BusinessMirror November 06, 2025

The Philippine Statistics Authority (PSA) reported on Wednesday that inflation held at 1.7 percent in October, unchanged from September and below the 2.3 percent recorded a year ago. The year-to-date average from January to October also stands at 1.7 percent.

Ateneo economist Leonardo Lanzona said that the economic slowdown is keeping a lid on price growth.

“The decreased aggregate demand is creating a downward pressure on prices,” Lanzona told BusinessMirror. “While there may be some supply dislocation due to weather disturbance, the supply chain eventually recovers. The impact will be temporary.”

Recent typhoons have taken a toll on communities, particularly Cebu, where the latest casualty count show 93 deaths, including 42 children below 2 years old, as of November 4.

For Luis Dumlao, fellow Ateneo economist, inflation remains comfortably below the central bank’s target range of 2 to 4 percent. “The three goods with the biggest weight in the CPI are housing rent, transport, and rice,” Dumlao said. “Rent has been relatively flat. Global crude oil prices are still down year on year, which keeps transport costs in check. Rice prices are still deflating,” he told this newspaper. Yet, while prices are currently stable, Reyes Tacandong & Co. senior adviser Jonathan Ravelas said there could be modest upward pressure as supply chains recover.

“The steady 1.7-percent inflation shows the economy is in a sweet spot—prices are stable, but spending remains soft,” he said. “However, recent typhoons could shake things up. Expect food and transport costs to rise in the next few months as supply chains recover.”

By Andrea E. San Juan @andreasanjuan

SOFT inflation and clarity over rice policy may pump up the confidence of the Bangko Sentral ng Pilipinas (BSP) to cut its policy rate in December to “partially offset” the country’s fiscal fallout caused by a slump in public infrastructure spending, according to the Hongkong and Shanghai Banking Corporation Limited (HSBC).

“All in all, we think October inflation plus the clarity over rice policies strengthen the case for a December rate cut by the BSP,”

HSBC Asean Economist Aris Dacanay said on Wednesday.

“With no issues in inflation,

monetary policy has the runway to pump the economy to, hopefully, offset the fiscal fallout brought by a sharp drop in public infrastructure spending,” added Dacanay.

HSBC said this is in line with its baseline view of a 25-bp policy rate cut to 4.50 percent by year end.

On Wednesday, the Philippine Statistics Authority (PSA) announced that the country’s inflation remained unchanged in October at 1.7 percent.

The figure was lower than the 2.3 percent inflation recorded in the same month last year, bringing the year-to-date average from January to October to 1.7 percent.

The October 2025 inflation rate is within the BSP’s forecast range

of 1.4 to 2.2 percent.

BSP’s projection

MEANWHILE , BSP said in a statement on Wednesday that inflation is projected to average below the low end of the target range in 2025, “primarily due to the easing of rice prices in previous months.”

“The outlook for inflation is generally benign, remaining well within the target range over the policy horizon,” BSP said.

BSP said inflation expectations also remain “well-anchored.”

This, even as it took into account that potential electricity rate adjustments and possible increases in tariffs on rice imports could add some “upward pressures.”

“Nonetheless, the risks to the inflation outlook are limited as price pressures are expected to ease amid stabilizing global commodity prices,” said BSP. The Monetary Board also took note of the weakening domestic economic growth, which it said reflects in part the “impact” on business confidence of governance concerns about public infrastructure spending.

“Indications of slowing demand also reflect lingering uncertainty from the external environment,” BSP said.

Moving forward, the Monetary Board said it will continue to review newly available information

By Lorenz S. Marasigan

wish it were a Gen Z or a younger fellow or even a millennial. The future belongs to them. PLDT has got to shift in that direction,” Pangilinan said in an interview on the sidelines of the SmartSafe launch on Tuesday.

Smart is currently navigating a transition period following the resignation of COO nastacio “Boy” R. Martirez, who stepped down on October 21 after going on leave amid employee complaints over workplace culture.

Currently, Pangilinan said, Smart is “being run by a duo”—FVP for Strategy and

Corporate Brand Lloyd Dennis R. Manaloto and FVP for Marketing Marjorie C. Garrovillo.

While addressing the leadership question, Pangilinan also expressed optimism about the group’s recent financial performance, noting that PLDT’s third-quarter results showed improvement over the previous two quarters.

Revenues, he said, were up across both home and enterprise segments, with contributions from Maya, the group’s fintech arm, though slightly tempered by the “delinking from gaming sites.”

On Wednesday, the PLDT Group unveiled SmartSafe, its first innovation from a suite of digital solutions that aim to become “the everyday guardian of digital safety.”

SmartSafe is the country’s first telcoenabled fraud management application programming interface (API) suite certified by global mobile industry body GSMA.

By Andrea E. San Juan @andreasanjuan

THE French government’s interest to invest in the Philippines has not wavered despite the corruption issues hounding the Southeast Asian country, but has pointed out the need to put in place “robust safeguards” to ensure transparency in the implementation of projects. During the briefing on the 11th Philippines-France Joint Economic Committee Meeting, Allan B. Gepty, Undersecretary for the Department of Trade and Industry’s (DTI) Bureau of International Trade Relations, said the bilateral trade relationship between France and the Philippines remains strong despite the local corruption issues, given the European country’s interest to explore a “wide range of sectors” in the Philippines.

“Corruption is a problem that is not unique to the Philippines. It is a problem that every country, every economy faces and wherever you are, we have to address corruption because that’s a serious concern that we have to be vigilant in combating this problem,” the Philippine Trade official said.

For his part, Magali Cesana, Head of Bilateral Affairs, French Treasury, said France is optimistic on the Philippines’ business climate despite the corruption mess but stressed the need to put in place “safeguards” to ensure transparency in the process of implementing projects.

“It’s a question we discussed. And of course, the French companies, like other companies, have to be secured when they make investments. And to create a sound business climate business [to make] the Philippine territory [attractive], it’s

and reassess the impact of prior monetary actions in light of evolving economic conditions and their implications for inflation and growth.

HSBC explained that headline inflation came in “soft” because rice prices remained soft despite the import ban on rice that is effective until December this year.

“Rice CPI fell 17 percent year-onyear, which was a slightly faster fall relative to the previous month,” HSBC said.

“Meat and dairy prices, too, decelerated substantially—enough to offset the pickup in utility prices, such as electricity,” it also noted.

BSP exec cites PHL’s edge as Asia grapples with tariff

By Mary Jade Gale Jadormio

MONEY from Filipinos work-

ing abroad and in the business process outsourcing (BPO) sector have relatively steeled the Philippines from the fallout of a tariff tiff launched by Washington, a central bank official said.

Noting that the country’s structure is “very different from other countries,”

Bangko Sentral ng Pilipinas Deputy Governor Zeno Ronald R. Abenoja revealed during a forum co-organized with the Asian Development Bank (ADB) that the combined value of the Philippines’s exports and imports is “less than 50 percent” of gross domestic product (GDP). Current account deficits in the Philippines are largely investment-driven, Abenoja said.

It aims to deliver safer, simpler authentication for Filipinos through its flagship solution, SmartSafe SilentAccess.

The technology authenticates users in real time through Smart’s mobile network without relying on SMS-based one-time passwords, providing faster and more secure logins and transactions for businesses and end-users.

The SmartSafe suite will expand to include additional fraud prevention tools such as NetIdentity for SIM verification, GeoCheck for network location identification, RoamStatus for roaming confirmation, and KYCPlus for enhanced identity verification.

“It’s not immediately obvious that it’s a bad deficit because it’s being driven by investments, which will increase efficiency and potential output moving forward,” he explained. Abenoja emphasized the economy’s resilience is ensured by major components other than trade.

Speaking at the BSP-ADB Association of Southeast Asian Nations (Asean) Economic Outlook webinar, he said remittances from overseas Filipino workers continue to provide a stabilizing force, sustaining household consumption even

amid international turbulence.

“The altruistic nature of remittances has provided resiliency over the global business cycle,” Abenoja said.

Meanwhile, he said the BPO sector remains a key driver of employment and revenue growth.

This sector’s role could last as BPO firms are adapting to technological shifts such as artificial intelligence (AI) to ensure sustainability, he added.

“The BPO sector is transforming to adopt AI, ensuring medium-term revenue and employment growth of up to 5 percent annually,” he said.

Myriad of drivers TOURISM revenues also help absorb external shocks, as demand from both domestic and international travelers continues to support service-oriented industries, Abenoja added.

According to the “2025 Economic Impact Research” forecast of the World Travel and Tourism Council (WTTC), the sector will contribute P5.9 trillion to the Philippines economy this year: 13.5 percent above 2019 and “a new all-time high.” (See https://wttc.org/news/ philippines-travel-tourism-sectorset-to-inject-a-record-php-5-point9tn-to-the-economy-2025)

The WTTC added that “this new record” would represent more than a fifth

(21 percent) of GDP, cementing travel & tourism’s place as “a backbone of the Philippine economy.”

Meanwhile, Indonesia pointed to domestic reforms, capital mobilization and human capital development to maintain its near-5 percent growth.

According to ADB principal country economist Reza Anglingkusumo, Jakarta “is mobilizing domestic savings into manufacturing and highvalue services to sustain middleclass growth and create decent jobs.”

Singapore’s whole-of-nation approach, meanwhile, ensures private-sector participation steels the Philippines’s neighbor, according to AMRO Deputy Group Head Laura Britt-Fermo.

Initiatives such as the JohorSingapore Special Economic Zone demonstrate the importance of coordinated infrastructure and labor planning, Fermo said, ensuring smooth flows of goods and skilled personnel.

Jolted by tariffs

ABENOJA’S statements were issued as the region grapples with the effect of a tariff tiff that Donald Trump imposed in the first week of coming into office as the 47th president of the world’s largest economy.

The central bank is monitoring po-

tential spillover effects from shifting US tariff policies and global trade tensions, he said, noting that external developments may influence the Philippines’s growth outlook over the next few quarters.

Still, Roland Rajah of the Australian think-tank Lowy Institute noted the region is still able to run on trade and foreign direct investment, and that remains largely intact despite global uncertainties.

“China’s exports to the United States have collapsed by 35 percent to 50 percent, whereas Asean’s exports have boomed,” Rajah said.

Nonetheless, ADB Cambodia economist Milan Thomas said his office’s modeling indicates that the Philippines is among the least-affected Asean economies under US tariff scenarios. The country’s aegis, Thomas added, is its service-oriented economy and lower exposure to US demand.

Tariff impacts vary across member countries, with Vietnam facing higher exposure due to competition in machinery and electronics, while the Philippines benefits from a large service sector, he said.

“Most Asean countries would see a net GDP change between a 1 percent gain and a 1 percent loss, depending on trade composition,” Thomas added.

averaged 0.4 percent in October, rebounding from -0.2 percent in September but easing from 3.4 percent in the same month last year.

October data also showed slower price increases in several categories: food and non-alcoholic beverages rose 0.5 percent from 1.0 percent, alcoholic beverages and tobacco eased to 4.0 percent from 4.1 percent, health costs rose 2.7 percent from 2.8 percent, transport was up 0.9 percent from 1.0 percent, and recreation, sport, and culture moved 1.9 percent from 2.1 percent.

On the other hand, De La Salle University economist Ella Oplas suggested that the steady inflation in the “ber months” indicates cautious consumer behavior.

“People are clinging to their hardearned money, possibly waiting for the 13th month pay or just being cautious with spending given what’s happening in the economy,” she said in an exclusive interview.

‘Arsi’ touts govt moves IN a statement, Socioeconomic Planning Secretary Arsenio Balisacan highlighted the government’s role in keeping essential goods affordable.

“The steady headline inflation rate shows that our coordinated interventions are helping to maintain adequate supplies and keep essential goods affordable,” he said.

“We remain vigilant in managing risks from weather disturbances, global market volatility, and other domestic factors that may affect prices in the coming months.”

Inflation among the country’s poorest 30 percent of households

Central bank projection

OCTOBER’S inflation came within the Bangko Sentral ng Pilipinas’ (BSP) projected range of 1.4 to 2.2 percent, with the central bank expecting inflation to remain near the lower end of its 2-4 percent target for the year, supported by easing rice prices.

Former Socioeconomic Planning

Secretary Dante Canlas said the low inflation gives the BSP room to consider a final interest rate cut this year.

“If the peso’s recent skid is arrested by seasonal forex inflows, another rate cut is a real possibility,” Canlas noted to BusinessMirror, referring to the peso’s record low of P59.

In its October 9 monetary policy meeting, the BSP set its reverse repurchase rate at 4.75 percent.

On the other hand, National Statistician Claire Dennis Mapa said the peso’s movement has been most visible in fuel prices, with diesel rising slightly month-on-month, while gasoline recorded negative inflation.

“For November, we’ll monitor weekly prices to see if peso depreciation has affected the transport basket, particularly diesel and gasoline,” Mapa said in an exclusive interview.

Looking ahead, the BSP projects inflation to stay within 3 percent ± 1 percentage point for 2026 and 2027.

Potential upward pressures from electricity adjustments and rice import tariffs are expected to be limited amid stabilizing global commodity prices.

Canada, it added, “stands ready to coordinate closely with Philippine government agencies, humanitarian partners, and the international community.”

EU Ambassador Massimo Santoro emphasized the bloc’s commitment to rebuilding: “We at the EU stand in solidarity with the Filipino people in these trying times. We are one with you in rebuilding stronger and more resilient communities.”

German Ambassador Andreas Pfaffernoschke said, “Germany stands in solidarity with the people of the Philippines. Helping to build more resilient communities is one important element of German-Philippine cooperation.”

The Russian Embassy expressed “deep sorrow and compassion,” extending “heartfelt condolences to the families of the perished.” British Ambassador Sarah Hulton OBE offered “heartfelt sympathies to those affected,” adding, “Our thoughts are with the victims, their families and all those working tirelessly in response and recovery.”

The Slovenian Embassy also joined in, posting: “We stand in solidarity with the people facing these difficult times.”

Samuel P. Medenilla, Malou Talosig-Bartolome

something which is crucial,” Cesana said during the briefing.

“I’m optimistic on this field because I think it has been well understood by Philippine authorities and we’ve discussed . . . we insist on the fact that it’s necessary to put robust safeguard to ensure transparency in procedures for projects in implementation,” she also pointed out.

As to the question of whether corruption affects the trade relationship between the two nations, Gepty stressed, “You have to bear in mind the extent of the relationship that we have, not just with France, but other trading partner and investment partner.”

In the case of France, the Philippine trade official said it is evident in the “wide range” of sectors that the European country would want to explore in the Philippines that the trade ties between the two economies remain unaffected by the corruption issue.

“I think that is a reflection of France’s trust in the Philippine government. France is interested in the sector of aviation. They are interested in infrastructure. They are interested in maritime, agriculture, film development, aerospace, human capital development,” Gepty said. This, the Trade official underscored, is an indication of the strong relationship that the two nations have established.

Based on recent data gathered by DTI, Gepty said France is the Philippines’ 19th trading partner in 2024, valued at $1.54 billion.

The European country is also the 20th biggest market of Philippine exports, amounting to $404.28 million; and the 18th source of imports, amounting to $1.14 billion.

Gepty pointed out that France can be considered a major trading partner of the Philippines. To which, Cesana quickly reacted, “But it’s not enough.”

Gepty agreed with the French government official, saying there’s still a lot of potential in the two countries’ ties.

In fact, the French government said among the products that the Philippines can consider exporting more are “high-level” electronic goods.

‘Tino’

casualty count climbs to 93 dead, 26 missing; fatalities include 42 infants

By Jonathan L. Mayuga @jonlmayuga & Carmel Pedroza

TYPHOON “Tino” has left 93 people dead across Cebu Island, according to initial reports from local government units (LGUs).

The highest number of fatalities was recorded in the town of Liloan, which reported 35 deaths based on official data from the local government.

Other LGUs also released their respective reports, with nine deaths each in the cities of Mandaue and Danao, and one in Consolacion town.

A separate report from the Cebu Emergency Operations Center (EOC) indicated 15 fatalities in Compostela town and seven in Talisay City.

An earlier report from the Department of the Interior and Local Government (DILG) in Cebu listed 17 deaths in Cebu City. Cebu provincial government information officer Ainjeliz dela Torre-Orong said most of the victims drowned, while others were pinned down by debris.

Rescue and retrieval operations continue, especially in Cebu City, where 19 individuals remain missing. Two others were reported missing in Danao City.

In Consolacion, two persons reported missing earlier were found safe and alive. Clearing and restoration of roads and utilities are ongoing. As of 12:59 p.m., Cebu City’s Emergency Operations Center reported that 46.29 percent of the city’s power supply has been restored, along with 47 percent of water service.

Meanwhile, the Cebu provincial

government has placed the province under a state of calamity, following a special session of the Sangguniang Panlalawigan on Wednesday afternoon, November 5, 2025.

Governor Pamela Baricuatro earlier issued an executive order for the declaration to enforce a price freeze on basic commodities and expedite the use of disaster funds for relief and recovery efforts.

Of the total number of fatalities, 49 are from Cebu who died because of fallen debris, landslides, and flooding.

‘Crash’

THE fatalities include two pilots and four personnel of the Philippine Air Force who were killed when the Super Huey helicopter they were on board crashed in Agusan del Sur at the height of the typhoon on Tuesday.

The NDRRC, meanwhile, said that 42 of the fatalities are infants aged below two years old. Many of the reported missing are also of the same age group.

In its latest Situational Report on the Effect of Typhoon Tino issued at 12 noon on Wednesday, the NDRRMC said the devastation wrought by Tino, the 20th severe weather disturbance to affect the Philippines, caused the pre-emptive evacuation of 259,581 persons from the MIMAROPA, Region 5, Region 6, Region 7, Region 8, CARAGA, and Negros Island Region.

Heavy rainfall induced by the typhoon was aggravated by the prevailing Northeast Monsoon and Shear Line affecting the weather system, the weather bureau reported.

It has made a total of 8 landfalls, 6 in the Visayas and the last two in Luzon on its way to Palawan.

EU backs 2016 arbitral ruling, deepens maritime cooperation with PHL

By Malou Talosig Bartolome

THE European Union and the Philippines have reaffirmed their commitment to international law and maritime security, calling for full compliance with the 2016 South China Sea Arbitration Award and expanding cooperation across critical maritime domains—from infrastructure protection and seafarer safety to environmental stewardship and regional capacity building.

Meeting in Brussels on October 7 for the third Subcommittee on Maritime Cooperation under the EU–Philippines Partnership and Cooperation Agreement, both sides emphasized the primacy of the 1982 United Nations Convention on the Law of the Sea (UNCLOS) and the need to uphold its dispute settlement mechanisms.

“The EU and the Philippines... called for full and faithful compliance by the parties with the final and legally binding 2016 South China Sea Arbitration Award,” reads the statement of EU’s diplomatic service European External Action Service (EEAS).

While the EU stopped short of naming China, its language—condemning “illegal, coercive, aggressive and dangerous activities”—was widely interpreted as a rebuke of recent maneuvers in contested waters.

The statement also warned against “unilateral actions that endanger peace, security and stability and the rules-based order,” and urged that “maritime disputes must be resolved through peaceful means.”

“They urged restraint from the threat or use of force and from adding uncertainty to the region. Maritime disputes must be resolved through peaceful means and in accordance with the dispute settlement mechanisms under UNCLOS,” the EEAS added.

The subcommittee, co-chaired by Cosmin Dobran of the European External Action Service (EEAS) and Assistant Secretary Emmanuel Donato K. Guzman of the Philippine Department of Foreign

Affairs, also tackled a wide range of maritime priorities beyond legal and geopolitical concerns.

Maritime security, infrastructure protection

BOTH sides agreed to strengthen cooperation on maritime domain awareness, regional security, and coast guard coordination. They also committed to exchanging views on the protection of critical maritime infrastructure, especially considering emerging threats posed by “shadow fleets”—unregistered or disguised vessels linked to illicit activities.

The EU–Philippines Security and Defense Dialogue, launched in Manila in June 2025, was cited as a key platform for advancing joint efforts in maritime security and defense.

Seafarer safety and rights

THE subcommittee echoed calls from the International Maritime Organization and the UN Security Council to uphold navigational freedoms and protect seafarers.

Both parties pledged to explore realtime threat intelligence sharing, assistance for crews in distress, and awareness campaigns for those navigating high-risk areas.

Europe remains a major employer of Filipino maritime labor, with over 80,000 Filipino seafarers currently serving on European-flagged vessels. These include fleets operated by top European shipowners such as Maersk (Denmark), CMA CGM (France), Hapag-Lloyd (Germany), Grimaldi Group (Italy), and Stena AB (Sweden). The world’s largest container line, MSC (Mediterranean Shipping Company), also employs thousands of Filipino seafarers, though it is based in Switzerland—a non-EU country.

“They agreed to look into international cooperation on timely and practical

See “EU,” A5

This caused flash floods and landslides that affected 318,020 families or 1,107,819 persons.

According to the NDRRMC, the inclement weather has affected a total of 3,623 barangays in 268 cities and municipalities in 25 provinces across Central Philippines and southern portions of Luzon.

So far, the NDRRMC said a total of 577,928 families were displaced and are now taking shelter in 4,805 evacuation centers set up by the national and concerned local government units (LGUs).

Because of the heavy rain that started as early as November 2, a total of 86 areas in MIMAROPA, Region 5, Region 6, Region 7, and CARAGA.

The inclement weather has also affected 27 road sections and 5 bridge sections, including the operation of 2 airports and 151 seaports, stranding 4,001 passengers.

The devastation also caused power interruptions in 73 cities and municipalities and caused class and work suspensions in many areas.

The NDRRMC said 53 cities and municipalities have been placed under a state of calamity.

As of 11 a.m., PAGASA said Tropical Cyclone Wind Signal No. 4 is still up in the northernmost portion of Palawan, severely affecting El Nido.

Meanwhile, Tropical Cyclone Wind Signal No. 3 is up in the northern portion of Palawan (San Vicente, Taytay), including the Calamian Islands

While Tino is on its way out of the Philippine Area of Responsibility (PAR), the weather bureau said significant to severe impacts from typhoon-force winds are

possible in areas under Signal No. 3 and 4. Furthermore the surge of the Northeast Monsoon, shear line, and the trough of Tino will also bring strong to gale-force gusts over Cagayan Valley, Cordillera Administrative Region, Ilocos Norte, Ilocos Sur, Pangasinan, Central Luzon, Metro Manila, CALABARZON, MIMAROPA, Western Visayas, Negros Island Region, Central Visayas, and Zamboanga Peninsula, Batanes, Babuyan Islands, Ilocos Norte, Pangasinan, Zambales, Occidental Mindoro, and Palawan in the next 48 hours.

A gale warning is still in effect over the western and southern seaboards of Southern Luzon and the seaboards of Western Visayas.

Tino was spotted 190 km West of Coron, Palawan and is moving westnorthwestward at 20 km/h. It is packing maximum sustained winds of 130 km/h near the center and gustiness of up to 180 km/h. Tino is forecasted to leave PAR by Thursday morning.

Search-and-rescue operations

ACTING Philippine National Police (PNP) chief Lt. Gen. Jose Melencio Nartatez Jr. on Wednesday directed all police personnel and units to intensify their searchand-rescue operations and ensure the speedy, secure distribution of essential relief goods for families and individuals displaced by Tino.

“The damage brought by this typhoon is extensive, especially in the Visayas, as we have seen in the videos and photos shared by our netizens on social media,” he added.

Nartatez also assured the public that the PNP is working hard and coordinating its efforts with other government agencies

providing all the necessary assistance.

More than 9,000 police personnel and over 300 mobile assets were deployed for evacuation, rescue operation, and other humanitarian assistance as Tino devastates parts of the country.

The PNP is focused on relief efforts as the typhoon has already caused significant damage in the Visayas and Mindanao.

In addition to serving the public, Nartatez also directed local police offices to conduct an internal assessment to determine the operational impact of the storm on the police force itself.

This move aims to ensure the immediate welfare of police personnel and maintain readiness.

Nartatez also assured the public that the PNP’s commitment extends not only to securing communities but also to providing essential humanitarian aid and ensuring police units themselves can rapidly recover and continue serving.

DOE: 1.4 million without power

THE number of households without electricity access due to Tino has reached 1.4 million, or roughly seven million people, according to the Department of Energy (DOE).

DOE Undersecretary Felix William Fuentebella said the figures were reported by the National Electrification Administration (NEA), the National Power Corop. (NPC), and private distribution utilities in the Visayas region.

“As of now, it’s around 1.4 million,” he said.

The full power restoration date has yet to be determined.

Comelec mulls manual polls if Bangsamoro parliament misses redistricting law deadline

By Justine Xyrah Garcia

HE Commission on Elections

T(Comelec) said it may be forced to hold manual polls in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) if the parliament fails to pass its redistricting law by November 30.

“I’ll be very honest. This is not to pressure the Bangsamoro or preempt the Supreme Court. Based on our study, if the law is passed beyond November 30, it may no longer be possible to hold elections by March 31. November 30 is already the absolute limit,” Comelec Chair George Erwin M. Garcia said in an interview.

“But of course, as long as there is a law, the Comelec will find a way. Even to the extent that if we need to conduct a manual election, why not,” he added. “But at this point, the election in the Bangsamoro will be automated. That [manual voting] is only the worst-case scenario.”

Garcia said the commission continues to prepare for the first parliamentary elections in the region but warned that delays in the passage of the redistricting law could again

hamper preparations.

“Of course, we are also worried about that… The preparations for the elections might again be disrupted if the new law in BARMM is not passed,” he said.

The Comelec chief stressed that the poll body has the authority to act should the timeline be missed.

There are ways the Comelec can find just to proceed with an election. Everything must be done to comply with the election date—either invoke a postponement of the election or resort to another system of election, such as a manual one,” he said.

Garcia said he recently spoke with interim Bangsamoro Chief Minister Abdulraof Macacua, who told him that the proposed redistricting measures are still on second reading and must still be consolidated before passage.

Garcia said the Comelec remains hopeful that the Bangsamoro parliament can still meet the deadline.

“ We believe in the capability of the Bangsamoro parliament. The Comelec also constantly reminds them to keep us informed…We believe that because of

the pressure and the [Supreme Court’s] decision, the Parliament is aware that time is of the essence,” he said.

To recall, the Court voided Bangsamoro Autonomy Act (BAA) No. 77, or the Bangsamoro Parliamentary Redistricting Act of 2025, and BAA No. 58, or the Bangsamoro Parliamentary Districts Act of 2024, saying both violated the Bangsamoro Organic Law (BOL).

With no valid enabling law, the Comelec had no legal basis to push through with the parliamentary elections this year.

Instead, the Court directed the Comelec to continue with its preparations and conduct the BARMM parliamentary elections not later than March 31, 2026, in compliance with Section 5 of the Voter’s Registration Act, which provides for the establishment of precincts.

It also ordered the Bangsamoro Transition Authority (BTA) to immediately undertake, not later than October 30, 2025, the determination of parliamentary districts for the first regular election of parliament members, in accordance with the BOL.

Alan Cayetano backs ICI funding, pushes ‘bulletproof’ law for independence

SBy Butch Fernandez @butchfBM

ENATE Minority Leader Alan Peter Cayetano has welcomed President Ferdinand Marcos’ commitment to fund a law to make the proposed permanent infrastructure probe body “bulletproof” and truly independent in pursuing corruption cases.

“We have to find a way to speed up the investigation, the filing of cases, and for us not to be distracted… The problem of ICI is that they themselves admitted that ‘we have no powers.’ And they are also arguing about the direction of their work,” Cayetano noted.

Cayetano’s remarks came after President

Marcos gave assurances that the government is “committed to make sure that they can fund their investigation,” following reports that the ICI has yet to receive an approved budget from the Department of Budget and Management (DBM).

Moreover, Cayetano also reminded authorities that while the administration’s funding pledge is a good start, financial support alone is not enough.

Also Cayetano urged Congress to pass the proposed law authored by Senate President Vicente Sotto III, which seeks to institutionalize the ICI as a permanent, non-partisan anti-corruption body with broader powers.

“We’re appealing to the public for the hard-hit areas to be cleared first before the linemen can do their work in restoring power. I understand it’s about seven million people that are affected. But we are assuring you that we are working hard,” said DOE Secretary Sharon Garin.

The National Grid Corporation of the Philippines (NGCP)reported 43 transmission lines restored, while 12 are partially energized.

Meralco PowerGen Corporation (MGEN) said its operations in Cebu through Cebu Energy Development Corporation (CEDC), which comprises three generating units, and Toledo Power Co. (TPC) with one generating unit, remained online. In Panay, MGEN’s presence is through Panay Energy Development Corporation (PEDC) in Iloilo which operates three generating units, and Panay Power Corporation (PPC) in Aklan with two units are also working despite the severe weather conditions. On November 4, a unit of TPC experienced a trip at 7:38 AM, but it was successfully synchronized to the grid at 8:37 PM on the same day in coordination with NGCP. All CEDC, PEDC, and PPC units remained online throughout the typhoon. MGEN said it remains committed to ensuring the reliable provision of power supply as recovery and restoration efforts progress in the affected areas. The company continues to coordinate with the NGCP, government agencies, and sector stakeholders to ensure system readiness and reinforce critical power infrastructure in the aftermath of the typhoon. With Rex Anthony Naval and Lenie Lectura

By Jovee Marie N. Dela Cruz  @joveemarie

SAYING the public must know whether the projects were truly for flood control or to raise private land values, an assistant majority leader on Wednesday backed the Office of the Ombudsman’s creation of a task force to probe the multibillion-peso Zapote River Drive and related projects in Las Piñas, Muntinlupa, and Bacoor.

The task force, announced by Ombudsman Jesus Crispin “Boying” Remulla during a joint press briefing with Independent Commission for Infrastructure (ICI) Chair Andres Reyes Jr., will examine whether the alignment and implementation of these publicly funded projects were consistent with their intended purpose of flood mitigation.

Remulla noted that several properties along the perimeter of the area are owned by the Villar family. He stressed that the task force will establish clarity on the financial responsibility behind the development, saying, “We will determine who paid for what. It’s as simple as that.” With this, Santos said the Ombudsman’s move validates long-standing concerns raised by residents and local sectors regarding the placement of river walls, access roads, and other flood control structures.

“Sa US, if you are an independent or special counsel, your funds and your actions are truly independent,” he said. Cayetano added that the ICI should also be granted contempt powers to compel cooperation during investigations while still respecting constitutional rights.

“Imagine this: if there’s a hearing but no contempt power, then they will just ignore the probers,” he said in Filipino.

“We must be focused … The law must make it faster, focused, and truly independent,” Cayetano said, partly in Filipino. He also called for broader representation within the commission, suggesting the inclusion of opposition and faith-based members to ensure independence, citing the US model of independent or special counsels.

“The Ombudsman has made it clear— this warrants scrutiny. The public deserves to know whether these projects were truly meant for flood mitigation or if they were designed to enhance private land values,” Santos said.

The lawmaker said Zapote River Drive stretches more than 11 kilometers from Bacoor through Las Piñas toward Muntinlupa.

Santos said the new review is “long overdue.”

“We are talking about multiadministration, multi-billion peso projects. If public works consistently end up benefiting the same private interests, Solon backs Ombudsman’s task force to probe Zapote River Drive project

Thursday, November 6, 2025

Economy

DOE issues TOR for special auction of WTE projects

TBy Lenie Lectura @llectura

HE Department of Energy

(DOE) has officially released the draft terms of reference (TOR) for the special auction on waste-to-energy (WTE) projects, revising its earlier target power generation capacity to 170 megawatts (MW) from 330MW that could be sourced from waste feedstock within Metro Manila

ERC simplifies lifeline program mechanics

THE Energy Regulatory Commission (ERC) has moved to simplify the mechanics of the Lifeline Program, a key subsidy initiative that provides electricity discounts to marginalized households.

The agency is proposing a uniform national lifeline subsidy rate in which all qualified end users with a monthly consumption of 50 kilowatt hours (kWh) or

See “ERC,” A5

and Highly Urbanized Cities (HUCs) areas.

“The 335MW earlier mentioned was the total potential for WTE projects but given some consideration, we will only offer 170 megawatts,” said DOE Undersecretary Mylene Capongcol in a Viber message, adding that the these considerations are related to “project timelines”.

The drafted TOR states that assured feedstock in Metro Manila and HUCs can generate an estimated

12.4 million metric tons (MMT) of municipal solid waste, equivalent to a total of 170 MW baseload.

Per region, the chunk comes from Luzon (9,369.24 MMT in Metro Manila). In Visayas, 706.89MT will come from Cebu and 451.23MT in Bacolod. In Mindanao, Cagayan de Oro registered 542.88MT and Davao with 1,335.51MMT.

The target completion for these WTE projects is 2028. The special

auction is expected to happen early next year.

“The special auction round shall be conducted exclusively for WTE projects employing thermal combustion technology and are RPSeligible and qualified under GEAP [green energy auction program] guidelines,” the draft TOR stated.

As an emerging renewable energy technology, WTE project development is one of the country’s strategies to address solid waste

DBM to agencies: Keep holiday spending low amid calamities

THE Department of Budget and Management (DBM) urged government offices to keep their spending during the holiday season to a minimum, citing challenges that beset the country.

In a statement on Wednesday, Budget Secretary Amenah Pangandaman reminded government employees to be “prudent, sensitive, and responsible” in spending this coming holiday season, especially amid the recent spate of calamities that devastated several parts of the country.

“While celebrating milestones and camaraderie is important, let us not forget that many of our kababayans continue to struggle, especially those who are hit by recent calamities,” Pangandaman said.

To ensure responsible spending, the DBM issued a circular letter calling on government entities to strictly observe existing rules on the judicious use of public funds during Christmas and New Year activities.

This includes government-owned or -controlled corporations (GOCCs),

government financial institutions (GFIs), state universities and colleges (SUCs), and local government units (LGUs).

The letter cites Executive Order (EO) 292, Republic Act (RA) 6713, and COA Circular No. 2012-003, which prohibit irregular, unnecessary, and extravagant expenses, such as luxury venue rentals, liquor purchases, or lavish parties funded by public money.

Pangandaman encouraged government

management, serve as flood control mitigation, and provide additional clean energy.

“Hopefully, this will help the flooding concerns in Metro Manila because there’s 13,000 million tons, I think, per day. We need more of this so we cannot just collect the garbage but also produce energy,” said DOE Secretary Sharon Garin.

This initiative is aligned with the objectives of the Philippine

Energy Plan (PEP) and the government’s renewable energy targets of 35 percent in the energy mix by 2030 and 50 percent by 2040.

“The integration of WTE projects into the GEA framework underscores the DOE’s commitment to ensuring energy security, environmental protection, and private sector participation in the country’s transitioning to clean and sustainable energy,” the agency said.

TBy Ada Pelonia @adapelonia

HE government will allow trade partners to maintain exports of hogs and pork products to the Philippines amid outbreaks of African swine fever (ASF) under a regionalization scheme.

Agriculture Secretary Francisco Tiu Laurel Jr. signed Administrative Circular (AC) 12, which outlined the requirements for accredited countries that wish to secure bilateral recognition of areas free of the deadly hog disease.

“The regionalization agreement shall apply to administrative region located

outside the restricted regions that have been declared free from ASF by the veterinary authority of the exporting country, and whose status is duly recognized by the Bureau of Animal Industry [BAI],” the AC 12 read. Under this agreement, the Philippines will restrict shipments of hogs and their products only from certain areas with confirmed ASF cases instead of imposing a country-wide ban.

Such a move was aimed at cushioning the impact of import bans on the country’s trade and food security, while safeguarding the domestic swine industry.

Lacson keen to probe dubious FMRs, ‘ayuda,’ health centers

SENATE President Pro Tempore Panfilo

“Ping” M. Lacson intends to scrutinize potentially dubious farm-to-market roads, “ayuda” programs and “Super Health Centers” that “benefited” from some P255.5 billion from flood control project funds of the Department of Public Works and Highways (DPWH) in the 2026 budget.

Lacson said an initial check of the realignments showed the funds went to these items, as well as some “ayuda” programs that may be funded by unprogrammed appropriations.

Part of the realignments also went to the Health Facility Enhancement Program (HFEP) that funds the Super Health Centers, he added. “Much of the realignments went to farmto-market roads. The question is, is the list of such roads from the Department of Agriculture or from congressmen?” Lacson said. “Some ayuda programs are to be funded by unprogrammed appropriations. We intend to uproot these and return them to the regular budget,” he added. Lacson said he will move to consolidate funds for “ayuda” and social services under the Pantawid Pamilyang Pilipino Program (4Ps),

House deputy minority leader flags irregularities in Davao flood control projects, urges investigation

ADEPUTY minority leader on Wednesday sounded the alarm over what he called serious irregularities in flood control projects carried out along the Davao and Matina Rivers from 2019 to 2022, saying these red flags should prompt a thorough investigation into all flood control and other public infrastructure projects in Davao City.

Based on Deputy Minority Leader

Antonio Tinio of ACT Teachers’ review of Department of Public Works and Highways (DPWH) data and budget records, 80 out of 121 flood control contracts—amounting to P4.35 billion out of a total P6.06 billion— show “significant red flags.”

“Our analysis reveals a pattern of irregularities that demands explanation and accountability,” said Tinio. “There are indicators that point to ghost projects, double funding, location changes, gross

Continued from A3

initiatives…crucial in bolstering the safety and security of seafarers,” the statement noted, adding that the global maritime sector must “protect and promote the rights of seafarers.”

Environmental protection and biodiversity

THE EU and the Philippines welcomed the upcoming entry into force of the BBNJ Agreement—a new treaty under

Continued from A4

“This circular will serve as guidance and requirements governing the importation of swine and swine products, while protecting the Philippines from further spread of ASF.”

Furthermore, the DA said exporting countries that secured a regionalization agreement with the Philippines should submit an annual report to the BAI regarding their respective ASF situation, including surveillance, monitoring, and control measures.

“This report ensures that the BAI is informed of the ASF status and any developments that may necessitate modifications to the established bilateral ASF regionalization agreement with the Philippines.”

The regionalization agreement will be

employees to hold simple, inclusive, and heartfelt celebrations that reflect the values of compassion, unity, and integrity in public

less will get a 100-percent discount on their electricity bills. Qualified 4Ps beneficiaries who have accounts with the distribution utilities (DUs) serving their areas and whose monthly electricity consumption does not exceed the 50 kWh threshold will automatically be enrolled in the lifeline subsidy program and also enjoy the 100-percent lifeline discount. Under the current set-up, lifeline rate discounts vary per DU or electric cooperative (EC), depending on prevailing electricity rates. For example, in the Meralco franchise area, qualified lifeline consumers using 0–20 kWh per month receive a 100-percent discount on generation, system loss, transmission, and distribution charges, excluding the fixed metering charge of P5, allowing them to pay as low as P20 per month for electricity. However, the government noted a low turnout because qualified customers have to apply, say at a Meralco Business Center, with a valid government ID and proof of their marginalized status from their local Social Welfare and Development Office. The program is funded through a cross-subsidy from other customers, not the government. Another proposal raised by the ERC is the

overpricing, and contracts awarded without clear specifications.”

He said of the 121 projects examined, 79 contracts worth P4.07 billion were identified as congressional insertions not included in the National Expenditure Program. These were implemented in the 1st District of Davao City, represented by Rep. Paolo Duterte.

Tinio flagged five major irregularities in the projects. First, there were instances of total overlap, where two contracts amounting to P135.14 million funded construction along the same river segment in back-to-back years. Second, double funding occurred when two different contractors were paid a combined P115.09 million for work on the same project site.

T hird, he said some projects were built in different locations or delivered less work than approved, including nine contracts worth P484.04 million where outputs

UNCLOS, focused on conserving marine biodiversity in areas beyond national jurisdiction.

They committed to working toward its universal ratification and ambitious implementation, citing its role in tackling climate change, environmental degradation, and biodiversity loss.

Maritime education and technical assistance

THE subcommittee highlighted progress on ongoing projects such as ESIWA, CRIMARIO (with its IORIS platform), and the EU–ASEAN Sustainable Connectivity

valid for two years, according to the agency. Once it has lapsed, countries should submit a new application.

The Philippines continues to grapple with the lingering effects of ASF, which slashed hog inventory and crimped pork output since it struck local farms in 2019.

Tight supply then jacked up retail prices of pork to a high of P400 per kilo, which prompted the government to issue a raft of interventions in its bid to ease prices of the protein source.

Such measures included the imposition of a maximum suggested retail price (MSRP) for pork and its ongoing swine repopulation program.

While retail quotations for pork remain high, growers lamented the drop in farmgate price of hogs.

As such, the DA and local producers recently agreed to set a minimum farmgate price for live hogs at P210 per kilo as the

service. She also urged agencies to consider alternative activities, such as community outreach, volunteer work, or gift-giving programs that extend holiday cheer to underprivileged sectors.

“The DBM promotes the efficient and

creation of a national lifeline subsidy fund to be administered by the Power Sector Assets and Liabilities Management (PSALM) Corporation. Under the proposal, a P0.01 per kWh uniform national lifeline subsidy rate will be collected from subsidizing end-users. This fund is meant to finance the discounts provided by the DUs to the lifeline consumers.

The ERC also clarified that under the proposal, DUs, Retail Electricity Suppliers (RES), the National Grid Corporation of the Philippines (NGCP), and DUs and RES acting as Suppliers of Last Resort (SOLR) will serve as collection agents for the uniform national lifeline subsidy rate, remitting all proceeds to PSALM for proper management under the lifeline subsidy fund.

To ensure accountability and responsiveness, the Commission intends to conduct an annual review of the subsidy rate, consumption threshold, and sufficiency of the fund, using data from the Philippine Statistics Authority (PSA) and implementation reports submitted by DUs. ERC Chairperson and CEO Atty. Francis Saturnino C. Juan emphasized that the conduct of public consultations to solicit comments underscores the Commission’s commitment to uphold transparency, consumer protection, and inclusive policy development. “We are conducting public consultation to gather valuable insights from all stakeholders. This participatory approach ensures that the

were reduced—such as one revetment project that was funded for 375 meters but delivered only 120 meters while charging double the cost per meter.

Fourth, the lawmaker added 62 contracts totaling P3.44 billion were awarded without clear project specifications, lacking even basic details like exact location or length. Lastly, ten contracts worth P622.57 million were classified as unbudgeted, with no corresponding line item in the General Appropriations Act.

In the Davao River alone, Tinio said 54 of 68 projects worth P2.65 billion were flagged; for the Matina River, 26 of 28 projects worth P1.70 billion showed similar issues.

Tinio said among contractors repeatedly appearing across the flagged projects were RELY Construction & Supply Inc., Legacy Construction Corporation, Abu Construction, St. Timothy Construction,

Package (SCariOPE) Seafarers Technical Assistance Project.

These initiatives aim to enhance maritime safety and improve education, training, and certification systems for Filipino and ASEAN seafarers.

Both sides agreed to explore further training, capacity building, and best practice exchanges across a broad range of maritime areas, including non-traditional security threats and marine environmental protection.

The next Subcommittee on Maritime Cooperation will convene in Manila in 2026.

liveweight price plunged to the break-even point. (See: https://businessmirror. com.ph/2025/11/05/da-producersset-farmgate-price-of-live-hogs-at%E2%82%B1210-kilo/)

Producers raised a caveat that farmgate prices had plummeted between P150 and P180 per kilo, which they said was barely enough to cover production costs for backyard and commercial raisers.

They would also recommend reinstating the tariffs levied on pork to 40 percent from the current 25 percent, citing cheaper foreign shipments as among the rationales behind the swine industry’s predicament.

“Lower import duties have encouraged over-importation,” Agriculture Secretary Francisco Tiu Laurel Jr. said. “This has flooded the market, squeezed local producers, and endangered both our food security and farmers’ livelihoods.”

responsible use of government funds, especially during the holidays when spending tends to increase,” Pangandaman said.

The DBM noted that all heads of departments and agencies were instructed to ensure full compliance with fiscal

Alpha and Omega Construction, and Alfrego Builders—owned by the half-brother of Sen. Bong Go, in joint venture with RELY. GENESIS88, whose owner was a campaign donor to Vice President Sara Duterte in 2022, was also identified.

Tinio said the findings warrant a full inquiry into flood control and other infrastructure projects in Davao City. He is set to file a resolution calling for a congressional investigation and urged the Commission on Audit (COA), the Independent Commission for Infrastructure (ICI), and the Office of the Ombudsman to launch their own probes.

“This is about ensuring that every peso of public funds meant to protect our communities from flooding actually serves that purpose,” Tinio said. “Transparency and accountability must apply equally, whether in Bulacan, Davao, or anywhere else in our country.”

Jovee Marie N. Dela Cruz

Continued from A4

a program that will vet and provide qualified families with livelihood and education.

He also pushed for the realignment of some P2 billion for “Tulong Dunong” scholarship program of legislators to the Free Tertiary Education Act.

On Tuesday, Lacson said the Senate will move to strike out “alien” and “turoturo” items—along with unprogrammed appropriations not tied to foreign-assisted projects—from the 2026 budget bill which it will start tackling next week.

Lacson said “alien” refers to items not in the disagreeing provisions of the Senate and House versions of the budget bill, while “turo-turo” refers to whimsical, arbitrary and patronage-based programs.

He said the Senate will move to realign “turo-turo” items to funding meaningful programs like Universal Health Care (UHC).

Lacson said he has discussed with Sen. Sherwin Gatchalian, Finance committee chief, the consolidation of funds for Medical Assistance to Indigent and Financially Incapacitated Patients (MAIFIP) to the UHC. This will remove from lawmakers the “burden” of issuing guarantee letters as the Department of Health will now determine what assistance to provide to needy patients.

“Our work as lawmakers is to legislate and exercise oversight, not to implement laws,” he said.

“Let’s make our programs systematic, and not whimsical, arbitrary and patronagebased,” he stressed. Butch Fernandez

accountability measures and to disseminate awareness of the guidelines throughout their respective offices.

“The best way to celebrate is to give back. Let our gatherings embody service, generosity, and solidarity,” Pangandaman said. Ada Pelonia

proposed uniform national lifeline subsidy framework is not only aligned with the law, but is fair, transparent, and responsive to the needs of the marginalized electricity consumers,” Juan said.

The proposed lifeline subsidy program supports President Ferdinand R. Marcos Jr.’s call in his 2025 State of the Nation Address (SONA) to broaden the program’s coverage and increase access for marginalized electricity consumers.

Established under Section 73 of Republic Act (RA) No. 9136 or the Electric Power Industry Reform Act (EPIRA), the lifeline rate program offers subsidized electricity rates to qualified low-income consumers with insufficient or limited means to pay their full electricity bills. The program was initially extended through RA No. 10150 in June 2011 and further amended by RA No. 11552 in June 2021, which prolonged the program’s implementation for another 50 years.

The Department of Energy (DOE) earlier said that as of June 2025, around 4.5 million households have been identified by the DSWD as eligible for the Program, primarily through the 4Ps. Despite the high number of potential beneficiaries, only about 330,000 households, or 7.34 percent of the eligible 4.5 million have registered with their respective DUs as of July 2025. Lenie Lectura

Solon.

Continued from A3

then transparency is not just necessary—it’s a public right,” he said. Santos also underscored the importance of full cooperation from all stakeholders involved.

“This is not about politics. This is about accountability. If everything was aboveboard, then opening records, contracts, land titles, and development plans should not be a problem. Transparency is the minimum,” Santos said.

He added that the investigation is crucial for communities that continue to experience flooding despite significant government funding for mitigation projects.

“The question is simple: Did these projects truly serve the public interest? Residents deserve honest answers,” Santos said, noting that he will continue to monitor the probe to ensure it proceeds “without interference, whitewashing, or delay.”

Possible ‘vigilante attacks’ deter Co from returning to the country–lawyer

RBy Joel R. San Juan @jrsanjuan1573

ESIGNED Ako Bicol Party List Representative Zaldy Co has engaged the services of veteran lawyer Ruy Alberto Rondain to defend him over possible criminal charges that may be filed against him for his alleged involvement in the multi-billion anomalous flood control projects of the government.

Rondain, who co-founded the Rondain and Mendiola law firm, was a graduate of the University of the Philippines’ Bachelor of Arts in Philosophy and Bachelor of Law.

He was also a former associate at the ACCRA law and served as legal counsel for former Pampanga Rep. Juan Miguel “Mikey” Arroyo in a tax case.

On Wednesday, Rondain appeared for the first time before the media on behalf of Co, who left the country last August 8 to purportedly undergo medical treatment in the United States.

Rondain said he last spoke to Co on Tuesday night but did not discuss his whereabouts.

“I’m curious personally, but I can’t be curious as a lawyer because it is not relevant.

And I don’t want to lie to you if you’re asking me now. I’m looking at you in the eye. I’m telling you honestly that I don’t know because I never asked him,” he said. However, the lawyer said Co has no intention of returning to the country despite the subpoena issued by the Independent Commission for Infrastructure (ICI) for him to appear before the investigating body on November 11 and 12 and shed light on accusations that he received huge kickbacks from anomalous flood control projects of the government.

Co, who previously served as chair of the appropriations committee, is also being required by the ICI to bring various documents in relation to flood control projects undertaken by companies where he or his family have beneficial interest.

“I don’t think there’s any intention to come home…A subpoena has to be served, you cannot subpoena a person who is not here,” Rondain said.

The lawyer said Co’s main consideration in refusing to come back home was his safety.

“He’s deathly afraid of coming home because there are serious threats that one half of the country wants to throw him in

jail and throw away the key, the other half wants to string him up by the nearest tree,”

Rondain said.

The lawyer said he would not even persuade Co to immediately return, fearing possible “vigilante attacks” against him.

Rondain also noted that there are no criminal charges filed against Co before yet before any court.

“For me, personally, my bigger fear is vigilante violence, everyone hates him.

That’s the reason I’m here…The reason I’m here is because maybe we can tone down the temperature, we can lower it a little bit,” Co’s lawyer said.

The ICI earlier recommended before the Ombudsman the prosecution of Co and together with 17 other individuals for criminal and administrative charges in connection with the P289.5 million anomalous flood control project in Naujan, Oriental Mindoro implemented by the Department of Public Works and Highways.

Among the charges recommended against Co and other DPWH officials were violation of the provisions of Republic Act No. 3019 or the Anti-Graft and Corrupt Practices Act, malversation of public funds

DMW trains evaluators, inspectors on quality management system

By Samuel P. Medenillla @sam_medenilla

TO boost its regulations enforcement and compliance, the Department of Migrant Workers (DMW) held a training for its evaluators and inspectors on its Quality Management System (QMS) this week.

Last Tuesday, the agency held the second phase of Standard QMS orientation initiative for its 60 evaluators and inspectors in Mandaluyong City.

During the training, DMW Undersecretary Bernard P. Olalia highlighted the role of the Licensing and Regulation Bureau (LRB) to make sure the QMS program is credible and sustainable.

The inspectors are responsible for conducting audits and ensuring that the agencies comply with the required QMS framework checklist and International Organization for Standardization (ISO) standards

“Your inspections, evaluations, and technical guidance will determine if agencies genuinely adopt the principles of quality management —such as leadership commitment, process documentation, and continuous improvement,” Olalia said.

Other DMW officials, who attended the two-day training were Assistant Secretary for Landbased OFW Concerns Venecio Legaspi and Assistant Secretary for Licensing and Adjudication Services Jerome Alcantara.

Under its Standard QMS, DMW aims to standardize processes and promote transparency and accountability in its recruitment procedures.

The participants were briefed on their roles in the implementation of Department Order No. 03 Series of 2025, which mandates compliance with the DMW Standard QMS by all recruitment and manning agencies.

DMW held the first part of the initiative, which covered 38 recruitment and manning agencies on October 24, 2025 to ensure they “follow professional, ethical, and legal standards.”

Philippine recruitment agencies and licensed manning agencies are required to comply with the QMS for renewing their licenses or applying for an upgrade.

Comelec seeks explanation from 27 govt contractors over 2022 campaign donations

By Justine Xyrah Garcia

HE Commission on Elections

T(Comelec) has asked 27 government contractors to explain their campaign contributions to candidates during the 2022 national and local elections, its chief confirmed on Wednesday.

Comelec Chairman George Erwin M. Garcia said the contractors have already been issued show cause orders to clarify their participation in the polls.

“They have already been sent notices to explain. I think within the next two weeks, all of them will be summoned according to their respective schedules. That will start by next week,” Garcia told reporters in an interview.

Garcia said the contractors have 10 days to file their affidavits and written responses.

According to the poll chief, a total of 21 candidates were listed as recipients of campaign contributions from 27 govern -

ment contractors.

These include six senatorial candidates, five party-list groups, four congressional candidates, three governors, two vice governors, and one councilor.

He said the Comelec will not release the names of the candidates for now to avoid creating “tension.”

“It’s better if the contractors respond first,” Garcia added.

By November 21, the Comelec’s Political Finance and Affairs Department will begin hearings on the contractors’ responses.

After this, the commission will issue show cause orders to the candidates— whether they won or lost—who received the contributions.

In an earlier interview, Garcia clarified that receiving a show cause order does not automatically mean wrongdoing.

“We are still giving them the chance to respond. The candidates may have valid

defenses...This is being done for purposes of transparency, and they should not be immediately judged as guilty,” he said.

Under Section 95 of the Omnibus Election Code, government contractors and suppliers are prohibited from making any contribution—directly or indirectly—to partisan political activities.

The same prohibition applies to financial institutions (except for legitimate loans), utilities, companies with government franchises or contracts, natural resource extractors, recipients of large government loans, publicly funded schools, civil service officials, members of the armed forces, and all foreigners or foreign corporations.

Both donors and recipients found guilty of violating the law face imprisonment of one to six years.

Garcia said the Comelec’s investigation into other forms of prohibited campaign contributions is also ongoing.

under Article 217 of the Revised Penal Code (RPC) in relation to Article 171 of the RPC or falsification of public documents by a public officer

The recommendation stemmed from the inspection conducted by DPWH Secretary Vince Dizon of the project that was undertaken by Sunwest, Inc., the construction firm being linked to the family of Co. The project involves the construction of a road dike along Mag-Asawang Tubig River. The Office of the Ombudsman has already issued an order for Co to answer the charges against him.

But Rondain said their camp would likely waive the filing of a counter-affidavit, as he believes that the Ombudsman has already pre-judged this case.

“My thinking is the Ombudsman has already pre-judged this case. And this is bolstered by the statements of [DPWH] Secretary Vince Dizon, who said 60 people will be in jail before Christmas,” Rondain said.

“Under these circumstances, there’s really no tactical benefit to filing a counteraffidavit. So the answer is, at this time, the way things are going, no, he does not intend to file a counter-affidavit,” he added.

Bishop

Antonio named as new Nueva Segovia archbishop

POPE Leo XIV has appointed Ilagan Bishop David William Antonio as the new archbishop of Nueva Segovia, bringing the Ilocos Sur—born prelate back to his home province. The Vatican announced the appointment on late Tuesday, naming the 61-year-old bishop as the eighth metropolitan archbishop of Ilocos Sur.

He succeeds Archbishop Marlo Peralta, whose resignation was accepted in July after he reached the mandatory retirement age of 75. Peralta, who has led the archdiocese since 2014, will continue to oversee its operations until the installation of Antonio. Antonio has served as bishop of Ilagan in Isabela since 2018.

Before that, he was auxiliary bishop of Nueva Segovia and later served as apostolic administrator of the Apostolic Vicariate of San Jose in Occidental Mindoro from 2018 to 2023. According to the Catholic Bishops’ Conference of the Philippines (CBCP) News, Antonio was born in Sto. Domingo, Ilocos Sur, and was ordained priest for the Archdiocese of Nueva Segovia in 1988 after studying philosophy at San Pablo Seminary in Baguio City and theology at the Immaculate Conception School of Theology (ICST) in Vigan. He later earned a doctorate in theology from the Catholic University of America in Washington, D.C. Within Nueva Segovia, he previously served as rector of ICST and vicar general of the archdiocese.

In 2011, Pope Benedict XVI appointed him auxiliary bishop to assist then Archbishop Ernesto Salgado. He was ordained later that year—the last Filipino bishop named by Benedict before the pope’s resignation in 2013. Pope Francis later appointed Antonio as bishop of Ilagan in November 2018, where he served for seven years.

Antonio also once chaired the Episcopal Commission on Vocations and now heads the Episcopal Commission on Liturgy under the CBCP. The date of his formal installation in Vigan has yet to be announced. Justine Xyrah Garcia

DND condoles with families of six fallen airmen in ‘Super Huey’ crash

THE Department of National Defense (DND) on Wednesday expressed its condolences to the families of the six aircrew members manning the ill-fated “Super Huey” helicopter who went down while conducting a mission for typhoon “Tino”-affected communities in Agusan del Sur last Nov. 4.

“Their dedication to duty and sacrifice will always be remembered, especially as these were made in the service of our fellow Filipinos facing the effects of Typhoon Tino,” it added.

The DND also said that it is praying for the eternal peace of the fallen airmen and shall extend all available support to their families at this difficult time.

As this developed, the Armed Forces of the

Philippines (AFP) also paid homage to these Philippine Air Force (PAF) personnel who went down while conducting a humanitarian assistance and disaster response (HADR) mission for their Typhoon Tino affected countrymen last Nov. 4. “The aircraft and its crew were on a HADR mission—serving communities in need and embodying the highest ideals of service beyond self,” it said in a statement.

The AFP also said that the thoughts and prayers of all its personnel are with the families of these fallen aircrew.

“Our sincerest condolences to the families of our fallen heroes, we share in your grief and extend our unwavering support during this most

difficult time,” it stressed. The AFP also added that it honors the dedication, skill, and courage of the fallen airmen, whose sacrifice reminds us of the profound risks faced by those who serve even in missions of compassion and relief for their countrymen.

“The AFP remains steadfast in supporting the ongoing efforts and in standing beside the families of our personnel, as we collectively pay tribute to their heroism and selfless service to the nation,” it emphasized. The PAF earlier announced that the crashed “Super Huey” was part of a flight of four aircraft tasked

a

A8 Thursday, November 6, 2025

Editor: Angel R. Calso

Cambodian tycoon’s assets worth hundreds of millions seized in multi-nation scam probe

By Huizhong Wu The Associated Press

BANGKOK—Prosecutors in Taiwan, Hong Kong and Singapore seized hundreds of millions of dollars in assets belonging to a Cambodian businessman whom the US accuses of heading a global scam syndicate.

It’s the latest in a string of investigations and asset seizures that began when American pros -

ecutors charged Chen Zhi, the founder of Cambodia’s Prince Holding Group, with running a

large-scale cyber-scam network whose operations span countries including the US, the UK and Palau.

US authorities charged Chen with wire fraud conspiracy and money laundering conspiracy in an indictment revealed Oct. 14, alongside a massive seizure of crypto assets that included some $14 billion in bitcoin.

The US and UK government also announced joint sanctions against Chen and his collaborators, as well as his company.

Networks of scammers based in Cambodia, Laos, Myanmar and the Philippines have provoked increasing concern in recent years, with the UN estimating that they take in tens of billions of dollars every year from victims across the world via schemes that range from

fake investments to romancebased scams.

They allege that the Prince Holding Group criminal network scammed 250 victims in the US, according to the indictment.

The Prince Holding Group did not immediately respond to a request for comment.

A growing list of asset seizures depict a man with hundreds of millions of dollars’ worth of assets spread across jurisdictions.

Singapore launched an investigation on Oct. 30 after announcing the seizure of financial assets belonging to Chen worth more than $150 million Singaporean dollars ($114 million), as well as a yacht and shelves of liquor.

On Tuesday, Taiwanese prosecutors seized assets from Chen Zhi

worth $150 million while detaining 25 suspects. That included 26 luxury cars including a Ferrari, Bugatti and a Porsche, as well as 11 apartments in an upscale building in Taipei, prosecutors said. Taiwanese media identified it as the same building where celebrity and Mandarin pop superstar Jay Chou lives.

The same day Hong Kong police announced the seizure of $2.75 billion Hong Kong dollars ($353 million) worth of assets made up of mostly cash, stocks and other funds, which local media identified as belonging to Chen Zhi. UK authorities announced seizures of a 12-million-pound ($15.6 million) mansion in North London and a 100-million-pound ($130 million) office building on Oct. 14.

Chen is a Chinese national who gained Cambodian citizenship and a place in the Cambodian elite. Prince has multiple businesses, running a bank and investments in real estate in the country. However, prosecutors say the bulk of his wealth came from scamming. According to the US indictment, Chen once bragged that the so-called “pig butchering” scam was pulling in $30 million a day. Chen has served as an adviser to Prime Minister Hun Manet and his father, former Prime Minister Hun Sen, and was honored with the title “neak oknha”—equivalent to an English lord. Pheaktra Neth, the Minister of Information for Cambodia’s government, said he had no comment in response to questions from the AP.

US proposes that the UN authorize a Gaza stabilization force for 2 years

By Sam Mednick, Matthew Lee & Farnoush Amiri

Associated Press

The

UNITED NATIONS—The United States has circulated a draft text for a UN Security Council resolution that would provide a mandate for an international stabilization force in Gaza for at least two years, marking the next step in President Donald Trump’s plan to halt two years of war between Israel and Hamas.

The draft, confirmed to The Associated Press by two US officials, is an early template for what would likely be extensive negotiations between members of the 15-member council and other international partners. The officials, who spoke on condition of anonymity due to the sensitivity of the situation, said the draft is being discussed and changed based on those discussions.

Arab and other countries that have expressed interest in participating in the stabilization force have indicated that UN backing of the plan is necessary to persuade them to contribute troops.

“What we believe is that whatever entity that is created in Gaza should have the legitimacy of a mandate from the Security Council,” UN Secretary-General Antonio Guterres told reporters in Doha.

The draft was circulated Tuesday afternoon and has been prepared as a starting point to find consensus that would give the stabilization force and participating countries an international mandate.

China and Russia—two of the permanent members of the council—will likely become the biggest opposition for the US as it tries to push through a resolution without either country vetoing it.

The draft calls for the force to ensure “the

process of demilitarizing the Gaza Strip” and “the permanent decommissioning of weapons from non-state armed groups.” A big question in Trump’s 20-step plan for a ceasefire and reconstruction in the territory is the way to disarm Hamas, which has not fully accepted that step.

The draft would give countries participating in the stabilization force a broad mandate to provide security in Gaza through the end of 2027, working with a yet-to-be-established “Board of Peace” that would temporarily govern the territory. The draft calls for the force to closely consult and cooperate with Egypt and Israel.

The text also says the stabilization troops would help secure border areas, along with a Palestinian police force that they have trained and vetted, as well as coordinate with other countries to secure the flow of humanitarian assistance. It also emphasizes

the “full resumption” of aid to Gaza by the United Nations, Red Cross and Red Crescent and ensuring that those needed supplies are not diverted.

Hamish Falconer, Britain’s minister for the Middle East and North Africa, told the AP recently that the focus for the UK is ensuring the fragile ceasefire holds and that scaled-up aid keeps flowing. He said many questions surround phase two of Trump’s plan and that the implementation of the first phase is still unfinished.

Falconer said it’s important for any stabilization force in Gaza to be “underpinned by a Security Council mandate.” Axios first reported on the draft.

Mednick reported from Juba, South Sudan, and Lee from Washington. Associated Press writer Kareem Chehayeb in Beirut contributed to this report.

Insect attacks more sugarcane areas–SRA

ABy Ada Pelonia @adapelonia

REAS struck by the redstriped soft-scale insects (RSSI) expanded to over 7,400 hectares as of October 24, according to the Sugar Regulatory Administration (SRA).

Based on the latest SRA data, 7,449 hectares have been infested with RSSI, from the initial 87 hectares recorded on May 22, when it was declared an infestation.

Of which, 7,386 hectares were standing canes, while 62 hectares were harvested canes, where production data would be recorded.

It has also affected 4,106 farmers since its detection in Negros, which makes up over 60 percent of the country’s sugar output.

Broken down, Visayas posted the largest infestation, with 5,826 hectares affected by the plant disease. This was followed by Luzon with 1,539 hectares and Mindanao with 83 hectares.

SRA Administrator Pablo Luis Azcona told the BusinessMirror that RSSI could slash the sugar content of infected canes in Negros by as much as 50 percent, citing the agency’s findings. He said this could temper the agency’s outlook for raw sugar production in crop year 2025-2026,

‘Flexible tariffs will benefit rice planters’

THE government’s decision to implement “flexible” tariffs on rice imports strikes a compromise between planters and consumers, according to an economist.

Roehlano Briones, a senior research fellow at the Philippine Institute for Development Studies (Pids) made the pronouncement after the Department of Economy, Planning, and Development (DepDev) announced on Tuesday that the government will adopt a “more gradual and flexible tariff adjustment” starting January 1, 2026.

Adjustments would be 5 percentage points per 5 percent change in international prices, subject to a minimum rate of 15 percent and a maximum rate of 35 percent, according to the DepDev.

Briones noted that although this could provide support to local planters struggling with declining farmgate prices, Filipino consumers stand to get the short end of the stick.

“This will be good for farmers, not so good for consumers, but it strikes a compromise,” Briones told the BusinessMirror on Wednesday. “We are already at 15 percent, so there’s nowhere to go but up. But it’s better than suspend -

ing imports.”

The socioeconomic planning body’s decision for a flexible tariff structure on the staple grain comes as the Economy and Development (ED) Council opted to maintain the tariff levied on rice shipments at 15 percent until December 31. (See: https://businessmirror.com.ph/2025/11/05/ gradual-flexi-tariff-onrice-starts-january-2026/)

‘Reinstate 35%’

SINAG Executive Director Jayson Cainglet reiterated the group’s call to reinstate rice tariffs to 35 percent.

“The current 15 percent tariff was introduced only as a temporary emergency measure at a time when global rice prices surged to around $680 per metric ton.”

He noted that global rice prices have since dropped by nearly 50 percent, hovering at $330 per metric ton (MT).

As the landed cost of shipments reaches P25 to P26 per kilo, he said imported rice would remain affordable even with the 35-percent rice tariffs.

“The longer the reduced tariff remains in effect, the greater the damage to our local rice farmers, who are already reeling from depressed farmgate prices of palay.” Ada Pelonia

which started on October 1. The impact, however, may be minimal.

“Those sugarcanes whose infestation was not that severe, the minimum drop in yield was 20 percent,” Azcona said. “But those with severe infestation in the north of Negros, specifically in the Silay area, the drop in yield reached 50 percent.”

While the impact of RSSI on sugar content was the easiest to monitor, Azcona warned that the insect could potentially affect the growth if canes.

“In the North, they said canes that were infected at their early stage didn’t seem to grow. So, maybe there’s also an effect on tonnage.”

The SRA said raw sugar output in the current crop year could fall by nearly 8 percent to 1.92 million metric tons (MMT) from the previous crop year’s 2.085 MMT.

However, the agency noted that the initial forecast may be adjusted downward owing to the potential impact of RSSI

infestation on yield.

“It’s an estimate based on the heavy rainfall experienced in the north of Negros, and [there] might be a small drop considering the presence of RSSI,” Azcona said.

Under Sugar Order 1, the raw sugar allocation for the new crop year would be classified as “B,” which means all sugar produced until September 30 next year will be sold for domestic consumption.

Figures from the SRA showed that the country’s raw sugar output settled at 2.085 MMT in crop year 2024-2025.

The Department of Agriculture (DA) noted that since 2022, the sugar industry has seen a steady expansion in planted areas--from 380,000 hectares to 409,000 hectares this year.

Last month, the DA said the government would not allow sugar imports until the second quarter of 2026 due to concerns over the decline in the farmgate prices of the sweetener.

Import ban slashes rice arrivals in January-October

THE country’s rice arrivals slid by nearly 15 percent through October following the temporary ban slapped by the government on the imported staple.

Figures from the Bureau of Plant Industry (BPI) showed that rice imports fell by 14.78 percent to 3.3 million metric tons (MMT) in the January to October from the 3.87 MMT posted last year.

Of this, only 31,101 metric tons (MT) of rice entered the country last month, from the average 362,761 MT in the preceding months.

Furthermore, BPI data showed that 2.67 MMT of rice shipments

came from Vietnam, which remained the country’s top supplier. This was followed by Myanmar at 343,910.33 MT.

The Philippines also purchased rice stocks from other countries, such as Thailand (176,270.26 MT), Pakistan (76,394.02 MT), and India (20,314.78 MT).

The slowdown in rice arrivals comes after President Marcos issued an Executive Order (EO) suspending the imports of regular and well-milled rice for 60 days until October 31, 2025 to counter the sharp drop in palay prices ahead of the wet harvest season.

With this, the BPI halted the

issuance of sanitary and phytosanitary import clearances (SPSICs) starting September 1. Specialty rice varieties, such as Japonica, glutinous, and basmati rice, are exempt from the import freeze.

While the measure briefly lifted farmgate prices, the Department of Agriculture (DA) said whatever gains the local rice industry attained had tapered off as the suspension neared its expiry.

Because of this, Marcos extended the rice import ban until the end of 2025 in a bid to arrest the slide in farmgate prices of paddy rice. Despite the temporary ban slapped on foreign shipments of the

staple grain, the DA projected that rice stocks would remain ample. It added that conservative estimates place supply at 89 days by yearend, while optimistic scenarios forecast up to 92 days, at 122.7 kilos per annum of projected per capita consumption compared with just 58 days’ worth of stocks at the end of 2024. The agency also said retail rice prices remained relatively stable amid the suspension, citing its price monitoring data. In November, the DA expects well-milled rice to average around P42 per kilo, while regular-milled rice to hover near P40 per kilo.

PHL purchases of imported agri goods exceed exports

THE country’s agricultural imports continued to outpace exports in September but the trade gap was narrower, based on data from the Philippine Statistics Authority (PSA).

PSA figures showed the country’s agricultural trade deficit shrank by 15.7 percent to $932.15 million in September, from $1.11 billion a year ago.

While agri goods purchased abroad continued to outstrip shipments of farm products in the reference month, PSA data indicated that exports grew by 19.1 percent to $794.46 million from last year’s $667.05 million.

Imports continued to dominate the country’s farm trade, despite

slipping by 2.6 percent to $1.73 billion in September from $1.77 billion in the previous year.

Overall, the country’s total agricultural trade inched up by 3.3 percent to $2.52 billion, a slowdown from the 5-percent increase recorded in August and the 26.1-percent surge posted in September 2024.

Animal, vegetable, or microbial fats and oils were the country’s top agricultural export, earning $297.51 million or 37.4 percent of total farm export receipts.

This was followed by edible fruit and nuts; preparations of vegetables, fruit, nuts, or other parts of plants; and preparations of meat, of fish, of crustaceans, molluscs,

or other aquatic invertebrates or of insects.

The top 10 export groups altogether contributed 97.8 percent of total farm export earnings, collectively growing by 20 percent.

Within the Asean region, Malaysia emerged as the Philippines’ leading buyer of farm goods, purchasing $26.34 million worth of exports, or more than a third of total agricultural shipments to Southeast Asian neighbors.

Meanwhile, the Netherlands remained the country’s biggest agricultural trading partner in the European Union (EU), accounting for $142.82 million or 61.1 percent of exports to the bloc.

Cereals led the country’s farm

imports in September with a value of $361.26 million, representing 20.9 percent of total agricultural imports. The top 10 import groups reached a combined $1.46 billion, down 1.9 percent from the same month of last year.

Among its Asean partners, Indonesia was the country’s leading source of agricultural imports, supplying $190.86 million worth of goods or 28.3 percent of the Philippines’ total agricultural imports from the region. Spain was the Philippines’s main supplier of agricultural goods in the EU, accounting for $44.51 million or 28.1 percent of total imports from EU member states. Ma. Alyanna Selda & Ada Pelonia

China ends levies on US farm goods, halts export curbs on firms

CHINA announced it will remove retaliatory tariffs on some US farm products and lift export controls on an array of American firms, after Washington halved its fentanyl-related levies on Chinese goods. The country’s Finance Ministry confirmed in a Wednesday notice it would end tariffs imposed March 4 on soybeans and other US agricultural products including corn, wheat, sorghum and chicken. That move—to take effect November 10—was previously flagged in a White House fact sheet.

Hours later, the Commerce Ministry said it would remove 15 American firms from an export

control list, while taking 10 other US companies off its unreliable entity list. Beijing will also scrap a ban on Illumina Inc.’s exports of its DNA sequencer to China.

The moves are part of a broader trade pact between US President Donald Trump and Chinese leader Xi Jinping that’s set to last one year and has, for now, stabilized a turbulent relationship. Before their summit in South Korea last week, the two leaders had been locked in a cycle of tit-for-tat actions that threatened to upended global trade.

Helping to cement that ceasefire, Trump on Tuesday signed a pair of executive orders that formalized

lowering fentanyl-related levies on Chinese exports and extending a reprieve on higher US reciprocal tariffs.

The detente between the world’s biggest economies has boosted optimism about a revival in agricultural trade between the two nations, helping to push up global grain prices. Chicago soybean futures rose as much as 1 percent in Asian hours on Wednesday.

Chinese buyers had shunned American soybeans as tensions between the two sides soured, taking more from South America instead. The Asian nation bought its first US cargoes this season

just days before the summit in South Korea, and then made further purchases after the meeting. China bought more than $12 billion of American soybeans last year.

China’s trade envoy Li Chenggang blamed recent disruptions in this year’s agricultural trade on US tariffs at a meeting Tuesday in Beijing with an American trade delegation. Both sides complement each other well and “have huge room for cooperation,” Li said. However, US soybeans are still likely to face a 13 percent Chinese import duty even after the tariff reduction, according to traders. Bloomberg News

Moving past ghost projects: A fresh approach to flood resilience in PHL

PRESIDENT Marcos announced 9,855 completed flood control projects costing over half a trillion pesos in under three years, but corruption narratives persist. Against this backdrop of immense expenditure and allegations of misappropriation, a crucial policy note from researchers Vincenzo Bollettino (Harvard) and Pamela Gloria Cajilig (UP/Oxford) arrives not merely as a suggestion, but as an urgent blueprint for redemption. Their call for independent oversight and evidence-based evaluation in flood management projects is the lifeline the Philippines desperately needs. (Read the BusinessMirror story—“Researchers warn: Sans science, flood control risks more corruption,” November 1, 2025).

The core diagnosis is undeniable: the current system breeds vulnerability. Relying solely on internal audits for massive, complex infrastructure projects involving billions is like asking a fox to guard the henhouse. It’s a recipe for opacity, mismanagement, and the siphoning of precious public funds—funds meant to protect lives and livelihoods from the devastating floods that plague the country. The researchers’ prescription is clear and compelling: inject rigorous science and transparent, independent scrutiny into every phase of flood control, from initial design to long-term maintenance. Their proposed solution—multisector oversight commissions—is not radical idealism; it is proven pragmatism. Look to Japan, France, or the Netherlands, where river basin committees integrating technical experts and local stakeholders have demonstrably minimized costly errors and curbed corruption in sensitive water projects. International bodies like the World Bank and OECD mandate similar independent monitoring. Why should Filipinos settle for less? Including local communities, civil society watchdogs, academics, scientists, and engineers in these commissions leverages diverse expertise and ensures public accountability. Crucially, this demands legal protection and training for monitors, alongside guaranteed public access to all project data. As they say, sunlight remains the best disinfectant.

Beyond tackling corruption, Bollettino and Cajilig offer a visionary shift in how we manage floods. Moving beyond the traditional, often myopic focus on concrete dikes and dams, they champion integrated flood risk management. This means strategically weaving nature-based solutions (NBS)—restoring vital wetlands, implementing rainwater harvesting, rehabilitating upper watersheds—alongside necessary structural measures. The evidence is compelling: a study in Europe showed NBS for flood control yielding a staggering 280 percent return on investment. Combining this with non-structural interventions like robust land-use planning, early warning systems, and maintained drainage creates a resilient, cost-effective, and ecologically sound strategy. The successful “i-Float” project in Marikina, developed collaboratively with residents, engineers, and local government, stands as a shining domestic example of this participatory, evidence-based approach.

The researchers rightly place Filipino expertise at the forefront. Local scientists and researchers, with their deep understanding of the nation’s unique vulnerabilities and long experience in disaster risk reduction, must be integral to project design and evaluation. Institutionalizing the use of local hydrological studies, mapping, forecasting, and social science research is paramount to designing interventions that actually fit local contexts.

The stakes could not be higher. Every peso lost to corruption is a peso not spent saving homes, businesses, or lives. Every poorly designed, corruption-tainted project risks failing when the next deluge hits, turning promised protection into tragic betrayal. As Bollettino and Cajilig starkly warn, “The security and dignity of millions of Filipinos are at stake.”

The government’s massive investment in flood control is a recognition of the necessity. But volume alone is insufficient. The path forward is illuminated by the researchers’ recommendations: embrace independent, science-based oversight; empower communities and experts; champion transparency and nature-based solutions; and harness local knowledge. It’s time to build not just concrete barriers against water, but ironclad systems of integrity against corruption. The floodwaters will keep coming. The question is, will the defenses we build be robust, resilient, and worthy of the people they are meant to protect? Adopting this blueprint isn’t just good policy; it’s a fundamental duty to the Filipino people. Now is the best time to act, guided by scientific integrity and evidence-based practices.

BusinessMirror

PSE: ‘So what’ and ‘who cares?’

AJohn Mangun

OUTSIDE THE BOX

SK yourself this: why should the Philippine Stock Exchange (PSE) even matter—and who should actually care? Most Filipinos do not own a single share of stock, and many never will. But when the PSE struggles, it is not just traders who lose sleep. It is the entire economy quietly paying the price.

The PSE is not a casino for the rich, as cynics love to claim. It is supposed to be the national marketplace for capital—where savings meet opportunity. A functioning stock market fuels expansion, builds businesses, and finances ideas. When it works, investors earn, companies grow, and jobs multiply. When it fails, growth slows, and businesses queue up at banks like beggars for short-term loans.

“So what?” some might say. The “so what” is simple: without an efficient stock market, an economy becomes permanently small.

An efficient stock market is the backbone of long-term growth. It channels capital to productive enterprise and rewards innovation.

When that link is weak, small businesses stay small and big firms stop evolving. Money gets trapped in consumption and property speculation instead of moving into new industries. Savings sit in deposits earning less than inflation. The result: fewer factories, fewer exports, and very few global champions.

Look at South Korea. Its indus-

trial giants—Samsung, Hyundai, LG—thrived in part not because banks loved them but because the Korean Exchange gave them access to billions in public capital. Malaysia built a deep domestic market that financed its own development. In contrast, the Philippines still relies on bank lending, where rates are high and maturities short. Firms borrow for survival, not ambition. Without a vibrant stock market, there is no scaling up—just recycling the same mid-sized, family-owned firms. That is how an economy stays small.

We already learned this lesson in 1997. During the Asian Financial Crisis, countries with deep capital markets bounced back faster because domestic investors stepped in when foreign funds fled. The Philippines, dependent on consumption and external credit, had no such cushion. Two decades later, little has changed: the PSE remains shallow, illiquid, and detached from the real economy.

The data is embarrassing. The PSE Index fell roughly 18 percent in the past year. According to an “ASEAN

Nigeria launches $2.3

Dionisio L. Pelayo

Ruben M. Cruz Jr.

Eduardo A. Davad Nonilon G. Reyes

D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line:

So what? It matters because a strong stock market means a strong economy. Who cares? Apparently, no one powerful enough to fix it. The Philippine Stock Exchange is not dying. It is worse—it is being ignored to death.

Exchanges” summary, average daily turnover fell from about P9 billion in 2021 to P6.1 billion in 2024. Market capitalization hovers near $234 billion, only about half of GDP. That is not just weak; it is a portrait of structural neglect. Meanwhile, Indonesia and Malaysia, facing the same global headwinds, saw their markets reach record highs.

Government finally stirred in mid-2025 with the Capital Markets Efficiency Promotion Act, cutting the stock transaction tax from 0.6 percent to 0.1 percent. Sensible, but late. By then, investors had already left. Foreign transactions posted a P23.2 billion net outflow in 2024— continuing a years-long trend of foreign selling. Confidence cannot be rebuilt through delayed gestures. Regulators keep talking about “financial inclusion” and “investor education.” Noble words. But the PSE still behaves like an exclusive club. Listing is tedious and expensive. Oversight is inconsistent. Conglomerates dominate while smaller firms are left out. Even the OECD politely calls the Philippine market “shallow and underdeveloped.” Sounds like the kid in high school who was voted “Least Likely to Succeed.”

The listed companies share the blame. Many treat the exchange as

billion

eurobond issue despite Trump’s threat

By Emele Onu & Henrique Almeida

IGERIA is planning to sell $2.3 billion in eurobonds as soon as this week, testing investor appetite for the debt days after US President Donald Trump threatened military action against Islamist militants in the country and sparked a selloff.

The government is moving ahead with plans to sell 10-year debt as well as 15- or 30-year securities, pending sign-off from the justice ministry, according to people with knowledge of the matter, who asked not to be identified because they weren’t authorized to speak publicly. Nigeria joins Kenya and Angola in raising foreign-currency debt from Africa this year, as resilient global growth and expectations of more interest-rate cuts from the US dialed up investor appetite for riskier assets globally, including high-yield sovereign bonds. The average spread for

African sovereign debt over US Treasuries has dropped by nearly half since April to 367 basis points, according to JPMorgan Chase & Co. indexes. The Nigerian offering would be the first since the country raised $2.2 billion in December. The proposed sale was briefly delayed, according to one of the people, after Trump threatened US military action against Islamist militants in the country for what he claimed was the Nigerian government’s failure to prevent systematic killings of Christians. Trump also threatened to cut off US aid.

The Nigerian offering would be the first since the country raised $2.2 billion in December. The proposed sale was briefly delayed, according to one of the people, after Trump threatened US military action against Islamist militants in the country for what he claimed was the Nigerian government’s failure to prevent systematic killings of Christians. Trump also threatened to cut off US aid.

Nigerian President Bola Tinubu rejected Trump’s characterizations in a post on social media platform X, saying that Nigeria has “constitutional guarantees to protect citizens of all faiths.”  Patience Oniha, head of the Ni-

a nuisance. Only three IPOs happened in 2024, raising P11.9 billion—the lowest in ASEAN. Major names like GCash and SM’s REIT walked away. Why go public when private capital is easier and scrutiny unpleasant? When businesses shun transparency, they shrink the nation’s growth potential along with their own. Stockbrokers, too, have learned to live with low expectations. With daily turnover barely touching P6 billion, commissions are thin, and enthusiasm thinner. Instead of demanding reform, most quietly adapt. The collective shrug is almost impressive.

A weak stock market signals more than investor fatigue; it exposes a lack of national ambition in capital formation. A robust exchange funds infrastructure, retirement savings, and government borrowing. When the PSE remains small and neglected, it mirrors an economy content with consumption and remittances rather than productive investment. And here lies the irony: the government preaches “inclusive growth,” yet leaves the stock market gasping for relevance. Business leaders talk about “nation-building,” yet prefer private loans over letting the public own a share of their success. Brokers complain about low volumes but accept the system as unchangeable. Everyone agrees something must change—just not today. So what? It matters because a strong stock market means a strong economy. Who cares? Apparently, no one powerful enough to fix it. The Philippine Stock Exchange is not dying. It is worse—it is being ignored to death.

gerian Debt Management Office, and a spokesperson at the finance ministry didn’t respond to requests for comment.  Nigerian lawmakers last month approved a plan to raise $2.3 billion in foreign debt by the end of the year, along with $500 million in sukuk Islamic notes. Nigeria has a $1.12 billion eurobond maturing on Nov. 21. Emerging-market governments have sold more than $245 billion in US- and euro-denominated bonds so far this year, already the most on a full-year record since 2014, according to data compiled by Bloomberg.

Wall Street’s AI energy agenda bleeds into global climate talks

By Alastair Marsh & Tim Quinson

IN a few days, the finance industry’s fundamentally altered approach to climate change will be on full display.

Gone are the days of bankers on bicycles handing out bamboo business cards, as they did in Glasgow for the COP26 summit in 2021. Gone, too, are most of the commitments to net zero alliances unveiled back then.

In fact, this year’s COP30 summit in Brazil will be conspicuously free of top-level bankers discussing how to cut their financed emissions. Instead of fretting over 1.5C, Wall Street is now laser focused on meeting demand for energy supply and energy security.

And that may end up being “a stronger motivation for the transition than the environmental concerns that preceded it,” says JennHui Tan, chief sustainability officer at Fidelity International.

The development, which in large part is driven by Big Tech investments in data centers to power artificial intelligence, means a lot more money is now flowing into renewable energy. At the same time, those flows aren’t enough to protect populations from the worst fallout of climate change.

The reality is there’s “a wide gap between annual investment today and the levels needed to materially reduce future economic losses caused by droughts, hurricanes, storm surges and rising sea levels,” said Rahul Ghosh, a managing director and global head of sustainable finance for Moody’s Ratings.

Capital allocations to the green economy are actually up, and clean energy stocks are enjoying a rally this year that’s left the Nasdaq 100 Index, the S&P 500 Index and the MSCI World Index far behind.

On the fixed-income side, banks are making more money providing loans and underwriting bond sales for green-related projects than they’re earning from fossil fuel companies.

But even with market indicators suggesting that green assets have hit their “glory days,” the rise in temperatures is set to surpass 2C, according to Aniket Shah, global head of sustainability and transition strategy at Jefferies.

“We’re going to miss most of our targets around decarbonization,” he said.

Even Bill Gates, the billionaire philanthropist and long-time climate advocate, says it’s time to shift focus. In a headline-making memo sent on October 28, the co-founder of Microsoft Corp. said that climate talks in Brazil should be about how best to adapt to reality.

The COP30 summit offers “a chance to refocus on the metric that should count even more than emissions and temperature change: improving lives,” Gates said. And, importantly, he added, “more energy use is a key part of prosperity.”

Much of the summitry at COP30 is set to focus on climate adaptation. But as things stand, adapting to the physical fallout of a hotter planet is currently an area that’s dangerously underfunded, according to a report published on Oct. 29 by the UN Environment Program.

Private capital will need to play a major role in filling the gap. But that will largely have to take the form of so-called blended finance. And here, too, estimates show that deals combining public and private capital are

Even Bill Gates, the billionaire philanthropist and long-time climate advocate, says it’s time to shift focus. In a headline-making memo sent on October 28, the co-founder of Microsoft Corp. said that climate talks in Brazil should be about how best to adapt to reality.

stalling at alarmingly low levels.

Those bankers who are planning to make their way to Brazil this month say it’s important to learn from the mistakes of previous years.

“We’ve come to realize that we don’t really need big commitments or big numbers,” said Daniel Hanna, Barclays Plc’s group head of sustainable and transition finance. He also says the finance industry “should have a lot more humility around how hard this is and be more focused on where we expend our energies in support of decarbonization.”

Rhian-Mari Thomas, chief executive of the Green Finance Institute, says “we’re probably coming to the limits of some of the approaches that we’ve taken so far as a climatefinance community: some of the longer-term commitments and the really big tent initiatives.”

A regular complaint of the finance industry has been that aligning portfolios with global warming of no more than 1.5C isn’t feasible in a world that’s on track for temperature rises of roughly double that level. So identifying where banks and asset managers can make a tangible difference is key, according to the industry.

“We need to be much more specific and granular about what are the key levers the finance industry can pull on to move things forward,” Hanna said.

This year’s United Nations Conference of the Parties, which is COP30’s full name, won’t include any high-level representatives from the US. But while “the US is important,” its contribution to the trajectory of global emissions is “nowhere near as critical as you might think,” says Nick Stansbury, head of climate solutions at L&G.

“China, India and sub-Saharan Africa will be the determinant trilogy when it comes to deciding the global climate outcome,” he said. “And it’s this fact that makes me a countercyclical optimist because it’s in their long-term interests to decarbonize.”

Most of the financial professionals heading to Brazil won’t be going to the main COP30 talks in Belém, which is located in the heart of the Amazon rainforest. Instead, they’ll attend private-sector events in São Paulo. These include an event organized by the UN-supported Principles for Responsible Investment. When it comes to developments around green finance, “we’re happy with what we see in most markets,” said Nathan Fabian, PRI’s chief sustainable systems officer. “The situation in the US, however, continues to have its challenges.” Bloomberg

Goldman, HSBC revealed among Epstein’s bankers in legal filings

By Harry Wilson, Todd Gillespie & Yizhu Wang

CONVICTED sex offender Jeffrey Epstein moved funds using accounts at banks including Goldman Sachs Group Inc. and HSBC Holdings Plc, according to legal filings that shed additional light on his financial network.

Goldman held a wealth account for Epstein until 2010, two years after his conviction for a single count of soliciting sex from a minor that led to him serving a controversial 13-month sentence in Florida. Epstein died by apparent suicide in 2019 while in federal custody as he faced sex-trafficking charges.

How Epstein made his money, the banks he worked with and how much they knew about his crimes have been the subject of intense focus since his death. Some banks that did business with Epstein have settled with his victims and lawmakers have called for probes into his financial dealings.

“We terminated our client relationship with Mr. Epstein, and his assets were transferred out of the firm in 2010,” Goldman Sachs spokesperson Tony Fratto said.

An HSBC representative declined to comment.

Epstein’s name is listed with three accounts at HSBC’s Swiss privatebanking arm, according to 2019 sus-

picious activity reports filed by JPMorgan Chase & Co. with the Financial Crimes Enforcement Network. He’s also listed alongside accounts at BNP Paribas SA and a bank now part of Truist Financial Corp., the documents show. The existence of those accounts, along with the ones at Goldman and HSBC, haven’t been previously reported. Representatives for Truist and BNP Paribas declined to comment.

The documents show ties between Epstein and the accounts, but don’t detail dollar amounts in individual accounts or the extent of his relationship with each firm. The reports were unsealed by a federal court in Manhattan following an application by The New York Times and Wall Street Journal.

In an initial suspicious-activity report filed in August 2019—three days after Epstein’s death, and six years after JPMorgan ended its client relationship with him—the bank said its filing related to 469

wire transactions worth about $200 million that took place from October 2003 to May 2019. An amended report filed a month later by JPMorgan added a further 44 subjects and covered 4,725 transactions worth $1.08 billion that took place from October 2003 to July 2019 involving current and former customers of the bank.

JPMorgan filed four previous suspicious-activity reports about Epstein, from 2008 to 2016, for far smaller amounts than the 2019 filings.

A Fifth Third Bancorp account also appears under Epstein’s name. The Cincinnati-based lender maintained an account for a different person who “happens to share the same first and last name,” a spokesperson said in an emailed statement. “Our institution has no relationship with the Jeffrey Epstein who was implicated in criminal activity and is now deceased.”

Pershing LLC, a provider of clearing and back-office services to broker-dealers that was later acquired by Bank of New York Mellon Corp., was also named in the filing. BNY has been sued by victims for processing $378 million in payments to women trafficked by Epstein.

A BNY spokesperson declined to comment.

The filings also refer to accounts at JPMorgan, Deutsche Bank AG and

Puerto Rico’s First BanCorp. Those institutions’ relationships with Epstein have been previously reported. JPMorgan and Deutsche Bank have both paid out tens of millions of dollars to settle claims from Epstein’s victims related to their involvement in handling his accounts.  JPMorgan reached a $290 million settlement with lawyers for victims in June 2023 and agreed to a further $75 million settlement that September with the US Virgin Islands, which had brought a separate case against the bank. Deutsche Bank reached its own $75 million settlement with victims in May 2023. JPMorgan has said it regretted its association with Epstein. Deutsche Bank didn’t admit to any wrongdoing and said in a statement at the time of its settlement that it had taken steps to improve its controls.

The documents—which also cite some transactions dating to as recently as 2019, the year Epstein died—flesh out the web of bank accounts suspected to have been used to move money tied to human trafficking. He and his legal team fought to contain a money-laundering probe against him that started in 2007, Bloomberg News reported on Friday. Bloomberg

EU rush to seal 2040 climate deal faces dilution threat

By John Ainger & Ewa Krukowska

THE next stage of Europe’s climate transition hangs in the balance, with ministers meeting in Brussels to hash out a deal on the emissions cuts they expect to deliver in the next decade.

The aim is to secure backing for a goal to cut emissions by 90 percent by 2040 relative to 1990 levels, as well as sign off on an updated climate pledge to submit to the United Nations, just days before the COP30 summit is due to kick off in Brazil.

Even with assurances over support for key industries, such as steel and cement, a number of European Union countries said they will oppose the target or demand more concessions. The broad consensus on climate action that prevailed five years ago has splintered, giving way to trade protectionism and policies that seek to counter the impact of rising energy costs.

The Czech Republic reiterated its opposition to the 90 percent target on Tuesday amid concerns about the costs of the transition and a lack of thorough analysis of the impact on various sectors. Hungary and Poland also said they would seek additional flexibilities.

“We do think that we need realistic targets, we do think we need to take into consideration European

competitiveness,” Aniko Raisz, Hungarian state secretary for environmental affairs, told reporters before the ministerial meeting.

The plan proposed by Denmark, which is chairing today’s talks as the holder of the EU’s rotating presidency, is to secure a broad majority for the 2040 target and then use it as the basis to agree the UN pledge. An ambitious position on both would show that the EU is still a leader in the fight against global warming, in a marked contrast to the US under President Donald Trump.

Support for the goal of cutting emissions by 90 percent, and the conditions that underpin it, requires a qualified majority of the EU’s 27 member states. The bloc has traditionally sought to secure backing for new goals from as many member states as possible, while ensuring that the biggest nations, such as France and Germany, are on board.

If an agreement is reached, member states will negotiate with the European Parliament and the Euro -

pean Commission on the final goal. It will be an intermediate objective between two already existing binding targets: net-zero emissions in 2050 and a 55 percent cut by 2030 compared with 1990 levels.

“The European Union bears responsibility for global climate protection,” German Environment Minister Carsten Schneider said in a statement on Monday, adding that Germany supports the 90 percent target. “Europe can and will demonstrate that strong climate protection and a strong economy go hand in hand.”

France has secured concessions from the commission, the bloc’s executive branch, on steel and language on technical neutrality, a term often used to open the door to more nuclear power. The EU is also set to make changes to a controversial new carbon market that covers emissions from heating and road transport, known as ETS2, to limit price rises for consumers.

One of the most divisive issues is likely to be the use of international credits generated under Article 6 of the Paris agreement. Poland wants to increase the limit for credits to 10 percent of the bloc’s baseline net emissions in 1990, compared with the 3 percent proposed by the

European Commission. Some other nations also want to bring forward the starting date for their use from the currently proposed 2036.  Environmental lobbies are also concerned about a review clause that could bring into question the 90 percent goal for 2040. In a paper circulated to member states last week and seen by Bloomberg, France called for a reinforced mechanism to take into account how much CO2 is being absorbed by natural sinks, potentially leading to a 3 percent reduction in the goal if removals prove insufficient.

“We are at a critical time where we need to set the direction for the European Union’s path towards climate neutrality and we need to agree to a 2040 climate target,” Sweden’s Climate Minister Romina Pourmokhtari told her counterparts in Brussels. “We need to go to COP with a strong message to get others aboard.”

The EU has already missed key deadlines to submit its climate pledge to the UN and Tuesday’s discussions will likely mark the last opportunity to do so before world leaders meet in the Amazonian city of Belem on Thursday and Friday. With assistance from Iain Rogers and Michal Kubala/Bloomberg

Global funds add to warnings of risks in private credit

By Echo Wong, Venus Feng & Bei Hu

FROM global banks to alternative fund managers, more senior financiers are joining a growing chorus warning of cracks in private credit.

TCW Group Inc.’s Chief Executive Officer Katie Koch told a forum in Hong Kong on Wednesday that she’s “very nervous” about parts of private credit. Tony Yoseloff, chief investment officer of Davidson Kempner Capital Management LP, said there’s been a “race to the bottom” in terms of covenants.

credit right now, Koch said at the Global Financial Leaders’ Investment Summit. Yoseloff said on a separate panel that private credit’s impact is particularly being seen in the US, and “the reality of that is, there’s been a race to the bottom in terms of the covenants that are provided, the coupons that are earned.”

US life insurers have ramped up private debt investments over the past few years, allocating close to one-third of their $5.6 trillion in assets to the sector last year, up from 22 percent a decade ago, according to data compiled by research firm CreditSights.

told the Hong Kong forum that there are areas that need to be watched in private debt, including liquidity mismatches and funding through openended vehicles. In Australia, there is even financing through retail funds that can be bought and sold on a daily basis, he said.

continued from A10

2023, Tinubu has taken steps applauded by investors, including eliminating costly fuel subsidies that weighed on the government’s budget. He also overhauled the tax system, while the central bank allowed the naira to trade more freely. Those measures contributed to a

credit upgrade this year by Moody’s Ratings. The firm raised Nigeria to B3 from Caa1, citing “significant improvements in the country’s external balance and fiscal position.”  That places Nigeria on the cusp of “re-entering the broader pool of emerging markets considered investable by institutional debt investors,” Moody’s said. With assistance from Robert Brand, Benjamin Harvey and Ruth Olurounbi/ Bloomberg Nigeria. . .

Their comments come as private credit—or lending done outside the heavily regulated banking sector—has ballooned to a $1.7 trillion industry. Some banks are making conscious decisions to collaborate with private credit players to earn fees and tap ever-deeper pools of capital, while others say the combinations are risky and could infect the banking sector.

Los Angeles-based asset manager TCW is 15 percent underweight

They spoke a day after UBS Group AG Chairman Colm Kelleher highlighted risks in the US insurance industry, citing weak and complex regulation as private financing booms.  US life insurers have ramped up private debt investments over the past few years, allocating close to one-third of their $5.6 trillion in assets to the sector last year, up from 22 percent a decade ago, according to data compiled by research firm CreditSights.

Marc Rowan, CEO of Apollo Global Management Inc., shot back at Kelleher on an earnings call, saying he was “just wrong.” Apollo’s Athene Holding Ltd. insurance unit mostly uses the big three credit rating companies to assess its assets, while most of banks’ balance sheets don’t have credit ratings at all, Rowan said.  Still, Rowan agreed that risks are posed by offshore jurisdictions that don’t have the same regulatory and ratings standards as the US. “So, Colm is not wrong at this point in the credit cycle to say that there are systemic risks piling up,” he said on the call with analysts.  Chris Gradel, co-founder of PAG,

“I’m a huge skeptic on these semiliquid products,” said Gradel. “Managing illiquid investments in an open-ended structure is extremely difficult.”  He suggested more regulatory oversight, including of insurance firms that are funding private debt and other alternatives. Gradel added the caveat that the private debt sector “is not quite big enough yet to be really a systemic risk.”

Speaking at the forum, another Apollo executive, John Zito, co-president of the asset management arm, said the firm is reducing risk in the private credit space.

“We’re really trying to be as conservative and actually in risk reduction mode over the last 12 months,” Zito said. Bloomberg

Thursday, November 6, 2025

2nd Front Page

BusinessMirror

DICT’S AGUDA: ATTEMPTS MADE TO DISRUPT BANKS VIA DDOS

THE Department of Information and Communications Technology (DICT) has reported there were several attempts to disrupt the services of banks on Wednesday through Distributed Denial of Service (DDoS) attacks.

Citing the report of their Cybersecurity Bureau, DICT Secretary Henry R. Aguda, however, said the said cyberattacks against the said banks, which he did not identify, failed.

“The banking sector is the most affected [by the DDoS attacks]. But so far, none of those banks have reported any disruption in their operations,” Aguda said in a press briefing in Malacañang.

DICT was on alert on November 5 after it received reports there would be massive DDoS attacks that day. It activated its Oplan Cyberdome, where it coordinated with the Cybercrime Investigation and Coordinating Center and the National Telecommunications Commission, law enforcement agencies, and other stakeholders to monitor and prevent such cyberattacks.

Aguda likened the DDoS to a “traffic jam” for internet services, wherein a website receives numerous requests for access resulting in a slowdown in its operations. He clarified that a DDoS is not a kind of hacking and does not result in any stolen data.

He said the government as well as

critical infrastructure providers are ready to fend off such cyberattacks with their anti-DDoS equipment.

As of Wednesday afternoon, Aguda said they do not expect the cyberattacks will result in any economic losses for the affected users and companies, especially after they issued an advisory about it during the weekend, allowing the public to prepare for its potential effects.

“Since we did the advance announcement, [employers] have advanced [the payment of] salaries in GCash or Maya [to their employees]. As for others, [they] did their digital transactions ahead of time. That’s the beauty of the early advisory from DICT, so there will be no economic impact [from the cyberattack],” he said in Filipino.

The DICT chief said Oplan Cyberdome will continue, in line with the orders of President Ferdinand Marcos Jr., especially with the expected influx in commercial online scams during the Christmas season.

The said initiative, he said, will not only monitor DDoS, but also financial scams and also online gambling.

“So this [coordination] will continue and we’re making sure, we’re working with BSP [Bangko Sentral ng Pilipinas], with the banks, with the law enforcers, to make sure Christmas will be peaceful and ecommerce and e-transactions will continue,” Aguda said. Samuel P. Medenilla

As Konektado IRR awaited, $10.5B seen from 7 telcos

By Lorenz S. Marasigan & Samuel P. Medenilla

SEVEN telecommunications firms from four continents are poised to pump as much as $10.5 billion annually into the Philippines following the imminent publication of the Konektadong Pinoy Act’s Implementing Rules and Regulations (IRR). Department of Information and Communications Technology (DICT) Secretary Henry R. Aguda said each new entrant is expected to invest a minimum of $1.5 billion per year to build and upgrade internet infrastructure, with the IRR expected to be published by Friday (November 7) at the “latest” and taking full effect 15 days after publication.

The regulations are currently being “routed to three other secretaries” for approval.

Aguda said the “six to seven” telecoms are mostly fiber operators, but some are satellite and mobile providers. Of the seven, two are expected to “hit the ground running” soon after the IRR’s effectivity. He declined to name them, but said they are from “Asia, Europe,

America, and Oceania.”

The $1.5-billion investment level is typical for telecommunications operators planning significant network expansion in emerging markets, he explained, noting how incumbents spent the amount annually to build and widen their networks.

“So, when they submit a formal letter of intent or application, it will be publicized. So, you can see that on the DICT website,” Aguda said.

The investments will help increase the country’s existing cell sites from 30,000 to 100,000 and expand fiber optic access from the current 50 percent coverage— based on DICT’s mapping initiative with the Australian embassy—to full nationwide coverage.

Once the IRR takes effect, consumers may gain access to unlimited data plans for less than P500 or receive additional perks at current price points, Aguda said.

The IRR was developed for almost three months following RA 12234’s lapse into law in late August. It incorporated feedback from nationwide sectoral and stakeholder consultations, 50 position papers from the private and

Angara hails Marcos’ OK of PLUS-D initiative

By Claudeth Mocon-Ciriaco

EDUCATION Secretary Juan Edgardo “Sonny” Angara on Wednesday lauded President Ferdinand Marcos Jr. for approving the Project for Learning Upgrade Support and Decentralization (PLUS-D), a nationwide education initiative that will tackle learning losses and grant more autonomy to regions and schools in implementing improvements.

Angara said the project signals a major shift toward empowering those closest to the learners to make key decisions that directly impact learning. Marcos, as chair of the Economy and Development (ED) Council, has approved the said initiative.

Managed by the Department of Education (DepEd), PLUS-D will channel resources and technical sup-

port straight to schools and regional offices to speed up learning recovery in the early grades and upgrade instruction in junior high school. The project combines nationwide learning interventions with targeted grants to more than 11,000 schools identified as ready to implement decentralized activities.

Supported by the Department of Economy, Planning, and Development (DEPDev), the six-year project will be financed through a P34.79 billion (USD 600M) World Bank loan and a P3.47 billion (USD 60M) counterpart from the Philippine government with around 21.2 million K-10 learners stand to benefit from the combined nationwide and targeted interventions.

“Alam nating hindi kailangan na pare-pareho ang solusyon sa paglutas ng learning gap sa bawat silid-aralan

With PLUS-D, schools with the capacity and readiness can move faster, innovate more, and be held accountable for real results for learners. We need to trust those closest to the children,” Angara said.

PLUS-D will provide system-level interventions, including technical and operational support for a nationwide learning acceleration program to address learning gaps in Kindergarten to Grade 6, complementing the ongoing Academic Recovery and Accessible Learning (ARAL) Program.

In addition, a key feature of the project is a grant program for regional offices and schools, allowing them to finance targeted interventions for local-level learning improvement, teachers’ capacity enhancement, and inclusive education. It also includes a stronger

performance-based accountability mechanism where schools that significantly improve learning outcomes may receive additional funding and public recognition.

The initiative also aims to add to the number of teachers receiving laptops as a complement to the current Computerization Program and in support of DepEd’s push for digital transformation in basic education. Implementation will begin in select regions, based on readiness indicators such as planning capacity, financial management, and school governance systems.

“This approval sends a clear message that education reform will no longer be centrally controlled and painfully slow. Our mission is to let local leadership thrive, and let Filipino learners recover and rise,” Angara concluded.

public sectors, and workshops conducted with World Bank assistance.

Under the new regulations, applications from prospective telecommunications operators can be approved within one week if all necessary requirements are submitted.

Furthermore, new players will not need a congressional franchise to operate, provided they meet DICT’s technical and security standards.

“Under the new IRR, we are opening the data transmission industry to more qualified players. This means that without a congressional franchise, as long as they pass our technical and security standards, they can receive and provide services,” Aguda said.

Local telecommunications companies have opposed RA 12234, arguing it contains unconstitutional provisions, creates regulatory imbalance, and exposes the public to cybersecurity risks.

To address these concerns, DICT will require all new data transmission industry participants to comply with the National Cybersecurity Plan 2023-2028.

The Konektadong Pinoy Act is

among the priority measures of the Legislative Executive Development Advisory Council (LEDAC) aimed at accelerating internet connections, reducing costs, and expanding access to more Filipinos.

Better Internet Philippines, an advocacy coalition, expressed enthusiasm for the law’s implementation.

“With the Konektadong Pinoy Act, we can expect to see ISPs provide service in many underserved and unserved areas throughout the country. The changes we hope to see include higher internet household penetration, more schools connected to reliable internet—not mobile data—and more affordable data plans,” Better Internet Philippines Convenor Grace MirandillaSantos said via text. Mirandilla-Santos noted that the changes could include higher internet household penetration, more schools connected to reliable internet beyond mobile data, and more affordable data plans. She emphasized that once implemented, consumer feedback through apps like OpenSignal will have “a direct impact on the services we get.”

PBBM backs thorough probe of Cebu floods; envoys express solidarity

MALACAÑANG said President Ferdinand Marcos will not allow political affiliations to hamper investigations into the possible cause of the recent heavy flooding in Cebu despite the province’s P26-billion flood control projects.

Palace Press Officer Claire Castro said the Marcos administration is ready to work with Cebu Province Governor Pamela S. Baricuatro to determine who should be held accountable for the severe flooding in the island province after it was hit by typhoon Tino (international name: Kalmaegi).

As of Wednesday afternoon, the death toll had hit 93, including 42 children under 2 years old.

In the wake of Typhoon Tino’s devastation across Visayas and Mindanao on November 4, foreign embassies and diplomats in Manila have extended condolences and pledged support for recovery efforts.

Baricuatro ran for Cebu governor in the 2025 National and Local Elections under the Partido Demokratiko Pilipino—the political party of former President Rodrigo R. Duterte.

“Even if [they] are not allies of the President, no matter what [their political] color is, the President is ready to help anyone as long as they need help from the government,” Castro said in a press briefing on Wednesday. Baricuatro blamed the substandard or “ghost” flood control projects since 2019 in Cebu for the worst flooding in the island province in recent history.

The provincial government of Cebu is now cooperating with the Independent Commission for Infrastructure (ICI) to investigate the anomalous public works within its jurisdiction.

The report from Baricuatro, Castro said, prompted the President to have the matter investigated.

Citing data from the Department of Public Works and Highways (DPWH), Castro said 343 flood control projects were built in Cebu from 2016 to 2022. Of these, two were

terminated. The number of flood control projects in the province increased by 168 from 2023 to 2025.

“And if Governor Baricuatro has any more information, facts, or data that can help our government hold those who should be held accountable, that is welcome,” she said.

The Provincial government of Cebu has placed the entire province under a state of calamity so it can tap its emergency funds for its rescue, relief and rehabilitation efforts.

Castro said Marcos is expected to visit Cebu soon to look into the status of the distribution of government aid and rehabilitation efforts in the disaster-hit province.

Solidarity with PHL ALSO on Wednesday, foreign embassies and diplomats in Manila extended condolences and pledged support for recovery efforts.

Widespread flooding trapped residents on rooftops and swept away vehicles in central provinces still reeling from a deadly earthquake weeks earlier.

US Ambassador Mary Kay Carlson said, “My heart goes out to everyone affected by Typhoon #TinoPH’s devastation. We extend our condolences to the friends and families of those who perished and salute the brave first responders on the scene.”

She added that the United States, working with its allies, “stands ready to assist.”

Australian Ambassador Marc Innes-Brown echoed this, expressing “deepest condolences to the families and loved ones of those who perished or are missing due to #TinoPH,” and affirmed that Canberra “stands ready to work with the Philippine Government and our partners to assist in recovery efforts on the ground.”

The Canadian Embassy also conveyed its solidarity, saying, “We extend our condolences to those who have lost loved ones and our thoughts to communities coping with injury, displacement, and damage to homes and livelihoods.”

Editor: Jennifer A. Ng

B1 Thursday, November 6, 2025

Monde Nissin income slides on spike in edible oil prices

By VG Cabuag @villygc

MONDE Nissin Corp. on Wednesday said its core attributable income for the nine months of the year fell 3 percent to P7.19 billion from the previous year’s P7.45 billion on higher prices of commodities, such as edible oils.

Henry Soesanto, the company’s CEO, said its Asia Pacific branded food business delivered modest topline growth in the third quarter, supported by volume growth in biscuits and other categories.

“Our strong start to October, with record domestic sales, is encouraging; however, we remain cautious

given the uncertainties ahead in the fourth quarter. While higher edible oil costs continue to put pressure on our gross margins, we are beginning to see the benefits of our pricing adjustments and cost-saving initiatives, such as reformulation,” Soesanto said.

“We expect these efforts to drive

gradual gross margin recovery in the succeeding quarters, though full year gross margin is still expected to be lower than last year.”

As for its veggie meat business, he said the company is seeing continued easing of year-on-year declines and the significant gross margin improvement this quarter, which expanded by over 500 basis points year-on-year.

“While category conditions remain challenging, the improvement in EBITDA [earnings before interest, taxes, depreciation and amortization] demonstrates that our initiatives are making steady progress. We will continue to focus on driving efficiency and supporting a gradual recovery as we navigate the current market environment.”

Net sales for the nine-month period rose 3 percent to P63.26 billion from the previous year’s P61.14 billion.

Its branded food group, with products such as Lucky Me! noodles and Sky Flakes biscuits, rose 4 percent to P53.28 billion from the previous year’s P51.05 billion, but its alternative meat business fell 1 percent to P9.97 billion from P10.09 billion recorded a year ago.

For the third quarter alone, its attributable core income inched up by 4 percent to P2.45 billion from the previous year’s P2.35 billion. Sales, meanwhile, grew 4 percent to P21.8 billion from P21.01 billion a year ago.

Gross margin contracted 279 basis points year-on-year to 34.8 percent for the nine months and 355 basis point to 34.4 percent in the third quarter, primarily due to higher edible oil costs. On a sequential basis, however, gross margin improved by 153 basis point, reflecting the impact of pricing actions and early benefits of cost management initiatives, the company said.

‘URC may face raps for waste spill’

By Samuel P. Medenilla @sam_medenilla

GOKONGWEI-OWNED Uni-

versal Robina Corp. (URC)

may face charges if it is proven that its Bais distillery has violated environmental laws or regulations for spilling wastewater into the Bais Bay, according to Malacañang.

The Department of Environment and Natural Resources (DENR) issued a 90-day interim cease and desist order against the said distillery of URC due to the illegal wastewater discharge last October 26.

URC attributed the spill to earthquake-induced cracks in the lagoon, where wastewater from the distillery was collected.

In a press briefing last Wednesday, Palace Press Officer Claire Cas -

tro said the government is looking into URC’s possible violation of Republic Act 11038 or the Expanded National Integrated Protected Areas System Act of 2018.

“If a law is violated, the government will not hesitate to file a case (against URC),” she said in Filipino.

The spill was reported to have spread to 3,000 hectares of sea and affected parts of the Tañon Strait Protected Seascape and parts of the Bais Bay near Bais City and Manjuyod town.

Bais City Mayor Luigi Marcel Goñi condemned the latest spill from the distillery. He claimed similar incidents have happened in previous years.

For his part, Negros Oriental Governor Chaco Sagarbarria said the spill has affected 4,500 families from 13 barangays.

Castro said the DENR has already coordinated with the Philippine Coast Guard and the affected local government units (LGU) to contain the spill, which is poisonous to living organisms.

“There has also been a conversation with the URC Bais Distillery since they need to fix (the environmental disaster) immediately,”

Castro said.

Last Monday, URC said it deployed 127 of its personnel to assist in repairing the damaged part of the containment lagoon.

The Bureau of Fisheries and Aquatic Resources (BFAR) issued a warning in the affected communities not to fish or collect aquatic organisms such as seaweed in the contaminated areas since it can be harmful to their health, according to Castro.

AMD outlook underwhelms investors following AI-fueled rally

DVANCED Micro Devices

AInc. (AMD), the main contender to Nvidia Corp. in the artificial intelligence (AI) chip market, failed to impress investors with its revenue forecast after an eye-popping rally sent expectations soaring.

Fourth-quarter revenue will be roughly $9.6 billion, the company said in a statement Tuesday. Though analysts had estimated $9.2 billion on average, some projections ranged as high as $9.9 billion. Investors have bet heavily on AMD following blockbuster agreements with OpenAI and Oracle Corp., which plan to use the company’s chips in their build-out of artificial intelligence computing. The hope is that AMD can finally crack Nvidia’s dominance in the AI processor market.

Third-quarter sales rose 36 percent to $9.25 billion, beating a $8.7 billion average estimate. Profit was $1.20 a share, minus certain items. Analysts projected $1.17 on average, according to data compiled by Bloomberg.

The data center business, the main beneficiary of AI spending, rose 22 percent to $4.3 billion in the period. Analysts had predicted $4.14 billion on average. Personal

D&L bullish on biz prospects for 2026

CHEMICAL manufactur -

er D&L Industries Inc. on

Wednesday said it is optimistic that 2026 will be a better year for its business even as it targeted a 10-percent profit growth for 2025.

“From what we see, interest rates are coming down, not just in the Philippines, but even in the United States and in other markets as well. That usually has a big impact on the economy. So, from that perspective, 2026 should be better,” company president and CEO Alvin D. Lao said. “You can see that our exports are continuing to do well. We have a lot more (overseas) customers lined up and we have a lot more plans to continue to grow exports.”

“Just looking at exports alone, revenue grew by 20 percent (in January to September), gross profits are higher by 22 percent, and then the blended gross profit margin for exports is 17.2 percent, which is higher than the domestic blended gross profit market which is 11.4 percent.”

He said the company is “not that far away” from the 10-percent income target for the year. “We’re going to try our best to hit that.”

For the nine months of the year, the company’s income grew 8 percent to P1.95 billion from the previous year’s P1.81 billion.

Sales rose to P41.29 billion, a 40 -percent increase from the previous year’s P29.48 billion, mainly on the increase of coconut oil prices, which is just being passed on to their customers, according to Lao.

For July to September alone, the company’s income rose 12 percent to P554 million from the previous year’s P493 million.

Sales grew 40 percent to P14.86 billion from the previous P10.5 billion.

Coconut oil, a key raw material for the company, saw its average price surge by 78 percent year-onyear during the period. In the third quarter alone, prices reached a new all-time high of nearly $3,000 per metric ton, almost triple the lows recorded in 2023. The company said the increases of coconut oil were “unprecedented” and weighed on the company’s overall blended margins, which declined by 3.2 percentage points in the ninemonth period.

While prices have since corrected by about 17 percent from their recent peak, they remain elevated by historical standards, he said. D&L said it expects margins to fully recover once commodity prices begin to normalize. VG Cabuag

computer-related sales rose 73 percent to $4 billion. The average prediction was $2.6 billion. In the statement, Chief Executive Officer Lisa Su said the numbers marked “a clear step up in our growth trajectory” as AMD looks to AI to drive revenue and earnings growth. She told analysts on a conference call that the AI business will generate “tens of billions” of dollars in annual revenue by 2027. The company’s PC chip business, meanwhile, should grow faster than the overall market, she said. During the call, analysts pressed Su on when more growth would kick in, particularly for AI chips. At the moment, the company’s AIfueled business is actually expanding more slowly than its traditional PC chip business.

In response, Su reiterated a projection that the market for AI processors would generate more than $500 billion a year. The company will give more details on its outlook at an investor meeting next week, she said. “Whereas $500 billion sounded like a lot when we first talked about it, we think there is a larger opportunity for us over the next few years,” she said. “That’s pretty exciting.” AMD’s recent agreements with

OpenAI, Oracle and the US Department of Energy reflect increased interest in its MI series of AI accelerators. Those products, which go head-to-head with chips from Nvidia, are used in data centers to create and run AI services.

AMD is also one of the largest providers of graphics chips and central processing units used in PCs and servers. Last month, rival Intel Corp. pointed to strong demand for new AI-capable laptops and corporate servers. AMD has been taking market share from its longtime nemesis in those key areas.

But like Nvidia, AMD has been caught up in the growing standoff between China and the US. Washington has placed restrictions on shipping the most powerful AI accelerators to the Asian nation, citing security concerns. Chipmakers have lobbied for an easing of the rules, arguing that doing more business in China would strengthen the US.

A recent meeting by President Donald Trump with Chinese counterpart Xi Jinping raised hopes that some of the restrictions would be lifted, but the impasse hasn’t been resolved. At the same time, Beijing is pushing local companies to rely on homegrown alternatives. Bloomberg News

www.news.businessmirror@gmail.com

TOP LAWYER

This

Banking&Finance

Blockchain tech touted to track budget, spend

By Erwin James Gianan Intern

USING blockchain to track government spending could pose more problems than solutions, given its complexity and vulnerability to tampering, experts warned.

During the joint hearing of the House Committees on Science and Technology and on Finance, experts and academics raised doubts about embedding a blockchain system under the proposed “Citizen Access and Disclosure of Expenditures for National Accountability,” or “Cadena” (Tagalog word for chain).

Undersecretary David L. Almirol Jr. of the Department of Information and Communications Technology (DICT) explained Cadena is being created as “a transparency digital portal where people can not only see the budget, but they can see even the movement and the statuses of this budget moving forward.”

Chiming in, Sen. Paolo Benigno

“Bam” A. Aquino added that Cadena aims to strengthen public trust and fight corruption through transparent records of government spending by way of embedding a blockchain in the management of the national budget.

However, Adolfo Jose A. Montesa of the People’s Budget Coalition (PBC) raised concerns over whether a blockchain system is appropriate for the management of government funds.

“I feel like some of the aspects here might, de facto, lock us into blockchain. Everything that I’ve heard so far, it seems like blockchain is the only technology that meets these standards right now,” Montesa said during the hearing.

He added that the blockchain technology might prefer market dynamics and certain vendors over end-users like budget watchdogs and citizens.

But Aquino said lawmakers want to keep “it technology neutral because we understand in a year or two years from now, it may not be the gold standard anymore.”

“Currently, that seems to fit the bill in terms of what we want to see,” he added.

A blockchain is a decentralized digital ledger that records transactions with a network of computers, where each transaction is saved as a block linked to the previous one, and is secured by cryptography.

“I understand that a number of our watchdogs and a number of our citizens aren’t well-versed in blockchain. Naintindihan ko yan. But it’s not new,” Aquino said.

According to Gail Concepcion CruzMacapagal of the Blockchain Council of the Philippines, this wouldn’t be the first time the technology has been used in the country. Macapagal said that up to 145 companies use blockchain technology. She cited a local startup that created a digital-signature technology using blockchain. The startup’s technology, which was partly-funded by the Department of Science and Technol-

Frozen assets AMLC linked to corruption in infra at ₧6B

By Bless Aubrey Ogerio

THE total value of frozen assets linked to alleged corruption in public infrastructure projects has climbed to P6.3 billion, the AntiMoney Laundering Council (AMLC) revealed.

The council reported that the freeze now covers 1,671 bank accounts, 58 insurance policies, 244 motor vehicles, 144 real properties, and 12 e-wallet accounts.

“With the issuance of the seventh Freeze Order, this figure is expected to rise further,” read a statement the AMLC issued last Wednesday.

With the recent issuance of the FO by the Court of Appeals (CA), dozens

ogy, was branded as “safe and legally binding.”

Macapagal noted that the startup’s digital-signature technology saves cost by cutting the signing cycle from up to two weeks to just 40 minutes.

Expanded coverage

CURRENTLY, documents covered by the bill include disbursement data like agency financial statements, fund release documents, audit reports, and more. Some experts, however, proposed expanding the coverage of the bill.

Macapagal is pushing for the bill to add donations given in the aftermath of natural disasters like typhoons.

“I saw with my personal eyes na may mga donations na binawi after mag-picture taking, so I want to know kung saan ’yun manggagaling, saan mapupunta, at sino ang tumatanggap,” she said during the hearing.

Montesa also pushed for the inclusion of ‘ayuda’ lists, which then raised concerns regarding the data privacy of recipients.

But BCP’s Mark S. Gorriceta said that the reference of the Data Privacy Act could be misused to hide project beneficiaries, supplier names, or fund flows.

“I’d like to reinforce the principle that public money is public data, and let’s limit exceptions strictly to national security,” Gorriceta, who is also a lawyer, added.

His view was supported by Sen. Aquino, who said that because government is “spending hundreds of billions in our dole-out programs; mahalaga na makita nati na totoong tao talaga at totoong nangangailangan ang pinagbibigyan ng ayuda ng gobyerno.”

The proposed policy covers all public-private partnerships and foreignassisted projects using public funds and extends to all national government agencies and government-owned and state-controlled corporations.

Additionally, the bill also encourages local government units to adopt the framework voluntarily.

De-centralization

AQUINO further explained that by using a decentralized system like blockchain, public financial records could be more resistant from tampering.

The solon added that to further emphasize decentralization, he also plans to hand control of the blockchain nodes not just to the government, but to private and media organizations, schools, and even budget watchdogs like the PBC.

Goricetta pushed the idea further by proposing data embassies, which are data nodes hosted off-shore but still under Philippine control that can be used for data backup and other critical services.

Edmundo “Toti” G. Casiño of the Philippine Computer Society proposed establishing the data embassy in Iceland to manage the temperature and water resources needed for maintenance.

How much this would cost taxpayers, Casiño didn’t mention.

of additional high-value properties and luxury vehicles have been added to a list that the AMLC described as “growing.”

The latest FO targets 45 more real estate properties and 81 vehicles, including high-end sports cars, SUVs, and luxury motorcycles, reportedly linked to former government officials.

The move forms part of the

AMLC’s ongoing investigation into alleged misuse of public infrastructure funds, particularly controversial flood control projects.

“We assure the public that our efforts have not ceased,” AMLC Executive Director Matthew M. David was quoted in the statement as saying.

“We continue to pursue every lead, secure every necessary order, and hold accountable those who misuse public funds.”

This latest action builds on the first freeze order granted by the CA on September 15, signaling an intensifying crackdown on alleged graft and mismanagement of public resources.

A statement issued by the Insurance Commission the day after, on September 16, read that the assets subject to the first FO “are linked to persons and entities currently under investigation by the Senate Blue Ribbon Committee for suspected

anomalies in government flood control projects. Preliminary findings by the AMLC point to a possible money laundering scheme involving public funds intended for flood control initiatives.” (See https://www. insurance.gov.ph/wp-content/ uploads/2025/09/Press-Releaseon-CA-ISSUES-FO-ON-ASSETSLINKED-TO-FLOOD-CONTROLPROJECT-CONTROVERSY.jpeg. pdf )

The sixth FO issued by the CA on October 10 linked several properties “to a former high-ranking government official suspected of playing a central role in the procurement process of the questioned flood control project contracts.” ( http://www.amlc.gov.ph/images/PDFs/Main/AMLC%20 Press%20Release_Sixth%20 Freeze%20Order.pdf ) The AMLC, however, didn’t name this official.

Recto to SEC: Get tough against predatory loans

By Ada Pelonia

INANCE Secretary Ralph G.

Recto has ordered the Securities and Exchange Commission (SEC) to tighten its crackdown on predatory loans by imposing interest rates ceiling and stringent measures on lending and financing firms.

A statement issued by the Department of Finance (DOF) quoted Recto as saying the SEC is finalizing a memorandum circular that would set caps on interest rates and other fees imposed by lending and financing companies. The Commission is seeking public input on the proposed guidelines until Novem -

ber 14, 2025.

“We need to further strengthen protection for our fellow citizens, especially as the number of online lending platforms increases, where people are often victimized by excessively high interest rates and become mired in debt,” Recto said. “The DOF will help the SEC tighten regulation on these.”

Under the proposed rules, the ceiling on interest rates and other fees will apply to unsecured general-purpose loans with a maximum amount of P20,000 and loan terms of up to six months.

The guidelines propose a maximum nominal interest rate of 6 percent per month or about 0.2

percent per day and an effective interest rate, including all other costs and fees, capped at 10 percent per month or around 0.33 percent per day.

The agency noted that late payment or nonpayment penalties would be limited to 5 percent per month on the outstanding amount. The SEC also intends to limit the total charges to the amount borrowed.

Credit providers that fail to comply with the interest rate caps would face a fine ranging from P25,000 to P100,000 for the first and second offenses.

Heavier penalties, including suspension and revocation of permits, might also be slapped on noncompli-

ant companies, the DOF said. “Through responsive policies and stronger enforcement actions, the SEC will ensure that lending practices remain fair, transparent, and aligned with consumer protection standards, while promoting the continued viability and competitiveness of legitimate financing and lending companies,” SEC Chairman Francis E. Lim said. Under Republic Act 11765 (Financial Products and Services Consumer Protection law), the SEC can determine reasonable interest rates and fees that financial service providers may demand, collect, or receive for any service or product offered to consumers.

Banks step up financing to firms behind deforestation

BANKS have arranged more than $425 billion of financing for the companies most responsible for deforestation over the past decade.

That includes $72 billion provided to the beef, palm oil, soy, rubber, timber and paper industries in the past 18 months, according to data compiled by Forests & Finance since the Paris Agreement was announced in 2015.

“This is really showing that the financial sector isn’t aligning its financial flows with the objectives of the Paris Agreement,” said Stephanie Dowlen, one of the authors of the report. “And that was something that they were obliged to do.”

TBy Mary Jade Gale Jadormio Intern

HE Land Bank of the Philippines (LandBank) reported posting a P35.65-billion net income as of the third quarter of the year.

A statement issued by the state-run lender last Wednesday read that Landbank’s earnings rose by 42 percent year-on-year and exceeded its full-year earnings of P35.36 billion in 2024.

The bank also recorded P3.45 trillion in total assets, which was largely driven by expansion of loan and investment portfolios, read the statement of the country’s second-largest universal and commercial bank.

The bank’s loan portfolio climbed to P1.70 trillion, following higher lending volumes across all client segments. Recently, Landbank launched a new lending program for micro-sized, small-scale and medium-sized enterprises.

The LandBank continues to push its developmental mandate, with loans to agriculture, fisheries, and rural development totaling over P812 billion, representing 47 percent of its to-

The comments come ahead of the United Nation’s COP30 climate summit in Brazil, where world leaders are starting to gather this week. “It’s clear that forest protection can’t be achieved by financing the same old chainsaw economy,” the Forests & Finance report said. “This decade of selfregulation hasn’t slowed destructive finance.”

The increase in lending has coincided with a decline in the landmass covered by rainforests. Global loss of tropical and boreal forests, which play a key role in removing carbon dioxide from the air, accelerated last year with a record 6.7 million hectares destroyed, according to Global Forest Watch, a platform run by

the nonprofit World Resources Institute. More than half the loss was linked to fires made worse by record heat.

The banks doling out the most money to so-called forest-risk commodity companies are based in Brazil, led by Banco do Brasil SA. The lender provided credit of almost $8 billion to the sector during the first nine months of this year, Forests & Finance found.

Banco do Brasil hasn’t responded to a request for comment.

Asset managers also are allocating more capital to the area, boosting their shareholdings in forest-risk commodity companies by $7.8 billion over the past decade to roughly $33

tal loan book, the statement read. The bank has released P1.95 billion in loans to over 12,300 borrowers, primarily small farmers and fishermen.

A total of 25,296 small farmers and fishers have also undergone training through the program’s capacity-building initiative. Digital transactions through the bank’s platforms hit 550.73 million valued at P3.14 trillion as of end-September, marking a 51-percent increase in transaction volume from the previous quarter.

Meanwhile, deposits also improved to P3.07 trillion as both government agencies and private sector clients continued to park funds with the bank.

“LandBank’s strong performance as of the third quarter underscores our prudent management, operational efficiency, and continued investments in digital innovation,” the lender’s President and CEO Lynette V. Ortiz was quoted in the statement as saying.

“We remain steadfast in our mission to drive inclusive growth, empower the agriculture sector, and deliver innovative financial solutions for all Filipinos,” Ortiz added.

billion at the end of September, the report said. The pulp and paper industry received the biggest inflow, followed by palm oil companies.

This year, equity investments in deforestation-linked industries have climbed at asset managers including BlackRock Inc., Vanguard Group Inc. and State Street Corp. The three firms are the world’s largest managers of index-tracking funds, which helps explain the increase because their funds must invest in all companies that are included in benchmark gauges. BlackRock and State Street declined to comment, while Vanguard hasn’t responded to a request for comment. Bloomberg

By Butch Fernandez @butchfBM

SENATOR Sherwin T. Gatchalian is taking a stand against unnecessary financial burden on power consumers by filing a bill that seeks to abolish the collection of bill deposits by distribution utilities (DUs) and electric cooperatives (ECs). Senate Bill (SB) 1470, or the Anti-Bill Deposit Act, also mandates the immediate refund of existing bill deposits and accrued interest. A bill deposit is a security deposit required from customers to guarantee payment of future electricity bills.

Health&Fitness

Gut microbiome seen to redefine modern medicine–doctor

By Rory Visco Contributor

MANY people rarely give time to think about what’s actually happening deep inside their bodies, specifically the gut. Little do people know that inside their bodies lives a thriving community—trillions of microorganisms quietly working around the clock to keep us healthy or can make us sick.

An invisible universe called “gut microbiome” is one of the fastestmoving frontiers in medical science today. Some think it’s just “gut flora,” but it’s now being perceived as a powerful regulator of how our bodies function, from how we digest and fight infection to how we think and feel.

Long ignored invisible organ DOCTORS have always believed that the gut is vital, but what’s new is how deeply it connects to the rest of the body. Some scientists now call the gut microbiome the body’s “second brain,” which talks to the immune system, influences hormones, and even sends chemical messages that affect mood and memory.

A nutritionist once said that when the gut’s microbial community is balanced, the rest of the body functions more efficiently. However, once balance breaks down, inflammation takes over, and that’s when health problems start cropping up.

Across dozens of global studies, an unhealthy gut has been linked not only to digestive issues, but to obesity, diabetes, allergies, heart disease, and even depression. Simply put, when

By Claudeth Mocon Ciriaco

TYPHOON Tino caused massive flooding in some areas of the Visayas and Mindanao.

With this, the Department of Health (DOH) reminded that wading in floodwaters can pose health risk like contracting leptospirosis.

The DOH said that people may get leptospirosis due to floodwaters or handling soil/mud/dirt after a flood, with or without visible wounds, through exposed skin.

The DOH said that symptoms can take as long as one month to appear.

“There are antibiotics available for prevention [i.e., prophylaxis], and

In a groundbreaking move for local healthcare, the Province of Bulacan has inaugurated the country’s first locally funded Magnetic Resonance Imaging (MRI) facility, marking a milestone in accessible and modern diagnostics for Filipinos. Situated at the Bulacan Medical Center, the new open MRI system, developed and powered by Time Medical Systems, a U.S.FDA-registered and CE-marked global innovator in advanced imaging technology, represents a pivotal step toward universal and equitable healthcare across the country.

“Ideally, every tertiary-level hospital should have an MRI for diagnostics,” said Bulacan Governor Daniel Fernando. “For years, people have to travel far and spend more just to get the scans they need. Now, Bulakenyos can access world-class diagnostic services right here in our province, safely and affordably.”

A First for LGUs WHILE most MRI facilities in the Philippines remain privately owned, with only around 160 units nationwide as of 2022, Bulacan’s initiative stands out as the first-ever LGUfunded open MRI system.

This project exemplifies how local governments can lead the way in bridging healthcare gaps, complementing the Department of Health’s national vision for universal healthcare. Fernando’s administration spearheaded the initiative to give

the gut is out of rhythm, the whole system feels it.

From bacteria to biomarkers

DR. Jeremy Lim, CEO and co-founder of AMILI, Southeast Asia’s first precision gut microbiome company, said during the recent Manulife Philippines Longevity Forum that the gut should be viewed as a dynamic ecosystem unique to every person. He explained that each individual carries a microbial “identity” that shapes how the body responds to food, stress, and even medicine.

Lim pointed out that the gut’s microorganisms do far more than digest what we eat—they produce compounds that regulate inflammation, strengthen immunity, and communicate with the brain through biochemical signals. He has also noted in previous discussions that many chronic diseases long blamed on lifestyle or genetics are increasingly being understood as microbiome-related. When the gut loses its diversity, he said, the body’s resilience often weakens as well.

Food as medicine

A GROWING body of research has also changed how experts see food. What was once just nutrition is now considered microbiome nourishment. Diets rich in fiber like fruits, vegetables, whole grains, even traditional fermented foods like yogurt, kimchi, and Filipino favorites such as atchara and burong isda help cultivate beneficial microbes. Highly processed diets, on the other hand, diminish them. Lim emphasized that the microbiome is “blurring the line between food and medicine,” since food doesn’t sim -

ply fuel the body but programs it. With tools such as gut profiling, doctors can now study microbial DNA from stool samples to craft personalized nutrition and wellness plans. Instead of one-size-fits-all recommendations, people may soon receive health advice tailored to their unique microbiome composition.

“It’s a shift from general wellness to precision health,” Lim said in past interviews, noting that this technology could reshape how healthcare approaches prevention.

The Philippine connection THIS scientific movement is beginning to reach Filipino audiences like the collaboration between Manulife Philippines and AMILI to make microbiome awareness more accessible and empower Filipinos to make better-informed decisions about their health.

“We’re proud to support Manulife’s customers in the Philippines with actionable, science-backed health insights,” he said, which is consistent with AMILI’s focus on turning scientific discovery into practical health improvement.

For his part, Rahul Hora, President and Chief Executive Officer, Manulife Philippines, said the company is focused on delivering innovative solutions that support the evolving health needs of Filipinos. “This collaboration with AMILI allows us to offer a unique health experience that goes beyond traditional insurance, empowering our customers to take a proactive approach to their health.” Lim has also underscored that gut health should not be viewed as a luxury. Even without specialized test -

this requires a prescription. Consult your nearest doctor or health center within 24 hours after wading through floodwaters or touching soil/mud/dirt after a flood,” the DOH said. Leptospirosis is a bacterial infection transmitted by many animals, such as rodents and other vermin. Waste products like urine and feces of an infected animal, especially rats, contaminate the soil, water, and vegetation.

Zoonotic disease IT is a zoonotic disease, affecting both animals and humans, caused by the leptospira bacterium found in contaminated water or soil.

ing, he said, people can already take simple steps to protect their microbiome by eating more plants, include fermented foods in meals, sleep well, and manage stress. These may sound basic, but they nurture the living ecosystem inside every person.

The potential of microbiome science extends far beyond digestion. Researchers are now exploring how adjusting gut bacteria might improve vaccine effectiveness, enhance mental health, or help patients recover faster from surgery and chemotherapy.

Lim called this a “new dimension” of medicine, where understanding the microbiome allows for proactive and preventive care rather than purely reactive treatment. For a country like the Philippines, where non-communicable diseases such as heart disease and diabetes remain major health burdens, the gut may turn out to be an overlooked ally.

The quiet revolution within AFTER centuries of treating bacteria as enemies, science is now learning to see them as partners. The gut microbiome reminds us that health isn’t only about killing germs or curing disease; it’s about coexistence and balance.

“For decades, medicine focused on eradicating bacteria,” Dr. Lim said. “Now, we’re discovering that some of our best defenses come from the bacteria living within us.”

In the end, the gut may be the most important organ that’s never truly known. And as scientists continue to uncover its secrets, the next great revolution in health might not come from a laboratory or a pill—but from the quiet intelligence of the microbes that have been with people all along.

Leptospira bacteria can enter the body through breaks in the skin, or through the eyes, nose and mouth.

Infected animal urine like those from infected rats can mix with flood water, which then comes into contact with people wading through or playing in it.

Without treatment, leptospirosis in people can lead to kidney damage, meningitis (inflammation of the membrane around the brain and spinal cord), liver failure, trouble breathing, and even death.

Symptoms LEPTOSPIROSIS symptoms include fever, vomiting, nausea, muscle pain,

every Bulakenyo access to essential diagnostic services without the financial strain of traveling to private hospitals or major urban centers.

“This project shows how public-private partnership can come together for real impact,” said Joyce Socao, CEO and Managing Director of Time Medical Philippines. “We are proud to work alongside the Government of Bulacan under the leadership of Governor Fernando in delivering advanced and affordable MRI technology to the people, proving that world-class healthcare should be accessible to all.” For many Filipinos, routine checkups

stop at X-rays or ultrasounds. With this MRI now in Bulacan, residents finally have access to the gold standard in detecting critical conditions, from tumors and cysts to clots and cancers, without having to leave their province.

Technology That Works for Filipinos THE installed system, Time Medical’s PICA Open MRI, is designed specifically for patient comfort and practicality in local settings. Its open architecture reduces anxiety for claustrophobic, elderly, and pediatric patients, while its helium-free, permanent magnet

A healthy mother leads to a healthy family–expert

By Rizal Raoul Reyes Contributor

THE health of a nation is not just measured by life expectancy or disease rates; it’s a profound reflection of the delicate equilibrium between its environment and its population.

Dr. Laura David, chairperson, board of trustees of the PATH Foundation Philippines (PFPI), told reporters in a recent press briefing that a thriving, healthy population is inextricably linked to a sustainable environment and a balanced demographic structure.

“As various experts have noted, issues like poverty, climate change, and food security are common threads woven through both our ecological and human well-being,” David said during the press briefing of the recent 10th National PHE Conference Equity and Sustainability in Focus: 20 Years of Transformative PHE held in Pasay City.

Robust ecosystem services DAVID said it will require an integrated and synergistic approach to achieve true human well-beings, resilient communities, and robust ecosystem services.

Further, she said protecting the environment should not be treated as an abstract ecological goal but a direct investment in individual and community health.

Being the source of all food, David warned that the degradation of the environment, through unsustainable practices, climate change, or pollution, directly impacts the quality and availability of nutritious food. She said the problem is exacerbated by socio-cultural dynamics, such as the “politics of food at home,” where the mother often eats last or least.

“A malnourished mother, especially one who is breastfeeding, perpetuates the cycle of malnutrition in her child, who is seen as the future of the next generation,” David said.

“A healthy environment, by ensuring a sustainable and abundant food source, is the first step toward a healthy mother and, consequently, a healthy child and family,” David added.

and headache.

Some cases have distinct pain in the calf muscles, and reddish eyes. Severe cases may have jaundice (yellowish body discoloration), dark-colored urine, light-colored stool, low urine output, and severe headache. Many o f these symptoms can be mistaken for other diseases; some people have no symptoms.

It generally takes two to 30 days to get sick after having contact with the bacteria that cause leptospirosis.

Therefore, people must consult doctors immediately after being exposed to, wading or playing in, flood waters as there is a preventive antibiotic prescription, the DOH said.

technology makes it more cost-efficient, low-maintenance, and power-stable, particularly suited for provincial hospitals. For better comfort, the patient can be accompanied by a loved one while having the procedure.

In addition, the MRI’s built-in Teleradiology feature, a first of its kind in the country, allows radiologists to interpret scan results remotely and in real time, ensuring faster turnaround and expanding access to medical expertise even in remote areas.

“Time Medical’s mission has always been clear—to make medical imaging accessible to every population, not just in major cities,” Socao added. “With Bulacan taking the lead, we hope other LGUs will follow suit and make advanced diagnostics part of every Filipino’s right to healthcare.”

Setting a Model for Future Healthcare Partnerships

FORMER Bulacan Governor and now Time Medical Chairman Roberto “Obet” Pagdanganan also expressed pride in seeing his home province lead this innovation: “As a Bulakenyo, I see this project as a symbol of progress, with Governor Fernando exemplifying how LGUs can embrace technology to serve their people better. This partnership proves that local government and private industry can build stronger, smarter, and more inclusive health systems together,” he said.

Human experience

UPON looking at complex issues like poverty, climate change, and food security, she said a common thread emerges: they all impact the human experience. As one expert stated, protecting the mother leads to a healthy family, which in turn leads to a healthy community. Conversely, a degraded environment leads to health challenges, such as flood and deforestation, and pollution and lifestyle diseases.

Pollution, both external and internal (like poor kitchen ventilation), contributes to health issues. A healthy, non-polluting household is an example of an “atomic habit,” a small, powerful change that collectively produces better health and a better environment.

She said a balanced population, one where the fertility needs of every person and family are met, and the working-age demographic is utilized effectively, is crucial for sustained health and economic development.

Correct scientific information

FURTHER , David said empowering girls and women by providing them with correct, scientific information and access to opportunities will ensure them a productive life. “This includes education on reproductive health, which is vital for enabling them to be sexually responsible and make informed choices about their bodies and family size.” David urged a paradigm shift from viewing doctors and hospitals as the sole producers of health to recognizing that the mother in the household is the primary producer of health. “Her decisions regarding nutrition, hygiene, family planning, and household environment [e.g., using nonpolluting kitchens] are critical,” she said. David said the concept of “atomic habits” must be pursued because of these small, powerful habits that, when adopted consistently, lead to massive cumulative results.

“If a household acquires one small, positive habit a day, it can transform its own health and environmental contribution over time. By transforming these habits into community-wide actions, a powerful, grassroots effect is created.”

ITHIN Makati City, one major thoroughfare has become a popular destination for those who want a safe and open space where they can exercise and connect with others. On weekends, Ayala Avenue transforms into a

tem is the newly opened flagship branch of homegrown fitness brand BeFit, a 1,300-sqm facility where customers can enjoy roundthe-clock access to premium equipment, group fitness classes, and other health and wellness offerings.

“PNB Makati Center was a natural choice because of its

PHL and Bhutan forge formal diplomatic ties

THE Philippine government formally established diplomatic relations with the Kingdom of Bhutan on October 6.

The Joint Communiqué on the establishment of diplomatic relations was signed between Philippine ambassador to India Josel Ignacio and Bhutanese ambassador to India Major General Vetsop Namgyel in a ceremony in New Delhi.

Ignacio emphasized that both countries had cultivated cordial ties for years, with the Philippines actively extending training and other forms of technical assistance to the South Asian country.

“[W]e have given flesh to the mutual aspiration of our governments and peoples to promote mutual understanding and strengthen friendship and cooperation, guided by the principles of the United Na-

tions Charter and international law,” the Philippine envoy said. “We foresee engagements between both our countries gaining new momentum: in economic interaction; people-to-people, tourism and cultural exchanges; and cooperation in multilateral fora to advance shared advocacies.”

For his part, Namgyel noted the warm relations and fruitful cooperation between the two states even prior to the establishment of formal diplomatic ties.

He acknowledged Manila’s contribution to the study and training completion of many Bhutanese students and officials over the years through the Colombo Plan, the Asian Development Bank, and the Third Country

Program of the Japan International Cooperation Agency.

The Bhutanese diplomat also conveyed his country’s appreciation for the Philippines’ role in the kingdom’s De-Suung (Guardian of Peace) Skilling Program, where 17 Filipino expert trainers to date have provided skills development training for Bhutanese youth.

Namgyel said Bhutan is keen on working closely “with the Philippine Embassy to take our friendship and cooperation to new heights in the years ahead.”

The signing of the communiqué makes the Philippines the 58th country with which Bhutan has diplomatic relations, and only the sixth among Asean nation states. PNA

British Chamber calls for increased efforts, UK partnership to boost cybersecurity skills

THE British Chamber of Commerce Philippines (BCCP) hosted its latest Trade & Connect event: “Revolutionizing Finance Towards a Cyber-Resilient FinTech Industry,” in time for Cyber Security Awareness Month.

The event highlighted the importance of a cyber-resilient financial technology industry, as it expressed support for the Cybersecurity Act’s passage.

BCCP Executive Vice Chair Chris Nelson explained that “the key is to keep opening up that market and developing skills in those areas. The Chamber and the British Embassy is very keen to work with the government to improve cybersecurity skills along with strengthening the country’s infrastructure.”

Acting Deputy Director Kristine D. Orlina of Bangko Sentral ng Pilipinas (BSP) highlighted the increased financial inclusion in the Philippines, while building trust in the financial system as a whole. In 2024, 57.4 percent of all financial transactions— by volume—in the Philippines were digital, which indicated increased trust in the financial ecosystem. The BSP recognizes this threat and has prioritized strengthening and regulating digital infrastructure through

national ID authentication services, consumer protection against fraud and financial literacy.

Orlina added that through the interplay between the BSP and the private sector, an enabling environment can be provided to consumers; and that “digital adoption goes hand in hand with digital understanding. Inclusion should be felt. It should be designed with empathy and by crosssector collaboration.”

Meanwhile, CyberQ GroupAsia-Pacific CEO Roberto Tayag emphasized the need to upskill and reskill the local cybersecurity workforce, as he noted that “the skills required to protect our systems are fundamentally different to traditional [information technology] support.”

For Tayag, proactive threat hunting should now be the priority, with strategies such as private-led ini-

tiatives through deeper industryacademy partnership, government supported access and awareness, and strategic talent retention to facilitate the Philippines’ rise as a trusted global FinTech Hub.

NCC Group’s Joselito Tabug cited the impacts of cyber threats which include financial loss from fraud and scams, reputational damage that erodes consumer trust, regulatory fines and operational disruptions. He urges that the solution for cyber resilience is enhanced threat intelligence through public and private collaboration and investment in cyber skills development for all staff in the industry.

“In reality, everybody needs to learn cybersecurity,” Tabug pointed out. “From the front reception desk, all the way to the president of the company…The threats are real, but so are the solutions.”

During the panel discussion, FinTech Alliance.PH chair Lito Villanueva noted the existing collaboration between the British Embassy in Manila and the local fintech industry. He looks forward to curating a program dedicated to further increasing cybersecurity professionals through the expertise of British professionals and instructors.

EU releases humanitarian aid for Davao earthquake response

FCharting a shared course: N. Zealand, PHL, & Asean

By Dr. Catherine McIntosh Ambassador of New Zealand to the Philippines

TWO years ago, the Royal New Zealand Navy’s HMNZS Aotearoa sailed into Philippine waters for the first time on a mission of goodwill. She returned last Friday, carrying the same spirit of friendship and practical cooperation that continues to define our relationship.

At the regional level, New Zealand’s Prime Minister Christopher Luxon recently concluded his visit to Kuala Lumpur. At the Asean Summit, we celebrated 50 years of partnership with leaders, including President Ferdinand R. Marcos Jr. The summit was a fitting reminder of our futures deeply tied to this region.

These two moments—one at sea, and one at the summit table—tell a common story: New Zealand’s enduring commitment to the IndoPacific, and to the partners who share our vision for a secure, prosperous, and resilient future.

Here in Manila, since arriving in 2024, I’ve seen that commitment come to life in practical ways. The pace of our cooperation with the Philippines has been remarkable. It reflects a high tempo of engagement set in motion during our prime minister’s visit to Manila last year.

Relationship elevated DURING that visit, we agreed to work toward elevating our relationship to a Comprehensive Partnership by 2026. We are on track across defense and security, trade and investment, clean energy, agriculture, education and people-topeople links.

On defense and security, our cooperation has taken a significant step forward, highlighted by the signing in April in Manila of a Status of Visiting Forces Agreement which formalized the settings necessary to undertake exercises, training, and humanitarian and disaster response activities together.

On the economic front, trade and investment are also expanding. As of March 2025, two-way trade reached about P56 billion, or around NZ$1.63 billion—a strong progress toward our shared goal of lifting two-way trade by 50 percent in 2030. We see growing opportunities for Filipino and New Zealand firms to partner in food and agritech, digital services, and education.

Beyond trade flows, we are also working more closely in areas where New Zealand expertise aligns with Philippine ambition: deepening collaboration in geothermal energy, climate-smart agriculture, and by tripling allocations for postgraduate study under the Manaaki New Zealand Scholarship Programme.

Above all, people remain at the heart of our relationship: A growing Filipino community in New Zealand

strengthens our ties—nurses, engineers, educators, entrepreneurs, and many more, whose skills enrich our society.

Our dynamic people-to-people ties are reflected in the embassy’s flagship initiative: the Indigenous Women and Girls Leadership and Empowerment in Ancestral Domains (I-LEAD) program in Mindanao. It reflects our commitment to inclusive development shaped with local partners.

Our common ground is cultural as well as strategic. In the Philippines, bayanihan—community spirit and helping one another—sits comfortably alongside New Zealand’s manaakitanga—hospitality and care— and whanaungatanga: kinship that binds people together. These ideas show up in very practical cooperation when it matters most: from disaster response, to community health and education.

Right moment THE timing is right: In 2026, we will mark 60 years of diplomatic relations, coinciding with the Philippines’ Asean chairship. This is a moment when our bilateral and regional partnerships stand in the spotlight—and rightly so.

The recent Asean Summit in Kuala Lumpur was significant for New Zealand, as we formally upgraded our relationship with the region to a Comprehensive Strategic Partnership. This will take our relationship to new heights, including through biennial Asean–New Zealand Summits, closer collaboration across emerging sectors, and continued support for Asean-led mechanisms. As a small nation, we understand our security and prosperity rest on strong, trusted relationships with our partners in the Indo-Pacific. The rules-based order matters, and Asean sits at the heart of that effort, as a community whose success is deeply connected with our own.

As HMNZS Aotearoa sails once more into Philippine waters, her journey reflects our broader course: one of trust, purpose, and shared ambition. It’s a reminder that the New Zealand-Philippines relationship, and our engagement with Asean, continue to move forward with momentum and promise.

Our door is open. Let’s build this future together.

ChilePork showcases premium pork & deepens ties with Phil. importers

OLLOWING two powerful earthquakes registered off the coast of Davao Oriental last month, the European Union (EU) has released €450,000 (about P30.7 million) in humanitarian aid aimed at bringing emergency assistance to the area’s most affected population, such as people staying in temporary shelters. Of the total allocation, €300,000 (P20.460 million) will be granted to the ACCESS consortium, led by nongovernment organization CARE. The funding will prioritize interventions to provide shelter and access to water and sanitation, as well as other relief actions. This funding will complement the initial relief efforts implemented by the ACCESS consortium as part of the ongoing EU-funded Rapid Response mechanism that was immediately activated after the earthquakes. The remaining €150,000 (P10.23 million) will support the Philippine

Red Cross in delivering tents and household items such as sleeping kits and kitchen sets, as well as cash assistance, hot meals and clean water. Other funded activities include healthcare and safe spaces for children.

The monetary aid is part of the EU’s overall contribution to the Disaster Response Emergency Fund of the International Federation of Red Cross and Red Crescent Societies or IFRC.

This new funding is on top of the €8.05 million (P 549 million) already allocated this year in humanitarian aid and disaster preparedness to the Philippines, including €1.3 million (P88.659 million) earmarked as response to tropical cyclones that affected the country in July and late September, as well as the €750,000 (P51.149 million) in response to the previous earthquake in Cebu.

CHILEPORK gathered more than 120 guests to celebrate the South American country’s thriving pork industry and its expanding ties with the Philippine market.

Attendees included importers, media, influencers, National Meat Inspection Service officials, and the Chilean Consul to the Philippines Pedro Pizarro.

Held under the theme “ChilePork: Trust, Quality and Flavor for the World,” the program highlighted Chile’s strong food production systems built on natural biosecurity barriers, strict sanitary standards, advanced processing facilities and full traceability throughout the supply chain.

Chilean companies Agrosuper, Coexca S.A., Maxagro, and AASA were also present at the event—a reflection of the industry’s continued commitment to the Philippine market and its key

trading partners in the region. Currently the world’s fifth-largest exporter of pork, Chile reiterated its intention to deepen cooperation with the Philippines. Ongoing discussions on the Comprehensive Economic Partnership Agreement or CEPA were noted as a key step toward broader market access, investment and collaboration in the agri-food sector. Sustainability and food safety were presented as core pillars of the Chilean pork industry. Today, 95 percent of the pork sector is certified under the Origen Consciente program, which aligns with global standards on environmental responsibility, animal welfare, and efficient resource use. The event concluded with a culinary showcase and networking sessions, which marked another step forward in strengthening Chile-Philippines trade ties.

Taal Vista Hotel in Tagaytay is a United Nations Community Peace Center, Global Citizens Hub

In a landmark celebration of the 80th Anniversary of the United Nations this year, Taal Vista Hotel, one of the Philippines’ most iconic heritage icons, was conferred as a UN Peace Center and Global Citizens Hub, solidifying its role as a beacon for culture, sustainability, and community-based peace initiatives.

The conferment on October 21, 2025, led by the United Nations Association of the Philippines (UNAP), a civic partner of the UN, which was founded to promote peace, education, and diplomacy, and the United Network of Global Citizens (UNGC), in partnership with SM Hotels and Conventions Corporation (SMHCC), carries the theme “Building the Future Together.”

In her welcome message, Cathy Nepomuceno, SMHCC Senior Vice President said, “As a company rooted in the principles of sustainability, inclusivity, and nation-building, SM Hotels & Conventions Corporation stands in solidarity with the vision and values championed by the United Nations. We take great pride in Taal Vista Hotel’s legacy, which now serves as a hub for meaningful dialogue, education, collaboration, and purposeful action.”

“By anchoring a Peace Center in a Filipino heritage landmark like Taal Vista, we declare that peace is not built in conference halls alone—it begins where history, culture, and community meet. UN’s sustainable goals are not just policies; they are a living promise to humanity,” UNGC Founder and President Jenny Pearl Ninalga stressed during the event.

Roderick “Ric” Cruz, Global President, United Nations Association of the Philippines (UNA Phils), spearheaded the formal turn over and raising of the UN flag during the conferment rites.

He reminded the audience that “a UN Flag hoisted on our soil reminds us of our collective commitment to peace because no matter which country we come from, we are united under one flag, the flag of the United Nations.”

“The hoisting of the United Nations Flag today is more than ceremony — it

is a declaration of shared purpose -- the Philippines, being one of the original signatories of the UN Charter and the Universal Declaration of Human Rights,” he said.

Cruz further noted that “a UN Flag gives weight to the place where it is hoisted — and when we name a ballroom or a hall as a Peace Center, we do not just assign a title, we give meaning and mission to that space.”

In her acceptance speech, Brenda Cabuyao, Director of Operations, Taal Vista Hotel Director of Operations, Taal Vista Hotel, said: “We envision Taal Vista Hotel as a place where meaningful conversations are sparked, where culture and community find harmony, and where every guest is reminded that peace is not just an aspiration, it is an action, lived and shared.”

“As we accept this conferment, we are inspired to continue creating spaces that uplift, connect, and empower. May this milestone remind us all that each of us holds a part in shaping a world that is more compassionate, collaborative, and at peace,” she added.

Meanwhile, the Department of Tourism, through Regional Director Marites Castro (Region IV-A Calabarzon), commended the efforts of UNGC to foster global citizenship through education, dialogue, and community empowerment.

“These ideals resonate deeply with our mission in the tourism sector—to build bridges among peoples, celebrate diversity, and nurture a culture of respect and inclusivity,” she said.

The event also featured the UN Flag

Terra Madre Asia & Pacific 2025 is a Global Gathering

THE world’s largest sustainable gastronomy event will be happening in Bacolod City, Negros Occidental from November 19 to 23, 2025, with the first-ever regional edition of the globally renowned Slow Food Terra Madre Asia & Pacific (TMAP) 2025. With the theme “From Soil to Sea: A Slow Food Journey Through Tastes and Traditions,” Terra Madre Asia & Pacific (TMAP) will bring together 2,000 delegates from over 20 countries. The newly released program showcases a five-day itinerary that highlights food biodiversity and community-based food systems through immersive experiences, talks, and tastings that unite farmers, fishers, chefs, cooks, indigenous communities, and sustainability advocates transforming the Provincial Capitol Lagoon into a hub of food innovation and cultural exchange. TMAP 2025 celebrates Bacolod City’s designation as the Center for Sustainable Gastronomy and Negros Occidental’s recognition as the Organic Capital of the Philippines. The TMAP 2025 program features more than 100 activities across six thematic areas, designed to showcase Slow Food’s global philosophy of “Good, Clean, and Fair” food for all: The event begins with an Opening Ceremony at the Provincial Capitol Grounds, followed by a Bacolod City Lunch and a festive Governor’s Night. Afternoon sessions kick off with public talks on agroecology, farmer–chef partnerships featuring Erwan Heussaff (FEATR), Chef Johanne Siy (Asia’s Best Female Chef 2023), and Chef Jordy Navarra (TOYO), and taste workshops celebrating iconic Filipino dishes like lechon with Chef Dedet Dela Fuente (Lechon Diva) and kinilaw with David del Rosario (CEV) and Chef Mark Lobaton (Enting’s of Sagay). Evening events include restaurant takeover by chefs Angelo Comsti (OffBeat Bistro) and Don Colmenares (Sauma) at Sitting Duck, and the Slow Drinks Masterclass with Ken Alonso (Proudly Promdi) and Slow Drinks Bar Takeover with Danny Childs (USA) and Kalel Demetrio (Philippines). The second day will see talks that explore sustainable seafood, Slow Food Travel, and

Raising Ceremony, the Peace Pledge, and a symbolic unity gathering with UNAP, UNGC, SMHCC and distinguished delegates, all joining hands in the spirit of peace and global collaboration.

Notably, during the event, SMHCC President Elizabeth T. Sy was honored with the UNA Presidential Medal and World Changers Award for her leadership in heritage preservation, sustainable tourism, and community empowerment through SMHCC.

Gracing the momentous event were the top executives of Taal Vista Hotel and SMHCC, namely Nepomuceno; Cabuyao; Agnes Pacis, Vice PresidentCommercial, SM Hotels and Conventions Corp.; Leah Magallanes, Vice PresidentQuality and Sustainability, SM Hotels and Conventions Corp.; Nian Rigor, Asst. Vice President - Public Relations, SM Hotels and Conventions Corp.; and Mary Rose Lomibao - Director of Sales and Marketing, Taal Vista Hotel.

Diplomats, business leaders, educators, and partners in peace were also represented to this gathering of purpose. In attendance were Mr. Shah Md. Ashraful Alam Mohon, First Secretary of the Embassy of the People’s Republic of Bangladesh, UNESCO representative Dr. Ethel Agnes Valenzuela, Carlos P Romulo Awardee Dr. Margarita Bellesteros, peace-advocates from Marawi City, and many more.

The day ended with fellowship cocktails with live music and warm conversation. Guests also shared their thank you messages and reflections on peace in between.

of Tastes and Traditions in Bacolod City

Cacao Innovations with Chef Chele Gonzalez and Chef Carlos Villaflor (Gallery by Chele, Asia’s 50 Best/Discovery), Rob Crisostomo, and Christopher Fadriga, Coffee Coalition workshops, cooking demos by Chef Tony Boy Escalante (Antonio’s Group, 2015 Asia’s 50 Best alumnus) and Chef David Amoros (El Born), Slow Drinks sessions connect participants to origin stories and sustainable practices. Chef William Wongso (Indonesia Culinary Ambassador), delves into Indonesian cuisine, while Chef Johanne Siy leads “Heritage as a Cornerstone to Creativity.” Evening highlights include international collaborations at Café Bob’s with Chef Melissa Miranda (Musang Seattle USA) and late-night bar takeovers.

On day three, the Community Kitchen and Chef Tatung’s Book Launch take center stage, alongside public talks on climate change, sustainable development, and the evolution of Southeast Asian foodways. Workshops include “From Palapa to Sambal” with Chef Datu Shariff Pendatun (Mindanao), “The New Filipino Table” with Chef Patrick Go (Your Local). The night closes with restaurant collaborations featuring William Wongso (Indonesia) and Gerard Montelibano (Philippines) at Sucre and David Amoros (El Born) and Andrew Malarky (Wild Siargao) at Azucarera and Slow Drinks Bar Takeover at Nooma by Christina Rasmussen and Sasha Wijidessa (Fura - Singapore / Sri Lanka / Denmark).

The fourth day focuses on food sovereignty, heritage cuisine, and permaculture, with speakers such as Sayu Komang, Bea Crisostomo, Chen-Yi Cheng, Chef LG Han and Ben Francia, and a taste workshop by HAPAG. Evening events include a restaurant takeover of Portiko by Chef Ross Magnaye (Serai Australia) and Bar Takeover by Danny Childs (USA).

The final day wraps up with the book launch of “Sarap & Palayok” by Doreen Gamboa, alongside discussions on Slow Food Markets: A Direct Path from Farm to Fork with Slow Food President Reena Gamboa and Customer Expectations by Stephan Duhesme and AgriEntrepreneurship. Workshops include Chef Don Baldosano’s “Pigafetta’s Philippine Feast” and Chef Romy Dorotan’s taste workshop, culminating in Slow Drinks sessions celebrating non-alcoholic innovations and Japanese sake traditions.

More than 100 chefs and mixologists from the Philippines, Japan, Indonesia, Singapore, the U.S., Australia, and beyond will take part, each interpreting the region’s rich culinary heritage through modern and sustainable approaches.

TMAP 2025 is organized by Slow Food International in partnership with the City Government of Bacolod, Provincial Government of Negros Occidental, and national agencies including the Department of Tourism, Department of Agriculture, Department of Trade and Industry, and TESDA, with support from Plus63 Design Co., FEATR, and the Slow Food Community in Negros. The event’s visual identity—designed by Dan Matutina—draws inspiration from archipelagic landscapes and handcrafted clay forms, symbolizing resilience, biodiversity, and interconnectedness.

Delegate applications for Terra Madre Asia & Pacific 2025 can be directed to nichole@ slowfoodnegros.com, while partnership and sponsorship inquiries may be sent to frauline@ slowfoodnegros.com.

AN international group of audit practitioners has named a senior executive of state-owned Development Bank of the Philippines (DBP) as “Chief Audit Executive of the Year,” citing his contributions in elevating the internal audit function in the government service.

Senior Vice President Ryan R. Gabinete, head of DBP’s internal audit group, was recently conferred the honor by the Institute of Internal Auditors (IIA) Philippines, besting various candidates from both the private and public sectors.

“Our honoree has shaped the internal audit profession through decades of excellence, leadership, and innovation,” the IIA said in its introduction of Gabinete during the awarding ceremonies earlier this month. “His thought leadership spans fraud audit, strategic audit practices, and public sector reform, shared through national forums and professional organizations.”

DBP is the 10th largest bank in the country in terms of assets and provides credit support to four priority sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.

IIA Philippines is part of a global network of audit professionals across 170 countries with over 200,000 members from various industries, dedicated to the advancement of internal audit profession. Its annual excellence awards recognizes leaders for their strategic expertise and significant contributions in attaining the highest standards of audit practice.

DBP President and Chief Executive Officer Michael O. de Jesus said IIA’s conferment is reflective of DBP’s steadfast commitment to the highest standards of

Metrobank brings home Four Golden Arrows for the second straight year

ETROPOLITAN Bank & Trust Co.

(Metrobank) has been recognized anew for its good governance practice by the Institute of Corporate Directors at the recently held 2025 Golden Arrow Awards.

The Bank was given the 4 Golden Arrow Award for the second straight year for consistently upholding high standards of corporate governance As a trusted financial partner of its customers, corporate governance is one of Metrobank’s foundations in ensuring its

THE Philippine Health Insurance Corporation

(PhilHealth) announced its release of over P217.93 billion in total benefit claims to healthcare facilities nationwide which represents a 94.18 percent increase compared to the same period last year (January to September). This surge in payments solidifies PhilHealth’s financial support and marks a major achievement in its drive to provide prompt and reliable financial support to Filipino patients and healthcare providers.

PhilHealth’s total claims payment for the first nine months of 2025 reached P217.93 billion, up from P112.23 billion in 2024, both for public and private facilities. Private facilities received P127.79 B, while public facilities accounted for PHP90.14 B in reimbursements.

As of September 30, 2025, PhilHealth achieved an average claims processing turnaround time of just 22 days, demonstrating remarkable improvement in efficiency and responsiveness, aligning with President Ferdinand R. Marcos’ directive to improve its performance.

PhilHealth emphasized that the expenditure is largely driven by payments for catastrophic conditions covered by Z Benefit Packages (heart surgery, cancers and kidney transplantation) and highcost services like outpatient hemodialysis continue to rise significantly, reflecting the increasing medical needs of the population. This commitment ensures that members diagnosed with life-threatening or complex illnesses receive sustained, high-value financial support.

business operations—guided by the principles of accountability, fairness, transparency, and ethical leadership.

The Golden Arrow Award recognizes publicly listed companies based on the ASEAN Corporate Governance Scorecard (ACGS), which evaluates shareholder rights, stakeholder relations, transparency, and board responsibilities, as published on their company disclosures. The total score per company determines the number of golden arrows to be awarded, reflecting adherence to both local and international corporate governance standards.

To ensure PhilHealth’s payment system sufficiently covers the complexities of modern medical treatment, the Corporation reiterated the need to transition to the Diagnosis-Related Group PhilHealth Disbursed Over P217 B Claims Payment in the first 9 months

(DRG) payment system. According to Dr. Edwin M. Mercado, PhilHealth President and CEO, PhilHealth is actively pushing for a shift to the DRG payment system. “DRG will better account for the severity and resources needed for patient care, thereby ensuring that our healthcare providers are compensated accurately and sustainably for

OpenAI adds parental controls to ChatGPT for teen safety

By Kelvin Chan The Associated Press

LONDON—OpenAI said recently that it’s adding parental controls to ChatGPT which are designed to provide teen users of the popular platform with a safer and more “ageappropriate” experience.

The company is taking action after AI chatbot safety for young users has hit the headlines. The technology’s dangers have been recently highlighted by a number of cases in which teenagers took their lives after interacting with ChatGPT.

In the United States, the Federal Trade Commission has even opened an inquiry into several tech companies about the potential harms to children and teenagers who use their AI chatbots as companions.

In a blog post, OpenAI outlined the new controls for parents. Here is a breakdown:

n GETTING STARTED. The parental controls will be available to all users, but both parents and teens will need their own accounts to take advantage of them.

To get started, a parent or guardian needs to send an email or text message to invite a teen to connect their accounts. Or a teenager can send an invite to a parent. Users can send a request by going into the settings menu and then to the “Parental controls” section.

Teens can unlink their accounts at any time, but parents will be notified if they do.

n AUTOMATIC SAFEGUARDS. Once the accounts are linked, the teen account will get some built-in protections, OpenAI said. Teen accounts will “automatically get additional content protections, including reduced graphic content, viral challenges, sexual, romantic or violent role-play, and extreme beauty ideals, to help keep their experience age-appropriate,” the company said.

Parents can choose to turn these filters off, but teen users don’t have the option.

OpenAI warns that such guardrails are “not foolproof and can be bypassed if someone is intentionally trying to get around them.” It advised parents to talk with their children about “healthy AI use.”

n ADJUSTING SETTINGS. Parents are getting a control panel where they can adjust a range of settings as well as switch off the restrictions on sensitive content mentioned above. For example, does your teen stay up way past bedtime to use ChatGPT? Parents can set a quiet time when the chatbot can’t be used.

Other settings include turning off the AI’s memory so conversations can’t be saved and won’t be used in future responses; turning off the ability to generate or edit images; turning off voice mode; and opting out of having chats used to train ChatGPT’s AI models.

n GET NOTIFIED. OpenAI is also being more proactive when it comes to letting parents know that their child might be in distress.

It’s setting up a new notification system to inform them when something might be “seriously wrong” and a teen user might be thinking about harming themselves.

A small team of specialists will review the situation and, in the rare case that there are “signs of acute distress,” they’ll notify parents by email, text message and push alert on their phone—unless the parent has opted out.

OpenAI said it will protect the teen’s privacy by only sharing the information needed for parents or emergency responders to provide help.

“No system is perfect, and we know we might sometimes raise an alarm when there isn’t real danger, but we think it’s better to act and alert a parent so they can step in than to stay silent,” the company said.

During

cold

By  Jonel Aleccia

The Associated Press

Parentlife BusinessMirror

The silent battle of mothers: Navigating peri-menopause and menopause

THIS World Menopause Awareness Month, it’s time for mothers to step out from the shadow of silence around menopause. For Filipino parents, the health crisis of menopause often runs quietly in the background, shaping the choices we make every day for our families and ourselves. Research in Metro Manila reveals a striking truth: 83 percent of women report menopausal symptoms, but most—about 8 in 10—never seek medical help. If you’re a parent reading this, know that this silence is not strength; it places us at real risk, and it’s time to shift our parenting toward proactive wellness, for ourselves and those who look up to us.

Filipino women enter menopause at an average age of 48, spending up to a third of their lives in the postmenopausal stage. But cultural habits—especially the value of “pagtitiis,” quiet endurance—often mean mothers, aunts, and even grandmothers bear symptoms alone, worrying that it shows weakness to voice discomfort. A parent’s resilience is admirable, but not at the cost of long-term health. Silence around menopause is rooted in old attitudes, influenced by Asian and Third World circumstances, and further strengthened by a lack of robust support systems.

Even when national societies advocate for menopause-focused clinics and health programs, the response struggles: limited infrastructure, lack of practitioner training, and hesitancy around hormone therapy create deep gaps in care. As parents, we teach health habits to our children; yet when it comes to our own hormonal health, most simply wait out symptoms, not realizing the stakes. In fact, 70 percent of women don’t know menopause raises osteoporosis risk, and 88 percent are unaware of its link to heart disease.

What is the difference between Peri-Menopause and Menopause? Menopause is marked by 12 months with no period, usually around 48, but its leadup—perimenopause—can start in the late 30s or early 40s, lasting years. Fluctuating and declining hormones trigger symptoms ranging from joint aches, easy fatigue, and emotional shifts, to anxiety, brain fog, and skin changes. In Filipino hospital studies, psychological disorders hit 79 percent, easy

fatigability 89 percent, while joint discomfort is the No. 1 reason women miss work. These changes impact our ability as parents and partners, straining relationships and challenging daily routines.

Critically, declining estrogen raises long-term risk for heart disease—the top killer of Filipino women— and spurs metabolic shifts. Ignoring symptoms isn’t just toughing it out; it means skipping vital preventive steps that ensure parents’ health for years to come.

Perimenopause, in particular, can reduce bone density by an average 10 percent and muscle mass by 0.6 percent per year post-menopause. Supporting ourselves with proper nutrition, especially protein, is essential. Lean muscle preserves metabolism, bone strength, and keeps parents active and engaged with our kids well into later life. Nutritional support begun in perimenopause helps manage symptoms, so we keep showing up for our families.

Recognizing this need, SecondSpring—a Philippine wellness brand—launched its Premium Women’s Blend, a protein supplement tailored for this life stage to give mothers tools to maintain strength and energy, so caring for children and running a household isn’t a battle against fatigue and discomfort.

SecondSpring includes proven ingredients: premium whey protein isolate for muscle, Verisol collagen peptides for skin, hair, and nail elasticity, and key vitamins and minerals like C, D3, B12,

and flu season, the youngest kids really are the germiest

FORGET colorful leaves. Any caregiver knows that the real signs of fall are kids with coughs, sneezes and sniffles. The season marks the start of respiratory virus season, when colds, flu and other bugs start circulating— especially among the very young.

A recent study confirmed what many families intuitively know: the littlest students harbor the most germs. Children in pre-kindergarten and elementary school showed highest rates of virus detection compared with older students and staff, according to research published in the journal Pediatrics.

“Young children can have up to 10 respiratory viruses a year as their immune systems are introduced to different infections for the first time,” said Dr. Jennifer Goldman, a pediatrician at Children’s Mercy hospital in Kansas City, Missouri, who co-led the study.

YOUNGER KIDS WERE MORE LIKELY TO HAVE VIRUS DETECTED

GOLDMAN and her colleagues analyzed nasal swabs and symptom reports from more than 800 students and staff in a large school district in Kansas City from

November 2022 to May 2023. They found that overall, more than 85 percent of all participants had at least one respiratory virus detected during that time and more than 80 percent had an episode of acute respiratory illness— though not necessarily at the same time.

More telling, 92 percent of pre-K and elementary school kids had a virus detected, compared with about 86 percent

of middle school students, about 77 percent of high school students and 76 percent of staff. The pre-K kids, ages 3 to 5, had the highest rates of actual illness, too, the study found.

Most of the viruses were the kinds that cause the common cold, including rhinovirus, which was found in 65 percent of participants, and types of seasonal

calcium and magnesium. All are backed by best practice standards, and uniquely for the Philippines the product carries the global MTick for menopausefriendly goods. That means parents can buy with trust, knowing it’s been rated for safety, efficacy, and real impact.

Brand founder Jasmin Vinculado puts it well: “Filipino women often endure this transition quietly—‘tiis lang’. But staying silent doesn’t serve anyone. Women are living 30-plus years postmenopause, and our bodies have specific nutritional needs during this transition. SecondSpring is about support—giving women tools to thrive, not just survive.”

Co-founder Carlos Vargas adds, “ SecondSpring is proof that midlife deserves full support. It’s not just a supplement; it’s a way to help women reclaim their strength, challenge cultural taboos, and celebrate an incredible transition.”

Whether you’re a parent in your 40s, an older sibling, or caring for your own aging mom, this transition calls for conversation. Let’s help our loved ones name their symptoms, seek professional advice, and make changes before major health issues arise. By being open about menopause as parents, we model for our children the value of self-care and truthful support.

Learn more about preparing for peri-menopause, menopause and beyond at www.secondspringph.com.

coronavirus detected in about 30 percent. The virus that causes COVID-19 was found in about 15 percent of those studied.

STUDY CONFIRMS THE EXPERIENCES OF PEDIATRICIANS

WHO ARE PARENTS

THE new study provides a baseline look at the burden of viruses in school settings, Goldman said.

It also confirms the real-world experience of pediatricians who are parents, like Dr. Nicole Torres of the University of Miami Health System.

“I can say this for my own children, who are now in their teens: They were sicker when they were younger,” she said.

The study also squares with older research that found that young kids play a key role in spreading respiratory viruses at home. Dr. Carrie Byington was co-author of a University of Utah study, published in 2015, that recruited 26 households to take nasal samples from everyone living in a home, every week, for a year. That study found that children younger than 5 had virus detected for half of the weeks of the year, recalled Byington, who is now with the University of California, San Diego.

“And if you live in a household with

multiple children, that proportion just goes higher, so it can appear as if someone is always sick,” she said.

HOW TO PREVENT ILLNESS— OR AT LEAST TRY TO PREVENTING illness in children at school or at home can be tough, experts acknowledge.

Being up to date on vaccinations for Covid-19 and influenza is important, they said.

So is frequent handwashing, learning to cover coughs and keeping hands away from the eyes, nose and mouth. Cleaning and sanitizing frequently touched surfaces and objects and optimizing fresh air are also key.

When little ones do get sick, the best treatment is often supportive care like extra fluids and rest. In serious cases, medical providers may recommend medications to reduce fever or antiviral drugs.

It can take a couple weeks, however, for lingering symptoms like coughs to completely resolve. By then, the child may well have another cold.

“I do tell parents of younger children to expect them to be ill once every month, every month and a half,” Torres said. “It’ll seem that way.”

LIV Golf, the Saudi-funded league known for its 54-hole events with shotgun starts, is expanding to 72 holes for the 2026 season and adding a few extra qualifying spots in a move that could boost its bid to be recognized by the Official World Golf Ranking.

T he name of the league—the roman numeral for 54—was built around its faster pace over three rounds instead of the traditional four on most other circuits.

The shotgun start will remain for a league that is likely to see 57 players. LIV previously said it would take the leading two available players from the International Series ranking on the Asian Tour, and two players from the qualifying tournament in January.

Scott O’Neil, the LIV Golf CEO, did not mention the OWGR in the announcement Tuesday, saying only the move to 72 holes marks a “pivotal new chapter” that strengthens the league and challenges the players.

“The most successful leagues around the world...continue to innovate and evolve their product, and as an emerging league, we are no different,” O’Neil said. “LIV Golf will always have an eye towards progress that acts in the best interest of LIV Golf and in the best interest of the sport.”

B ryson DeChambeau, the twotime US Open champion and one of the top figures in LIV Golf, got straight to the point on what the change to 72 holes will mean.

“Everyone wants to see the best players in the world competing against each other, especially in the majors, and for the good of the game, we need a path forward,” DeChambeau said in a statement released by LIV. “B y moving to 72 holes, LIV Golf is taking a proactive step to align with the historic format recognized globally. This is a fantastic evolution of the LIV Golf product, showing how our League listens and adapts to create the best possible experience.”

LIV Golf Promotions is set for Jan. 8-11 at Black Diamond Ranch in Lecanto, Florida, a Tom Fazio design with a dramatic stretch of closing holes built around a quarry.

It will be the first qualifying event held in North America—the other two were in Saudi Arabia and Abu Dhabi— and the PGA Tour pushed back by saying there would be repercussions for any of its players who try to qualify.

The tour said any member from the PGA Tour or developmental tours who play in LIV Golf Promotions would not receive a release because of the media rights involved with a competing tour in North America. It did not say what

TBy Joseft T. Ramos

WO-TIME Olympian and Asia’s top pole vaulter EJ Obiena is locked in on defending his Southeast Asian Games title for the fourth time at the 33rd edition of the biennial meet.

With no competitions lined up before the SEA Games set for December 9 to 20 in Bangkok, Thailand, the 29-year-old Asian champion is dedicating his time to conditioning and training.

“My last meet was in September in Makati. The next is the SEA Games. There’s no time to relax,” Obiena told BusinessMirror.

He’s keeping a close eye on Thai rival Patsapong Amsamarng, who cleared 5.67 meters for bronze at the 2025 Asian Athletics Championships in Gumi, South Korea.

“He’ll be competing at home, so I have to be ready. But the good thing is, I’m healthy-no pain, everything’s on track,” Obiena said. Obiena, who matched his season-best 5.80 meters at the Atletang Ayala meet in Makati, has since returned to Formia, Italy to continue intensive training under coach Vitaly Petrov.

O biena is one of the country’s top gold medal bets, having won SEA Games gold in 2019 (Philippines), 2022 (Hanoi), and 2023 (Cambodia).

the punishment would be, citing its longstanding policy of not disclosing disciplinary matters.

The tour also said anyone who is not a member, such as an amateur or someone whose status has not been determined on the PGA Tour Americas, would be banned from any PGA Tour competition for one year.

The Promotions event is January 8 to 11, which now is one week before the start of the PGA Tour season now that The Sentry has been canceled because of water issues at Kapalua in Hawaii. It was not clear if LIV Golf was going to add a 14th team to its league. The team competition will be unchanged and all four rounds will count. It has not said how the team championship at the end of the season will be determined.

The OWGR rejected LIV’s request for world ranking points when it began, primarily concerned over the closed shop of the league—it had the same 54 players all year except for alternates replacing injured players—and the concerns that team competition could affect the integrity of the individual competition since it was based on the same scores.

T he 54 holes also was a concern, though there are other tours that receive world ranking points for 54hole competitions.

L IV Golf submitted a new application in June, before its decision to expand to 72 holes.

The OWGR is seen as critical because the four majors use the ranking to help determine the field. The US Open and British Open have created a separate qualifying category for LIV players, while the PGA Championship has leaned on its vague “special invitations” to create an opportunity for LIV. The Masters, too, has said it could use its invitations at its discretion to get LIV players it feels is worthy of a spot.

T he LIV events will be Thursday through Sunday, with the exception of events in Saudi Arabia that end on Saturday.

This is a win for the league, and the players,” said Jon Rahm, who has won the individual title in each of his two years with LIV. “Moving to 72 holes is the logical next step that strengthens the competition, tests us more fully, and if the growing galleries from last season are any indication, delivers more of what the fans want.”

Dustin Johnson said a 72-hole event “just feels a little more like the big tournaments we’ve all grown up playing.”

L IV Golf begins its fifth season on February 4 to 7 in Saudi Arabia. Still be determined are players switching teams or trying to play their way onto the league that offers $20 million purses and no cuts. AP

LIV expanding to 72

Sports

ATENEO begins the defense of its double championship in University Athletic Association of the Philippines swimming competitions on Thursday at the New Clark City Sports Hub.

Reigning Most Valuable Players Miguel Barreto and Mishka Sy lead the Blue Eagles in the four-day meet.

Barreto anchors the men’s squad reinforced by Palarong Pambansa champions TJ Amaro and Paolo Labanon, as they seek a historic 10th consecutive title—one of the longest championship streaks in UAAP history.

Sy will spearhead the Ateneo women’s drive for back-to-back crowns and their eighth overall.

The return of University of the Philippines national record holders

Joshua Ang and Thanya Dela Cruz— the latter a former Blue Eagle—adds intrigue to the race for gold.

L a Salle, bannered by SEA Gamesbound Alexander Chu and Rookie of the Year Mikaela Talosig, also looks to shake up the leaderboard along with University of Santo Tomas, led by seniors Jules Mirandilla and Shairinne Floriano.

Track and field also gets going at the New Clark City Athletics Stadium and Training Field, with UP defending the men’s crown and Far Eastern University looking repeat in the women’s side

With the Athletics Stadium now serving as the home of the Philippine national football teams and AFCsanctioned events, only the javelin throw will remain inside the main stadium as other throwing events move to the adjacent field.

Season 85 and 86 MVP Alhryan Labita leads the Fighting Maroons’ quest for a record-extending 22nd championship in what could be his final UAAP campaign, while Annie Mercurio powers FEU’s bid for a league-best 26th women’s crown.

C hallenging them are reigning MVP Alfrence Braza and the rest of the Tamaraws, who narrowly missed last year’s title by just four points, as well as Season 86 champion National University, now boosted by High School Boys MVP Kharis Pantonial.

JDAN CADEE DAGOON and Jonathan Higa head the field in the premier 18-and-under division of the Philippine Tennis Association-sanctioned Mayor Edwin Olivarez National Open Juniors Tennis Championships firing off on Thursday

nursing back issues, delivered 15 points—10 in the final frame where the Blue Eagles erased a seven-point deficit— along with 13 rebounds, two assists, two steals, and a block.

Adili’s return helped Ateneo snap a five-game losing streak after starting the season with four consecutive wins. The victory lifted the Blue Eagles to an even 5-5 record, tying the Adamson Soaring Falcons at fifth place.

“Divine, having him back, I don’t think we can overemphasize how important that is. We’ve been a team that, if you study the stats, really struggled around the basket this year… it’s pretty evident that when Divine is out there, it changes the dynamic for the team, and we got more out of him today than we expected,” Blue Eagles coach Tab Baldwin said. It was Ateneo’s first win a month since defeating archrival La Salle, 81-74, on October 5. The victory serves as a crucial springboard for the Blue Eagles

THE Philippines’ Christian Gian Karlo Arca outlasted countryman Tyrhone James Tabernilla to grab a piece of the lead after three rounds of the 6th Asean Individual Chess Championships-Gov. Henry Oaminal Cup at the Misamis Occidental Resort and Aquamarine Park in Ozamiz City. Arca, 16, pounced on an overeager knight sacrifice by Tabernilla in the endgame to escape with a 57-move win of a Catalan encounter after errantly giving up a pawn early.

in Parañaque City. The event features 270 young tennis players from across the country and will be staged at the Olivarez Sports Center and nearby Parañaque courts to accommodate the huge turnout. T he tournament will run for two

Johnny “The Flying A” Abarrientos—who both left their stamp on the PBA, albeit in different teams. Fearless FEU big man Mark Isip is also on that bench, as well as Richie Ticzon—the former Ateneo guard with the soft touch and the unfailing “long toms.” Even Cholo Añonuevo, versatile FEU forward last seen in Season 87 is riding that bench.

The Ateneo Blue Eagles are not to be outdone with their distinguished alumni going back to their aerie. Magnum Membrere, member of the Ateneo champion team of 2002 and five-time UAAP champion Nico Salva are backing up Coach Tab Baldwin and Assistant Coach Sandy Arrespacochaga in the Season 88 campaign. Even Bacon Austria is sharing his earned expertise with the women’s team.

De La Salle University has a bona fide star warming their bench in a different way. Sharpshooting Archer Renren Ritualo is  there to make sure the Archers’ aims are straight and true. Former Fighting Maroons—Marvin Bienvenida and Gelo Vito, who were La Salle Greenies before they changed colors in college—are also part of Coach Topex Robinson’s high performing assets.

who along with the late Bobby Parks was a multiple Best Import awardee and named “Mr.100%”, you’ll find the lovable Mutt and Jeff team of the Tamaraws of yore—Victor Pablo and

O ver at the Blue and Gold, tough and wily guard Glenn Capacio (a Tamaraw in college who played for Purefoods, Mobiline and Red Bull in the PBA) is supporting Coach Jeff Napa and enjoying the best season the National University Bull Dogs are having in a long time. Former Growling Tiger Siot Tanquincen (who played for San Miguel in the PBA) is also on

as they prepare for their second-round clash with the Green Archers on Sunday at the Smart Araneta Coliseum. UE led by as many as 11 points, 63-52, in the third quarter and entered the final period still ahead, 64-57, but Ateneo was determined to end its slump. The Blue Eagles reclaimed the lead Adili’s his layup with 3:46 left, 72-71. However, John Abate quickly responded for the Red Warriors with an and-one play to restore a 74-72 advantage with 2:15 remaining. That turned out to be UE’s final basket of the game, as Ateneo sealed the win from the free throw line. Ian Espinosa and Adili combined to sink six of ten free throws in the last 1:42 to complete the comeback. “I feel really excited to be back. I’ve been itching to get back, and I got the opportunity today. I’m just going to keep looking to get 100 percent healthy, do my rehab, and control what I can control,” said Adili, who has been dealing with a back injury since the start of the season. K ymani Ladi had 16 points and nine rebounds, while Espinosa chipped in 13 markers.

That sent the proud son of Panabo, Davao del Norte into a four-man tie for first place with Vietnamese Grandmaster Tran Tuan Minh, Indian IM V S Raahul and Mongolian IM Munkhdalai Amilal with 2.5 points each. It would take more victories like this one for Arca to rule this nine-round tournament that stakes the one prize he craves the most—a GM title—for the eventual champion. Next up for Arca was third seed Raahul in the fourth round.

weeks and culminate in the Open Championship. Dagoon faces stiff opposition in the girls’ singles with Joy Ansay, Mikaela Ngu, Izabelle Camcam, Sabine See and Dania Bulanadi all aiming for the top prize.

the bench and concurrently Director of Basketball Operations at NU. Young alum Patrick Yu—now also an engineer—adds