocks,” Rivera told the BusinessMirror.

F or 2026, GDP growth is projected at 5 to 6 percent, lower than the earlier 6 to 7 percent target. For 2027, the DBCC narrowed its forecast to 5.5 to 6.5 percent from the previous 6 to 7 percent range. The growth target for 2028 was retained at 6 to 7 percent.

Services sector spikes Subic workforce to 170K

By Henry Empeño

SUBIC BAY FREEPORT—The services sector remains to be the dominant force here, registering a strong 67.70 percent presence among the 172,226 workers recorded as of January this year. A ccording to the Subic Bay Metropolitan Authority (SBMA), the Subic workforce continued to grow in the last three years with a total of 156,811 in 2023, followed by 164,400 in 2024 for a 4.8 percent increase, and a 171,653 total, or a 4.4 increase, by the end of 2025.

A dditional hirings of 573 in the first two months of this year brought the February workers’ total to 172,226.

A report from the SBMA Labor Department showed that as of February 2026, the services sector employs 114,883 workers across 4,125 companies operating in the freeport. Of these, 84,599 are male. The manufacturing sector employs the second largest number with a total of 37,823 workers, or 21.96 percent of the workforce; followed by the construction sector with 12,346, or 7.17 percent; and shipbuildingmaritime-related services sector with 7,174 workers, or 4.17 percent.

S BMA Labor Manager Melvin Varias clarified to the BusinessMirror that a significant number of Subic workers are employed by accredited companies, which are not locators in the free port but operate in the zone to provide specialized services, including freight forwarding, hazardous waste transport, heavy equipment rental, security, and manpower outsourcing.

O f the 4,736 business entities operating in Subic, a total of 3,541 (74.77 percent) are accredited companies, while 1,195 are registered locators, SBMA data showed.

T he latest SBMA report also indicated that Olongapo City remains the biggest source of manpower, with 70,583 residents working in the Freeport, or 40.98 percent of the total.

Z ambales comes next with 32,571, or 18.91 percent; Bataan with 22,925 (13.31 percent); National Capital Region, 7,051 (4.095 percent); Pampanga, 5,476 (3.18 percent); Tarlac, 2,191 (1.27 percent); and other parts of the country, as well as foreign workers, at 31,429 (18.25 percent).

Editor: Angel R. Calso

War enters 5th day: Explosions rock Tehran as Israel targets leadership

By Jon Gambrell, David Rising & Samy Magdy

The Associated Press

UBAI, United Arab Emirates—

DExplosions sounded in Iran’s capital on Wednesday as the war with the United States and Israel entered its fifth day, with Israel targeting the Iranian leadership and security forces and the Islamic Republic responding with missile barrages and drone attacks on Israel and across the region. The blasts in Tehran came at dawn, according to Iran state television. Israel’s military said its air defenses had been activated to intercept Iranian missiles targeting Israel and explosions were heard around Jerusalem.

With Iran’s stranglehold on tanker movement through the Strait of Hormuz, the narrow mouth of the Persian Gulf through which about a fifth of the world’s oil is shipped, Brent crude prices rose to more than $82 a barrel, up more than 13% since the start of the conflict and at its highest price since July 2024. Global stock markets

have been hammered over worries that the spike in oil prices may grind down the world economy and sap corporate profits.

The American Embassy in Saudi Arabia and the US Consulate in the United Arab Emirates came under drone attacks Tuesday, and the US State Department said Wednesday it had authorized non-emergency government personnel to evacuate the kingdom.

US Navy Adm. Brad Cooper, the head of US Central Command, said Iran has launched more than 500 ballistic missiles and 2,000 drones so far. He described the American strikes in the opening hours of the campaign as “nearly double the scale” of the initial attacks during the 2003 US-led invasion of Iraq.

“We’ve already struck nearly 2,000 targets, with more than 2,000 munitions. We have severely degraded Iran’s air defenses and destroyed hundreds of Iran’s ballistic missiles, launchers and drones,” Cooper said in a prerecorded message shared online Wednesday.

“In simple terms, we are focused on shooting all the things that can shoot at us,” he added.

Five days into a war that US President Donald Trump suggested could last a month or longer, nearly 800 people have been killed in Iran, including some that Trump said he had considered as possible future leaders of the country.

Israel on Wednesday said it was conducting a series of strikes across Tehran targeting Iranian security

forces, the day after it hit a building associated with the clerical panel that will pick Iran’s next supreme leader in the city of Qom.

Both sides are unrelenting in attacks

AIR sirens sounded in the morning across the island kingdom of Bahrain, home to the US Navy’s 5th Fleet, and

Qatar’s Ministry of Defense said Iran launched two ballistic missiles against it and one hit Al-Udeid Qatari Base, but didn’t cause casualties.

Lebanon was hit in multiple strikes, where Israel said it is retaliating against Hezbollah militants after the Iran-backed group fired on Israel. Lebanon’s state-run media reported that at least five people were killed in an Israeli strike that hit a residential complex in the city of Baalbeck. More than 50 people have been killed in Lebanon and more than 300 wounded, according to the Health Ministry.

In addition to Hezbollah, Iranianlinked militant groups in Iraq have been launching attacks, with Saraya Awliya al-Dam claiming responsibility for a drone attack Wednesday on Jordan, where air raid sirens sounded across the country. The Shiite militia group one of several operating in Iraq, and claimed responsibility for attacks in the past days on American targets in Baghdad and Irbil.

Iran has fired regular salvoes of missiles and drones at Israel, though most of the incoming fire has been in -

tercepted. Eleven people in Israel have been killed since the conflict began. The spiraling nature of the war raised questions about when and how it would end.

Trump’s administration has offered various objectives, including destroying Iran’s missile capabilities, wiping out its navy, preventing it from obtaining a nuclear weapon and ensuring it cannot continue to support allied armed groups.

Israel presses attacks on Iranian security forces and leadership WHILE the initial US-Israeli strikes killed Iranian Supreme Leader Ayatollah Ali Khamenei and Trump urged Iranians to overthrow their government, senior administration officials have since said regime change was not the goal.

Trump on Tuesday seemed to downplay the chances of the war ending Iran’s theocratic rule, saying that “someone from within” the Iranian regime might be the best choice to take power once the US-Israel campaign is finished.

www.businessmirror.com.ph

Congress taking first votes on Iran war as debate rages about US goals

By Stephen Groves, Lisa Mascaro & Mary Clare Jalonick The Associated Press

WASHINGTON—The US Senate is headed towards a vote Wednesday on President Donald Trump’s decision to embark on a war against Iran, an extraordinary test in Congress for a conflict that has rapidly spread across the Middle East with no clear US exit strategy.

The legislation, known as a war powers resolution, gives lawmakers an opportunity to demand congressional approval before any further attacks are carried out. The Senate resolution and a similar bill being voted on in the House later this week face unlikely paths through the Republican-controlled Congress and would almost certainly be vetoed

by Trump even if they were to pass.

Nonetheless, the votes marked a weighty moment for lawmakers. Their decisions on the five-day-old war—which Trump entered without congressional approval—could determine the fates of US military members, countless other lives and the future of the region.

“Wars without clear objectives do not remain small. They get bigger, bloodier, longer and more expensive,” said Senate Democratic leader Chuck Schumer at a news conference Tuesday. “This is not a necessary war. It’s a war of choice.”

Trump administration scrambles for congressional support AFTER launching a surprise attack against Iran on Saturday, Trump has scrambled to win support for a conflict that Americans of all political persuasions were already wary of entering. Trump administration officials have been a frequent presence on Capitol Hill this week as they try to reassure lawmakers that they have the situation under control.

“We are not going to put American troops in harm’s way,” Secretary of State Marco Rubio told reporters in a raucous news conference at the Capitol Tuesday.

But six US military members were killed over the weekend in a drone strike in Kuwait.

Trump has also not ruled out deploying US ground troops. He has said he is hoping to end the bombing campaign within a few weeks, but his goals for the

war have shifted from regime change to stopping Iran from developing nuclear capabilities to crippling its navy and missile programs.

“I think they are achieving great success with what they’ve done so far,”

Senate Majority Leader John Thune said Tuesday, adding that what happens next in the country will be “largely up to the Iranian people.”

Almost all Republican senators were readying to vote Wednesday against the war powers resolution to halt military action, but a number still expressed hesitation at the idea of deploying troops on the ground in Iran.

“I don’t think the American people want to see troops on the ground,” said Sen. Bill Cassidy, R-La., as he exited a classified briefing Tuesday. He added that Trump administration officials “left open that possibility,” but it wasn’t an option they were emphasizing.

Lawmakers to go on record

THE votes in Congress this week represented potentially consequential markers of just where lawmakers stand on the war as they look ahead to midterm elections and the consequences of the conflict.

“Nobody gets to hide and give the president an easy pass or an end-run around the Constitution,” said Sen. Tim Kaine, the Virginia Democrat leading the war powers resolution. “Everybody’s got to declare whether they’re for this war or against it.”

Republican leaders have successfully, though narrowly, defeated a series

of war powers resolutions pertaining to several other conflicts that Trump has entered or threatened to enter. This one, however, is different.

Unlike Trump’s military campaigns against alleged drug boats or even Venezuelan leader Nicolás Maduro, the attack on Iran represents an open-ended conflict that is already ricocheting across the region. For Republicans who are used to operating in a political party dominated by Trump and his promises of keeping the US out of foreign entanglements, the moment represented a bit of whiplash.

“War is ugly, it always has been ugly, but we’re taking out a regime that has been trying to attack us for quite some time,” said Sen. Markwayne Mullin, an Oklahoma Republican.

Meanwhile, Sen. Lindsey Graham, a South Carolina Republican who has long pushed Trump to engage overseas, argued that the widening conflict represented an opportunity for Arab and European countries to join in the fight against Iran and the militant groups it supports.

“I don’t mind people being on record as to whether or not they think this is a good idea,” he told reporters, but also argued that too much power over the military was ceded to Congress in the War Powers Act, which mandates that presidents must withdraw troops from a conflict within 90 days if there is no congressional authorization.

House vote looms ON the other side of the Capitol, House leaders were also readying for an intense debate over the war followed by a vote Thursday.

“I do believe we have the votes to defeat it, I certainly hope we do,” House Speaker Mike Johnson said after an all-member briefing on Tuesday night.

Meanwhile, House Democratic leader Hakeem Jeffries said he expected a strong showing from Democrats in favor of the war powers resolution.

As lawmakers emerged from a closed-door briefing Tuesday night, Rep. Gregory Meeks, the top Democrat on the House Foreign Affairs Committee, implored the Trump administration to “come to Congress” and speak directly to the American people about the rationale for the war.

His voice filled with emotion as he said, “Our young men and women’s lives are on the line.”

Israel’s defense minister said Wednesday on X that whoever Iran picks to be the country’s next supreme leader, he will be “a target for elimination.”

“Every leader appointed by the Iranian terror regime to continue and lead the plan to destroy Israel, to threaten the United States and the free world and the countries of the region, and to suppress the Iranian people—will be a target for elimination,” Israel Katz wrote.

The Israeli military also said it hit buildings in Tehran associated with the Basij, the all-volunteer force of Iran’s paramilitary Revolutionary Guard that conducted the bloody crackdown on protesters in January that killed thousands and saw tens of thousands detained in the country.

Israel and the US have said they want to see the Iranian public overthrow its theocracy.

Iran’s leaders are scrambling to replace Khamenei, who ruled the country for 37 years. It’s only the second time since the 1979 Islamic Revolution that a new supreme leader is being chosen. Potential candidates range from hard-liners committed to confrontation with the West to reformists who seek diplomatic engagement.

Israeli military spokesman Brig. Gen. Effie Defrin said the Israeli military on Tuesday struck a building in the Iranian city of Qom where clerics were expected to meet to discuss selecting a new supreme leader. He said the army was still assessing whether anyone was hit. The semiofficial Fars and Tasnim news agencies, both believed to be close to Iran’s paramilitary Revolutionary Guard, linked the building to Iran’s Assembly of Experts and said Wednesday there was no meeting ongoing there at the time of the attack. Fars said that the assembly was meeting remotely, without elaborating.

Hundreds have died, including children THE US-Israeli strikes have killed at least 787 people in Iran, according to the Red Crescent Society. Kuwait, which had previously reported a single death, said Wednesday that an 11-year-old girl was killed by falling shrapnel as Kuwaiti forces were intercepting “hostile aerial targets.” In addition, three people were killed in the United Arab Emirates and one in Bahrain. Six US Army Reserve soldiers were killed by a drone strike Sunday on a command center in Port Shuaiba, Kuwait. Rising reported from Bangkok, and Magdy from Cairo. Elena Becatoros in Athens, Greece, Melanie Lidman in Tel Aviv, Israel, and Giovanna Dell’Orto in Miami contributed to this report.

Ombudsman deputizes NBI to investigate ex-Marines’ claims of ₧800 billion anomaly

by it and present evidence.”

TBy Joel R. San Juan @jrsanjuan1573

QC Rep. Suntay apologizes to Anne Curtis but defends analogy in VP Sara’s impeachment debate

HE National Bureau of Investiga -

tion (NBI) on Wednesday said it has started its background check on the 18 alleged former members of the Philippine Marines who claimed to have delivered suitcases of cash amounting to more than P800 billion to lawmakers and government officials, including President Marcos and House Speaker Martin Romualdez from 2022 to 2025.

In an interview with reporters, NBI Director Melvin Matibag confirmed that the Office of the Ombudsman has deputized the agency to investigate the Marines, as well as their allegations which were contained in the joint complaint-affidavit that they filed with the Ombudsman last February 26. Matibag assured that the NBI would be fair and look at every angle in investigating the claims of the former Marines.

“We will investigate all angles. We will examine everything,” Matibag said. However, the NBI chief pointed out that its investigation would have to start with the complainants, such as their background, the person who notarized their affidavit and the people who organized their press conference at Club Filipino on February 25. When asked if the NBI’s investigation on the Marines would have a chilling effect on those still planning to come out and expose wrongdoings in the government, Matibag answered: “Let’s send a signal that we will be fair in investigating, because if you are going to expose something, your exposé must be true. You should be able to stand

“So the government’s signal is this – we will be very fair. Just make sure that what you are saying is true and that your claims have basis and are supported by evidence,” he added.

Based on the NBI’s initial investigation, Matibag noted that some of the selfproclaimed Marines have criminal cases and that not all of them were members of the Marine Corps.

“So, we have already established these things and we are looking on the incident itself, the day when they held a press conference and made their announcement, specifically, who were the people behind it,” the NBI chief pointed out.

When asked if these initial findings would affect the credibility of the said Marines, Matibag replied: “ Well, of course. That’s the natural course. There is a doctrine in law, there is a principle in law, that if you lie about one thing, the entirety of your statements becomes questionable.”

However, Ombudsman Jesus Crispin Remulla recently confirmed the claim of the Marines that he met with investigators from the International Criminal Court during his term as justice secretary.

Lawyer Levito Baligod, who represents the Marines, accused Remulla of committing graft over his meeting with ICC personnel as it caused “undue damage to government.”

In their joint affidavit, the former Marine personnel said that they previously worked as personal assistants or security

See “Ombudsman,” A10

Cayetano: Govt action for OFWs in Middle East must be well calibrated, coordinated

By Butch Fernandez @butchfBM

DRAWING on his experience as former foreign affairs secretary, Senate Minority Leader Alan Peter Cayetano emphasized the need for calm, coordinated, and carefully calibrated government action to protect Overseas Filipino Workers (OFWs) amid escalating tensions in the Middle East.

Policy decisions made in Manila, he stressed, must always take into account the real-life situations faced by Filipino workers and their employers abroad.

Cayetano supported Proposed Senate Resolution No. 325, which was later adopted as Senate Resolution No. 41, urging the Philippine government to implement measures to ensure the protection — and in necessary situations, the repatriation — of OFWs in areas affected by the growing regional conflict, while also preparing interventions to mitigate potential economic impacts on the Philippines.

Cayetano, however, clarified that he did not sign the earlier version of the resolution because of concerns that an immediate blanket call for repatriation could unintentionally create anxiety among employers and workers and disrupt ongoing diplomatic and labor arrangements.

To address this concern, Cayetano introduced an amendment clarifying that repatriation should be undertaken only “in necessary situations.” The change ensures that the government

remains ready to bring Filipinos home when required, while recognizing that decisions must be based on actual conditions on the ground.

Cayetano also pushed to align the language of the resolution with the updated alert level system implemented by the Department of Foreign Affairs, ensuring that the Senate’s position reflects the same protocols used by Philippine embassies and consulates in assessing security risks and responding to crises in the region.

Drawing from his experience as Secretary of Foreign Affairs from 2017 to 2018, Cayetano emphasized that crisis responses involving Filipinos overseas must be guided by the assessments of diplomats and government personnel on the ground, who are in direct contact with OFWs, their employers, and host governments.

The resolution was adopted by the Senate following escalating tensions in the Middle East after military strikes and retaliatory actions involving Iran and several countries in the Gulf region, where an estimated 2.5 million Filipino workers are based.

Cayetano noted that OFWs across Israel, Iran, Jordan, Lebanon, Syria, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates play vital roles both in their host economies and in supporting their families in the Philippines through remittances.

He also underscored the importance

See “Cayetano,” A10

By Jovee Marie N. Dela Cruz @joveemarie

ALAWMAKER on Wednesday issued an apology to actress Anne Curtis but insisted that his earlier remarks during House proceedings on the pending impeachment complaints against Vice President Sara Duterte were not made with malicious intent.

In an interview, Quezon City 4th District Rep. Jesus Manuel “Bong” Suntay said some people may have found his analogy in bad taste but stressed that he did not mean to hurt anyone.

“While there may have been people who found the analogy in bad taste, to those who were offended, I repeat, there was no malice in what we intended to convey

in that statement. We did not mean to hurt anyone through that analogy. But if anyone was hurt, we ask for forgiveness,” he said.

“To Ms. Anne Curtis as well, if she was hurt by what was said, I reiterate that there was no malice intended, and we apologize to her. The situation I described was fictitious. The only thing that was true there was when I said that she is very beautiful,” Suntay added.

He said his analogy was meant to underscore his argument that “desire and imagination” are not impeachable offenses. According to him, a video shown during the hearing included one of the allegations against Duterte involving her supposed desire and imagination to inflict harm.

“The video showed Vice President Sara, and one of the allegations

being used for the impeachment is her supposed desire and imagination to inflict harm. As I said, desire and imagination are not impeachable offenses,” Suntay said.

“I stand by my statement. That analogy was used to prove that statements are oftentimes taken out of context. I regret that some women were hurt because that was never the intention of my statement,” he added.

On Tuesday, the House Committee on Justice voted to strike from the official record what it deemed inappropriate remarks made by Suntay during deliberations on the two remaining impeachment complaints against Duterte.

The discussion touched on the vice president’s earlier statement that she was the “designated survivor,” which Suntay argued was

neither illegal nor criminal. In the course of explaining his position, Suntay shared an anecdote about seeing Curtis and imagining certain scenarios, saying that mere imagination should not be grounds for legal action. The comments drew immediate criticism from several lawmakers.

San Juan Rep. Ysabel Maria J. Zamora, a vice chairperson of the panel, moved to have the statements stricken off the record.

Manila Rep. Bienvenido Abante Jr. supported the motion. Justice committee chairperson Batangas Rep. Gerville Luistro said that if a member’s manifestation offends the sensitivity of the committee, it signals that boundaries are being crossed. The committee subsequently ordered the remarks deleted.

₧170M in illegal cigarettes seized in Central Visayas since

By Carmel Pedroza

EBU CITY

C— Police have intensified operations against the illegal cigarette trade in Central Visayas, seizing an estimated P170 million worth of smuggled tobacco products since the start of 2026, authorities reported this week.

The crackdown, led by the Police Regional Office 7 (PRO-7), forms part of a sustained regional campaign targeting the transport, storage and distribution of illicit cigarettes.

From January to early March alone, law enforcement units confiscated illegal cigarettes valued at P170,390,032.34.

Operational data showed that 138,516 individual packs and 3,231 reams of cigarettes were recovered in a series of intelligence-driven operations across Central Visayas.

Police said the seizures were the result of tighter monitoring, surveillance and coordinated enforcement efforts aimed at

disrupting supply chains used by smugglers.

PRO-7 Regional Director Redrico Maranan said the stepped-up campaign aligns with the directive of Interior and Local Government Secretary Juanito Victor Remulla to curb the proliferation of illegal

cigarettes nationwide. Maranan stressed that the operations are not only meant to enforce customs and tax laws but also to shield communities from the broader impact of illicit trade.

“Every operation we conduct

January

against illegal cigarettes is part of our responsibility to protect the integrity of our laws and the welfare of our communities,” he said, noting that the campaign also protects legitimate businesses from unfair competition and denies criminal groups a source of revenue.

Police authorities said they will further intensify intelligence monitoring and strengthen coordination with other government agencies and local government units to sustain the momentum of the antismuggling drive.

PRO-7 also appealed to the public for cooperation, urging residents to report any information regarding the manufacture, storage, transport or sale of illegal cigarettes in their communities.

The intensified campaign signals what officials describe as a firm regional stance against illicit tobacco trade, with more operations expected in the coming months as authorities seek to dismantle networks operating in Central Visayas.

Dizon orders simultaneous completion of Metro Manila drainage systems ahead of rainy season

By Lorenz S. Marasigan @lorenzmarasigan

THE Department of Public Works and Highways (DPWH) is accelerating the repair and rehabilitation of drainage systems, canals, and waterways across Metro Manila in preparation for the rainy season.

Externally, it noted that goods exports growth accelerated sharply to 22.8 percent in the fourth quarter of 2025 (from 11.6 percent in the third quarter, driven by stronger electronics shipments which represents over half of the goods export basket, mostly in assembly, packaging, and testing).

UBS also factored in that services exports grew 2.5 percent year-on-year (from 1.2 percent in the third quarter of 2025).

“Growth in BPO-related services [IT and professional services] remained firm at 4.4 percent YoY, unchanged from Q3 and up from 0.4 percent in Q2,” the Swiss bank noted.

On the regional front, meanwhile, Grace Lim, Senior Asean and Asia Economist at UBS Investment Bank Global Research, said: “We expect Asean 6 GDP growth to register around 4.9 percent in 2026, reflecting a period of steady expansion.”

Lim said the region continues to benefit from deep integration into global manufacturing value chains, supported by a “sizeable” domestic market.

“Conditions for growth remain in place, with household consumption driving momentum in Indonesia, an increase in private investment underway in Thailand and the Philippines, and resilient tech related export strengths in Singapore and Malaysia,” said Lim.

Q1 ‘26 GDP outlook and spending cuts

THE Asian Development Bank projects Philippine GDP growth at 5.3 percent in 2026, while the OECD forecasts 5.1 percent. Analysts have indeed cautioned about fragile growth momentum, citing slowing household consumption (e.g., Q4 2025 growth at 3.8 percent, full-year at 4.6 percent) and constrained government spending due to anticorruption measures, scandals, and fiscal prudence Almendras conceded that the flood control controversy dragged down infrastructure spending.

The Department of Public Works and Highways (DPWH) scrapped P252 billion worth of locally funded flood control projects from the 2026 budget following allegations of anomalies. Much of the realigned funds were redirected to social assistance programs, leaving infrastructure allocations thinner.

“Because when you pulled out the infrastructure budget from the DPWH, you have to push that back into infrastructure. The benefits are different when the government spends on infrastructure. Steel, cement, workers,” Almendras explained.

Infra push: Downloading to LGUs

TO counter the slowdown, the government plans to download infrastructure budgets for school buildings to local government units (LGUs). The move, discussed in Ledac, aims to accelerate classroom construction and empower LGUs to implement projects directly.

Almendras said the government must also correct the economy’s downward momentum by persuading Congress to pass key economic reform measures.

“We are focusing on wrapping up the downward trajectory and the momentum needs to be corrected,” he said.

Socioeconomic Planning Secretary Arsenio Balisacan earlier told Ledac that passing 17 priority bills before the end of Congress would help stabilize growth.

“Hopefully, second quarter is flattish. Third quarter, we can recover. That’s why we have to pass all those bills,” Almendras added.

Mideast War: Background, risks THE war between the US, Israel, and Iran, which erupted on February 28, 2026, escalated decades of hostility over Iran’s nuclear program and regional influence. Direct US and Israeli strikes on Iranian soil triggered counterattacks across the Middle East, with Iran briefly attempting to close the Strait of Hormuz, a vital oil shipping lane.

“The Strait of Hormuz is still open, which is the most critical…Iran wanted to close the Strait of Hormuz. But it remains open. There are vessels that are moving, so the oil is flowing,” Almendras noted.

He added that while the Philippines may face a temporary spike in fuel costs, the situation could ease soon.

“Hopefully, we’ll have a short shot. But beyond that, it’s a few weeks of high oil prices.

DPWH Secretary Vince Dizon made the announcement during Wednesday’s inspection of the Marikina River flood control project, where he emphasized the need to complete multiple interconnected works simultaneously to improve water flow into the river system.

“We need to finish these projects quickly. Everything we are doing now— dredging, fixing the gaps in the dikes, repairing the drainage— all of that is to make water flow faster into the rivers. All of these need to be done at the same time, and we need to do them fast,” Dizon said in the vernacular.

age, Balanti Creek, and Manila Water Site works, as well as the resolution of rightof-way issues holding up Phase V of the Pasig-Marikina River Channel Improvement Project (PMRCIP).

The public works chief identified several critical projects whose completion would significantly speed up water drainage into the Marikina River: the Sumulong Drain -

Once completed, these interconnected waterways are expected to accelerate the recession of floodwaters in Marikina City. Dizon also said the DPWH is targeting

Jeffrey Soriano takes oath as ACT-CIS representative

By Mary Jade Jadormio

ACT-CIS party-list nominee Jeffrey Soriano formally took his oath as a member of the House of Representatives before the Commission on Elections (Comelec).

Soriano assumed the post following the resignation of former ACT-CIS Rep. Edvic Yap, who stepped down from his seat amid allegations linking him to anomalies in flood control projects. In a proclamation issued by the Comelec, Soriano was declared the qualified nominee of the ACT-CIS party-list entitled to sit as representative in the House of Representatives for a term

ending on June 30, 2028.

The document further stated that ACT-CIS obtained the required percentage of votes under the party-list system in the May 12, 2025 national and local elections, allowing its nominees to occupy seats allocated to the group.

Under the party-list system, nominees listed by accredited party-list groups may assume a seat in the House in case a sitting representative resigns, is removed, or is unable to continue serving their term.

ACT-CIS secured two congressional seats in the 2025 elections after emerging as the fifth most-voted party-list organization nationwide. The group has consistently ranked among

the top vote-getters in previous elections, campaigning on programs focused on public safety, anti-crime initiatives and assistance to marginalized sectors.

Soriano is not new to the House of Representatives, having previously served as an ACT-CIS party-list lawmaker during the 19th Congress.

During his earlier stint in Congress, he served as assistant majority leader and was vice chairman of several House committees while also participating in the deliberations of multiple legislative panels.

His assumption of the House seat restores ACT-CIS’s full representation in the chamber following Yap’s resignation earlier this year.

DepEd, South Korea renew partnership to offer Korean language classes in public high schools

THE Department of Education (DepEd) and the Republic of Korea’s Ministry of Education renewed their cooperation agreement on the teaching of the Korean language in select public high schools.

The renewal was formalized through a memorandum of understanding (MOU) signed by Secretary Juan Edgardo “Sonny “ Angara and ROK Minister of Education Choi Kyo-Jin.

The signed agreement was formally presented to President Ferdinand R. Marcos Jr. and ROK President Lee Jae Myung in a ceremony at the Malacañang Palace during the latter’s state visit on Tuesday.

The agreement falls under the DepEd’s Special Program in Foreign Language (SPFL), an initiative designed to prepare Filipino students for international careers by fostering cultural diversity and language proficiency.

“By renewing this partnership, we are not just teaching a new language; we are opening doors to global opportunities for our teachers and learners,” Angara said.

Originally piloted in 2009, the SPFL now offers Spanish, French, Japanese, German, Chinese and Korean languages in select secondary schools, in partnership with foreign institutions.

The SPFL-Korean was introduced through a memorandum of agreement signed in June 2017 between the DepEd and the Embassy of the Republic of Korea.

Under that agreement, the Korean Cultural Center of the Philippines (KCC) served as the official training provider, offering immersive cultural experiences to foster a deeper understanding and appreciation of Korean culture.

For SY 2024-2025, the SPFL-Korean program was implemented in 69 public secondary schools across 13 regions, benefitting 4,810 learners and facilitating the professional upskilling and language training of 168 teachers.

The new MOU ensures the sustainability of the program as the previous agreement has expired.

The renewed partnership focuses on curriculum development; teacher capacity building; provision of Korean language specialists and teaching resources; and continued institutionalization of Korean as a foreign language in select high schools.

The renewal of the agreement marks another milestone in Philippines-ROK bilateral relations, underscoring a shared commitment for educational innovation and cultural exchange.

Claudeth Mocon-Ciriaco

DAR turns over modern feed processing equipment to two ARBOs in CamSur

THE Department of Agrarian Reform has turned over modern feed processing equipment to two agrarian reform beneficiary organizations (ARBOs) in the province of Camarines Norte.

With the modern feed processing equipment, the Sta. Cruz United Farmers and Agrarian Reform Beneficiaries Association (SCUFARBA) in Brgy. Sta. Cruz, in the town of Labo, and the Villa Aurora Farmers and Agrarian Reform Beneficiaries Association (VAFARBA) in Brgy. Villa Aurora, in the town of Capalonga, can now look forward to lower production costs and an increase in income.

Aside from the equipment, the two ARBOs also received feed pelletizers and hammer mills to strengthen their agri-based enterprises. With these machines, ARBO members can now process their own crops into quality livestock feed instead of buying commercial feeds at higher prices. This means reduced

Continued from A9

of ensuring that government resources intended for the protection of Filipinos abroad are fully mobilized during crises, including the Assistance to Nationals (ATN) Fund of the Department of Foreign Affairs and the AKSYON Fund of the Department of Migrant Workers, which are specifically allocated to assist distressed OFWs and

expenses for livestock raisers and better control over feed quality.

More importantly, the associations can produce feeds not only for their members but also for other farmers in their communities—opening a new and sustainable source of income.

To ensure the equipment is ready for full operation, the authorized supplier conducted onsite delivery, installation, and testing. A hands-on demonstration was also carried out to make sure the machines met technical standards and were functioning properly before turnover.

DAR Secretary Conrado Estrella III emphasized that the initiative forms part of DAR’s broader push to strengthen agri-enterprises in agrarian reform communities.

“This is about helping our ARBOs move up the value chain. By adding value to their harvests, they can increase earnings, reduce

Filipinos overseas.

Cayetano stressed the importance of a whole-of-government response to the situation, with the Department of Foreign Affairs providing leadership in coordination with the Department of Migrant Workers and other relevant agencies in monitoring developments, assisting Filipinos abroad, and preparing contingency plans when necessary.

He emphasized that protecting OFWs requires both compassion and institutional

costs, and build more stable livelihoods,” Secretary Estrella said.

Provincial Agrarian Reform Program Officer Odessa A. Cabezudo highlighted that beyond the machinery itself, the project promotes long-term sustainability.

“This support empowers our ARBOs to become more self-reliant and resilient. Through value-adding interventions like feed processing, we are helping farmers build stronger, community-based enterprises that can withstand market fluctuations and climate-related challenges,” Cabezudo said.

The next phase of the intervention will include the formal turnover of the Farm Machinery and Equipment (FMEs) and the conduct of specialized technical training. These sessions aim to equip ARBO members with the necessary skills to properly operate, maintain, and maximize the productivity of their new assets.

Jona than L. Mayuga

discipline, ensuring that government responses are grounded in expert assessments while remaining sensitive to the livelihoods, dignity, and stability of Filipino workers overseas.

He added that the Senate resolution also calls on government agencies to prepare measures that will cushion the Philippine economy from potential disruptions resulting from instability in the Middle East, particularly in relation to labor deployment and remittances.

Another signed MOU is between HD Hyundai Heavy Industries and Technical Education and Skills Development Authority (Tesda) on shipbuilding technology development. There were also MOUs between Samyang Food Inc. and S & R; Korean health care device manufacturer Ceragem Co. Ltd. with Belo Medical Group; Korean biotech firms and Jetema and the local medical equipment manufacturer Innomedics Trading Corporation; Korean Aerospace firm Perigee Aerospace Inc. and Philippine Space Agency, Ascend, Department of Information and Communications, Cagayan Economic Zone Authority; and the Korea Mine Rehabilitation and Mineral Resources Corporation and the Mines and Geosciences Bureau. Samuel P. Medenilla Investments. . . Continued from A14

the completion in 2026 to 2027 of various projects that have been stalled for four to five years.

Beyond flood control infrastructure, Dizon pointed to urban planning approaches in other Asian countries as a long-term model for the Philippines. He noted that in South Korea, Japan, and Taiwan, rivers are flanked by parks that serve as overflow areas during heavy rainfall, preventing floodwaters from inundating residential areas.

“If you go to Korea, Japan, Taiwan, alongside the river is a park—so when the water rises, there are no houses standing there. There’s a big park next to the river because that’s what absorbs the water,” Dizon said.

Laguna Water, Sta. Rosa City renew partnership under ‘TSEK ng Bayan’

LAGUNA Water, a Non-East Zone operating unit of Manila Water, and the City Government of Santa Rosa have reaffirmed their shared commitment to promoting safe sanitation and healthier communities across the city after formally renewing their partnership for health and sanitation.

Under the TSEK ng Bayan, which stands for Tamang Sanitasyon Equals Kalusugan, Kalinisan at Kaunlaran ng Bayan, Laguna Water’s flagship sanitation advocacy program, the company and its LGU partners engage in public awareness campaigns on the proper wastewater management, encouraging safe sanitation practices in homes and establishments, and assisting LGUs in addressing various sanitationrelated concerns.

Laguna Water and partner LGUs collaborate on sanitation education campaigns, information drives, and community-based initiatives that help reduce pollution, protect water bodies, and improve public health.

“This partnership reflects our continued commitment to providing safe and reliable sanitation services to the communities we serve. Working closely with our LGU partners allows us to create meaningful, long-term impact,” Laguna Water General Manager, Mr. Constantine O. Uy said in a statement. Santa Rosa City Mayor Arlene B. Arcillas noted that the local government warmly welcomes the renewal of this partnership. She emphasized that through this renewed partnership, Laguna Water and the City of Santa Rosa will continue strengthening sanitation awareness and enhancing support for wastewater management initiatives in the community.

Aside from Santa Rosa, the TSEK ng Bayan program also extends to other partner LGUs including Biñan, Cabuyao, and Pagsanjan, each committed to advancing improved sanitation practices in their communities. Together with its partner LGUs, Laguna Water remains committed to building a cleaner, safer, and more sustainable Laguna. Jonathan L. Mayuga

PRC, global partners launch multi-stakeholder forum in Manila to tackle climate vulnerability

By Claudeth Mocon-Ciriaco @claudethmc3

TO further strengthen collaborative efforts and enhance climate resilience in vulnerable communities across the Philippines, the Philippine Red Cross (PRC), as an active partner of the Zurich Climate Resilience Alliance (ZCRA), is taking part in the Alliance’s Project Visit and Climate Resilience Multi-Stakeholder Forum from March 2 and 6, 2026 in Metro Manila.

PRC Chairman and CEO Richard J. Gordon emphasized the importance of collective action, stating, “Climate change is no longer a distant threat; it is a daily reality for Filipino communities.”

“Through partnerships like the Zurich Climate Resilience Alliance, we are strengthening our capacity to protect lives and build safer, more resilient communities,” he said.

For her part, PRC Secretary General Dr. Gwendolyn T. Pang said that resilience begins at the community level.

“By working closely with government, local leaders, and global partners, we ensure that climate solutions are inclusive, science-based, and responsive to the needs of the most vulnerable,” she said.

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consultants of resigned Ako Bicol Party List Rep. Zaldy Co. They alleged that part of their duties were to escort Co’s executive assistants in delivering numerous luggage, paper bags, envelopes full of cash to several political figures including former senator Antonio Trillanes IV, allegedly to fund the hotel accommodations of investigators from the International Criminal Court (ICC). They also claimed having delivered cash to the house of President Ferdinand “Bongbong” Marcos Jr. in Ilocos Norte.

The soldiers also said that Co and former senator Trillanes “funded” the hotel accommodations of investigators from the ICC who were gathering evidence against former President Duterte and other accused in the crimes against humanity in connection with their war on drugs campaign.

Meanwhile, National Security Adviser Eduardo Año on Wednesday filed a criminal complaint for violation of the Cybercrime Prevention Act before the Department of Justice against the 18 former Marines, Baligod and ex-congressman Mike Defensor.

The engagements bring together partners from the PRC, International Federation of Red Cross and Red Crescent Societies (IFRC), Plan International Pilipinas, and the Z Zurich Foundation. A key highlight is the Climate Resilience Multi-Stakeholder Forum on March 4 at Crowne Plaza Galleria Manila, where the ZCRA Philippines country coordination mechanism will be formally strengthened through the signing of the Terms of Reference among the three partner organizations.

The participants include national agencies, including the Climate Change Commission, PAGASA, Office of Civil Defense, and the Department of the Interior and Local Government, along with several local government units. The meaningful discussions will focus on inclusive development planning, community-driven adaptation, partnerships for climate action, and emerging risks such as extreme heat. Through its engagement in the Zurich Climate Resilience Alliance, the PRC stays true to its commitment to communitycentered and multi-sectoral approaches that help communities anticipate, prepare for, and adapt to the growing impacts of climate change in one of the world’s most climate-vulnerable countries.

In an interview with reporters, Año said the complaint stemmed from the joint-complaint affidavit executed by the so-called Marines He branded allegations made against him as “malicious, fabrication and bereft of truth.” “I have to protect my name. I have to defend my honor, because I will not sell my name to anyone and to any amount. So that is really a malicious imputation,” Año said. Año specifically charged the respondents for violation of Unlawful Use of Means of Publication and Unlawful Utterances under Article 154 of the Revised Penal Code, in relation to Section 6 of Republic Act 10175 or the Cybercrime Prevention Act. The official said he would be filing more charges in the coming days against the respondents.

In their joint affidavit, the 18 Marines claimed that they saw Año receiving a paper bag after his meeting with Co, Romualdez and Mamayang Liberal Party List Rep. Leila de Lima at the Manila Polo Club Townhouse in Makati City.

Año denied that he attended such a meeting and advised the public not to believe unverified information or fake news. The official appealed to the said former Marines to tell the truth and not to allow themselves to be manipulated by anyone.

‘Coco oil prices soften as PHL output rebounds’

IBy Ada Pelonia @adapelonia

phoons that could cut yields.

World Bank data showed that the average quotation for coconut oil, the Philippines’s leading farm export, surged to $2,480 per metric ton (MT) in 2025 due to tight supply in leading coconutproducing nations.

This catapulted the country’s export revenues from coconutbased products to an all-time high of $3.57 billion last year. The Philippines is the world’s largest coconut exporter.

United Coconut Association of the Philippines (Ucap) Chairman Marco Reyes told the BusinessMirror that the stockpile of the Philippines was a major factor behind the softening of coconut oil prices.

“The severe effects of El Niño over the past 2 years, which resulted in record-high prices and a substantial drop in yields, are already over,” he told this newspaper. “The coconut trees have already fully recovered [and] will go on a cyclical two-year improved yield and harvest.”

Such an improvement in local coconut supply and softening prices would persist for the rest of 2026, Reyes said, barring disastrous ty-

Private sector urged to help govt fight agri smuggling

By Butch Fernandez @butchfBM

THE government cannot do it alone. With this blunt admission, the chairman of the Senate agriculture committee called for help from the private sector to fight agricultural smuggling, which had cost the government millions in forgone revenue, while spawning a wide range of problems in food security.

Senator Francis N. Pangilinan renewed his call for stronger collaboration between the government and the private sector to advance long-overdue reforms to protect Filipino farmers and ensure national food security.

Keynoting the recent International Farmers’ Summit, the senator said the active participation of the private sector— businesses, industry groups, and market stakeholders—is vital to addressing the systemic challenges facing the agriculture and fisheries sector.

“We need the private sector to stand up as well and call for sweeping reforms in the BOC [Bureau of Customs], the DOF [Department of Finance], the DA [Department of Agriculture], and the BIR [Bureau of Internal Revenue].”

Pangilinan, who chairs the Senate Committee on Agriculture, Food, and Agrarian Reform, expressed serious concern about syndicates involved in illegal smuggling in the country.

He pointed out how smuggling continues to undermine local food producers, distort market prices, and threaten the livelihoods of millions of Filipino farmers and fisherfolk. “with your [private sector] help, let us

together redress the problems of the agriculture and fisheries sector,” the senator said, speaking partly in Filipino.

Pangilinan’s committee has already conducted seven hearings on the widespread multibillion-peso agriculture smuggling operations in the country.

He also emphasized in his speech the bills he introduced to reform the sector and discuss its many issues. These include the renationalization of agricultural extension services and the reestablishment of the Bureau of Agriculture Cooperatives, which will offer extensive support to farmers and fisherfolk.

The senator, likewise, pushed for the full implementation of the Sagip Saka Act in the feeding programs of government agencies, including the Departments of Education, Social Welfare and Development, the Interior and Local Government, and Health.

The 2019 Sagip Saka Act, authored and sponsored by Pangilinan, allows national agencies and local government units to buy food directly from accredited farmers’ and fisherfolk’s cooperatives.

“All of us have been fed by our farmers and fishers, so we should all feel outraged when they do not get the support they deserve,” he said.

“But we cannot do it alone. We need the private sector to help us, and I know that your organizations would like to see justice for our farmers and fisherfolk and in the agriculture and fisheries sector that will not just match Thailand, Vietnam, and other countries in the region, but outpace them.”

The recovery and downward pressure on world market prices, however, pulled down the country’s export revenues from coconut-based products by over a tenth in January, based on Philippine Statistics Authority (PSA) data.

Figures from the PSA indicated that the value of coconut-based

exports last month dropped by 10.9 percent to $255.52 million from $286.7 million recorded in the previous year.

Coconut oil accounted for the bulk of shipments at $205.56

million, down 17.5 percent from $249.3 million recorded in January 2025.

War woes

MEANWHILE , Reyes warned

that the ongoing Middle East conflict could dampen demand for coconut oil.

With Iranian media reporting that the Strait of Hormuz, a crucial chokepoint for global oil trade, grounding to a halt, the Ucap official said this would cause a spike in crude oil prices.

“Then, vegetable oil prices, like coconut, will go up, global inflation increases, purchasing power comes down, and demand comes down,” Reyes said. “However, if it is resolved soon, those fears will not happen.”

Nevertheless, he called on the Philippine government to have contingency plans in place.

“For coconuts, blend more coconut biodiesel in diesel fuel, stop the unhampered smuggling and dumping of palm oil in the Philippines.”

Planters, fishers to get ₧100-M fuel subsidy from govt–DA

THE Department of Agricul -

ture (DA) is set to release P100 million for its fuel subsidy program for farmers and fishers to cushion the impact of elevated fuel prices on production costs due to the conflict in the Middle East.

Agriculture Assistant Secretary Arnel de Mesa said around 9,708 farmers and 15,873 fisherfolk beneficiaries will receive P5,000 and P3,000 each, respectively.

“This is the immediate assistance we can provide to farmers and fisherfolk who might be affected if this problem in the Middle East continues,” De Mesa told reporters in a briefing on Wednesday.

The beneficiaries will receive the fuel assistance in their Interventions Monitoring Card (IMC), which they can withdraw in certain fuel stations.

For those in far-flung areas, however, De Mesa said the DA

will issue vouchers containing the fuel subsidy.

Under the rules, farmers should be registered in the Registry System for Basic Sectors in Agriculture (RSBSA) and own or rent machinery to be considered eligible for the fuel assistance.

For farmers, De Mesa said they should also be registered in the RSBSA, own a boat with a size of three gross tons (3GT) or less, and use gears that abide with fishery laws.

The allocated P100 million budget forms part of the P150 million earmarked for fuel assistance to the farm sector under the agency’s 2025 budget.

If global oil prices breach the $80 per barrel benchmark, this would trigger the release of the remaining P50 million from the Department of Budget and Management (DBM).

Iranian media recently reported that the Strait of Hormuz, a critical chokepoint for global oil trade,

has ground to a halt.

Historically, the DA said any disruption along the sea passage triggered spikes in global crude prices, tightening energy markets and amplifying volatility across commodity supply chains. (See: https://businessmirror.com. ph/2026/03/03/da-warns-ofmideast-wars-impact-on-phlfarm-sector/)

As such, the agency warned that prolonged escalation of Middle East tensions could put pressure on prices of imported commodities.

“We are concerned about the intensifying conflict between the US and Iran as it might increase oil prices over an extended period, affecting petroleum-based fertilizers, freight costs, and the fuel that powers the machinery our farmers use and the boats our fishermen rely on,” Agriculture Secretary Francisco Tiu Laurel Jr. said.

As a net importing nation, with fertilizer among the country’s

major inbound shipments, the DA said “a sustained rally in oil prices would likely drive up farm input costs.”

This would coincide at a time when producers are striving to stabilize output and manage weatherrelated risks, it added.

Furthermore, the agency said freight presents another pressure point. Higher bunker fuel costs can raise shipping rates, increasing the landed cost of imported commodities, such as wheat and animal feed. In turn, this could trickle into retail prices of bread, poultry, and pork, complicating efforts to contain food inflation.

“We have seen this during past oil shocks, and we are now looking at ways to manage the impact on our food systems and on the country’s food security,” the DA chief said. “We have to balance fiscal prudence with the welfare of our food producers and consumers.”

Ada Pelonia

Govt taps French loan for FMR bridge construction

THE Department of Agriculture (DA) has secured a €350-million loan from France to bankroll the construction of bridges for farm-to-market road (FMR) projects.

Agriculture Assistant Secretary Arnel de Mesa said bridges are a crucial component in FMR projects to improve its efficiency.

“We’ve built a lot of FMRs, but most of those—if not all—didn’t have a bridge component, so they can’t be used 100 percent efficiently,” he told reporters in a briefing on Wednesday.

De Mesa said there are 1,428 bridges of 25 linear meters up to 60 linear meters that should be built.

“This wasn’t noticed. It’s a problem that’s been created for a long time, where the focus has only been on roads.”

With this, De Mesa said they created a proposal which was approved by the Investment Coordination Committee (ICC).

He said the €350-million loan agreement with the French government will be signed as early as April. The implementation will begin around June, covering the construction of 300 bridges. Broken down, 50 percent of the project will be located in Mindanao, 30 percent in Luzon, and 20 percent in Visayas. This should be completed within three to four years.

“We’re looking at other bilateral [agreements] to finance the remaining bridges,” De Mesa said. “But the French government is willing to finance more.”

He said the DA is also seeking funding from the United Kingdom and Austria, with probable signing for the latter in 2027.

In 2025, the Economy and Development (ED) Council approved the DA’s P27.7 billion FMR bridges program to enhance rural infrastructure and agricultural logistics. (See: https://businessmirror.com.ph/2025/06/23/dalaunches-P27-7-b-fmr-bridgeproject/)

The DA said the Farm-to-Market Bridges Development Program

(FMBDP) will be financed through official development assistance (ODA) from the government of France.

Of the total project cost, P22.15 billion will come from loans, while P5.54 billion will come from the government budget. Under the program, 300 modular steel panel bridges (MSPB) will be constructed across the Philippines. This will run between 2026 and 2029, with construction expected to proceed on schedule.

This year, agriculture officials said the P33 billion budget earmarked for FMRs under the 2026 General Appropriations Act could build 1,600 projects. Ada Pelonia

Malaysia palm oil output set for steep drop after Sabah floods

MALAYSIA’S palm oil production is set for the steepest monthly decline in more than a year after floods across its major growing state, trimming inventories and likely underpinning higher prices.

Output tumbled 16 percent in February to 1.33 million tons, according to the median of 12 estimates in a Bloomberg poll of plantation executives, traders and analysts. That would be the biggest drop since January 2025, and extend production declines for a fourth straight month. Heavy rain and flooding hammered plantations in Malaysia’s Sabah last month, a region that accounts for about a fifth of the country’s output. Even before the wild weather, the nation’s production was expected

to decline in February due to seasonal lows and shorter working days due to holidays. Inventories slid 6 percent from January to 2.65 million tons, according to the survey, a second monthly drop that puts them at the lowest in four months. However,

and a further decrease could help underpin higher palm oil prices, which have been pressured by deteriorating export demand and the strong ringgit. Looking ahead, traders are cautious on the demand outlook for vegetable oil as the

Iran war raises concerns about trade flows, according to Anilkumar Bagani, head of research at Mumbai-based Sunvin Group. More from the survey:

n Stockpiles were estimated between 2.48 million and 2.87 million tons, while production was seen between 1.26 million and 1.42 million tons;

n Export forecasts were between 1.1 million tons and 1.28 million tons;

n Imports were seen at 40,000 tons, compared with 32,316 tons in January; and

n Local consumption was between 250,000 tons and 450,000 tons.

Sulfur options

ASIA-BASED traders of dry sulfur are rushing

to substitute supplies stranded in the Middle East as an intensifying regional conflict threatens access to the chemical used in fertilizer and nickel processing.

Vessels carrying the material remain stuck in the Persian Gulf, according to three traders in China and Singapore, who asked not to be named discussing private matters. The traders are seeking alternative supplies to meet demand but availability in other regions such as Canada is limited, they said.

The traders added they’ve been fielding frenzied calls from clients in China and Indonesia, inquiring after cargoes already waiting to cross the key waterway, and about future supply plans.

Strains in the usually overlooked sector underscore the supply shocks reverberating

through

Remittances to growth: Can we transform OFW funds into development?

THE Philippines has long relied on the tireless contributions of its overseas workers, whose remittances form a vital artery in the nation’s economic bloodstream. Recent remarks by Ambassador Neal Imperial, Alternate Governor of the International Fund for Agricultural Development (IFAD) for the Philippines, delivered during a special event marking over a decade of the International Day of Family Remittances in Rome on February 10, 2026, spotlight both the scale of this lifeline and a forward-looking vision to transform it from immediate support into lasting development. (Read the BusinessMirror story: Philippines champions remittance-to-investment strategy at IFAD Council, February 28, 2026).

In 2024, personal remittances from our OFWs reached a record $38.34 billion, making the Philippines the fourth-largest recipient globally and accounting for 8.3 percent of GDP, according to Bangko Sentral ng Pilipinas data. With roughly 10.8 million Filipinos living and working abroad, these inflows sustain millions of households, stabilize consumption, and bolster foreign exchange reserves. Yet, as Ambassador Imperial aptly emphasized, “Recognizing how remittances are used is as important as their monetary value.” Too often, these funds cover daily needs or short-term expenses rather than building productive assets—a pattern that limits long-term impact.

The strategy outlined by Imperial offers a compelling blueprint to shift this dynamic. It rests on three pillars:

Expanding digital access through mobile wallets, agent banking, interoperable platforms, and integration with the Philippine National ID system. These tools promise faster, cheaper, and more secure transfers, reducing leakages from high fees and encouraging formal channels.

Supporting long-term savings and investments by creating accessible pathways for OFWs and their families to channel funds into government instruments, bonds, and digitally available sustainability-focused products. This could turn remittances into a source of capital for national priorities. Channeling remittances into agriculture, productivity, and rural enterprises, strengthening farm-to-market links, empowering young entrepreneurs and women in rural areas, and fostering inclusive growth in regions often left behind by urban-centric development.

This approach aligns with global efforts by IFAD and others to maximize the developmental potential of remittances, which worldwide exceed official development assistance and foreign direct investment in many lowand middle-income countries. For the Philippines, where rural poverty and agricultural underinvestment persist despite remittance windfalls, directing even a portion of these funds toward productive uses could accelerate rural transformation and reduce dependence on labor export.

The government’s commitment here is welcome and overdue. Past initiatives—like promoting financial literacy, digital remittance corridors, and diaspora investment programs—have shown promise, but scaling them requires sustained policy support, private-sector partnerships, and safeguards against exploitation or risky schemes. Transparency in investment options, robust consumer protection, and targeted outreach to OFWs and their families will be essential to build trust and participation.

Ultimately, remittances represent more than money—they embody sacrifice, resilience, and love for family and country. By evolving from a consumption buffer to an investment engine, the country can honor that sacrifice more fully, turning the hard-earned dollars of its global workforce into sustainable progress at home. Ambassador Imperial’s advocacy at IFAD underscores a maturing national strategy: one that not only celebrates the OFWs’ contributions but actively harnesses them to build a more equitable and self-reliant future. The challenge now is execution—turning pillars into concrete results that reach the rural communities that need them most.

BusinessMirror

Does survival demand choosing a side?

MJohn Mangun

OUTSIDE THE BOX

It shows up not only in war and peace but in ideology and philosophy. Determinism or free will. Capitalism as opposed to Marxism. In a bipolar world, the two sides need to be authentically opposed and with each getting its meaning from the contrast with the other. You cannot fully understand Marxism without capitalism. Yin needs Yang. Each side calls the other into existence.

In the Philippines, we understand this. Filipinos call it the bida (hero/ protagonist) and it has the kontrabida to provide the conflict. They need each other to exist.

In 1991 at the end of the bipolar United States and USSR Cold War, the US became the dominant global superpower. Political scientist Charles Krauthammer called it the “unipolar moment.” Eventually during the early 2000s, Vladimir Putin began advocating for a more “multipolar world”; no one unipolar top dog and less “us versus them”’ bipolar alignments.

Then came an economic shift with the rise of China and the BRIC concept. The 2008 Global Financial Crisis accelerated multipolarity as major economies were forced to rely on G-20 coordination rather than the G-7 alone. The BRICS expansion, increased discussion of “de-dollarization,” and the growing geopolitical influence of middle powers like India, Turkey, and Brazil pushed against both unipolarity and bipolarity.

But suddenly, the global map was being redrawn and the people holding the crayons in Washington, Asia, and Europe seemed genuinely surprised that the colors were not staying within the multipolar lines. Global alignments are now less binary than during the Cold War. Then again, look at the war in Ukraine. Russia’s efforts are supported by a group of allies, the “CRINK” axis (China, Russia, Iran, North Korea). Nato members, the EU, Australia, Canada, Japan,

South Korea, and New Zealand stand with Ukraine. The current military action against Iran looks more “Bi” than “Multi” too.

We are currently seeing more tension unfolding across four separate theaters: the Taiwan Strait/SEA, the Korean Peninsula, Eastern Europe, and the Persian Gulf. To some “experts,” this looks like the drumbeat of a third world war. It probably is not because it is something far more practical and far more predictable. Perhaps it is the return of history to a more bipolar world.

History seems to show that multipolar systems with many competing powers are unstable. The Greek city-states like Corinth and Thebes were genuinely multipolar for centuries. But the system kept drifting toward the eventual Athens versus Sparta alliances.

The Philippines sits at the intersection of the one of the most significant of these tensions. The South China Sea dispute is not a diplomatic annoyance. What happens between Washington and Beijing shapes the reality of Philippine sovereignty in ways that no amount of bilateral defense talk can insulate.

The world is not ending but it is reorganizing into something familiar. Are we moving back to a world where you need to know where the two poles are and where you stand between them?

The danger is that bipolar thinking can become a trap. The moment you have two poles, everything gets

pushed to one side or the other. Distinction and critical thinking gets squeezed out. In the Cold War, every developing nation had to be “with us or against us.” In ideological wars, moderates get called traitors by both sides. The bipolar world makes things clearer, but it also distorts as it makes the world less accurate and more dangerous. If that is where we are headed, the challenge is not to pretend the poles do not exist. The challenge is to avoid becoming prisoners of them. Manila will likely try to cling to the comfortable rhetoric of an “independent foreign policy.”

A bipolar world may simplify the headlines, but government policy cannot afford that luxury. Diplomacy can tolerate shades of gray, gestures, and posturing. But capital, unlike diplomacy, does not have the luxury of ambiguity. It moves toward the pole that offers the most security and the least amount of delusional thinking. If the world is indeed returning to a binary state, the Philippines must stop looking for a middle ground that may no longer exist and start calculating the price of admission to whichever camp history is pushing us toward. History is not asking for our opinion on the matter; it is merely presenting the bill.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

Private market titans warn of pain as credit cracks widen

By Laura Benitez, Allison McNeely & Layan Odeh

AMID the worst start to the year for their stocks in more than a decade, leaders of Wall Street’s biggest private markets firms had a surprising message: investors have reason to be concerned.

From Blue Owl Capital Inc. to Blackstone Inc., private credit funds across the industry are facing a wave of withdrawals and analysts are warning default rates could soar if AI disrupts corporate America as much as some experts expect. And in private equity, managers are struggling to offload assets and return cash to investors, forcing them to turn to expensive forms of debt to extract returns from businesses they’ve acquired.

“People made choices: If you wanted a higher dividend, you could take more risk,” Apollo Global Management Inc. Chief Executive Officer Marc Rowan said on stage at the Bloomberg Invest conference. “That felt really good on the way up. That’s not going to feel so good on the way down.”

Rowan was among a chorus of executives warning of the additional

troubles to come for the industry at the conference on Tuesday. Soros Fund Management Chief Investment Officer Dawn Fitzpatrick said investors in both private credit and private equity are in for “a painful 18 to 24 months.”

And while Ares Management Corp.’s CEO Mike Arougheti argued that a forecast last week from UBS Group AG analysts that private credit default rates could reach 15 percent was “absolutely wrong,” he also said only those private markets firms that are more diversified will survive.

“Diversification is a big way to mitigate risks,” Arougheti said. “It’s also a way to dampen returns. We’re constantly trying to find that right balance.”

Some say turbulence is inevitable after years of rapid expansion.

“With any market that’s growing rapidly, there can be some level of a

shakeout,” said Scott Adelson, chief executive officer of Houlihan Lokey, whose private credit database and analytical platform aggregates data from more than 60,000 loan valuations. “There are some credit providers that could have a difficult time.”

Problematic loans exist in both banks and in private credit, Adelson said in an interview Tuesday in Tokyo, noting that not every deal succeeds and that risk is what generate returns. Private credit as an asset class is “here to stay,” he added.

Brookfield Asset Management CEO Connor Teskey called the current challenges facing private credit “hiccups” for the industry—though he cautioned it wouldn’t diminish demand for such assets in the longer term.

“We generally are of the view that credit markets are in good shape, bank balance sheets are terrific, corporate balance sheets are strong, capital markets are liquid,” Teskey said. “Then you get to direct lending. And there are undoubtedly some concerns about direct lending.”

To gate or not to gate THE latest comments came as some

asset managers faced a wave of redemption requests from investors— with many adopting differing approaches in how to deal with them.  Blackstone, for its part, announced on Monday it would allow investors to redeem a record 7.9 percent of shares from its flagship private credit fund. On the other side of the spectrum, a Blue Owl fund said in recent weeks that it would halt quarterly redemptions and look to sell assets in order to return capital to investors.

Soros’ Fitzpatrick argued Blackstone’s move was smart for the long-term health of its business, arguing there would be a “culling of the alternative asset managers” who don’t hold up their end of the bargain when it comes to returning capital to investors as promised. But one of Goldman Sachs Group Inc.’s private credit chiefs argued limits on fund withdrawals are “features and not bugs” of the

Trump says US will escort, insure oil tankers amid the Iran war

By Jennifer A. Dlouhy, Ben Bartenstein & Ari Natter

PRESIDENT Donald Trump said the US will provide insurance guarantees and naval escorts to ensure safe passage for oil tankers and other vessels through the Strait of Hormuz, intending to head off a potential energy crisis caused by the war with Iran.

Trump said Tuesday that the US International Development Finance Corporation would offer insurance “at a very reasonable price” to help ensure the flow of energy and other commercial trade in the Gulf. In addition, he said “if necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible.”

“No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD,” the president posted on social media.  Oil prices pared gains briefly on the news, with global benchmark Brent trading near $80 a barrel after settlement. While the president’s announcement knocked out some of the risk premium in energy markets, traders remain skeptical that the plan will allow oil flows to swiftly return to normal levels in the region.

Prices have surged more than 10% since the US and Israel began attacks on Iran over the weekend, triggering widespread disruptions in the Middle East and effectively halting oil flows in the critical Strait of Hormuz, through which a fifth of the world’s energy supplies transit.

Trump’s post did not elaborate on the insurance mechanism to be offered by the DFC, an institution that generally exists to mobilize private capital to developing nations and lower risks for investments in poor countries.

Political risk insurance, like that offered by the DFC, helps cover losses due to war, violence and other political turmoil.

In a news release DFC later said it will offer support to commercial shipping charters, shipowners and key maritime insurance providers to minimize market disruptions and help ensure the free flow of goods and capital. It advised interested parties to contact the DFC directly, without providing further details.

“The announcement may help to reassure traders, but escorting and insuring will take some time to implement,” said Bob McNally, president of consultant Rapidan Energy Group and a former White House official. “The US military will first want to suppress Iran’s ability to mine and attack ships with anti-ship cruise missiles and drones,” McNally added in an e-mail.

“Assuming Tehran decides to continue fighting, we are expecting that full resumption of Hormuz flows will require weeks instead of hours or days, even with the announced and helpful plans to provide insurance or escort ships,” he said.

A few things remain unclear about

continued from A12

Goldman Sachs Asset Management’s global co-head of private credit. It’s not just investors in the individual funds running scared. Shares of Apollo, Ares, Blackstone and KKR & Co. have all lost more than a quarter of their value this year compared with the 0.3 percent decline of the broader S&P 500 Index.

Much of the fears so far have focused on the risk that artificial intelligence poses to the software industry, which had been a favorite of private markets investors in recent years. With AI now threatening to eat away large parts of that business, the industry’s backers are worried defaults will rise.

A drop in valuations could also pose a new risk for some funds that have borrowed money from banks against their holdings, Fitzpatrick said. If lenders have to reassess the

Prof. Jiang Xueqin’s startling prediction: Why Iran could triumph in a war against the US and Israel

ITrump’s vision of offering insurance to shippers willing to move through the Strait of Hormuz. For starters, it’s not immediately obvious how many will buy this insurance or at what premium the DFC is going to offer.

Risk level

“HOW much insurance premium is charged may indicate the level of risk the DFC sees,” said Salar Ghahramani, a professor at Penn State University and founder of Global Policy Advisors, a sovereign wealth fund advisory firm. “Especially comparing that premium to what the private markets would provide.”

This could also be a gargantuan undertaking at a scale the DFC hasn’t handled before. The closest that the agency has come to offering coverage was providing political risk insurance to Ukraine after the Russian invasion began, according to a person familiar with the matter, but that was to insure new projects, not existing assets.

“If they can actually get an insurance program set up before the war is over—which would mean this war is lasting more than six weeks— they will be insuring a bunch of oil shipments to China and elsewhere in Asia,” said Peter Harrell, a nonresident scholar for the American Statecraft Program at the Carnegie Endowment for International Peace.

To be sure, a large subscription to the DFC’s insurance product could be a positive indicator that the war is under control.

“If a lot of companies buy it that would indicate they have full trust that the US government would meet its obligations should they need to cash in the insurance,” said Ghahramani. “It could mean they generally see it as a likely signal that the risks will be diminishing as the days go on.”

Trump’s decision to thrust the DFC into the spotlight is further evidence of the agency’s significance within the federal government. Issuing risk insurance amid a war further establishes the agency’s foreign policy influence and its potential as a sovereign wealth fund, Ghahramani said, and the move comes weeks after the DFC issued a memo to staff saying it wanted to be more like a sovereign wealth fund.

Trump’s announcement came after some concerns were raised about insurers putting upward pressure on oil prices as insurance contracts were getting pulled, according to people familiar with the matter. With assistance from Joe Deaux, Loukia Gyftopoulou and John Harney/Bloomberg

value of the loans that private credit firms have made, they could start demanding more collateral, she warned.

“Once they do that, those private credit funds are going to have to come up with cash to meet those margin calls,” she said. “If you start seeing pain or scrutiny on the banks on that lending side, I think that could be a harbinger of worse things to come.”

While Ares’ Arougheti was adamant that UBS’ worst-case-scenario forecast for private credit default rates of as much as 15 percent was overblown, he did note that some portfolios saw loss rates of 8 percent to 10 percent during the 2008 financial crisis.

“If you’re talking about 15 percent default rates in private credit, which again I think is not possible, but if you’re there, everything else in your portfolio, I assure you, is going to be completely torched,” he said. With assistance from Rene

By Angel R. Calso

N the realm of geopolitical forecasting, few voices have captured as much attention in recent years as that of Prof. Jiang Xueqin, a Beijing-based historian and educator known for his “Predictive History” series on YouTube. Back in May 2024, when Donald Trump was still campaigning for a second term, Jiang made a series of bold predictions that have since unfolded with eerie accuracy: Trump’s electoral victory, the escalation into a full-scale war with Iran, and—most controversially—the United States’ ultimate defeat in that conflict.

As tensions in the Middle East rise after the US and Israel launched a joint operation that killed Supreme Leader Ali Khamenei, Jiang’s analysis offers a sobering perspective on why Iran might not only survive but could prevail.

The genesis of the prediction JIANG’S forecast wasn’t born out of crystal-ball gazing but from a meticulous application of historical patterns and an understanding of the incentives driving key players. In his 2024 lecture, he outlined a scenario where a re-elected Trump would be inexorably drawn into war with Iran due to a confluence of pressures. The Israel lobby, eager to neutralize Iran’s regional influence; Saudi Arabian interests, seeking to eliminate a rival; and America’s own dependence on maintaining global hegemony for economic stability—all pointed toward conflict.

He dubbed the operation “Operation Iranian Freedom,” envisioning a multinational invasion involving the US, Israel, Saudi Arabia, the UK, and the UAE. Trump, according to Jiang, would frame the war as a necessary response to Iran’s nuclear ambitions, its support for proxy groups like Hezbollah and the Houthis, threats to US allies, and a broader push for democracy in the region.

Yet, Jiang argued that all parties—Iran’s Revolutionary Guard, Israel, and even Trump himself— had vested interests in provoking the fight, albeit with wildly different

endgames. For Israel, a weakened Iran could cement its dominance in the Middle East without counterbalances.

What sets Jiang’s prediction apart is his insistence that this war would not end in American victory. Drawing from interviews and lectures, including a recent appearance on Breaking Points (Breaking Points with Krystal and Saagar is an independent, YouTube-based political news commentary show hosted by Krystal Ball and Saagar Enjeti), he has doubled down on his view that the US is walking into a trap it cannot escape.

Why the US could lose: Terrain, troops, and tactics

AT the heart of Jiang’s argument is the unforgiving geography of Iran. The country’s mountainous terrain, he explains, would turn any invading force into “hostages, not soldiers.”

US troops would struggle to mass effectively, protect supply lines, or retreat if needed. Conquering and holding Iran, with its vast size and population, would demand 3 to 4 million soldiers—far beyond the current US military’s capabilities, especially given declining recruitment and reliance on outsourced manufacturing for equipment.

Jiang emphasizes Iran’s two decades of preparation, framing the conflict as a holy war against the “Great Satan.”

Through proxy battles and exercises, such as a simulated 12-day

Jiang’s forecast wasn’t born out of crystal-ball gazing but from a meticulous application of historical patterns, game theory, and an understanding of the incentives driving key players. In his 2024 lecture, he outlined a scenario where a re-elected Trump would be inexorably drawn into war with Iran due to a confluence of pressures. The Israel lobby, eager to neutralize Iran’s regional influence; Saudi Arabian interests, seeking to eliminate a rival; and America’s own dependence on maintaining global hegemony for economic stability—all pointed toward conflict.

war in June, Iran has honed its strategies against US and Israeli tactics. Its network of allies—Hezbollah, Hamas, Shia militias, and the Houthis—allows for asymmetric warfare that disrupts without direct confrontation.

Economically, Iran holds devastating cards, Jiang said. By targeting oil infrastructure in the Gulf, the Strait of Hormuz, and even water desalination plants (which provide 60 percent of water for GCC countries like Saudi Arabia and the UAE), Iran could cripple petrodollar-dependent economies in weeks. This would not only starve US bases but also puncture the global financial system the US relies on, including the AI investment bubble and the dollar’s reserve status.

Jiang said low-cost Iranian drones and missiles ($50,000 each) overwhelm expensive US interceptors (millions per unit), leading to rapid munitions depletion and exposing the outdated nature of American military tech designed for show-offorce rather than prolonged attrition.

Reeves’ say-nothing moment left Britain’s big challenges unanswered

By Philip Aldrick

RACHEL REEVES had promised to deliver a nothing-to-seehere spring forecast this week, an event to be celebrated for its uneventfulness. After war erupted in the Middle East, however, Tuesday’s statement was more striking for what the UK’s Chancellor of the Exchequer failed to say.

The conflict with Iran cleaves together two of the biggest challenges facing Britain: defense and energy. The government promises to deliver more ships, troops and armaments—just not today. Energy prices have soared, threatening to undermine the entire forecast that Reeves announced to parliament— but she included no plan B.

“What was more important was what we didn’t hear,” said David Aikman, director of the National Institute of Economic and Social Research. “Particularly, in light of the conflict in the Middle East. How are we going to pay for materially higher defense spending and what are we going to do to bring down energy costs for households and businesses?”

In an interview later with Bloomberg’s Stephanie Flanders, Reeves said Labour would “do everything in our power to protect businesses and and families.” But she provided no detail. Similarly, Reeves had told parliament she was “proud to be the chancellor that is delivering the biggest uplift in defense spending since the Cold War,” with no explanation of how to get there.

It took her watchdog, the Office for Budget Responsibility, to provide a sense of scale. Meeting the Labour government’s commitment to raise defense spending to 3.5 percent of GDP by 2035 would “cost around an additional £40 billion [$53.3 billion] in today’s money,” it said.

On energy, Reeves said “it is in-

cumbent on me and on this government to chart a course through” the uncertainty caused by the conflict “to secure our economy against shocks.” She did not say how support would be provided or address the the UK’s crippling 63 percent industrial energy price premium above the International Energy Agency average.

The OBR again provided context. The war “could have very significant impacts on the global economy, particularly energy markets,” it said. An energy shock scenario from 2024 that it referenced on Tuesday concluded that higher inflation and interest rates “could cause a year-long recession.”

Reeves said her decision in November to take £150 off the average household bill now looks particularly important, but political opponents to the left of Labour are already pushing for more. The Trades Union Congress responded that she needs to “stand ready to pull every lever to shield households and firms from further global shocks,” while the Green Party—which has shot above Labour in the polls—called on Reeves to abandon her fiscal rules.

“If overnight increases to oil and gas prices are sustained, we could see inflation back at three per cent by the summer with typical energy bills £500 higher,” said Ruth Curtice, head of the Resolution Foundation think tank.

‘Blissfully little speculation’ ASIDE from the Iran conflict, the

Historical parallels and the hubris of empires JIANG frequently invokes history to bolster his case. He compares the potential US debacle to the Athenian invasion of Sicily in 415 BCE, where overconfidence led to total annihilation. Similarly, he draws parallels to Vietnam, where terrain and local resistance bled American forces dry. In the current war, he sees echoes of Hitler’s invasion of the Soviet Union: initial easy wins breeding fatal arrogance.

If US forces become trapped, Jiang warns, Trump might escalate to nuclear threats against Tehran. However, Russia could intervene by declaring a nuclear red line, positioning Putin as a global savior and further isolating the US.

Broader implications: A multipolar world order SHOULD Jiang’s prediction hold, the fallout would reshape global dynamics. A US defeat could end the petrodollar era, accelerate economic collapse at home, and usher in a multipolar world where powers like China and Russia gain prominence. For Israel, the outcome might be pyrrhic: while Iran weakens, a diminished US ally could leave it vulnerable in a rebalanced Middle East. Jiang’s insights, rooted in a dispassionate analysis of incentives and history, challenge the narrative of American invincibility. As the conflict drags, his words serve as a cautionary tale: empires fall not from weakness alone, but from the hubris that blinds them to unwinnable wars. Whether Iran truly “wins” remains to be seen, but Jiang’s framework provides a compelling lens through which to view the unfolding drama.

As the Opinion and World Editor for the BusinessMirror, Angel R. Calso oversees the paper’s editorial voice and global coverage.

OBR’s forecast painted an otherwise improved picture. After £66 billion in tax rises across her first three fiscal events, markets and businesses welcome the outbreak of policy calm. “There was blissfully little speculation about potential policy changes in the lead up, and no tweaking tax or spending policies on the day,” said Helen Miller, director of the Institute for Fiscal Studies.

Reeves stuck to her commitment to a single fiscal event in the autumn and increased the headroom against both her fiscal rules. She met her key mandate that taxes must cover day-to-day borrowing in 2029-30 with £23.6 billion to spare and her supplementary rule by £27.1 billion.

Borrowing was £17.6 billion lower across the six years of the forecast, driven by higher tax receipts thanks to a bounce in stock markets and slightly lower debt interest costs. Those offset the £4.3 billion annual cost of policy measures taken since last November’s budget—on special educational needs, rejoining Europe’s student Erasmus program and partial U-turns on taxes applied to farmers and pubs.

GDP is expected to be very slightly weaker, the OBR said—revising down growth this year to 1.1 percent from 1.4 percent and up to 1.6 percent from 1.5 percent in 2028. Unemployment is now forecast to peak higher at 5.3 percent this year then falls back to 4.2 percent by the end of the decade. Inflation is at the 2 percent target from 2027.

The benign outlook was immediately called into question by the Middle East conflict, however. “If the crisis persists, higher energy prices will feed through to inflation, increasing borrowing costs further, putting serious pressure on the fiscal outlook,” said Aikman. The OBR

said an energy shock that drives unemployment to 7 percent would push borrowing “£20 billion a year higher than our central forecast.” Rising market borrowing costs may eat into her headroom once again. Even beyond the Iran war, “there are clear strains and demands on policy coming down the road,” Miller said. Reeves’ silence on those policy pressures left a lot of questions unanswered.

The chancellor is due to reverse a 5 pence cut in fuel duty between September and April, then increase it in line with inflation next year. The Fair Fuel campaign group said the 18 percent increase in oil prices above the OBR’s assumption will add 5-10 pence to a liter of petrol and the chancellor should not make motorists’ lives harder. “At the very least keep it frozen for the lifetime of this parliament,” it said.

Tariffs and tax hikes

OTHER risks lurk, posing a potential threat in the autumn. The OBR forecasts don’t reflect changes in US tariffs following the US Supreme Court ruling. Nor did she address the student loan reforms that Prime Minister Keir Starmer has made clear are coming. Miller said threats to the outlook may have just been kicked forward to the next autumn budget, with some “major OBR forecasting judgements” to be made on migration and wage growth over the coming months.

The OBR did lower its annual migration estimate by 50,000, to reflect an increase in the number of Britons emigrating, which explained the OBR’s slightly weaker overall growth outlook. But a bigger anticipated downward revision to immigration to the UK from abroad, expected in the autumn, will hit harder. Bloomberg

Thursday, March 5, 2026

2nd Front

BusinessMirror

MOST PINOYS SEE FINANCIAL PROBLEMS AFTER RETIREMENT

By Reine Juvierre S. Alberto

DESPITE aspirations for an active and fulfilling retirement, most Filipinos remain financially unprepared, with inflation and short-term planning eroding their savings, according to a Sun Life study.

Its latest regional retirement survey showed 72 percent of Filipinos expect to work after retirement age out of financial necessity, with 71 percent of them saying they need further income for daily living.

About 47 percent of non-retirees who are not looking forward to retirement said it is due to financial insecurity, while 44 percent worry about being unable to provide financial support to their family.

Retirees also underestimated their expenses, with just 13 percent saying their retirement lifestyle is close to or better than what they had planned, and 30 percent saying their expenses are higher than expected.

Of those who believe their lifestyle has fallen short of their expectations, 42 percent indicated they did not plan for inflation and rising living costs, while 44 percent overestimated how long their savings would last.

Moreover, most Filipinos face the additional financial burden of supporting aging relatives and young dependents. Many people

have lowered their expectations for their lifestyle (34 percent) or put off retirement (14 percent) in order to care for their younger and older family members.

Notably, 77 percent of Filipinos anticipate continuing to provide for their offspring or family members after retirement.

Despite this, many Filipinos have weak planning habits—with 25 percent not making preretirement plans and 37 percent only planning within two years of retirement. Merely 26 percent said they feel very confident about their retirement plans.

“People have various aspirations in later life, including prioritizing their physical and mental health, pursuing hobbies, and learning new skills. Yet to achieve these goals, there remains a significant preparedness gap,” the study noted.

More Filipinos are now turning to technology for critical financial advice, with 11 percent claiming they use generative artificial intelligence tools, such as ChatGPT and Google Gemini for financial planning.

However, the study said that expert, personalized advice is still essential to assist people make wellinformed decisions that are in line with their financial goals, personal circumstances and risk tolerance.

“Only a strong financial foundation—supported by savings,

Partial fuel excise tax halt eyed; revenue loss at ₧32B

By Reine Juvierre S. Alberto & Samuel P. Medenilla

ASthe government weighs granting the President the powers to rewrite fuel tax rules amid soaring oil prices due to tensions in the Middle East, suspending excise taxes on fuel could cost the government up to P32 billion a month.

According to economist Joey S. Salceda, chair of the Institute for Risk and Strategic Studies, a full suspension of excise taxes on both gasoline and diesel would result in P32-billion revenue loss per month.

Since a blanket suspension may hurt the government’s finances, Salceda suggested a partial, targeted or time-bound suspension instead.

“I can imagine the economic managers must be in a bind given our own cash flow issues,” Salceda said in a commentary on Wednesday.

As a former congressman, Salceda cited a previous bill he worked on with Energy Secretary Sharon

S. Garin which Congress can use as a basis in reducing excise taxes on diesel, kerosene and liquified petroleum gas to zero, while taxes on premium gasoline will be retained.

“That [was] intended to keep the benefits of excise tax suspension primarily to low-income users and to sectors where fuel is a major input,” Salceda noted.

PBBM to certify bill

MEANWHILE, with the prevailing economic uncertainty over the Middle East crisis, President Ferdinand Marcos Jr. indicated he will certify as urgent the bill granting him “special pow-

Korean investments in priority sectors eyed

PRESIDENT Ferdinand Marcos Jr. is seeking more investments from Korean firms in priority sectors such as automotive manufacturing, electronics, and biotechnology to make the country’s economy more dynamic and resilient.

The chief executive made the statement during the PhilippinesKorea Business Forum in Pasay City last Wednesday where he announced the seven newly signed Memorandum of Understanding (MOU) between Philippine and Korean firms.

Marcos said the priority sectors are part of this administration’s target to make the country’s economy sustainable and future-ready.

“Because together, we can secure

a future where both nations are selfsustaining, competitive, and prepared for the demands of tomorrow,” he told members of the Philippine Chamber of Commerce and Industry and the Federation of Korean Industries who attended the forum.

He hopes the reforms initiated by his administration to create a business-friendly environment will help attract more Korean firms in the country.

“We are determined to advance policies that strengthen investor confidence, expand opportunities for our peoples, and ensure that economic growth is shared,” he said.

Among the said policies, he said, is the Create More Act, which lowers corporate income taxes for

qualified firms, the Capital Markets Efficiency Promotion Act, which rationalizes tax rates across financial instruments, and his Executive Order No. 18, series of 2023, which created the Green Lanes for Strategic Investments.

He also cited the Amended Foreign Investments Act, which lowers capital requirements for start-ups and the Amended Retail Trade Liberalization Act, which significantly lowered the capital requirement for foreign retailers.

The President said the government has also allocated P50 billion to “qualified projects” to create at least 10,000 jobs. “Together, these measures form a coherent strategy to create an

economy that is dynamic, that is inclusive, and resilient,” he said.

The government, he said, has already made some gains in persuading Korean firms to consider investing in the country with the signing of the seven aforementioned business-to-business agreements in these sectors: shipbuilding, nuclear energy, aerospace, critical minerals, supply chain, retail, health and wellness.

Among the signed MOUs are that of Korea Hydro & Nuclear Power as well as the Export-Import Bank of Korea signed with the Manila Electric Company (Meralco) to jointly develop business and financial models for new nuclear plant projects.

ers” to lower excise tax for petroleum products, according to Malacañang.

The chief executive also reiterated his call to lawmakers to fasttrack the passage of the Agriculture Cooperatives Act and the Anti-Political Dynasty Law with only a few months before his next State of the Nation Address (Sona).

In a press briefing on Wednesday, Palace Press Officer Claire Castro said Marcos wants lawmakers to promptly pass the bill, which will allow him to adjust excise tax for petroleum products to mitigate the impact of the rise in the oil prices caused by the joint air strike of the United States and Israel against Iran last Saturday.

The attack prompted Iran to launch retaliatory attacks on its neighboring countries with US bases as well as threatening to block ships at the strait of Hormuz, an important waterway for global oil trade.

The ongoing armed conflict in the Middle East, which Marcos said may last four to five weeks, is expected to result in higher oil prices.

“Yes [he will ask it to be certified], because it is timely,” she said in Filipino.

The Presidential Communications Office (PCO) undersecretary said the

new bill is necessary since the provision of the Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Law for suspending the increase in excise tax for fuel has already lapsed if the average price for Dubai crude oil reaches or exceeds US$80 per barrel.

“We were told that when the excise tax is lifted or suspended, it should be from 2018 to 2020. So, right now, it does not exist, which is why the President wants to have a new law to give him the authority to reduce the excise tax,” Castro said in Filipino.

Two pending bills allow the President to suspend or reduce excise tax on petroleum products: House Bill 8257, filed by Marikina Rep. Miro Quimbo and Senate Bill No. 1922, filed by Senator Joel Villanueva. Agri-related bills ASIDE from the bill on excise tax, Marcos also said during a meeting last Tuesday with Cabinet members and Senator Francis “Kiko” N. Pangilinan that he wants the prompt passage of the Agriculture Cooperatives Act, which aims to empower farmers through organization.

See “Fuel,” A2

Pinoys flock to Japan for Cherry Blossom season–Klook poll

By Ma. Stella F. Arnaldo Special to the BusinessMirror

JAPAN will be the top destination for most Filipino travelers especially this spring, in time for the Cherry Blossoms season, reflecting a similar choice in other Asian markets.

This was among the recent findings of Klook, an online travel platform, in its Spring Readiness Index. The survey also showed that Filipinos are headed to South Korea, and exploring secondary cities outside of Tokyo and Osaka, or Seoul.

In a news statement, Klook said 78 percent of 900 travelers surveyed across nine Asian markets indicated Japan as their top spring travel destination, followed by South Korea (52 percent). The markets are Singapore, Malaysia, Philippines, Indonesia, Thailand, Vietnam, Hong Kong, Taiwan, and India.

“The primary reason travelers choose to visit these destinations during the March–April window is clear: to experience seasonal attractions,” said the company. “This aligns with Klook’s Travel Pulse 2026 findings, which show that ‘time-limited natural sights or spectacles,’ including flower blooms, rank among the top experiences travelers are most likely to pursue in 2026.”

This year, the Cherry Blossoms are forecast to bloom in Japan starting March 30 (Kyushu) until as late as May 10 (Hokkaido). In South Korea, the bloom forecast is from March 25 (Jeju Island and Busan) until April 10 (Seoul).

Multidestination trips

DATA from the Department of Tourism (DOT) showed 852,643 Filipinos traveled to Japan in 2025, up 8 percent, year-on-year (yoy), making it the second top destination overall. Those who went to South Korea grew by 12.12 percent, yoy, to 240,114, making it the 10th top choice.

Klook also found that Filipino travelers are increasingly exploring “second-city” locales in Japan with “significant growth recorded in regional gems such as Sennan, Nagoya, and Hiroshima, alongside scenic escapes like Sapporo, Fukuoka, Oono and Kobe.”

In South Korea, Filipino travelers are “venturing into the heart of Korean culture and nature, with Gyeonggi-do, Gangwon-do, and Jeju leading the rise, followed by historic Gyeongju, Chungcheongnam-do, and Jeollabuk-do.”

Seven of 10 respondents also said they plan to book spring activities, tours and attractions

around two months prior to departure. “This suggests that travelers are maintaining flexibility to respond to evolving bloom forecasts and seasonal conditions,” said Klook. The index also showed a trend toward “discovery-driven travel,” where travelers look to maximize the value of their trip. Another key finding is that many are choosing to combine major cities with those off-the-beaten track within multi-destination trips.

Prioritizing comfort, affordability ASKED about their potential concerns when traveling during March and April, Filipino respondents cited crowding at popular attractions—including long queues or wait times— as their top worry (47 percent), followed by the risk of missing peak seasonal moments such as Cherry Blossoms (41 percent).

“Beyond these, most travelers feel largely neutral or unconcerned about other travel stressors, such as weather uncertainty and higher prices during peak periods,” said Klook.

Michelle Ho, general manager of Klook Philippines, said: “Spring Travel is always a must for Filipinos looking to escape the summer heat and to enjoy unique seasonal experiences.” She added: “What we’re seeing through this Spring Readiness Index is a renewed confidence in planning and exploring destinations around these experiences, and a more intentional approach to how they travel. Filipino travelers prioritize comfort and affordability just as much as they value meaningful and memorable experiences.”

‘Bloom Back Guarantee’ IN response to travelers’ concern that they may

Editor: Jennifer A. Ng

JFC plans to list Highlands Coffee on Vietnam bourse

By VG Cabuag @villygc

JOLLIBEE Foods Corp. (JFC) on Wednesday said its Vietnamese unit Highlands Coffee will list on the Vietnam stock exchange by next year.

The said deal involves a standalone initial public offering (IPO) of Highlands Coffee.

“Highlands Coffee stands out as one of the most attractive growth and value creation stories within Jollibee’s portfolio, reflecting both strategic success and post-acquisition organic expansion.”

Since Jollibee’s investment in 2012, the brand has expanded from just 56 stores at the time of acquisition to about 1,000 stores today.

“The proposed IPO is intended to support Highlands Coffee’s next phase of growth by providing direct access to capital markets, elevating its corporate profile and enabling greater strategic and operational focus as the leading Vietnamese coffee brand in Vietnam and across Southeast Asia,” the company said. Vietnam’s equity market liquidity has been among the fastest - g rowing in the region, support -

ed by accelerating retail investor participation. This growth has been driven by increased market access and engagement, with Vietnam targeting approximately 9 million retail investor accounts by 2025 and 11 million by 2030.

This underscores the market’s expanding depth and relevance for consumer-focused growth companies. “The proposed IPO creates a platform for exponential shareholders’ value creation in a very dynamic capital market.”

Highlands Coffee has engaged international and local advisors and has commenced work on defining the structure, process and timing for the IPO.

It has established itself as Vietnam’s number one coffee brand by market share, supported by vertically integrated sourcing and roasting capabilities, a national brand

and a diversified beverage and food portfolio. The brand serves more than 100 million customers annually, supported by over 10,000 employees, demonstrating its scale and central role in daily Vietnamese life.

With a store network approaching 1,000 locations and previous record of high traffic-driven same store sales growth, with double-digit same store sales and transaction growth contributing to strong operating leverage, the coffee firm has doubled its footprint over the past three years, making it one of Southeast Asia’s largest and fastest-growing coffee platforms.

SuperFoods Group is the parent company and owner of the Highlands Coffee brand. Jollibee owns a 60-percent controlling stake in SuperFoods and Viet Thai International holds the remaining 40 percent.

B1

DLSU to procure RE from ACEN unit Exec:

By Lorenz S. Marasigan

A@lorenzmarasigan

CEN Corp. said on Wednesday its subsidiary has signed a supply agreement with De La Salle University (DLSU) Laguna to migrate the campus to renewable energy (RE).

In a statement attached to a disclosure, the Ayala company said the deal covers DLSU Laguna’s electricity needs under the Green Energy Option Program (GEOP), a Department of Energy (DOE) initiative that allows consumers with a monthly average demand of at least 100 kilowatts to source power from a renew-

able energy supplier of their choice.

Sheila Mina, VP and head of account management at ACEN Renewable Energy Solutions (ACEN RES), said the partnership reflects the growing momentum behind institutional commitments to clean energy.

“This collaboration highlights the growing commitment of institutions to embrace renewable energy and demonstrates the tangible benefits of programs like the GEOP in enabling a greener Philippines,” she said.

DLSU Laguna VP and Campus Dean Jonathan Dungca said the transition is central to the university’s “broader identity.”

He said the shift to renewable energy reduces the campus’s carbon footprint while serving as a demonstration of the university’s values in environmental stewardship and innovation — one he hoped would resonate with students and the wider community.

“Our switch to renewable energy with ACEN RES is a pivotal step in fulfilling our vision of becoming a key resource for scientific and technological advancements, deeply rooted in the Lasallian tradition of integrating faith and service through knowledge generation,” Dungca said.

Last January, ACEN announced

that it will ramp up its renewables spending this year to over P80 billion to complete more than 5 gigawatts (GW) of RE projects.

“The (capital expenditure) outlook this year is over P80 billion from P55 billion last year. Of which, P60 billion is the projected capital expenditures for the Philippines,” said ACEN President Eric Francia.

The 5 GW forms part of the 7-GW attributable RE capacity spanning projects in operation, under construction, and with signed agreements in the Philippines, Australia, India, Vietnam, Lao PDR, and Indonesia. The balance of 2 GW will be delivered in 2027.

Apple raises MacBook Air and Pro prices in face of memory crunch

APPLE Inc. updated the MacBook Air and MacBook Pro, the company’s two main laptop computer lines, adding faster processors and raising prices as it copes with an industrywide memory crunch.

Apple debuted the new models on Tuesday, giving the Air the M5 processor and the MacBook Pro the first M5 Pro and M5 Max chips. It also revamped its external monitor lineup, introducing two new models aimed at both consumers and professionals.

The new MacBook Air and MacBook Pro look identical to their predecessors but add significantly faster processors, improved storage configurations and better graphics. They also get support for the Wi-Fi 7 standard, Bluetooth 6 and the company’s in-house N1 wireless chip.

The new MacBook Air starts at $1,099 for the 13-inch version, up from $999. The 15-inch model, meanwhile, now begins at $1,299, up from $1,199. Apple is softening the blow by doubling the base storage amount to 512 gigabytes for the first time in that line.

The company is raising the price of the 14-inch MacBook Pro with the M5 Pro chip to $2,199, from $1,999. And the 16inch version with that processor will rise to $2,699 from $2,499. The 14-inch version with the beefier M5 Max chip starts at $3,599, up from $3,199, while the 16-inch configuration starts at $3,899, an increase from $3,499.

The regular M5 MacBook Pro, introduced in October, also got a price increase, moving from $1,599 to $1,699. The prices of Apple’s other computer lines remain unchanged.

With all MacBook Pro models, too, Apple is increasing storage, moving to a minimum of 1 terabyte. The highest-end versions, the M5 Max models, include 2 terabytes of space

ASIAN Terminals Inc. (ATI), the country’s second-largest port operator, on Wednesday said it had exceeded the number of shares that it needed to buy to complete its delisting at the Philippine Stock Exchange (PSE).

State-owned Maharlika Investment Corp. will buy 177.61 million in ATI shares tendered by its owners or 9.16 percent of the company’s outstanding shares.

The cross date of the tendered shares will be on March 13, and settlement date will be on March 17.

“On cross date, ATI’s public float will fall to 0.74 percent, whilst the total of tendered shares, excluded shares and other non-public shares will be above the voluntary delisting threshold of at least 95 percent,” the company said.

“Accordingly, the bidders anticipate the voluntary delisting of ATI with its share trading being suspended from 13 March 2026 upon crossing of tendered shares, in accordance with voluntary delisting procedures of the PSE and all other applicable regulatory requirements.”

Supported by an independent fairness opinion, the tender offer was pegged at P36 per share. The company’s shares were last traded on Wednesday at P35 apiece.

standard. The company is also offering discounts amounting to hundreds of dollars for customers who buy the machines through its education store.

Like other hardware manufacturers, Apple is contending with surging memorychip prices—a problem stemming in part from suppliers prioritizing lucrative artificial intelligence data centers over consumer applications. The imbalance isn’t expected to be rectified anytime soon. Rival Samsung Electronics Co. raised the price of its new Galaxy S26 and S26+.

Memory chips are a critical component in both smartphones and computers, helping the devices manage data. In addition to boosting prices, the shortages are expected to reduce the number of devices available to consumers.

Tim Cook, Apple’s chief executive officer, said in January that the company continues “to see market pricing for memory increasing significantly” and that it has a range of

options to deal with the problem. He said the margin impact would increase as the year goes on.

The new external monitors come in two versions: a standard Studio Display and a Studio Display XDR. Both have 27-inch screens, 12-megapixel FaceTime cameras and speaker systems, but the XDR version has a brighter, mini-LED screen with enhanced dynamic range and a better refresh rate. It is geared toward photo and video editors.

The new standard monitor starts at $1,599, while the XDR version is $3,299 and up. Apple’s previously available $4,999 Pro Display XDR with a 32-inch screen has been phased out. Apple continues to offer built-to-order versions of both monitors with nano-texture screens—offering a matte look—and different types of adjustable stands.

At the said price, the company said it affords public float shareholders “a clear opportunity and a regulated mechanism to unlock the value of their holdings, protecting investor interests and ensures compliance with SEC and PSE rules.”

Following completion of the tender offer and subject to the level of tenders received, Maharlika is expected to hold approximately 11.2 percent of ATI’s outstanding capital stock. ATI said the move to delist is a strategic step to optimize the company’s structure for long-term growth, enabling faster decision-making, greater investment flexibility and enhanced operational capabilities.

“This allows ATI to advance its plans for efficiency, infrastructure modernization and market development, aligned with its mandate to make trade flow efficiently and sustainably.”

ATI said Maharlika’s tender offer interest reaffirms the company’s strong industry position and reflects independent external confidence in ATI’s performance, governance and critical role in the national logistics and port ecosystem, consistent with MIC’s mandate to invest in strategic sectors of the Philippine economy. VG Cabuag

Fly Ace to build new facility in Batangas industrial park

By VG Cabuag @villygc

FLY Ace Corp., a distributor of imported brands in the country, will develop a 7-hectare facility within the Aboitiz-owned LIMA Estate in Batangas.

The facility marks the company’s evolution from an importer and distributor of fast-moving consumer goods to an integrated local producer.

“For more than five decades, Fly Ace has been a strong force in the Philippine consumer landscape, distributing well-loved brands such as Jolly, Doña Elena, Jolly Heart Mate and Good Life, as well as partnering with global brands, such as Welch’s, Lotus, and Mott’s.”

The company said the new facility allows the company to produce closer to local markets, strengthen the resilience of food supply chains, open avenues for export-oriented activity, and create opportunities for joint ventures with existing and

future business partners.

The decision to locate at LIMA Estate reflects its role as an ecosystem that supports long-term industrial growth. With ready-to-operate infrastructure, PEZA regulatory enablement, and direct access to key transport corridors, the estate sits at the center of industrial activity in Southern Luzon.

“When we visited LIMA, I could see why it’s the right place for this investment,” Lucio Cochanco Jr., the company’s president, said. “As a well-planned industrial development, we look forward to partnering with Aboitiz for this landmark expansion project.” LIMA Estate today hosts nearly

200 locators and has created

75,000 high-quality jobs across diverse sectors. Each new investment reinforces how industrial-anchored developments cultivate growth that extends beyond company walls into communities and regional economies.

“Over the last five years, our economic estates have attracted strong interest from both foreign and domestic investors across our portfolio, and we remain committed to providing a reliable environment through our ecosystem of solutions that help businesses grow and scale,” Rafael Fernandez de Mesa, president and CEO of Aboitiz Economic Estates and Aboitiz Land Inc., said. LIMA Estate recently welcomed Singapore-based precision engineering and advanced manufacturing group Mnex, which has recently expanded its multi-regional footprint to the Philippines.

The company said its Philippine facility is “a high-value manufacturing hub capable of supporting advanced industries and attracting new medical and high-tech programs into the country.”

Apple raises MacBook Air and Pro prices in face of memory crunch

Continued from B2

The MacBook Air comes a year after the M4 model was introduced. The new MacBook Pros, meanwhile, mark Apple’s first high-end laptop update since the end of 2024. All of the new machines come in their prior colors: sky blue, starlight, midnight and silver for the MacBook Air and silver or space black for the MacBook Pro.

The release continues a wave of new products this week. On Monday, the company introduced the iPhone 17e and a faster version of the iPad Air.

Apple is also planning a product introduction on Wednesday. It’s been preparing its first low-cost MacBook, a device that will use an iPhone chip. A premature notice on Apple’s website indicates the product may be called the MacBook Neo.

The new MacBook Pro, Air and Studio Displays are available for preorder on Wednesday and go on sale March 11, Apple said on its website.

The Cupertino, California-based company is coming off a disappointing holiday season for the Mac, with sales of the computer line dropping 6.7 percent to $8.39 billion. Analysts had projected more than $9 billion. The speedier chips should help spur consumers to upgrade their machines. The company says the MacBook Pro and Air lines are both four times faster than their predecessors for artificial intelligence-related tasks, while the new MacBook Pro line is up to 30 percent faster overall.

The M5 MacBook Air includes a central processing unit with up to 10 cores — a measure of data-crunching ability. The graphics processing unit, or GPU, also has 10 cores. Apple says the new machine’s storage is twice as fast. It can also be configured with as much as 4 terabytes of space for the first time.

The MacBook Pro with the M5 Pro and M5 Max, meanwhile, have CPUs with up to 18 cores, while the M5 Max model can be topped out with a 40-core GPU. Apple says the new cores are significantly faster across the board and include a component known as neural accelerators to boost AI performance. Bloomberg News

BMAP holds first GMM with economic briefing

THE Bank Marketing Association of the Philippines (BMAP) held its first General Membership Meeting (GMM) for the year with an economic briefing titled “2026 Trends and Insights,” on February 27 at the Electric Garden in BGC, Taguig City.

The briefing featured Bangko Sentral ng Pilipinas Financial Markets Research Group Director Roselle Manalo, Maybank Investment Banking Group Senior Economist Azril Rosli and Bank of the Philippine Islands (BPI) Lead Economist Marco Javier.

The speakers shared that while inflation remains manageable, the banking system remains resilient. They also said that care has to be taken when it comes to financial messaging. Clarity and accuracy are essential to sustaining public confidence.

The 2026 Board of Trustees and elected officers of BMAP were presented to the membership.

2026 BMAP President Cathy Santamaria of BPI presented the priorities for the year, stressing that, “responsible communication reinforces trust and supports confidence in the financial system in periods of economic adjustment, where marketing serves a stabilizing function.”

Among the key themes expected to shape banking communications this year include: responsible use of

Banking&Finance BSP to banks: Replace OTPs as cybersecurity risks climb

By Andrea San Juan

TAI, hyper-personalization and analytics; stronger focus on customer protection, cybersecurity, fraud and scam prevention; expanded financial inclusion and financial education initiatives; multi-generational engagement in an increasingly digital environment; and, consistent omni-channel customer experiences

The 2026 Board reaffirmed BMAP’s commitment to advancing financial education, strengthening consumer protection and promoting sustainable banking through sound marketing practices aligned with international standards. Through its 2026 programs, BMAP will continue to convene bank marketing practitioners and hopes to elevate professional standards and respond to evolving economic conditions, considering the current developments that are happening in the global financial stage. Please stay tuned for BMAP’s forthcoming events and activities. For more information, visit bmap. org.ph

Eric Montelibano is a Consultant of Integrated Marketing and Communications at CSBank (Citystate Savings Bank) and the Director for Memberships of the Bank Marketing Association of the Philippines. He can be reached at erichmontelibano@ gmail.com. The writer’s views and his written piece do not necessarily reflect those of the BusinessMirror , CSBank and the BMAP.

Salmon rural bank gets ₧400-M capital injection

THE Salmon Bank (Rural Bank) Inc. announced it has secured an additional capital injection of P400 million from its controlling shareholder, Salmon Group Ltd. With this investment, the rural bank’s equity capital would reach P1.6 billion while the total capital invested by Salmon Group would reach P1.3 billion.

The capital injection is expected to be completed by the end of March, the bank said through a statement it issued last Tuesday.

The rural lender added that the additional investment will strengthen the bank’s equity base to support its “continued asset growth as well as the rollout of new products which are integral to its expanding banking platform.”

On a pro-forma basis (based on December 31, 2025, balance sheet), this injection takes the total stockholders’ equity of the bank from P1.2 billion to P1.6 billion and improves Salmon Bank’s Core Equity Tier 1 Ratio from 16.1 percent to 23.1 percent, the statement read. The total Tier 1 Ratio would improve from 22.8 percent to 29.2 percent.

IN an age dominated by war, inflation and AI, investors may be underestimating the risks now associated with renewable energy assets.

That’s according to a group of bankers at Barclays Plc, who just published a paper laying out their views on the future of the clean energy transition.

“The classic stranded-asset story focused on fossil fuels, but what we are now seeing is stranded-like outcomes also emerging for renewables,” Daniel Hanna, group head of sustainable and transition finance and a contributing

According to the rural bank, the investment also “reinforces” its ability to scale responsibly while maintaining strong liquidity and capital adequacy, as it expands access to financial services in the Philippines.

According to executives of the lender, 2025 was a “breakout year” for Salmon Bank as it “scaled well, with strong governance and high capital discipline.”

“This additional funding enables us to continue that momentum this year,” read the statement.

Last year, high demand for its deposit products including its 8 percent time deposit offering expanded Salmon Bank’s client base by more than twofold.

Salmon Bank (Rural Bank) provides savings products, deposits, payments, and consumer lending portfolios through modern digital channels and its eponymous Salmon app. According to the bank, it uses artificial intelligence “to fuel its proprietary credit engine and to deliver customers across the Philippines differentiated simplicity, quality of service, and convenience.” Andrea San Juan

author to the paper, said in an interview. He says risks are now arising for renewables where “systems integration fails.” And if clean energy can’t connect to the grid, it starts to risk obsolescence. Despite record investments in renewable energy, Barclays notes that global fossil-fuel consumption has never been higher. And with an escalating military conflict in the Middle East, the price of oil and gas is once again soaring. The development highlights that having secure and affordable access to energy continues to be a bigger prior -

HE Bangko Sentral ng Pilipinas (BSP) said banks should transition away from the use of One-Time Pins (OTPs) as an authentication mechanism for financial transactions and other high-risk activities given the elevated risks of SIM swap fraud, phishing and related attacks.

In line with this, the central bank said in a draft circular it has recognized server-side biometric authentication as a “strong and acceptable authentication mechanism” for highrisk transactions and critical account changes in electronic financial applications.

Risks associated with the implementation of the mechanism, however, should be “adequately addressed” and “sound practices” or minimum

THE Bureau of Customs (BOC) will file criminal and administrative cases against smugglers and its own personnel linked to large-scale agricultural smuggling at the Port of Subic.

A statement issued by the BOC last Wednesday read draft criminal complaints its personnel has drafted cover three consignees accused of large-scale agricultural smuggling. The complaints also include nine BOC employees for alleged involvement in the crime.

The BOC said its personnel are

CRYPTO markets rebounded last Wednesday, recovering from a selloff triggered by the escalating conflict in the Middle East and shaking off earlier pain in other asset classes.

Bitcoin rallied as much as 5.7 percent to briefly surpass the $71,890 mark, hitting its highest value in nearly a month. It gave up some of its gains in early New York morning trading, hovering around $71,343. Ether also surged—up as much as 6.3 percent to $2,092—with cryptocurrencies forming a sea of green.

The world’s largest cryptocurrency had weathered a rocky few days since US and Israeli forces attacked Iran on Saturday, at one point dropping as low as $63,038 that day. Since then, investors have largely rallied around digital assets, with spot Bitcoin exchange-traded funds in the US raking in more than $680 million in inflows on Monday and Tuesday, according to data compiled by Bloomberg.

“This is a victory for cryptocurrencies, given the impressive selloff those financial markets and gold experienced the day before,” said Alex Kuptsikevich, chief market analyst

ity globally than reducing emissions.

Valuations will therefore depend on how efficiently an energy source can feed into distribution systems, according to the Barclays paper, whose main author was Niall Mac Dowell, the bank’s head of climate technology and a professor of energy systems at Imperial University. The observation shouldn’t be seen as a critique of renewables, but as a reflection of what happens when energy generation of any type moves fast and “the grid doesn’t keep up,” said Hanna.

control requirements should likewise be adopted.

The draft circular (1213) cites Section 6 of Republic Act 12010, or the Anti-Financial Account Scamming Act (Afasa) as basis. The circular read that it requires BSP Supervised Financial Institutions (BSFIs) “engaged in complex electronic products and services and handling high aggregate values of online transactions to adopt a robust FMS capable of rapidly

subjects of draft complaint-affidavits for violations of Republic Act 12022 (Anti-Agricultural Economic Sabotage law) and RA 3019 (Anti-Graft and Corrupt Practices law).

Moreover, the agency’s statement read that 19 of its personnel are the subjects of administrative cases for neglect of duty and conduct prejudicial to the best interest of the service, arising from the same investigation.

While the BOC has yet to name these personnel, it revealed the violations were discovered after a comprehensive investigation into ir-

detecting, preventing, and blocking disputed, suspicious, or other fraudulent transactions, including new and evolving fraud schemes.”

According to the BSP, the adoption of server-side biometrics authentication and other key controls will inform the evaluation of whether a BSFI has maintained adequate risk management systems and control measures. Findings will be taken into account in determining the potential liability for loss or damage arising from offenses under Section 4 and Section 5 of the AFASA.

While BSFIs are expected to transition away from the use of “interceptable” authentication mechanism such as One-Time Pins (OTPs) via SMS and e-mail, as an authentication mechanism for financial transactions or other high-risk, the central bank said these may be used for verifying the existence or ownership of a registered mobile number.

The BSP explained that serverside biometric authentication is an authentication mechanism whereby a customer’s biometric credential is validated and verified within the secure backend system of a BSP Supervised Financial Institution (BSFI) or its authorized third-party provider, using centrally-stored reference templates.

“This enables the BSFI’s system to authenticate the customer’s identity against the records it maintains, regardless of changes on the device used, thereby reducing the risk of account takeover, device compromise, spoofing, and unauthorized credential changes, among other threats,” the central bank pointed out. While server-side biometric authentication enhances user verification, it also introduces heightened security, operational, and privacy risks, it added.

“BSFIs remain responsible for ensuring that their authentication frameworks are commensurate with their risk profile and are not precluded from implementing stronger or equivalent authentication mechanisms and complying with the security standard under existing regulations to protect customers against scams and digital financial fraud,” the central bank said.

regularities in the importation and processing of agricultural shipments at the Port of Subic.

Investigators found signs of misdeclaration and unlawful facilitation of cargo clearance, according to the BOC. Before filing cases in court, the BOC transmitted the draft criminal complaints to the Department of Finance (DOF) for review and approval prior to filing the cases with the Department of Justice. This comes after the DOF endorsed to BOC six cases under the Anti-A gricultural Economic Sabo -

at FxPro. “Perhaps some traders are looking at crypto as a safe haven.” Futures for US stock rebounded, while Europe’s Stoxx 600 rallied. Asia’s benchmark index had plunged the most in nearly a year on Wednesday, led by a record selloff in South Korean equities. Gold briefly traded below $5,000 per ounce on Tuesday, before rising to trade above $5,180 on Wednesday morning.

“Sentiment remains highly wary

Renewables are regularly hampered by long queues to connect to the grid, and by a system in which grid operators often have to pay wind farms to shut down when excess power is generated. Barclays says such a dynamic opens the door to “a new class of distressed energy transition opportunities in under-connected renewables.” It’s a development that’s been percolating for a while now. While solar and wind will “undoubtedly” be the stars of the energy transition in the long run, new re -

on financial markets as investors assess the latest developments in the Middle East and brace for fresh turbulence,” said Susannah Streeter, chief investment strategist at Wealth Club.

Despite Wednesday’s rebound, crypto markets remain on edge, with Bitcoin still about 40 percent below its October peak following a months-long selloff. That backdrop has put Bitcoin in a unique position

newables capacity is useless without the infrastructure to transport that clean electricity from where it’s produced to the end user, BloombergNEF noted as far back as 2023. In December last year, BNEF said grids remain a bottleneck with queues for new demand “lengthening rapidly”

tage Act.

“The BOC is doing everything pursuant to Customs laws and regulations to ensure that justice is served. Errant personnel who violate customs laws will not be tolerated, and all responsible individuals will face full accountability,” Customs Commissioner Ariel F. Nepomuceno was quoted as saying. Nepomuceno said these actions are intended to protect Filipino farmers, maintain fair market conditions and safeguard the country’s borders and trade system. Reine Juvierre S. Alberto

amid geopolitical turmoil, providing the basis for a rally while other asset classes may be due a breather.

“All things considered, the backdrop coming into last week reflected a statistical anomaly in Bitcoin and a very different regime compared with both gold and equity indexes,” said Vetle Lunde, head of research at K33. Crypto advocates have often compared the cryptocurrency to gold, viewing it as a digital version of the safe haven asset that investors might turn to in turbulent times. That narrative failed to stick as Bitcoin fell in recent months while gold rallied. The token has since outperformed gold in recent days, bouncing around 9 percent since Friday before the Iranian conflict began. Gold is down almost 2 percent over the same period.

“Gold is struggling as the bond markets are repricing for inflation risk,” said Fadi Aboualfa, head of research at Copper Technologies Ltd. “It’s possible investors are taking early speculative bets on future money easing as the war prolongs.” Still, crypto’s volatility and the ongoing military action means that any rebound in digital assets could be short-lived. Bloomberg

tion participation. For investors, these risks can be translated into opportunities to generate market-beating returns, according to the Barclays report. “Where you are able to identify these bottlenecks and provide mechanisms to ease them, that will then

Health&Fitness

Cancer patient’s voices must shape health policy–advocate

By Rizal Raoul S. Reyes Contributor

ALEADING health policy advocate is urging government officials, doctors, and pharmaceutical stakeholders to listen more closely to cancer patients not only in the clinic, but also in the systems that determine which treatments are funded and prioritized.

Speaking at the Philippine National Cancer Summit 2026, Dr. Madeleine Valera, president of the International Society for Health Economics and Outcomes Research (ISPOR), emphasized that while the Philippines has made strides in institutionalizing Health Technology Assessment (HTA), the country must go further in integrating the voices of patients, particularly those battling cancer, into decisionmaking processes.

“For years, we focused on numbers—clinical trials, cost-effectiveness, incremental cost-effectiveness ratios,” she said. “But have we truly asked patients what matters to them?” she said. Her perspective was echoed by other speakers at the event, including medical oncologist Dr. Frederic Ivan Ting, ICanServe Foundation cofounder Kara Magsanoc-Alikpala, and Dr. Alfonso G. Nunez III of the Philip -

No rare disease should go untreated–experts

By Candy P. Dalizon Contributor

WHILE the vast majority of rare diseases lack approved, specific treatments or cures, health experts emphasize the importance of regular consultations and treatments that not only manage symptoms but also prevent complications.

“This situation is often a stumbling block for patients and their families. Because there is no known cure, they may lose hope,” said Dr. Loudella Castillo, a child neurologist and neuromuscular specialist.

“Rare diseases should not be left untreated, no matter what the condition. As doctors, we guide patients and their families in terms of supportive care and treatment, while anticipating complications and monitoring their symptoms,” she continued.

Dr. Castillo was one of the speakers during a recent forum held in observance of Rare Disease Week 2026. AstraZeneca Philippines, together with healthcare experts, government representatives, and patient advocacy groups, convened for an Agham Kapihan titled “More Than We Can Imagine: Amplifying Voices to Strengthen Equitable Rare Disease Care in the Philippines.” The forum called for earlier diagnosis, stronger care coordination, and improved implementation of existing policies for people living with rare diseases.

Rare diseases comprise a group of disorders affecting 400 million people globally, a population larger than those living with cancer and AIDS combined. Defined in the Philippines as conditions affecting one in 20,000 individuals, these diseases significantly diminish the quality of life for patients and place a heavy social and economic burden on their families.

“Individually, per condition, the number is low. But when you combine all these rare diseases, that’s a significant number,” said Dr. Melanie Alcausin of the University of the Philippines-National Institutes of Health. “That number translates to people, and people to families that are impacted by these conditions.”

One example of a rare disease is neurofibromatosis type 1 (NF1), a genetic condition that causes changes in skin pigment and tumors on nerve tissue. Dr. Castillo pointed out that when a patient with NF1 undergoes regular check-ups, the doctor can track tumor growth and prescribe medication for nerve pain management.

“Rare diseases are multisystem disorders. Multisystem means that different organs of the body are affected, though not necessarily all at the same time. This means that complications can be prevented if patients are monitored regularly,” said Dr. Castillo. Shared responsibility RARE diseases often affect multiple organs (e.g., skin, joints) at different times, making them difficult to diagnose. Seeing multiple unrelated doctors, or “doctor shopping,” can lead to a fragmented medical history and missed symptoms. Dr. Castillo explained that maintaining a relationship with a single primary physician (family doctor or

pine Cancer Center.

HTA, health reforms

THE Philippines has formally adopted HTA as part of its broader health reform agenda.

HTA evaluates medicines and medical technologies based on evidence, safety, effectiveness, and costefficiency before they are included in government programs or insurance benefits.

Dr. Valera, who helped pioneer HTA discussions in the country as early as the mid-2000s, explained that the traditional framework often centers on cost-effectiveness—how many patients will benefit and how much a treatment costs per life-year saved.

“But cancer patients are asking different questions,” she said. “Will I live longer? Will I live better? Can I go back to work? Will I spend less time in the hospital? Will I have less pain?” Such concerns, she stressed, cannot be fully captured by spreadsheets alone.

Financial challenge

DRAWING from personal experience,

Dr. Valera shared the emotional and financial toll cancer takes on families.

She recounted how treatment costs can reach hundreds of thousands— even millions—of pesos, forcing families into impossible decisions.

“When a doctor tells you treatment will cost P750,000 or more, what goes through your mind?” she asked. “It’s not just about survival. It’s about dignity. It’s about whether the treatment will allow you to live meaningfully.”

She argued that the burden of high costs should not rest solely on patients. Instead, stronger price negotiations with pharmaceutical companies should be pursued, particularly for high-cost cancer drugs such as biologics.

Quantifying the Patient Voice

ONE of the central challenges, Dr. Valera acknowledged, is how to measure patient experiences in a system that relies heavily on numerical data. “Clinical trials have numbers. Costeffectiveness has formulas. But how do you quantify hope? How do you quantify quality of life?” she asked.

Internationally, progress has been

made. During global discussions, frameworks were developed to formally incorporate patient perspectives into HTA processes. Recent conference reports have emphasized methods for quantifying patient-reported outcomes and lived experiences as part of evaluation criteria.

The Philippines has begun including patient representatives in HTA committees.

Dr. Valera, however, said involvement must go deeper.

“It’s not enough to have a patient sitting in a committee,” she said. “We must truly listen and integrate their input into the evaluation itself.”

Learning from Other Countries

DR. Valera cited Spain as an example of a system that combines public subsidy, price negotiation, and patient participation.

In some cases, governments negotiate directly with pharmaceutical firms while discussing options transparently with patients, particularly when innovative but expensive treatments are involved.

“We have the legal tools. We have

the Cheaper Medicines Law. We can negotiate. But we must understand the value of what we are negotiating for—not just cost, but quality of life,” she said.

A call to leadership IN her closing message, Dr. Valera appealed to national leaders to “think out of the box” and institutionalize mechanisms that amplify patient voices in policy decisions.

“If there is a will, there is a way,” she said. “Start by listening.” She also called on patient organizations, doctors, and civil society groups to push for deeper reforms. While legislation may not be immediately necessary, she said formal recognition of patient-centered valuation tools within the HTA framework would be a significant step forward.

Ultimately, she underscored that cancer care is not merely a clinical issue—it is a human one.

“At the end of the day,” she said, “health policy is about people. And if we do not listen to the patient, then we are missing the very reason the system exists.”

Coalition makes strong push to stop dengue deaths, reduce cases by 2030

By Rory Visco | Contributor

pediatrician) ensures that all symptoms are tracked holistically and that referrals to specialists are coordinated effectively.

“The health of a person is a shared responsibility. Often, a patient may feel they weren’t properly diagnosed, but a diagnosis requires an in-depth discussion that doesn’t always happen. Patients must be empowered to ask more questions, and doctors must take the time to truly know the patient as a person,” said Dr. Castillo.

Understanding the challenge PHYSICIANS are often trained to “think horses, not zebras,” prioritizing common diagnoses over rare ones. However, for some patients with rare diseases, they are the zebras—experiencing years of uncertainty before receiving the correct diagnosis.

Sinabihan po kami ng doktor nun na [I will] be covered by tumors all over the body, including the face,” said Araceli Tenorio, an NF1 patient advocate from NF Friends. “So imagine the fear and the stigma of a 16-year-old young lady—who wanted to be a physician at that time—thinking, anong nangyayari? Bakit ako yung nagkaroon? [What’s happening? Why me?].”

It wasn’t until 2011 that Tenorio saw an interview with an NF patient. There, she realized that there were more people like her and that she was not alone in her journey.

“I was in school [to fetch my kids] but I felt so weak. I even had to lie down on the bleachers, and after I dropped off my children, I had no energy left,” said Hellen Driz, head of operations of Hope For Lupus. “The initial finding was that I had cancer; it was only after that that I was finally diagnosed with lupus.”

Fortunately, Driz carried on. With the help of her loved ones and the guidance of the right doctor, she began to better manage her condition four years after receiving the correct diagnosis.

“Helping people with chronic illness is not about pity—it is about understanding. Speaking from my own experience, aside from the physical burden, I also faced emotional and financial challenges. I am fortunate that I found a support group that was there for me,” said Driz.

Healthcare experts and patient advocates also hope that Republic Act No. 10747, or the “Rare Diseases Act,” could be implemented more fully. A recently filed Senate Bill seeks to expand access to comprehensive medical care, healthcare products, and timely health information to help patients cope with their conditions.

As Rare Disease Week concluded, stakeholders reiterated their commitment to amplifying patient voices and building a more responsive healthcare framework, ensuring that rare disease patients are no longer unseen within the broader health system.

“At AstraZeneca, we are driven by innovation to change what it means to live with a rare disease,” said Lotis Ramin, Country President of AstraZeneca Philippines. “We are committed to delivering life-changing treatment while ensuring that the lived experiences of patients guide our every decision.”

SEVENTY years after dengue first took root in the Philippines, the country still records some of the highest case numbers in Southeast Asia despite the fact that most deaths are preventable.

One year since its launch, the Empowering Networks to Defeat Dengue (E.N.D. Dengue) Coalition, led by the Philippine Medical Association (PMA), is intensifying its campaign to standardize clinical care, strengthen vector control, safeguard vaccine integrity, and rally communities behind its goal of zero dengue deaths and a 50-percent reduction in cases by 2030, in line with the target set by the World Health Organization (WHO).

During the media launch that marked the advocacy’s first year, the coalition believes that the ambition is achievable through sustained, coordinated action.

A persistent and shifting threat R ECENT data shared by PMA president Dr. Hector Santos from the Department of Health (DOH) showed that the Philippines recorded 7,471 dengue cases in January 2026, a 71 percent drop from the 25,652 cases registered in the same month last year when several local government units declared outbreaks.

However, as of September 2025, the Philippines logged 234,895 dengue cases and 912 deaths, a number higher than neighboring countries like Indonesia and Vietnam. Even in January 2026, the country’s case count was nearly 19 times higher than Indonesia’s 403 cases.

And because of climate change, dengue is no longer confined to the rainy season. Dengue cases are now reported year-round because of factors like urban congestion and shifting environmental patterns. The virus

FROM misleading social media posts to fraudulent recruitment schemes, aspiring nurses face a flood of misinformation that can cost them time, money, and confidence. It is against this backdrop that the Nursing Opportunities Worldwide Ecosystem Expo Asia 2026 (NOW Expo Asia 2026) was launched, a platform designed to provide facts, not false promises.

Each year, roughly 50,000 nursing graduates and about 40,000 board exam takers enter the profession in the Philippines. Many aspire to build careers abroad, drawn by global demand and the reputation Filipino nurses have earned for skill, resilience, and compassion.

But opportunity comes with complexity.

Licensure requirements, language exams, credential verification, immigration processes, and contract negotiations form a demanding pathway to overseas practice. In countries like Germany, demand continues to rise, yet language and cultural barriers remain significant hurdles.

Organizers emphasize that NOW Expo Asia 2026 is not a recruitment fair. Instead,

has adapted to a changing world, and public health systems must keep pace.

Five pillars, one unified strategy IN its first year, E.N.D. Dengue consolidated its strategy around five pillars: global and local epidemiology and threat, vector control, clinical management, dengue vaccine development, and communication and advocacy.

Under epidemiology, the coalition is pushing for accurate, timely reporting of cases from both public and private sectors. Reliable data, experts stress, is the backbone of sound policy and rapid response.

Vector control, according to the group, remains foundational. As infectious disease specialists repeatedly emphasize, dengue prevention begins in the community. The mosquito that carries dengue breeds in clean, stagnant water found in flowerpots, pails, rooftop containers, not necessarily in visibly dirty canals. The group said sustained clean-up efforts and not episodic campaigns are critical.

A member of the group, Dr. Florentina Ty, describes the challenge as partly cultural.

“Community clean-ups often surge during outbreaks but taper off once cases decline.

it is a knowledge-driven forum that seeks to correct misconceptions and present verified information on both local and international career pathways.

“We are advocating preparedness before migration,” said Christine Lasig, head of the community ecosystem for NurtureRN, during a media briefing in Makati City. “Migration is a major life decision and should not be fueled by incomplete information.”

An ecosystem approach

WHAT distinguishes the Expo is its ecosyst em model.

Rather than focusing solely on job placements, it convenes hospitals, nursing schools, specialization programs, language centers, financial institutions, professional associations, and technology providers. The aim is to create a single venue where nurses, and their families, can access credible information directly from institutions themselves.

Ye Kwon Lee, a partner for NOW Expo, noted that many scams thrive in anonymity through online profiles and vague email offers. By contrast, participating institutions

That ‘ningas-cogon’ tendency undermines long-term control.” The DOH continues to advocate regular household inspections and environmental management, but behavior change must become habitual.

Standardizing clinical care

BE YOND prevention, the coalition is tackling what it sees as a less visible but equally urgent issue: clinical management.

Despite decades of experience with dengue, some physicians still struggle with early recognition and optimal treatment, leading to preventable complications and deaths. Experts acknowledge that while international guidelines exist, variations in interpretation and application remain.

The coalition is therefore calling for unified, regularly updated clinical practice guidelines custom-fitted for the Philippines. Standardization, proponents argue, will reduce uncertainty among practitioners and ensure patients receive evidence-based care from diagnosis through recovery.

Early, late, or missed diagnosis remains a common contributor to severe outcomes.

Strengthening physician education, alongside improving public awareness of warning

at the Expo are required to stand publicly behind their credentials and engage faceto-face with attendees.

The platform also encourages long-term planning. Decisions about working abroad affect finances, housing, career progression, and family stability. By broadening the conversation beyond recruitment, the Expo pushes nurses to consider sustainable professional development.

Rethinking the brain drain narrative

FILIPINO nurses remain highly sought after worldwide, often forming the backbone of hospital workforces overseas. This sustained demand, however, continues to fuel concerns about brain drain.

NOW Expo Asia 2026 positions itself as neutral. Philippine hospitals are given equal space to present local career opportunities, reinforcing the event’s philosophy: not to promote migration, but to provide balanced insight.

By fostering dialogue between global and local institutions, organizers hope to encourage healthy competition and raise standards

signs such as persistent vomiting, abdominal pain, or sudden bleeding, is central to reducing mortality.

The promise of vaccines, and precaution VACCINATION is another key component of the coalition’s framework, but recent developments have added complexity to the discussion.

The PMA has raised alarm over reports of unregistered and counterfeit dengue vaccines being sold illegally. Dr. Erica Tania Davillo, chair of the PMA Ad Hoc Committee on Dengue Advocacy, warned that unauthorized products could do more harm than good. While demand for protection is understandable, she stressed that only vaccines that have undergone proper regulatory review should be used. The PMA commended the Food and Drug Administration for cracking down on illegal sellers, emphasizing that safeguarding public trust is essential to long-term vaccine acceptance.

Within its vaccine development pillar, the coalition supports continued research, regulatory rigor, and equitable access as it recognizes vaccines as an important tool, but not a standalone solution.

Communication as a lifeline PE RHAPS the most ambitious of the coalition’s pillars is communication and advocacy. Misinformation, they said, particularly around vaccines and disease management, can spread faster than the virus itself.

The coalition is pushing more public education campaigns that explain how dengue is transmitted, how it is diagnosed, and when to seek medical care. By empowering communities with accurate information, leaders hope to close the gap between scientific knowledge and everyday practice.

across the sector. Nurses, in turn, gain a clearer understanding of their options—whether at home or abroad.

The goal is to move beyond a simplistic “leave or stay” debate toward informed mobility.

Expanding the Nursing Horizon THE Expo is not limited to new graduates. Mid-career nurses can also explore emerging opportunities, from specialization tracks to leadership roles and healthcare entrepreneurship. Discussions will also examine trends such as the integration of artificial intelligence in healthcare.

“Nursing is evolving,” Lee said, noting that career paths now extend well beyond bedside care. At its core, NOW Expo Asia 2026 seeks to protect aspirations in an increasingly complex market. In a digital age where a single misleading message can derail a dream, the

PHL, US bolster linkages; advance shared priorities

THE 12th Philippines-United States Bilateral Strategic Dialogue (BSD), held in Manila on February 16, saw the two countries reaffirm their enduring alliance.

Undersecretary for Policy Leo Herrera-Lim of the Department of Foreign Affairs and Undersecretary for Strategic Planning and Assessment Ignacio Madriaga of the De-

partment of National Defense cochaired the Philippine side, while Assistant Secretary for Bureau of East Asian and Pacific Affairs Michael George DeSombre from the Depart-

ment of State, alongside Assistant Secretary for Indo-Pacific Security Affairs John Noh, represented the US contingent.

The BSD had simultaneous working group discussions on the various areas of cooperation, and was led by Philippine senior officials from the Department of National Defense, Department of Trade and Industry, Department of Justice, and Department of Foreign Affairs, with their counterpart US government agencies.

Among others, in 2026, both sides committed to (1) hold the fifth “2+2”

Ministerial Dialogue, to be hosted by the US; (2) hold the first Luzon Economic Corridor Investment Forum in Manila to drive new investments and unleash additional private sector opportunities, in coordination with Japan and other like-minded partners; (3) provide $1.5 million for building a small modular reactors control room simulator in the Philippines by way of the US; (4) provide $250 million as health security support for the Filipino people, also through the US; (5) deepen diplomatic and law enforcement cooperation to combat cybercrime, online scam centers, and the production and trafficking of illicit synthetic drugs and precursor chemicals; (6) hold a foreign minister-level trilateral policy dialogue with Japan; and (7) coordinate closely on shared priorities throughout 2026 during the Philippines’ Asean Chairship.

The BSD underscored the importance of 2026 as a milestone year for the US-Philippines bilateral cooperation, with the two countries’ 80th anniversary commemoration of their diplomatic relations, the 75th year of the Mutual Defense Treaty signing, and the 10th anniversary of the 2016 Arbitral Award on the South China Sea.

The dialogue concluded with an emphasis on the enduring strength of the two countries’ eight-decade alliance, anchored in shared values and a common commitment to peace, security, and prosperity for both countries, according to the US Embassy.

Phil. Embassy-Beijing launches book on stories of Fil. diplomats in China

INTERTWINED: Personal Stories of Engagement with China

THE Philippine Embassy in Beijing recently launched the book Intertwined: Personal Stories of Engagement with China—a compilation of anecdotes and recollections of Filipino diplomats assigned in China through the years.

The online launch held on February 12 brought together several “China alumni”—members of the Philippine Foreign Service and personnel of attached government agencies who have served in Philippine Foreign Service Posts in China— in a “meaningful virtual homecoming.”

A commemorative publication for the 50th anniversary of PhilippinesChina bilateral relations, Intertwined chronicles personal narratives of Fili-

pino envoys and public servants during their postings in China. In his remarks, Ambassador Jaime FlorCruz congratulated everyone behind the initiative and thanked the contributors for sharing their personal experiences. He described the book as a “homecoming for those who once served at the Philippine Embassy in Beijing and the [country’s] six consulates general in China.”

“This is a gathering of shared memories, hard-won lessons, and enduring professional bonds,” the ambassador said.

“This initiative is a celebration of the dedication, resilience, and camaraderie that have defined our

service in one of the Philippines’ most important diplomatic fronts,” said Foreign Affairs Assistant Secretary for Asian and Pacific Affairs Marshall Louis Alferez. Having served as consul general in Guangzhou, his stories are among those featured in the publication.

In a video message, Foreign Affairs Undersecretary for Policy Leo Herrera-Lim expressed hope that Intertwined would inspire reflection and renewed commitment among present and future members of the Philippine foreign service.

The book launch featured a question-and-answer portion, engaging reflections from former and current officials, covering personal anec-

Swiss Innovation Prize tilt ’26 ongoing, boosts industry-academe collaboration

THE Embassy of Switzerland in the Philippines has officially launched the “Swiss Innovation Prize Competition 2026,” marking the third edition of its flagship initiative that promotes industry-driven innovation and sustainable growth.

The competition focuses on key sectors—including information technology-business process management or IT-BPM, life sciences and digital health, as well as manufacturing and construction, aligning innovation efforts with operational, technological, and sustainability priorities.

For its 2026 edition, the contest enters a new phase through a strategic collaboration with the Swiss Chamber of Commerce, which will serve as the primary implementing partner. According to the Embassy of Switzerland, the linkage boosts private-sector engagement, expands industry participation, and ensures that the initiative remains aligned with the evolving needs of Swiss businesses in the country.

“The Swiss Innovation Prize reflects Switzerland’s strong culture of innovation—a cornerstone of our global competitiveness and economic success,” Ambassador Dr. Nicolas Brühl said during the launch. “By bringing together industry, academia, and government, we aim to transform ideas into practical solutions that contribute to shared

progress and mutual prosperity.”

The initiative continues to receive valuable support from member companies of the Swiss Cultural Fund, as well as key Philippine government partners: the Intellectual Property Office of the Philippines, the Department of Science and Technology, and the Commission on Higher Education. Their collaboration reinforces the competition’s mission to foster knowledge exchange, research-driven innovation, and globally competitive Filipino talent.

Through this platform, young innovators are given the opportunity to design and present solutions that address real industry challenges, while contributing to sustainable development goals. Beyond recognition and a cash prize of P100,000, the competition provides exposure to industry leaders, mentorship opportunities, and pathways for project incubation.

The Swiss Innovation Prize Competition 2026 underscores Switzerland’s commitment to being a trusted innovation partner in the Philippines, supporting long-term collaboration between business, government, and academia.

First introduced in 2023, the Swiss Innovation Prize connects young Filipino innovators with Swiss companies operating in the Philippines to co-develop practical, research-based solutions to realworld industry challenges.

UK-Philippines GIP+ to mobilize investment, aid sustainable growth

THE United Kingdom and the Philippines have officially launched the Growth and Investment Partnerships Plus (UK-PH GIP+), which represents the next phase of the UK’s approach to building a long-term, mutually beneficial economic partnership.

Building on its first iteration launched in 2023, GIP+ promotes transparent, green investment, job creation, and deeper integration into global value chains, while opening new markets and opportunities for UK businesses.

GIP+ brings together UK-backed instruments and institutions, including British International Investment (BII), UK Export Finance (UKEF), the Private Infrastructure Development Group (PIDG), and MOBILIST, alongside deployment of UK technical experts to support the end-to-end delivery of bankable infrastructure projects in the Philippine market.

During the launch, UK Minister for the IndoPacific Seema Malhotra MP highlighted the Philippines’ strong fundamentals and the UK’s commitment to mobilizing investment for sustainable growth:

dotes, career highlights, and memorable experiences across postings in China.

Several “China alumni” shared stories ranging from major events and bilateral initiatives to the lighter, human side of service abroad, highlighting how personal experiences shape effective diplomacy.

According to the embassy, Intertwined underscores the strong bilateral ties between the Philippines and China, built on the personal and collective stories of individuals assigned in various Foreign Service Posts across different periods of engagement and collaboration in the political, economic, cultural, and people-to-people matters.

“The Philippines’ strong growth and dynamic economy make it a perfect match for British investment and technical expertise. We have already seen the huge success of Citicore Renewables, which is delivering clean energy for the Philippines backed by British investment,” Malhotra said in her remarks. “Through our GIP+, we are deploying UK expertise, mobilizing capital, and leveraging partnerships to support sustainable growth that delivers real benefits for communities and businesses in both our countries.”

The minister also noted that through BII, the UK supported a solar project in South Cotabato, which is now powering 82,000 homes—a demonstration of the tangible impact of UK-Philippines collaboration, according to the Embassy of the UK.

High potential

BII Managing Director and Head of Asia Srini Nagarajan emphasized the investment potential in Philippine infrastructure and climate sectors: “The Philippines has strong fundamentals and a growing pipeline of investable opportunities, particularly in infrastructure, clean energy, and

Sun drying innovation gains ground at 2026 National Summit

The 2026 National Sun

Drying Tray Summit and Presentation of Accomplishments gathered science leaders, regional implementers, and technology partners from February 24 to 26, 2026 at La Breza Hotel in Quezon City.

The three day event brought together representatives from all regional offices of the Department of Science and Technology, the National Research Council of the Philippines (DOST-NRCP), and the Office of the Undersecretary for Regional Operations (OUSECRO).

Hosted by the DOST Regional Office II in Cagayan Valley, the summit underscored strong interregional collaboration in advancing postharvest technologies for Filipino farmers and fisherfolk.

NEXTASIA unveils P5B

NEXTASIA Land Inc. proudly announces the official launch of NEXTASIA Barcelona, a P5billion, 22-hectare European-inspired boutique township set to redefine modern community living in Southern Luzon. Strategically launched alongside the anticipated completion of South Luzon Expressway Toll Road 4 (SLEX TR4), the development stands at the forefront of

At the center of discussions was PORTASOL, short for Portable Solar Dryer, developed by Francisco Popoy Pagayon.

Originally designed for drying palay, the technology has evolved with the support of DOST to accommodate nearly all types of farm produce, including corn, coffee beans, cacao, fish, and high value crops.

According to Pagayon, what began as a solution for rice farmers has expanded into a versatile system that responds to the varied drying needs of agricultural and fishery communities.

PORTASOL offers a hygienic and enclosed drying facility powered by renewable solar energy. Unlike traditional open sun drying methods that expose produce to dust, animals, sudden rain, and uneven heat, the system provides controlled airflow and protection from contaminants. This results in better product quality, improved food safety, and reduced postharvest losses. Its portable design also allows farmers and fisherfolk to deploy the unit in different locations, making it adaptable to community based operations

and small scale enterprises.

The first two days of the summit were dedicated to regional accomplishment reports, deployment updates, and sustainability plans. Regional offices presented data on the number of units distributed, beneficiary profiles, training activities conducted, and income improvements observed in pilot communities.

Discussions also tackled operational challenges such as maintenance concerns, site selection, weather variability, and strategies for strengthening local ownership. Pagayon actively engaged with participants to address technical issues and gather feedback for further refinement of the technology.

On the final day, participants conducted a project visit within the National Capital Region to observe PORTASOL in actual operation and to engage directly with beneficiaries. Farmers and processors shared testimonies on how the technology improved drying time, reduced spoilage, and enabled them to command better prices in the market due to higher quality produce.

Barcelona Township in San Pablo, Laguna

a major regional transformation. Once operational, TR4 is expected to reduce travel time from Santo Tomas to San Pablo City to approximately 15 minutes, dramatically enhancing accessibility and accelerating investment momentum in the area.

San Pablo is no longer a secondary market. It is emerging as a primary residential growth corridor.

NEXTASIA Barcelona is masterplanned to serve approximately 2,000 homes, or nearly 10,000 future residents, over the next two to three years.

Built around NEXTASIA’s signature “future-ready” philosophy, the township integrates broadband-ready homes for digital connectivity, solar-powered street lighting for energy efficiency, EV charging provisions for forward mobility, landscaped parks and open green corridors, secure, walkable community design.

This is not traditional affordable housing. This is affordable housing elevated into township living.

At the heart of Barcelona rises the NEXTASIA Town Plaza, inspired by classic European squares and envisioned as a vibrant commercial and lifestyle hub serving both residents and the greater San Pablo community.

Key anchors include a dedicated chapel for intimate milestones;

The Grand Ballroom of San Pablo, a landmark events venue designed to address the region’s shortage of premium celebration spaces;

Mcommercial spaces for dining, retail, and community services.

The Town Plaza transforms the development from a subdivision into a self-sustaining district.

The timing of Barcelona’s launch positions NEXTASIA to capture the first wave of demand driven by TR4 connectivity.

Improved access will expand buyer catchment areas, increase land value appreciation potential, accelerate commercial viability and stimulate job creation and economic activity Barcelona is not simply responding to infrastructure expansion; it is anticipating and leveraging it.

“What you will see here is not just 2,000 homes, but a community of 10,000 Filipinos building their futures,” said Cris Y. Carreon, Chairman & CEO of NEXTASIA Land.

“This is transformation. This is progression. At NEXTASIA, we do not just build houses. We build places where life happens. We are building the community of tomorrow, today.”

NEXTASIA Barcelona marks a significant expansion in the company’s Southern Luzon footprint and strengthens its positioning as one of the fastest-rising township developers in the affordable housing segment.

With innovation, sustainability, and integrated community design at its core, NEXTASIA continues its mission to bridge the housing gap while elevating standards for first-time homeowners.

AXICARE Philippines has strengthened its presence in Makati with the opening of a new Primary Care Clinic (PCC) at the PNB Makati Center, one of its largest in the city to date.

Spanning more than 800 square meters, the facility responds to the growing demand for accessible, comprehensive healthcare within one of the city’s most established business and lifestyle districts. Designed to go beyond the fundamentals of primary care, the clinic delivers Maxicare’s wide range of medical services alongside an expansive Rehabilitation and Therapy Wing. This dedicated space supports physical

Solaire Resort North champions women in hospitality with dinner event at Finestra

creativity and prowess of Quezon Club’s Chef January “Janu” Belardo, alongside Skybar’s Head Mixologist Melody Protacio, and one of Solaire Resort North’s Restaurant Managers, Cacharelle “Cali” Serrajotto,

per head, dishes such as a decadent calamansi ricotta-infused agnolotti pasta, a succulent shio koji tenderloin with a miso lentil puree, shishito and a caramelized jus, as well as a smoky plate of burnt eggplant with flower croustade will take center stage among other courses. Each dish is perfected by an intricately crafted beverage pairing for an additional P1,000++ offering a rich blend of cocktails throughout the evening. Head Mixologist Melody Protacio and her team prepare each drink with expert care ranging from aperitifs with a touch of sweetness all the way to full-bodied and smooth cocktails for the complete dinner experience.

This International

experience an evening showcasing a dinner service executed by an all-women

led by Chef January Belardo, Head Mixologist Melody Protacio, and Manager Cali Serrajotto.

Patrons are invited to sit back and relish an unforgettable evening as Cali Serrajotto and her team provide exceptional service with attentiveness and precision, making the one-night-only dinner unlike any other. Step into Finestra at Solaire Resort North this March 7 at 7 pm and join in celebrating the women who make it happen. For more details, reservations, and inquiries, visit the Solaire Resort North website sn.solaireresort. com, or contact them at +632 8888 8888 or via email at snrestaurantevents@solaireresort.com to book your table for this International Women’s Month.

SM Foundation supports vaccination program through health center renovations

TO reduce the mortality and morbidity among children arising from common vaccine-preventable diseases, Republic Act No. 10152, Mandatory Infants and Children Health Immunization Act of 2011, was enacted.

The law is in accordance with the constitutional mandate of the State to take a proactive role in the preventive health care of its people including infants and children.

Under the law, the mandatory basic immunization for all infants and children cover the following: Tuberculosis, Diphtheria, Tetanus and Pertussis, Poliomyelitis; Measles; Mumps; Rubella or German measles; Hepatitis-B; H. Influenza type B (HIB); and such other types as may be determined by the Secretary of Health in a department circular.

These mandatory basic immunizations are given free in any government hospital or health center to infants and children under five-years-old.

The health centers located across the country have been instrumental in carrying out the government’s immunization program through vaccination, helping decongest government hospitals so that latter can better deliver medical services not available in the health centers.

Over the years, SM Foundation has been a reliable partner of the government in ensuring basic health and medical services are extended to the barangay level.

Through its program of renovating and

therapy, recovery, and long-term wellness programs. This boosts a more holistic approach to care, one attuned to the needs of today’s urban professionals, families, and nearby communities. Its location within PNB Makati Center is strategic. Situated in the heart of the Ayala area, the development benefits from walkability, strong transport links, and close proximity to corporate offices, residential enclaves, and retail destinations.

For tenants and its employees, having a major healthcare provider within the building introduces a level of convenience that is increasingly expected in premium addresses.

rehabilitating barangay health centers, SM Foundation upgrades these facilities with the needed equipment and appliances. A renovated health center provides a comfortable and conducive place for patients to consult with the health professional.

Early this year, SM Foundation turned over a rehabilitated San Vicente Health Center, one of the 66 health centers in Quezon City. Like other health centers, it delivers comprehensive primary health care services that are anchored with the National Health Programs of the Department of Health and Local Health Programs. It services four Quezon City barangays. The turnover of the improved San Vicente Health Center was followed by the inauguration and turnover of another health center. Farther down south, Zamboanga City received a renovated Putik Health Center from SM Foundation as part of its program to strengthen public healthcare facilities across the country. Aside from implementing the Expanded Program for Immunization, the heath center provides nutrition services, family planning services, maternal care program, tuberculosis program, and surveillance and monitoring of emerging infectious diseases, aside from implementing environmental sanitation programs. To date, SM Foundation has upgraded over 200 health centers across the country.

For the surrounding neighborhood, it boosts a sense of accessibility and everyday resilience.

With the opening of Maxicare’s newest PCC, PNB Holdings shapes spaces and defines its legacy in a business district that continues to set the pace.

As mixed-use developments place greater emphasis on wellness and quality of life, the presence of the primary care clinic elevates the building beyond conventional office infrastructure, enabling the convergence of functionality and well-being.

The Maxicare PCC is located at Unit 101, Mezzanine, PNB Makati Center.

Co-workers of different generations mentor each other to reduce workplace misunderstandings

NEW

YORK—Barbara Goldberg brings a stack of newspapers to the office every day. The CEO of a Florida public relations firm scours stories for developments relevant to her clients while relishing holding the pages in her hand. “I want to touch it, feel it, turn the page and see the photos,” Goldberg said. Generation Z employees at O’Connell & Goldberg don’t get her devotion to newsprint when so much information is available online and constantly updated, she said. They came of age with smartphones in hand. And they spot trends on TikTok or Instagram that baby boomers like Goldberg might miss, she said. The staff’s disparate media consumption habits become clear at a weekly Monday staff meeting. It was originally intended to discuss how the news of the day might impact the firm’s clients, Goldberg said. But instead of news stories, the conversation often turns to the latest slang, digital tools and memes.

The first time it happened, she listened without judgment, and thought, “Shoot, this is actually really insightful. I need to know the trending audio and I need to know these influencers.” Of her younger colleagues, she said, “they know the cultural conversation that I wasn’t thinking about.”

With at least five generations participating in the workforce, co-workers can at times feel like they speak different languages. The ways people born decades apart approach tasks may create misunderstandings. But some workplaces are turning the natural divides between age groups into a competitive advantage through reverse mentoring programs that recognize the strengths each generation brings to work and uses them to build mutual skills and respect.

Here are some ways to make the most of a multigenerational workplace:

n MENTORING UP. Beauty product company Estée Lauder began a reverse mentoring program globally a decade ago when its managers realized consumers were rapidly getting beauty tips from social media influencers instead of department stores, said Peri Izzo, an executive director who oversaw the initiative. At the start of a new mentoring relationship, participants do icebreaker activities like a Gen Z vocabulary quiz. The young mentors take phrases they use with friends in group chats and quiz older colleagues about what they mean, said Izzo, who at age 33 qualifies as a young millennial. For example, if a Gen Zer says something is “living rent-free in your head,” it refers to someone or something that constantly occupies your thoughts. Madison Reynolds, 26, a product manager on the technology team at Estée Lauder, is a Gen Zer and serves as a reverse mentor in the program. She and her contemporaries teach their older colleagues phrases such as “You ate it up,” which means you did a good job. When her manager tries out Gen Z phrases, Reynolds offers feedback, saying, “No, that’s not right,” or “You got it.”

n GIVE AND TAKE. When 81-year-old hotelier Bruce Haines brought in athletes from Lehigh University’s wrestling team to participate in a mentorship program at the Historic Hotel Bethlehem in Pennsylvania, he taught them about entrepreneurship by having the students shadow managers in various departments. He also gained valuable marketing insights from the students, which he hadn’t anticipated. “It’s been energizing for me. It’s almost reinvigorating,” Haines, the hotel’s managing partner, said. “We tended to be Facebook-focused. We’re a luxury destination hotel, so we tend to be an older crowd that we’re reaching. They enhanced our marketing by alerting us that we need to be on Instagram and YouTube and get out there and reach the younger people.”

n OLD-FASHIONED PEOPLE SKILLS. Carson Celio, 26, is an account supervisor at the PR firm Goldberg leads. She’s part of the cohort that advises the CEO about what’s trending on TikTok and what’s over with. She says Goldberg has taught her how to successfully work a room and spark conversations that feel natural and organic. Celio was a sophomore in college when Covid-19 hit, which pushed most of her classes online, including a public speaking course. “We have spent so much time online and conducting meetings over Zoom or Teams.” As a result, in-person networking can feel overwhelming to her generation, she said. “Learning the value of actually being face to face with people and building those connections—Barbara has helped me a lot with that.”

n A TEXT OR A TOME. At Harvard Medical Faculty Physicians, a medical group that employs 2,400 doctors in eastern Massachusetts, Dr. Alexa B. Kimball adapts her communication style to a range of age groups. Some mature clinicians send very long emails, which can be unproductive.

“When you have an e-mail conversation that’s in its 15th response, that tells you you should pick up the phone,” Kimball, the group’s CEO, said. On the other extreme, some of the youngest trainees communicate with six-word texts, she said. A reverse mentoring program that teachers doctors about different communication styles helped when the practice launched a new medical records system that required 14 hours of training. Following the training, Kimball paired workers with more tech-savvy colleagues, who tended to be younger, to provide support.

n PHASED RETIREMENT. Robert Poole, 62, is the only person at health care technology company Abbott who manages the laser used to create nearly microscopic components of a cardiovascular device. Since he’s approaching retirement, Abbott hired Shahad Almahania, 33, an equipment engineer, to work alongside him and absorb some of his decades of knowledge.

“The equipment is all custom, so it takes a long time to learn how to run it and keep it running,” Poole said. Poole, who began working in the 1980s, said he also learns from Almahania. When Abbott removed landline telephones five years ago, he migrated to group chats like Slack, asking her for help deciphering the meaning of emojis. AP

Parentlife

Let’s insert play: Childhood beyond schedules

OVER the years, I have written about the power of play—how it helps brain development, strengthens bonds, and nurtures resilience. Yet, as I observe children today, I cannot help but observe that childhood can become so scheduled.

From enrichment classes to competitive leagues, from structured tutorials to curated extracurriculars, the intention is good. We want to expose them, equip them, and give them every possible advantage. But somewhere along the way, we began equating busyness with growth.

The American Academy of Pediatrics (AAP) has warned against over-scheduling, emphasizing in its clinical report the importance of play—that free and unstructured play is essential for social, emotional and cognitive development, and for building executive function skills (AAP, 2018). When play is replaced with constant instruction, children may gain skills but they can lose imagination. Play is not the opposite of learning. Play is learning. Dr. Kathy Hirsh-Pasek, a developmental psychologist and author of Becoming Brilliant, explains that playful learning builds what she calls the “6 Cs” of 21st-century success: collaboration, communication, content, critical thinking, creative innovation, and confidence. These are not developed through worksheets alone. They emerge when children explore, negotiate, build, pretend and experiment.

When my children were still toddlers, I remember being in a business conference in Los Angeles speaking to a child psychologist from Northern Europe. I was sharing to him my worries on guiding my children well to be ready for the real world. He emphasized how children should be allowed to navigate through their own situations. He shared some principles of the Waldorf mode of education where free imaginative play is central in the early years like kitchen play, dress-up, nature and storytelling. The aim is more experiential learning.

Our view as parents is largely influenced by our own childhood. The fields of professions encouraged then were medicine, finance/accountancy, law or business. Earning the most money is the ultimate

goal. Today, being a human resource practitioner for decades, the soft skills of communicating well, of not easily giving up, empathy and being effective in teams matter equally as being good in hard skills. The goal in my language is having joy in accountability. This means children growing up to be productive adults living their lives, not for external accolades or approval, but for their intrinsic goals of fulfillment and joy.

It reminded me of what I once shared in earlier columns: play builds more than skill; it builds self. In May 2018, I shared thoughts of Boston College psychology professor Peter Gray in his book, titled Free to Learn: Why Unleashing the Instinct to Play Will Make Our Children Happier, More Self-Reliant, and Better Students for Life. According to this reading, “Free play is nature’s means of teaching children that they are not helpless. In play, away from adults, children really do have control and can practice asserting it. In free play, children learn to make their own decisions, solve their own problems, create and abide by rules, and get along with others as equals rather than as obedient or rebellious subordinates.”

Across Asia, educators are echoing the same message. Singapore’s early childhood framework highlights purposeful play as central to holistic development. In Japan, forest kindergarten programs allow children extended outdoor free play to build independence and resilience. Dr. Aric Sigman, a British psychologist frequently cited in Asian

education forums, warns that reduced unstructured play is linked to rising childhood anxiety and diminished emotional regulation.

Research supports this concern. Research summarized in Pediatrics links richer opportunities for play “with stronger executive function skills such as impulse control and flexible thinking,” which aligns with the AAP clinical report and related studies. Meanwhile, Harvard’s Center on the Developing Child emphasizes that playful interactions help build neural connections in the prefrontal cortex, the region responsible for problem-solving and emotional control. In simple terms, when children play freely, their brains light up in powerful ways. And yet, the pressure to perform remains strong. Parents often worry: If my child plays more, will they fall behind? Evidence suggests the opposite. This does not mean eliminating structure altogether. It means balancing it. It means recognizing that a child building a fort is practicing engineering. A child negotiating game rules is practicing diplomacy. A child inventing a story is rehearsing narrative thinking.

So here is my invitation to parents this week: Audit your calendar. Where can you carve out one uninterrupted hour of child-led play? No screens. No instructions. No outcomes to measure. Let boredom sit well with your child; and let imagination answer. Because childhood is not a race to mastery; it is a season to discover.

Dreaming of being the next Alex Eala? Don’t let these injuries ruin your game

ALEX EALA, the Filipina ace, has been unstoppable climbing up the world rankings and defeating top-ranked WTA players Jasmine Paolini, Madison Keys, and even former women’s No. 1 Iga Świątek along the way. The tennis star has also recently collected gold and bronze medals for Team Philippines in the women’s singles and women’s doubles and mixed doubles categories of the 2025 Southeast Asian Games.

With her powerful ground strokes and pretty, put-together look on court, Eala is an inspiration to girls dreaming of taking their love for tennis from watching from the stands to playing on center court. She certainly makes it look easy—at least from what we see on our TV screens.

In truth, “tennis is one of the most difficult games to master,” says Carlo Angelo V. Borbon, MD, Sports Medicine Specialist and Orthopedic Surgeon of the country’s top hospital Makati Medical Center (MakatiMed, www.makatimed.net.ph). “It is a highly physical, full-body sport that demands not only speed but agility to run forward, backward, laterally, and diagonally for hours on end. Hand-eye coordination to hit a moving ball with a racquet is a must, as well as the strength to receive the impact of a ball hurtling toward you at an estimated 70-90 mph.” Whether you choose to play competitively or on a recreational level, you’ll reap the rewards of the sport. Tennis is good for your cardiovascular health; it lowers blood pressure and keeps the heart strong. It makes you lean and fit while toning muscles in your arms, back, shoulders, core, and legs. It fortifies bone density and improves your self-esteem.

But its repetitive motions and sudden starts and stops can also plague you with these common injuries that have sidelined

even the world’s best players.

n Tennis elbow is chronic pain (either an ache or burning sensation) and weakness on the outer side of the elbow due to overuse of the muscles and tendon in the forearm. Borbon advises resting the arm for a few weeks. “Once you feel better, ask a physical therapist or sports doctor to recommend exercises that will strengthen your arm, so you avoid re-injury.”

n Wrist injury has forced Rafael Nadal, Kei Nishikori, Nick Kyrios, and other top seeds to skip major tournaments. The injuries range from microscopic tears in the wrist tendon to a sprained wrist and a pinched nerve—all of which result in soreness, swelling, and weakness of the hand. Overuse again is the culprit, but this injury can also happen when you play with a new racquet and change your grip. Borbon

notes, “Wearing a wrist brace for support may help with the pain.” Investing in a more suitable racquet and modifying your grip can lessen the chance of recurrence.

n Knee injuries range from wearing down or spraining the meniscus or cartilage on your knee, to the tearing of the anterior cruciate ligament, and the inflammation of the patellar tendon, the tendon that connects your kneecap to your shin. “Tennis involves a lot of sprints, pivots, jumps, and sudden starts and stops,” explains Borbon. “Our knees bear the brunt of these high-impact moves. I would suggest wearing shoes designed specifically for tennis because they are built with adequate cushioning and foot support. You can also consider playing in shell or clay courts, which are more forgiving on the hips, knees and feet than hard courts.”

For tennis elbow and wrist and knee injuries, icing the sore spot, taking pain relievers, and dialing back on your playing can help with the recovery. But if the pain persists, it is best to consult a doctor before hitting the court again.

n Rotator cuff injury is what you get after executing endless forehands, backhands, and serves. “These repetitive motions stretch and tear muscles and tendons in the shoulder, causing pain and weakness,” Borbon points out. Apply the same treatment and preventive measures to strengthen your shoulder and keep it injury-free.

n Back injuries, particularly in the lower back, stem from the sport’s serve: the hyperextended back during the ball toss followed by the twist of the torso and forward bend as you smash the ball with your racquet to your opponent’s side. According to Borbon, “Over time, this could lead to chronic back pain and even stress fractures that take months to heal. A tennis coach can polish your serve style to ease pressure off your back.” While injury is inevitable in any sport, the trick is to avoid it for as long as you can. “When it comes to tennis, do not do too much too soon. Warm up before you start playing and cool down when the game is over. Invest in a good pair of tennis shoes and racquet. Alternate tennis with strengthtraining to develop your shoulder, arm, core, and leg muscles. And get adequate rest,” Borbon recommends.

Surgery can address injuries that no longer respond to conservative treatment— but why go there? “Not only are they expensive but recovery takes time,” says Borbon. “In the first sign of injury, scale back and treat immediately. That way you’ll enjoy many years in the sport.”

Williams all set for PBA return with Converge

By Josef Ramos

MIKEY WILLIAMS returns to the Philippine Basketball Association (PBA) in a Converge uniform after a three-year absence prompted by a contract re-signing dispute with TNT—a team he helped win two championships with Finals Most Valuable Player trophies to boot. Everything looks good as he already signed up with us and he will play next week,” Converge team governor Archen Cayabyab told the BusinessMirror on Wednesday.

Converge plays the Macau Black Bears in the second game at 7:15 p.m.— after the 5:15 p.m. Terrafirma-Titan Ultra duel—on opening day of the Commissioner’s Cup on March 11 at the Ninoy Aquino Stadium.

He’s here [in the country andwill be joining practice tomorrow [Thursday],” Cayabyab said. “He’s in a good condition, but he needs time to recover from jet lag.”

W illiams averaged 18.9 points, 4.1 rebounds and 4.2 assists in two seasons (2021-2023) with TNT, but the Tropang 5G and Williams couldn’t meet halfway in a contract re-negotiation and the 6-foot-2 combo guard was traded to the FiberXers for Jordan Heading, also a Filipino-American.

Converge will also parade 2024 fifth overall pick Dave Ildefonso, making the FiberXers a darkhorse in the tournament.

A ssistant coach Franco Atienza is hopeful that Williams will lead them deep into the Commissioner’s Cup. We’ll see his condition, but we know he is so good…and he’s still Mikey Williams,” Atienza said.

W illiams will play alongside 7-foot import Kylor Kelley, new acquisitions Calvin Abueva, Jonnel Policarpio, Kurt Reyson and James Kwekuteye, and mainstays Juan Gomez de Liaño, Justine Baltazar, Justin Arana, Archie Concepcion and Alec Stockton.

Coach E takes charge of UP women’s team

UNIVERSITY of the Philippines has officially installed Eric Altamirano as coach of its women’s basketball team. The Fighting Maroons, led by Gilas Pilipinas Women players Louna Ozar and Camille Nolasco and veteran gunner Kaye Pesquera, will also be handled by assistants Jeff Perlas, Paolo Layug, Anton Altamirano and Gilas Women mainstay Mikka Cacho as UP hopes to bounce back from a 3-11 winloss record for seventh place.

OLD COAST, Australia— Sara Didar choked back tears as she shared the concerns of the Iranian soccer team for their families and loved ones at home amid the war while they›re in Australia contesting the Women’s Asian Cup.

“Obviously we’re all concerned and we’re sad at what has happened to Iran and our families in Iran,” Didar said in comments translated into English during a news conference Wednesday on the eve of a Group A game against Australia.

I really hope for our country to have good news ahead. And I hope that my country will be strongly alive.”

The 21-year-old striker was part of the squad that stood in silence as the Iran anthem played at the Gold Coast Stadium before their opening loss to South Korea on Monday.

The squad and management arrived in Australia well before the strikes by Israel and the US on Saturday that led to the broader conflict.

Head coach Marziyeh Jafari and players declined to comment on the war or the death of the country’s Supreme Leader Ayatollah Ali Khamenei during their first official news conference of the tournament on Sunday.

O n Wednesday, an Asian Football Confederation moderator asked reporters before the scheduled prematch news conference to stick with

Iranians in Australia: Games must go on Sports

football questions and refrain from asking about the war.

W hen a question was posed, Didar and Jafari each expressed concerns about the people in Iran.

“ Obviously we have so much concern regarding the health of our families and our loved ones and all other Iranian people inside our country, which we are fully disconnected with,” Jafari said, highlighting the limited contact because of blackouts in Iran.

But, here, we are coming to play football professionally and we will do our best to concentrate on our football and match ahead.”

A pocket of Iranian fans at Monday’s game waved the red, green and white national colors and some pre-Islamic revolution flags, and chanted support for the team.

Jafari and Didar said the team was happy to have the support of Iranian-Australians.

Fernandez bros shine as UP closes in on tennis semis

UNIVERSITY of the Philippines and University of Santo Tomas inched closer to Final Four berths after 4-1 victories on Wednesday in the University Athletic Association of the Philippines tennis tournament at the Colegio San Agustin Tennis Court in San Jose del Monte, Bulacan.

The Fighting Maroons defeated University of the East for their second straight victory, improving their record to 6-1 and tying idle National University Bulldogs for first place. The Red Warriors, meanwhile, dropped to 5-3, remaining in fourth. UST extended its winning streak to four by defeating Ateneo for a 6-2 record in third place.

T he Blue Eagles, winless through eight ties, bowed out of Final Four contention.

U P’s Lance Fernandez came up with a huge performance in the third singles, holding his nerve against Marc Suson, 6-2, 4-6, 6-4. After splitting the opening sets, Fernandez broke from 3-all in the decider, survived three deuces, and powered through to clinch the victory.

It’s the first time in like 10 or 15 years that we’re the No. 1 seed. And it’s nice being number one. It’s the first time we’re like the big dogs now. So it’s a nice feeling to have. It’s not pressure, it’s confidence,” said Fernandez. For us right now, just take it every

day. Don’t look too far. Just this day, we win this day, and then we move on to the next day. And then we rest and recover and just keep a healthy mindset,” he added.

L oucas Fernandez scored a 6-1, 6-0 win over Gerald Gemida in the second singles match.

“We feel very good that we see many Iranians supporting us, it really encourages us and we really appreciate it,” Didar said. “I know the stadium will be full tomorrow, and hope that we have a great atmosphere.”

Australia coach Joe Montemurro said he wanted his team and supporters to greet the Iranian squad with compassion. Thursday’s game is expected to draw a capacity crowd at Gold Coast Stadium. It’ll be only the second meeting between the two women’s national teams, with Australia winning the previous match at Perth in 2023. We want to give them the best tournament possible in terms of giving them the experience of a lifetime,” Montemurro said. “For us, it’s about just showing our human compassion, our respect and show them how beautiful we are as a country, and how beautiful we are as Australians.” AP

“I’ve come full circle. This is my way of giving back to the school that gave me the opportunity to start my playing career and coaching career,” Altamirano said. Coach of the UP Men’s Basketball Team in 1996 before stints in the PBA with Purefoods, Mobiline, and Coca-Cola, Altamirano led National University to the title in 2014. A ltamirano, who takes over from Paul Ramos, served as consultant for Gilas Pilipinas 3x3 Women from 2023 and Pilipinas Aguilas in the Women’s Maharlika Pilipinas Basketball League since 2025. “ I’ve been involved with women’s basketball for the last three years and I fell in love with it. There’s this certain challenge to help women’s basketball continue its rise, most especially, for

Hard Hitters

LAST week we asked a panel of collegiate sports media about the volleyball rookies that have impressed them the most in the University Athletic Association of the Philippines (UAAP).

S am Cantada, the new crowd darling from National University was their unanimous choice as super rookie, with a couple of nods also going to De La Salle’s new setter Eshana Nunag. Kalel Legaspi of the University of Santo Tomas, CJ Nabora of the University of the East and Jims Ducusin of Adamson U were likewise mentioned as impressive new dudes in men’s volleyball.

We also asked Paolo Campos (One Sports), Justin Valencia (Tiebreaker Times), RJ Ballecer (The Game), Lui Morales (One Sports), Philip Martin Matel (Rappler.com) and Rupert Marcelo (Trifecta Sports) this question: Which teams do you think have the most interesting trajectories or storylines in Season 88? The panel mentioned three men’s volleyball teams as watchworthy: last year’s almost-champs, the Far Eastern University Tamaraws, Ateneo and the University of the East.

The Fighting Maroons then strengthened their lead in first doubles, where Raymund Goco and Carl Tan outlasted Allyson Cabanilla and Kent Morales, 6-3, 2-6, 10-4. UE responded in first singles as JB Aguilar defeated Miguel Iglupas, 6-4, 4-6, 6-3.

A ndrei Jarata and Heinz Carbonilla sealed the win for the Fighting Maroons, outlasting RJ Baje and Kian Sanchez, 6-4, 6(7)-7, 10-5 in second doubles for the 4-1 final score.

my alma mater,” Altamirano said.

“ Of course, our long-term plan is to bring UP to the mountaintop. For now, what we want is sustainable competitiveness.”

U nder Ramos, the UP women’s team made a semifinal appearance in Season 86.

We thank coach Paul for giving seven years of his life to the WBT. Because of him and his staff, the pieces are already in place for us, and it’s just up to coach E and his own staff to put it all together,” UP Office for Athletics and Sports Development Director Bo Perasol said.

six-peat bid is fueled by their veterans’ experience from the national team.”

T he Tamaraws are now 5-0—still the only undefeated team in the field.

Ateneo intrigues Paolo Campos though. “With the return of Aimar Okeke, they have an interesting mix of power hitters and high-IQ players. I can’t wait to see how they fare against Far Eastern University and NU!”

Ateneo is currently 2-3 after bowing to FEU just yesterday. Justin Valencia sees something special about UE Men’s. “Through three games, (at the time the question was asked) the Red

NATIONAL University shook off a slow start, overpowering University of the East, 25-19, 25-10, 25-19, for a crucial bounce-back win in the University Athletic Association of the Philippines women’s

volleyball tournament on Wednesday at the Smart Araneta Coliseum. Coming off a shock five-set loss to the University of the Philippines Fighting Maroons last Saturday, the Lady Bulldogs started flat and found themselves trailing 8-15 in the opening set against the Lady Warriors. But behind Celine Marsh, Vange Alinsug, and Arah Panique, NU roared back with a decisive 17-4 run to take the first set, 25-19. Marsh, a sophomore, got the starting nod in place of injured rookie

THE 5150 Triathlon Guimaras firing off this weekend is more than just the first multi-sport event hosted by the premier Western Visayas island-province – it marks the official kickoff of the country’s new triathlon season and signals the beginning of a bold sports tourism campaign that will span some of the Philippines’ most breathtaking island destinations. The 5150 Guimaras on Sunday launches the first 5150 Triathlon

Sam Cantada and came up with 11 points on eight spikes, two aces, and a block, while making 12 excellent digs and four receptions. “ I never really doubted Celine’s performance. I never really felt like it would be a big loss if there was a player who couldn’t play because I had somebody else to help the team,” said NU head coach Regine Diego on Marsh’s first start. NU improved to 4-1, claiming solo second place behind La Salle at 4-0. Idle UP is in third at 3-1. We just moved on. The loss to UP wasn’t the end. We still have a lot of chances to improve and work on the next matches,” said team captain Vange Alinsug, who delivered an allaround effort of 10 points, seven digs, and seven receptions. Panique delivered 12 points. Cantada, who injured her right shin during last Saturday’s match against the Fighting Maroons, was in uniform but did not see action. Diego is optimistic that the Dasmariñas, Cavite native will be ready for Sunday’s showdown against Ateneo. Van Bangayan paced the Lady Warriors with 12 points and five receptions, while Khy Cepada added 10 points, seven receptions and six digs. The Lady Warriors, winless in five matches, try to break through on Saturday against undefeated La Salle.

Islands of the Philippines Series, a four-leg circuit that brings the globally recognized Ironman 5150 brand to key island-provinces across the archipelago.

Organized by Sunrise Events, Inc., the series forms a central pillar of the National Sports Tourism-Inter Agency Council’s program to position the Philippines as a premier destination for worldclass sporting events.

The Philippine Sports Commission (PSC), spearheading the initiative, noted that elite-level competitions not only raise the country’s sporting profile but also spotlight its stunning natural venues. From pristine coastlines to rolling hills and scenic highways, the Philippines offers race courses unlike any other in the region. The PSC set the tone last month with the successful staging

Warriors have shown that they can compete better and a testament to that is the 5-set win over AdU, taking UP to 5 sets, losing in three sets to FEU but all sets were close, 20-25, 23-25, 23-25.”

U E now stands at 1-4, but Justin’s right. They bring the fight and are hard to beat.

A s for the women’s teams, three said the DLSU Lady Spikers will dominate this season. Three chose the University of the Philippines Fighting Maroons as the team to watch. UST and NU were mentioned once.

Rupert Marcelo said the Lady Spikers (4-0) “have been dominant with their strong line-up and consistent performances so far. If they keep this up, they have a real shot at finishing the season undefeated.”

R J Ballecer concurred. “After a “down” year in Season 87, it’s clear that the Lady Spikers have confidence for Season 88. I wouldn’t be surprised if this would finally be their redemption season,” he said.

For Philip Matel “the La Salle Lady Spikers are the team to beat this year, and I think it’s exciting to see them be good behind Shevana Laput.” Paolo Campos chose UP. “Honestly, I see the University of the Philippines Women’s team shaking things up this season. They could seriously challenge the reigning contenders,” he said. “ Though they still need to polish their consistency, the Lady Maroons are looking good so far, especially with Niña Ytang’s continued growth, and a revelation in Julia de Leon.

Irah Jaboneta remains steady, while Casiey Dongallo has been able to contribute in spurts,” RJ Ballecer explained. Lui Morales summed it up. “(UP has) an intriguing trajectory at this point as they flaunt a mix of veterans and newcomers. After years of missing out on the Final Four, they’re now looking like legitimate contenders — even for the championship, thanks to the introduction of prized transferees led by Casiey Dongallo. With traditional powerhouses La Salle,