BusinessMirror November 25, 2025

‘FOREX TWEAKS ONLY IF MARKET’S GOING

By Reine Juvierre S. Alberto @reine_alberto

PANGLAO,

Bohol—The Bangko

Sentral ng Pilipinas (BSP) will only intervene in foreign exchange when the markets behave irrationally or when there is excessive speculation, according to BSP

Governor Eli M. Remolona Jr.

By Justine Xyrah Garcia

DESPITE rapid digitalization initiatives across Asia and the Pacific, the Asian Development Bank (ADB) said on Monday that Philippine employers continue to require the least digital skills for the same occupations compared to their regional peers.

Initial findings of a forthcoming ADB study showed that the Philippines posted the lowest digital skill score, followed by Malaysia and India. The score measured how digitally intensive job postings are—ranging from zero for jobs requiring no digital skills to one for those requiring advanced competencies—and covers six economies: Australia, India, the Republic of Korea, Malaysia,

“If it’s too much of a swing, it becomes inflationary because of the exchange rate pass-through,” Remolona added.

Remolona said at the symposium that the BSP “worries” about the exchange rate mainly because of its price stability mandate.

“In particular, we worry about large swings in the peso that could

“We don’t always intervene. We’re kind of shy about intervening,” Remolona said in a press briefing during the Central Banking Symposium on Monday here. “But if we do decide to intervene, we’re more likely to do it when the market is going crazy. If it believes in some superstition. It believes in some technical analysis,” Remolona added. The central bank does not have a specific target peso level for it to intervene, as it lets the market determine the exchange rate, Remolona added. What “worries” the BSP, Remolona said, is when there are large swings in the exchange rate.

Singapore and the Philippines.

The Republic of Korea posted the highest digital skill score, with employers requiring digital competencies that are roughly 17 percent higher than those expected by firms in the Philippines for the same type of job.

Across Asia and the Pacific, ADB found that digital competencies have become a baseline requirement for employability.

About 45 percent of job ads now demand at least basic digital skills, such as email use, office productivity tools and digital documentation.

Almost 30 percent require intermediate skills like online content management and basic coding, while over 10 percent of job listings look for advanced digital skills such as programming and

By Andrea E. San Juan @andreasanjuan

WITH the flood control corruption scandal still raging, Integrity will be a “very key pillar” for one of the top business groups in the Philippines next year as this coincides with the country’s chairmanship of Asean.

Donald Lim, who has been elected President of the Management Association of the Philippines (MAP) for 2026, told reporters on Monday: “Next year [is] Asean year. It’s embarrassing that it’s Asean year and yet we are still talking about corruption. So I think we want to make sure that, again, we want to help rally the private sector.” Lim added, “We want to also learn from the best practices with our ASEAN neighbors. So integrity will be a very key pillar for MAP next year.”

In a separate interview, Alfred S. Panlilio, MAP’s 2025 President, said Asean can serve as the platform as the Philippines aims to bring back its “credibility” and reputation after being burned by the flood control corruption.

“I mean, Asean shouldn’t only be the motivation for government. They have their own pressures as officials that they want to run the country the right way. There’s transparency, there’s accountability and I think we’ve been hearing that in the past few weeks,” Panlilio said.

The current head of MAP said, “What we’re looking at now are results or outcomes of these investigations of what’s happening.”

Meanwhile, Panlilio explained that there is no need to revise the Constitution to weed out corruption in the government.

Instead, he pointed out: “At the end of the day, it’s the values

By Reine Juvierre S. Alberto @reine_alberto

MORE “aggressive protectionism” and potential slowdowns in major trading partners may lead to the further slowdown of the Philippine economy for 2025 and 2026, according to the Asean+3 Macroeconomic Research Office (Amro).

Based on Amro’s Annual Con-

sultation Report, the economy will continue to expand at a rate of above 5 percent growth rate, slower than the pre-Covid trend.

“Real GDP growth is projected at 5.2 percent in 2025 and 5.3 percent in 2026, below the 5.7 percent growth recorded in 2024,” the Amro report noted. These are both lower than its earlier forecast of 5.6 percent for 2025 and 5.5 percent for 2026.

Amro explained that the Philippines’ “stable” growth outlook is clouded by external uncertainties, with risks tilted to the downside, while structural challenges pose greater obstacles to long-term growth potential.

“Near-term growth prospects could be adversely affected by more aggressive protectionism, potential slowdowns in major trading partners, tighter-than-expected global

financial conditions, as well as renewed inflationary pressures,” Amro underscored.

It explained that although the Philippines remains “relatively” resilient to external shocks in the short term, structural challenges persist as significant barriers to sustaining the country’s potential growth over the medium to

term.

“Prolonged scarring from the Covid-19 pandemic—reflected in slower private investment recovery, gradual labor upskilling, and modest productivity growth—along with the country’s insufficient infrastructure development and limited manufacturing capacity, may further constrain long-term potential,” Amro said. In addition, it noted that accelerating “geoeconomic” fragmentation, heightened political risks, and vulnerabilities to climate change could “further dampen” long-term growth prospects.

As to the “aggressive” US protectionist policies which could impede the Philippine economy’s growth, Amro noted that the US administration has indicated plans to impose tariffs on currently exempted sectors—such as semiconductors, which account for 31.2 percent of Philippine exports to the US—posing a “significant” direct impact to merchandise exports.

Moreover, AMRO explained that more aggressive protectionist measures could have “indirect” spillover effects.

“Higher US tariffs on other economies, particularly Asean+3 and the EU, may weaken their demand for Philippine goods and services, further dampening domestic investment and consumption,” said Amro.

Comelec to issue ruling on Escudero’s case this week

By Justine Xyrah Garcia

THECommission on Elections is set to issue its decision this week on the case involving Senator Francis “Chiz” Escudero, who received a campaign donation from Lawrence Lubiano, a government contractor.

Comelec Chairman George Erwin M. Garcia confirmed on Monday that the poll body’s political finance and affairs department has already submitted its recommendation to Commissioner Rey E. Bulay, the commis-

sioner-in-charge for the case.

“You can expect that no later than Wednesday, the disposition on the allegations against him and Mr. Lubiano will be released. On or before Wednesday, the disposition will be

Half of accused in Mindoro…

whether abroad or within the Philippines, and that this will not stop the implementation of lawful orders, said the DILG chief.

He added that except for Co, several of the accused believed to be abroad have already contacted Filipino authorities and are expected to proceed

to the nearest Philippine Embassy for immediate repatriation. These individuals, Remulla said, have voluntarily disclosed their locations and were advised of their right to appear at the nearest Philippine Embassy as soon as possible.

“Other accused believed to be

out,” Garcia told reporters.

In a press conference in August, the former Senate president admitted that he received P30 million from Lubiano, who is the president of Centerways Construction and Development Inc. Lubiano later confirmed in a House hearing on flood control projects in September that he made the donation, but insisted that it was done “personally” and not through his firm.

The Comelec then issued a show-cause order to both parties, ordering them to explain why they should not be charged with an election offense.

Although Chairman Garcia inhibited from the case due to his

abroad have made contact with our law enforcement agencies and are expected to show up at the embassy and begin immediate repatriation towards the Philippines. They have done so voluntarily and informed us of their whereabouts and we informed them of their right to proceed immediately to the embassy as soon as possible. We have to make [it] clear that no matter where you are in the world, we will find you.

previous work relationship with Escudero, he maintained that a decision should already be released.

“The public has been waiting for this for a long time. They should immediately dispose that case so it becomes clear what will happen,” he added.

Under Section 95(c) of the Omnibus Election Code, natural or juridical persons holding government contracts or subcontracts for public works or services are barred from contributing directly or indirectly to partisan political activity.

Both the donor and the recipient may face one to six years in prison if found guilty.

If you are at large we will find you. If you are hiding in the Philippines, we will find you,” the DILG chief noted.

He also warned that anyone attempting to shelter or assist the accused will face legal consequences, as he reminded the public that obstructing the implementation of these lawful orders is punishable under existing laws.

Samuel P. Medenilla, Joel R. San Juan and Rex Anthony Naval

cloud services. The demand for artificial intelligence (AI) capabilities—particularly the ability to use AI tools—has also more than doubled since the emergence of generative AI in 2022, signaling how quickly employers are integrating technology into everyday workflows.

ADB economist Silvia Garcia Mandicó explained that the gap in digital skills across countries reflects the slower adoption of digital systems in developing countries like the Philippines.

“When we compare accountants and associates, employers in the Philippines mention digital skills less frequently. So this likely reflects slower diffusion of digital systems in firms, perhaps even more so in small and medium enterprises,” Mandicó explained during a forum.

She also pointed that a relatively low supply of digital skills—including email proficiency, data analysis, basic programming and intermediate-level software use—may also be discouraging firms from requiring such competencies in job postings.

“If employers know that the level of digital skills on average that they will face is lower, they may refrain from requiring some of these digital skills,” she said.

The ADB study also found clear wage premiums for digitally skilled workers, ranging from 5 percent for basic skills to 15 percent for advanced programming or IT-related competencies.

The organization noted that these wage premiums were highest in India, Malaysia and the Philippines, where digital talent remains limited. Australia showed the smallest premium, consistent with its more digitally intensive labor market.

lead to inflation,” he said.

Remolona explained that oil prices are the biggest channel of exchange-rate pass-through since oil is priced in US dollars.

“If the price of oil goes up in the global market, and then it’s compounded by an exchange rate depreciation, then the price of oil in pesos goes up even more. So that’s the pass-through,” he explained.

This pass-through then affects the price of rice and other major imported commodities, Remolona said.

The local currency closed at P58.87, reaching the P59.02 level when it traded on Monday, according to data from the Bankers Association of the Philippines.

Despite the peso’s recent weak performance, Remolona said, “it bears on our [monetary] policy to the extent that it bears on inflation. Now, it’s playing around 59. It’s not a swing.”

“We’re an inflation-targeting central bank, so the data that carries weight tends to be inflation data and data that sheds light on inflation. But we also look at

growth data,” Remolona added.

“We take all those factors into account and then we decide whether monetary policy can be effective in either dampening inflation or supporting growth,” he said.

December rate cut

THE BSP will also consider another rate cut in its December rate-setting meeting, as further monetary easing can help boost demand to support the economy, Remolona told reporters on the sidelines of the symposium.

“The demand is affected, just like investor sentiment,” the governor said.

When asked if the magnitude of the rate cut will likely be small, Remolona said yes, adding that a 50-basis-point reduction is unlikely.

The Monetary Board, the BSP’s highest policy-making body, is scheduled to meet on December 11.

He also said there’s no urgency in further reducing banks’ reserve requirement ratio. With reports from Bloomberg

‘Investment in digital infra, basic education’ WHILE the results also suggest that economies with low digital-skill demand may still catch up, ADB Chief Economist and Director General Albert Park said countries like the Philippines must double their efforts in improving digital infrastructure and strengthening basic education. Park noted that the Philippines continues to post persistently low learning outcomes—an issue he described as a fundamental barrier to acquiring digital competencies

“I think that suggests that you need to build digital infrastructure in the sense of getting people connected and making it cheaper to be using computers and on the internet,” he said.

The chief economist emphasized that governments must invest in strong digital foundations to ensure that workers can participate meaningfully in an economy where technology plays a growing role.

“They [developing countries] really need to think proactively about how to influence the direction of technological change...for instance, invest in startups, encourage startups in ventures or technologies that will be socially impactful,” Park added.

of the leaders, I think, which is something we lost as a country.”

Panlilio said this can be traced back to value formation which starts even among families.

“It starts there when you’re young. So it’s the family educating what the right values are. Of course, the education system should support that,” added Panlilio.

In fact, the head of the business organization said he had a chance to raise this issue with Education Secretary Juan Edgardo Angara.

“When I was talking to Secretary Angara, we’ were saying, review also the curriculum in terms of not only just the hard courses, but also the values of formation, like Psychology, Philosophy, and I guess...Humanities,” Panlilio said, referring to these courses as “important aspects of what defines us at the end of the day.”

Through another business group’s lens, the former president of the Federation of Filipino Chinese Chambers of Commerce and Industry (FFCCCII), Cecilio Pedro, underscored: “Hopefully we see some concrete solutions whether it’s putting people behind bars or it’s a system being changed or the budget going to the right places. There are so many things the government has to put in place to make sure that we are moving towards a proper future which is next year.”

In Pedro’s view, if the corruption issue won’t be addressed, “Next year will be more challenging. That is for us very crucial, especially for businessmen. We want to see things being changed. This is a good opportunity to change. Lumabas na eh, dati nakatago. Ngayon, lantad na [It’s all out there now. It used to be under a cloak of secrecy].” Pedro said how the government addresses this corruption problem will determine the country’s future.

to the GDP in 2019, which means the sector actually produced less for the economy last year, despite the supposed increase in visitor spend and jobs created.

For her part, Tourism Secretary Christina Garcia Frasco expressed gratitude for the Senate’s approved increase in her agency’s budget, and “for recognizing the vital role of tourism in national development. The increased branding budget is not just an investment in marketing; it is an investment in jobs, livelihood, and the Filipino people. We commit to ensuring that every peso is used strategically, efficiently, and creatively to inspire the world to Love The Philippines.”

Lazaro urges stronger defenses vs hybrid threats

By Malou Talosig-Bartolome

FOREIGN Affairs Secretary

Maria Theresa Lazaro urged ministers from the European Union and Indo-Pacific region to collectively strengthen defenses against hybrid threats, warning that attacks combining physical, cyber, and informational tactics are increasingly targeting critical maritime infrastructure.

This, as Association of Southeast Asian Nations (Asean) ministers joined the EU Foreign Affairs Council meeting for the first time in Brussels. EU foreign affairs ministers also held an informal lunch

Typhoon Verbena maintains strength, to make landfall at Surigao

del Sur

TBy Jonathan L. Mayuga @jonlmayuga

YPHOON Verbena main -

tained its strength as it threatened to make landfall over Surigao del Sur, the state weather bureau said.

The Philippine Atmospheric Geophysical and Astronomical Services Administration (Pagasa) said as of 2:00 p.m. Monday, Verbena, is inducing moderate to heavy rain, aggravating the prevailing shearline affecting Luzon.

Tropical Cyclone Signal 1 is hoisted over Occidental Mindoro, Oriental Mindoro, Romblon, the northern portion of Palawan (Araceli, Taytay, El Nido, Dumaran, Roxas, San Vicente), including Calamian, Cuyo, and Cagayancillo Islands, and mainland Masbate Balud, Mandaon, Milagros, Cawayan, Placer, Pio V. Corpuz, Esperanza, Uson, Dimasalang, City of Masbate, Mobo, Palanas, Aroroy, Cataingan, Baleno, in Luzon and Antique, Aklan, Capiz, Iloilo, Guimaras, Negros Occidental, Negros Oriental, Siquijor, Cebu, Bohol, Samar, Eastern Samar, Biliran, Leyte, and Southern Leyte in the Visayas.

Some parts of Mindanao are also under TCWS 1. These are Dinagat Islands, Surigao del Norte, Surigao del Sur Agusan del Norte, Agusan del Sur, Camiguin, Misamis Oriental, and the northern portion of Bukidnon (Baungon, Libona, Manolo Fortich, Sumilao, Impasug-Ong, City of Malaybalay, Malitbog, Cabanglasan).

Verbena was spotted hovering over the coastal waters of Bayabas, Surigao del Sur, packing maximum sustained winds of 45 kilometers per hour near the center and gusts of up to 55 kmh. It is moving westward at 25 kmh. Meanwhile, 100 to 200 mm of rain is expected in Oriental Mindoro, Cagayan, Isabela, Aurora, Marinduque, and Quezon in the until Wednesday.

Rain is also expected in Cagayan, Isabela, Aurora, and Quezon in the Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) region, and Quirino, Nueva Vizcaya;

Apayao, Kalinga Mountain Province, Ifugao, Nueva Ecija, Bulacan, Metro Manila, Rizal, Laguna, and Cavite starting on Tuesday. So far, Verbena has not caused death, injuries or damage to property.

NGCP girds for Verbena THE National Grid Corporation of the Philippines (NGCP) said Monday it has implemented preparations and precautions to minimize the impact of Tropical Depression Verbena on transmission operations and facilities.

Preparations include ensuring the reliability of communications equipment, availability of hardware materials and supplies neeeded for the repair of damage to facilities, as well as the positioning of line crews in strategic areas to facilitate immediate restoration work.

“NGCP’s Integrated Disaster Action Plan (Idap) prescribes these and other procedures to ensure the readiness of all power transmission facilities expected to be affected by the passage of the weather disturbance,” the grid operator said.

Meanwhile, Synergy Grid & Development Philippines Inc. (SGP) said negotiations with the Maharlika Investment Corporation (MIC) regarding its proposed investment in SGP are still ongoing.

“We reiterate that the parties are in the process of negotiating the detailed terms of the transaction and ensuring that the same are compliant with regulations. Given the scale and strategic nature of the investment, extensive due diligence and coordination among parties in SGP are required,” SGP said. NGCP holds the sole and exclusive concession and franchise for the operation of the country’s power transmission network, which links power generators and distribution utilities to deliver electricity nationwide. SGP, which controls 60 percent of NGCP, is a consortium led by tycoons Henry Sy Jr. and Robert Coyiuto Jr. State Grid Corp. of China (SGCC) owns the remaining 40 percent.

with their Asean counterparts, focusing on how both sides can deepen cooperation on geopolitical resilience and security while preparing for the 50th anniversary of EU–Asean relations in 2027.

Speaking as a panelist at the Ministerial Meeting on the Protection of Critical Maritime Infrastructure, Lazaro stressed the need for awareness raising and international cooperation to confront both persistent and emerging challenges—from illegal and coercive actions at sea to threats against submarine cables, pipelines, liquefied natural gas (LNG) platforms, and harbor facilities.

“We must strengthen our defenses against hybrid threats— which combine physical, cyber, and informational tactics,” Lazaro said, underscoring the Philippines’ call for solidarity in safeguarding

shared resources.

Her intervention came as the EU underscored the urgency of protecting undersea systems that underpin global connectivity.

“A major focus was maritime security and the protection of our undersea infrastructure. These systems are essential for global communication and energy supplies. They carry 95 percent of trans-regional digital data flows,” Kallas said during a news conference.

Kallas added: “Yesterday, for the first time, our Asean partners joined us for the Foreign Affairs Council. Looking forward, we are working to upgrade our ties with the Asean members to a comprehensive strategic partnership by 2027.”

The Indo-Pacific’s maritime infrastructure is vital not only to the

region but also to Europe. Submarine cables, pipelines, wind farms, LNG platforms, and ports form the backbone of the global economy— yet they are increasingly exposed to geopolitical tensions.

n Recent incidents in the Baltic Sea, Red Sea, Taiwan Strait, and South China Sea highlight vulnerabilities to covert interference and hybrid attacks.

n These threats blur the line between civilian and military domains, making attribution and accountability difficult.

n Damage to undersea cables or energy platforms can disrupt essential services, supply chains, and transport resilience— directly impacting citizens’ daily lives and economic security.

n For island states in both Europe and the Indo-Pacific,

Senator pushes early passage of bill creating Justice Reform Commission

SBy Butch Fernandez @butchfBM

ENATOR Francis Pangilinan on Monday called for the swift passage of Senate Bill 1547 establishing a Justice Reform Commission, as public anger mounts over the government’s failure to jail officials linked to massive corruption scandals.

“Atat na atat na ang taumbayan para sa katarungan. Gusto nilang makulong ang mga may sala, hindi malaya at nagpapakasasa sa kinurakot [The people are crying out for justice. They want the corrupt behind bars, not enjoying their freedom and their stolen billions].”

Pangilinan said, citing the multibillion-peso flood control corruption scandal, which exposed how stolen public funds and systemic failures in governance contributed to deadly flooding, destroyed

homes, and ruined livelihoods.

Pangilinan, chairman of the Senate Committee on Justice and Human Rights, warned that the persistence of high-level corruption and the near-absence of convictions prove that “the justice system has collapsed for ordinary citizens, while working perfectly for the powerful.”

The proposed commission will conduct a comprehensive investigation of all five pillars of the justice system: law enforcement, prosecution, the judiciary, the corrections system, and the community. It will identify why cases against public officials drag on, why backlogs multiply, and why accountability repeatedly fails.

Composed of members from both houses of Congress and experts from the private sector and academe, the body will have the

authority to summon data and documents from the Department of Justice, Ombudsman, National Police (PNP), and Supreme Court; examine procedural inefficiencies; study barriers to justice for vulnerable sectors; and recommend fast, actionable reforms.

“We will root out why the country’s justice system has massively failed, why the guilty remain free, why cases are delayed to death, and why corruption thrives,” Pangilinan said.

“We must fix this system together as a nation, or watch public trust collapse even further,” he added.

The Commission will operate for three years with the Philippine Institute for Development Studies (PIDS) as its research arm and will submit periodic reports and a comprehensive reform blueprint to Congress and Malacañang.

Dy backs Ombudsman probe of flood control irregularities

By Jovee Marie N. dela Cruz @joveemarie

SPEAKER Faustino Dy III on

Monday backed the decision of the Independent Commission for Infrastructure (ICI) and the Department of Public Works and Highways (DPWH) to bring their findings on alleged irregularities in flood-control projects before the Office of the Ombudsman, saying the move reinforces the government’s push for full transparency and accountability.

Dy said the House of Representatives has respected the work of the ICI from the outset, stressing that this was the reason the chamber decided not to conduct a parallel inquiry—allowing the commission to carry out its mandate without disruption.

“From the very beginning, we were firm in giving the ICI the full space it needed to complete its work. We welcome the Ombudsman’s review, and we respect this step taken by the ICI and the

DPWH,” Dy said.

He cited President Marcos’ earlier directive that any possible charges should be based solely on the “totality of evidence,” and that the Ombudsman must act accordingly. “We agree fully with the President. Accountability must rest on evidence,” the Speaker emphasized.

The President late Sunday night announced that seven individuals with outstanding warrants of arrest linked to the anomalous flood-control projects are now in government custody, two more are ready to surrender, while seven others—including former congressman Zaldy Co—remain at large.

Dy echoed the President’s call for all involved to cooperate with authorities and turn themselves in, adding that anyone who shelters or obstructs the process may also face legal repercussions.

“Our position remains unchanged: respect due process and support the institutions tasked to uncover the full truth—so that

those who must be held accountable will answer for their actions, and genuine justice can be delivered to our people,” Dy said.

No finding of guilt

THE lawyer of former Speaker Martin Romualdez said on Monday that the ICI did not issue any finding of guilt or liability against Romualdez as it forwarded its referral to the Office of the Ombudsman.

Ade Fajardo, who serves as Romualdez’s counsel and spokesperson, said they “acknowledge the referral submitted by the ICI to the Office of the Ombudsman on November 21 and welcome the Commission’s completion of its fact-gathering mandate.”

He noted that the former Speaker cooperated fully and transparently throughout the proceedings.

Fajardo said the referral “incorporates all evidence presented by former Speaker Ferdinand Martin G. Romualdez—his sworn affidavit, complete transcripts, and the

DOST starts consultations to finalize rules for virology institute

By Bless Aubrey Ogerio

CLARIFYING

Philippines (VIP). The Department of Science and Technology (DOST) opened the Luzon leg of the four-part consultation series early this month, highlighting the need for a validated framework to guide the institute’s operations.

“More than a technical discussion, this public consultation would affirm

our shared responsibility in building a nation guided by science and technology, anchored in cooperation, and sustained by the pursuit of public welfare and safety,” Science Secretary Renato Solidum Jr. said. The series will continue in the Visayas on January 12, 2026, in Mindanao on January 20 and in the National Capital

Region on January 27. Science Undersecretary Leah Buendia said the draft IRR will serve as the operational blueprint for the VIP.

“The IRR will provide the framework that will guide how the VIP Law will be carried out—ensuring coordination, accountability, and alignment with the law’s vision for a stronger, science-driven

submarine cable connectivity is a lifeline to the global economy.

“Our security is interconnected. What happens in Europe matters in Asia. What happens in Asia matters in Europe. From economic security to supply chains and the protection of critical infrastructure, working with our Indo-Pacific partners is an answer to a more dangerous world,” Kallas said.

Recognizing these risks, Kallas convened the ministerial meeting on November 21 in Brussels as part of the 4th EU Indo-Pacific Ministerial Forum. The gathering brought together ministers, senior officials, and experts from 64 countries from east coast of Africa to the Pacific Islands to deepen policy dialogue and foster operational cooperation.

Group ramps up telehealthcare for Pinoy males

ALEADING men’s telehealth platform, recently announced it has raised US$2 million (P116 million) in funding to advance its mission to redefine the Philippine healthcare system.

In a statement, the group said: When GoRocky was founded in 2022, the focus was clear: break the stigma surrounding men’s health issues like erectile dysfunction and hair loss. These conditions, often avoided and treated in silence, were a growing problem for many men in the Philippines, but seeking help was considered taboo.

“GoRocky’s mission was to create a safe, confidential space for men to address their health concerns without fear of judgment. And in just a short time, GoRocky has supported over 30,000 patients in their health journeys.”

The statement added:

While the focus began with men’s stigmatized conditions, GoRocky’s vision has always been bigger. GoRocky is now ready to take the next step by expanding into chronic care to address widespread conditions not only of men, but also women, like obesity, diabetes, PCOS, and hypertension that affect millions of Filipinos.

“With US$2 million in new funding from Singaporean venture capital firm Integra Partners and local VC firm Kaya Founders, GoRocky is poised to transform into the leading platform for chronic care in the country, helping Filipinos manage their health from the ground up, the group also said.

“The goal is clear: to create an accessible, affordable, and personalized healthcare system for Filipinos suffering from chronic conditions. By building a seamless digital platform that connects patients with doctors, pharmacies, and diagnostic services, GoRocky and its weight loss brand GoSlim is making it easier than ever to manage chronic health conditions from the comfort of home.

Philippines,” Buendia said. Signed into law on September 12, the VIP Act establishes the institute as the country’s premier agency for virology research, vaccine development, and the creation of diagnostic and therapeutic tools for viruses and other pathogens.

“Millions of Filipinos are living with conditions they can’t easily treat—not because they don’t care, but because the system makes it too hard,” said Joaqui Palaña, Co-founder and Chief Commercial Officer.

“We’re building the simpler, safer way to get better.”

Tiu Laurel eyes MSRP for onions, pork, carrot

1,480 MT as of mid-November.

TBy Ada Pelonia @adapelonia

HE Department of Agriculture (DA) is mulling over the imposition of maximum suggested retail prices (MSRP) for onions, pork, and carrots to temper the price of these commodities ahead of the holiday season.

Agriculture Secretary Francisco Tiu Laurel Jr. said the agency is eyeing the implementation of MSRP on select commodities as early as the end of November or by December 1.

Tiu Laurel noted that the measure would be applied on imported pork and carrots.

However, both imported and local onion varieties would be imposed the MSRP, as he flagged those who allegedly pass on foreign shipments of the allium as domestic produce to jack up prices.

“Most of these products that I’ve mentioned are imported. This is not a right, this is a privilege,” Tiu Laurel told reporters in a news conference on Monday.

“We allow importation because we don’t have sufficient local supply, but there’s a responsibility [...] for them to sell these in the market at a fair price to protect Filipino consumers,” he added.

The MSRP for imported pork belly (liempo) will be P370, while foreign shipments of pork shoulder (kasim) and pork ham (pigue) will stand at P340 per kilo.

In addition, both local and imported red and yellow onions along with carrots should be P120 per kilo.

He noted that the raft of measures would be in place until the end of January 2026.

Latest government price monitoring data shows that the retail prices of frozen kasim ranges from P210 to P300 per kilo, while frozen liempo stands between P290 and P350 per kilo.

Furthermore, prices of local red onions in Metro Manila markets

Legislator warns against scam targeting seniors

By Jovee Marie N. dela Cruz @joveemarie

AHOUSE of Representatives

assistant majority leader on Monday warned that scammers are exploiting senior citizens’ trust and cautioned the public against circulating posts and videos that falsely claim the government has started accepting applications for a universal social pension for senior citizens.

Las Piñas Rep. Mark Anthony Santos clarified that the Universal Social Pension for Senior Citizens—outlined under House Bill 10423—has not been enacted into law and remains pending in Congress.

“Many people have already been

misled by the spreading misinformation, especially with Christmas approaching. We need to correct these falsehoods to prevent confusion or exploitation,” Santos said. “The Universal Social Pension program has not yet been implemented. Our senior citizens deserve accurate information.”

Both the Department of Social Welfare and Development (DSWD) and the National Commission of Senior Citizens (NCSC) have earlier issued advisories reiterating that no such application process currently exists.

House Bill 10423 was approved by the House of Representatives on May 21, 2024, but still requires Senate concurrence and the President’s signature before

it can become law.

Aside from HB 10423, Santos has also filed House Bill 1296, or the Universal Social Pension Act, which seeks to amend Republic Act 9994 (Expanded Senior Citizens Act of 2010) by removing the indigency requirement that currently limits pension eligibility.

Santos’ proposal seeks to extend the pension to all Filipinos aged 60 and above, who number an estimated 11 million as of this year, with adjustments to the amount based on inflation and prevailing living standards.

Santos also echoed warnings from the Department of the Interior and Local Government (DILG), which cautioned the public against fake websites, spoofed NCSC logos,

and fraudulent announcements designed to appear official.

“Scammers are exploiting our senior citizens’ trust. We need to stop the spread of deceptive content and protect our elders from manipulation,” Santos added. He asked the government to combat misinformation more aggressively and to fast-track the legislative process to ensure that senior citizens eventually receive universal pension benefits guaranteed by law.

“Our seniors deserve clarity, protection, and support—not confusion and false promises,” he said. “I remain committed to pushing this measure forward until every Filipino senior citizen receives the pension they rightfully deserve.”

DA fool-proofs ₧20/kg rice program

TBut the lawyer pointed to what he described as the most vital portion of the document.

“Importantly, the ICI explicitly states that the referral ‘is issued without any finding or conclusion of guilt or liability on the part of former Speaker Romualdez.’ This clear statement reinforces our confidence in the Commission’s impartiality and reinforces the constitutional role of the Ombudsman as the sole authority empowered to make determinations on accountability,” Fajardo said. He added that they “trust that the Ombudsman will conduct an independent, thorough, and objective review of the evidence submitted.”

“From the outset, we have consistently maintained that a fair and complete assessment of the record will reflect the truth,” he said.

HE Department of Agriculture (DA) has launched a system to track the beneficiaries and enhance oversight of its P20 rice program.

Agriculture Secretary Francisco Tiu Laurel Jr. said beneficiaries of the cheaper rice program should register, where a QR code would be generated and must be shown to outlets before the purchase of the P20 per kilo rice.

He noted, however, that the DA is targeting to implement the stringent use of the masterlist registry system in March 2026 to give an elbow room for Filipinos to register.

“Since we’ve only launched this today, we’ll give the general public three months to register until endFebruary. By March, they won’t get to buy [P20 rice] without a QR code. I think that’s enough time,” Tiu Laurel told reporters in a news conference on Monday.

“We’ve been in a trial phase for almost six months, and there are a lot of people who make multiple purchases,” he said.

“So, this would control things since we don’t have an unlimited budget and rice supply. We just want to provide fair treatment for all beneficiaries.”

For 2026, Tiu Laurel noted that the agency is looking at roughly a P23-billion budget to sustain the government’s subsidized rice program.

Broken down, he explained that a chunk of the budget would come from its share in the proposed 2026 General Appropriations Act (GAA), particularly P9 billion from the National Food Authority (NFA), and P10 billion for the Rice-for-All program. The remaining contingency fund of around P4 billion would make up the total funding.

(https://p20.da.gov.ph/) to generate their QR codes and present them before purchasing rice at the P20 outlets.

The P20 Benefinder is another module of the P20 Registry System that verifies target beneficiaries.

Since the P20 rice program’s launch in May, the government has expanded its coverage beyond the initial scope, which covered senior citizens, solo parents, persons with disabilities, indigents, and indigenous people.

P20 beneficiaries now include minimum wage earners, rice farmers and fisherfolk, tricycle and jeepney drivers, and beneficiaries of the Walang Gutom program of the Department of Social Welfare and Development (DSWD).

range from P250 to P330 per kilo, while imported red onions stand between P200 and P320 per kilo. Imported white onions range from P90 to P180 per kilo.

Government data showed that retail prices of carrots stand between P120 and P200 per kilo.

“We have to understand that the recent spike in prices of onions and carrots was justifiable because of the two successive typhoons that hit the country. But the prices didn’t decline after the typhoons passed,” Tiu Laurel said.

Citing data from the Bureau of Plant Industry (BPI), officials said 707 metric tons (MT) of red onions had entered the country in September; 6,892 MT in October, and;

The DA has allowed several import programs for onions this year owing to tight supply. In February, the agency authorized the importation of 4,000 MT of red and yellow onions as stocks thinned out.

This was followed by another round of importation in August at around 50,000 MT for red onions and 35,000 MT for yellow onions to plug the projected supply shortfall of the crop.

Despite this, Tiu Laurel assured stakeholders that the government would halt shipments of the onion varieties a month before harvest, which would be in February next year.

Impunity and Corruption: Interconnected

By Henry J. Schumacher

NFORTUNATELY, that’s the truth.

UPowerful perpetrators involved in corruption can too often stymie enforcement against them by interfering with the justice system. Furthermore, investigations are complex, take “ages,” and are expensive. Unfortunately, the Philippines is Number One in the world when it comes to impunity.

Very recently, candidates for the barangay elections were gunned down. The latest deadly assaults highlight impunity that has been reinforced in this country over the years. Perpetrators clearly believe they can get away with murder. Dispelling this belief must be a priority of those tasked to keep the public safe.

To tackle this “impunity problem,” reforms of the local justice system are needed also. I don’t see any proposals; everybody is complaining about the severe backlogs in cases throughout all courts only.

The proposal for a stand-alone court deserves careful study.

As a first step in that discussion, it would be important to analyze and discuss the problem of grand corruption and its precise manifestations and challenges.

Continued from A3 full audio-video recording of his voluntary appearance before the Commission on October 14.”

Fajardo’s remarks come as the Ombudsman begins its evaluation of the ICI’s full record, marking the next phase in the inquiry surrounding flood-control projects questioned in recent weeks.

He explained that the measure would also curb repeat buyers, as the program only allows up to 30 kilos per beneficiary on a monthly basis.

Currently, eligible participants can register in four sites around Metro Manila and in NFA warehouses nationwide.

Registered P20 beneficiaries can use the P20 Benefinder

“With this online system, we can now step up the expansion of the P20 rice program to include other sectors such as teachers, security guards, and other transport sector workers like bus drivers and delivery riders,” Tiu Laurel said. Ada Pelonia

This means analyzing the type of criminal activity, the negative impact, and the reason for impunity.

Transparency International has been working with a group of experts to develop a new legal definition of grand corruption: “a definition that captures the problem we are trying to deal with when discussing new infrastructure. Grand corruption is defined as having three main features:

n a corruption scheme; n involvement of a high-level public official; and n serious harm caused, which may take the form of large-scale misappropriation of public resources or gross violations of human rights.”

This kind of definition could be used to trigger the jurisdiction of an international

DOST. . .

The institute will also serve as a center for evidence-based policymaking,

Subic gets DOE, PNOC solar-assisted

ASOLAR-ASSISTED electric vehicle charging station (EVCS), developed by the Department of Energy (DOE) and the Philippine National Oil Company Renewables Corporation (PNOC RC), was turned over to the Subic Bay Metropolitan Authority (SBMA). Under the Government Energy Management Program (GEMP), the solar-assisted EVCS serves as a model facility for integrating renewable energy (RE) into electric mobility.

The project supports the government’s efforts to expand access

to clean transport, lower greenhouse emissions, and promote the wider use of electric vehicles in strategic locations such as the Subic Bay Freeport Zone.

“This initiative is a testament to progress driven by partnership, innovation, and our shared commitment to a low-carbon and energy-secure future,” said Energy Secretary Sharon Garin. “It demonstrates what we can achieve when government, industry, and communities work together toward cleaner, sustainable transport for the Filipino people.”

Aligned with the Electric Vehicle

Industry Development Act (Evida) and the Comprehensive Roadmap for the Electric Vehicle Industry (Crevi), the project underscores the government’s drive to strengthen electric mobility and integrate RE into transport systems as part of a just and forward-looking energy transition.

PNOC-RC was put up in 2008 to promote, develop, and implement new and RE sources in the country. It continues to embark on an ambitious program of being instrumental in the government’s goal of tripling RE capacity by 2030. The turnover ceremony was led

anti-corruption court or another specialized body or mechanism.

Another option would be to introduce the specialized body at the national level, in association with special procedural measures relating to jurisdiction, statutes of limitation, immunities, sanctions, standing for victims and the like. If this were to be supported by the Philippine Government and both Houses of Congress, the two main issues could be addressed: Corruption and Impunity could be fought. It is good to hear that policy makers should institutionalize public participation in government supply deals to deter corruption. The Integrity Initiative has pushed this for years and succeeded in convincing quite a number of local governments to accept nongovernment organization participation in their procurement process.

These options need to be evaluated, and possible combinations of options, according to a range of criteria, including political feasibility, effectiveness, and cost—criteria that are to some extent interconnected.

When I discussed these issues with one expert, he gave me a disappointing comment: “Those who could make a change are benefitting from the present situation.”

Let me conclude with a statement of Peter Obi of the Grassroots Mobilization: “No country can progress if it’s POLITICS is more profitable than it’s INDUSTIES. In a country where those in government are richer than entrepreneurs, they manufacture poverty.”

Feedback is welcome; you can reach me at hjschumacher59@gmail.com

develop partnerships with both local and international research institutions, and provide training to expand the country’s scientific capacity. The final rules are targeted for completion in February 2026.

EVCS

by Energy Undersecretary Mario C. Marasigan, who represented Garin. He was joined by Director Patrick T. Aquino, of the Energy Utilization Management Bureau (EUMB). Representing SBMA were Marco A. Estabillo, deputy administrator handling the Public Works and Technical Services Group, and Jomel M. Libut, officer-in-charge of the Maintenance and Transportation Department. The event was also witnessed by Ronald R. Estilles, PNOC-RC President and chief executive officer. Lenie Lectura

CenterLaw seeks recognition of photojournalist Momay as 58th Maguindanao massacre victim

Party-list coalition asks Co to come home, present corruption claims in proper forum

TBy Joel R. San Juan @jrsanjuan1573

HE CenterLaw Philippines asked for judicial recognition of journalist Reynaldo “Bebot” Momay as the 58th victim of the 2009 Maguindanao massacre.

In a 15-page urgent manifestation filed through CenterLaw lawyers, the heirs of the victims of the massacre asked the Court of Appeals (CA) to immediately resolve their consolidated appeal of the December 19, 2019 decision issued by the Regional Trial Court of Quezon City which found eight members of the Ampatuan clan led by former Autonomous Region in Muslim Mindanao (ARMM) Zaldy Ampatuan and 20 others guilty of murdering 57 people, including 32 journalists.

The appeal sought the recognition of Momay as among the victims of the Maguindanao massacre. It may be recalled that in its 2019 decision, the trial court ruled that the prosecution failed to establish that there were actually 58 people killed in the Maguindanao massacre case and not 57.

The prosecution insisted that Momay, a photojournalist for Midland Review, was among the journalists killed as his denture was recovered from the crime scene.

The trial court, however, said discovery of Momay’s supposed denture does not prove that he was among those killed.

The CenterLaw said the family of Momay is still seeking justice 16 years after the gruesome crime happened.

“For the others, the gruesome effects of the Maguindanao massacre cuts even deeper.

The family of the 58th victim, Reynaldo 'Bebot' ”Momay, has no closure since his body remains unrecovered,” the manifestation read.

“Under international law, the right to truth and the right to justice are indispensable and fundamental rights of victims of gross human

rights violations —such as the Heirs of the 58th victim Reynaldo‘Bebot’Momay,”the lawyers said in their motion.

CenterLaw lawyer Gilbert Andres insisted that the trial court erred in not applying to Monay the legal presumption of death provided in Section 3 of Rule 131 of the Revised Rules on Evidence and in Articles 390 off the Civil Code.

Andres noted that families of Momay have sufficiently demonstrated aside from credible testimonies from witnesses that he was included in the massacre, thus, should be presumed to be dead.

Aside from the recognition of Momay, the heirs also asked the court to correct clerical errors as their final push for full justice.

“The remaining family members of the Maguindanao Massacre victims express their earnest hope that they may still be alive when the Honorable Court issues its decision on their consolidated appeals,” the lawyers said.

The Maguindanao massacre, which is considered as the worst in recent Philippine history, took place on November 23, 2009, Win Sitio Masalay, Buluan town, in Maguindanao.

The victims were part of a convoy of journalists, family members and supporters of Datu Toto Mangudadatu, who was then running as governor for Maguindanao against Andal Ampatuan Jr.

The journalists were invited by Mangudadatu to cover the scheduled filing of his COC at the Commission on Elections provincial office in Shariff Aguak when around 200 armed menintercepted the convoy and escorted them to Buluan town in Ampatuan, where they were told to get off their vehicles.

The victims were slaughtered and buried in hastily dug graves using a government-owned excavator.

Aside from Zaldy, also found guilty as principal in the multiple murder case were his brother Andal and other members of the Ampatuan clan.

Speaker Dy champions MSMEs, highlights OTOP initiative’s role in inclusive growth

THE leadership of the House of Representatives on Monday emphasized the need for stronger support for micro, small, and medium enterprises (MSMEs), noting that Filipino entrepreneurs can produce world-class, high-quality products if given the right opportunities.

Speaker Faustino “Bojie”G. Dy III highlighted the continuing relevance of the One Town, One Product (OTOP) initiative, which shows how small, community-based enterprises can drive inclusive growth.

“When we give support and opportunities to our fellow Filipinos, they are capable of creating excellent, high-quality, world-class products that we can truly be proud of,”said the Speaker during the launch of OTOP in the House 3.0 – B2B House Appliance Fair 2025.

Citing a study from his home province of Isabela, he noted that over 85 percent of OTOP entrepreneurs are sole proprietors with capital ranging from onlyP10,000 to P50,000. Despite these limitations, he said, “They dare to dream; they dare to build.”

“What are they making? Delicacies. Rice cakes. Sauces. Beverages. Agricultural products like coffee. These are products from their own towns that can be brought to any part of the country—and even to the whole world,”Dy said.

“In short: One Town, One Product—of quality, and sure to be embraced in different parts of

the world,” he added.

Highlighting the small domestic appliances sector, Dy pointed out that Filipino craftsmanship extends beyond food products.

“Every appliance that is ‘Made in the Philippines’ is not just a household item. These are symbols of innovation, engineering, and Filipino craftsmanship,” Dy said.

He added, “This shows that we are capable of creating not only things that are enjoyable to consume but also durable to use; not only traditional items but also high-tech devices; not just products for local use but world-class products as well.”

Dy said the House aims to make doing business easier for MSMEs and ensure fairer access to capital and markets.

“In the House, our goal is clear: to strengthen MSMEs. We aim to make doing business easier, capital more accessible, and the market fairer. Because when small businesses rise, the whole country rises,” he said.

The House chief urged distributors, buyers, and partners to pursue collaborations that create tangible benefits for communities.

“Filipinos are more than capable. We can design, create, innovate, and compete with others through products that are surely of high quality. Because of this, business growth is within reach—and it is not impossible for you to achieve your dreams,”he added. Jovee Marie N. Dela Cruz

Gasoline prices down, diesel and kerosene to rise on Nov 25

OIL companies will implement mixed price adjustments this week.

A liter of diesel will go up by P0.60 while kerosene will increase by P1.30 per liter. The price of gasoline, however, will go down by P0.20 per liter. The new pump prices will take effect on November 25. Petron, Shell, Total, Unioil, PTT, Jetti, and Seaoil will adjust their prices at 6 a.m. of Tuesday. Cleanfuel will implement the new prices at 4:01 p.m. Oil firms adjust their pump prices every Tuesday to reflect move -

By Jovee Marie N. Dela Cruz @joveemarie

AMID his series of allegations, the Party-List Coalition Foundation, Inc. (PCFI) has urged former Ako Bicol Rep. Zaldy Co to return to the Philippines and face the proper forums, stressing that he should present his claims under oath and support them with complete and credible evidence as questions continue to swirl over supposed irregularities in government floodcontrol projects.

The PCFI, led by TGP Party-list Rep. Bong Teves, issued the appeal as the coalition reiterated its full support for the national campaign against corruption and called for a sober, evidence-based process in addressing the widening infrastructure scandal.

“We are a nation guided by the rule of law and due process. We call on our countrymen to refrain from making premature conclusions amid unsubstantiated accusations by several individuals, including former representative Zaldy Co,” PCFI said.

“We encourage him to return home, state under oath his accusations backed by complete evidence, and cooperate with the relevant authorities so he can answer the charges against him in the interest of transparency. Only through a logical, evidence-based process

can we protect the integrity of our institutions, ensure that truth prevails, and deliver justice for all,” it added.

The PCFI stands “firmly with the country and in solidarity with our people in the ongoing crusade against corruption towards full accountability, justice, and transparency,” particularly concerning alleged non-existent and substandard flood control projects flagged by ongoing investigations.

The coalition called on the public to avoid drawing premature conclusions, noting that several accusations—including those made by Co—remain unsubstantiated. “Only through a logical, evidence-based process can we protect the integrity of our institutions, ensure that truth prevails, and deliver justice for all,” the statement read.

The PCFI, likewise, backed the commitment of Speaker Faustino “Bojie” Dy III to strengthen the Independent Commission for Infrastructure (ICI) through legislation. The group expressed confidence that the ICI, the Office of the Ombudsman, and other investigative bodies will carry out thorough investigations and prosecute all individuals found liable for corruption.

“Those found guilty must be imprisoned. Let justice be done, and let us regain the trust of the Filipino people,” the coalition declared.

The PCFI also expressed support for President Ferdinand R. Marcos Jr.’s efforts to maintain stability and unity amid the political turbulence triggered by the infrastructure controversy.

“As one nation and as one people, let us remain vigilant and resolute as we stand united behind the crusade against corruption,” the group said.

Co’s claim MEANWHILE , former House Committee on Appropriations chairman Zaldy Co alleged the massive fund transfers were started in 2022.

In his fourth video message, Co has alleged massive fund transfers amounting to P56 billion involving President Ferdinand Marcos Jr. and then-speaker Martin Romualdez, while claiming he cannot return to the Philippines due to threats to his life and an alleged plan to label him a “terrorist.”

Co said he received information that the administration would soon announce that he is a terrorist “inside and outside the Philippines,” adding that he fears for his safety.

Instead, Co alleged that from 2022 to 2025, a total of P56 billion passed through him, which he said was supposedly for Marcos and Romualdez.

He also claimed there were additional alleged “insertions” involv -

ICC Appeals Chamber to rule Friday on Duterte’s plea for release

By Malou Talosig-Bartolome

THE Appeals Chamber of the International Criminal Court (ICC) will announce on Friday, November 28, whether former Philippine President Rodrigo Duterte will be provisionally released while judges decide if the case against him will proceed.

Presiding Judge Luz del Carmen Ibáñez Carranza said the ruling will be delivered in open court at 10:30 a.m. The Hague time (5:30 p.m. Philippine time).

The Appeals Chamber’s ruling will determine whether Duterte remains in ICC custody or is granted conditional freedom while proceedings continue. The case stems from allegations of crimes against humanity linked to his anti-drug campaign.

Pre-Trial Chamber’s decision

IN October, ICC Pre-Trial judges denied Duterte’s request for interim release, citing three grounds under Article 58(1)(b): Risk of flight: Judges pointed to

Duterte’s public rejection of ICC authority and his family’s resistance to his arrest, concluding that his influence made escape a real possibility.

Risk of obstructing proceedings: The Chamber noted Duterte’s history of interfering with investigations and said he could intimidate witnesses directly or through associates.

Risk of committing further crimes: Judges ruled that his family’s continued political power in areas linked to alleged offenses meant the danger of further crimes persisted.

The Chamber also dismissed claims of cognitive and physical impairments, saying Duterte receives medical care in detention and humanitarian grounds alone cannot override statutory detention requirements. Proposed release conditions—including financial surety and electronic monitoring— were deemed insufficient to mitigate risks.

Defense appeal

DUTERTE’S lawyer, Nicolas Kaufman, challenged the ruling, arguing that the judges

relied on speculative risks and “hearsay” evidence from NGOs and media reports. He said statements by Duterte’s associates were wrongly attributed to him. Kaufman emphasized Duterte’s documented cognitive decline and poor health, claiming these impairments reduce his capacity to obstruct proceedings or commit crimes. He accused the Pre-Trial Chamber of ignoring humanitarian considerations and the presumption of innocence.

The defense also highlighted Duterte’s offer of the strictest release conditions ever proposed before the ICC, including monitored residence abroad and financial guarantees. Kaufman argued that the Chamber applied an unrealistic standard by requiring elimination of risk rather than mitigation.

Finally, he noted that Duterte has relinquished political office and has no intention of returning to power, making references to his family’s political roles irrelevant. The appeal seeks Duterte’s immediate interim release under strict conditions.

DAR steps up plan SPLIT Project implementation

Tments in the world oil market.

According to the Department of Energy (DOE), the week’s mixed price movements were brought about by global supply, demand, and heightened geopolitical risks especially due to the sanctions imposed to Russia, Iran and Venezuela. Last week, oil firms raised gasoline prices by P1.20 per liter and diesel by P1.20 per liter, which brought the year-to-date adjustment to a net increase of P19.9 per liter for gasoline, P24.05 per liter for diesel, and P8.65 per liter for kerosene. Lenie Lectura

HE Department of Agrarian Reform (DAR) is intensifying the implementation of the Support to Parcelization of Lands for Individual Titling (SPLIT) Project and accelerating the issuance of land titles to agrarian reform beneficiaries (ARBs), ensuring more secure and stable land ownership for farmers.

The DAR led a nationwide Project-Wide Monitoring and Evaluation (M&E) Conference and Retooling Workshop for the SPLIT Puerto Princesa, Palawan recently. Through this initiative, DAR enhanced the capacity of project implementers to deliver faster, more accurate, and more efficient land parcelization, directly improving ARBs’ access to legally recognized property rights and long-term economic security.

Hosted by DAR MIMAROPA, the conference gathered regional

leaders, planners, and technical personnel both onsite and online, demonstrating a strong commitment to sustaining project gains. Their participation reinforced coordinated efforts to complete the titling process and expand the project’s impact across communities.

DAR-MIMAROPA Regional Director and National Deputy Project Director Atty. Marvin V. Bernal emphasized that continuous retooling enhances service delivery and ensures that ARBs receive their individual titles promptly, enabling them to invest confidently in their land and improve farm productivity.

“We, in MIMAROPA Region, will accomplish the SPLIT Project until all ARBs hold their title and secure their future,” Bernal said.  Planning Service Director and SPLIT M&E Lead Coordinator Emmanuel M. Fallaria emphasized that improved monitoring and har -

ing P100 billion in the proposed 2025 national budget and P97 billion in flood-control allocations in the 2026 National Expenditure Program.

Co said the scheme began shortly after he became appropriations chair in 2022. He claimed Romualdez instructed him to “deliver P2 billion every month.”

Co alleged that DPWH District Engineer Henry Alcantara met with him through DPWH Usec. Roberto Bernardo and supposedly laid out the sharing scheme: 22% for Romualdez, 2% for Bernardo, and 1% for Alcantara.

Co said cash collections were handled by his aides and Alcantara’s men, with pickups allegedly taking place in Valle Verde or BGC parking areas. Deliveries to Romualdez’s residence in South Forbes Park were coordinated through certain individuals. Co claimed that “more than P55 billion” was delivered to Romualdez’s house from 2022 to 2025. Co further alleged that in November 2024, amid budget deliberations, Romualdez instructed him to deliver P1 billion reportedly for President Marcos after hearing that “the President was unhappy because he was not receiving remittances.”

As of press time, Malacañang, Romualdez, the DPWH, and the ICI have not issued statements responding to Co’s allegations.

Bangsamoro takes another step to sci-tech devt

By Manuel T. Cayon @awimailbox

DAVAO CITY—From enacting a law establishing a science school and offering science scholarships to actual competitive science experiments in national science fairs, the autonomous region for Filipino Muslims took another step to science and technology development: awarding exemplary researches by local scientists and students.

In Cotabato City last week, the Ministry of Social Services and Development (MSSD) concluded the first Social Welfare Annual Research Advancement Conference (SWARACon 2025) as it recognized and handed awards to outstanding Bangsamoro researchers in both professional and student categories.

monized evaluation systems allow DAR to track progress effectively, address bottlenecks, and ensure the timely distribution of land titles nationwide.

The conference equipped participants with practical tools and strategies through sessions on results frameworks, enhanced M&E and PMEL systems, strategic planning, contract management, compliance audits, knowledge management, and data visualization.

These activities strengthened coordination, promoted best practices, and supported a unified, datadriven implementation that directly benefits ARBs through faster services and better project outcomes that affirmed that the SPLIT Project remains a key driver in securing land tenure, empowering farmers, and building more resilient rural communities across the nation. Jonathan L. Mayuga

The MSSD sifted through a total of 54 research entries submitted for the conference to come up with 13 entries in the professional category and 27 entries in the student category for the second round of evaluation. From these, five papers in each category were awarded. Two were picked as outstanding research studies: Professional Category Awardee (out of 13 entries) was “Navigating Child Protection: A Qualitative Exploration of the Implementation Challenges of the National Child Protection Policy in BARMM.” This was presented by Jeffrey Pagcu Razonabe from the Mindanao State University–Main Campus in Marawi City; Student Category Awardee (out of 27 entries) was “Sindaw o Pamilya: Lived Experiences of Meranaw Mothers of Children Diagnosed with Autism Spectrum Disorder in Lanao del Sur.” This was presented by Asnairah R. Disoma, also from Mindanao State University in Marawi City. The conference brought together researchers, faculty, students, and practitioners to showcase studies that not only highlight the real experiences of Bangsamoro communities but also directly benefit the region and its people.

Key topics featured at SWARACon 2025 included child protection, peacebuilding, women and gender issues, social inclusion, and post-conflict recovery. Minister Raissa H. Jajurie said the conference highlighted the essential role of research in developing sound and responsive policies. “SWARAC research is the quiet foundation that helps us make better policies and programs.”

Editor: Angel R. Calso

Israel targets Hezbollah leader in Beirut, escalating tensions ahead of papal visit

By Fadi Tawil & Kareem Chehayeb The Associated Press

HARET HREIK, Lebanon—Israel on Sunday struck Lebanon’s capital for the first time since June, saying it killed Hezbollah’s chief of staff Haytham Tabtabai and warning the Iran-backed militant group not to rearm and rebuild a year after their latest war.

The strike in Beirut’s southern suburbs killed five people and wounded 25 others, Lebanon’s

Health Ministry said. Hezbollah confirmed Tabtabai’s death. Earlier it said the

strike, launched almost exactly a year after a ceasefire in the IsraelHezbollah war, threatened an escalation of attacks—just days before Pope Leo XIV is scheduled to visit Lebanon on his first foreign trip.

“We will continue to act forcefully to prevent any threat to the residents of the north and the state of Israel,” Israeli Defense Minister Israel Katz said. The military instructed residents in northern Israel near the Lebanese border to continue with daily routines, indicating that it did not anticipate a military response from Hezbollah.

Israeli Prime Minister Benjamin Netanyahu accused Tabtabai of leading Hezbollah’s efforts to rearm.

Israeli airstrikes over southern Lebanon have intensified in recent

weeks while Israel and the United States have pressured Lebanon to disarm Hezbollah. Israel asserts that the group is trying to rebuild

its military capabilities. The Lebanese government, which supports disarming Hezbollah, has denied those claims. It also says troops have deployed to the south but that its cash-strapped army needs more resources.

Hezbollah has not attacked Israel since the ceasefire began. In December, it fired a couple of rockets that landed on open territory near an Israeli military base and called it a “warning.” Tabtabai had been the apparent successor of Ibrahim Aqil, who was killed in September 2024 in Israeli attacks that wiped out much of Hezbollah’s senior leadership, including longtime leader Hassan Nasrallah. Tabtabai also had led Hezbollah’s elite Radwan Unit. In 2016, the US designated him as a terrorist, calling him a military leader who

See “Hezbollah,” A8

Pope Leo XIV’s visit to Turkey highlights push to reopen Greek Orthodox seminary

By Suzan Fraser & Ayse Wieting The Associated Press

HEYBELIADA, Turkey—As Pope Leo XIV prepares to embark on his first trip abroad with a visit to Turkey to mark a key event that shaped the foundations of Catholic and Orthodox Christianity, there has been a surge of renewed optimism over the possible reopening of a Greek Orthodox religious seminary that has been closed since 1971.

The Halki Theological School has become a symbol of Orthodox heritage and a focal point in the push for religious freedoms in Turkey.

Located on Heybeliada Island, off the coast of Istanbul, the seminary once trained generations of Greek Orthodox patriarchs and clergy. They include Ecumenical Patriarch Bartholomew I, the spiritual leader of some 300 million Orthodox Christians worldwide.

Turkey closed the school under laws restricting private higher education, and despite repeated appeals from international religious leaders and human rights advocates—as well as subsequent legal changes that allowed private universities to flourish—it has remained shut ever since.

Momentum for reopening it appeared to grow after Turkish President Recep Tayyip Erdogan

discussed the issue with US President Donald Trump at the White House in September. Erdogan said Turkey would “do our part” regarding its reopening. Erdogan had previously linked the move to reciprocal measures from Greece to improve the rights of Muslims there.

The school, which was founded in 1844, stands surrounded by scaffolding as renovation work continues. Inside, one floor that serves as the clergy quarters and two classrooms have already been completed, standing ready to welcome students once the seminary reopens.

‘Political and diplomatic anachronism’

DURING his visit to Turkey, starting on Thursday, Leo is scheduled to meet Erdogan and join Ecumenical Patriarch Bartholomew

in commemorating the 1,700th anniversary of the Council of Nicaea, in a pilgrimage honoring Christianity’s theological root. He will then travel to Lebanon for the second leg of his trip.

Turkey is now “ready to make the big step forward for the benefit of Turkey, for the benefit of the minorities and for the benefit of religious and minority rights in this country” by reopening the seminary, Archbishop Elpidophoros, head of the Greek Orthodox Archdiocese of America, told The Associated Press in a video interview from his base in New York.

A committee of representatives from the Istanbul-based Greek Orthodox Patriarchate and the Turkish government has begun discussions on the reopening, Elpidophoros said, expressing optimism that the school could welcome students again by the start of the next academic year.

“Keeping this school closed after more than 50 years is a political and diplomatic anachronism that doesn’t help our country,” said the Istanbul-born archbishop. “We have so many private universities and private schools in Turkey, so keeping only Halki closed doesn’t help Turkey, doesn’t help anyone.”

A test of religious freedom

THE fate of the seminary has long been viewed as a test of predominantly Muslim Turkey’s treatment of religious minorities, including the country’s Christian population, estimated at 200,000 to 370,000 out of nearly 86 million.

Since coming to power in 2002, Erdogan’s government has enacted

reforms to improve the rights of religious groups, including opening places of worship and returning some property that was confiscated—but problems linger.

Although the Constitution guarantees freedom of religion, only Armenians, Greeks and Jews—non-Muslim minorities who were recognized under a 1923 peace treaty that established modern Turkey’s borders—are allowed to operate places of worship and schools. Other Christian groups lack formal recognition and often face obstacles in registering churches or religious associations.

There have been isolated incidents of violence, including a 2024 attack on a Catholic church in Istanbul, where a worshipper was killed during Mass. The Islamic State group claimed responsibility for the attack.

Turkey denied recent reports

that claimed it had deported foreign nationals belonging to Protestant groups as national security threats. Turkey blamed what it said was “a deliberate disinformation campaign” against the country for the claims.

In July 2020, Turkey converted Istanbul’s Hagia Sophia—once of one of the most important historic cathedrals in Christianity and a United Nations-designated world heritage site—from a museum back into a mosque, a move that drew widespread international criticism. Although popes have visited Hagia Sophia in the past, the important landmark was left out of Leo’s itinerary.

‘A school with this spirit’ AT the shuttered seminary, Agnes Kaltsogianni, a visitor from Greece, said the seminary was important for both Greece and Turkey and its reopening could be a basis for improved ties between the two longtime rival countries.

“There should be a gradual improvement between the two countries on all levels, and this (place) can be a starting point for major cultural development and affinity,” said the 48-yearold English teacher. Elpidophoros, 57, was too young to make it to Halki and was forced to study to join the clergy in a Greek seminary. However, he served as abbot of the Halki monastery for eight years before his appointment as archbishop of America.

“The Theological School of Halki is in my heart,” he said.

Asked about the significance of the school for the Greek Orthodox community, Elpidophoros said Halki represents a “spirit” that is open to new ideas, dialogue and coexistence, while rejecting nationalist and religious prejudice, and hate speech.

“The entire world needs a school with this spirit,” he said. Fraser reported from Ankara, Turkey.

The Greek Orthodox Patriarchate, based in Istanbul, is internationally recognized as the “first among equals” in the Orthodox Christian world. Turkey however, does not recognize its ecumenical status, insisting that under the 1923 treaty, the patriarch is only head of the country’s ever-dwindling Greek Orthodox minority. The Patriarchate dates from the Orthodox Greek Byzantine Empire, which collapsed when the Muslim Ottoman Turks conquered the Byzantine Empire of Constantinople, today’s Istanbul, in 1453.

Pope calls on kidnappers in Nigeria to free 265 students and teachers after some pupils escape

By Chinedu Asadu The Associated Press

ABUJA, Nigeria—Fifty of the 303 schoolchildren abducted from a Catholic school in north-central Nigeria’s Niger state have escaped captivity and are now with their families, the school authority said Sunday, as the pope called for the immediate release of those still missing. The schoolchildren, aged between 10 and 18, escaped individually between Friday and Saturday, according to the Most Rev. Bulus Dauwa Yohanna, chairman of the Christian Association of Nigeria in Niger state and the proprietor of the school. A total of 253 schoolchildren and

12 teachers are still being held by the kidnappers, Yohanna said in a statement. “We were able to ascertain this when we decided to contact and visit some parents,” he added. Meanwhile, 38 worshippers kidnapped during a deadly church attack in central Nigeria’s Kwara state have regained their freedom, Kwara Gov. AbdulRahman AbdulRazaq said in a statement. Gunmen had attacked the Christ Apostolic Church in Kwara’s Eruku town on Tuesday, killing two people and taking others hostage. Nigeria’s President Bola Tinubu, in a separate statement, attributed the freedom of the worshippers to “the efforts of security agencies” without giving further details.

Nigeria has been reeling from a spate of attacks in the past weeks, raising tension in the West African nation grappling with widespread insecurity.

Five officers were also killed in Nigeria’s northeast region after gunmen ambushed a tactical team responding to a farmer-herder conflict, police said on Sunday.

Two other police officers sustained injuries.

The ambush occurred on Saturday in Sabon Sara village located in the Darazo area of Bauchi state,

police spokesperson Ahmed Muhammed Wakil said in a statement.

Pope ‘deeply saddened’ THE Niger state pupils and students were seized together with their teachers by gunmen who attacked the St. Mary’s School, a Catholic institution in Niger state’s remote Papiri community, on Friday. No group has yet claimed responsibility for the abductions and Nigerian authorities have not shared any update on rescue efforts. It was not immediately clear where the Niger state children were being held or how they managed to return home.

See “Pope,” A8

Heavy rains cause deadly floods, landslides across Southeast Asia

By Hau Dinh The Associated Press

HANOI, Vietnam—The death toll in widespread flooding and landslides caused by heavy rains in Southeast Asia mounted on Monday with another person reported killed in Vietnam, and five others in Thailand with tens of thousands of people displaced.

The total number of confirmed dead in Vietnam is now 91, with 11 others missing as the heavy rain that began a week ago has caused severe flooding and triggered landslides from Quang Tri to Lam Dong provinces, a stretch of 800 kilometers (500 miles) along the country’s central region, including the highlands.

In Dak Lak, the worst hit province, 63 people were killed, mostly due to drowning. Other fatalities were from Khanh Hoa, Lam Dong, Gia Lai, Danang, Hue and Quang Tri provinces.

With roads washed out in many areas, helicopters have been deployed to drop food and aid supplies and to assist in evacuating people.

After a break in the rain on the weekend, Pham Thu Huyen was one of many hundreds of residents and visitors who helped clean up debris washed ashore in Nha Trang, a popular tourist destination in Khanh Hoa province, known for its white sand beaches.

“We’ve never experienced that much rain and such bad flooding,” the 45-year-old said.

. .

Continued from A7

The Niger state school is located near a major road linking the towns of Yelwa and Mokwa, and is in a region of Nigeria where armed gangs often operate out of vast forests that connect different states and conflict hot spots.

Waters have also taken their toll on this year’s crops, submerging coffee farms in Dak Lak, Vietnam’s major coffee growing region.

Overall, damage so far is estimated to be around $500 million in this round of floods.

Some of the waters have now receded but Vietnam’s weather agency warned that with rains continuing in some places the risks remain, and said a new tropical depression was forming that could bring worse weather again later in the week.

Vietnam is among the world’s most flood-prone countries, with nearly half its population living in high-risk areas. Scientists warn that a warming climate is intensifying storms and rainfall across Southeast Asia, making floods and landslides increasingly destructive and frequent.

The current destruction has hit a region already battered earlier this month by floods from record rainfall and the powerful typhoon Kalmaegi.

The country was also hit by typhoons in September and October, and the International Orga -

“As much as we receive the return of these 50 children that escaped with some sigh of relief, I urge you all to continue in your prayers for the rescue and safe return of the remaining victims,” Yohanna said.

Pope Leo XIV called for the immediate release of the schoolchildren and staff of the school, saying at the end of a mass in St. Peter’s square on Sunday that he was

nization for Migration announced Monday that South Korea would contribute $1 million to help Vietnam assist displaced people, communities and migrants affected by those.

The United Nations agency said that according to preliminary data, Vietnam estimates economic damage of some $1.2 billion from that period, with more than a half million homes damaged and hundreds of thousands of people evacuated and dozens killed.

In Thailand, torrential rain in the south of the country caused severe flash flooding over the weekend, affecting nearly 2 million people, officials said. Five were killed and four were injured across six southern provinces, according to regional health officials.

Ten southern provinces have been hit with heavy rainfall over the last week, and officials warned

“deeply saddened” by the incident.

“I feel great sorrow, especially for the many girls and boys who have been abducted and for their anguished families,” the pontiff said.

“I make a heartfelt appeal for the immediate release of the hostages and urge the competent authorities to take appropriate and timely decisions to ensure their release.”

Kidnapping for ransom

SCHOOL kidnappings have come to define insecurity in Africa’s most populous nation, and armed gangs often see schools as “strategic” tar -

Monday that water levels are expected to rise further with the rain expected to continue through Tuesday.

The city of Hat Yai, a major economic hub in Songkhla province, was hit with 335 millimeters (more than 13 inches) of rain on Friday, the highest 24-hour figure in 300 years, officials said.

From Wednesday through Friday, the city saw 630 millimeters (nearly 25 inches) of rain, complicating evacuation efforts as hundreds of residents and tourists were trapped inside homes and hotels by rising water that forced emergency crews to use lifeboats to transport people along flooded streets.

Thailand was already hit with widespread flooding in the north earlier in the year, followed by months of flooding in the central region, which killed more than two dozen people. That flooding

gets to draw more attention. At least 1,500 students have been seized in Nigeria since the famous kidnapping of the Chibok schoolgirls more than a decade ago, and many of the children were released only after ransoms were paid.

The Niger state attack happened four days after 25 schoolchildren were seized in similar circumstances in neighboring Kebbi state’s Maga town, which is 170 kilometers (106 miles) away.

Both states are in a northern region of Nigeria where dozens of armed gangs have used kidnapping

Hezbollah. . .

Continued from A6

led

Hezbollah’s special forces in Syria and Yemen, and it offered up to $5 million for information about him.

‘Escalation of assaults’

“HEZBOLLAH’S leadership is studying the matter of response and will take the appropriate decision,” Mahmoud Qamati, deputy chair of Hezbollah’s political council, told journalists at the scene. “The strike on the southern suburbs today opens the door to an escalation of assaults all over Lebanon.”

Lebanon’s President Joseph Aoun in a statement condemned the strike and accused Israel of refusing to implement its end of the ceasefire agreement. He called on the international community to “intervene with strength and seriousness to stop the attacks on Lebanon and its people.”

Israel’s military statement said Israel remains committed to the“understandings” agreed upon by Israel and Lebanon.

Smoke could be seen in the busy Haret Hreik neighborhood, where Israel did not issue an evacuation warning before the strike. The fourth floor of an apartment building was damaged. Gunshots were heard to disperse crowds as emergency workers arrived.

also caused widespread damage to farmers fields and crops, and many thousands of homes.

Malaysia is also grappling with flooding across several states that is expected to worsen as heavy, persistent rainfall continues.

The Social Welfare Department reported Monday that more than 12,500 people across nine states have been evacuated.

The worst-hit area is the northeastern state of Kelantan, which accounts for the majority of those displaced. Authorities have opened 86 temporary shelters and have warned that further rainfall is expected.

Floods are common in parts of Malaysia during the annual monsoon season, which begins in November and can last until March.

Jintamas Saksornchai and David Rising in Bangkok, and Eileen Ng in Kuala Lumpur, Malaysia, contributed to this story.

for ransom as one way of dominating remote communities with little government and security presence. Niger state hurriedly closed down all schools after Friday’s attack, while some federal colleges in conflict hot spots across the region were also closed by the Nigerian government.

‘I will not relent’ THE kidnappings are happening as US President Donald Trump has made claims of “Christian persecution” in the West African country. Attacks in Nigeria affect both Christians and Muslims. The school attack earlier this week in Kebbi state was in a Muslim-majority town.

Arrests are rare and ransom payments are common in many of the hot spots in northern Nigeria.

Confidence McHarry, a security analyst at Lagos-based consultancy SBM Intelligence, said that while there’s little evidence that Trump’s comments might have inspired the gunmen to launch more attacks in the hope that more attention would bring higher ransoms, “the absence of consequences is what is fueling these attacks.”

In a statement welcoming the freedom of some of those kidnapped in Niger state and Kebbi state, Tinubu said his government will not relent until every hostage is freed.

“Every Nigerian, in every state, has the right to safety,” he said. “And under my watch, we will secure this nation and protect our people.”

The Associated Press journalist Francesco Sportelli in Rome and Dyepkazah Shibayan in Abuja contributed.

“This is definitely a civilian area and void of any military presence,” Hezbollah parliamentarian Ali Ammar told reporters.

An Israeli drone was flying near the building targeted.

“They want to take our weapons. But our weapons will not be taken,” said Maryam Assaf, who lives nearby and heard the strike. She said it “only gives us more determination, strength, and dignity.”

Hezbollah severely weakened LEBANON’S president last week said the country is ready to enter negotiations with Israel to stop its airstrikes and to withdraw from five hilltop points it occupies on Lebanese territory. He also has said Lebanon is committed to disarming all non-state actors in the country, including Hezbollah.

Hezbollah has said that talk about its military arsenal should come through dialogue with the Lebanese state once Israel stops its attacks.

The latest Israel-Hezbollah war began Oct. 8, 2023, a day after Hamas attacked southern Israel, as Hezbollah fired rockets into Israel in solidarity with Hamas. Israel launched a widespread bombardment of Lebanon last year that severely weakened Hezbollah, followed by a ground invasion. That war was the most recent of several conflicts involving Hezbollah over the past four decades. It killed more than 4,000 people in Lebanon, including hundreds of civilians, and caused an estimated $11 billion worth of destruction, according to the World Bank. In Israel, 127 people died, including 80 soldiers.

On Tuesday, an Israeli strike killed 13 people in the Palestinian refugee camp of Ein el-Hilweh near the southern city of Sidon in the deadliest attack since the ceasefire went into effect. The military said it targeted a military facility belonging to the Palestinian Hamas militant group. Hamas denied it has any military facilities in the crowded camp.

Oct. 7 attack

MEANWHILE , the Israeli army’s chief of staff, Lt. Gen. Eyal Zamir, said he was sanctioning 13 army officials who were top commanders on Oct. 7, 2023. Some were censured and others forced into retirement.

Among those punished were the then-heads of military intelligence, the army’s operation branch and the Southern Command, which is responsible for the Gaza Strip. All three men have already resigned. They were removed from reserve duty and told their military careers are over. Zamir noted the “severe, resounding and systemic failure” to protect Israelis before and during the attack as well as the need to “set a clear standard of command responsibility.”

Chehayeb reported from Beirut. Associated Press writer Megan Janetsky in Jerusalem contributed to this report.

G20 summit in South Africa concludes with notable US absence as Trump administration boycotts talks

By Gerald Imray, Mogomotsi Magome & Michelle Gumede

The Associated Press

JOHANNESBURG—The

Group of

20 summit in South Africa ended Sunday with the glaring absence of the United States—the next country to lead the bloc—after the Trump administration boycotted the two days of talks involving leaders of the world’s richest and top developing economies.

South African President Cyril Ramaphosa declared the summit in Johannesburg closed by banging a wooden gavel on a block like a judge would, in a G20 tradition. The gavel would normally be handed over to the leader of the next country to hold the rotating presidency, but no US official was there to receive it.

The world’s biggest economy boycotted a summit meant to bring rich and developing nations together over President Donald Trump’s claims that South Africa is violently persecuting its Afrikaner white minority.

The White House said it intended in a last-minute decision for an official from its embassy in South Africa to attend the G20 handover. But South Africa refused that, saying it was an insult for Ramaphosa to hand over to a junior embassy official. In the end, no US delegation was accredited for the summit, according to the South African Foreign Ministry.

South Africa said the handover would happen later, possibly at its foreign ministry. Trump has said the US will hold next year’s summit at his golf club in Doral, Florida.

“This gavel of this G20 summit formally closes this summit and now moves on to the next president of the G20, which is the United States, where we shall see each other again next year,” Ramaphosa said as he closed the summit, making no reference to the

US absence in his speech.

Breaking with tradition

THE first G20 summit in Africa also broke with tradition on Saturday by issuing a leaders’ declaration on the opening day of the talks, when declarations usually come at the end of the summit.

The declaration was significant in that it came in the face of opposition from the US, which has for months been critical of a South African agenda for the group that largely focused on climate change and global wealth inequality—focuses the Trump administration derided. Argentina said it also opposed the declaration after Argentine President Javier Milei—a Trump ally—also skipped the summit.

Other G20 nations, including China, Russia, France, Germany, the U.K., Japan and Canada, backed the declaration, which called for more global attention on issues that specifically affect poor countries, such as the need for financial help for their recovery efforts after climate-related disasters, finding ways to ease their debt levels and supporting their transition to climatefriendly green energy sources.

“South Africa has used this presidency to place the priorities of Africa and the Global South firmly at the heart of the G20 agenda,” Ramaphosa said.

After his speech, Ramaphosa was hugged and congratulated by other leaders for hosting a sum -

mit largely overshadowed by the US boycott, and he was heard in a hot-mic moment that was not meant to be broadcast saying: “It was not easy.”

The G20 is ‘struggling’ SOUTH AFRICA championed its G20 declaration as a victory for the summit and for international cooperation in the face of the Trump administration’s “America First” foreign policy. However, G20 declarations are general agreements by member countries that aren’t binding, and their long-term impact has been questioned.

Also, while the declaration included many of South Africa’s priorities, some concrete proposals didn’t make the document. There was no mention of a new international panel on wealth inequality, similar to the United Nations-appointed Intergovernmental Panel on Climate Change, which South Africa and others had called for.

The G20 was formed in 1999 in response to the Asian financial crisis and is made up of 19 rich and developing economies, the European Union and the African Union, but some have questioned its effectiveness in helping solve the most prominent global crises, like the Russia-Ukraine war and tensions in the Middle East.

The 122-point Johannesburg declaration made just one refer -

ence to Ukraine in a general call for an end to global conflicts and the summit appeared to have made no difference to the nearly four-year war, even as leaders or high-level delegations from all the major European nations, the EU and Russia sat in the same room for the G20 gathering.

“Meeting for the first time on the African continent marks an important milestone,” French President Emmanuel Macron said, but added the bloc was “struggling to have a common standard on geopolitical crises.”

A symbolic summit for poorer countries STILL , some praised the summit as a significant symbolic moment for the G20.

“This is the first ever meeting of world leaders in history where the inequality emergency was put at the center of the agenda,” said Max Lawson of Oxfam, the international nonprofit that works to alleviate global poverty.

“The importance of addressing development priorities from the African perspective cannot be overemphasized,” said Namibia President Netumbo NandiNdaitwah, whose southern African country of 3 million people was one of more than 20 smaller nations invited as guests to attend the summit alongside the G20 members.

Flying taxis and delivery drones take flight in China’s low-altitude economy

By Kanis Leung The Associated Press

HONG KONG—An unmanned, oval-shaped craft from flying taxi maker EHang hovers, whirring noisily like a mini-helicopter over a riverside innovation zone on the outskirts of the southern Chinese business hub of Guangzhou, part of a trial of a mini-flying taxi that once might have been found only in sci-fi films.

In nearby Shenzhen, food-delivery drones already are part of daily life and a novelty attraction for tourists, even if such services cost more. In the waterfront park surrounded by high-rises, Polish tourist Karolina Trzciańska and her friends ordered bubble tea and lemon tea by phone, just to give it a try. Their drinks arrived via a drone buzzing through the drizzle about 30 minutes later.

“This is the first time I’m seeing something like this, so it was super fun to see the food being delivered by the drone,” she said. Such businesses are growing quickly with support from the government, though the takeoff of the so-called “low-altitude

economy” faces obstacles such as strict airspace controls and battery limitations.

Activities in airspace below 1,000 meters (about 3,280 feet) accounted for business turnover worth 506 billion yuan ($70 billion) in 2023, about 0.4% of China’s economy. By 2035, it’s expected to hit 3.5 trillion yuan (about $490 billion), said Zhang Xiaolan, a researcher at the State Information Center, a think tank affiliated with China’s main planning agency.

Flying cars are in the making GUANGDONG province, home to drone giant DJI with an estimated 70% of the global commercial drone market, leads in development of the low-altitude economy, followed by wealthy eastern coastal provinces Jiangsu and Zhejiang, near Shanghai, according to a report by a research unit of the Chinese Academy of Sciences, Peking University, and other institutions.

Other big players in Guangdong include EHang, logistics company SF Express’s drone arm Phoenix Wings, and automaker XPENG’s flying car unit ARIDGE. In October, Guangdong an -

nounced it plans to speed up construction of flight service stations and platforms to facilitate airspace operations and will support locally issued discount vouchers for lowaltitude tourism.

Its technology and financial hub Shenzhen has launched a 15-million-yuan ($2.1 million) award for companies that earn certifications required for passenger eVTOLs, short for “electric vertical take-off and landing” vehicles that lift off the ground like helicopters, among other incentives.

China’s Civil Aviation Administration has granted certificates allowing EHang to offer commercial passenger services with its pilotless eVTOL, a low-altitude aircraft that can reach speeds of 130 kph (81 mph) with a maximum range of 30 kilometers (19 miles).

EHang hasn’t launched commercial routes, but its vice president, He Tianxing, says it aims to start with aerial sightseeing services. The company has been building takeoff and landing sites in 20 Chinese cities over the past two years. He expects aircraft of various companies will be flying multiple routes, possibly after five years.

He envisions eventual citywide networks using the rooftops of malls, schools and parks as terminals.

“It can’t just be a research product, nor an engineer’s toy,” he said.

Accidents, battery limitations and airspace controls

THE biggest challenge for developing eVTOL aircraft is maintaining longer flights and overcoming battery capacity limitations, said Guo Liming, co-founder of Shenzhen-based Skyevtol, whose single-seat manned eVTOL aircraft, priced at around $100,000, can only fly 20 to 30 minutes before it must be charged.

It also has not all been smooth skies.

In September, two XPENG’s eVTOL aircraft collided after a rehearsal for an exhibition and one of them caught fire while landing. The company said no one was hurt, but another expo canceled flying demonstrations a week later.

Undeterred, XPENG has continued to showcase its flying cars, including a six-wheeled ground

Bankers hope for European IPO revival in 2026 as market conditions improve

By Pablo Mayo Cerqueiro

BANKERS’ forecasts of an upcoming revival in European initial public offerings haven’t always stood the test of time. But next year, they say, really might be different.

A strong crop of first-time offerings since September, most of which are trading well, coupled with a number of large companies looking to list next year and rising stock markets, is giving IPO bankers confidence of a return to pre-pandemic levels in 2026.

There’s been a prolonged shortage of IPOs in Europe since 2021, which was a bumper year for firsttime offerings. In the years that followed there has been sporadic activity, but the war in Ukraine, rising interest rates, soaring en -

ergy prices, conflict in the Middle East, domestic political chaos, tariffs and trade wars created the sort of uncertainty that makes an IPO hard to pull off. Those fears are starting to ease and bankers looking ahead to next year say the outlook seems clear.

“It looks like we should have proper IPO activity in both halves of the year for the first time in this cycle,” said Richard Cormack, head of equity capital markets at Goldman Sachs Group Inc. in Europe, the Middle East and Africa.

Core to this change were the companies going public in September and October. Home security company Verisure Plc launched the region’s largest IPO since 2022, joined by consumer lender Noba Bank Group AB and prosthetics maker Ottobock SE. They led a rebound in issuance volume and traded higher than their IPO price in the weeks that followed.

“I do think the post-summer class of IPOs has marked a bit of a turning point,” said Lawrence Jamieson, co-head of EMEA ECM at Barclays Plc. “It certainly feels the backdrop for the European IPO market is the most constructive it has been since the start of the Ukraine war.”

All told, EMEA exchanges have raised more than $21 billion through IPOs so far this year, coming back from a first half disrupted by US tariffs, but still 34% less than in 2024, according to data compiled by Bloomberg. That’s in contrast to exchanges in the US and the rest of Asia that raised more from IPOs than last year.

“Next year should be much stronger,” said Ashish Jhajharia, head of JPMorgan Chase & Co.’s ECM syndicate in EMEA. “There is a lot more visibility on the actionable pipeline than a year ago.”

Arms maker Czechoslovak Group AS has been gearing up for a potential IPO in Amsterdam as soon as the first quarter of next year at a valuation as high as €30 billion ($34.5 billion). Software

company Visma AS, last valued

at €19 billion in 2023, is considering going public in London in the first half of 2026, Bloomberg News reported. There are more multibilliondollar IPOs in the works. FrancoGerman tankmaker KNDS NV and lift manufacturer TK Elevator GmbH have appointed financial advisers to help them prepare for a public offering sometime next year, Bloomberg News has reported. Some companies that put off going public in 2025, are now revisiting plans to go public, dealmakers say.

“I would agree that Europe’s IPO market is the strongest it’s been in a few years, given the cadence of request for proposals and mandates

that we see and the companies we know are likely to IPO in the next 12 to 24 months,” said Ed Sankey, who oversees Citigroup Inc.’s equity underwriting business across EMEA and Asia-Pacific.

That’s not to say there aren’t risks ahead. “As always there is a chance that macro events, policy or geopolitical tensions or a correction can cause an increase in volatility and impact that ability to execute the pipeline,” he said. Equity markets have been jittery in the last few weeks on fears that valuations of stocks linked to artificial-intelligence spending are looking stretched. With that backdrop, some equity capital markets bankers are advising

companies to tap markets while the iron is still hot.

“The rational thing to do from an ECM perspective is to try to get business done as quickly as you can,” Andreas Bernstorff, global head of ECM at BNP Paribas SA, said. “If anything, people have been pulling their timelines forward to take advantage of what looks like a market that will be risk-on for the next six months or so.”

Europe’s benchmark indexes, including the Stoxx 600, the UK’s FTSE 100, France’s CAC 40 and Germany’s DAX have hit record highs this year. That helps encourage issuers to the market, although ironically it could also risk dashing sentiment if markets start drifting lower from the peaks.

“The uncomfortable part of this IPO cycle is that it started with equity markets at or near all-time highs,” said Gareth McCartney, global head of capital markets origination at UBS Group AG.

While this poses a risk, the breadth of sectors represented in Europe’s IPO pipeline should make it more sustainable, featuring key investment themes like defense, infrastructure and financials, he said. In fact, trading in Europe’s latest cohort of IPOs has even outshone firms that went public around the US government shutdown.

“They’ve traded on par if not better than IPOs in the US,” Goldman Sachs’ Cormack said. “That’s a big tick in the box.” With assistance from Swetha Gopinath/Bloomberg

Latin America attracts investors eyeing right-wing shift and Trump alignment

By Carolina Wilson, Vinícius Andrade & Liza Tetley

EMERGING-MARKET money managers are zeroing in on Latin America for their next big trade as a wave of upcoming elections could redraw the region’s political map, potentially aligning several countries more closely with Donald Trump.

The renewed attention comes after Argentina’s massive rally following President Javier Milei’s win in midterm elections, backed by unprecedented US support. For many, it made the country a case study for how right-leaning political shifts—and especially those perceived as Trump-friendly—can unleash gains in developing-world assets.

“You are facing a potential shift at the pendulum toward the right

in Latin America,” said Pramol Dhawan, head of emerging markets portfolio management at Pacific Investment Management Co.

“If there is a swing to the right, these assets will rip—there’ll be nothing remotely close to giving the returns you’ll get in Brazilian or Colombian local markets.”  Chile, Colombia and Brazil, some of the region’s largest economies, hold presidential elections in the next 12 months, with investors hoping for a shift to a more market-friendly approach in all three.

At the center of the trade along with Argentina are countries like El Salvador and Ecuador that investors see as more aligned with US interests. Dollar bonds of the three countries have delivered investors gains of at least 24% since Trump’s election last year, according to data compiled by Bloomberg. That compares with a 13% return

for a benchmark index of developing-nation sovereign debt.

The surge highlights how some funds are chasing election-specific outcomes as a driver of market moves. Zaftra, a Brazilian hedge fund that specializes in electiondriven bets, posted its best month on record in October, gaining 9.2% after fees as it profited from Milei’s midterm win.

The fund, launched in 2023, also built a bullish position in the Chilean peso ahead of the country’s first-round vote that saw another right-wing candidate gain prominence, according to Felipe Sze, a portfolio manager at billionaire Alberto Safra’s financial firm ASA, which manages the fund.

Changing dynamics

THE way Trump’s administration sees the Western hemisphere is as its backyard, with the US having

not just a right, but an obligation to intervene—particularly when it comes to countering China’s influence in mining-heavy countries like Chile,” said Petar Atanasov,

Gramercy Funds Management’s co-head of sovereign research.

The firm is constructive on Chile heading into the 2026 cycle, looking at both sovereign bonds

and the peso. “We think Chile has some catching up to do in FX,” Atanasov said, adding that any improvement in relations with Trump would be a big positive.

The first round of elections in Chile last weekend saw archconservative José Antonio Kast emerge as the favorite for the Dec. 14 runoff, sparking a rally in the peso before the mood with risk assets soured globally. Polls in Colombia and Brazil point to growing frustration with left-wing incumbents Gustavo Petro and Luiz Inacio Lula da Silva, raising the odds for more market-friendly outcomes next year—scenarios traders see as supportive for assets in the region.

“Where we are expecting change, it’s because electorates are frustrated with the incumbents,”

More Ugandan men seek DNA paternity tests, often with heartbreaking results

By Rodney Muhumuza The Associated Press

NABUMALI, Uganda—

Among the most sensitive family disputes Moses Kutoi mediates are those involving upset men questioning why some of their children don’t resemble them.

For the Ugandan clan leader attuned to the wisdom of his ancestors, the matter is taboo, never to be discussed with others. Yet Kutoi feels compelled to intervene in the hope of saving marriages that sometimes turn violent and are on the verge of breaking.

“Even me, I don’t resemble my father,” the clan leader recently told one disbelieving man he was helping.

Paternity has become a key test of faith in this east African country as DNA testing becomes more widely available, fueled in part by published reports of well-known Ugandans who eventually discovered they were not the biological fathers of some of their children. The matter has become so heated that clerics and traditional leaders now urge tolerance and a return to the kind of African teachings that village elders like Kutoi say they stand for.

At last year’s Christmas Day service, the Anglican archbishop of Uganda, Stephen Kaziimba, cited the example of the virgin birth of

Jesus—the bedrock of Christian belief—in a sermon that sought to discourage DNA testing among the faithful.

“You take DNA and you find out that out of the four children, only two are yours,” he warned. “So just take care of the children the way they are, like Joseph did.”

Paternity disputes are proliferating THE Ministry of Internal Affairs runs a government-accredited lab that conducts court-ordered investigations. It says the number of men seeking voluntary DNA testing has soared recently, with often “heartbreaking” outcomes. “About 95% of those coming for DNA tests are men, but more than 98% of the results show these men are not the biological fathers,” Simon Peter Mundeyi, a spokesman for the Ministry of Internal Affairs, told reporters in July.

His advice for men was not to seek DNA proof of paternity “unless you have a strong heart,” he said.

DNA testing centers have sprouted all over Uganda, with aggressive advertising by clinical labs on radio and in public spaces. Some passenger taxis in Kampala, the Ugandan capital, have had their back windows plastered with ads for facilities offering DNA testing.

In Nabumali, a small town where Kutoi is the mayor, most families can’t afford DNA testing fees, which exceed $200 at the only private laboratory equipped to do such work in nearby Mbale city.

The couples who seek Kutoi’s assistance can barely tolerate each other by the time they approach him. He tries to ease the tension with self-deprecating jokes and by sharing his own experience with the taboo topic. Kutoi likes to point out that although he doesn’t resemble his father, he was picked as the family heir anyway, allowing him to become a clan leader among the Bagisu people.

In the past, if a man spoke publicly about paternity concerns, community elders would pay him a visit. He could be punished, including being forced to pay a fine, Kutoi said.

“You are not supposed to pronounce that I am suspecting that this child is not mine,” said Kutoi, adding that being drunk was no excuse for such an utterance.

Disputes are tied to property and divorce proceedings THESE days many paternity disputes in Uganda revolve around the distribution of property after

the family patriarch has died, but also during divorce proceedings when spousal support is contested.

In the most prominent recent case, court-ordered DNA testing showed a wealthy academic in Kampala was not the father of one of his three children. That case has been widely covered by the local press, underscoring paternity as an issue affecting a wide range of families.

The Rev. Robert Wantsala, vicar of a small Anglican parish in the eastern district of Mbale, spoke about the array of paternity disagreements he has encountered. He recalled a woman who had her late husband’s son DNA tested before he could be considered an estate beneficiary, two men who tussled over a child each believed to be his and a man who told his grown son he wanted a DNA test for not behaving like a family member.

“The man said to his son, ‘This

character is not in my family,’” Wantsala said, recalling an incident from 2023.

The son responded forcefully, winning the approval of his community by telling his father that he would agree to a test “on condition that you invite my (dead) mother.”

Wantsala echoed the advice of Kaziimba, the Anglican primate, saying he always tells doubting men to leave the matter to God.

“When they come, in whichever way they come, children are children,” he said. “A child that is born in the home, that is your child. Even in African tradition that is how it was.”

The men who seek DNA testing without thinking of the consequences are wasting their time, Kutoi said.

“For us, they knew the child belonged to you regardless,” he said, speaking of African traditional society.

Disowning children was un -

heard of, although some men were known to discreetly take measures like offering the disputed son a land inheritance far removed from the ancestral compound in which the heir would be installed, Kutoi said.

Faith leaders counsel families OTHER religious leaders have organized counseling sessions. Andrew Mutengu, pastor of Word of Faith Ministries in Mbale, said paternity is a recurring subject in many disputes he mediates among his 800 congregation members.

Last month he helped the wife of a rich businessman whose young daughter was claimed by a former boyfriend, a local barber. After the woman confessed, she had been unfaithful, Mutengu summoned the barber, who agreed to stop publicizing his claim in the child’s interest.

“He goes around bragging that ‘I am the father,’” he said of the barber. “It was actually causing issues because this woman is in a home with another man who is actually the known husband.” Mutengu said he believes more men in his community would seek DNA testing if it were cheaper, no matter faith leaders’ appeals. Even Kutoi sounded doubtful when his 29-year-old son crossed the compound one recent afternoon at their home in Nabumali. The son is of light skin and taller than his father, who used the opportunity to tell a joke.

“You saw this tall boy. That is my son,” he said. “When you looked at him, did he look like me?”

Weight-loss drugs increasingly marketed for cosmetic use, raising health concerns

By Jessica Nix & Madison Muller

WEIGHT-LOSS drugs are coming for a new kind of customer.

“You don’t need to be obese to start a GLP-1,” reads an ad from a telehealth startup, the words scrawled in icing on a cake. Another one features a slender woman excited to lose a little weight before her wedding. Yet another says patients can drop 17 pounds in two months by microdosing copycat Ozempic.

As the body positivity era gives way to a “thin is in” moment, telehealth platforms are seizing the opportunity to cash in. Increasingly, their marketing is positioning blockbuster weight-loss shots not as medicines to treat obesity or diabetes but as cosmetic elixirs for anyone who wants to lose a few pounds.

But GLP-1 medications aren’t approved for use in people whose body mass index, or BMI, falls below 27. Drug companies haven’t tested their drugs for people with

They’re part of a marketing blitz that’s ramped up in recent months, with ads plastered on billboards, in subway stations and online.

After years of commercialization, drone applications are not that widespread in China.

vehicle with a detachable eVTOL aircraft. Having invested over $600 million, the company said it has more than 7,000 global orders for its “Land Aircraft Carrier” and has begun preparing for mass production.

A trial run of sightseeing flights in Dunhuang, a key ancient Silk Road destination famous for its Buddhist caves and dunes, is planned for next July.

It’s unclear how quickly such aircraft might begin carrying paid passengers regularly. Some companies elsewhere have burned through their funding before reaching the commercial launch stage. In Germany, air taxi makers Lilium and Volocopter filed for bankruptcy, though the latter was later bought by Diamond Aircraft Group, a subsidiary of a Chinese firm.

Even though the country leads in drone technology and manufacturing, policy constraints including limited airspace access, may mean overseas markets are more promising, said Frank Zhou, managing director at GBA Low Altitude Technology Co., which provides technological software to clients.

“Perhaps for some Southeast Asian countries, if I introduce these applications to them, their demand could explode,” he said.

Less than one-third of China’s low-altitude airspace was accessible for general aviation use in 2023 and there were problems with uneven distribution and a lack of internet connectivity, Zhang, the State Information Center researcher, said in a report. The number of registered general aviation aerodromes in China, excluding private airports, was just about a

those BMIs, either. Doctors warn that such patients could put themselves at risk for potentially serious side effects, such as gastrointestinal issues and pancreatic damage, with little to no health benefits. Experts also worry it leaves people vulnerable to developing an unhealthy relationship with food and their bodies.

Eli Lilly & Co., which makes Mounjaro and Zepbound, and Novo Nordisk A/S, which makes Ozempic and Wegovy, oppose the use of their products for cosmetic weight loss. Due to US Food and Drug Administration rules, they’re prohibited from marketing their

tenth of those in the US, she said. Officials are easing their grip, but there’s turbulence ahead CHINESE policymakers are gradually working to close the gap. The military generally commands use of most Chinese airspace but has pledged to simplify approval procedures and shorten review times in Shenzhen and five other provinces.

Proposed revisions of the civil aviation law include a chapter on development and promotion of civilian activities, addressing lowaltitude airspace allocation and supervision.

It’s still early days, said Gary Ng, a senior economist at Natixis Corporate and Investment Banking. He expects progress toward commercialization to materialize around 2030, with passengercarrying eVTOLs for tourism or industrial purposes starting before flying taxi services. Some of the aerial products could become

drugs for those purposes and must promote them in a way that’s consistent with the labels.

A spokesperson for Lilly said the company is “deeply concerned” about telehealth companies “encouraging ‘cosmetic’ use and making false and misleading claims about the safety and effectiveness of untested and unproven” versions of its drugs. Novo declined to comment. Both companies have filed lawsuits against telehealth companies and compounding pharmacies for their practices.

Telehealth platforms and their marketing of GLP-1s, however, have proliferated largely un -

key exports, he said.

China is a latecomer to the industry but now leads in developing small drones and low-altitude airspace investments, said Chen Wenhua, director at the Hong Kong Polytechnic University’s Research Centre for Low Altitude Economy.

One advantage is the ruling Communist Party’s ability to mobilize regulators, industry players and universities to work toward the same goal, he said. But development of the technologies involved and safety concerns and public acceptance will determine how quickly different applications of drones and low-flying vehicles are adopted.

The future for the low altitude economy is bright, Chen said, “however, the road leading to that bright future might be treacherous.”

checked. Until recently, the FDA long ignored their practices, which has led to a raft of ads capitalizing on the allure of thinness from companies like Willow Health Services, EllieMD, Midi Health and Fridays Health.

Although the FDA asserts the same oversight of them as pharmaceutical companies, telehealth firms circumvent the rules by omitting brand-name drugs like Ozempic, Wegovy or Zepbound from their ads. They feature images of vials sometimes labeled

with the drugs’ generic names, or they’ll promote the class of medications rather than one specific treatment.

Roughly 93% of telehealth ads for GLP-1s analyzed last year emphasize a skinny or “ideal” body and prioritized benefits over risks, according to research conducted by Erin Willis, a health advertising professor at the University of Colorado.

Spokespeople for Willow and

See “Drugs,” A12

Federal Reserve weighs AI’s economic impact amidst pressure for rate cuts

By Enda Curran

LIKE everyone else, policymakers at the Federal Reserve are increasingly obsessed with artificial intelligence and its promise of a turbocharged economy. They’re just not ready to make a big call that the revolution is under way.

Analysts across the financial world are scouring data for signs AI is making the economy more productive—the holy grail of new technology. The last sustained boost of that kind was the 1990s internet boom. Back then it shaped Fed policy: Chair Alan Greenspan reckoned innovation would allow faster growth without triggering inflation, and used that argument to keep interest rates down.

Right now, US central bankers are in agreement that AI will be transformative—but essentially in “too early to tell” mode when it comes to how the effects will land. A more immediate concern is above-target inflation, leaving many policymakers opposed to rate cuts. Others put more weight on weak job markets and support further easing: AI’s ability to replace workers is part of that case, but not front-and-center.

Caution is par for the course, because technological leaps often take years to work their way through the economy and show up in data. But the Fed is under pressure at a pivotal time.

‘Open mind’

Chair Jerome Powell’s term ends in six months. President Donald Trump says he’ll pick a successor committed to lower borrowing costs. Treasury Secretary Scott Bessent, who’s in charge of the selection process, says whoever gets the job should be open to making a Greenspan-style early call.

In the first half of 2026, “AI implementation is just really going to start biting in terms of productivity,” Bessent told CNBC last month. “It would’ve been easy for Alan Greenspan to kill the internet boom, not be open to the idea that there was a productivity boom and slam on the brakes,” he said—adding that the next Fed chief should have “an open mind” on the topic.

There are five names on Bessent’s shortlist. In recent weeks

four of them signaled they’re receptive to his case.

Kevin Hassett, head of Trump’s National Economic Council, said AI is lifting worker productivity at a “remarkable rate.” BlackRock Inc. executive Rick Rieder said “we are in a productivity revolution.”

Former Fed Governor Kevin Warsh wrote in the Wall Street Journal that “AI will be a significant disinflationary force, increasing productivity and bolstering American competitiveness.”

Current Governor Christopher Waller sounded a little more cautious, saying he has “no doubt” AI will boost the economy and is “hoping” for sustained productivity growth. The fifth candidate, Vice Chair for Supervision Michelle Bowman, has tended to discuss AI more in the context of regulatory work she oversees.

All of this suggests AI is set to take up an ever-growing share of Fed attention—and of course its implications for the economy go far beyond the central bank’s interest rates.

The rush to develop AI is already driving a large portion of US growth, not to mention a stock market that many believe is in bubble territory. Businesses and consumers are rapidly adopting the technology. For the economy, as well as for equity valuations, the big question is: what’s the output from all these inputs?

That boils down to productivity, or how much workers can produce using the available tools. Numbers are volatile and notoriously hard to parse, but they’ve picked up lately and some economists think it’s an early AI effect.

“A productivity boom is a dream come true for any central banker, and a unicorn for any macroeconomist. It comes once in a couple of decades. The question is: are we in one right now? At the macro level, the evidence is unclear. At the micro level, we think evidence is

Midi said clinicians use their judgment to prescribe the drugs to people they think would benefit medically from the shots.  The companies did not comment on their advertising practices. A spokesperson for Noom, another telehealth company, said marketing language for its microdose program is meant to highlight that patients can achieve weight-loss goals while minimizing the side effects that can sometimes lead to discontinuing the drugs. EllieMD and Fridays did not respond to requests for comment.  The aggressive marketing is starting to draw the ire of regu -

starting to trickle in. History has also taught us that a productivity boom only shows up belatedly in the macro data well after it began,” says Anna Wong, Bloomberg’s chief US economist.

The St. Louis Fed has been asking workers in regular surveys how many hours they saved by using generative AI. Researchers found it may have boosted labor productivity by as much as 1.3% since the release of ChatGPT three years ago.

“What surprised me was how clearly the signal is already appearing at the industry level,” says co-author Alexander Bick. “The correlation is already there.”

For anyone trying to answer this key question—whether it’s Fed officials, corporate chiefs or investors—there’s a fundamental problem, according to Kristina

lators. The Trump administration is cracking down on telehealth companies’ ads, saying they need to disclose more side effects and play by the same rules as pharmaceutical companies. In September, the FDA sent about 100 ceaseand-desist letters, some of which accused telehealth platforms of using deceptive tactics to sell GLP1s. They didn’t specifically address marketing to unintended patient populations.

When asked for comment, an FDA spokesperson referred Bloomberg News to a press release on the enforcement letters. The release said 88% of advertisements for top-selling drugs are posted by individuals and organizations that fail to adhere to the FDA’s fair balance guidelines, and noted the agency “will no longer tolerate such deceptive practices.”

Despite misgivings of some

McElheran of the University of Toronto, who studies AI and the future of work. There’s a lack of “nuanced, high-fidelity data on AI use by firms,” she says, while many of the headline-grabbing studies are based on “really questionable information.”

“We are flying blind into this AI revolution,” McElheran says. “We don’t have the statistics that we need for policy. We don’t have the statistics we need for managers.” As a result, all modelers can do is “take past trends and try to fit them onto stuff that’s happening super-fast right in front of us.”

‘Augmenting that human’ BUSINESS owners who are adopting AI get the real-time view, and many see dramatic gains in productivity.

physicians, people who aren’t obese or diabetic are getting weight-loss drugs from both telehealth companies and traditional doctor’s offices. A study released in August found that off-label Ozempic prescriptions for people who weren’t obese, overweight or diabetic grew from 3% in 2018 to 30% in 2023. For off-label Wegovy, it rose as high as 38%.

The FDA has approved the shots for people with a BMI of 27 or more, but patients say they’ve been able to get same-day prescriptions without weight verification. A spokesperson for telemedicine platform Midi, which has been advertising GLP-1 microdoses on Instagram, said health risks from being overweight, like cardiovascular disease, can begin at BMIs lower than 27 and the shots have a range of benefits like improving fatty liver disease and easing sleep

Peter Capuciati’s company Bluon Inc. has been building an AI model with a database that covers generations of HVAC equipment, using insights amassed by its own technicians answering several years’ worth of calls, as well as tens of thousands of manuals. Around 160,000 technicians now use the free version and some 13,000 pay for the full service. Capuciati reckons it can save them up to eight hours a week.

“Techs don’t like to admit that they have a problem or they don’t know something,” Capuciati says. “So if they can go to an AI source and either confirm their assessment or be guided elsewhere, that’s a very time-saving process.”

Christopher Stanton at Harvard Business School has been tracking Bluon’s deployment of AI. He sees it as a winning formula for higher productivity in an industry running low on skilled workers.

“The machine is simply augmenting that human with information about how to do those things,” he said. “It’s a very powerful driver, especially in places where we think there are labor shortages.”

‘My usual pessimism’ THERE’S a darker flipside to that idea, which taps into some of the fears around AI. A technology that allows fewer workers to generate the same output could be an effective way to fill labor-market gaps—or a job-killer that leaves workers with nowhere else to go.

Typically when the economy takes a technological leap forward it finds ways to redeploy labor.

While the 1990s internet boom ended in a stock-market bust, its productivity legacy ran for around a decade and has yet to be matched.

Back then, according to Julia Coronado, founder of Macropolicy

apnea symptoms. Zepbound is approved for sleep apnea and Wegovy is approved for heart disease, but only in patients with obesity.

A spokesperson for Willow said the company connects patients with licensed physicians who “make independent clinical judgments to help those patients achieve their health goals.”

The CEOs of telehealth companies themselves say they take GLP-1s despite not having obesity. Noom’s Chief Executive Officer Geoff Cook says he has a healthy BMI and is using a GLP-1 to kickstart his fitness journey. Zachariah Reitano, CEO of telehealth company Ro, is also microdosing because of his family’s heart health history. Hims & Hers Health Inc. CEO Andrew Dudum is another microdoser.

“I’m very aggressive when it comes to metabolic health and cardiovascular health,” Reitano said.

Perspectives LLC, companies were taking advantage of innovations to expand employment. Now she says they’re more likely to be using AI to reduce their workforce.

The Fed’s recent Beige Book surveys cite evidence that AI is a drag on hiring demand, especially for entry-level jobs. A Capital Economics study points out that the information tech industry, not surprisingly an early adopter of AI, has been chipping in a bigger chunk of US growth even as its payrolls shrink—evidence of productivity gains, but also of risks as the technology spreads. That’s something on the mind of Robert Gordon, a professor at Northwestern University and author of “The Rise and Fall of American Growth.” Gordon, who’s among the most-cited scholars of long-run economic trends, has often been skeptical about the ability of new inventions to deliver a growth payoff on the scale that older ones did.

In the case of AI, the 85-yearold Gordon says, “I’m willing to bend from my usual productivity pessimism.” He sees a chance of faster increases than the US has enjoyed over the last couple of decades—“somewhere into the mid 2% range, probably not 3% for very long, maybe for a year or two”—and thinks they might also be more sustained than the ones that followed the internet boom. But Gordon worries there’ll be a darker side to the coming era. Instead of the low-inflation, low-unemployment growth spurt of the late 1990s, AI may end up creating “a whole raft of new social problems coming with whitecollar displacement,” he says, “in a society where white-collar work is the ambition of every young person.” With assistance from Catarina Saraiva/Bloomberg

Katarina Harris, 30, decided to take a GLP-1 after she kept seeing social media posts and videos promoting weight-loss drugs on TikTok. At 5 feet 6 inches and 135 pounds, putting her BMI at 21.8, the content creator from Charleston, South Carolina, wanted to lose a few pounds. She had little concerns about taking one, she said, particularly after seeing so many influencers on her feeds promoting them.  Harris signed up with digital health platform EllieMD in June. After a virtual consultation with a doctor, she was approved for a three-month supply of compounded semaglutide, the active ingredient in Ozempic, for $687. It arrived on her doorstep in two days. She microdosed for eight weeks, dropping 13 pounds.

See “Drugs,” A13

Marcos denies Co’s allegations, demands evidence in person

RESIDENT Ferdinand Mar -

Pcos said he is ready to face fresh allegations hurled by former Ako Bicol Party list representative Elizaldy “Zaldy” Co.

The Chief Executive issued the statement in a press conference in Malacañang last Monday after the lawmaker accused him of collaborating with former House Speaker Ferdinand Martin G. Romualdez to collect P56-billion worth of kickbacks.

In a new video message posted on his social media account, Co claimed that amount was on top of the P100-billion worth of flood control projects, which he claimed was ordered by Marcos to be inserted in the 2025 national budget.

The Palace has already denied the said claim for being baseless since the said amount could have been easily included by the Office of the President in the 2025 National Expenditure Program.

Marcos said he is ready to address the latest claim of Co if he will return to the country.

“For it to mean something, he should come home first.

He should face the cases filed against him. If he has something to say, then he should say it. The people will eventually learn about it. He should prove [his claims],” he said.

Co has still yet to return to the country after he went to the United States earlier this year to undergo medical treatment. He refused to return home due to an alleged threat to his life.

“Why are you hiding far away? I am not hiding. If you have an accusation against me, I am here. He should also make himself available so it will be fair,” Marcos said partly in Filipino.

Last Friday, the Department of the Interior and Local Government (DILG) said the former lawmaker was spotted in Japan. The agency said it is now coordinating with the International Criminal Police Organization (Interpol) to bring home Co, who currently has an active arrest warrant from the Sandiganbayan in connection to the P289.5-million road dike project mess in Oriental Mindoro. Samuel P. Medenilla

President Marcos worried over state of sister-senator Imee

SAYING the woman whom people saw on national television is no longer the sister he knew, President Ferdinand Marcos Jr. on Monday expressed great concern over the state of her sister, Senator Imelda “Imee” R. Marcos, who had accused him and First Lady Louise “Liza” Araneta Marcos of using illegal drugs. He noted it was uncharacteristic of his sister to make such claims especially in public, since it was considered anathema to their family.

When asked if he was hurt by the tirades from the senator, delivered at a speech during the Iglesia ni Cristo-led rally against corruption recently, the President gave a heavy sigh before saying it was no longer the sister he once knew.

“So, I’ll just say this much. For a while now, we’ve been very worried about my sister. When I say ‘we,’ I’m talking about friends and family. And the reason for that is, because the lady that you see talking on TV is not my sister. And that view is shared by our cousins, our friends,” Marcos said.

House Majority Leader and Ilocos Norte Rep. Ferdinand Alexander “Sandro” Marcos III, the eldest son of the President, had also issued a similar remark, calling the accusations made by his aunt as

said Graham Stock, senior emerging-markets sovereign strategist with RBC Bluebay. “That’s true in Chile, and probably in Colombia where Petro has disappointed.”

Limited influence EMERGING-MARKET assets have broadly gained in 2025 as investors shift away from US markets amid policy volatility. Debt restructurings, progress on IMF deals and commodity rallies have also helped support assets. And proximity to the US leader has not always translated into benefits—India’s Narendra Modi, for example, has yet to clinch a trade deal with the world’s largest economy.  Still, Trump’s name has loomed large in developing markets. In Hungary, Prime Minister Viktor Orban has touted the possibility of an Argentina-like rescue—puzzling investors who are

Marcos launches DPWH transparency portal to combat corruption and restore public trust

By Samuel P. Medenilla @sam_medenilla

THE launch of the new Department of Public Works and Highways (DPWH) Transparency Portal, which includes an artificial intelligence (AI) assistant, geo-tagging, and live streaming of project bidding, is expected to restore waning public trust in the government following recent anomalies in flood control projects, according to President Ferdinand Marcos Jr.

In a press conference last Monday in Malacañang, the Chief Executive said they decided to launch the new portal, which he described as the enhanced version of the sumbongsapangulo.ph website, after he announced the arrest of the first batch individuals involved, who were involved in the flood control projects irregularities.

The sumbongsapangulo website allowed the public to report public works anomalies. As of

last month, the website registered 19,729 complaints.

“I hope that this will satisfy the... This will satisfy our need and our desire that with the process now, that people have no faith in, that the people are not trustworthy now—you can’t blame them but they are not trustworthy in the system now—hopefully this will restore the confidence of our people in our government,” Marcos said.

“I know it is just the first step, but it is just the first step. We will keep going on this. All right,” he added.

He said the new portal is included in the last phase of his three-part drive to prevent such illegal acts.

The first phase of the campaign, he said, is determining which flood control projects were substandard, non-existent and overpriced. It was then followed by holding the people responsible behind the said project accountable.

“The third part is what reforms

we are instituting. What did we learn from all of this—from all of this catharsis that we have to go through? What have we learned?,” Marcos said.

He attributed the proliferation of irregularities in flood control projects to the apparent lack of transparency in the processing of the said public works.

“People don’t see what’s really going on inside the government... These wrongdoers, they hide their illegal behavior. Because the average person or even the officials sometimes can’t see it,” Marcos said in Filipino.

The new portal, he said, will provide the public more access to details and the process involving flood control projects and other public works, including its location through geo-tagging, status, procurement details,

It also features an AI assistant, which can answer the queries of users on the DPWH projects, and a reporting feature, where the pub -

House committee approves bill to strengthen rural entrepreneurship and farmer income

lic can submit their complaints or concerns related to public works.

The AI is also expected to help make sure that the data posted in the portal will be reliable, the President said.

Aside from the new portal, Marcos said he will also consider deploying a third party inspectors to check on the status of public works as long as it will not result in additional red tap and cost to the government.

The users of the portals can also monitor the bidding process for the said public works via live streaming.

“This [new portal] is one of the reforms that came from what we learned—from what we learned, from this experience in investigating, in finding flood control projects that really have many problems,” Marcos said. As of Monday afternoon, the new DPWH portal can be accessed via its link at https://transparency. dpwh.gov.ph/.

Drugs.

. .

Continued from A12

“not the conduct of a true sibling.”

Rumors that Senator Marcos was not a real child of former President Ferdinand E. Marcos, Sr., and instead the daughter of former Manila Mayor Arsenio Lacson has recently resurfaced due to the remarks of Congressman Marcos.

Senator Marcos earlier said she is ready to disprove such rumors with a DNA test if President Marcos will agree to undergo a hair follicle drug test.

The President admitted it has been a while since he was able to speak with his sister, whom he said is going through something.

“We don’t really—we no longer travel in the same circles, political or otherwise,” Marcos said.

“We are very worried about her. I hope she feels better soon,” he added.

Senator Marcos accused the First Couple of using illegal drugs during the anti-corruption demonstration of the Iglesia Ni Cristo (INC) in Luneta.

Malacañang later slammed such allegation from the Senator for being “baseless” claims and an attempt to prop up the political stock of Vice President Sara Duterte, the estranged running mate of Mr. Marcos in the nowshattered “UniTeam” 2022 alliance. Samuel P. Medenilla

surfing one of the best rallies in emerging assets.  Eastern European currencies and Ukraine’s dollar bonds jumped on Monday as a top aide to Ukraine’s President Volodymyr Zelenskyy said Ukrainian and US negotiators had prepared an “updated and refined framework document on peace.” Trump had earlier proposed a Nov. 27 deadline to secure Ukraine’s support for the plan to end the conflict with Russia, but that deadline isn’t set in stone, US Secretary of State Marco Rubio later said. In Latin America, political recalibration around shifting US policy has even reached one of the world’s most distressed credits. A tougher stance from Trump toward Venezuela is boosting the country’s defaulted bonds, some of which have doubled in price as traders bet on the potential ouster of socialist leader Nicolas Maduro. With assistance from Abhinav Ramnarayan and Andras Gergely/Bloomberg

THE House Committee on Agriculture and Food on Monday approved a bill aiming to strengthen rural entrepreneurship, boost farmer incomes, and build more resilient agricultural communities.

House Committee on Agriculture and Food Chairman Wilfrido Enverga of Quezon said House Bill (HB) 608 was approved subject to style and amendments.

The bill proposes the creation of multipurpose farmer competition hubs. Enverga said these hubs would encourage “both cooperation and healthy competition among farmer groups, enabling them to address persistent challenges such as high production costs, low farmgate prices, and heavy reliance on middlemen.”

Bataan Rep. Antonino Roman III, author of the bill, explained that the measure promotes “coopetition”—a framework in which competing farmer groups collaborate through clustered organizations and shared multipurpose hubs. These centers would allow farmers to share resources and post-harvest facilities, including drying, milling, and storage, while marketing their products directly to reduce dependence on middlemen.

Roman said the bill draws inspiration from international examples in Thailand and Korea, where farmers manage the planting, processing, and marketing of their produce within large cooperatives, freeing them from middlemen and traders.

The bill also encourages part -

nerships among national agencies such as the Department of Agriculture, National Irrigation Administration, Cooperative Development Authority, Technical Education and Skills Development Authority, and the National Economic and Development Authority, as well as local government units and the private sector.

It provides flexible implementation options, including repurposing existing infrastructure and gradually building farmer management capacity, ensuring sustainability even with limited funding.

APEC Party-list Rep. Sergio Dagooc moved for the bill’s approval, noting that the committee had exhaustively discussed the measure and that no resource person had opposed it. Jovee Marie N. Dela Cruz

Retired military officers accuse govt’ of double standard; dare AFP, PNP to probe Makabayan bloc

THE United People’s Initiative (UPI), a group of retired military officers, on Monday denounced the government’s filing of inciting to sedition and inciting rebellion charges against its leader, retired general Romeo Poquiz.

In a statement, Poquiz said he is ready to file his counteraffidavit to deny the charges which arose from the two-day protest rally that the UPI held at the People Power Monument along Edsa last November 16 and 17 to denounce the multi-billion corruption in the flood control projects of the government.

The group was supposed to continue their protest action until November 18 but was not prevented by the Quezon City government for allegedly violating the terms and conditions stated in their permit issued on November 16.

The city government noted that speakers during the Monday rally “incited the participants of the activity, through means of speeches and banners, to the accomplishment of any acts of sedition, rebellion, and insurrection.”

Department of Interior and Local Government (DILG)

Secretary Jonvic Remulla also said the government is investigating statements made

during the rally calling for the resignation of President Ferdinand Marcos Jr. and for the Armed Forces of the Philippines (AFP) to withdraw support from the administration.

AFP Spokesperson Admiral Roy Trinidad has also alleged that UPI could be receiving financial assistance from those seeking to topple Marcos administration.

Poquiz, however, assailed the apparent “double-standard” with which authorities treat UPI and the Makabayan bloc, a known communist front.

He noted that the group has also been calling for the resignation of Marcos and Vice President Sara Duterte, and the creation of a so-called transition council to take over the government.

Poquiz said the government should investigate the Makabayan bloc since its proposal is “unconstitutional and dangerous.”

“Now, retired generals, soldiers, and policemen—many of us who have spent our entire lives serving the nation and defending democracy—are being treated like enemies of the State. Why? We fought the real enemy for decades. We defended this nation with honor. Why are we now being targeted for simply speaking the truth?,” Poquiz said.

The former military general maintained that UPI is nonpartisan, non-violent, and lawabiding.

“We stand for patriotism, accountability, and moral governance. Yet even our permit for the 3rd day of our peaceful 3-day rally was unjustly denied,” he pointed out.

Bakit kami sa UPI ang iniimbestigahan—kami na tumatayong makabayan at nagtatanggol sa taumbayan? Bakit hindi imbestigahan ng AFP at PNP ang Makabayan Bloc na lantad ang paglabag sa Konstitusyon? Bakit hindi tanungin kung saan nanggagaling ang pondo ng kanilang malalaking rally? [Why are we in UPI the ones being investigated —when we stand as patriots and defenders of the people. Why is the AFP and PNP not investigating Makabayan Bloc, which is blatantly violating the Constitution? Why not ask the source of their funds for their big rallies],” Poquiz said.

“The people deserve justice. The people deserve honesty. The people deserve a government that listens—not one that bullies, intimidates, and silences. UPI will not be silenced. UPI will stand firm. UPI will continue the fight for a clean, just, and corruptionfree Philippines,” he added. Joel R. San Juan

“It’s definitely fast results,” she said. “If you have a wedding coming up in three to four months, just get on a GLP-1 really quick.” Whereas a few years ago, Hollywood celebrities and other public figures were shamed for using GLP-1s, now more are being open about taking them for cosmetic purposes. Model Brooks Nader said her “career took off” once she started injecting a weightloss drug.

“I typically microdose GLP-1,” Nader said in a September episode of her reality television show, Love Thy Nader. “Since I have Maxim coming up and I’m probably gonna be half-naked, I’m upping my dose a little because I want to be extra snatched.”

But she admitted that the symptoms of the weight-loss drug had “gotten a lot worse recently.” Soon after, she was found nearly unconscious in a bathtub, prompting her sisters to stage an intervention.

“The thing that I was so shocked about with the show was that I had so many people reach out to me, saying, ‘I’m also addicted to GLP1,’” Nader told Bustle in an interview published this month. “I’m still on it. It’s a crutch for me, too. It’s not healthy. I should get off it.” Many med spas and telehealth companies are also partnering with social media influencers, who receive commissions to hawk their services. Paid influencers are bound by the same rules regarding accurate and safe promotion of drugs, but the FDA has largely turned a blind eye to them, too. Galina Antonova, 43, is one such brand ambassador for Ivy RX. The 5-foot-7 fashion startup founder first went on a GLP-1 when her weight was fluctuating from 130 to 150 pounds, which at her heaviest would put her BMI at 23.5 — considered in the “healthy weight” category. She reached her goal weight of 125 with the drugs, which she said also helped eliminate food noise and relieve inflammation and joint pain.

Now, Ivy RX covers the cost of her medication in exchange for social media posts about her experience, and she gets a small commission for every new customer who uses her affiliate link to sign up. Ivy RX did not respond to a request for comment.

Antonova, who lives in Los Angeles, is required to disclose that she’s posting on behalf of the company through hashtags or in the content of her videos. Bloomberg News

Justice drowned: The urgent need for anti-corruption reform in PHL

THE staggering allegations of multibillion-peso fraud in ghost flood-control projects should have been a watershed moment for accountability in the Philippines. Yet, as investigations inch forward, the gavel’s silence resonates louder than the outcry over the missing billions. The slow rate of prosecutions— with only a handful of officials charged despite systemic looting—exposes not just individual greed, but the rotten scaffolding of our justice system itself (Read the BusinessMirror story: “Barriers to accountability,” November 23, 2025).

During a colloquium held at UP-BGC by the Office of the Dean of the UP College of Law, former Sandiganbayan Presiding Justice Amparo CabotajeTang delivered a scathing diagnosis: our legal architecture incentivizes delay. Wealthy defendants deploy high-priced lawyers to weaponize endless motions—dismissals, reconsiderations, certiorari petitions—trapping cases in a “vicious cycle” between courts for decades. The rules, intended to ensure fairness, are perverted into tools of impunity. Worse, prosecutors repeatedly deliver feeble cases. Acquittals follow when original documents vanish or evidence fails constitutional muster. The courts, bound to passivity, can only watch justice drown in procedural quicksand.

This institutional decay is worsened by deepening shadows. As PCIJ’s Malou Mangahas warns, judicial transparency is declining. Public access to court records—once a check against corruption—has eroded. Simultaneously, investigative journalism, our historical sentinel, faces collapse. Shrinking newsrooms lack resources to track complex, years-long graft trials. The result? Citizens encounter the justice system only as victims, witnesses, or accused, robbed of the context to demand better.

Former socioeconomic planning secretary Solita Collás-Monsod’s observation strikes a nerve: Congress sits at the heart of our recurring accountability crises. From the pork barrel scams of 2013 to fresh flood-fund plunder, lawmakers repeatedly emerge as enablers. Their impunity survives because voters, starved of accessible information, return the same faces to power. Monsod is right: informed citizens are the antidote. When people know their votes enrich thieves, they will demand change.

Real reform, however, cannot wait for mythical saviors at the top. Former Comelec chairman Christian Monsod’s call for bottom-up transformation is vital. Barangays—where power touches people directly—are where accountability begins. Recent defeats of political dynasties in local elections prove communities can reclaim power. Strengthening grassroots governance and voter education builds a firewall against national corruption.

We cannot accept a justice system where the powerful float above the law while flood victims drown in neglect. To rectify this, urgent actions are required across three key areas: legal reforms must impose strict deadlines on graft cases, limit dilatory motions, and mandate proactive evidence preservation; judicial transparency needs to be enhanced by restoring public access to court records and publishing case progress online; and citizen empowerment should be prioritized through investment in Freedom of Information enforcement, independent media, and comprehensive civic education.

The flood-control scandal is more than stolen pesos; it’s a theft of public trust. Justice delayed is justice denied—and for millions living in the path of preventable floods, that denial is lethal. The floodwaters will rise again. Will we?

Opinion

War without warning

HOUTSIDE THE BOX

AVING celebrated my 75th birthday last week, I share that milestone this year with Richard Branson, Narendra Modi, Stevie Wonder, and my friend Boo Chanco of the Philippine Star.

As a Boomer, I listened to basketball play-by-play on a battery-powered transistor radio at the beach. Now I stream any of 1,000 films on my phone while grinding away on my stationary bicycle. I saw my first 21-inch black and white television when I was seven and now have a 65-inch Smart TV hanging on the wall. I watched the first James Bond movie—Dr. No—in 1962 and the 25th installment—No Time to Die—in 2021.

I remain extremely grateful for my wife and sons and for reaching 75, while actuarial tables grant me another decade or so. My maintenance med regimen: vitamins C and D, plus a nightly San Mig Pale Pilsen. Born shortly after North Korea invaded the South—with China and the Soviet Union cheering them on— I have endured the Vietnam War, the War on Drugs, the Cold War, wars on terror, and the endless Arab-Israeli clashes, plus too many uprisings, insurgencies, conflicts, revolutions, rebellions, civil wars,

and invasions to catalog.

At its core, all conflict is still about coercion and control. The difference is that the tools are now digital and economic rather than purely mechanical. The 21st century’s most effective weapons are sanctions, supply chains, and social networks. The United States Treasury’s use of financial sanctions has increased more than 900 percent since 2000, according to the Center for a New American Security. Microsoft’s 2024 Digital Defense Report tracked over 120 state-backed cyberattacks last year, many aimed at energy and transportation systems.

RAND Corporation calls it “cognitive warfare”—the struggle for control over what people think and believe. The objective is no longer destroyed cities but paralyzed societies. Conflicting information wears down trust, confusion becomes a weapon, and reality feels “subject to interpretation.”

The Philippines sits squarely in this silent struggle. A 2024 Pulse

Asia survey found that 73 percent of Filipinos get their news from social media, making the country vulnerable to digital manipulation.

Troll farms, foreign influence campaigns, and paid narratives have replaced wartime propaganda leaflets. In the South China Sea, hybrid warfare merges coast guard intimidation, cyber espionage, and trade restrictions. It looks like diplomacy; it feels like war.

Economic dependence is another front. Every imported barrel of oil. Every ton of rice. Every dollar of debt. All carry strategic leverage. When global powers adjust interest rates, disrupt shipping routes, or tighten commodities, nations like ours absorb the pain. Any inflation creates anxiety, driven largely by energy and food costs. The peso slipped past P59 to the US dollar, compounding the burden. Economists call it “market volatility.” Citizens call it economic warfare disguised as global business.

The silent war hides in plain sight. Politicians cannot declare war; their voters might not approve at the next election. The conflict moves into data centers, trading floors, and algorithmic filters. Everything looks normal while everything feels off-balance.

The signs are everywhere: fear of government, public anger without direction, young people postponing families, and inflation eating hope. Militarized policing expands under “public safety.” These are wartime emotions in peacetime packaging.

People sense the stress but, seeing no bombs, blame themselves instead of

the system squeezing them. For the Philippines, denial is not neutrality. We are both pawn and player in a contest between greater powers. The same shipping lanes that sustain us can be weaponized; the same online platforms that connect us can divide us. Southeast Asia’s think tanks, such as the Yusof Ishak Institute, warn that hybrid competition between China and the US has turned the Indo-Pacific into a live testing ground for economic intimidation. Our archipelago sits right in the middle of that experiment. Victory is no longer measured in territory, but in influence, control, and perception. Control the financial networks, communication channels, and public conversation—and you control the battlefield. Awareness is essential; paranoia is optional. The right question is no longer “Why does life feel unstable?” but “Who benefits from the instability?” If you feel uneasy or disoriented, that is not weakness—it is evidence you are paying attention. Recognizing the truth is not defeatism; it is the first act of defense. And if there is one advantage the Philippines has always had, it is resilience under pressure. We have survived natural, political, and now digital storms. The silent war may be global, but surviving it will depend on local strength, clear eyes, and refusing to sleepwalk through someone else’s battlefield. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

Japan reaffirms plan to deploy missiles to island near Taiwan

By Alastair Gale

JAPAN’S defense minister, visiting a military base close to Taiwan, said plans to deploy missiles to the post would move forward as tensions smolder between Tokyo and Beijing over the East Asian island.

“The deployment can help lower the chance of an armed attack on our country,” Shinjiro Koizumi told reporters on Sunday as he wrapped up his first trip to the base on the southern Japanese island of Yonaguni. “The view that it will heighten regional tensions is not accurate.”

In January, former Defense Minister Gen Nakatani said Tokyo wanted to base Type 03 Chu-SAM missiles on Yonaguni, but little progress has been made so far. The truck-launched missiles are designed to counter air threats up to 30 miles (48 kilometers) away.

Koizumi, who took over as defense minister last month, said on Sunday that the ministry was still working on the plan and would share details with the local government

and people of Yonaguni when details are finalized.

China’s Foreign Ministry didn’t immediately respond to a request for comment. Taiwan’s Foreign Ministry referred the inquiry to the Defense Ministry, which also didn’t immediately respond.

The plan to station medium-range surface-to-air missiles on Yonaguni, about 110 kilometers east of Taiwan, comes as part of a broader military build-up on its southern island chain. The moves reflect Tokyo’s concerns about China’s growing military power and the potential for a clash over Taiwan.

When China responded to a visit to Taiwan by then-US House Speaker Nancy Pelosi in 2022 by launching major military drills around the island, ballistic missiles landed just

south of Yonaguni, providing a stark illustration of the proximity of the island to any conflict for control of Taiwan.

Japan’s fears of being embroiled in a Taiwan conflict were amplified by a dispute over recent comments by Prime Minister Sanae Takaichi related to the self-ruling territory, which Beijing regards as a province that must be brought under its control, by force if necessary. Takaichi on Nov. 7 raised the theoretical possibility that Japan could deploy its military with other nations if China attacked Taiwan, drawing an angry response and economic retaliation from Beijing.

She has since reverted to the government’s longstanding policy of not discussing particular scenarios that might involve Tokyo’s military, but Beijing continues to demand a retraction. On Saturday, a Japanese official rejected China’s claims that Takaichi has altered Japan’s position on a Taiwan crisis as “entirely baseless.”

The spat is adding to risks in Japanese markets, which are already

under pressure from Takaichi’s plans to boost government spending and a selloff in technology stocks. Verbal sparring may increase choppiness in the yen at a time when Japanese officials have increased warnings to traders over sharp moves. Defenserelated stocks are likely to come into renewed focus and may benefit when trading resumes on Tuesday, following a tumultuous week that saw about $127 billion wiped off the value of Tokyo-listed stocks. When asked over the weekend about the potential impact on Yonaguni of a Taiwan crisis, Koizumi said he wouldn’t comment on hypothetical scenarios.

Before arriving in Yonaguni, Koizumi visited bases on the islands of Ishigaki and Miyako. The Ishigaki base is equipped with anti-ship missiles, while Miyako is a hub for air surveillance and other military facilities, including ammunition storage. Japan and the US also have major bases on the larger island of Okinawa further to the east. A popular tourist retreat includ-

Bond rally of 2025 faces new data vacuum as waiting game begins

By Ye Xie and Michael MacKenzie

THE rally that powered the US bond market toward its best year since 2020 has now left investors in suspense to see whether Treasuries can hold their impressive gains.

US 10-year yields declined last week, sending the benchmark back toward 4 percent as spasms in stocks and crypto sparked demand for bonds. Fresh commentary from John Williams, the president of the Federal Reserve Bank of New York, added to the bid, reviving expectations for an interest-rate cut next month.

Heading into the Thanksgiving holiday-shortened week, the benchmark Bloomberg Treasuries index is on track for a small gain in November after rising in eight of the prior 10 months. And yet, while the tone is still generally upbeat, the market is mired below October’s price highs and yields are range-bound.

Absent a fresh bout of risk-off buying, and with no major economic data to speak of until after the Fed’s December meeting, that’s likely how things will stay for the foreseeable future, market watchers say.

“For a meaningful rally, the market is going to need some hard data,” said Kathy Jones, chief fixed-income strategist at Charles Schwab.

The $30 trillion US bond market has been confined to a trading band in recent weeks as a lack of clear signals on jobs and inflation—complicated in part by distortions from the recent government shutdown—divided Fed policymakers and made a third consecutive rate cut less of a sure thing.

“Certainly there’s no catalyst for the 10-year to go below 4 percent again,” said Kevin Flanagan, head of fixed income strategy at WisdomTree. Across the yield curve, Treasuries are “stuck in the mud,” he added. The lack of conviction is showing up in a measure of bond market volatility. Market swings remain near historical lows after picking up from last month’s four-year low.

Official US employment data for September was finally released on Thursday, but it revealed a mixed picture that did little to settle the debate about the central bank’s likely path. On Friday, though, odds for a December cut climbed back near 65% after New York Fed President Williams said he sees room to lower interest rates in the near term as the labor market softens.

“A cut is more likely than not” in December, said Amar Reganti, fixedincome strategist at Hartford Funds. That said, he added, “inflation is above target and yes the labor market is weaker but that’s also a lagging indicator, so we don’t know how far it goes. You can make plausible arguments either way.” Making matters worse, the government scrapped reports on October jobs and consumer prices, owing

Japan. . .

Continued from A14

ing for scuba divers, Yonaguni is also home to a surveillance radar facility that scans nearby seas and airspace, as well as an electronic warfare unit introduced in 2024 that could be used to jam enemy communications and guidance systems. In recent weeks, the US military held a training exercise to bring supplies from Okinawa to Yonaguni to simulate the creation of a forwardoperating base that might be needed in any regional crisis.

In a meeting with the mayor of Yonaguni, Koizumi said Japan has to build up its deterrence by increasing its own capabilities and deepening ties with the US military.

‘Most severe’ TODAY, Japan faces the most severe and complex security environ-

E-invoicing and e-sales reporting system: How ready are we to implement it?

to the shutdown. November figures won’t be released until after policymakers meet in mid-December.

Several Fed officials urged caution about additional cuts before Williams spoke. Fed Governor Michael Barr said the US central bank needs to proceed with caution in considering additional interest-rate cuts. Chicago Fed President Austan Goolsbee signaled that he’s still apprehensive about delivering another rate cut next month.

To be sure, zooming out, investors remain optimistic that the Fed will eventually lower rates over the next year to about 3% from just under 4% today, which would favor bonds. Netlong positions are holding near their highest level since April, according to the latest JPMorgan Chase survey, which came out before the release of the September employment report.

The lack of near-term data clarity, bond bulls say, merely delays, rather than derails, the Fed’s easing cycle as the labor market continues to cool.

Traders are fully pricing in a quarterpoint cut at the January meeting and 0.9 percentage points of easing over the next 12 months.

“If the Fed does not cut in December, we think it is likely they counterbalance that decision with a somewhat dovish message that leaves open the potential to reduce rates in January,” Deutsche Bank’s economists, including Matthew Luzzetti, wrote in a note. “In this way, December and January could be viewed somewhat interchangeably for the Committee at this point.”

“Yields have room to fall even without a rate cut in December, especially as Fed swaps reflect a certainty of a rate cut in January,” said Bloomberg strategist Alyce Andres.

A further selloff in equities could be a tailwind for bonds, prompting a flight to safety, according to Kelsey Berro, executive director for fixed income at JPMorgan Asset Management. The S&P 500 has fallen about percent from its October peak amid concerns about a hawkish Fed and lofty valuations.

Otherwise, with no major catalyst on the immediate horizon, there’s scant incentive to go bold.

George Goncalves, head of US macro strategy at MUFG Securities Americas Inc said he expects a Fed cut next month and a small rally in Treasuries by year-end, with more gains for US bonds expected next year as the central bank continues its reduction cycle. But for now, the proximity of year-end makes it hard to have “enough conviction to put on trades that matter.” With assistance from Carter Johnson and Edward Bolingbroke/ Bloomberg

ment since the end of World War II,” Koizumi said. “To protect the peaceful livelihoods of the Japanese people—including everyone here on Yonaguni—we must strengthen the Self-Defense Forces’ capabilities.”

Yonaguni is the end point of the Ryukyu island chain that stretches several hundred miles from the Japanese mainland. As tensions with China intensified in recent days, Chinese state-controlled media have published articles questioning Japan’s sovereignty over the islands and highlighting how the Ryukyu Kingdom was independent from Japan several hundred years ago.

Few residents of the Ryukyu islands, also known as Okinawa Prefecture, seek independence but they’re wary of being embroiled in a regional conflict if military facilities on the islands are targeted. With assistance from Jasmine Ng, Yian Lee and Philip Glamann/Bloomberg

IAtty. Rodel C. Unciano

TAX LAW FOR BUSINESS

N 2018, Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion Law, introduced the mandatory use of electronic receipts, sales and commercial invoices, in lieu of manual receipts, sales and commercial invoices, subject to rules and regulations to be issued by the Secretary of Finance. TRAIN law likewise introduced the mandatory electronic reporting of sales data to the Bureau of Internal Revenue through the use of electronic point of sales system within five years from the effectivity of the law, and upon the BIR’s establishment of a system capable of storing and processing the required data.

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

The pilot implementation has faced challenges and technical issues with the BIR’s electronic invoicing platform. For one, no pertinent guidelines were issued to guide the taxpayers in complying with their obligations under the program. Participant-taxpayers have raised concerns on costs and technical integration to resolve system compatibility issues. And for those who initially complied, they have experienced errors and/or delays in the response of the system on their sales data transmission.

When CREATE MORE was subsequently passed into law in 2024, it retained the proposed shift from the use of manual invoicing system to the use of electronic invoicing and electronic sales reporting system en-

Russia

visioned in TRAIN Law, and retained as well essentially the same conditions for its full implementation as set forth in TRAIN Law.

In implementing the provisions of CREATE MORE, the Department of Finance (DOF) thus issued Revenue Regulations (RR) 11-2025 under which certain taxpayers are already made to mandatorily comply with the use of electronic invoicing within one year from the effectivity of the said regulations, or until March next year. Ony recently, the DOF, however, extended the mandatory compliance to December next year citing as reasons the operational adjustments required of taxpayers, including system reconfiguration and transition to electronic invoicing.

Electronic Invoicing is defined as the automated process of generating an electronic invoice in a structured invoice data which can be easily extracted electronically from the invoice, allowing automated electronic data processing. It involves the electronic exchange of an electronic invoice that records a transaction be-

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

tween a seller and a buyer. An electronic invoice is a system-generated invoice in a structured invoice data which can be easily extracted electronically and its data can be readily transmitted electronically to the BIR for electronic sales reporting.

On the other hand, Electronic Sales Reporting System is defined as the electronic reporting or process of storing, transmitting and/or receiving the electronic invoice data, through direct system-to-system data transfer without manual entry, to the BIR in a structured electronic format.

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

Apparently, our experience with the pilot implementation of the automated system would suggest, to a considerable extent, that we are not yet capable, at least for the time being, for its full implementation. The BIR itself appears to acknowledge this limitation, as evidenced by its

and Ukraine escalate energy wars with peace talks looming

By Olesia Safronova

RUSSIA and Ukraine are fighting an increasingly intense energy war as they attempt to gain a meaningful advantage after months of stalemate on the frontlines and ahead of potential new peace talks.

Massive Russian attacks on Ukraine’s energy infrastructure are leaving businesses and households wrestling with lengthy power outages, as Moscow looks to weaken morale and inflict more economic damage with the harsh winter months approaching. Ukraine is hitting back with strikes targeting Russia’s energy infrastructure, from refineries to sea terminals, aiming to interrupt the flow of petrodollars to the Kremlin’s coffers and strain its ability to finance the war.

“Russia will do everything it can to ensure we have constant blackouts,” Ukrainian President Volodymyr Zelenskyy told Bloomberg News in an interview. “But they should know that we will respond. I think it’s fair.”

The air exchanges are unfolding as the two sides seek to put themselves in the most favorable position ahead of potential negotiations for an end to the war that’s deep into its fourth year. Donald Trump made a renewed push for a resolution on Thursday when officials presented a 28-point peace plan drawn up in consultation with Russia that Zelenskyy said he’s willing to work on with the US president.

The plan would force Kyiv to cede large chunks of territory taken by Russia, cap the size of its military and lift sanctions on Moscow over time. It would also tap Russian frozen assets to help pay for Ukraine’s reconstruction and the US would work with Kyiv to restore the country’s gas infrastructure.

Ukrainian grid operator Ukrenergo said Thursday that emergency power cuts were in place in most regions of the country as crews worked

to repair damage from Russian strikes on energy facilities and restore supply.

Ukraine has faced repeated Russian attempts to break its resistance by targeting energy assets in winter, when temperatures routinely plunge far below freezing and the battlefield is largely static for months as a result of snow and ice.

The accumulated damage to power grids and generating plants along with the current scale of Russian strikes are putting Ukraine’s energy infrastructure under increasing strain, despite efforts to swiftly restore services.

This winter “could be the harshest” since Russia’s full-scale invasion began in 2022, according to Maxim Timchenko, chief executive officer of DTEK, Ukraine’s largest private energy company. “Since September, Russia has been hitting every kind of energy asset—mines, power stations, substations, power lines, gas production and gas storage.”

A Russian attack involving more than 500 drones and missiles on Wednesday killed at least 25 people and triggered fresh power outages. Last week alone, according to Zelenskyy, Russia fired more than 2,000 attack drones, glide bombs and missiles at Ukraine.

While officials decline to disclose the extent of the damage, the duration of power cuts offers one indication. Electricity outages in Kyiv have lasted for an average of eight hours in recent days, reaching as much as 16 hours on some occasions, according to DTEK data.

Ukraine has claimed attacks on about 45 Russian fuel-production

decision to extend the deadline for full implementation by another year. In fact, even in more technologically advanced countries, the adoption of electronic invoicing and electronic sales reporting system has not been seamless. Many jurisdictions have confined implementation to specific transactions or designated covered taxpayers due to the complexities and challenges involved in applying the system across all sectors and transaction types.

There is no doubt that automation enhances efficiency in the documentation of business transactions and tax reporting. Real-time data capture, improved audit trails, and streamlined compliance processes are certainly among its perceived advantages. However, our experience with the pilot implementation demonstrates that we are not yet ready for full automation.

Perhaps, we may need to improve our technical infrastructure, institutional capacity, and taxpayer preparedness. We need more time and strategic approach for system testing, stakeholder education, infrastructure enhancement, and the issuance of clear and comprehensive implementation guidelines before we can fully avail of the benefits of full automation without unduly burdening taxpayers or overwhelming the tax administration system.

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

facilities since early August, bringing the total to around 65 so far this year, with strikes on refineries pushing oil-processing volumes below the seasonal norm. That compares with 35 attacks last year, according to public statements and data compiled by Bloomberg.

Ukraine hit Russia’s Black Sea oil-loading infrastructure on Nov. 14, triggering a state of emergency and briefly disrupting crude loadings for export. The attacks have stepped up as Kyiv’s western allies have expanded sanctions to squeeze Russian revenues from energy sales on global markets.

“We need to do more so that this war will stop and it will stop when Russia runs out of money and understands they can’t outlast us,” European Union foreign policy chief Kaja Kallas said Tuesday at a Bloomberg event in Brussels.

Ukraine has produced its own long-range missiles that allow it to strike more deeply into Russia, and is also gaining encouragement to attack energy facilities from allies that were previously reluctant to support such a strategy, fearful of an impact on global oil prices.

The UK recently resupplied Ukraine with its Storm Shadow cruise missiles. Ukraine said Tuesday that its forces used US-made ATACMS supersonic missiles to strike military targets in Russia. The Defense Ministry in Moscow said its air defenses shot down four ATACMS over Russia’s Voronezh region.

Kyiv’s development of its own long-range capabilities “has eroded what started as a near-total Russian advantage” in attacks on the energy sector, said Eric Ciaramella, senior fellow at the Carnegie Endowment for International Peace in Washington.

“If Ukraine can continue expanding its arsenal and can keep up the strike campaign, Russian decisionmakers will eventually have to ask

themselves whether attacking the Ukrainian grid is really worth it,” he said.

While Russia’s grid remains largely stable, much of its equipment was supplied by western companies including GE and Siemens, increasing its vulnerability to Ukrainian strikes as sanctions make it difficult to replace damaged items.

On the ground, Russian forces have made slow advances in eastern and southern Ukraine at the cost of massive casualties in a summer offensive that’s drawing to a close with few gains. House-to-house battles are raging in the city of Pokrovsk after months of Russian attempts to take over the key rail hub in Ukraine’s eastern Donetsk region. That would be the Kremlin’s most significant victory in almost two years, though it’s unlikely to shift the military balance decisively. Pokrovsk is only 30 kilometers (19 miles) from the city of Avdiivka that Russia seized in February last year.

A deepening corruption scandal centered on Ukraine’s energy sector is adding to Zelenskyy’s challenges. Anti-graft investigators have named the president’s former business partner, Timur Mindich, as an alleged ringleader of a scheme to embezzle as much as $100 million. The probe is digging into alleged kickbacks from contractors building defenses to protect Ukraine’s nuclear energy facilities from Russian air strikes. That’s as Zelenskyy is seeking more financial support from European allies for air defenses to help his country survive through the winter.

He has announced sweeping management overhauls and a full financial audit of key state-owned energy bodies in an effort to quell public outrage.    While nuclear provides 60 percent of the country’s power and 20 percent comes from renewables, Ukraine desperately needs natural gas supplies for power generation in winter.  Bloomberg

Tuesday, November 25, 2025

2nd Front

BusinessMirror

FARM DAMAGE FROM ‘UWAN’ AND ‘TINO’ SOARS TO P5.16B

By Ada Pelonia

THE combined farm damage caused by typhoons Tino and Uwan has jumped to over P5.1 billion, according to the Department of Agriculture (DA).

In its latest bulletin, the DA said the losses incurred by 135,616 farmers from both typhoons has reached P5.16 billion.

These affected 202,015 metric tons (MT) covering 117,458 hectares (ha).

“Further damage and losses are expected in affected regions as assessment and validation are ongoing,” the DA said.

According to the agency, the bulk of damage sustained by the agriculture sector was from typhoon Uwan, which accounted for around 76 percent of losses or P4.19 billion.

The damage was pegged at 164,274 MT, covering 99,572 hectares and affecting 85,689 farmers.

High-value crops bore the brunt of the damage at 80,466 MT, while fiber crops trailed behind at 79,493 MT.

This was followed by rice at 50,191 MT; fisheries at 20,802 MT; corn at 4,609 MT, and cassava at 733 MT.

The value of losses was equivalent to P2.66 billion for HVC, P732.48 million for rice, and P428.37 million for fiber crops.

Furthermore, the damage amounted to P179.05 million for corn, P83.66 million for fisheries,

P10.82 million for cassava, and P10.15 million for livestock and poultry.

Infrastructures, irrigation facilities, and machinery and equipment also sustained losses worth P86.02 million, P1.87 million, and P195,000, respectively.

Despite this, the DA has issued several interventions for farmers and fisherfolk affected by typhoon Uwan.

This includes P414.51 million worth of farm inputs for rice, corn, and HVC; P1.24 million worth of animal feeds and supplements for livestock and poultry; and P771,620 worth of bangus and tilapia fingerlings.

Furthermore, the DA also offered the Survival and Recovery loan program of the Agricultural Credit Policy Council (ACPC), offering loans of up to P25,000. These loans come with a three-year repayment term, interest-free.

It would also assist insured farmers and fisherfolk through the Philippine Crop Insurance Corp. (PCIC).

Data obtained by the BusinessMirror showed that the PCIC paid out a total of P2.65 billion in insurance claims to 439,087 farmers and fisherfolk from the January to October period.

Meanwhile, the DA’s ACPC, through its SURE loan program, has released P139.7 million to 5,506 borrowers from the period of January to September.

Half of accused in Mindoro flood control case in custody

THESandiganbayan on Monday booked and issued commitment orders against eight of the 16 accused in the graft and malversation charges for the P289-million allegedly substandard flood control project in Oriental Mindoro.

The anti-graft court processed the detention of Gerald Pacanan, DPWH regional director; Gene Ryan Altea, DPWH assistant regional director; Ruben D.S. Santos, DPWH assistant regional director; Dominic Serrano, DPWH construction division chief; Bids and Awards Committee (BAC) chairperson; Juliet Calvo, DPWH maintenance division chief; Dennis Abagon, DPWH OIC-chief, Quality Assurance and Hydrology Division; BAC regular member; Felisardo Casuno, DPWH project engineer and Lerma Cayco, DPWH accountant.

The eight went to the Sandiganbayan three days after the antigraft court issued warrants of arrest and hold departure orders (HDO)

against all of the accused in the first case to be filed involving alleged irregularities in flood control projects.

Former congressman Zaldy Co; Montrexis Tamayo, DPWH OICchief, Planning and Design Division; Timojen Sacar, DPWH materials engineer; Aderman Alcazar, president and board chairperson of Sunwest Construction linked to Co; Cesar Buenaventura, treasurer and board member, Sunwest Construction; Consuelo Aldon, board member, Sunwest Construction; Noel Yap Cao, board member, Sunwest Construction and Anthony Ngo, board member, Sunwest Construction remain at large.

The Office of the Ombudsman

filed the cases on November 18.

President Marcos on Wednesday urged the other accused to surrender.

Sa mga natitira, sumuko na kayo [To those still at large, I urge you to give yourselves up],” Marcos said.

When Marcos made the statement, seven were already in custody while two were reported to have sent surrender feelers.

“Ipinapaalam ko po na ilan sa mga indibidwal na may warrant of arrest mula sa Sandiganbayan ay nasa kustodiya na ng ating mga awtoridad [I am informing you that several of those with arrest warrants from the Sandiganbayan are now in the custody of authorities],” he said.

Marcos said one suspect was arrested by the National Bureau of Investigation (NBI), while six others voluntarily surrendered to the Philippine National Police–Criminal Investigation and Detection Group (PNP-CIDG).

Two more have sent word that they intend to surrender soon.

Marcos warned those evading arrest: “Sa lahat ng natitirang akusado, ang aking payo ay sumuko na kayo. Huwag na ninyong hintaying habulin pa kayo [To all remaining accused, my advice: surrender now. Do not wait for authorities to hunt you

down],” he said.

He also reminded anyone against sheltering the fugitives.

Mananagot ang sinumang nagtatago o tumutulong magtago sa kanila [Anyone sheltering or helping them hide will be held accountable].” All arrested and surrendered accused will remain under NBI custody pending court orders.

“There will be no special treatment,” Marcos added.

Remulla: Surrender immediately INTERIOR and Local Government

Secretary Juanito Victor Remulla on Monday called on the personalities accused in the allegedly anomalous flood control project in Oriental Mindoro to voluntarily yield to law enforcement authorities even as several of the accused are now in government custody.

In a joint press briefing with the National Police, Department of Justice, National Bureau of Investigation, and the Department of Public Works and Highways, Remulla said law enforcement agencies will pursue every indicted individual until they are brought before the courts.

Distance will not shield the accused from the reach of the law,

Senate greenlights bigger DOT budget, urges stronger branding

By Ma. Stella F. Arnaldo Special to the BusinessMirror

SENATORS approved an increase in the 2026 budget of the Department of Tourism (DOT), specifically for its marketing and promotions.

In a short plenary hearing on November 21, senators showed their support for additional funding for the DOT, including three main attached agencies, which only had a proposed budget of some P3.72 billion under the National Expenditure Program (NEP) 2026.

Senator Loren Legarda, who sponsored the DOT budget, said the agency’s 2026 budget will be increased to P4.158 billion from the original NEP allocation of P3.65 billion.

The budget of the DOT-Office of the Secretary alone will be raised to P3.64 billion, with the addition of P500 million for its branding campaign; the Intramuros Administration, P161.34 million, with P6 million for its tourism marketing and promotions, which will cover “free guided walking tours and cultural performances at the Fort Santiago”; and the National Parks Development Committee, now with a budget of P316.81 million with the addition of P1.147 million in funds, she said.

aims to promote domestic tourism through motorbike riders, as they highlight untapped destinations and showcase cultural and heritage sites, interesting shops and restaurants, and other tourism products on their trips.

Marketing budget

MEANWHILE , Legarda did not directly respond to Ejercito’s question if she was optimistic that the higher DOT marketing budget—totalling P1 billion for 2026—will boost visitor arrivals next year. She merely echoed DOT’s claim that there was a P5.50 return on investment for every peso spent on marketing. Last year, only 5.95 million foreign visitors arrived in the Philippines, missing the DOT’s target of 7.7 million. The agency blamed this on the suspension of the electronic visa scheme in mainland China. Under the NEP 2026, the DOT is targeting inbound tourists to rise to 6.7 million.

‘Trillion Peso March’ not a call for resignation

By Justine Xyrah Garcia

HE Catholic Church on

TMonday stressed that the “Trillion Peso March” set for this week is not a call for the resignation of government officials or a change in administration.

Instead, Kidapawan Bishop and Caritas Philippines President Jose Colin Bagaforo said the protest is grounded solely on accountability.

“Our advocacy is clear: it is not to bring down the current government. We are not calling for

the resignation of our leaders. What we are fighting for is to jail, expose, and recover the funds stolen through corruption,” Bagaforo said in a press conference ahead of the November 30 mobilization.

Bagaforo also clarified that the rally’s organizers do not support the idea of a “military junta,” following recent online chatter about destabilization amid back-to-back mass actions.

“We are here to uphold the Constitution. Democratic processes

must be followed...For us, it has not reached that point. We can still go through democracy. There are legal and constitutional remedies we can explore to fight corruption,” he added.

On November 30, two separate protests will push through: the “Baha sa Luneta 2.0” at Rizal Park and the “Trillion Peso March” at the EDSA People Power Monument.

Organizers for the EDSA protest said the groups will no longer converge—a setup they welcomed,

noting it gives participants the option to join whichever assembly aligns with them.

Should individuals at the Trillion Peso March carry calls for resignation, organizers said they will exercise “maximum tolerance” and respect freedom of expression.

However, they said marshals may step in if participants insist on messaging that contradicts the event’s stated purpose.

Organizers expect around 120,000 people to join the day-long protest.

The budget of the Philippine Commission of Sports Scuba Diving (PCSSD) will remain unchanged at P43.49 million.

During his interpellation, Senate Deputy Majority Leader Joseph Victor “JV” Ejercito pushed for the increase in DOT’s budget, describing the tourism industry as one of the country’s “lowest-hanging fruits right now. We cannot compete anymore with manufacturing with China and other industries. With tourism, we still believe that because of the beauty of our country, it’s a matter of promoting it the right way.”

The lawmaker is a member of a group of motorcyclists, which has been in partnership with the DOT and its marketing arm, the Tourism Promotions Board since 2020, for “Motourismo.” The program

With the Senate’s approval of an increase in the DOT’s budget, Legarda challenged the agency “to show that every element of the branding program is grounded in strategy and subjected to rigorous review and quality control. A larger budget comes with a higher expectation of creative standards and a branding approach that is credible, relevant and attuned to present realities.”

In defending the DOT budget, the lawmaker noted the increase in visitor spending by 0.4 percent to some P700 billion in 2024 from 2023, which exceeded the visitor spend of P600 billion in prepandemic 2019. She added that, “[Tourism] employed 6.75 million workers in 2024, accounting for 13.8 percent of total employment, with a 6.1 percent growth [from] 2023. But if you look at indirect employment, 16.4 million Filipinos are in the tourism industry. [The] tourism industry contributed 8.9 percent to the GDP [gross domestic product]

Editor: Jennifer A. Ng

SM Prime may put an NU campus in shopping mall

By VG Cabuag @villygc

SM Prime Holdings Inc. plans to put up a branch of National University on top of the parking spaces of its major malls.

Hans T. Sy, a director of the Board of SM Prime, said they were happy at the current rate of the expansion of NU, which currently has more than 83,000 students across 14 campuses.

“So far, so good; I’m very happy with that. The best is we still manage to keep it at the lowest tuition possible,” Sy said at the sidelines of an event by the Management Association of the Philippines, which honored him as one of the “2025 MAP Management Person of the Year.”

“It is actually making money. But to let everyone know, this year, early this year, my sibling and I decided to convert NU to a non-stock non-profit. That was what we meant when we want to build it as my father’s legacy,” Sy said, referring to the founder of SM, the late Henry Tan Chi Sieng Sy Sr.

He said that by 2027, NU could hit 16 campuses with about 100,000 students, a goal that Sy said was originally set for 2028.

Sy added they also had to make changes as, “originally, its capacity was just 8,000 per campus.”

“Right now, we have to do 12,000 to 20,000 students per school. Like in Fairview [Quezon City]. That’s

why, now we’re putting up a new one,” he said.

Sy said the plan was to put up a campus where it has a major mall.

“The formula that we do on our financial is very similar to SM. We don’t really overspend. We spend slowly but surely moving forward,” he said.

Sy explained as the shopping mall succeed on its operations, it has to expand, which could eat up parking space located in its shopping mall building.

“So then we need to put up parking buildings. And normally, on parking buildings, people want to go up to 5th floor only; they don’t want to go higher than fifth floor,” Sy said.

He said the company does not want to waste the air rights, “so we decided to build a school on top of it.”

“So the school cost is only the building cost… no more land cost because we spent it already. So that kind of helped subsidize a bit,” Sy said.

National University, owned by SM Prime, earlier disclosed the expansion of four of its existing campuses in Clark in Pampanga, Mall of Asia in Pasay, Fairview in Quezon City and the main campus in Sampaloc, Ma-

nila, to accommodate more students.

The company said there were also plans to build new campuses in Davao, Iloilo and Urdaneta in Pangasinan.

Under the expansion, NU Clark will construct a new tower with classrooms and laboratories for additional program offerings.

NU Mall of Asia, meanwhile, will

add two more floors to accommodate more classrooms and laboratories, while NU Fairview will build another tower to cater to its growing student population.

The NU Manila main campus, on the other hand, will expand with 24 new classrooms, faculty rooms, a learning resource center and an auditorium.

Jollibee brand in honey-sweet spot

By Bless Aubrey Ogerio @blessogerio

THREE Philippine restaurant brands ranked among the top performers in Southeast Asia’s food service sector in a newly-released report by British firm Brand Finance Plc.

The Brand Finance’s “Asean 500” report for 2025, which tracks brand value growth and brand strength across major companies in the region, placed Jollibee at the top of the restaurant category among firms in the membercountries of the Association of Southeast Asian Nations (Asean). The eponymous brand of Jollibee Foods Corp. had a value rising 8 percent to $2.5 billion and earning from the consultants a “Brand Strength Index,” or “BSI,” score of 83.9 out of 100.

Ayala firms team up in e-vehicle re-fleeting

The chain also held the 17th position in the “Global Restaurants 25 2025” ranking, marking Jollibee’s tenth consecutive year in the international list since 2016.

Per the research data of the London-based brand valuation consultancy company, Jollibee maintained a strong consumer connection in the Philippines, supported by wide market reach and familiarity, with more than a thousand stores nationwide and brand campaigns that have built long-term recognition.

Two other brands under the Jollibee Group, “Mang Inasal” and “Chowking,” also posted positive movement in the regional ranking.

“Mang Inasal,” known for grilled meals and Filipino-style fast food, recorded a 1-percent increase in brand value to $377

million and achieved a BSI score of 87.8.

“Chowking,” meanwhile, ranked third among Asean restaurant brands, having grown 4 percent to $262 million with a BSI score of 71.8.

According to Brand Finance, “Mang Inasal” and “Chowking” strengthened their market visibility through brand familiarity and product relevance, based on data drawn from consumer research in the Philippines.

Apart from Philippine chains, other restaurant brands featured in the Asean 500 report included Singaporean brand “Kopitiam,” which posted a brand value of $220 million with a BSI score of 85.5 after a 32 percent decline.

Further, Thailand’s “MK Restaurants” had a brand value in -

STI income up even as enrollment slides

THE Tanco-led STI Education Systems Holdings Inc. disclosed last Monday that its income for the fiscal first quarter ending September more than doubled to P619.12 million from the previous year’s P263.23 million.

In its statement to the local bourse, the company said the figures reflected the impact of an earlier academic calendar and a shift in revenue recognition, affecting the comparability of first-quarter results with the previous year.

Revenues grew almost 40 percent to P1.44 billion from the previous P1.03 billion.

For school year 2025–2026, STI Education Services Group and STI West Negros University opened classes on July 28, more than two weeks earlier than the August 12 opening in the prior school year.

Beginning this fiscal year, both schools also shifted to recognizing tuition and school fees based on the actual number of instructional days instead of the previous monthly method. These adjustments increased the amount of revenue recognized in the quarter but do not affect the total revenues for the school term or the full academic year.

Total enrollment across the network reached 132,941 students for the current school year. The company said it saw a 4-percent decline in enrollment of students from last year. STI attributed the decrease to the

early start of classes in public schools, which commenced on June 16.

Meanwhile, the total number of enrollees in programs regulated by the Commission on Higher Education (CHEd) was flat at 102,407 students.

The number of continuing students enrolled in CHEd programs, or those students who opted to remain in the group’s network of schools, increased by 14 percent to 73,421 from 64,429 last school year.

STI, the group’s largest subsidiary with 63 schools across the country, recorded a total enrollment of 114,569 and a 14 percent increase in continuing tertiary students. By virtue of a management agreement executed in May last year, STI manages the Philippine School of Business Administration and the Philippine School of Business Administration Inc. Quezon City. Both schools registered 1,583 students, up by 45 percent from the previous school year.

West Negros, meanwhile, registered 14,890 enrollees, a 3 percent increase from the previous year. The university completed the construction of its new four-storey School of Basic Education building in May 2024, which can accommodate up to 4,000 pre-elementary, elementary, junior high school, and senior high school students. The entire West Negros campus can now accommodate up to 18,000 students. VG Cabuag

MAP awardee Sy vows to do more

Hcrease of 24 percent to $188 million and a BSI score of 83.9, while Singapore’s “Jumbo” recorded an 8 percent rise to $33 million and a BSI score of 48.2.

The Asean 500 ranking evaluates companies from multiple sectors, using financial performance, forecast revenues, brand strength metrics, and market indicators to determine overall valuation.

Brand Finance’s report said the Philippines continues to show growing influence in the regional food service sector, with homegrown chains maintaining strong brand equity even as competition widens across Southeast Asia.

The report also noted that Asean food service brands are increasingly leveraging cultural familiarity and localized marketing strategies to build consumer loyalty.

ACEN finances unit’s operations

ACEN Corp. disclosed last Monday it is extending additional funding to its unit, YMP Telecom Power Inc. (YMP), to finance the latter’s ongoing projects.

In its disclosure to the local bourse, ACEN revealed executives of the firm and YMP signed on November 24 a P60-million working capital facility agreement to support the latter’s ongoing operational requirements.

YMP is ACEN’s wholly-owned subsidiary that focuses on energy solutions to telecom towers through the construction and operation of micro-solar plants.

YMP currently operates 198 sites with a combined capacity of 15.5 megawatt (MW) for solar and battery, generating approximately 9.5 gigawatt hours annually.

All energy produced is supplied as clean power to telecom towers, ACEN added.

Meanwhile, ACEN said it was recognized for its unwavering commitment to good corporate governance, earning 4 Golden Arrows from the Institute of Corporate Directors (ICD) at the 2025 ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow Awards held recently. This marks the third consecu-

tive year that ACEN has received 4 Golden Arrows. ACEN was among the 116 publicly listed companies recognized by the ICD this year, and one of only 17 firms to achieve the coveted 4 Golden Arrows distinction. The ICD evaluates companies across key dimensions, such as protection and equitable treatment of shareholders, engagement with stakeholders, transparency and accountability through timely and accurate disclosures of material information, and the Board’s effectiveness in providing strategic direction, overseeing management, and ensuring organizational accountability. Lenie Lectura

ANS T. SY, the chairman of the Executive Committee of SM Prime Holdings Inc., vowed to beef up its partnership with local government units (LGUs) to strengthen disaster preparedness and climate adaptation efforts, among others.

This was the gist of his speech after being named the “Management Person of the Year” for 2025 by the Management Association of the Philippines (MAP) last Monday.

“Receiving this award is both an honor and a responsibility. It is a reminder to do more for our country,” Sy said after receiving the award from one of the country’s top business groups.

Sy, a director of SM Prime’s Board, vowed to devote more time and resources to help strengthen the Philippines’s disaster preparedness.

“We cannot stop natural calamities, but we can prevent them from causing greater harm,” he said, underscoring his goal to focus on areas where he can make “meaningful difference.”

“Through ‘Arise Philippines,’ we will keep working with LGUs to strengthen disaster preparedness and climate adaptation,” Sy added. “Arise Philippines” is part of the network established by the United Nations Office for Disaster Risk Reduction (UNDRR) its calls “Private Sector Alliance for Disaster Resilient Societies.”

Looking ahead, Sy said SM Prime will keep investing in developments that reflect what Filipinos “truly deserve” which are smart cities, sustainable communities, modern infrastructure, and green spaces that promote progress, inclusivity, and well-being.

He outlined these plans as he recalled in the opening part of his Acceptance speech that SM was once condemned for cutting down trees in Baguio City.

“Across SM Baguio is the University of the Cordilleras, the oldest post-

war university in the region. It sits on a hillside and serves thousands of students,” Sy narrated in his speech. He continued that in 2012, he “noticed signs of potential soil erosion on the slope above the campus, where our mall stands.”

“Each rainfall risked sending soil toward the classrooms below. I could not sleep knowing the danger it posed to the school.”

He explained that the only way to keep the campus safe was to build a retaining wall and reinforce the ground. That, he further noted, required the removal and relocation of several trees in the SM Baguio property.

As someone who has long cared about the environment, he said it was a “very hard” decision to make.

“We finished the work anyway. The hillside held, and the school remains safe. That choice—of doing what is right, even when unpopular—sharpened my understanding of leadership,” he added.

Sy said that incident led to a “truly unexpected” blessing, which prompted him to have a “meaningful” exchange with the UNDRR head.

“One conversation led to another, and soon after, I was invited to serve as the first Filipino private sector representative to the UNDRR. Through ‘Arise Global,’ I am able to share what SM has quietly practiced since the late 1980s: forward thinking and resilience. I now work across sectors to help communities prepare and recover faster from calamities,” added Sy. VG Cabuag

Banking&Finance

BIR stops field audits after corruption allegations

By Reine Juvierre Alberto @reine_alberto

THE Bureau of Internal Revenue

(BIR) has temporarily suspended all field audits and other related operations, including the issuance of Letters of Authority (LOAs) and Mission Orders (MOs).

Renting vs. Buying: Which one is better for you right now?

IF you’re torn between buying a house and just renting a place, you’re not alone. It’s one of the biggest financial decisions most Filipinos face today, and it’s not an easy one to answer. Whether you’re a young professional eyeing your first condo or a couple thinking of settling down, understanding the pros and cons of both options can help you make the smarter move for your future. Today, let’s break it down together.

Renting vs. Buying: What’s the difference?

RENTING means you pay a landlord every month for the right to live in their property. You’re not tied down to the place long-term, and you don’t own it. Buying, on the other hand, means investing in a property that’s yours. You’ll likely take out a loan (usually from a bank or Pag-IBIG), and you’ll be responsible for mortgage payments, maintenance, and all the bills that come with owning a home.

What will it cost you?

UPFRONT costs. Renting usually requires a one-month advance and a two-month deposit, and sometimes a few additional fees. It’s easier on the pocket in the beginning. Buying, however, requires a substantial down payment (usually 20% of the property’s price), plus processing fees, taxes, and other associated costs. It can take years to save up for it.

Monthly expenses. Rent is often fixed for the duration of the lease term, and many landlords cover repairs. That keeps your monthly costs predictable. Owning a home means mortgage payments, property taxes, insurance, and repairs—some of which can hit your wallet hard when you least expect it. Flexibility vs. stability. If you value freedom and flexibility, renting makes sense. You can easily relocate for work, travel, or just move to a better place when your lease ends. But if you’re ready to settle down and want stability, buying offers peace of mind. You won’t worry about yearly rent increases or being asked to leave.

Who handles the repairs?

WHEN you rent, the landlord typically handles maintenance. Leaking roof? Broken faucet? Just call or send a text message. But when you own, you’re the landlord, and every repair, big or small, is your responsibility. This includes routine maintenance and major issues, such as roof replacements or plumbing overhauls.

What’s better for your wallet in the long run?

RENTING might feel like “throwing money away,” but that’s not always true. You can invest the money you save on repairs and down payments into other income-generating assets. Buying a home is often con-

ate suspension of all LOA and MO issuances.

“This suspension is necessary to protect taxpayer rights, strengthen internal discipline, and ensure the integrity of our audit processes. We take every complaint seriously, and any misuse of authority, harassment, or irregularity has no place in the Bureau,” Mendoza said.

The temporary suspension will apply to all BIR offices involved in audit and field operations, such as the Large Taxpayers Service, Revenue Regions and District Offices, Assessment Divisions, VAT Audit Units and Intelligence and Special Audit Units.

Tsidered a wise investment because property values tend to appreciate over time. Plus, each mortgage payment builds your equity—the amount of the home you truly own. However, keep in mind that the long-term financial benefits of owning only work if you stay in the home for several years and maintain it properly.

Lifestyle matters too

DO you love decorating and customizing your living space? Owning gives you that freedom. Do you hate dealing with repairs and maintenance? Renting saves you from that headache. Also, consider your stage in life. If you’re still figuring out your career path or are unsure where you’ll be in 3–5 years, renting might be a better option for you. However, if you’re starting a family or looking for a forever home, buying can offer security.

Market conditions in the Philippines

TODAY’S real estate market in the Philippines can be unpredictable. Interest rates, developer promotions, and economic conditions all play a part. In some cities, renting is cheaper than the monthly cost of buying. In others, it might be smarter to buy now before prices go higher.

Quick rule of thumb: The 10-year rule

THIS is a personal rule: if you plan to stay in one place for less than 10 years, renting is usually the better choice. However, if you plan to stay longer than 10 years, buying can be more cost-effective in the long run, especially if the property increases in value.

Final thoughts: It depends on you

THERE’S no one-size-fits-all answer. The better choice depends on your goals, finances, lifestyle, and future plans. Ask yourself:

n Do I have enough saved for a down payment?

n Am I ready for a long-term commitment?

n Do I want to grow roots in this area?

n Can I handle surprise expenses?

Whether you rent or buy, what matters most is that your home fits your life—not just your budget.

Fitz Villafuerte is registered financial planner of RFP Philippines. To learn more about personalfinancial planning, attend the 82nd RFP program this March 2020. To inquire, e-mail info@rfp.ph or text at 0917-9689774. The views and opinions expressed herein are those of the author and do not necessarily represent the BusinessMirror

There has been an alleged corruption in the BIR, particularly in the reported misuse of LOAs that has allegedly become a long-running “moneymaking scheme.” (See: https://businessmirror.com.ph/2025/11/21/ erwin-tulfo-seeks-probe-of-misuse-of-loas-at-bir/).

Mendoza said that key units of the BIR have been convened to know existing audit operations and identify long-standing issues that have affected taxpayer experience and internal discipline.

The BIR chief added he plans to create a technical working group on LOA and MO “integrity and audit

HE national government raised a total of P94 billion from short-dated government securities this November, exceeding the P88-billion program, as low asking yields enabled the Bureau of the Treasury (BTr) to upsize several auctions.

In last Monday’s auction, the Treasury generated P25 billion from the P22-billion initial offering as yields ended mixed.

“The recent net upward correction in the local stock market to near 1-month highs recently could have reduced the demand for safer havens seen in recent weeks, such as government securities, as alternative/ competing investments, at times,”

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said.

The auction was nearly four times oversubscribed as it attracted total bids amounting to P84.870 billion.

This enabled the Treasury’s auction committee to upsize the volume of debt papers it awarded, raising a

Ftotal of P25 billion from the P22 billion planned offering.

The 91-day T-bills fetched an average rate of 4.849 percent, posting an uptick of 0.7 basis points from the previous auction’s 4.842 percent. Rates ranged from a low of 4.828 percent to a high of 4.873 percent.

Tenders submitted for the government securities reached P28.310 billion, four times the equivalent of the P7-billion offering, which was fully awarded.

Meanwhile, the 182-day T-bills’ average rate remained unchanged at 4.970 percent from the last auction. The rate settled between 4.950 percent and 4.973 percent.

Bids for the 182-day debt papers were nearly quadruple the P7.5billion offering—hitting P29.550 billion—which was awarded in full.

Lastly, the average rate of the 364day T-bills dropped to 5.003 percent, a 1.4-basis point decrease from last week’s 5.017 percent average yield. Yields ranged from 4.998 percent to 5.013 percent.

ORMER Budget Undersecretary Rolando U.

Toledo formally assumed the role of Officerin-Charge (OIC) Secretary of the Department of Budget and Management (DBM) on Monday.

A statement issued by the DBM quoted Toledo as saying he will bring “steady, principled and experience-driven leadership” to one of the government’s most critical institutions.

“His designation affirms continuity, credibility, and strong fiscal stewardship built on decades of dedicated service to the Filipino people,” the DBM’s statement read.

Toledo started as an Accounts Analyst under the then National Accounting Office in 1987.

Throughout his 38 years in public service, he served under various administrations, contributing to key fiscal reforms with consistency, stability and professionalism, according to the DBM.

Toledo has been appointed as director of the Fiscal Planning and Reforms Bureau from 1987 to 2012.

In 2018, he was named assistant secretary of the Budget Policy and Strategy Group and later rose to undersecretary in 2021, helping steer major budget policy and strategy reforms.

Moreover, Toledo assisted in overseeing the Local Government and Regional Operations Group in 2022, strengthening the vital link between national budgeting and local development.

reforms” to evaluate existing procedures, identify operational and systemic vulnerabilities, recommend revised LOA protocols and integrate digital safeguards and uniform audit standards.

“Our goal is to create processes that are predictable, evidence-based, technology-driven, and fair. These systems are meant to protect taxpayers while helping the Bureau perform its mandate efficiently,” he said.

Only those with urgent or legally mandated cases, such as active criminal investigations, one-time transactions, audits prescribing within six months, refund claims that re-

Demand for the tenor capped at P27.010 billion, 3.6 times oversubscribed the P7.5-billion offering.

The auction committee doubled the accepted non-competitive bids for the tenor, which brought the amount raised to P10.5 billion.

The average rates of all three tenors were lower than the secondary benchmark rates.

As of November 24, the Philippine Bloomberg Valuation (PHP BVAL) rates are 4.8676 percent for the three-month, 5.0032 percent for the six-month and 5.0852 percent for the one-year tenors.

According to Ricafort, the softer economic data (the country’s gross domestic product settled at 4 percent in the third quarter) and still benign local inflation could still support future local policy rate cuts amid policy priority to spur greater economic growth.

Bangko Sentral ng Pilipinas (BSP)

Governor Eli M. Remolona expressed dovishness last week, saying that the Monetary Board could deliver

In 2024, he became undersecretary for the Budget Preparation and Execution Group, the DBM’s central unit for crafting and implementing the national budget.

“Our long years in service have prepared us well, and we will use that experience to advance the reforms we began at the DBM. You can be assured that we are ready for any challenge,” Toledo was quoted as saying.

Toledo is a certified public accountant by profession after he earned a degree in Business Administration from the University of the East in 1984 and passed the CPA Licensure Examination in 1985. He later completed the Program in Development Economics at the UP School of Economics.

In 2024, he completed his Master’s in National Security Administration at the National Defense College of the Philippines. Reine Juvierre S. Alberto

TBy Erwin James Gianan Intern

HE Marcos administration plans to give each government employee a cash incentive of up to P30,000 “as a reward to motivate them to higher productivity.”

In Budget Circular 2025-2 issued by Officer-in-Charge Rolando U. Toledo, the Department of Budget and Management (DBM) outlined the guidelines on the issuance of the “collective negotiation agreement” incentive. The latter, the DBM added, is a one-time benefit granted to both management and rank-and-file government employees “in recognition of their efforts in accomplishing perfor-

mance targets.”

According to the DBM, funding for the incentive should only be sourced from available balances of allowance maintenance and other operating expenses under the agencies’ respective budgets. The DBM added that the incentive should be granted between December 15 and December 31, 2025.

According to the DBM, the incentive may be given equally to all qualified employees or at varying rates in consideration of their contribution to the accomplishment of performance targets, efficiency, productivity, or profitability, as determined by the agency head. The incentive shall not exceed P30,000 per qualified employee, the DBM added.

quire audits or immediate action on taxpayers flagged by verified intelligence will be exempted from the suspension.

Finance Secretary Frederick D. Go said the Department of Finance is committed to protecting taxpayers from potential abuse through a comprehensive review of its existing policies and procedures. “All taxpayers shall be treated with the highest degree of professionalism, courtesy, and adherence to the rule of law. Our economy is built upon the contributions of our taxpayers who deserve fair and honest tax audits,” Go said.

another 25-basis points rate cut on December 11. (See: https://businessmirror.com.ph/2025/11/19/ another-rate-cut-possible-indec-bsp/).

As for the reserve requirement ratio, Remolona said the central bank is still studying the liquidity in the system.

Ricafort added that the BSP could match future US Federal Reserve rate cuts to maintain healthy interest rate differentials, citing that the Fed Fund Futures priced in more than a 63 percent chance of another 25-basis points rate cut on December 10, 2025. In December, the Treasury will borrow a total of P99 billion, of which P64 billion will be raised via T-bills and P35 billion from Treasury bonds. This year, the government will raise P2.6 trillion to finance its budget deficit. The government’s outstanding debt as of end-September has reached P17.455 trillion, down by 0.07 percent from P17.468 trillion as of end-August. Reine Juvierre S. Alberto

By VG Cabuag @villygc

THE Ayala-led Bank of the Philippine Islands has partnered with SingX Singapore Pte. Ltd., a digital payment services provider, to give overseas Filipinos in Singapore, Hong Kong and Australia an option to send money in the Philippines. Through this partnership, Filipinos from these countries can transfer funds directly to their beneficiaries BPI accounts, powered by SingX’s fully digital platform.

“At BPI, we recognize the hard work and dedication of Filipinos abroad in supporting their families. Through our partnership with SingX, we are reaffirming our commitment to making banking and remittance services more accessible, cost-effective, and convenient, helping uplift the lives of our kababayans

Rank-and-file employees—members of an employees’ organization accredited by the Civil Service Commission (CSC) or pay agency fees to the CSC—as well as those who perform managerial functions are eligible for the incentive. Additionally, regular, contractual, or casual employees of national government agencies (NGAs), constitutional offices (like the Commission on Elections), state universities and colleges (SUCs(, local government units (LGUs), local water districts (LWDs) and government owned and controlled corporations (GOCCs)—whether or not they are covered by Republic Act 6758—can also be granted the incentive, according to the DBM.

and their loved ones,” Joel A. De Vera, the bank’s head of strategy, products and support group for institutional banking, said. SingX, established as a payment services company, is licensed in Singapore, Hong Kong and Australia. The company serves consumers, businesses, and financial institutions, offering a variety of products, including international accounts, multi-currency wallets, collections, and payments to over 180 countries.

“SingX is a strategic partner for BPI because of its innovative technology, global reach, and customer-centric approach,” De Vera said.

“Their platform allows Filipinos abroad to send money home seamlessly through a fully digital experience, aligned with BPI’s commitment to digitalization,” he said.

To qualify for the incentive, there should be an existing valid CNA between the employees’ organization and representatives of the management, from which the grant of an incentive must be stipulated, the DBM added. Furthermore, NGAs, GOCCs, and LGUs should have accomplished at least 75 percent of all targets of their performance indicators by September 30 of this year. Meanwhile, LWDs should have a positive net balance in their average net income from January 1 to September 30. For NGAs, constitutional offices, and SUCs, accountability reports should have been submitted to the DBM last September 30.

Art BusinessMirror

Network that trafficked stolen antiquities across Europe dismantled with 35 arrests

SOFIA, BULGARIA—Law enforcement agencies working across several countries dismantled a sophisticated criminal network trafficking stolen cultural goods across Europe, Bulgarian authorities said Thursday.

A coordinated operation spanning seven countries working with Eurojust and Europol led to the arrest of 35 suspects linked to a smuggling ring that was attempting to sell thousands of ancient artifacts stolen from museums across Europe. Around 20 people face charges of antiquities trafficking and

money laundering, Bulgarian Prosecutor Angel Kanev told a news briefing.

Kanev said the criminal group has been operating in Western Europe, the Balkans, the United States and other countries for over 16 years. The money laundering investigation has so far identified over $1 billion in illicit funds.

On Wednesday, judicial and law enforcement authorities from Albania, Bulgaria, France, Germany, Greece, Italy, and the United Kingdom executed coordinated actions in their respective countries.

According to a Europol news release, the operation included 131 searches of houses, vehicles and bank safes in those countries. More than 3,000 artifacts were seized, including antique golden and silver coins and other antiquities with an estimated value of over 100 million euros ($116 million). Other seized items included artworks, weapons, documents, electronic equipment, large amounts of cash, and investment gold.

Paolo Befera, deputy head of the Italian Carabinieri’s specialized cultural heritage protection directorate, hailed the operation as “the largest of this manner ever conducted,” noting that in Italy alone, around 300 historical artifacts were seized from the alleged traffickers.

The Balkan region and Italy—home to invaluable Greek and Roman archaeological treasures— have long attracted criminal networks engaged in looting and theft. Despite strict national laws, such artifacts remain highly sought-after on the international black market. AP

INK celebrates founder Robert Alejandro’s legacy in ‘Guhit, Bulilit, Guhit!’

FOR its 2025 annual exhibit, children’s illustrators group Ang Ilustrador Ng Kabataan (Ang INK) partners with All Together in Dignity (ATD) Fourth WorldPhilippines and Museo Pambata to pay tribute to the late award-winning graphic artist, illustrator, painter and crafter Robert A. Alejandro (1963-2024). Alejandro was a founding member of Ang INK and a longtime volunteer designer for various nonprofits, including Museo Pambata, the Philippines’ first interactive children’s museum. He was also a dedicated volunteer of ATD, an international organization dedicated to poverty alleviation with a long-running Street Library program. His profound effect on ATD is still felt in the community today, not just in the collaterals he designed for ATD, but also in the many hours he spent in Street Libraries and workshops, endearing him to the families and inspiring children who eventually became artists and facilitators in ATD programs.

Rather than honor his many career highlights and extensive body of work, Guhit, Bulilit, Guhit! Ang Buhay na Pag-ibig ni Kuya Robert is, as he would have wanted, a celebration of Robert’s enduring legacy in the communities that he loved: children and art.

Robert passionately believed that art is for everyone, and spent much of his life bringing both the appreciation of art, and the experience of creating art closer to Filipino children from all walks of life.

For Ang INK, where he was been both a mentor and a source of inspiration for so many of its members, the exhibit is also a showcase of learnings from Kuya Robert, from the childlike joy that comes from creating art for children, the importance of storytelling through illustration, and even art as advocacy.

Alongside the exhibit of 61 new works by Ang INK members, Robert’s photos, videos and artworks from ATD archives will also be on display, interspersed with short stories from the community on how Robert touched their lives.

Through Guhit, Bulilit, Guhit!, Ang INK, ATD, and Museo Pambata hope to pass on Robert’s magical touch, and inspire more budding Filipino artists to share in his passion.

Guhit, Bulilit, Guhit! is slated to run from November 22, 2025 to February 7, 2026 at the Balay Yatu Mini Galleries at Museo Pambata, Roxas Boulevard corner South Drive, Manila. Visiting hours are on Friday and Saturday, 10 am to 5 pm, and Sunday, 1 - 5 pm. Special dates may be arranged with Museo Pambata; however, the Museum is closed on the following dates: November 30, and December 24 - January 1. Museum admission is available onsite or via Klook.  For more information on Guhit, Bulilit, Guhit!, contact Ang INK at hello@ang-ink.org, or Museo Pambata via PJ Natoza at pj@ museopambata.com.

HOLIDAY TREE FEATURING THOUSANDS OF ORIGAMI WORKS OPENS AT NYC’S AMERICAN MUSEUM OF NATURAL HISTORY

NEW YORK—A beloved Christmas tree tradition is returning to Manhattan for the holiday season next week.

N o, it’s not the towering spruce at Rockefeller Center, which is lit in early December.

The comparatively smaller Origami Holiday Tree that’s delighted crowds for decades at the American Museum of Natural History opens to the public on Monday. The colorful, richly decorated 13-foot (4-meter) tree is adorned with thousands of hand-folded paper ornaments created by origami artists from around the world.

This year’s tree is inspired by the museum’s new exhibition, “Impact: The End of the Age of Dinosaurs,” which chronicles how an asteroid crash some 66 million years ago reshaped life on Earth.

Talo Kawasaki, the tree’s co-designer, said the tree’s theme is “New Beginnings,” in reference to the new world that followed the mass extinction.

Located off the museum’s Central Park West entrance, the artificial tree is topped with a golden, flaming asteroid.

Its branches and limbs are packed with origami works representing a variety of animals and insects, including foxes, cranes, turtles, bats, sharks, elephants, giraffes and monkeys. Dinosaur favorites such as the triceratops and tyrannosaurus rex are also depicted in the folded paper works of art.

“We wanted to focus more not so much the demise of the dinosaurs, but the new life this created, which were the expansion and the evolution of mammals ultimately leading to humanity,” Kawasaki explained on a recent visit.

The origami tree has been a highlight of the museum’s holiday season for more than 40 years.

Volunteers from all over the world are enlisted to make hundreds of new models. The intricate paper artworks are generally made from a single sheet of paper but can sometimes take days or even weeks to perfect. AP

Opportunities

for things to

actively seeking what makes you happy will also boost your ego and encourage self-sufficiency. Group activities will provide a platform to share your thoughts and solidify your plans. HHH

e LEO (July 23-Aug. 22): Take charge and follow through on your promises. Too much talk, criticism and reneging will make you appear weak and foster opposition. Put energy and emotion into play, and make a passionate attempt to follow through with your plans. Include loved ones to ensure you maintain good relationships and receive the support necessary to reach your goals. HHH f VIRGO (Aug. 23-Sept. 22): In-depth discussions will change your perspective and help you reach an agreement you can live with without giving up too much. Refuse to let ego or anger rear its ugly head, compromising what you hope to gain or achieve when dealing with others. HHH

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LIBRA (Sept. 23-Oct. 22): Put some effort toward comfort and convenience. Fixing up your space to motivate you and stimulate personal or professional growth will be energizing and encourage you to update your skills and qualifications, and revamp your resume according to what you desire doing the most. HH

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SCORPIO (Oct. 23-Nov. 21): Keep the fire burning. Don’t lose sight of your goals. Take the initiative to attend networking functions or trade shows that offer insight and connections to people who can help you reach your goals. An open mind, engaging in conversation with like-minded people and embracing new beginnings will be a wake-up call to a world of promising options. HHHH

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SAGITTARIUS (Nov. 22-Dec. 21): Use your resources, ask questions, learn new skills and master the art of acceptance and change. Moving forward with a will to build, nurture and adapt as you move toward your goal will pay high dividends. An open mind and heart will lead to personal and financial victory. HHHH

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CAPRICORN (Dec. 22-Jan. 19): Observation will help you zero in on possibilities. Ask questions, and consider what you need to add to your roster to turn your plans into something tangible. Believe in yourself, and utilize your insight, charm and experience to attract potential candidates you would like to have on your team. HHH k

AQUARIUS (Jan. 20-Feb. 18): Turn the dial up, speak and act on your own behalf, gather information and set a reasonable budget. Once you gain momentum, you’ll discover how quickly doors open. An energetic approach will bring about personal and professional changes that require monitoring to avoid conflict. HHH

l PISCES (Feb. 19-March 20): Don’t feel pressured

GMA’s Vicky Morales triumphs as Presenter of the Year at AIB Awards 2025

TOP GMA Integrated News broadcaster Vicky Morales was honored as the Presenter of the Year at the g lobally recognized Association for International Broadcasting (AIB) Awards 2025). This esteemed international a ccolade, announced last November 14 in London, serves as a powerful recognition of the award-winning broadcaster’s exceptional broadcasting skills and dedication to journalistic excellence.

M orales, who was previously shortlisted for the same Presenter of the Year award in 2023, secured the victory over other highly respected news presenters, including finalists from the BBC and Taiwan Plus. The judges described her as “a seasoned professional, full of authority a nd charisma.”

Her submission package highlighted her rigorous commitment to coverage, including her anchoring duties during the 2025 elections, her hosting of the news documentary Biyaheng Totoo: Sana sa Eleksyon 2025, and h er coverage of significant world events like the death of Pope Francis and the election of the new Pope.

As one of the primary anchors for GMA Network’s flagship newscast 24 Oras, Morales presents critical breaking news and relevant updates to audiences every night. She co-anchors the multi-awarded program with Mel Tiangco and Emil Sumangil, which airs weeknights at 6:30 pm on the GMA and is also made available via livestreaming on the official GMA News accounts on YouTube and Facebook.

The award holds special meaning for Morales, who is celebrating her 35th year in the news industry.

“From the bottom of my heart, a huge thank you to our generous colleagues at the AIB for such a great honor. This is definitely a career highlight for me. All around the world, we cover stories that make us angry, sad, triumphant, and glad. But our job as journalists is to harness all these emotions and turn them into positive action,” she shared in her recorded acceptance speech.

She extended a message to the next generation of journalists, advising them to “do everything possible to turn in good work; be persistent but be a team player as it takes a village to mount a newscast; be a little loony to survive the craziness; and be grateful every day for this awesome profession that allows us to make meaningful changes.”

Morales’ win not only underscores her status as one of the most prominent and credible news figures in the country but also affirms GMA Integrated News’ commitment as the “News Authority ng Filipino” guided by t he principle: “Mas malaking misyon, mas malawak na paglilingkod sa bayan.”

By Lindsey Bahr The Associated Press

UNIVERSAL Pictures’ two-part Wicked gamble continues to defy gravity at the box office. Just a year after part one brought droves of audiences to movie theaters around the country, even more people bought opening weekend tickets to see the epic conclusion, Wicked: For Good. According to studio estimates on Sunday, Wicked: For Good earned $150 million from North American theaters in its first days in theaters and $226 million globally.

Not only is it the biggest opening ever for a Broadway musical adaptation, unseating the record set by the first film’s $112 million launch, it’s also the second biggest debut of the year behind A Minecraft Movie’s $162 million.

“The results are just fantastic,” said Jim Orr, who heads domestic distribution for Universal. “Some films can deliver a false positive when tickets go on sale early but these results speak for themselves.”

Universal began rolling out Wicked: For Good in theaters earlier this week, with previews on Monday

($6.1 million from 1,050 theaters) and Wednesday

($6.5 million from 2,300 theaters). By Friday it was

Joyful, jaunty Jeproks

CURRENTLY entertaining theater habituès at the GSIS Theater, Jeproks, The Musical is a heartfelt and spirited chronicling of the lives and dreams of three friends in a rock band. The show is set during the tempestuous and liberating ‘70s, reflecting that decade’s vibrant and oftentimes contradictory culture.

Director Frannie Zamora clarified that Jeproks is inspired by the music of rock icon Mike Hanapol, but it is not in any way about Hanapol’s life. “When I presented the concept to our producer Johnny Blue (The Hammock Productions), he was very receptive and gave the project the green light right away. The material is based on the many songs Hanopol created and performed during that era, and our playwright Nicolas Pichay wove in a wonderful narrative whose plot and subplots connect with these songs from the ‘70s.”

Pichay shared that although the musical tells the story of a previous generation, the narrative seems to mirror the present times. “Like in the ‘70s, we are living in interesting, trying, frustrating, and often confusing times. The rate of change is fast in this digital age. People lag in adjusting to various societal developments—whether from new technologies to political progressions, understanding of the world often becomes overwhelming.”

Pichay added, “In effect, people are questioning notions and assumptions—from gender to religion; government and leadership; individual decisions and community obligations. The story of Jeproks explores the place of rock music in the context of the youth questioning society in search of answers. More than ‘70s nostalgia, the production hopes to bring the spirit of Hanopol’s music to heights of new meaning.”

Leading the cast is Dazid Ezra as Mico and his two rocker friends Willy (Jeffrey Hildago) and Paolo (Nino Alejandro). Rock icon Jett Pangan also takes on a special, major role.

“The material is very entertaining and I even sometimes describe it as a dramedy, but it is also deep and profound. I find it very interesting as an artist that I can transport myself into a time before I was born, and that I can feel my way into the sound of that generation. I’m happy that we opened last weekend, and we will run for a few more weeks before the Christmas rush sets in,“ said Ezra.

I was told that the character of Nino Alejandro is inspired by Joey “Pepe” Smith, a rock legend in local music. “I’m both honored and humbled to have been cast in this musical, and my biggest challenge is how I can make my character Paolo connect with the audience. Pepe is known for his uniqueness and eccentricities, and he is a music icon that has transcended generations. So what the team and I agreed on was how to make him more humane, more vulnerable, more real than just the public’s perception of him.”

Alejandro assured us that his character is lovable.

“He breaks the tension and resolves the conflicts. He is naughty but nice, and the core of his being is good and kind and reliable. Music is his ally and for sure many in the audience will root for Paolo.”

I’m happy that Geneva Cruz has found time to romance the stage again. She breathes life to the character of Liwai in this musical. “I admit that it is a maledominated production, but my character illuminates the musical. I’m the conventional muse, the one who balances the scale and even stretches the spectrum.”

The director shared that Cruz’s character is both a reflection and a disruption. “Geneva’s Liwai has a lot of heart, and she pumps up the show with a lot of energy too!”

Then there is rock icon Jett Pangan who returns to musical theater after a six-year hiatus. “When I was offered to be part of Jeproks, I immediately had this good feeling. It felt right that I can go back to theater, especially with a production that features the songs of a rock legend.” Pangan fixed his schedules as an

playing in 4,115 North American locations and had raked in $68.6 million. IMAX showings accounted for $15.5 million, or 11%, of its domestic haul—a November record for the company. IMAX CEO Rich Gelfond said in a statement that the strong market share shows, “our momentum carries into demos and genres beyond our traditional core, including families.” As with the first film, women powered opening weekend, making up around 71% of ticket buyers according to PostTrak exit polls. Critics were somewhat mixed on the final chapter, but audiences weren’t: an overwhelming 83% of audiences said it was one they would “definitely recommend” to friends. As far as foot traffic is concerned, the box office tracker EntTelligence estimates that about 2

million more people came out for Wicked: For Good’s first weekend than for Wicked’s.

Jon M. Chu directed both Wicked films, starring Cynthia Ervio and Ariana Grande. The first film made over $758.7 million worldwide and received 10 Oscar nominations (winning two, for costume and production design ). The question is how high Wicked: For Good can soar. Combined, the two films cost around $300 million to produce, not including marketing and promotion costs.

“The first film paved the way,” Orr said. “It’s really become a cultural event that I think audiences are going to be flocking to theaters for quite some time to come.”

Two other films also opened in wide release this weekend, but further down on the charts behind a

actor (He was part of the TV Series Sins of the Father) and he made sure his Jeproks calendar will not clash with The Dawn’s gigs.

“I grew up in the ‘70s and I remember that era very well—the music, the tension, the energy. It’s more than just about guys in a band—it’s about passion, identity, defiance and love, all happening during a tumultuous time in the nation’s history, and music becomes the heartbeat and the soul of these conflicts and struggles,” he shared. Pangan plays Tatay Paking, a conservative pastor and father to Ezra’s Mico, and the dynamics of the father and son relationship add both fire and fuel to the musical.

Ezra, Alejandro, Cruz and Pangan, together with other artists and a strong ensemble, will be performing the songs arranged by the well-loved composer and musical director Joed Balsamo, who had also previously worked with Zamora and his Tanghalang Una Obra team when they presented the musical Ibarra a few years ago.

buffet of holdovers. Searchlight Pictures opened its Brendan Fraser film Rental Family in 1,925 theaters where it earned $3.3 million. The Finnish action film

Sisu: Road to Revenge, a Sony release, also played in 2,222 theaters. It earned an estimated $2.6 million. Second place went to Now You See Me: Now You Don’t with $9.1 million in its second weekend, followed by Predator: Badlands with $6.3 million in weekend three. The Running Man followed in fourth place with $5.8 million, down 65% from its debut last weekend.

Although this weekend the box office was more of a winner takes all scenario, Wicked: For Good’s success is vitally important for the exhibition industry

as a whole as it enters the final weeks of the year.

“It sets up a very strong final homestretch of the year,” said Paul Dergarabedian, Comscore’s head of marketplace trends.

After the slow fall season, the Thanksgiving blockbusters could not arrive soon enough. Early next week, Zootopia 2 enters the mix and is also expected to drive big crowds to the cineplex over the holiday break.

Thanksgiving is often one of the biggest moviegoing frames of the year, Dergarabedian said, and both Wicked 2 and Zootopia 2 will benefit. Last year Wicked, Moana 2 and Gladiator II helped power a record five-day frame. The running domestic box office is currently hovering around $7.5 billion, according to Comscore. Before the pandemic, the annual box office would regularly hit $11 billion, but the post-pandemic goal has lessened to $9 billion. The big question now is whether titles like Wicked: For Good, Zootopia 2 and Avatar:Fire and Ash can push the industry over that threshold.

Haleon Appoints Maimai Madrid-Punzalan as General Manager for the Philippines

Haleon, the leading consumer healthcare company specializing in everyday health with brands such as Centrum, Sensodyne, and Robitussin, has recently appointed Maimai MadridPunzalan as General Manager for the Philippines. Punzalan succeeds Jeffrey Go, who was appointed as General Manager for Haleon Taiwan.

Haleon, formerly known as GSK Consumer Health, has a strong portfolio of trusted brands spanning multivitamins and supplements, oral care, and over-thecounter drugs. Centrum has become the number one multivitamin and consumer healthcare brand in the Philippines, powered by its comprehensive formulation, wide accessibility, and commitment to scientific rigor. The introduction of Centrum Kids has further strengthened the brand’s leadership, pioneering the kids’ multivitamin gummies segment through innovation in formulation and taste.

Other Haleon brands such as Sensodyne remains the number one toothpaste for sensitive teeth, and heritage brands such as Robitussin, Caltrate, and Stresstabs continue to be trusted by generations of Filipino families.

Punzalan brings a proven track record of driving business growth and pioneering consumer-first innovations with over two decades of leadership experience across marketing, commercial strategy, and retail transformation. She joins Haleon at a pivotal time as the company accelerates its “Win as One” strategy, an ambition to reach one billion more consumers globally by 2030 through science-led innovation and broader access to everyday health solutions.

Under Punzalan’s leadership, Haleon aims to further expand its footprint in one of the most dynamic and fast-growing health markets in the region. A 2024 Euromonitor study revealed that six out of ten Filipinos take multivitamins, reflecting a consumer focus on wellness amid rising health risks and further opportunity to drive greater access. The Philippines’ strong

economic momentum and growing focus on self-care present an important opportunity for Haleon to deliver on its purpose of delivering better everyday health with humanity.

Punzalan’s experience in multinational FMCG companies such as P&G and Johnson and Johnson, as well as the start-up space positions her to guide Haleon’s next stage of growth in the Philippines, focusing on innovation, digital expansion, and broader access to everyday health solutions for consumers nationwide. She joins Haleon from Growsari, a successful B2B e-commerce start-up where she served as GM for Sarimart and CMO for Growsari Enterprise.

“Haleon’s purpose to deliver better everyday health with humanity resonates strongly with me,” said Maimai MadridPunzalan, General Manager of Haleon Philippines. “It’s a privilege to lead a company that deeply understands the lives of Filipinos and is dedicated to caring for their overall health and well-being. Together with the Haleon team, our customers, and partners, I am excited to create meaningful impact and bring health into more hands across the Philippines.”

Haleon Philippines’ success has also been driven by its strong culture of care and collaboration. The company has been recognized as one of the Best Employers in Asia by HR Asia for three consecutive years (20232025), a testament to a workplace where people can thrive while making a meaningful impact on consumers’ lives.

This leadership transition ushers a new era of purpose-driven growth, focused on empowering Filipinos to take charge of their health through products built on science, trust, and accessibility.

From Fields to Filipino Homes: How a Century of Nourishment Built a Nation

FOR generations, food has brought Filipinos together, from the hearty caldereta shared during reunions to the fruit salad served at Noche Buena. At the heart of these celebrations lies a story that began in Bukidnon 100 years ago, one of land, people, and the kind of goodness that endures.

As Del Monte Philippines, a leading food and beverage company, marks its 100th year in 2026, it celebrates not just its legacy as a household name, but as a force for “Nourishing Goodness and Nation-Building,” caring for the land, empowering people, and nourishing generations with food and beverages that are both good and good for you.

For a century, Del Monte has cultivated more than 30,000 hectares of farmland in Bukidnon, growing not just pineapples but a legacy of sustainability and stewardship. Through decades of care, its plantation has achieved carbon-negative status, with over 700,000 trees planted, sustainable water recycling, and soil-conservation initiatives that ensure the land thrives for the generations ahead.

These efforts reflect Del Monte’s belief that real nourishment starts at the source when the land is cared for, everything it grows can nourish goodness. Behind every pineapple are the 24,000 men and women who make up the Del Monte family: generations of farmers and workers who have called Bukidnon home. Beyond livelihoods, Del Monte has created a self-sustaining community complete with free housing, schools, a hospital, and recreational spaces for employees and their families. Through the Del Monte Foundation, this culture of care extends beyond the plantation, reaching over 200,000 people across more than 100 barangays. Even before the establishment of Del Monte Foundation, DMPI has opened and operated eight schools,

nurturing young minds and shaping future generations. Since its inauguration in 1994, its livelihood training programs have graduated 17,000 individuals.

The Foundation’s School Development Program has built 17 classrooms, aided 204 schools, and donated 8,000 chairs and provided learning kits to 117 pre-schools and day care centers.

The Foundation’s Scholarship Program has produced over 1,700 high school and college graduates, and continues to support 300 scholars today, a living testament to how Del Monte’s success is rooted in shared growth.

To mark this milestone, Del Monte introduces its Centennial Packaging Refresh, a bold and vibrant look symbolizing 100 years of trust, innovation, and goodness.

The brand also celebrates through partnerships that embody the same Filipino spirit of Kaayo — the goodness that uplifts and connects: Disney-themed Del Monte Spaghetti Sauce — adding a touch of magic to Filipino homes with a heartwarming family promo that rewards 100 lucky households with allexpense-paid trips for four to Hong Kong Disneyland, celebrating family bonding over the nation’s most loved spaghetti moments.

Uniqlo x Del Monte “Wear the Goodness” — a collaboration that brings “Kaayo” to life through UTMe! shirts and tote bags inspired by Del Monte’s iconic red, yellow, and green colors. Available until May 31, 2026, the collection can be found in select stores across Mega Manila (MOA, Glorietta, Megamall, Alabang, BGC, Aura, Greenhills, Nuvali) as well as Cebu, Davao and CDO.

Also available, exclusive Uniqlo x Del Monte Coffee drinks will be sold exclusively at Uniqlo Coffee stores at Uniqlo Manila and MOA until November 30, 2025.

Auro Chocolate x Del Monte Pineapple Crunch — a proudly Filipino collaboration featuring freeze-dried golden pineapples coated in Auro’s signature single-origin white chocolate, available from Nov 24, 2025 via Auro cafés, e-commerce, and Kultura.

In addition, Del Monte x Auro Café offers special, limited-edition pineapple-infused menu that bring together familiar Filipino comfort and tropical creativity. Exclusively available at Auro Café BGC until December 7.

Jamba Juice x Del Monte — Drink good, do good with every purchase of Aloha Pineapple smoothie or Pina Colada refresher. ₱5 will be donated to Del Monte’s farming communities for each cup sold of these offerings until Dec 31, 2025.

The centerpiece of Del Monte’s centennial celebration is The Kaayo Film, a video tribute to a hundred years of nourishing goodness. Kaayo, which means “goodness,” tells the story of how this legacy began in Bukidnon, nurtured by generations of farmers and families whose care and compassion have allowed this goodness to grow, passed on and shared with every Filipino home today.

The Unruled Outdoors: PG-1 Riders Experience Freedom Off the Grid

Filinvest Land’s Fresh Take on Resort-Style Living in Panglao Oasis in Taguig

FULL-RANGE and trusted property developer Filinvest Land, Inc. (FLI) takes condo living a notch higher in Taguig with Panglao Oasis, a resort-inspired community featuring thoughtfully designed units, lush open spaces, and leisure amenities that bring an authentic vacation ambience to the city.

There’s no better feeling than coming home to a serene environment that remains close to essential establishments and urban conveniences. True to its name, Panglao Oasis draws inspiration from the famed island destination in Bohol, offering a tropical escape right in the heart of Metro Manila.

The community recently marked a new chapter with the blessing and turnover ceremony of Building Daloy, its newly completed development. The event was attended by executives and employees from Filinvest Land, SharePro, and Dreambuilders Pro, along with the new homeowners.

“Panglao Oasis has reached another milestone, successfully upholding its mission to be the ideal resortstyle home in the vibrant city of Taguig. The growth of this community is a testament to FLI’s continued commitment to delivering quality homes that turn dreams into reality,” said Saul Doliente, AVP and Cluster Head.

Situated along Cayetano Boulevard in Brgy. Ususan, Panglao Oasis provides easy access to bustling central business districts like Bonifacio Global City and major thoroughfares such as the South Luzon Expressway via C5 Road.

Daily essentials and lifestyle needs are just a stone’s throw away, with nearby retail centers, reputable schools, hospitals, and churches, giving residents the advantage of both comfort and connectivity.

Panglao Oasis dedicates 70 percent of the property to open spaces and amenities, creating a refreshing mix of revitalizing outdoor venues and cozy indoor areas.

A welcoming clubhouse greets residents at the entrance, opening to expansive swimming facilities including a beachedged pool, kiddie pool, and lap pool. Indoors, the clubhouse has function rooms, a fitness gym, music, and game rooms, and even a dance studio.

Beyond that, residents can enjoy a sunken courtyard, barbecue pits, volleyball court, and a children’s playground with sandpits, providing venues for relaxation, bonding, and wellness.

Within its four-hectare masterplan, Panglao Oasis introduces residential buildings enhanced by Filinvest’s Ventilite Technology™ with sky gardens that allow natural light and ventilation to flow into the hallways and units, creating bright and breathable spaces.

Three mid-rise buildings, Alon, Bughaw, and Daloy, now stand fully operational, offering a range of readyfor-occupancy units that welcome new homeowners to experience modern condominium living. Building Cabana is also nearing completion, promising to further enhance the vibrant community as it opens soon. Meanwhile, Building Daloy extends an attractive rent-to-own option, providing aspiring homeowners with a more flexible and practical path toward owning their dream home.

Units in Panglao Oasis are crafted to achieve the right balance of style, space, and comfort. Buyers can choose from studio or two-bedroom unit layouts that provide ample room for both productivity and relaxation.

This island-inspired community delivers the dream vacation lifestyle—from well-designed condo units surrounded by resort-style amenities to a prime location close to endless opportunities. Panglao Oasis is not only an accessible home but also a smart investment choice for futureready individuals.

For over 50 years, Filinvest Land has been building Filipino dreams nationwide. Through communities like Panglao Oasis in Taguig, the company continues to deliver enhanced living experiences anchored on quality, accessibility, and innovation. To learn more about this resort-style community, interested parties can visit the showroom at the project site, contact (0917) 545 7788, or visit the project website: https:// aspirebyfilinvest.com/project/panglao-oasis.

CCA Manila launches first-ever ‘Connect Bootcamp’ on Experience Design for hospitality stakeholders

THE Center for Culinary Arts (CCA Manila), the country’s pioneering culinary institution, once again sets the bar for innovation in culinary education with the launch of CCA Connect Bootcamp, a one-day intensive program designed to help professionals reimagine the way they create and deliver guest experiences.

The inaugural bootcamp, aptly titled “Experience is the New Menu,” will be held on November 27, 2025 at the Brittany Hotel in Bonifacio Global City.

As the Philippine dining scene gains international acclaim, including recent Michelin attention, industry leaders agree that outstanding food alone no longer guarantees success. Today’s guests expect something deeper: a meaningful connection, an emotion they can remember long after the last bite.

“Filipino food is ready for the world stage. Our service culture is catching up,” says Ana Beatrice Trinidad, Communications Director at CCA Manila. “Most hospitality professionals learned to cook and manage operations, but few have formal training in designing the kind of memorable experiences that drive loyalty and repeat visits.”

Across the industry, this transformation is already underway.

“The food is not the product. The feeling is,” says John Kevin Navoa, co-founder and chef of Hapag. “I don’t remember the cuisine or the food generally when I eat at restaurants, but I remember how I felt when I was there.”

This philosophy echoes throughout the hospitality world as businesses realize that genuine connection, not just efficiency, is what sets the best apart. “Hospitality is a feeling, not a function,” adds RL Garcia, HR Head and Executive at Brittany Hotels. “Empathy is a reminder that service shouldn’t be a transaction. It is an opportunity for genuine connection.”

The bootcamp brings together some of the country’s most respected names in the culinary and hospitality scene. Ryan Cruz, CEO of Nippon Hasha Inc. (Yushoken, Mendokoro, Kazunori, and 12/10), will share how brands can scale sustainably without losing their essence. “Repeat customers aren’t loyal to us—they’re loyal to how we make them feel,” he says. “The biggest mistake I see is that companies always want to scale too fast. Biggest doesn’t mean you’re at your best. It’s scaling reliability that will build your business.” Isabel Lozano, founder of Decorum by MIL, explores the science of sensory design and why certain spaces feel unforgettable. “Experience is not just a fleeting feeling. Once you experience something, it is embedded in you—it’s like a stamp to your soul,” she explains. The team behind Hapag and Ayà, Thirdy Dolatre, Erin Recto, and John Kevin Navoa, will share their journey in building a culture that prioritizes authenticity and empathy. “Service is also about connection and not just about giving you food and drinks,” says Dolatre. “We try to get to know our guests more and ask questions to be able to connect to them.”

Navoa adds, “Culture is very important because if you

Nations affirm climate collaboration at COP30 despite fossil fuel conflicts

By Jennifer A. Dlouhy, John Ainger & Fabiano Maisonnave

WO weeks of frenzied ne -

Tgotiations over the planet’s faltering fight against climate change had come down to this: a pre-dawn battle over shifting away from fossil fuels.

The European Union, the UK and other nations had drawn a red line on the second-to-last day of COP30 in Brazil, insisting they would walk away rather than accept a deal that failed to advance a prior commitment to transition away from oil, gas and coal. That agreement had been won at COP28 in Dubai, marking the first time the term “fossil fuels”—responsible for the vast bulk of global warming—had ever appeared in a final text over three decades of United Nations climate summits.

Now a large faction of countries, egged on by Brazil President Luiz Inácio Lula da Silva in his role as host, had made a renewed push against fossil fuels, turning it into the proving ground for both climate cooperation and the very idea of multilateralism in a rapidly fracturing world. But Brazilian diplomats leading the summit, under pressure from Arab states and Russia, didn’t embrace the proposal.

Just as the threat to scupper a final marquee agreement arose, a fire tore through the venue in the rainforest city of Belém, forcing an hourslong evacuation.

In the end, the holdouts found enough reason to back a deal— if largely to send a signal that countries can still unite behind the climate cause. “There was a will to make sure this agreement didn’t fall,” said Ed Miliband, the UK’s energy secretary. “Nobody in that room really wanted to be the people who brought the thing down.” Instead, he added, “there was actually a will to keep the show on the road.”

The EU, UK and their allies won a small victory coded in the minutiae of diplomatic language: a concession that nations should implement carbon-cutting plans

Global

T“taking into account the decisions” made over years of climate talks, including the fossil fuel transition commitment made in Dubai.

And so it continues. The sluggish business of climate diplomacy that is the annual UN Conference of Parties avoided collapse into a no-deal outcome. After a twoweek summit near the mouth of the Amazon marked by sweltering heat and daily rainstorms, gone is the grand ambition of the decade after 2015 Paris Agreement when nearly 200 countries joined in a pledge to limit global temperature rise to 1.5C.

Left in its place is a push to actually implement the world’s climate commitments as the 1.5C target slips out of reach. And that wellmeaning effort can easily morph into a mandate to reinforce multilateralism—even at the expense of ambition.

“We knew this COP would take place in stormy political waters,” Simon Stiell, the UN climate change executive secretary, said at the summit’s close. “COP30 showed that climate cooperation is alive and kicking.”

From the outset, this year’s talks were expected to be more routine, following a series of milestone summit agreements: a decision to create a fund addressing losses and damages from global warming in 2022, the commitment on fossil fuels in 2023, and a deal last year to triple the amount of money available to help developing countries. The rigid cycles of work prescribed by the Paris Agreement hadn’t set up any blockbusters on the summit agenda.

Perhaps that’s why the chief imperative appeared at times to be simply affirming multilateralism. The final agreement of COP30 was even dubbed the “Global Mutirão,” after a Brazilian term for collective action. COP30 President André Corrêa do Lago laid out the stakes before delegates traveled to Belém, telling a Bloomberg Green event: “We have to convince people it’s worthwhile to continue to negotiate.”

But then came Lula’s bold declaration that countries should prepare to map their paths away from

oil, gas and coal. Speaking to world leaders just before COP30 talks got underway, the Brazilian president delivered a warning that “the climate regime is not immune to the rationale of the zero-sum game that has prevailed in the international order.” He called for “road maps to justly and strategically reverse deforestation, overcome dependence on fossil fuels and mobilize the necessary resources to achieve these goals.”

Lula’s road maps became a rallying cry—and a defining fight— over the next two weeks. “Maybe now we’ll actually have something to negotiate about,” quipped one delegate. Another veteran negotiator said he’d never given such “bad advice” as telling his boss there wouldn’t be any drama in Belém.

Some delegates took up the concept as an imperative to give countries guidance on what ditching fossil fuels meant in practice. The climate summit could help answer difficult questions about how to proceed: Should edging coal out of the energy mix be the priority? Where does natural gas fit in? And how long should the transition take?

The idea gained momentum, especially among ambitious countries frustrated with the pace of action to mitigate climate change as well as those wanting more financial support to deal with its

consequences.

It also became a call to arms for the tens of thousands of Indigenous peoples, clergy and activists who flooded the streets of Belém on Nov. 15, the first time in three years in which a host country had allowed protests alongside the talks.

As diplomats inside the COP30 venue deliberated the wording of detailed proposals for measuring the world’s progress, activists outside insisted on “more solutions” and “less diplomacy”—the very message proclaimed on a banner hoisted at the march by Franciscan friar Vicente Imhof.

“We keep hearing proposals, but what matters are concrete actions,” he said. “Being overly diplomatic just to avoid confronting those in power hasn’t worked since the time of Jesus Christ.”

Marina Silva, Brazil’s environment minister, amplified Lula’s call with an impassioned plea of her own. Yet she seemed at times like the only other voice in the Brazilian government arguing for the plan.

“We must chart pathways and secure the financial resources and technical support needed to reduce the high dependence on these fuels,” she told delegates, emphasizing the particular reliance of developing countries.

Lula’s call had “caught people’s

imagination,” and Silva’s entreaty “inspired even more,” said Rachel Kyte, the UK’s special representative for climate. “This is one of those things that gathers energy.”

The clamor for a concrete path to exit fossil fuels reached its pinnacle at a packed news conference Nov. 18. With security officials holding back hordes of attendees and senior officials from almost 20 nations in attendance, an envoy from the extremely vulnerable Marshall Islands laid out the stakes.

“The transition away from fossil fuels is key to keeping the door open to 1.5C,” Tina Stege said. “So let’s get behind the idea of a fossil fuels road map, work together and make a plan.”

Roughly 80 nations had united behind the push—a significant number, but short of the supermajority that forced the landmark pledge to transition away from fossil fuels in Dubai two years ago.

They met determined opposition from the likes of Saudi Arabia and Russia. Corrêa do Lago, the COP30 president who’d laid out four different areas for highlevel consultations, described significant resistance to the plan and then left it out of draft texts circulated in the final days of the summit. The fire that engulfed the tented ceiling above country pavilions forced negotiations into hotels dotted around the city, evoking destructive wildfires fueled by rising temperatures.

In past climate summits, the US might have stepped in to broker a compromise. American diplomats teaming up with Chinese and European counterparts had shaped final deals before, including the breakthrough in Paris. But US President Donald Trump’s decision to snub the conference after declaring climate change a “scam” had left a power vacuum in Belém.

Officials from China didn’t take a prominent role in the negotiations. Attendees flocked to the country’s splashy pavilion to collect cuddly panda souvenirs. But Chinese officials emphasized their opposition to tariffs and trade policy as a threat to exports of green

technologies—and steered clear of thorny debates about fossil fuels. Talks spilled into Saturday’s early hours after the EU, UK and others put forward their make-orbreak demand. The compromise that emerged around dawn included a written acknowledgment of the Dubai fossil fuels commitment. Corrêa do Lago also shaped a separate initiative to focus on the issue. The side deal means the COP30 presidency will spend the next year considering road maps for shifting away from fossil fuels and combatting deforestation. But the initiative isn’t tucked into formal workflows under the Paris Agreement, meaning it lacks the backing of international law.

“I know some of you had higher ambitions,” Corrêa do Lago told delegates. “I will try not to disappoint you.”

The lackluster final deal— which also included a new call for countries to triple finance for climate adaptation by 2035—reflects a process that keeps countries locked into decades-old demarcations of who’s rich and who’s poor while requiring consensus to seal any deal. The weighty mandate to defend multilateralism added even more pressure to water down language to secure approval.

Supporters insist that for all its flaws, the annual UN climate summit remains an essential venue for poor and vulnerable nations to hold their richer counterparts to account. And, they say, some countries’ demand for stronger language on cutting planet-warming emissions shows those lesspowerful nations can still hold the line. A key test will come next year when two countries with little in common—Turkey and Australia— share responsibility for COP31.

“There is no way to achieve global climate goals without collective action,” said Rachel Cleetus, a senior policy director with the Union of Concerned Scientists. “How can a small island state force the EU to do anything? Multilateralism is the only way to give voice to those with less geopolitical power.” With assistance from Daniel Carvalho, Akshat Rathi, Dayanne Sousa and Alfred Cang/Bloomberg

impact of Epstein’s crimes: A closer look at those bearing the consequences

By Laurie Kellman

The Associated Press

HE fallout from Jeffrey Epstein’s transgressions spans oceans and continents, from the vulnerable girls he exploited to the privileged people and institutions that chose to associate with him, cover up his activities—or look away. No one has paid a higher cost than Epstein’s victims, who number more than 1,000, according to the Justice Department. The world will soon have more information. President Donald Trump, friends with Epstein for years before he says they had a falling out in the early to mid-2000s, signed a bill late Wednesday forcing the Justice Department to make public many of its files on Epstein. The president’s reversal was a rare bow to the fact that his fight to quash the files was doomed in the Republican-led Congress, a development noted in foreign news outlets as a moment of exposure on the home front for the brash American president who had dominated geopolitics all year.

It’s worth noting that elected representatives of a nation bitterly divided on so much else at least could agree that the web of Epstein’s sex trafficking must be exposed. Yet even that has limits, because the legislation shields some of the case files from public view. Trump has insisted throughout that he has done nothing wrong and did not know of Epstein’s activities. But even in death, Epstein bedevils not only the president but academics, government leaders, royalty, journalists and banks, across borders and parties. Public trust has suffered, too. Here’s a look

at the escalating cost of the truth in the ongoing scandal.

Epstein friendship upends a pillar of academia

ECONOMIST Lawrence Summers has bounced back before after falling from the pinnacles of academia, government and punditry. That’s not likely for now, in the face of newly released emails showing that Summers stayed in touch with Epstein years after the disgraced financier pled guilty to soliciting prostitution from a minor.

The letters reveal that Summers appeared to ask Epstein for advice about women—and Epstein dubbed himself Summers’ “wing man”—as late as 2019. That has cost the economist his positions with OpenAI, the Center for American Progress, a think tank, and the Budget Lab at Yale University. At first, Summers pledged to keep teaching classes at Harvard, captured in an eyebrow-raising video Wednesday in which he opened a class by noting his shame about the relationship with Epstein. Then he stepped away from that job, too, the university said.

The 70-year-old Summers, a former treasury secretary and onetime contender to lead the Federal Reserve, has had to give up responsibilities at Harvard before. In 2006, he stepped down as president of the elite school after a speech in which he suggested that women were less represented in math and science fields because of “intrinsic aptitude.”

This week, Harvard said it was conducting its own review. In 2020, the elite school reported that Epstein visited its Cambridge, Mass., campus more than 40 times after his 2008 plea deal. It said he was

given his own office and unfettered access to a research center he helped establish. It also found that Harvard accepted more than $9 million from Epstein during the decade leading up to his conviction but barred him from making further donations after that point.

A former prince loses royal title, duties, castle home

A WELL-DOCUMENTED connection with Epstein has cost Andrew MountbattenWindsor his home on castle grounds and his title as prince of the realm.

Revelations about the king’s brother trickled forth for years and left little doubt that Mountbatten-Windsor, as Prince Andrew is now known, not only was involved in Epstein’s sex crimes against minors but

stayed in touch with the disgraced financier after his conviction.

The evidence against Andrew grew increasingly hard to ignore even by his late mother, Queen Elizabeth II, who was said to consider Mountbatten-Windsor her favorite child and may have shielded him from the full consequences of his scandals.

That became impossible after Andrew gave a disastrous interview to the BBC in 2019. He was widely panned for failing to show empathy for Epstein’s victims and for offering unbelievable explanations for the friendship.

In her posthumous memoir, Virginia Giuffre said she was only 17 when she was trafficked to Andrew and that Epstein took a now-famous photograph that showed the then-prince with his hand around her waist.

Andrew denied ever meeting Giuffre, did not recall the photo being taken and committed no crimes. But he did reach a settlement with her. Giuffre died by suicide in April.

“I can’t take any more of this,” a sender identified in Epstein’s contacts as “The Duke” wrote to him in 2011 of the scrutiny of their friendship, according to the partly redacted e-mails released by the House.

The flood of tawdry stories threatened to undermine support for the British monarchy at a time when Charles, 76 and in cancer treatment, is seeking ways to buttress the institution for his son, Prince William, to inherit.

Charles stripped Andrew of his title and forced him to move out of Royal Lodge, the 30-room mansion near Windsor Castle where Mountbatten-Windsor has lived for more than 20 years. Mountbatten-Windsor is banished to Sandringham, the king’s remote and private estate in the east of England.

Trump’s image of control took a hit

THIS time, the president failed to control a crisis of his own making—then claimed credit for resolving it.

In fact, Trump signed the bill to release files only after he’d lost a highly visible political fight, including with some of his fiercest MAGA defenders. That started a 30-day clock ticking for the release.

But six years after Epstein’s death, his friendship with Trump continues to chip away at the president’s time, attention and support.

Trump increasingly began paying those costs in July, when the Justice

Department abruptly reversed course and announced that no “further disclosure” of the Epstein files would be forthcoming. MAGA supporters, expecting Trump to make good on his campaign promise to release the files, edged toward rebellion. Trump claimed he no longer wanted the support of such “stupid people” and “weaklings”—but that didn’t quiet them. He tried lashing out at reporters who asked about Epstein, but they kept doing so. A White House effort to lean on key Republicans supporting the files’ release didn’t work.

Major developments that Trump has trumpeted as achievements didn’t quiet the Epstein issue for long. Democrats made sure of that, releasing their choice Epstein e-mails on Nov. 12, the same day Congress and Trump ended a record 43-day government shutdown. The president thundered on social media that Epstein’s e-mail claiming that Trump “knew about the girls” was a “hoax.” At another point, the president was forced to respond to a Wall Street Journal report that he’d written and signed a bawdy birthday note to Epstein that referred to secrets. Trump denied writing the note and filed a $10 billion defamation suit against the news outlet. Earlier this month, the president directed the Justice Department to investigate Democrats linked to Epstein. Then, faced with the fact that all but one Republican in Congress would vote to release the FBI files, Trump abruptly backtracked.

“I DON’T

Yulos celebrate 2nd bronze in worlds

By Josef Ramos

the very same Japanese coach— who chiseled Carlos Yulo ahead of his world championships and Olympic success.

“I ’m so grateful to coach Mune [Kugimiya’s nickname] for accepting Eldrew to his fold, he really worked hard to make him what he’s right now,” Angelica said in Filipino.

M ark Yulo said: “Hopefully, the entire family will be at the Los Angeles Olympics in 2028.” After clinching third place in the floor exercise over the weekend, Yulo secured another podium finish with 14.000 points in the bars won by Colombia’s Camilo Vera, the last to perform and eventually the best among the lot—he did an improbable hop full double twist and double layout for a gold medal-clinching 14.533 score.

KARL JAHREL ELDREW YULO gets a congratulatory handshake from his Kuya, Olympic and world champion Carlos Yulo after clinching his second bronze medal on Monday. In the background is Carlos

Vera’s impeccable performance relegated the US’s Danila Leykin with 14.233. Those two bronze medals by the 17-year-old Yulo p ut the Philipines at ninth place in the medal tally of the event supported by the Philippine Sports Commission chaired by John Patrick “Pató” Gregorio. China dominated the 10-nation championships with four gold and three bronze medals, followed by Japan with three golds, five silvers and two bronzes and the Individual Neutral Athletes

Swho’s boss in Group B and grab the upper hand in the chase for tickets to the knockout rounds.

T he heavyweights both lived up to their billings and took care of opening business last Saturday in the global showcase backed by the Philippine Sports Commission and Philippine Football Federation.

L a Roja fended off the tough stand of No. 4 Thailand, 5-2, with Laura Cordoba scoring two spectacular goals in the 16th and 18th minutes to break a 2-2 standoff and spark the three-time Euro queens to their breakaway.

(INA) with three gold medals. “I w ould like to eat,

That was the

dismount I made in my career to win the country’s first ever medal here.”

Earlier in the day, Yulo placed fourth in vault with 13.716 points behind gold winner Arsenii Dukhno (INA, 14.433), Scott Sol (England, 14.066) and Evan McPhillips (Great Britain, 13.950). The Philippines was the only Southeast Asian country among the 10 teams in the championships that included France, Italy, Slovakia and Romania.

The Colombians blanked No. 74 Canada, 2-0, with Angely Camargo (16th) and Nicole Mancilla (30th) netting and Alisson Olave tending brilliantly for the South Americans.

EIGTH-SEEDED Akari toppled No.

1 ranked Farm Fresh and Petro Gazz disposed of Creamline in the knockout quarterfinals of the Premier Volleyball League Reinforced Conference at the Smart Araneta Coliseum on Monday.

W hat a day.

The Chargers stunned the Fresh Foxies in straight sets, 28-26, 30-28, 25-21, to barge into the semifinals of the import-laced year-ending conference against the Angels, who clipped archrival Cool Smashers, 25-23, 25-19, 16-25, 25-14, in the second of four knockout quarterfinals pairings.

That the victory came in emphatic fashion left many scratching their heads, including Farm Fresh coach Alessandro Lodi, whose meticulous system was dismantled by Tina Salak’s calm, methodical and time-tested approach.

Team effort,” said Salak, who admitted the moment felt surreal but not unexpected. “Everything–from technical to small information to feedbacks, all because of our training. We went all out.”

Annie Mitchem, once overlooked in the two-phase preliminaries, unleashed perhaps her best match of the conference with a 25-point explosion built on relentless attacking and 14 excellent receptions.

She sealed the match with a kill so sharp and powerful that Ces Molina could only lunge in desperation before the ball ricocheted deep into the Foxies’ bench.

Eli Soyud continued her steady run with 10 points, while Grethcel Soltones rediscovered her rhythm, also delivering 10 points and Fifi Sharma and Ced Domingo added nine and seven points, respectively, for the Chargers. B8

Que competing out of sick bay in finale at The Country Club

NEWLY-CROWNED Philippine Golf Tour (PGT) Order of Merit (OOM) champion

Angelo Qdeclared himself fit and ready to compete as the top seed in the International Container Terminal Services Inc. The Country Club Invitational starting Tuesday in Santa Rosa City.

Que withdrew in the final round of last Friday’s PGT finale at Valley because of severe stomach ailment but the threetime TCC Invitational champion said he spent most of the weekend resting and recovering and although he skipped Monday’s traditional pro-am, he’s confident enough to give the green light for the P2-million match-play championship.

“I’m not expecting much since I’m still recovering from a stomach flu,” said Que on the eve of the event. “But I will definitely give it my best.”

Despite downplaying expectations, Que arrives with momentum built on a remarkably consistent season— two victories, two runner-up finishes, multiple Top 10s and finally, after years of close calls, his first career OOM crown.

But his opening assignment promises to be far from routine.

Q ue will open his campaign against former Philippine Masters champion Jerson Balasabas in what promises to be a grueling hole-by-hole battle where even a struggling underdog can turn the tables quickly.

Balasabas squeezed into the elite 32-man field as the final qualifier and although he has endured a rollercoaster stretch on tour in recent years while searching for his old form, his shotmaking pedigree and match-play experience make him a dangerous draw.

Ababa, Avaricio