Youth, natural wealth key to ‘poly-crisis’–ECOP By Ada Pelonia
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TEARS IN THE CHAMBER Senator Pia Cayetano weeps during the Senate plenary session on
Wednesday, May 20, 2026. Cayetano said the trauma from the May 13 shooting inside the Senate continues to affect her, her peers, and their staff. She was reacting to Senator Risa Hontiveros, who said in a privilege speech in the same session: Mr. President, it has been a week since the wild chase and shooting here in the Senate... Sa loob-loob ko, hindi ako mapanatag na simula noong Lunes, ang ipinapakita natin ay... para bang walang nangyari...na para bang hindi nabastos ang ating institusyon, ang ating mga empleyado, at ang mga Pilipino. She was referring to the apparent “business as usual” mode of operations in the chamber amid serious allegations against key Senate officials, and evading accountability. When Pia Cayetano misconstrued her “parang walang nangyari” remark, Hontiveros clarified that she referred to the Senate’s institutional posture in addressing the aftermath of the incident, and did not mean to diminish the personal experiences of senators last May 13. ROY DOMINGO
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MID a “poly-crisis” caused by intersecting challenges affecting job generation and skills development, the Employers Confederation of the Philippines (ECOP) called for initiatives that tap into the potential of the country’s young workforce and rich natural resources. During the 47th National Conference of Employers (NCE47), ECOP issued a set of resolutions as a guide when engaging with domestic and foreign governments, industry stakeholders, and social partners. This, as the Philippines is
currently beset with geopolitical tensions, oil price volatility, and supply uncertainty, inflationary pressures. Such issues, ECOP said, compound ongoing disruptions caused by artificial intelligence (AI), climate change, and other structural challenges that affect the country’s economic competitiveness. “In spite of the poly-crisis caused by the intersecting challenges, Philippine employers recognize opportunities in the country’s young workforce, rich natural resources, and deeper regional integration, If only stakeholders and social partners could adopt holistic policy reforms and all-of-society approaches in
strengthening institutions, workforce readiness, and business sustainability,” the resolution read. With this, ECOP urged employers and government agencies to pursue a shared vision and agenda for a future-ready, dynamic, resilient, and sustainable Philippine economy, workforce, and society. They should also implement immediate and continuing education, training, social protection, and just transition strategies required by the changing workplace, along with adopting responsible and human-centered integration of AI and other emerging technologies into their operations. “Address current and emerg-
ing challenges on job displacement, skills mismatch, diversity and inclusion, business continuity, supply and value chain resilience, climate adaptation, and other sustainability issues and concerns,” ECOP said. Further actions include seeking a “viable” path for the platform economy and similar emerging work arrangements to prosper by advancing workers’ protection while preserving flexibility, innovation, and economic opportunity. “[They should] work together to uphold good governance, transparency, accountability, and respect for the rule of law as foundations of long-term stability and progress for all,” according to ECOP.
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Thursday, May 21, 2026 Vol. 21 No. 219
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By Reine Juvierre S. Alberto @reine_alberto
EWLY-APPOINTED Budget Secretary Kim Robert C. De Leon pledged to hasten government spending and safeguard public funds so as not to repeat controversies from the past and accelerate economic growth. “We will not allow the budget to be abused again for another flood control scandal. Klaro ang direktiba ng Presidente, bawat piso, mapupunta sa tao,” De Leon said in his first official address before officials and employees of the Department of Budget and Management (DBM) on Wednesday. The 32-year-old Budget chief said that in a VUCAD (volatile, uncertain, complex, ambiguous and disruptive) world, the budget process must be “agile and adaptable.” “I come back to these halls today with a challenging task that I share with each and every one of you—to make use of the budget as a tool for national development, for citizen empowerment,” De Leon said. “We know that the growth of the economy slowed down, owing to significantly lower government spending,” De Leon said. “On the other hand, prices are increasing due to lingering effects of the Middle East oil crisis and geopolitical tensions.” Citing the signage phrase “Gov-
ernment Project, Do Not Delay,” De Leon said slowness has no place in the DBM. “From procurement, right of way, and other implementation challenges, we do not want the budget to be the other reason that delays critical programs and projects, especially when funds have been legally appropriated for the purpose,” he added. De Leon called on DBM employees to be proactive and anticipatory to make the budget a “true reflection” of each Filipino’s aspirations and dreams. “Let us remove unnecessary red tape. Push for digitization and digitalization so that programs and services will be funded when and where Filipinos need them the most,” the youngest Budget secretary said. Moreover, De Leon said there are still opportunities to improve in the agency, such as pursuing the legislation of the Philippine Budgeting Code or through internal DBM processes. See “DBM Chief,” A2
DRAWING THE LINE ON PRICES Rice retailer Eddie Pascual prepares P50-per-kilo price tags at the Marikina Public Market in Marikina City on Wednesday, May 20, 2026, following a Department of Agriculture advisory. The adjustment comes amid the implementation of Executive Order No. 118, which enforces a 30-day nationwide price ceiling on imported rice in an effort to curb rising prices, with strict penalties for violators. NONOY LACZA
DISCLOSURE OF SUSTAINABILITY DATA BY LISTED BANKS EYED By Andrea E. San Juan
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SUSTAINABLE STEPS FORWARD Department of Trade and Industry Secretary
Cristina Roque joins business leaders at the 47th National Conference of Employers held at The Manila Hotel on Wednesday, May 20, 2026. The annual gathering, organized by the Employers Confederation of the Philippines (ECOP), brings together government officials, business executives, and labor stakeholders to discuss competitiveness, investment climate, and employment policy under the theme “Towards a Dynamic, Resilient, and Sustainable Future.” Also present are Philippine Stock Exchange Chairman Jose Pardo and ECOP President Sergio Ortiz-Luis Jr. NONIE REYES
HE Bangko Sentral ng Pilipinas (BSP) may start requiring publicly listed banks to disclose “sustainability-related” financial information by 2027. In a draft circular, the central bank released a set of proposed guidelines on the adoption of the Philippine Financial Reporting Standards (PFRS) S1 and S2 on Sustainability-related Disclosures. According to the BSP, the amended requirements aim to enhance the quality, consistency, and comparability of sustainability-related information disclosed by banks, strengthen market discipline, and support stakeholders in making
“well-informed” assessments of sustainability-related risks, opportunities and long-term resilience. Moreover, the amendments promote “better integration” of sustainability-related risks and opportunities into banks’ corporate governance and risk management frameworks, the central bank noted. As such, the BSP said Section 153 of the Manual of Regulations for Banks (MORB) shall be amended. Under the Disclosure Requirements, publicly listed banks and Universal and Commercial Banks (UKBs) are subject to a tiered implementation schedule. Under tier 1, the proposed amendment noted that publicly See “Data,” A2
2-percentage pt boost to growth from science By Justine Xyrah Garcia
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CIENCE and innovation could provide up to a 2-percentage point boost to Philippine economic growth even as the Middle East crisis threatens to further slow the economy this year, according to the Department of Science and Technology (DOST). DOST Secretary Renato U. Solidum said the agency had initially aimed to contribute an additional 2- to 3-percent to gross domestic product (GDP) growth before escalating geopolitical tensions and the resulting energy shock tempered expectations. Solidum said the target was anchored on developing higher-value industries powered by artificial intelligence, analytics, Industry 4.0, smart agriculture, circular economy technologies, as well as biologics and pharmaceuticals—sectors seen to
generate greater economic value beyond traditional resource-based industries. “It might be lower. It might be 1.5 percent to 2 percent in addition to what others are doing,” Solidum said when asked if the economic projections had changed as the conflict’s impact spills into the domestic economy. The remarks come as the Philippines posted its weakest quarterly GDP growth since the pandemic-era contraction in 2021, expanding by just 2.8 percent in the first quarter of 2026. Several think tanks have warned that growth could slow further in the succeeding quarters as the economy absorbs the full impact of the oil shock, which has begun pushing up the prices of fuel, food, and other essential commodities. See “2-percentage,” A2
PESO EXCHANGE RATES n US 61.6980 n JAPAN 0.3879 n UK 82.7123 n HK 7.8773 n CHINA 9.0570 n SINGAPORE 48.1639 n AUSTRALIA 43.8611 n EU 71.6190 n KOREA 0.0410 n SAUDI ARABIA 16.4423 Source: BSP (May 20, 2026)