Stringent, transparent UA mechanisms pushed By Reine Juvierre S. Alberto
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FORTUNE LIFE SALUTES TOP SALES ACHIEVERS AT 41ST ANNUAL AWARDS
On March 23, 2026, Fortune Life Insurance Company will convene at the exquisite Mayuree Grand Ballroom, Dusit Thani Manila, for its 41st Annual Awards. This highly anticipated event will honor the remarkable achievements and unwavering dedication of its top sales awardees, whose exceptional performance continues to propel the company forward. This year’s distinguished awardees are featured in the centerspread, including congratulatory messages from the countries’ dignitaries. » B6-B7
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NPROGRAMMED appropriations (UA), designed as a standby authority but have evolved into a major source of budgetary risk, must be recalibrated through stricter limits, improved transparency and stronger congressional oversight, according to a congressional think tank. In a discussion paper titled “Unpacking Unprogrammed Appropriations,” authors Ricardo P. Mira, Juan Gabrielle R. Ignacio and Romualdo F. Go II of the Congressional Policy and Budget Research Department (CPBRD)
said reforms should be focused on both constitutional compliance and ensuring contingency mechanisms support sound fiscal governance. “Fiscal flexibility should be preserved, but recalibrated within a disciplined and transparent framework,” CPBRD said. Reforms should include stronger programmed contingency reserves, clearer ceilings and release conditions, better disclosure, stricter oversight and improved alignment with national development priorities, the think tank said. “Aligning contingency financing mechanisms with sound public financial management principles is essential not only for
safeguarding fiscal sustainability, but also for reinforcing democratic accountability and ensuring that scarce public resources are directed toward programs and projects that generate the greatest long-term benefit for the Filipino people,” CPBRD said. Unprogrammed appropriations provide standby authority for agencies to incur additional obligations once certain conditions are met, such as excess revenues, new loans are contracted or when grants or foreign funds are generated, subject to the conditions in the General Appropriations Act (GAA). Historically, the amounts under unprogrammed appropriations were moderate.
These appropriations, however, more than doubled to P197.1 billion in 2019 from P75.3 billion in 2018 and peaked at P807.2 billion in 2023. “Their rapid expansion in recent years, coupled with weak itemization, conditional funding triggers and post-enactment executive discretion, has transformed them into a budgetary instrument with significant implications for transparency, accountability and fiscal discipline,” CPBRD said. Since projects are identified only after the budget is enacted, spending under unprogrammed appropriations is difficult to scrutinize See “UA,” A2
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INTEREST RATES SEEN RISING ON COSTLY OIL www.businessmirror.com.ph
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Monday, March 23, 2026 Vol. 21 No. 162
P25.00 nationwide | 2 sections 28 pages | 7 DAYS A WEEK
By Andrea E. San Juan
HE Philippines’s central bank could end up hiking policy rates by as much as 175 basis points if the price of global crude oil lingers at $100 per barrel, Japan-based think tank Nomura’s said in a report. As the conflict in the Middle East enters into its fourth week, Nomura released a special report, laying out a scenario analysis to assess the economic impacts of surging oil prices on countries, including the Philippines, which the think tank dubbed as “a large energy importer.” “As a large energy importer, the economy has significant exposures that are amplified under the negative scenario,” Nomura said. “Headline inflation could surge well above BSP’s 2 to 4 percent target and household purchasing power could be further eroded, hurting consumption spending,” it added. Nomura said the country does not maintain “strategic” oil reserves, “so a prolonged conflict could lead to energy supply short-
ages, which may also be exacerbated by export bans in other sources, particularly China, which accounts for 25 percent of the Philippines’s refined petroleum imports.” The Japan-based think tank’s forecast shows that the Philippines may end up with a 6-percent policy rate by the end of the year under the “negative scenario” or if Brent oil averages at $100 per barrel. The Bangko Sentral ng Pilipinas (BSP) has cut rates nine times since August 2024, for a total of 225 basis points (bps)—thus reducing the policy rate to 4.25 percent from 6.50 percent. Also, under the “negative scenario,” headline inflation of the Philippines is seen to average 5.4 See “Oil,” A2
MIDDLE EAST CONFLICT COSTS TOURISM $600M DAILY–W.T.T.C. By Ma. Stella F. Arnaldo Special to the BusinessMirror
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T least $600 million a day in international visitor spending is being lost due to the escalating Middle East conflict. This was the estimate of World Travel & Tourism Council (WTTC) as travel demand in the region has been impacted due to disruptions in air travel, loss of confidence by tourists, and regional connectivity. So far, the regional conflict has yet to impact the Philippines’s total arrivals. According to the New Naia Infrastructure Corp., which manages the Ninoy Aquino International Airport in Pasay, passenger volume was up some 5.3 percent to 2 million from
March 1 to 14, year on year. Even pioneering destination management company Rajah Tours Philippines has not yet been significantly affected by the crisis, but it is bracing for the forthcoming rise in air fares due to oil supply issues. Jose C. Clemente III told the BusinessMirror, “So far, we’ve had minimal cancellations [from our European clients], just two actually. Otherwise, everyone else was able to rebook to Asian or alternate carriers that will avoid the Middle East routes. However, we’re still looking at the potential effects of higher fuel surcharges, which we know will be coming. That may be the determining factor if people will still push through with their trips.” See “WTTC,” A2
FETCH-ING THE FUTURE OF DATA Unitree robots Convo and Convy (a robot dog), programmable machines continuously developed by Converge, were showcased during the launch of
the Converge Angeles Data Center in Pampanga. Leading fiber broadband and technology provider Converge ICT Solutions Inc. inaugurated the facility on Friday, with key officials in attendance, including President and Co-Founder Maria Grace Y. Uy, CEO and Founder Dennis Anthony Uy, Pampanga Governor Lilia Pineda, First Lady Louise Araneta-Marcos, and Department of Information and Communications Technology (DICT) Secretary Henry Aguda. The company announced the completion of its National Digital Infrastructure—a fully integrated, future-ready architecture aimed at delivering cutting-edge technologies across sectors and strengthening the Philippines’s position as a vital hub in the global digital ecosystem. The newly opened Angeles Data Center is a scalable, AIready facility designed to meet the rising demand for content and cloud services. It will also host the Converge Cloud, a sovereign cloud infrastructure. NONIE REYES
‘Independent foreign policy opens door to Russian oil’ By Malou Talosig-Bartolome
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OREIGN Affairs Secretary Ma. Theresa Lazaro said the Marcos administration’s “independent foreign policy” allows Manila to source oil from Russia, as the country braces for supply shocks triggered by the Middle East conflict. “We regard all nations as our friends, and as much as possible we strive to avoid misunderstandings with other countries. As seen in the case of Russia and Ukraine, many states chose not to sever ties with Russia despite its invasion. For our part, we have continued our relations. At present, we are in need of oil,” Lazaro said in a televised interview, stressing that the policy ensures “the time will come when we have needs that they can fill.” Energy Secretary Sharon Garin earlier confirmed that Manila had already approached Moscow for possible importation, though she gave no details on volumes or duration.
First cargo bound for Limay
REUTERS reported that the oil tanker Sara Sky, carrying 100,000 tons (about 750,000 barrels) of ESPO Blend crude, is now en route to the Philippines. Shipping data from LSEG, Kpler and OilX show the vessel left Russia’s Far East Kozmino port and is expected to dock at the Bataan terminal in Limay on Monday. If confirmed, this marks the country’s first Russian oil cargo in five years. Since 2022, Western allies have imposed sweeping sanctions on Russian oil to cut off revenues funding Moscow’s invasion of Ukraine. n G7 price cap: Limits the sale of Russian crude and petroleum products above set thresholds. n EU/UK bans: Prohibit seaborne imports of Russian crude (Dec. 2022) and refined products (Feb. 2023). n Maritime restrictions: Target shipping, insurance, and trading services, forcing Russia to rely on discounted sales to Asia and a “shadow fleet” of tankers.
The Philippines’s import comes after Washington issued a 30-day waiver allowing countries to buy sanctioned Russian oil stranded at sea.
US Treasury Secretary Scott Bessent said the measure was intended to stabilize global energy markets See “Policy,” A16
SM CITY ZAMBOANGA OPENS A new destination rises in the South as SM City Zamboanga officially opens its doors on March 20—bringing world-class retail, dining, and leisure closer to every Zamboangueño. Your most loved mall, SM is designed as the city’s premier lifestyle destination, it delivers a maxed-out experience where everything is truly All For You. Joining the ceremonial opening of doors were (from left) Arthur Pee Jay To, Mindpro, Incorporated Executive Director; Mr. Celso Lobregat, Chief of Staff and Executive Secretary to the Mayor; Jeffrey C. Lim, SM Prime Holdings, Inc. President; Hon. Khymer Adan Olaso, Zamboanga City Mayor; Jonathan Ng, SM Retail Inc. President; Steven T. Tan, SM Supermalls President; and Hon. Maria Isabelle Climaco, Zamboanga City Vice Mayor. SM SUPERMALLS
PESO EXCHANGE RATES n US 59.5620 n JAPAN 0.3729 n UK 79.0686 n HK 7.5992 n CHINA 8.6473 n SINGAPORE 46.4313 n AUSTRALIA 41.8840 n EU 68.3176 n KOREA 0.0395 n SAUDI ARABIA 15.8663 Source: BSP (March 19, 2026)