BusinessMirror October 01, 2026 by BusinessMirror

NG debt rises by ₧217B to ₧19.6T as of end-Aug By Andrea E. San Juan

HE National Government’s (NG) outstanding debt surged by nearly a fourth of a trillion pesos in just a month. Data released by the Bureau of the Treasury on Wednesday revealed that the outstanding debt climbed to a new record of P19.61 trillion as of end-August 2026. This amount grew by 1.12 percent, or P217.62 billion from the P19.39 trillion recorded at endJuly 2026 due to the “combined effects of financing activities and valuation adjustments from for-

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eign exchange movements.” The outstanding debt rose by 12.24 percent, or P2.138 trillion, year-on-year from P17.468 trillion. Domestic debt accounted for the bulk, or 67.53 percent, of the total debt stock while external obligations comprised the remaining 32.47 percent. Debt owed to local creditors went up by 0.99 percent monthon-month to P13.24 trillion from P13.11 trillion as of end-July. The increase was driven by the Treasury’s net issuance of government securities worth P127.85 billion, alongside a P2.52-billion

rise in the peso value of Onshore Dollar Bonds (ODBs) due to peso depreciation against the US dollar. Year-on-year, domestic debt climbed by 9.54 percent from P12.087 trillion. Foreign debt, meanwhile, increased by 1.39 percent to P6.37 trillion at end-August 2026 from P6.28 trillion at end-July. This also went up by 18.32 percent from P5.381 trillion in the same period a year earlier. “The higher level was mainly attributable to the P90.32 billion gain in the peso value of foreigncurrency denominated debt due to peso depreciation against the

US dollar, and net external loan availments of P2.86 billion,” the Treasury said. This, however, was partly offset by a P5.93-billion decline from “favorable movements” in third currencies against the US dollar. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said the increase in outstanding debt is consistent with wider budget deficits in recent months “that needed to be financed by NG borrowings/debt.” In the coming months, Ricafort said outstanding debt could increase amid the latest Retail See “NG debt,” A2

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Thursday, October 1, 2026 Vol. 21 No. 352

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By Andrea E. San Juan & Justine Xyrah Garcia

EATHER-RELATED increases in the prices of food such as rice, vegetables and fish, coupled with the spike in fuel prices and the weakness of the peso, could drive inflation in September to the fastest pace in over three years, the latest month-ahead inflation forecast of the central bank showed. In a statement on Wednesday, the BSP said it projects September 2026 inflation to settle within the range of 6.4 to 7.4 percent. “Upward price pressures for the month are likely to be driven by weather-related increases in the prices of vegetables, fish, rice, and fruits,” added the central bank.

Relatedly, economists from the University of Asia and the Pacific (UA&P) said the country’s inflation may reverse its easing trend as renewed price pressures begin to weigh on household budgets starting this “ber” season. In its latest The Market Call, See “Inflation,” A2

ASEAN TO PROMOTE EMERGING DESTINATIONS WITHIN REGION By Ma. Stella F. Arnaldo Special to the BusinessMirror

OURISM ministers of the Association of Southeast Asian Nations (Asean) have agreed to promote their lesser known destinations to encourage intra-regional travel, and reduce their dependence on long-haul international visitors. In a joint statement released after the Second Asean Tourism Ministers Retreat on September 29 in Manila, the group expressed concern over the volatility in the global energy market owing to continued tensions in

the Middle East. They pointed to these developments’ direct impact on jet fuel and transportation costs, travel demand, connectivity, tourism businesses, investor confidence, and the competitiveness of destinations in the region. “We placed particular emphasis on strengthening interdependence among Asean Member States through closer intra-regional travel linkages, and agreed on the value of directing greater marketing investment toward emerging second- and third-tier destinations across the region, See “Asean,” A2

PUTTING PH EXPLORERS ON THE MAP Pinoy explorer and environmentalist Gregg Yan observes the effects of climate change at

Furtwängler Glacier near the summit of Mount Kilimanjaro in Africa. A mountain climber, SCUBA diver and wildlife documentarian, Yan has become the first Filipino inducted as a Fellow of The Explorers Club, joining an international roster of renowned explorers and scientists. The distinction recognizes his two decades of fieldwork documenting endangered wildlife, indigenous communities and threatened ecosystems. Yan says the honor gives Philippine exploration “a seat at the table” and hopes he will not be the last Filipino Fellow. “Exploration is in our DNA, in our blood,” he said. Story on page A3 Nation. ASIAN GEOGRAPHIC & FC MTEY

‘PHL-China economic ties trump maritime row’ By Von Zyron Alimorong

WANG XIAOLONG, senior diplomat from the Department of Asian Affairs. VON ZYRON ALIMORONG

EIJING—Economic relations between China and the Philippines requires constant “promotion” from both countries to render them “not affected by maritime issues,” according to a senior diplomat from China’s Ministry of Foreign Affairs (MFA). Officials from the ministry’s Department of Asian Affairs met with 18 Asean journalists earlier this week at a special briefing at the MFA’s International Press Center in Beijing to discuss matters of economy, trade, technology, and cultural relations between China and Asean countries—China’s largest trading partner. While stressing that he is not the official in charge of bilateral rela-

tions over the West Philippine Sea (WPS), Wang Xiaolong, a counselor for the ministry’s Department of Asian Affairs who has also worked in the Philippines for a couple of years, shared, in an exclusive interview with the BusinessMirror, his views on how the two countries can foster a good economic relationship with one another, despite ongoing maritime conflicts. “The trade, the investments, the jobs [are] very important for both sides—not only for China, but also for the Philippines. Even in…maritime issues, we can cooperate. We can hold our dialogue…as now, as before. Also now, we will hold it. In the future, we are holding more,” he said. For Wang, the issues arising in the West Philippine Sea “is not the

main part” of China-PH relations, but rather, “trade and exchange— people-to-people exchange—is the main part.” Zhang Yaqi, second secretary for the ministry’s Department of Asian Affairs, noted that “in the past few years, we’ve also seen that many Chinese enterprises are investing and operating in the Philippines, creating many jobs and delivering tangible benefits to the Philippine people.” After President Ferdinand Marcos Jr. took office in 2022, the two countries prioritized four major areas for cooperation, namely: largescale agriculture, infrastructure development, energy, and peopleto-people exchanges, which Zhang said has brought “tangible benefits” to domestic development.

“Unfortunately, however, as bilateral relations have encountered difficulties in recent years over maritime and political conflicts, obstacles have also emerged in the two sides’ practical cooperation,” the second secretary remarked. Zhang said “the nature of economic and trade cooperation is mutual benefit,” and that relations between the two countries should instead be “advanced as a whole.” “Pragmatic economic and trade cooperation and bilateral relations are interdependent. Only when bilateral relations maintain an overall stable and positive tone can the two sides have a foundation for mutually-beneficial cooperation. We hope that China and the Philippines will work toward See “PHL-China,” A2

PESO EXCHANGE RATES n US 62.4850 n JAPAN 0.3973 n UK 82.6614 n HK 7.9637 n CHINA 9.3171 n SINGAPORE 48.9234 n AUSTRALIA 43.6520 n EU 70.8892 n KOREA 0.0462 n SAUDI ARABIA 16.6414 Source: BSP (September 30, 2026)

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A2 Thursday, October 1, 2026

PHL-China… Continued from A1

each other, manage maritime differences through concrete actions, improve bilateral relations, and create a more favorable environment and atmosphere for deepening pragmatic cooperation across various fields between the two countries,” she said. In the personal view of Wang Xiaolong, the disputes “could only be resolved by consultations [and] bilateral dialogues,” and external interferences in the PHL-China conflicts could only have a “negative effect.” The Philippines was recently bestowed the title of “Country of Honor” for the 23rd China-Asean Expo (Caexpo), highlighting Filipino trade goods and services in the five-day event, with Cebu shining under the spotlight as the expo’s “Province of Charm.” China remains as the largest trading partner for the Philippines for the past decade.

NG debt rises by ₧217B to ₧19.6T as of… Continued from A1

Treasury Bond (RTB) issuance in the hundreds of billions of pesos. Further, Ricafort said catch-up government spending in the coming months could lead to wider budget deficits “that would require more NG borrowings/debt.”

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PHL slips in ’26 innovation race; 2028 target looms

By Bless Aubrey Ogerio @blessogerio

HE country slipped two places in the 2026 Global Innovation Index (GII), missing the government’s target for the year and leaving it with a steeper climb toward its goal of reaching 43rd by 2028 under the Philippine Development Plan (PDP).

The country ranked 52nd out of 139 economies in the 2026 GII, down from 50th in 2025, according to the World Intellectual Property Organization (WIPO). The result broke the country’s four-year run of improving rankings, from 59th in 2022 to 56th in 2023 and 53rd in 2024. On the other hand, the latest ranking fell three places short of the PDP’s 49th-place target for 2026. Department of Economy, Planning and Development (Depdev) Undersecretary Rosemarie G. Edillon said the government now needs to

focus on the areas where the country remains weakest, while building further on its existing strengths. “Actually, we need to improve in terms of looking at our weaknesses. Those are things that we need to address,” Edillon said in a press briefing following the release of the 2026 results. Among the biggest declines were human capital and research, which fell 10 places to 100th from 90th, and market sophistication, which dropped 31 places to 84th from 53rd. Business sophistication also de-

clined by nine places to 49th, while the broader innovation inputs ranking fell 10 places to 69th. On the other hand, the country’s innovation outputs ranking is at 49th. Other areas, meanwhile, showed gains. Institutions improved to 58th from 61st, infrastructure to 64th from 65th, knowledge and technology outputs to 37th from 38th, and creative outputs to 55th from 61st. For the Depdev undersecretary, the government would particularly need to address research capacity, market sophistication, business sophistication and access to financing. One priority, she said, is building a deeper capital market for startups. “What’s happening right now is when a startup actually gets into a certain level of commercial readiness, they have to move out, register in Singapore so that they can raise financing there,” Edillon said. “So what we want is to develop a capital mar-

ket for them.” She acknowledged that such reforms would not happen immediately, but said the government would examine policies that could strengthen startup financing. Beyond the weaker indicators, Edillon said the Philippines also needs to turn areas where it already performs well into highervalue economic activity. “If we are really serious about translating this into not just the ranking, but also in terms of the GDP (gross domestic product), then we have to move up the value chain as well,” she said. She pointed to planned industry hubs, including the Luzon Economic Corridor, where the government aims to bring together semiconductor manufacturing, higher education institutions, related industries and services. For the government, however, the immediate benchmark is now the PDP trajectory: 46th next year and 43rd by 2028.

Sept inflation could mark… Continued from A1

the UA&P said inflation could begin to pick up again in September after easing for four consecutive months. Increased domestic petroleum prices and depreciation of the peso, the BSP said, could likewise contribute to higher inflation. It was in late-August to earlySeptember when the Philippine peso hit successive fresh record lows—breaching the P62-perdollar level. These pressures, however, could be “partially offset” by lower prices of meat and electricity rates, the central bank said. Should inflation in September hit the upper end of the central bank’s forecast range at 7.4 percent, this would be the fastest pace in the increase in the prices of goods and services since March 2023 when it reached 7.6 percent. However, if inflation settles at the lower end of the range or 6.4 percent, it would mark the fastest pace in four months or since May 2026 when inflation was at 6.8 percent. Still, heading towards either side of the spectrum would indicate that the inflation downtrend has come to an end. In 2026, inflation peaked at 7.2 percent in April before easing to 6.8 percent in May, 6.4 percent in June, 6.2 percent in July and 6.1 percent in August. The actual headline inflation rates for this year were the following: January, 2 percent ; February, 2.4 percent; March, 4.1 percent; April, 7.2 percent; May, 6.8 percent; June, 6.4 percent; 6.2 percent in July, and 6.1 percent in August, data from the Philippine Statistics Authority (PSA) showed. In its statement, the central bank vowed to remain “vigilant and guided by incoming data, particularly on inflation and growth prospects.” The BSP also noted it will continue to assess the impact of latest developments in the Middle East and recent weather disturbances on the country’s inflation and economic outlook.

Inflation pick-up in September

IN The Market Call, the UA&P economists said, meanwhile, “The fresh run-up in crude oil prices, transport, and some food products will likely impact inflation starting September.” Official data showed that head-

line inflation slowed to 6.1 percent in August, extending the easing trend that began in May, when inflation fell to 6.8 percent after reaching a 7.2 percent peak in April. UA&P said movements in global oil prices would remain a key factor in the country’s inflation outlook, particularly as geopolitical tensions in the Middle East have pushed crude prices higher. The economists said the BSP path toward its 3-percent midpoint inflation target by 2028 would depend partly on how global oil prices evolve—with a sustained rise in crude prices make the return to the target more difficult. “The path back to its 3-percent midpoint by 2028 hinges on whether crude oil prices tumble in 2026, as US Dept. of Energy’s Energy Information Administration [EIA] sees some 18 percent lower prices on average in 2027,” The Market Call added. Crude prices remained elevated despite their latest decline. As of September 29, Brent crude futures fell $2.69, or 2.6 percent, to $102.59 a barrel, while US West Texas Intermediate crude settled $3.22, or 3.5 percent, lower at $89.38 a barrel, according to Reuters. UA&P also flagged minimum wage adjustments in Metro Manila and Central Visayas, as well as the materialization of severe El Niño conditions as additional pressures that could interrupt the country’s easing inflation trend. Beyond inflation, these factors could also weigh on the country’s economic recovery, the economists said. UA&P expects stable remittances, improving business and consumer sentiment, and stronger holiday spending to provide some lift to the economy in the fourth quarter. However, the report noted that this modest improvement could remain vulnerable to renewed inflationary pressures and other headwinds. The government is targeting 3.5 percent to 4.5 percent economic growth in 2026, while inflation is seen settling at 6 percent to 7 percent. In the first half of the year, however, the economy grew by just 2.6 percent, while average inflation from January to August stood at 5.2 percent.

Asean…

Continued from A1

as a means of cushioning the sector against any decline in long-haul arrivals driven by higher fuel prices.” Last year, Asean welcomed 147 million international tourist arrivals, of which 42 percent or 61.7 million, came from within the region. The ministers also welcomed the Philippines’s initiative to establish the Asean Tourism Intelligence as a way to strengthen and exchange regional tourism data, and be able to analyze these so better forecasting models can be developed. “We agreed that improved tourism intelligence could strengthen Asean’s collective capacity to anticipate emerging trends, support destination management, and enhance the region’s competitiveness.” Since she took over the Philippines Department of Tourism, Acting Secretary Ma. Bernadita Angara-Mathay has vowed to implement data-driven strategies to improve the tourism sector, which starts by strengthening the collection of more accurate data. The DOT has since set up a Philippine Tourism Data Dashboard on its website for the public to access recalibrated—and what the agency has determined as more accurate—data on visitor arrivals, outbound tourism, visitor receipts, and tourism employment. (See, “DOT revises tourism data, puts arrivals at 4.42 million in January-August 2026,” in the BusinessMirror, Sept. 22, 2026.) The Tourism Ministers also highlighted the urgency to “[mobilize] quality and sustainable investment to strengthen tourism infrastructure, enhance destination resilience, and improve competitiveness across Asean.” The Asian Development Bank is supporting the development of the Asean Sustainable and Resilient Tourism Investment Outlook, which can help destinations prepare investment-ready projects and expand opportunities for these destinations and their small businesses. Angara-Mathay, who chaired this year’s Asean Tourism Ministers Retreat, urged fellow Asean tourism ministers to shift from simply promoting their tourism destinations to developing these as sustainable, resilient, and investment-ready opportunities that will benefit local communities and investors. (See, “PHL urges Asean: Make tourism sites investmentready” in the BusinessMirror, Sept. 30, 2026.) The Asean Tourism Ministers affirmed their commitment to their group and “recognized the need for continued regional coordination, vigilance and policy preparedness amid an increasingly complex and uncertain global environment.” They underscored the importance of strengthening climate adaptation and disaster risk reduction across the tourism sector, assuring coordinated crisis communications, as well as implementing “measures to support the timely recovery of affected destinations and tourism-dependent communities following disasters and other major disruptions.” The group agreed to update the region’s Tourism Agreement “to ensure its continued relevance to the evolving regional and global tourism landscape, including developments in digitalization, sustainability, connectivity and changing traveler expectations.” The group encouraged stronger cooperation on tourism education, skills development including their upskilling and reskilling, “to help workers and enterprises adapt to changing visitor needs and future disruptions.” This includes providing “more opportunities for women, youth and local communities across the tourism value chain.” The group encouraged “closer cooperation with sectors responsible for transport, energy, trade, investment and the digital economy, as well as appropriate cross-pillar coordination, to address issues that directly affect tourism competitiveness and resilience.” The Tourism Ministers affirmed their pledge to effectively implement the Asean Tourism Sectoral Plan 2026–2030 and “to advance sustainable, resilient, inclusive and digitally enabled tourism.” They also collectively pushed to strengthen Asean as a “resilient, competitive, sustainable and high-quality tourism region that contributes to regional economic integration and the well-being of [its] peoples.”

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Thursday, Ocotober 1, 2026 A3

SC nixes pleas vs Senate ‘threshold’ ruling

By Joel R. San Juan |

@jrsanjuan1573

HE Supreme Court (SC) on Wednesday junked the three petitions filed before it seeking to declare as unconstitutional the Senate Impeachment Court’s decision lowering the voting threshold in the trial of Vice President Sara Duterte. The decision was reached during the SC regular en banc session on Wednesday.

The Court dismissed the petitions on procedural grounds, including lack of legal standing

First Filipino inducted as an Explorers Club fellow By Jonathan L. Mayuga @jonlmayuga

NVIRONMENTALIST and explorer Gregg Yan has become the first Filipino inducted as a Fellow of The Explorers Club, breaking a century-old barrier for Philippine representation in global exploration. Founded in New York City in 1904, The Explorers Club is a professional society dedicated to field research and scientific discovery. Its members have famously trailblazed some of humanity’s greatest frontiers—including the first expeditions to the North and South Poles, the summit of Mount Everest and the surface of the Moon. Yan joins an international roster that includes icons like Neil Armstrong, Jane Goodall and Sir Edmund Hillary. In a statement, Yan said the induction is a long-overdue victory for the local exploration community. “For over a centur y, the mainstream narrative of global exploration has largely been viewed through a Western lens. Being inducted as the first Filipino Fellow is a deeply humbling experience, securing our country a seat at the table,” Yan said. The Philippines hosts some of the world’s most amazing but endangered biodiversity, but we’re also a hotspot for species loss. “This recognition proves that local exploration and field research really is important to the global scientific community.” Long before modern expedition societies existed, the spirit of discovery was already defining life in the Philippine archipelago, Yan said. “P inoys are natural-bor n explorers. Our ancestors arrived across these islands aboard Balanghays—ancient, seafaring

wooden boats that crossed open oceans using only the stars and wind to navigate. Exploration is in our DNA, in our blood. We have renowned Pinoy and Pinay divers, mountain climbers, and scientists. This fellowship simply brings our natural curiosity as explorers full circle on an international stage.” Yan’s election to the Fellowship follows 20 years of rigorous fieldwork focused on photographing and writing about the world’s most endangered animals—from sharks and elephants to Filipino icons like the tamaraw and pangolin, all the way to undiscovered species like the of Vietnam. A scientific researcher with numerous published journal articles, Yan is also the first Filipino to be inducted as an honorary Maasai warrior in Africa. Qualifying for membership in The Explorers Club requires documented scientific contributions, extreme physical endurance and a track record for habitat and cultural conservation. For the club, Fellow is the highest and most prestigious of five member categories. Looking ahead, Yan hopes to use the global platform to champion homegrown talent. “This would never have been possible without the support of renowned global explorers Arnaud Humbert and Dr. Brent Stewart, international organizations like the United Nations and World Wide Fund for Nature, plus the local communities who instinctively know more about their home forests and coasts than we can ever dream of,” says Yan. “I may be the first Filipino Fellow, but my main goal now is to ensure that I won’t be the last. The Philippines is home to a brilliant new generation of field explorers. It’s time na makita ng international community kung ano talaga ang kayang gawin ng Pinoy!”

and for being premature. The three petitions were filed by President Marcos’s former executive secretary and losing senatorial candidate Victor Rodriguez, lawyer Ernesto Francisco Jr. and Berteni Causing, a disbarred lawyer. The three petitions questioned the authority of the Senate, acting as an Impeachment Court, to amend Article XI, Section 3(6) of the Constitution which requires “two-thirds of all the Members of the Senate” to convict an impeachable official. It may be recalled that on September 23, 13 senator-judges voted in favor of Senator-Judge Erwin Tulfo’s motion to set aside the July 6, 2026 ruling issued by Impeachment Court Presiding Officer Sen. Francis Escudero requiring 16 votes

to convict Duterte in line with Article XI, Section 3(6) of the Constitution. Under the new Impeachment Court’s ruling on the voting threshold, the constitutional phrase “all the Members of the Senate” will refer to senator-judges who, at the time of the verdict, are “legally and factually capable of participating in the impeachment proceedings.” “The phrase ‘all Members of the Senate’ shall refer to those members who, at the time of the vote, remain legally and factually capable of participating in the proceedings,” Escudero said. The court also identified five circumstances that may justify excluding a senator from the counting base: being detained or legally restrained; being sought by authori-

obtained from banks and other institutions. The Senate Impeachment Court previously approved subpoenas for peso-denominated bank records connected to Duterte, her husband’s lawyer Manases Carpio, and several entities. The court found that the requested documents were relevant and material to the allegations raised under Article II. More than 1,800 financial documents, including bank and insurance records, have already undergone marking and preparation before being formally presented in court. Owing to the large volume of documents, prosecutors attempted to simplify the process by asking the defense to agree on certain stipulations. The prosecution proposed that both sides acknowledge basic facts, such as the existence of the accounts, the issuance of records by banks following court orders, and the authenticity of the documents. This would reduce the need to call numerous bank representatives solely to verify the records. However, the defense rejected the proposed stipulations and raised concerns regard-

pretation” that amounts to a constitutional amendment. “Substituting ‘all members of the Senate’ with ‘those members who...remain legally and factually capable of participating’ constitutes a rewriting of the Constitution, which the public respondent Senate Impeachment Court cannot legally do,” Francisco said. In his petition Causing argued that senators who remain in office should still be counted even if they are in hiding, detained, or medically unable to attend. The three petitions sought the issuance of a temporary restraining order or a status quo ante or both, enjoining the implementation of the new threshold pending the Court’s final ruling on the merit of the case.

AFP eyes China link to fake Teodoro letter

HE Chinese Communist Party (CCP) could be behind the circulation of a fake letter allegedly signed by Defense Secretary Gilberto Teodoro Jr., possibly with the involvement of some Filipinos, Armed Forces (AFP) said on Wednesday. The fake letter, dated July 31, contained claims about alleged maritime law enforcement in the West Philippine Sea, as well as Philippine political issues. “Sa military, we look at indicators, and indicators will point na ito ay galaw ng Chinese Communist Party or iyong kanilang mga galamay na minsan may kasamang Pilipino doon,”

Rear Adm, Roy Vincent Trinidad, AFP spokesperson for the West Philippine Sea, said. (In the military, we look at indicators, and the indicators point to this being a move by the Chinese Communist Party or its tentacles, which sometimes include Filipinos.) Trinidad said the fabricated document could be intended to discredit government officials and weaken the Philippines’ alliance with the United States. “We don’t have to look far. Sino ba ang may makinabang kapag lumabas ito at nag-away-away ang Pilipino at nasira ang reputasyon ng ating

SND at na-discredit ang alliance with the US? Kaninong interest ang ma-advance nito? Ang interest ng Chinese Communist Party,” he said. (We don’t have to look far. Who will benefit if this comes out, Filipinos fight among themselves, the reputation of our SND [Secretary of National Defense] is damaged, and the alliance with the US is discredited? Whose interests will this advance? The interests of the Chinese Communist Party.) On Tuesday, the Department of National Defense (DND) warned the public against a fabricated letter supposedly signed by Teodoro and addressed to a person identified

as Peter Enzminger. “The Department unequivocally states that the document and its content are obviously and absolutely false and fake. The matter has been referred to the National Bureau of Investigation for proper investigation,” Defense Assistant Secretary for Public Affairs Arsenio Andolong said. “This is yet another episode of foreign interference and malign influence that is intended to discredit the legitimate and lawful efforts of the Philippine government to assert its national sovereignty and territorial integrity,” he added. Rex Anthony Naval

NUP flags delays in natl Impeach court to hear testimonies budget implementation of AMLC, LRA officials, Trillanes By Jovee Marie N. Dela Cruz @joveemarie

EMBERS of the National Unity Party (NUP) have expressed concerns over alleged delays and irregularities in the allocation and implementation of the national budget, warning that stalled government projects and withheld social assistance could affect communities and economic growth. In a statement, by NUP, led by its chairman, Deputy Speaker Ronaldo Puno who represents Antipolo, it said that infrastructure and social service programs funded under the 2025 and 2026 General Appropriations Act (GAA) have experienced delays that may prevent intended beneficiaries from receiving government support. Currently, the NUP has 58 members in the House of Representatives. The lawmakers cited reports that around 40 percent of Department of Public Works and Highways (DPWH) projects under the 2026 GAA remain awaiting execution, creating financial

and operational challenges for provinces and districts relying on these projects. The group also raised concerns over what it described as an uneven approach in the continuation of DPWH projects, noting that some previously prioritized multi-year infrastructure programs were reportedly excluded from the National Expenditure Program despite earlier funding and implementation. “Projects that had been identified and funded were later declared nonimplementable by the department’s district offices, without explanation,” the NUP said, emphasizing the need for clear standards in budget execution. The party also highlighted concerns involving social assistance programs, particularly the Assistance to Individuals in Crisis Situation (AICS) and Medical Assistance for Indigent Patients and Financially Incapacitated Patients (Maifip). According to the statement, approximately P300 million in AICS funds and P120 million in MAIFIP funds were withheld or impounded. See “NUP,” A4

Prosecution panel set to present Sara bank records at impeach trial HE House prosecution team may begin presenting the subpoenaed bank records of Vice President Sara Z. Duterte on Thursday or Friday as the Senate Impeachment Court moves into a deeper examination of allegations involving unexplained wealth. House trial spokesperson Ace Barbers said that prosecutors are preparing to introduce the financial documents as part of their evidence under Article II of the impeachment complaint, which focuses on alleged irregularities involving Duterte’s wealth declarations and financial transactions. Barbers said the prosecution is expecting significant progress this week, stating, “This is a good week because we may finally present the bank records on Thursday or Friday.” The Senate impeachment court has scheduled full-day hearings to speed up the proceedings. The bank records are considered among the most important pieces of evidence because prosecutors plan to compare Duterte’s declared assets, lawful sources of income, and financial transactions reflected in records

ties with unknown whereabouts; being physically or medically incapacitated; being beyond the Senate’s coercive processes; or being in another circumstance similarly situated to the specified categories. Rodriguez argued that under Article XVII of the 1987 Constitution, its provisions can only be amended upon a vote of three-fourths of all its members or through a constitutional convention. “No provision of Article XVII authorizes the Senate Impeachment Tribunal to modify a constitutional provision through adjudicative ruling,” he said. On the other hand, Francisco branded the impeachment court’s ruling as “capricious, arbitrary and whimsical inter-

ing Duterte’s constitutional protection against self-incrimination. The Senate Impeachment Court later ruled that she could not be forced to respond to the prosecution’s request for admission regarding the financial records. Barbers explained that the refusal to enter into stipulations could make the proceedings longer because both sides may need to review the documents individually. “The records will still be presented, but because the documents are very extensive, the process may take longer since they will have to be examined one by one,” he said. He emphasized that the financial records did not come from the prosecution itself but from government agencies and financial institutions. “These records did not come from the prosecution. They came from the BIR and banks, and I am sure banks would not submit fake documents,” Barbers stated. According to Barbers, examining the bank records is necessary to determine whether Duterte’s financial holdings can be explained based on her declared income and assets. He

said the purpose is to establish whether there is a difference between her actual financial transactions and her declared net worth. “The point we want to prove in this article is whether there is unexplained wealth. To determine that, we need to examine the bank records,” Barbers explained. He added that the records could show the number of accounts involved and whether their total value matches the net worth declared in Duterte’s Statements of Assets, Liabilities and Net Worth (SALN). The impeachment complaint under Article II alleges that Duterte accumulated wealth allegedly disproportionate to her legitimate income, failed to fully disclose assets and liabilities in her SALN, and did not divest business interests after assuming the vice presidency. Barbers noted that the Senate Impeachment Court has given additional hearing time to allow the prosecution to present the evidence more efficiently. The court will ultimately decide the weight and significance of the financial records after both sides have presented their arguments. Jovee Marie N. dela Cruz

HE House of Representatives impeachment prosecution panel is preparing to present officials from the Anti-Money Laundering Council (AMLC) and Land Registration Authority (LRA), as well as former senator Antonio Trillanes IV, as it moves into a crucial phase of Vice President Sara Z. Duterte’s impeachment trial focused on financial records, asset declarations, and documentary evidence. House prosecutor Party-list Rep. Terry Ridon of Bicol Saro said the prosecution used Wednesday’s suspension of proceedings to finalize its witness lineup and prepare for the resumption of whole-day hearings under Article II of the Articles of Impeachment. “Prosecutors are ready to present witnesses and evidence on Thursday and Friday, including LRA officials, the AMLC executive director, and former Senator Sonny Trillanes,” Ridon said. The prosecution is expected to rely on government records and witness testimony to establish the basis of allegations involving unexplained wealth and asset disclosures. Ridon said the panel is also reviewing the order of presentation after senator-judges raised concerns about the sequencing of witnesses. The Senate Impeachment Court declared Wednesday’s break as a “strategic procedural pause” before longer hearing sessions resume. Among the witnesses expected to take the stand is Trillanes, whose previous allegations involving financial transactions linked to members of the Duterte family and alleged drug personality Samuel “Sammy” Uy may form part of the prosecution’s presentation. Lead prosecutor Batangas Rep. Gerville Luistro said the panel has not yet received the full details of Trillanes’ testimony but expects him to discuss not only transactions but also the alleged sources of funds and asset acquisitions connected to the case. “We anticipate that this will be part of his testimony, but the complete scope and nature of what Senator Sonny Trillanes will testify about have not been fully disclosed to us,” Luistro said. Trillanes earlier presented documents during House proceedings that he claimed showed financial transactions involving Duterte family accounts and Uy. The AMLC later confirmed that randomly selected transactions from the docu-

ments matched records in its database. The prosecution said the AMLC validation strengthens the basis for presenting the records, but acknowledged that the confirmation only established the existence of transactions and did not by itself prove the allegations raised in the impeachment complaint.

Key evidence

THE prosecution also pointed to Vice President Duterte’s own Statements of Assets, Liabilities and Net Worth (SALN) as a key piece of evidence in the dispute involving GenCorp Industries Inc., despite Davao City Mayor Sebastian Duterte’s denial that he knew of his sister’s declared interest in the company. Ridon said the prosecution had established three points during the proceedings: Duterte declared GenCorp in her 2024 and 2025 SALNs; GenCorp secured contracts with Davao City; and Mayor Duterte confirmed business and family connections involving Jaime T. Cruz, whose name appeared in the corporate records discussed during trial. “That is his explanation, and we will accept that explanation. But again, we have to return to what has already been placed on record,” Ridon said. The prosecutor said the vice president’s SALN entry carries weight because it came from Duterte herself, despite defense arguments citing Securities and Exchange Commission records that did not reflect her ownership interest. “They can insist that she is not in the SEC records, but again, the Vice President herself placed it in her SALN,” Ridon said. Prosecution spokesman Lanao del Sur Rep. Zia-ur Rahman Alonto-Adiong said Mayor Duterte’s claim of lacking knowledge must be considered alongside GenCorp’s multiple government contracts and the relationships presented during the proceedings. Deputy Speaker Francisco Paolo Ortega V said the prosecution’s case does not depend on identifying one individual as a decisive figure but on examining the combined weight of documents, contracts, and official records. “Those who hold authority also carr y accountability,” Or tega, who represents La Union, said. He added that the prosecution considers the Vice President’s SALN as a central document in examining the GenCorp matter. “The central evidence is the SALN,”Ortega said. Jovee Marie N. dela Cruz

Economy BusinessMirror

A4 Thursday, Ocotober 1, 2026

www.businessmirror.com.ph

PHL calls for a binding global plastics treaty

By Jonathan L. Mayuga |

@jonlmayuga

HE Department of Environment and Natural Resources (DENR) called for a predictable and standardized framework under a future Global Plastics Treaty to help align global capital with circular outcomes.

Lawyer Analiza Rebuelta-Teh, the Department of Environment and Natural Resources’ (DENR) Undersec ret a r y for Fi n a nce, Information Systems, Climate Change and Administration, made the call, emphasizing that the

global plastic crisis is inextricably linked to climate change. Teh spoke at the High-Level Business and Policy Roundtable on the Global Plastics Treaty held on September 23 at Apella at Riverpark in New York City,

where she stressed that a highly fragmented regulatory landscape remains a primary barrier to scaling circular solutions and called for harmonized global standards to provide greater predictability for public and private investment. “We cannot solve the climate crisis without solving the plastic crisis. A future Global Plastics Treaty would be the most critical environmental deal since the 2015 Paris Agreement,” Teh said during the dialogue. She stressed that harmonized global policies serve as a foundational derisking mechanism for both public and private capital, pointing out that standardized Extended Producer Responsibility metrics and unified regulatory definitions reduce cross-border compliance costs, giving insti-

tutional investors and multilateral development banks the policy predictability required to deploy large-scale capital into sustainable infrastructure and bankable public-private partnerships. “To achieve our 2040 goal of ending plastic pollution, the final treaty must establish a predictable, standardized framework that aligns global capital with circular outcomes,” Teh stated, emphasizing that voluntary national targets create fragmented, sub-scale markets rather than the aggregate demand needed for circular materials. Addressing the severe economic cha l lenges facing developing economies and Sma l l Island Developing States, Undersecretary Te h w a r n e d t h a t u n i f o r m downstream mandates imposed without robust, legally binding financial assistance mechanisms

wou ld resu lt i n w ides pread implementation failure. She urged the private sector to transition from passive compliance to active partnership by sharing open-source data on alternative material scaling, championing mandatory criteria to clear out market distortions caused by artificially cheap virgin plastics, and co-investing directly in regional waste infrastructure. Teh also cautioned international negotiators against crafting an ag reement focused solely on downstream waste management and rec yc ling , insisting that genuine economic viability requires legally binding global restrictions on raw polymer production and hazardous additives. “A weak treaty is one that focuses only on waste management and recycling. This will lock countries into

Erwin Tulfo seeks permanent PHL tourism branding By Butch Fernandez @butchfBM

EN. Erwin Tulfo on Wednesday f i le d S e n at e B i l l 2 511 known as the “Philippine Tourism Campaign Slogan Act” to institutionalize the country’s tourism branding, saying that the country’s global identity should not be treated like a playground for changing administrations. Tulfo filed the bill in the wake of the budget briefing on the proposed 2027 budget of the Department of Tourism (DOT) where Tulfo, who presided over

the hearing, expressed frustration over the historical inconsistency of the country’s tourism campaigns. He noted that the constant shifting from “Wow Philippines” to “It’s More Fun in the Philippines,” and now to “Love the Philippines,” damages national brand recognition and confuses global travelers. “Parang tayo lang ang bansang napaiba-iba bawat administrasyon. May love, may more love...,” Tulfo pointed out. “Unlike Malaysia, “Truly Asia.” May mga ganun. Mayamaya, pustahan tayo, ’pag pumalit na naman ang administrasyon, hindi na

Marcos reconstitues LGRP governing board

WING to the private sector’s call for the phased implementation of the tax increases under Republic Act 12001 or the Real Property Valuation and Assessment Reform Act (RPVAR), President Marcos reconstituted the Inter-agency Governing Board to implement Local Governance Reform Projects (LGRP). Created in 2021 through Administrative Order 40, the board implemented the LGRP, which aims to enhance the capacity of local governments (LGU) to administer and manage real property taxes to boost their revenues. On Monday, Marcos issued AO 49 to reform the board, which was deemed dissolved on July 31, 2024, as recommended by the Department of Finance (DOF). It will be chaired by the DOF and its members will include the heads of the Departments of Economy, Planning, and Development, of Budget and Management, of the Interior and Local Government, and of Information and Communications Technology, the Bureau of Internal Revenue and the Bureau of Local Government Finance, the are both under the DOF. The board will also include one representative each from the Leagues of Provinces, of Cities, and of Municipalities; one representative from a nongovernment organization, which may be a women’s organization; and one representative from the private sector. It will convene at least twice a year and its main function will be to provide policy direction and oversight function in the implementation of the LGRP relative to: property

valuation and assessment reform activities; project strategy and directions; and project oversight and coordination. The board will also oversee LGRP activities and monitor the compliance of implementing agencies with respect to their commitments and deliverables. Under AO 49, the board will be dissolved either upon the discretion of the President or once it achieves the following outputs: strengthen institutional development and policy support for property valuation; implement a property tax valuation database and information systems; enhance real property taxation of selected LGUs; and professionalize local assessors and strengthen the capacity of LGUs. Last week, the Private Sector Advisory Council Infrastructure Sector (PSAC-Infra) met with the President and urged him to move the end of the transition period of RA 12001 to 2031. It also proposed putting a 6 percent cap on real property tax increases annually during the first three years of implementation of the said law to allow the continuous growth of the real property sector. RA 12001 mandates LGUs to update their Schedule of Market Values (SMV) within two years from its effectivity in 2024. Any increase in real property taxes will be capped to a maximum of 6 percent before RA 12001 was enacted. The Palace earlier said Marcos wants to suspend increases in the real property taxes while the ongoing Middle East crisis continues to raise the cost of living. Samuel P. Medenilla

love iyan. What is going on here?” he further queried. [It seems to me we’re the only country that keeps changing brands with every administration. There’s love, more love. We have no distinct brand. Unlike Malaysia, ‘Truly Asia. I bet that when a new administration comes in later, then we will lose the ‘love.’ What’s going on here?] The senator also criticized the apparent habit of newly appointed C abi net of f ic i a l s d i sc a rd i ng previous slogans simply to claim personal credit or erase the legacy of their predecessors.

To break this cycle, Tulfo’s bill mandates the DOT, in consultation with relevant stakeholders to formulate the Official Tourism Campaign Slogan for at least 15 years. The slogan will be used across national and local development plans, prohibiting supplementary campaign messages. “While changes in tourism campaigns may be intended to reflect evolving priorities and strategies, the frequent introduction and replacement of slogans may also result in discontinuity in the country’s tourism identity, dilute public

familiarity and require substantial resources for rebranding and implementation,” the senator stated. Tourism Secretary Dita Mathay expressed full support for Tulfo’s legislative proposal. Mathay agreed that locking in a permanent slogan like “Love the Philippines” is ideal, as it directly mirrors the globally renowned warmth, care, and hospitality of the Filipino people. Tulfo then highlighted that tourism-related initiatives must be ramped up to attract more tourists and generate more income for the country’s economy.

Income from coconut products hits $2.36-B as of August—PSA By Ada Pelonia

ARNINGS from coconut-based products reached $2.36 billion as of end-August on the back of a sustained increase in revenues from coconut oil exports, according to the Philippine Statistics Authority (PSA). Coconut-based exports from January to August inched up by 2.8 percent to $2.36 billion from $2.3 billion recorded in the same period last year, based on PSA data. Receipts showed that shipments of coconut oil—the country’s leading agricultural export—held the majority of coconut product revenues at $1.91 billion. This was 2.7 percent higher than the previous year’s $1.86 billion. United Coconut Association of the Philippines (Ucap) Chairman Marco Reyes told the BusinessMirror that

the group forecasts year-on-year earnings from the tropical oil to be flat, if not a little higher. “We expect at least a similar export revenue for 2026 of around $2.87 billion, or a little higher than that if the current pace increases in the fourth quarter,” he told this newspaper on Wednesday. Quotations for coconut oil in the world market averaged $1,853 per metric ton (MT) in August, according to the World Bank. This was lower than the $1,924 per MT in the previous month and $1,979 per MT in June. Meanwhile, PSA data indicated that exports of copra meal or cake continued to leap, soaring by 51.3 percent in the reference period to $46.22 million, from $30.55 million in the same period last year. Revenues from other coconut products also rose by nearly 28 percent

year-on-year to $96.31 million from $75.32 million. Despite this, earnings from outbound shipments of desiccated coconut fell by 6.8 percent to $301.29 million as of end-August, from $323.39 million in the previous year. Earlier, the Philippine Coconut Authority (PCA) expressed optimism that export earnings from coconut-based products this year could outstrip the record $3.57 billion in 2025. The agency hinges its outlook on a swathe of government interventions aimed at preventing a plunge in productivity, which could affect coconut shipments, such as solar drip irrigation programs. Coconut productivity fell by around 20 percent in 2024 when the Philippines was hit by El Niño, according to the PCA.

a permanent cycle of toxic exposure and waste management expenses it cannot afford,” Teh added. “A strong treat y enforces the Nice Call declaration to cut production globally and shifting the fiscal burden of cleanup onto the multi-national corporations that manufacture the plastic.” The roundtable, held consistent with United Nations Environment Assembly Resolution 5/14, sought to align government priorities with business interests ahead of final treaty deliberations. As global negotiations reach a decisive stage, Teh reaffirmed the commitment of the Philippines in advocating for binding baseline rules that hold plastic manufacturers accountable whi le deliver ing economic and technical support to developing nations.

NUP…

Continued from A3

“These programs are poverty-alleviation and social-protection lifelines for our people in dire need,” the lawmakers said, urging the immediate release of funds intended for vulnerable communities. The NUP linked delays in budget execution to broader economic concerns, citing a reported decline in gross domestic product (GDP) growth and a drop in public construction spending. The statement noted that infrastructure and capital outlay disbursements reportedly declined by 43.5 percent during the first quarter of 2026 compared with the same period in 2025. The lawmakers warned that delayed government spending affects communities directly, saying that “every unreleased peso drives up project costs through delay and leads directly to unbuilt roads, unopened classrooms, and lost local jobs.” The NUP called for the release of all infrastructure funding under the 2025 and 2026 GAAs, including projects tagged as “For Later Release” (FLR). It also urged synchronization between the Department of Budget and Management’s Special Allotment Release Order (SARO) and the DPWH Central Office’s Sub-Allotment Advice (SAA) to reduce delays. The party further proposed ending the practice of tagging district projects as “For Later Release,” arguing that appropriations approved by Congress should be implemented upon the effectivity of the budget law. For education, NUP lawmakers called for the immediate implementation of classroom and basic education facility projects already funded under the 2025 and 2026 budgets, citing the importance of timely delivery of public services. The group also proposed stronger safeguards for health-related funds, including a special provision for Maifip and the Health Facilities Enhancement Program (HFEP), which would require full allocation and use of funds according to their intended purposes. Among its other proposals, the NUP called for transparent allocation of the Local Government Support Fund (LGSF), mandatory reporting on unreleased appropriations, and restrictions against arbitrary withholding of approved government funds. The lawmakers said that government projects and social assistance programs must reach intended beneficiaries without unnecessary disruption.

AIC Airports, Bohol local govt align on tourism, connectivity priorities

AGBILARAN CITY, Bohol— Aboitiz InfraCapital Inc. (AIC) is working with the provincial government of Bohol and the Bohol Tourism Council to support Bohol Gov. Erico Aristotle Aumentado’s efforts to strengthen the province’s tourism industry and identify opportunities to further develop Bohol’s tourism products, markets, and connectivity. This was the focus of a recent meeting between AIC First Vice President and Head of Corporate Affairs Christopher Camba, AIC Airports Head of Tourism and Destination Marketing Blessie Cruz, and provincial government and tourism industry representatives. The discussion covered opportunities to strengthen tourism products, improve destination visibility, develop markets, and enhance connectivity in support of the province’s tourism priorities. AIC also presented its “Bohol Moving Forward” framework, outlining a 90-day plan and longer-term strategies focused on market development, sales missions, participation in trade expos, development of tourism products, and

sustained destination marketing. The framework is intended to support a more coordinated approach to strengthening Bohol’s tourism markets and creating opportunities for the province’s tourism industry. The discussion also covered opportunities to strengthen Bohol’s domestic and international connectivity, alongside more targeted destination promotion, tourismproduct development, and efforts to make Bohol’s tourism offerings more accessible through stronger online visibility and booking opportunities. Bohol continues to engage key international tourism markets, including South Korea, China, and Taiwan, while working to strengthen and diversify its tourism offerings. These efforts bring together government, tourism operators, businesses, the airport, and other industry stakeholders around a shared approach to destination development. The meeting brought together Provincial Tourism Council Co-Chair Atty. Lucas Nunag, Bohol Association of Hotels, Resorts, and Restaurants (BAHRR) Presi-

dent Doer Escoto, and Bohol Alliance of Travel and Tour Operators (Batto) President Lourdes Sultan, alongside Provincial Administrator Aster Caberte, Chief of Staff Filipina Piollo, Bohol Provincial Tourism Office Head Joanne Pinat, and Provincial Legal Office Head Handel Lagunay. “We are looking at where we can further strengthen Bohol’s tourism sector, from developing our tourism products to improving the province’s visibility as a destination,” said Aumentado. “Working closely with the private sector and our tourism stakeholders allows us to identify opportunities and move forward with initiatives that respond to the needs of our province and our visitors.” For AIC Airports, the collaboration builds on the role of Bohol-Panglao International Airport (BPIA), operated by Aboitiz InfraCapital Bohol Airport Corporation (Abac), as a key gateway supporting Bohol’s connectivity and tourism priorities. “Bohol has a clear tourism agenda, and our role is to work alongside the Provincial Government and the tourism industry to support those priorities through connectivity and the airport,” said Camba. “We are

looking at where BPIA can help support the province’s plans, from strengthening air access to key domestic destinations to working with our partners on opportunities for international connectivity.” “For us, it is important that connectivity discussions are grounded in what the destination needs,” said Cruz. “By working with the Province, the Bohol Tourism Council, tourism organizations, and airline partners, we can better align opportunities in air connectivity with the experiences and tourism products that Bohol wants to offer.” Bohol is known for its beaches, heritage, Chocolate Hills, and the country’s first and only United Nations Economic, Scientific and Cultural Organization (Unesco) Global Geopark, with Panglao serving as one of its key tourism destinations. AIC Airports will continue working with the local governmewnt of Bohol, Bohol Tourism Council, tourism organizations, businesses, airline partners, and other stakeholders to support Bohol’s connectivity priorities and strengthen the overall visitor experience.

Thursday, October 1, 2026

Plan to hike tax on sugary drinks worries SRA

By Ada Pelonia

@adapelonia

HE proposal to raise the taxes slapped on sweetened beverages stoked concerns that the use of artificial sweeteners will accelerate to the detriment of the domestic sugarcane industry, according to the Sugar Regulatory Administration (SRA). SRA Administrator Pablo Luis Azcona said hiking the current two-tiered tax bracket for sugarsweetened beverage (SSB) while retaining cane sugar in the same category as artificial sweeteners could spur the importation of the sugar substitutes. At present, SSB containing cane sugar and artificial sweeteners (sucralose, aspartame, saccharin, and acesulfame potassium) are taxed

P6 per liter while the levy for those with high-fructose corn syrup (HFCS) is P12 per liter. The Department of Finance (DOF) wants to raise the lower tax bracket to P20 per liter and the higher tax bracket to P40 per liter while keeping the sweeteners in their respective categories. “The SRA fears that if the SSB tax on sugar is raised, (there would be a repeat of the

Brazil beef hit with 55% China tariff after filling export quota

RAZILIAN beef shipments to China face an additional 55 percent tariff after reaching Beijing’s annual import quota, a development that could disrupt trade between the two agricultural heavyweights and redirect global supply flows. The world’s largest beef exporter filled the 1.1-million-ton quota as of September 29, China’s Ministry of Commerce said. The new tariff will kick in on October 1, adding to existing duties, according to a statement on its website. Beijing introduced the quota at the start of the year as part of measures aimed at shielding domestic cattle producers. China has become the world’s biggest beef importer, fueled by rising demand from an expanding middle class after decades of rapid economic growth. However, a slowing economy has weighed on domestic consumption just as local beef production boomed, reducing the need for overseas supplies. Brazil accounted for roughly half of China’s 2.8 million tons of beef imports in 2025, underscoring the scale of their trade relationship. Some Brazilian meat processors had already begun laying off workers or sending them on collective leave as they adjusted to weaker demand in the lead-up to reaching the limit. Australia, another major beef supplier to China, hit its quota in June.

US crops

TRADERS and farmers are parsing how quickly China’s planned tariff cuts on some agricultural products from the United States might translate into new demand for major grains like corn and wheat. The timing of the levy reductions—which exclude soybeans—remains unclear, with both countries first needing to complete procedures required under domestic law. Meanwhile, sluggish economic growth has sapped Chinese demand for corn and wheat imports. Many say an immediate uptick in buying is unlikely. “US prices are too high to expect China to make any purchases in the near-term,” the Hightower Report said in a note, referring to wheat. The uncertainty helped keep grain and oilseed prices subdued Tuesday. Corn ended slightly lower while wheat and soybeans

edged up. China is set to reduce duties on US wheat, corn and sorghum, according to lists released by the two countries on Monday. The cuts are part of a plan to lower tariffs on about $30 billion of imports from each side, following last week’s summit between Donald Trump and Xi Jinping. The American Soybean Association said in a statement that it was “disappointed” that US beans weren’t included among the tariff cuts, and urged trade negotiators to pursue a trade deal that provides additional support for American supplies. Under an agreement struck last year, China already pledged to purchase 25 million tons of US soybeans annually through 2028. That annual commitment provides “critical stability, and we expect those commitments to be fully met,” said Scott Metzger, the association’s president and an Ohio soybean farmer. Chinese state-owned firms Cofco and Sinograin have been making steady progress on securing US soybeans, helping Beijing meet more than half of the target for this year. Sinograin has also been selling beans from reserves, a move seen as making space for incoming American shipments. But China has made less headway on a separate commitment to buy at least $17 billion of American farm products annually. “As of yet, they have not shown any motivation to diversify” beyond soybean purchases, CoBank economist Tanner Ehmke said, adding that without the removal of tariffs on soybeans, China’s state-owned grain companies remain “in charge of the No. 1 export from the US to China.” In Missouri, where recent rains have delayed the corn harvest, farmer Marty Richardson expressed frustration that China hasn’t yet detailed what other crops it plans to buy. “Looks like to me there’s not a whole lot of information,” he said. “They just kicked the can down the road to the next meeting.” Traders are also awaiting a quarterly US Department of Agriculture report on stockpiles due Wednesday. Analysts surveyed by Bloomberg are expecting soybean and wheat stocks to fall, while corn is expected to rise. Bloomberg News

2018 situation),” Azcona told reporters. When the tax for HFCS was increased to P12 per liter in 2018, he said manufacturers shifted to artificial sweeteners which was also placed in lower tax bracket together with cane sugar. “So, over the years, as the sugar price was increasing, their use of artificial (sweeteners) was also increasing.” SRA issued Sugar Order (SO) 5, which imposes a clearance fee on the importation of artificial sweeteners under Harmonized System (HS) codes 2106 and chapter 29, which are used in the manufacture of food and beverages. This includes, but is not limited to, any form or concentration of sucralose, aspartame, saccharin, acesulfame potassium, and processed stevia. The agency decided to issue the order following consultative meetings in which stakeholders raised their “grave concern” on

BUSINESSMIRROR file photo

the effects of “the long-practiced unregulated importation into the country of artificial sweeteners” on the local sugar sector. Stakeholders comprising farmers, millers, and refiner groups recently issued a joint statement seeking to retain the P6 per liter tax imposed on beverage manufactured with local cane sugar.

Drinks using any sweetener other than pure cane sugar as well as imported sweetened beverages should be taxed P40 per liter, they added. The groups pointed out that from the absence of recorded artificial sweetener imports prior to the TR AIN Law enacted in 2018, its shipments jumped and cornered 18.4 percent of the market or

503,117 metric tons (MT) in sugar equivalent for crop years 2023-2024 and 2024-2025. HFCS, which previously accounted for 11 percent, plunged to 15,901 MT, they added. “But cane (sugar) did not win that ground back; artificial sweeteners took it,” the groups said. “This is happening to an industry that receives very little subsidy, supports more than five million Filipinos, and already contends with climate change, El Niño, flooding, and the redstriped soft scale insect (RSSI) infestation.” The groups then called on the SRA to stand with their proposal and convey its findings under SO 5 that artificial sweeteners “compete head-on” with domestic cane sugar. “This industry has weathered droughts, f loods, pests, and price swings by standing together. We stand together again now, ready to help the (SR A) in any way it needs.”

NIA begins search for other sources of water–Palace By Samuel P. Medenilla @sam_medenilla

HE National Irrigation Authority (NIA) is now identifying new groundwater sources to provide additional water supply for farmers, who may be affected by the dry spells and drought caused by the ongoing “super” El Niño, according to Malacañang. Palace President Press Officer Claire Castro said NIA’s move came after President Ferdinand Marcos directed concerned government agencies to prevent water shortages in farmlands in

the coming months, when the effects of El Niño are expected to intensify. She said the search for groundwater sources is part of NIA’s El Niño mitigation action plan. “According to the plan, the agency will use the Mines and Geosciences Bureau’s groundwater maps to identify potential groundwater sources to support solar-powered pump irrigation systems,” Castro said in Filipino during a press briefing last Wednesday. NIA has also enhanced its inventory and maintenance

of its solar-powered pump irrigation systems, which it will deploy in drought-prone and water-stressed areas, and the repair and rehabilitation of its old pump irrigation systems. The agency will conduct desilting and clearing operations on irrigation canals to improve water flow, increase their watercarrying capacity, and ensure proper irrigation. Last Monday, the Department of Agriculture (DA) reported that dry spells caused by El Niño have already resulted in P6.8 billion worth of losses in various plantations.

It noted that it has earmarked P9.7 billion to assist farmers and fisherfolks, who were affected by the “very strong” El Niño until the end of the year. Aside from its effects on agriculture, Castro said the inter-agency Task Force El Niño (TFLN) already convened last May to discuss how to prevent forest and grassland fires, water shortages, power disruptions, and health problems caused by El Niño. “These are just a few of the measures currently being implemented by the concerned agencies,” Castro said.

DA: Pax Silica will affect 266 farmers in Tarlac

HE Department of Agriculture (DA) said only a fraction of farmlands in New Clark City, Tarlac will be affected by the United States-led Pax Silica initiative. Agriculture Secretary Francisco Tiu Laurel Jr. confirmed to the BusinessMirror that some 266 farmers tilling 410 hectares will feel the adverse impact of the project’s planned development, citing the DA’s official assessment. “We will request that farmers be given an alternate planting area and support them in the first year with seeds and fertilizer,” he recently told this newspaper.

He added that assistance would also come from the Bases Conversion and Development Authority (BCDA) and other government agencies. “We are hoping that they will be given regular jobs, especially in construction, for those who are not interested in farming.” Pax Silica is a coalition focused on strengthening cooperation among participating economies in semiconductor and other critical technology supply chains. Agriculture group Sinag called on the government to place safeguards in the proposed Pax Silica development to ensure that this would not affect the farm sector.

While not opposed to investment or economic diversification, Sinag Executive Director Jayson Cainglet said the planned Pax Silica development should not reduce the country’s capacity to produce its own food. “The government should not create a false choice between economic development and food security, (because) we need both,” he said. “Pax Silica and other projects must not be pursued by sacrificing the country’s agricultural production capacity and rural livelihoods.” He called on the government to put in place several safeguards

before projects under Pax Silica or similar large-scale industrial initiatives are approved. This should include an impact assessment, comprehensive mapping of potentially affected farms and agricultural areas, and no displacement of agricultural livelihoods. For the group, development should complement agriculture rather than compete with it. While the planned Pax Silica development must proceed, the group noted that it should not be at the expense of agricultural land, irrigation water, farmers’ livelihoods, environmental quality, and food security. Ada Pelonia

DAR trains Davao farmers on sustainable agri

HE Department of Agrarian Reform (DAR) brought together agrarian reform beneficiaries (ARBs) from Davao de Oro, Davao del Norte and Davao Oriental to provide training and learning sessions on practical tools to make their farms and communities more sustainable. The training, which focused on sustainable agriculture, stakeholder engagement, and environmental protection, was held at Malagos Garden Resort in Davao City. The discussions and hands-on learning tackled how responsible farming practices, stronger

community cooperation, and environmental safeguards can help protect their livelihoods while sustaining the resources they depend on. DAR Regional Director Joseph H. Orilla encouraged the participants to turn the lessons from the training into actions that can benefit their communities. “I encourage everyone to learn, share your experiences, and apply these lessons in your own communities. When knowledge is put into action and shared with others, it can create positive change that benefits not only our farmers, but the whole

community,” Orilla said. The training, titled “Building Resilient Agrarian Reform Communities: Sustainable Agriculture, Stronger Stakeholder Engagement, and Environmental and Social Safeguards,” was conducted with resource persons from Laquihon AgroEnvironmental Consultancy Services. Sessions covered sustainable agriculture, stakeholder engagement, and Environmental and Social Safeguards, giving participants practical perspectives on responsible resource use and protecting both communities and the environment.

The learning continued beyond the training room through a visit to Novela’s Farm in Barangay Cadalian, Baguio District, Davao City. Farm owner Evangeline Novela welcomed the participants and shared her experience in managing the farm, including practices that promote environmental protection and consider the welfare of the surrounding community. The activity supports DAR’s continuing efforts to equip ARBs with knowledge and practical approaches that can strengthen their livelihoods and communities. Jonathan L. Mayuga

Thursday, October 1, 2026

Prosecution: SC ruling lets Senate impeachment court ‘do its duty’ By Jovee Marie N. Dela Cruz

@joveemarie

HE Supreme Court’s dismissal of petitions challenging the Senate Impeachment Court’s voting threshold interpretation allows the impeachment proceedings to move forward without further delays, keeping the focus on the evidence presented before the court as it prepares to reach a final decision, the House prosecution said on Wednesday.

executive secretary Vic Rodriguez and lawyer Ernesto Francisco Jr. questioning the impeachment court’s ruling on how the required two-thirds vote should be computed. The petitions were dismissed due to procedural deficiencies, including issues involving prematurity and legal standing. Ridon said the prosecution has consistently maintained that the Senate Impeachment Court should be allowed to exercise its constitutional authority to hear and decide the case based on the evidence and arguments presented during the proceedings. “Instead of spending time on petitions that may hinder the progress of the trial, it is better to allow the process to move forward. The trial will continue, and the prosecution is ready to continue presenting our evidence,” Ridon said. He emphasized that the prosecution remains focused on completing the presentation of its case and leaving the final judgment to the senator-judges who will assess the evidence submitted before the

impeachment court. “At the end of the process, the evidence should speak for itself. Let the trial be completed and allow the Senate impeachment court to decide based on the evidence before it,” Ridon said. House trial spokesperson Rep. Zia Alonto Adiong of Lanao del Sur also welcomed the Supreme Court’s action, stating that the responsibility of the prosecution in an impeachment trial is to present evidence, examine witnesses, and establish the allegations contained in the Articles of Impeachment. Adiong said the dismissal of the petitions allows the trial to proceed without interruption and keeps attention on the central purpose of the impeachment proceedings—the evaluation of evidence by the Senate impeachment court. “We welcome the ruling. It allows the trial to proceed without delay and keeps the focus where it belongs—on the evidence already before the Senate Impeachment Court,” Adiong said.

DepEd clarifies ₧938K SHS voucher overpayments: Beneficiaries were dropouts, transferees, or deceased By Claudeth Mocon-Ciriaco @claudethmc3

OLLOWING the Commission on Audit’s (COA) findings on the reported P938,000 in overpayments under the Senior High School (SHS) Voucher Program — covering 58 beneficiaries whose eligibility could not be verified — the Department of Education (DepEd) clarified that these beneficiaries were identified as either dropouts, transferees, or deceased learners. As part of its 5-layer validation, DepEd, in a statement, said that through its co-manager of the SHS Voucher Program, Private Education Assistance Committee (PEAC), has completed its School Year 2025-2026 validation. DepEd said that through this year-end validation, flagged cases are being reviewed and confirmed overpayments will be recovered. “The revised Education Service Contracting and Government Assistance to Students and Teachers in Private Education [E-GASTPE]

Guidelines issued in April 2026 has also tightened beneficiary validation, billing, refund, and accountability measures,” the statement read. Likewise, DepEd said that the Department’s Government Assistance and Subsidies Service (GASS) continues to monitor participating schools and enforce compliance. It can also be recalled that DepEd has previously filed cases against individuals found responsible for irregularities. In July 2026, a Regional Trial Court in the National Capital Region has convicted an individual for attempting to defraud the Senior High School Voucher Program through falsified billing statements. DepEd will continue to pursue accountability and the recovery of government funds where warranted. DepEd remains committed to ensuring that public funds are properly accounted for and used for their intended purpose, DepEd assured.

House prosecutor Ter r y L . Ridon of the Bicol Saro Party-list said the dismissal provides clarity on the direction of the proceedings and allows the Senate impeachment court to perform its constitutional duty without additional legal challenges affecting the trial. “The direction is clear: let the

Senate impeachment court do its duty and complete the process established by the Constitution. What matters now is that the trial continues until judgment— whether it results in conviction or acquittal,” Ridon said. The Supreme Court dismissed separate petitions filed by former

AFP, PNP, PCG convene to beef up PHL security

OWWA arranges repatriation of two Magnitude 4.8 earthquake hits Mamburao, Occidental Mindoro Filipinos killed in Germany bus crash

By Rex Anthony Naval

HE Armed Forces of the Philippines (AFP) on Wednesday announced that it has called on the Philippine National Police (PNP) and the Philippine Coast Guard (PCG) to convened the 6th National Joint Peace and Security Coordinating Center (JPSCC) Meeting which seeks to further strengthen inter-agency coordination. The meeting, which took place in Malate, Manila last Sept. 29, also aims to enhance the country’s peace, security, and defense posture The meeting was led by AFP chief-of-staff Gen. Antonio Nafarrete, PNP chief Gen. Jose Melencio Nartatez, and PCG commandant Admiral Ronnie Gil Galvan. “Discussions focused on sustaining gains in internal security, strengthening the country’s external defense posture, and ensuring closer coordination among the three agencies in addressing emerging security challenges,” the AFP said. Likewise, Nafarrete emphasized that the AFP’s primary responsibility is for national defense and the importance of maintaining a strong and coordinated security architecture. A key milestone of the meeting was the signing of the National JPSCC Cyber Plan, which establishes a common framework for cyber defense and response. The plan is intended to strengthen information sharing and improve coordination among the AFP, PNP, and PCG, particularly in addressing security concerns in the West Philippine Sea and other areas requiring timely and coordinated action. “This is also why joint training and exercises matter. When our people train together, they learn how the other organizations operate. Now that we have identified the work that needs to be done, we have to make sure that our people know how to work together and are ready to act when the situation requires it,” Nafarrete concluded.

By Samuel P. Medenilla @sam_medenilla

H E O ve r s e a s Wor k e r s Welfare Administration (OW WA) will repatriate the remains of the two Filipino passengers who died when a bus crashed on a motorway while en route to Munich, Germany, for the Oktoberfest beer festival over the weekend. “Arrangements for the repatriation of the remains of the two passengers who passed away are underway, in close coordination with and in accordance with the wishes of their families,” OWWA Administrator Patricia Yvonne M. Caunan said in a statement issued last Wednesday. The said bus came from Milan and was at the A96 highway near

Buchloe, Bavaria headed to Munich, when the incident happened last Sunday, which killed the two Filipinos and seriously injured eight other Filipino tourists. Caunan is currently in Germany to help the Department of Foreign Affairs in assisting the Filipino victims of the said incident. “We extend our deepest sympathies to the bereaved families of the two Filipinos who lost their lives. You are not alone. T he Ph i l ip pi ne G o ve r n me nt will continue to stand with you and provide the assistance you need,” she said. She reported the Philippine gover nment has transpor ted seven of the affected passengers back to Milan, while 20 others returned to the Italian city through private arrangements made by

their families. The OWWA chief said three passengers remain in hospitals in Bavaria and continue to receive medical care. “One passenger has been discharged from the hospital and will be transported to Milan with OW WA assistance,” Caunan said. The Department of Migrant Workers (DMW) and OWWA will be providing legal aid to the affected Filipino passengers. Caunan said the affected Filipinos and their families, who may need additional aid, may contact the DMW-OW WA through its hotline 1348, email, owwacares@ owwa.gov.ph. She said they may also call the Philippine Consulate General in Frankfurt through its 24/7 hotline at +49 151 53546841.

Marcos hopes Outstanding Filipinos awardees inspire others to serve

RESIDENT Ferdinand Marcos Jr. said he hopes the 10 teachers, policemen and soldiers, who received the 2026 Metrobank Foundation Outstanding Filipinos award for their exceptional public service and contribution in nationbuilding, will inspire other public servants to excel in public service. He said the awardees not only helped in advancing the priorities of his administration in education, security, and defense, but also in transforming the lives of other Filipinos. “Each chose a life of service and remained committed to it throughout all these years,” Marcos said in his speech during the awarding ceremony held in Malacañang last Tuesday. “And the value of that service can be seen in what they leave behind: stronger institutions, safer communities, [and] lives changed for the better,” he added. The four teachers who were given the award were Dr. Emmanuel D. Guarde of Naujan,

Oriental Mindoro; Master Teacher Sheila Marie M. Amigo of Siay; Zamboanga Sibugay, Dr. Cecilia O. Bucayong of Maramag, Bukidnon; and Dr. Jefferson A. Hora of Iligan, Lanao Del Norte. Marcos said they exemplified the government’s efforts to prioritize enhancing the quality of basic education through the development of “culturally responsive learning tools, new approaches to physics education, and advancing emerging technologies through innovative research.” The military awardees were Staff Sergeant Joebelle O. Cerdinio of Ipil, Zamboanga Sibugay; Staff Sergeant John Daren P. Noche of Butuan City, Agusan Del Norte; and Lieutenant Colonel Rommel M. Geli. They were given the award for creating digital platforms to strengthen coordination among government agencies, and enhancing maritime awareness and operational preparedness in the West Philippine Sea.

Also given the award were Police Master Sergeant Dwight Alexis B. Supsupin, Police Major Baby Rose P. Cajulao, and Police Lieutenant Colonel Robert R. Mansueto. Their public safety innovations include guiding young people away from crime, strengthening the role of women in anti-drug efforts, and using digital systems and timely data to improve road safety. “In many ways, the work of our honorees reflects the larger initiatives of the government in supporting our teachers who help our youth, strengthening the capabilities of those who protect us, and giving our [police] the right tools to keep us safe,” Marcos said. Created in 1985, Metrobank Foundation Outstanding Filipinos award gives recognition to outstanding teachers, soldiers and police engaged in public service. Its winners each receive P1 million, a trophy and the Medallion of Excellence conferred by the President. Samuel P. Medenilla

M AGNI T U DE 4. 8 of f shore earthquake struck Occidental Mindoro on Wednesday, the Philippine Institute of Volcanology and Seismology (Phivolcs) said. The earthquake, with a depth of 28 km was traced some 23 km off Mamburao at 9:34 a.m. It generated Intensity IV-strong earthquakes in Mamburao and Sablayan, both in Occidental Mindoro; and Intensity III in the City of

Calapan, Oriental Mindoro; Abra de Ilog, Looc, Occidental Mindoro. Minor intensities were also felt in Mataasnakahoy and Batangas City in Batangas, Victoria, and Pinamalayan in Oriental Mindoro, Calintaan, San Jose, and Magsaysay in Occidental Mindoro; Boac in Marinduque and Cuenca, Batangas. Phivolcs said it is not expecting damage or aftershocks. Jonathan L. Mayuga

DENR exec pitches call for ‘permanent, nationally owned systems of resilience’ at UN dialogue

HE Philippines has called for a shift from isolated, short-term projects toward predictable and sustained financing for permanent, nationally owned systems of resilience, particularly for early warning systems as global temperatures threaten to cross critical warming thresholds. Lawyer Analiza Rebuelta-Teh, Department of Environment and Natural Resources (DENR) Undersecretary for Finance, Information Systems, Climate Change and Administration, made the pitch as she spoke at the Solutions Dialogue on Financing Adaptation in the Era of Global Overshoot held at the United Nations Headquarters in New York. She stressed the need for multiyear and predictable financing to sustain early warning systems and ensure that warnings are translated into timely protective action. For climate-vulnerable island nations like the Philippines, Teh said: “We are already confronting increasingly intense and compounding hazards that threaten lives, livelihoods, food and water security, ecosystems, and economic stability.” Global adaptation costs for developing countries are projected to reach $310 billion to $365 billion annually by 2035, compounded by acute debt distress and prohibitive capital costs, Teh said. In the Philippines alone, the economic cost of inaction across eight priority sectors identified in the National Adaptation Plan (NAP) is estimated at P645 billion annually.

“Adaptation cannot remain reactive,” the Undersecretary emphasized. “We need new, additional, predictable, and scaled-up public finance to enable developing countries to respond to growing climate risks at the speed and scale required.” To strengthen financing for early warning systems, the DENR official highlighted three key areas: Making Early Warning Financing Predictable and Permanent. Moving beyond short-term projects and recognizing early warning systems as critical, permanent public infrastructure supported by multi-year and predictable financing. Financing the Last Mile from Warning to Protective Action. Ensuring that warnings translate into timely action through pre-arranged and trigger-based financing, local risk information, warning dissemination, and community preparedness. Financing the “Unfunded Middle” and Building Domestic Ownership. Sustaining operations and maintenance, data collection, technical personnel, system upgrades, and training, with a clear pathway toward domestic budget ownership. Underscoring the Philippines’ commitment to disaster resilience, Rebuelta-Teh highlighted the country’s recent formalization as the 71st member of the Coalition for Disaster Resilient Infrastructure (CDRI), making it the second Southeast Asian nation to join the global body. Jonathan L. Mayuga

Thursday, October 1, 2026

Marcos vows to fix teacher-subject mismatch in public schools

By Samuel P. Medenilla @sam_medenilla & Claudeth Mocon-Ciriaco @claudethmc3

RESIDENT Ferdinand Marcos has vowed to fix the mismatch of some educators with the subjects they teach, which continue to restrict their effectiveness in public schools. “Some [teachers] are assigned to subjects still that are outside their specialization. And while training does not always respond to the realities they face in the classroom, we will try to remedy that,” the chief executive said in his speech during the celebration of National Teachers’ Month 2026 at the Ma-

nila Hotel last Wednesday. He said the ongoing government initiatives to provide teachers’ with scholarships and the implementation of the Teacher Education Centers of Excellence can address the said mismatch. “When we speak of improving Philippine education, it is essential

Palace: First Lady’s ‘sincere’ appeal led MANIBELA to call off transport strike

ALACAÑANG attributed MANIBELA’s (Mananakay at Nagkaisang Terminal ng Transportasyon) decision to scrap its planned transport strike this week to the “sincere” appeal of First Lady Louise “Liza” A. Marcos during their “chance” meeting at a rice distribution event earlier this week. However, Malacañang noted that it currently has no information about the upcoming talks between the First Lady and MANIBELA Chairman Mario “Mar” Valbuena Jr. to address the transport group’s concerns regarding rising gas prices. Valbuena announced MANIBELA’s decision to no longer continue their three-day transport strike after talking with Marcos during the roll out of the “Bawat Bayan Makikinabang” program in the compound of the Land Transportation Office in Quezon City last Tuesday. MANIBELA started its strike last Monday, which was supposed to last until September 30, 2026 to protest the supposed inadequate fare increase for traditional jeepneys. Rather than the P2 fare

increase demanded by the transport group, the Department of Transportation (DOTr) only approve a P1 fare hike for traditional jeepneys. In a press briefing last Wednesday, Palace Press Officer Claire Castro said Marcos was able to personally allay the concerns of MANIBELA and that the government was open to providing them with support. “So that is what the MANIBELA chair felt. He saw that the First Lady was sincere in urging him to forgo the [transport] strike since the [government] can provide them with more assistance,” Castro said. The Presidential Communications Office undersecretary, however, said she has now information as of press time if the First Lady or other concerned government agencies will hold dialogue with MANIBELA and what will be negotiated in the said meeting. Valbuena said MANIBELA decided not to push through with their strike because of the said dialogue. The Pagkakaisa ng mga Samahan ng Tsuper at Opereytor Nationwide (PISTON) urged MANIBELA to reconsider its decision to hold protests. Samuel P. Medenilla

PHL, Indian navies join Asean counterparts in week-long sea drills By Rex Anthony Naval

HE Philippine Navy (PN) together with the Indian Navy (IN) on Sept. 28 formally opened the 2nd ASEANIndia Maritime Exercise (AIME) 2026 which will run until Oct. 2 in Subic Bay, Zambales. In a statement last Wednesday, the PN said the week-long activity will focus on practical maritime cooperation and engagement. “Following the ASEAN Defence Ministers’ Meeting-Plus Experts’ Working Group on Maritime Security Joint Cooperative Activity held last week, Asean Member States and India are once again joining efforts to strengthen maritime cooperation, mutual trust, and interoperability among participating navies,” it added. With the theme, “Anchored in Trust, United at Sea,” AIME 2026 provides an opportunity for Asean Member States and India to translate their shared commitment to maritime cooperation into practical collaboration and greater mu-

tual understanding at sea. “The exercise will feature a harbor phase and a sea phase from Sept. 28 to Oct. 2, with coordinated maritime security operations, joint training, and subject matter expert exchanges, providing participating personnel with opportunities to enhance coordination and share knowledge and best practices,” the PN said. The 2nd AIME reaffirms the decision of the 19th ASEAN Defence Ministers’ Meeting (ADMM) to deepen engagement with external partners in the maritime domain. It also serves as a capstone activity in line with the declaration of 2026 as the Asean-India Year of Maritime Cooperation. “Through AIME 2026, the PN continues to support the country’s defense diplomacy efforts and strengthen maritime partnerships with ASEAN Member States and India, contributing to regional security, stability, and a peaceful maritime environment,” the PN said.

that we speak of supporting and strengthening the capabilities of the teachers who make learning possible,” Marcos said. “We want our teachers to have better preparation even before they enter the classroom, to have meaningful opportunities to continue learning throughout their careers,” he added. Addressing the said gap, he said, can help further improve the quality of the country’s basic education, which has shown significant improvement based on the outcome of the 2025 Programme for International Student Assessment (PISA). The Organization for Economic Co-operation and Development (OECD) conducts the PISA every three years to evaluate the academic performance of 15-year old students from its partner

countries. In the 2025 PISA, the Philippines’ mean scores for science rose by 17 points to 373. For mathematics it increased by 16 points to 371 and for reading by 20 points to 367 compared to the scores in 2022. “It gives us reason to be hopeful. It validates what we are doing. And that what we have started has an effect, has a beneficial effect on the capabilities of our students,” Marcos said. He recognized the important role of teachers for the said significant improvement in the country’s PISA scores. “Our teachers set the standard. You carry the responsibility of preparing our children for a future that continues to change. Today, we recognize those who are help-

ing to raise that standard [even] higher,” Marcos said. The President urged teachers to prepare learners not only by providing them with technical knowledge, but also by training them to be critical thinkers and be compassionate and mindful of others. Amid the recent incidents of school violence, Marcos also committed to provide teachers and their students with a safe learning environment. “This also means strengthening school safety and student support,” he said.

Shooting incident

THE Local Government Unit of Isulan suspended face-to-face classes at Isulan National High School in Su ltan Kudarat on Wednesday, feared at first to be a

Sandiganbayan suspends Tarlac 3rd District Rep. Noel Rivera for 90 days By Joel R. San Juan @jrsanjuan1573

HE Sandiganbayan Sixth Division has ordered the 90-day preventive suspension of Tarlac 3rd District Rep. Noel Rivera in connection with the two graft charges filed against him by the Office of the Ombudsman. In a resolution issued on September 29, 2026, the anti-graft court granted the prosecution’s motion for Rivera’s suspension pending the court proceedings on the graft cases. Rivera is being accused of violating Section 3(h) of the AntiGraft and Corrupt Practices Act (RA 3019) for allegedly having a controlling stake in Tarlac 3-G Construction and Development Corp., which secured the P94.86 million contract for a road project leading to tourism destinations, prawn fry hatcheries, and resorts and surfing areas in San Narciso, Zambales, in 2023. The said provisions prohibit government officials from having direct or indirect financial interest in any business, contract, or transaction in which they intervene or take part in their official capacity. The second graft case, on the other hand, pertains to the P14.35 million contract for the repair and upgrading of the Tarlac-Guimba Road via Victoria in Tarlac province in 2024. The Ombudsman

has filed a total of nine graft cases against Rivera which have been raffled off to different divisions of the anti-graft court. In opposing the prosecution’s motion for his preventive suspension, Rivera argued that “the facts alleged in the informations do not charge an offense because they are beret of allegations showing the acts constituting his intervention.” He added that the defect in the information “cannot be cured by the evidence the prosecution intends to present during trial.” Likewise, the lawmaker insisted that the malfeasance sought to be prevented by the suspension has been eliminated by his divestment of his interest in Tarlac 3-G. He maintained that he has no involvement in Tarlac 3-G anymore even as shareholder, officer or director, thus, cannot influence any witness or tamper with documentary evidence. Rivera added that as a member of the House, he has no control over the Department of Public Works and Highways. Furthermore, Rivera said his suspension would deprive his constituents of representation in the House. However, the Sandiganbayan stressed that preventive suspension is mandatory as long as the requisites under Section 13 of Republic Act No. 3019 are met. The said provision specifically

states: “Any incumbent public officer against whom any criminal prosecution under a valid information under this Act or under Title Seven Book II of the Revised Penal Code or for any offense involving fraud upon government or public funds or property whether as a simple or as complex offense and in whatever stage of execution and mode of participation, is pending in court shall be suspended from office.” In his case, the anti-graft court said Rivera has failed to assail the validity of the informations filed against him. The court noted that his motion to quash the information had been denied for lack of merit in a resolution issued on September 9, 2026. “The arguments as to the validity of the Informations raised by accused Rivera in his instant comment are merely substantial reiterations of those in his previous motions to quash,” the resolution read. “The Court already considered the same and found them to be without merit when it denied the said motions to quash in the said resolutions. Thus, there is no more question as to the validity of the Informations,” it added. The Sandiganbayan has also directed the Speaker of the House to inform the Court of the action taken in line with the order within 15 days from receipt of the resolution.

DAR distributes 15,382 E-titles to E. Visayas ARBs By Jonathan L. Mayuga @jonlmayuga

HE Department of Agrarian Reform (DAR) distributed 15,382 Electronic Land Titles (E-Titles) to 16,217 Agrarian Reform Beneficiaries (ARBs), covering approximately 36,622 hectares in Eastern Visayas. The distribution marked another significant step toward strengthening land tenure security for farmers in the region. Agrarian Reform Secretary Conrado M. Estrella III led the activity at the Leyte Convention Complex in Palo, Leyte, together with Undersecretary for the Field Operations Office (FOO) Kazel C. Celeste, Undersecretary for the Support Services Office (SSO) Josef Angelo S. Martires, and DAR Eastern Visayas Regional Director Atty. Robert Anthony P. Yu, CESO III. The distribution of land titles is part of DAR’s ongoing efforts to ensure farmers receive secure, legally recognized rights over the land they cultivate under the Comprehensive Agrarian Reform Program (CARP). Among the farmer-beneficiaries who received an E-Title was 68-year-old Mila Malate Garnica of Barangay Maribi, Tanauan, Leyte,

who waited 23 years for the parcelization of her 30,000-square-meter landholding into three lots. After years of waiting, the land Garnica has nurtured through the decades is now clearly defined, formally titled, and secured under her name. Her farm, planted with rice and coconut trees, has long helped sustain her family’s daily needs. Receiving her E-Title ahead of her 69th birthday on September 26, Garnica described the milestone as an “advanced birthday gift.” For Garnica, however, the E-Title is more than a legal document. It represents the security and peace of mind that come with knowing that the land she has cultivated and cared for over the years is now formally documented—and can become part of her family’s legacy. Her story mirrors that of thousands of ARBs across Eastern Visayas whose long-awaited land tenure security is being strengthened through DAR’s continuing land distribution efforts. Estrella underscored the importance of providing farmers with titles that recognize and protect their rights over the land they cultivate.

“The title to be given to you is already there. Finally, you will have your own title— proof that you are the true owners of the land you cultivate and cherish,” he said. He, likewise, emphasized the directive of President Ferdinand R. Marcos Jr. to accelerate the distribution of land titles so that more farmers can immediately benefit from secure land tenure. Complementing the distribution of ETitles, DAR also turned over Farm-to-Market Roads (FMRs), Communal Irrigation Systems (CIS), and Farm Machinery and Equipment (FME) to provide additional support to farmers and ARBs. These interventions are intended to improve access to farms, strengthen irrigation support, enhance agricultural productivity, and ease the work of farmers as they cultivate their land and build sustainable livelihoods. For thousands of ARBs in Eastern Visayas, every E-Title represents more than a document. It is a concrete step toward greater security, stability, and opportunity—giving farmers like Garnica not only greater certainty over the land they cultivate, but also a stronger foundation for their families and the generations that will follow.

shooting incident. Sultan Kudarat Governor Datu Pax Ali S. Mangudadatu assured that there was no shooting incident involved. “There was no shooting incident at Isulan National High School.... there are no reported casualties or injuries,” Mangudadatu said, adding that the safety of the students, teachers, and school personnel remains their highest priority, and appropriate safety protocols were immediately implemented. “We assure all parents and the public that the situation is under control. Please remain calm and rely only on official and verified information from the concerned authorities,” he said. The safety and well-being of our students and teachers remain our utmost concern.

Manila Water and GCNP advance environmental sustainability learning

ANIL A Water Corporation, Inc. has partnered with the United Nations Global Compact Network Philippines (GCNP) for a Peer Learning Session on Environment focused on climate resilience, water stewardship, circularity, and environmental responsibility. The session, held on September 24 at the MWSS Administration Building in Balara, Quezon City, brought together sustainability leaders from the private sector and academe to exchange insights and practical approaches to environmental sustainability. Sarah Bergado, Sustainability Director of Manila Water and GCNP Board Trustee, emphasized the importance of collaboration in advancing sustainable business practices. The GCNP is the UN Glocal Compact’s official local country network, serving as a collaborative platform for businesses, civil society, and UN agencies to advance corporate sustainability and the Sustainable Development Goals (SDGs). Its mission is to urn global sustainability principles into actionable local strategies for Philippine enterprises. “Environmental challenges require collective action, innovation, and knowledge sharing. Through platforms such as the GCNP Peer Learning Session, organizations can learn from one another’s experiences and accelerate the adoption of solutions that create longterm value for both business and society,” Bergado said. The program featured a lecture by Dr. Darwin Bandoy, Director for Research and Creative Works of the UP Resilience Institute, on environmental and climate risks facing businesses and the importance of resilience planning and risk-informed decision-making. During the industry spotlight segment, Eddie Lumangaya, Head of Operations and Analytics of Manila Water, shared how digital innovation and data-driven solutions are strengthening water resilience and supporting long-term water security. Edwin Nerva, Assistant Vice President for Sustainability of Nickel Asia Corporation, also shared the company’s climate action journey, highlighting its SBTi-validated net-zero targets. Jonathan L. Mayuga

Thursday, October 1, 2026

TheWorld

Editor: Lyn Resurreccion

Top tech firms sign pact to ‘self-police’ AI By Christopher Rugaber, Will Weissert & Meg Kinnard

The Associated Press

ASHINGTON—President Donald Trump on Tuesday said that he and a large group of leaders of artificial intelligence (AI) companies had signed a voluntary accord that will include internal and external reviews during a meeting at the White House aimed at addressing Americans’ fears about the technology. “I think I’m seeing tremendous self-policing. And they understand that they have to self-police,” Trump told reporters during an impromptu press conference outside the West Wing. Trump and House Speaker Mike Johnson met with leading executives from top tech firms that are spending hundreds of billions of dollars to build out AI infrastructure, including data centers in communities across the country, which have sparked grassroots,

bipartisan opposition. T he accord was sig ned by Trump, Anthropic CEO Dario Amodei, Google CEO Sundar Pichai, Meta CEO Mark Zuckerberg, OpenAI President Greg Brockman, Nvidia CEO Jensen Huang, and Elon Musk, founder of xAI, which is now part of SpaceX. The accord, which Trump posted on his social media site, Truth Social, late Tuesday, opened the door to future regulation but focused on four voluntary steps for

the companies to take. The accord said the companies would implement “robust internal controls,” partner with an “independent external auditor” to assess whether the controls were working, and establish a committee within each company’s board of directors to evaluate reports from internal and external auditors. “Over time, it may make sense to codify these steps into laws and regulations,” the accord said. Trump repeatedly praised the business executives for developing a technology that he said wou ld produce “unbel ievable growth.” Investment in data centers and the accompanying computer equipment has accelerated the economy and boosted the stock market, which has swelled investment accounts for higherincome A mericans and lifted their spending. Yet there were some notes of caution Tuesday. Amodei, who has been one of the most outspoken voices calling for a slowdown in AI development, said, “The technology has very real risks.” “And, you know, the mechanism, how we add ress t hose

PRESIDENT Donald Trump (center), with Nvidia CEO Jensen Huang (left), and Elon Musk (right), speaks in the East Room of the White House in Washington, September 29, surrounded by top executives of AI firms including, from top left, Microsoft CEO Satya Nadella, Greg Brockman, President of OpenAI, House Speaker Mike Johnson, AMD CEO Lisa Su, Palo Alto Networks Chief Executive Nikesh Arora, and David Sacks. AP/JACQUELYN MARTIN

risks is still under discussion,” Amodei said.

Putting faith in ‘self-policing’ AI

TRUMP suggested that about 10 people would be named to a committee to “watch over the whole enterprise” and said the accord would be “morally binding.” He also said he would name someone to oversee the agreement in coming days after consulting with industry.

Some of the actions outlined in the accord are measures these companies are already taking in some form or have previously committed to doing. The intention of the accord ba lances the latitude needed for i n nov at ion w it h reg u l a tion, said Shr i Narayanan, a university professor of electrical and computer engineering at the University of Southern California.

That innovation is not just limited to improving the capabilities of these AI models, Narayanan said, but also to efforts to improve model safety and security. Ot her e x per ts a re skept ical of putting “so much faith in self-policing,” like Robin Jia, an assistant professor of computer science at the University of Southern California. Jia said it’s crucial to ensure the leading labs’ intentions are “well-aligned with the broader interest of the American public.” He pointed to the recent d i sc losu res of h ac k i ng i nc idents and said: “As the models get better, the consequences of such things are only going to get greater.” Some also took issue with the accord’s vague, broad language. Alex Pascal, executive director of the Berkman Klein Center for Internet and Society, said: “The only way to reduce the risks and harms of AI to Americans is through robust legal liability, regulation and fundamentally c h a ng i ng t he race dy n a m ics that are driving unsafe decisionmaking by frontier AI developers whose costs are borne by the American people.”

Hegseth to cut Pentagon posts for reserved generals, admirals by 20% By Courtney McBride Bloomberg News

EFENSE Secretary Pete Hegseth plans to cut the number of senior positions reserved for generals and admirals by 20 percent, a Pentagon official said. Hegseth’s directives will allow some posts to be filled with lowerranking officers, such as Army colonels or Navy captains, instead of

generals and admirals. That includes reducing the required rank of 23 positions on the Joint Staff—which supports the top officer in the US military—according to a person familiar with the situation, who requested anonymity to discuss a matter that had not been made public. The plans, first reported by Fox News, will be announced at Hegseth’s “State of the Force” address on Wednesday at Marine Corps Base

Quantico in Virginia. Senator Jack Reed of Rhode Island, the top Democrat on the Senate Armed Services Committee, criticized Hegseth’s planned reductions as damaging to a military already strained by the Iran war, and said Congress should be involved in any such decisions. “I call on Secretary Hegseth to provide the relevant committees, in writing and before any further implementation, the analysis behind

these reductions, the criteria used in the dismissals and promotion holds to date, and a full accounting of how each decision serves readiness,” Reed said in a statement Tuesday evening. The speech on Wednesday will come one year after Hegseth held a similar event at Quantico, where he and President Donald Trump gave rally-style remarks to an unusual gathering of hundreds of generals and admirals pulled in from all over the world.

The secretary outlined his vision for a force focused on physical standards, changes to disciplinary processes and the need to rid the military of “woke” personnel and policies. The September 2025 address followed a number of firings of senior uniformed officers and a May 2025 memorandum directing cuts to the number of generals and admirals across the force. He has also fired or blocked the promotions of

China: Japan ties need ‘normalization’ again over Taiwan By Bloomberg News

HINA’S top diplomat suggested relations with Japan had deteriorated to a low point unseen in decades, adding pressure on Japanese Prime Minister Sanae Takaichi to amend her Taiwan remarks. Foreign Minister Wang Yi made the comment as he received a Japanese delegation led by former Foreign Minister Takeshi Iwaya on Monday, according to a statement from China’s Foreign Ministry. “Current Sino-Japanese relations are once again facing a severe situation, requiring normalization once more,” he said, noting that 2027 marks the 55th anniversary of the establishment of diplomatic ties. T he l a ng u age u nderscores the depth of China’s anger at Takaichi’s remarks last November publicly linking a crisis over Taiwan with the possible deployment of Japanese troops. Wang repeated China’s demand that Takaichi “correct” her remarks, which it sees as an affront to Beijing’s claims on the self-ruled democracy and a violation of the political foundations of bilateral ties. Beijing has frozen diplomatic contact with Tokyo over the comments, and sees Iwaya’s visit as an unofficial exchange. Wang described the trade association as a civil-society group and called on the group to help steer Tokyo toward the “right choice.” Vice Premier He Lifeng in a Tuesday meeting urged the asso-

ciation to “grasp the correct historical direction and carry forward the tradition of friendship with China,” according to a report by the official Xinhua New Agency. He also praised Japan as an economic and trade partner, adding that Japanese companies are welcome to conduct business in the country and share in market opportunities. “Japan-China relations are currently very strained,” Iwaya told reporters in Beijing on Tuesday. “But the Chinese side is by no means reluctant when it comes to economic and people-to-people exchanges. Rather, it is proactive.” Iwaya called on China to expedite export procedures for critical minerals such as rare earths, ensure the safety of Japanese citizens in China, and increase economic exchanges at the local level, Japan’s public broadcaster NHK reported. Three lawmakers from Japan’s ruling and opposition parties visited Beijing in late August. Iway a , who ser ved u nder Takaichi’s predecessor Shigeru Ishiba and is regarded as a moderate on China, took over the Association for the Promotion of International Trade after former Foreign Minister Yohei Kono died in June. Chief Cabinet Secretary Minoru Kihara on Tuesday declined to comment on the meeting, while saying Japan should maintain communication with China at various levels. Japanese Trade Minister Ryosei Akazawa also refrained from commenting, noting Iwaya is not

part of the administration, while reiterating he’s open to dialogue with his counterpart. The meeting came days after President Xi Jinping pressed Beijing’s positions on Taiwan and Japan during a summit with Donald Trump in the US. Xi urged the US to oppose Taiwan independence and invoked the two countries’ shared fight against Imperial Japan in an effort to portray changes in Tokyo’s security policy as part of a revival of militarism. The W hite House acknowledged that the leaders recalled the allyship during Xi’s state visit in a factsheet. Beijing claims the self-governed democracy as part of its territory and opposes moves it sees as supporting Taiwan’s formal independence. Taipei has rejected that claim, asserting the island is already a de facto independent nation. China has protested the Japanese government’s efforts to raise defense spending, revise its pacifist constitution and three nonnuclear principles, calling them signs of return to “militarism” that led to Japan’s World War II history of aggression in Asia. Tokyo has dismissed such criticisms as “hypocritical.” In his meeting with Iwaya, Wang again referred to wartime history, praising Kono for confronting Japan’s past and warning that Tokyo would be unable to “face the world” if it erased its history of aggression or glorified convicted war criminals.

a number of female and non-White generals and senior officers. The audience for this year’s address will be composed of more junior service members who were nominated to attend based on body shape and grooming standards, the Wall Street Journal reported in mid-September. Congress establishes in law the total number of troops in each of the military services, across both active and reserve components. The UN Command said it was addressing the violation through established mechanisms but didn’t elaborate. Kang Hyunwoo, the South Korean Joint Chiefs of Staff ’s director of operations, said the military “strongly urges” North Korea to apologize for the blasts and take “responsible measures” to prevent a recurrence. South Korean Defense Minister Kang Shin-chul said the South would consider unspecified “corresponding measures” if a complete investigation confirms the North was responsible.

VISITORS watch the North Korea side from the Unification Observation Post near the border with North Korea, in Paju, South Korea, on September 29. AP/AHN YOUNG-JOON

Nokor denies planting mines that injured 3 Sokor soldiers, accuses Seoul of conspiracy By Kim Tong-Hyung The Associated Press

EOUL, South Korea—The powerful sister of North Korean leader Kim Jong Un on Wednesday rejected South Korean findings that North Korea planted land mines that injured three South Korean soldiers last week and threatened to retaliate if the South fires on North Korean troops fortifying the border. The incident could further inflame tensions between the Koreas, which have no working military hotlines or other emergency communications channels as North Korea hardens its stance toward Seoul while expanding its military nuclear program. Three South Korean soldiers were injured in two explosions on September 21 near the military demarcation line in the western section of the Demilitarized Zone, a heavily fortified border buffer zone between the Koreas that’s commonly known as the DMZ.

The statement by Kim Yo Jong came after South Korea’s military on Monday announced a preliminary assessment that the blasts were caused by North Korean mines following a joint inspection of the site with the U.S.-led United Nations Command.

UN Command says North Korea violated armistice agreement

THE South Korean joint chiefs said South Korean and UN investigators discovered another North Korean mine Tuesday during a follow-up inspection. The UN Command said Wednesday that North Korea had violated the armistice agreement that ended fighting in the 1950-53 Korean War. The agreement prohibits both sides from committing any hostile act “within, from, or against” the DMZ and bans military or civilian personnel from crossing the military demarcation line without authorization from the armistice commission.

Kim calls Seoul’s claims a ‘farce’

KIM YO JONG, who is considered possibly the second most powerful figure in Pyongyang, called the South Korean assessment a “conspiratorial farce,” accusing Seoul of making groundless claims to create a pretext for provocation against the North. North Korea in recent years has added mines, anti-tank barriers and other frontline fortifications, raising concerns in the South about the growing presence of North Korean soldiers near the border. Kim criticized the South for broadcasting warnings and firing warning shots at North Korean troops conducting front-line fortification work, insisting “our soldiers have never crossed the border.” “If the [South Korean] military gangsters fire at our soldiers carrying on the permanent project for the southern border, not warning shots, our border units will take immediate and merciless retaliatory action,” she said. The recent explosions, which took place about 10 meters (yards) south of the military demarcation line, came during an operation to establish a patrol route through a densely vegetated area. The route was intended to allow future inspections with the UN Command after South Korea since last year detected “terrain changes” that may have resulted from North Korean minelaying.

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NTC READIES RULES FOR SALE, IMPORTATION OF USED DEVICES By Lorenz S. Marasigan

HE National Telecommunications Commission (NTC) said on Wednesday it is set to allow the importation and sale of refurbished mobile phones and tablets in the country, provided these are type-approved, untampered, and sold with a one-year repair or replacement warranty. Under a proposed memorandum circular, only NTC-type approved refurbished mobile phones, tablets and similar devices would be allowed into the market. The units must be boxed and identified under the brand of the person or entity authorized by the NTC. The draft rules cover the importation, dealership, accreditation, labeling, and sale of refurbished and used mobile phones, tablets, and other customer premises equipment. According to the NTC, only properly documented and legitimately sourced devices that have been type-approved would be allowed to be imported. All units must also be properly labeled, graded, and clearly warranted by an authorized Refurbished Mobile

Phone Dealer before the NTC allows them to be sold to the public. The NTC said it is considering the regulation to stop the unauthorized sale of illegally acquired or stolen mobile phones, as well as the unscrupulous trade of tampered and defective units in the market. Unlicensed entities found importing, selling, or trading used or refurbished mobile phones, tablets, and similar devices would face administrative sanctions from the NTC. The proposal was presented during a public hearing at the NTC Central Office in Quezon City, attended by public telecommunications entities (PTEs), prospective applicants, and other stakeholders. The NTC said it has received written comments on the draft, with initial submissions touching on the protection of intellectual property and other reserved rights of manufacturers. The regulator said the initiative forms part of its mandate to regulate telecommunications equipment in a transparent, responsible, and accountable manner to protect the interest of Filipino consumers.

Thursday, October 1, 2026 A9

‘RCEP’s door is open, but where are PHL products?’

By Bless Aubrey Ogerio @blessogerio

HE Regional Comprehensive Economic Partnership (RCEP) has opened preferential access to major Asian markets for exporters, but Filipino products remain relatively scarce on supermarket shelves across the region, an SM Investments Corp. analyst said.

SM Investments economist Robert Dan Roces said supermarket shelves provide a practical test of whether the trade agreement is translating into opportunities for local businesses. “The proof of concept is how the grocery shelf is stocked. What we have to be able to do is to be present on all the shelves of the participating economies in RCEP,” Roces said at the inaugural RCEP Business and Investment Summit in Manila. RCEP brings together the 10 Association of Southeast Asian Nations economies with Australia, China, Japan, South Korea and New

Zealand, creating a trading bloc that accounts for nearly a third of the world’s population and gross domestic product. The agreement provides preferential market access and common rules of origin intended to make it easier for businesses to source, produce and trade across member economies. For the Philippines, RCEP-bound exports have already accounted for a significant share of outbound trade. Philippine Statistics Authority data showed exports to RCEP markets reached $3.25 billion in

April 2026, equivalent to 45.1 percent of total exports, before rising to $3.51 billion, or 44.5 percent, in May. But much of the country’s export base remains concentrated in industrial and intermediate goods rather than consumer products. Separate data from the statistics agency showed that electronics accounted for $45.89 billion, or 54.3 percent, of the country’s exports in 2025, while manufactured goods as a whole comprised 80 percent of total exports. RCEP was signed in 2020 and took effect in the Philippines in 2023. Beyond tariff preferences, the agreement covers goods and services, investment and other rules intended to facilitate regional trade and strengthen supply chains. Roces said, however, that lower tariffs and streamlined trade rules do not automatically translate into products reaching consumers. The challenge for the country, he said, is to ensure the agreement works not only as a channel for bringing more foreign goods into the domestic market but also as a route for Filipino businesses to reach consumers abroad.

“What we need to do is shorten the trip and make the outbound journey easier,” Roces said. “Look at what our supermarket buyers see here. There are many Korean, Japanese and Thai products on our shelves today. But if we look for Filipino products in supermarkets in Seoul or Bangkok, they are much harder to find.” The gap points to a broader hurdle for exporters: securing preferential access is only the first step, while getting products onto shelves depends on whether suppliers can meet the commercial requirements of overseas buyers. For his part, SM Investments President and Chief Executive Officer Frederic C. DyBuncio said local suppliers also need to build the capacity to serve larger markets. “Suppliers need to meet the quality, volume and consistency that larger markets demand. Businesses like ours can help them get there,” DyBuncio said. The summit, organized by the East Asia Business Council and the Management Association of the Philippines, focused on how businesses can turn RCEP’s trade provisions into greater participation in East Asian markets.

Trade gap narrows in Aug, but year-to-date gap breaches $100B

ONE FAMILY, ONE VOICE Former Supreme Court Senior Associate Justice Antonio Carpio, Bishop Elias Ayuban, Fr. Robert Reyes and other advocates of an anti-political dynasty law launch the “Dapat Isa Lang” coalition, a digital campaign aimed at making its signature drive for a genuine anti-political dynasty law more accessible to the public. The group proposes limiting each political family to one national and one local elected position; prohibiting relatives up to the fourth degree of consanguinity or affinity from running simultaneously or succeeding one another; barring family members from replacing or switching positions with term-limited relatives; and requiring a one-term cooling-off period before another family member can seek the same vacated post. NONOY LACZA

Water, oceans in focus at intl climate finance forum By Jonathan L. Mayuga

INANCING for water systems and the ocean took center stage during the international climate-finance discussions at the 2026 Forum of the United Nations Framework Convention on Climate Change Standing Committee on Finance (UNFCCC SCF). Hosted by Australia in partnership with Pacific Island countries and the Philippines, the forum gathered governments, climate funds, financial and development institutions, civil society, and communities around a challenge that reaches across borders, economies and ecosystems. Climate Change Commission Vice Chairperson and Executive Director Robert E.A. Borje framed the central task as aligning climate finance with interconnected climate risks and needs, so that investments across water, food, energy, ecosystems, infrastructure and livelihoods reinforce one another. “Water is where climate risk becomes immediately human. It connects food, health, energy, ecosystems, infrastructure and livelihoods. The ocean regulates the climate, sustains economies and joins communities across borders. Yet the financial architecture still approaches these connected systems in fragments,” Borje said.

The Climate Change Commission is the lead policy-making body of the Philippine Government tasked to coordinate, monitor and evaluate programs and actions on climate change pursuant to Republic Act No. 9729, as amended. Australia Deputy Chief Negotiator for the 31st Conference of the Parties (COP31) Chao Feng similarly emphasized that ocean and water systems are inseparably linked to mitigation, adaptation and resilience, food and water security, economic prosperity, and sustainable development. More than 90 percent of coastal and island nations now include ocean-based climate action in their national climate plans. Feng highlighted opportunities in coastal ecosystem protection and restoration, resilient communities, sustainable fisheries, offshore renewable energy and improved water-resource management. He said realizing these opportunities requires stronger governance, greater coordination, increased investment, technical expertise, capacity-building and partnerships. Speaking on behalf of Fiji and the Pacific membership, Permanent Secretary for Environment and Climate Change Dr. Sivendra Michael said the ocean defines Pacific geography, sustains economies and food systems, shapes cultures, and underpins national security.

Pacific countries and territories collectively steward approximately 28 million square kilometers of ocean. Michael stressed that Pacific small island developing States should not be defined only by their vulnerability, but recognized for their experience, leadership and proven solutions. “The challenge before us is no longer what needs to be done. It is how we finance implementation at scale and at pace,” Michael said. He called for finance at the scale, speed and terms required, and for financing models that recognize watersheds, communities, coastlines, reefs and oceans as one unified system. Drawing from Philippine and broader developing-country experience, Borje said the financing challenge is not limited to raising additional resources. It also concerns where finance flows, whether its terms match public needs, and whether national and local institutions can access and use it. “Better accounting must help us identify neglected risks, correct imbalances and direct finance where it can prevent the greatest losses,” he said. Borje noted that across many developing countries, institutions closest to climate risks must navigate accreditation, project-preparation and approval requirements that can exceed their technical and financial capacities.

He said the real test is whether financial commitments and instruments translate into protection for people and ecosystems. “A commitment that cannot be accessed does not protect a watershed. A facility that cannot reach a coastal community does not restore a mangrove. And a financial instrument poorly matched to public need may create a project, but it may also create another vulnerability,” Borje said. Across the three statements, a shared agenda emerged: water and ocean finance must become more accessible, reach the necessary scale, offer appropriate terms, and support solutions across connected natural and human systems. Australia emphasized the enabling institutions and partnerships required for investment. The Pacific highlighted urgency, stewardship and ridge-to-reef solutions. The Philippines situated these priorities within the wider experience of developing countries and the need for a climate-finance architecture that responds to risk, need and public purpose. Borje returned the discussion to the mandate and purpose of the Forum. “Financing is the SCF’s mandate. Climate action for water systems and the ocean is the purpose,” he said.

HE country’s trade deficit may have narrowed in August but the import bill kept climbing, pushing its year-to-date total past the $100-billion mark. Data released by the Philippine Statistics Authority (PSA) on Wednesday showed that the trade gap narrowed by 3.5 percent year-onyear to $3.85 billion from $3.98 billion in August 2025. This was the country’s smallest monthly trade deficit since May 2025, when the gap stood at $3.64 billion. The narrower gap came as exports surged 27.8 percent in August to $9.11 billion, outpacing the 16.6 percent growth in imports to $12.96 billion. Despite the stronger export performance, imports remained substantially larger in value on a cumulative basis, bringing the Januaryto-August import bill to $105.60 billion, up 19.1 percent from $88.69 billion a year earlier. PSA data showed electronic products accounted for the biggest share of the cumulative import bill at $32.97 billion in the first eight months of 2026, up 62.8 percent from $20.25 billion a year earlier. This was followed by mineral fuels, lubricants and related materials, which rose 31.7 percent to $14.93 billion from $11.34 billion; cereals and cereal preparations, which increased 24.3 percent to $3.92 billion from $3.15 billion; and telecommunication equipment and electrical machinery, which climbed 12.8 percent to $3.43 billion from $3.04 billion. Amid the weakening of the Philippine peso against the US dollar in recent weeks, Ateneo de Manila University economist Ser K. Peña-Reyes said the depreciation would primarily make dollar-denominated imports more expensive in peso terms. The peso has hit multiple record lows against the dollar in recent months, with its latest record-low close of P62.86:$1 recorded on September 14. “With imports already growing faster than the [Development Budget Coordination Committee’s] 5 percent assumption, the trade deficit could widen,” Peña-Reyes told the BusinessMirror. To Philippine Institute for Development Studies (PIDS) Senior Research Fellow John Paolo R. Rivera, “the strong pace of imports may keep full-year import bill elevated and the trade deficit wide, especially if energy prices remain high. A weaker peso adds pressure by increasing peso cost of imported fuel, capital goods, and production inputs.” But, he noted, “not all import growth is negative as higher imports of capital goods and intermediate inputs can also signal

investment and future production.”

Demand concerns

PANTHEON Macroeconomics Chief Emerging Asia Economist Miguel Chanco also cautioned against reading too much into the sharp improvement in the August trade deficit, saying the month benefited from “a big unwinding of unfavorable import seasonality.” In simpler terms, part of the sharp drop in the trade deficit came from imports falling back after an unusually strong July, rather than from a broad improvement in trade conditions. More importantly, Chanco said the decline in imports was not limited to commodities. Imports of consumer and capital goods also weakened, suggesting softer domestic demand and investment. “Real import demand—for consumer and capital goods—is weakening again, too, declining for a third straight month, by -11.1 percent this time, representing the biggest drop in the current spell,” Chanco said in commentary. Based on PSA data, China remained the country’s top import source during the January-to-August period, supplying goods worth $25.36 billion. It was followed by Japan at $7.10 billion, Indonesia at $6.98 billion, South Korea at $6.69 billion and the United States at $5.33 billion.

Exports as bright spot?

MEANWHILE, analysts offered a more nuanced view of whether the strong export performance can help lift the country’s gross domestic product (GDP) this year. Cumulative exports reached $64.04 billion in the first eight months, up from $55.80 billion a year earlier. Peña-Reyes said the stronger exports were a meaningful positive for the economy, but were still not enough to offset the much larger import bill. “That supports GDP through net exports, but the much faster import growth means the net trade contribution remains a drag,” he explained. For his part, the PIDS’ Rivera said, “Strong export performance is a welcome spot especially the surge in electronics. At current pace, exports can provide meaningful support to GDP and partly offset weakness elsewhere, but the impact depends on the import content of exports and whether growth expands beyond electronics.” He cited the “need to translate export rebound into deeper participation in higher value global value chains and stronger domestic value added.”

A10 Thursday, October 1, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Beyond the numbers: Building a tourism economy that lasts

HE Philippines’s ascent to seventh place among the world’s fastest-improving tourism economies is welcome news, but the World Economic Forum’s Travel & Tourism Development Index (TTDI) 2026 report tells a more nuanced story—one that demands careful reading beneath the headline figures. (Read the BusinessMirror story: “PHL, 7th fastest-improving tourism economy—WEF,” September 29, 2026).

A 5.5 percent improvement and a score of 4.08 index points represent genuine progress. Yet, context matters. While Albania, Vietnam, and Laos surge ahead with higher percentage gains, and neighbors Malaysia and Thailand outpace the Philippines in absolute scores, the country finds itself in the challenging middle ground of emerging tourism economies— blessed with extraordinary natural and cultural assets but still building the infrastructure to match. The TTDI’s methodology offers crucial insight here. By measuring enabling conditions rather than raw visitor numbers, the index forces a necessary reality check. Japan’s dominance at 5.27 points and the United States’ strong second-place showing reflect not just popularity but systemic strength—seamless air connectivity, robust business environments, and tourism infrastructure that can absorb millions without buckling. The Philippines’s 4.08 score, while improving, still sits well below this threshold, revealing the gap between potential and performance. What makes this moment particularly significant is the regional dynamic. With Asia-Pacific economies claiming seven of the 10 fastest-improving spots, the Philippines is competing in an increasingly crowded and sophisticated marketplace. Vietnam and Thailand are not just neighbors anymore; they are direct competitors for the same global travelers, and they are improving faster. The race is not merely about catching up to developed nations—it’s about not falling behind regional rivals. The WEF’s warning about “convergence” deserves serious attention. The report suggests that emerging economies already possess the raw assets for tourism success; what separates them from leaders is “the depth of infrastructure, services and enabling conditions.” For the Philippines, this translates to uncomfortable questions: Can the country’s airports handle sustained growth? Are roads and ports adequate for dispersing tourists beyond Manila and Boracay? Is the hospitality workforce sufficiently trained to deliver world-class service? Most critically, the report highlights a troubling paradox: tourism is becoming less affordable for three out of four economies, while benefits for local communities are weakening. This challenges the fundamental promise of tourism development—that visitor spending lifts local livelihoods. If the country’s tourism boom merely creates low-quality, seasonal employment while pricing out domestic travelers, the victory rings hollow. As WEF’s Ramya Krishnaswamy noted, “the next chapter is not simply about attracting more visitors”—an insight that should guide policy. The Marcos administration’s tourism push has yielded results, but sustainable success requires moving beyond marketing campaigns to substantive investment in human capital, environmental sustainability, and public-private collaboration. The 4.08 score is a milestone, not a destination. Improvement is already part of the Philippine story, but true transformation remains the goal. The opportunity now lies in building a world-class destination where travel directly empowers local communities, leaving a lasting legacy rather than a temporary footprint. Since 2005

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Who pays for Hormuz John Mangun

OUTSIDE THE BOX

N 1998, when oil traded near US$11 a barrel, Southwest Airlines began hedging its fuel costs, locking in protection against rising prices. It extended those hedges further into the future, building a fuel-price shield that would prove valuable when crude surged past US$140 a barrel in 2008. Southwest was still paying roughly US$51. Its competitors, many unhedged or under-hedged filed for bankruptcy protection or begged Washington for help. Southwest bought insurance before the fire started. Victory Liner and the bus operators’ groups are warning that fuel costs, driven up by the closure disruption in the Strait of Hormuz, could shut down provincial routes if fare rates are not increased quickly. Victory Liner is the archetype of the Philippine transportation industry. The company was built in 1945

by Jose Hernandez, a mechanic from Pampanga, who scavenged parts off abandoned United States military vehicles to build a delivery truck for his family’s rice and vegetable trade. Out of postwar scarcity came a bus line that now runs a fleet of more than 1,000 buses across Luzon. Every business walks a tightrope between expense and revenue. For a bus operator, the expense side is fuel,

Victory Liner and the bus operators’ groups are warning that fuel costs, driven up by the closure disruption in the Strait of Hormuz, could shut down provincial routes if fare rates are not increased quickly. 45 to 60 percent of operating costs, priced in Singapore and the Persian Gulf, a market no Philippine regulator can touch. Government can still touch the domestic fuel bill through taxes, subsidies, and regulation, if it is willing to move some of the cost onto the public purse. The revenue side is regulated fares subject to government approval by the Land Transportation Franchising and Regulatory Board (LTFRB). Bus companies accepted that bargain decades ago because the same regulator that caps their prices also caps their competitors, handing out routes as franchises instead of opening them to anyone with a bus. Fixed regulated revenue was the price of a regulated market.

US airlines gave up that same protection in 1978, when the Airline Deregulation Act freed them to set fares and choose routes on their own. But Washington was not going to rescue their revenue again. Southwest answered by fixing the one thing still in its power. It agreed today on tomorrow’s fuel price, the way a family locks in this year’s tuition before next year’s increase. When fuel prices exploded higher, Southwest was still paying yesterday’s rate. Victory Liner cannot make that same deal. There is no comparable Philippine market for a bus operator to lock in the price of the diesel it will actually consume, and building the expertise and financial infrastructure to hedge that exposure is beyond the practical reach of most bus companies. The companies cannot freely raise fares, levy a fuel surcharge, nor can they idle buses without putting franchises at risk. All of that is true. It is also the description of a firm that See “Mangun,” A11

If you’re worried about your bond portfolio, you’re missing the point By Christine Benz

FRIEND who’s close to retirement texted that she was concerned about the bond market. She’d been building out that fixed-income allocation over the past several years at the urging of her adviser.

Her message made me wonder if some people might have misguided ideas about bonds.

Volatility is much lower than for stocks

FOR one thing, notwithstanding the recent headlines, bonds’ volatility is almost always going to be mild alongside the fluctuations that stocks experience. For example, on September 1, 2026, a day when bonds grabbed the top headline on The Wall Street Journal’s website, total bond market index funds were down about half a percentage point. Returns for the year to date were just barely in the red. As the saying goes, “A bad year in the bond market is like a bad day in the stock market.” Of course, the 2022 bond rout is fresh in everyone’s minds: Amid the Federal Reserve’s seven interest rate

To help ensure your bond holdings land in the black for a specific spending need, use individual bonds, especially Treasury bonds and Treasury Inflation-Protected Securities, and hold them to maturity. This allows you to lock in a specific yield, whereas bond mutual funds’ yields will ebb and flow based on prevailing market yields. A laddered portfolio of Treasury Inflation-Protected Securities is a popular strategy to address retiree spending needs. increases that year, the typical intermediate-term bond fund shed about 13 percent, and long-term Treasury bonds dropped nearly 30 percent. But those were the worst bond market losses in history, exacerbated by

the fact that starting yields were so low at the time of the sell-off. When bond yields go up, hurting prices of already-existing bonds with lower yields attached to them, investors still receive whatever interest the bond pays; those interest payments help offset price declines. But with 10-year Treasury yields of about 1.5 percent in early 2022, yields provided limited cover for the interest rate-related losses in bond prices. In 2026, with 10-year Treasury yields at roughly 4.8 percent, bond investors have more protection in the form of higher yields.

The goal is return of capital, not return on capital

ANOTHER point that can get lost is why you hold bonds in the first place. Stocks are your growth engine, but bonds and cash are the sleep-at-night portion of your portfolio, designed to hold their value or lose just a bit when stocks are down. So, if the potential for losses in your bond portfolio is stressing you out, that can be a sound reason to change it up so that it doesn’t. You might give up some return potential in the process, but that’s OK. Your goal for your

bond portfolio is “return of capital, not return on capital,” as the saying goes. Return on capital is why you hold stocks. To help ensure your bond holdings land in the black for a specific spending need, use individual bonds, especially Treasury bonds and Treasury Inflation-Protected Securities, and hold them to maturity. This allows you to lock in a specific yield, whereas bond mutual funds’ yields will ebb and flow based on prevailing market yields. A laddered portfolio of Treasury Inflation-Protected Securities is a popular strategy to address retiree spending needs. Alternatively, you can use mutual funds or exchange-traded funds. That approach doesn’t provide the same type of principal protection as buying and holding individual bonds to maturity, but it’s less rigid and can make sense for people with less precise spending goals. If you go with bond funds, the best way to ensure their “sleep-at-night” functionality is to be willing to give up some return potential in exchange for more stability. For money you’ll need within the next few years, stick See “Benz,” A11

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Thursday, October 1, 2026 A11

Trump drive for minerals China has kept its promise to stop funding overseas leads Cove Capital coal, but loopholes are helping coal expand So far, China has canceled the to eye Central Asia majority of the coal plans it had By Anton L. Delgado | The Associated Press

By Nariman Gizitdinov

US investment firm is looking beyond Kazakhstan’s tungsten resources to opportunities across Central Asia and the Caucasus as President Donald Trump’s administration seeks to ease dependence on critical minerals from China.

While Cove Capital LLC is keeping several Kazakh fields at the center of its plans, the company is also eyeing several copper and other critical minerals assets in Uzbekistan and opportunities in Tajikistan and the Caucasus, according to Chief Executive Officer Pini Althaus. “We are very actively involved in a number of discussions around what we call tier-one assets,” he said in an interview. The Trump administration has been seeking to broaden its influence in resource-rich Central Asia, where China and Russia have long held sway. The White House has intensified efforts to reduce the country’s dependence on Beijing for minerals critical to defense, technology and manufacturing. Trump hosted five Central Asian presidents at the White House for the first time last year, and invited the leaders of Kazakhstan, Azerbaijan and Uzbekistan to the Group of 20 summit in Miami in December. Secretary of State Marco Rubio is due to lead a delegation of more than 100 companies to Uzbekistan next month to meet with businesses and officials from Central Asia and Azerbaijan to boost commercial ties. A Cove Capital portfolio company, Cove Kaz Capital Group LLC, this year acquired a 70% stake in two Kazakh deposits of tungsten, a metal used by the Pentagon to make ammunition, projectiles and other weaponry. The deposits contain about 1.4 million tons of tungsten trioxide, roughly 70% of Kazakhstan’s total resources. Developing them could help reduce China’s dominance of the tungsten market, where it accounts for about 80% of global concentrate production and holds roughly 2.4 million metric tons of reserves, according to the US Geological Survey. “Had we gone in there ourselves, there would be absolutely no chance of us having secured this asset,” Althaus said. President Trump negotiated directly with Kazakh President Kassym-Jomart Tokayev last year, he said. The US government bore some responsibility for reducing the country’s near total dependence on China for critical minerals, and that’s what is happening now, according to the CEO. “Unfortunately, the region has been overlooked for too long by US presidents from both parties,” Althaus said. “What we are seeing now is that Central Asia has become a significant focus for President Trump and his administration.”

Benz. . .

continued from A10

with cash instruments like money market funds or high-yield savings accounts. For spending horizons of three to 10 years, short- and intermediate-term high-quality bond funds are a solid option. They have some potential for losses, but if you match the bond fund’s duration to your anticipated holding period, your bond fund is likely to be in the black when you need the money.

This is not the spot to be a tactician

SOME financial advisers and individual investors try to make tactical moves with bonds: shifting into shorter-term bonds or even cash when it appears higher rates are in the offing, or back into longer-duration bonds when they think yields are at a high-water mark.

The Trump administration has been seeking to broaden its influence in resource-rich Central Asia, where China and Russia have long held sway. The White House has intensified efforts to reduce the country’s dependence on Beijing for minerals critical to defense, technology and manufacturing. Cove sees investment at about $1.1 billion in the development of deposits, with the US Export-Import bank issuing a letter of interest to provide $900 million in financing. The US International Development Finance Corp. also issued a letter of interest to finance $700 million. In April, Cove Kaz agreed to merge with Nasdaq-listed Skyline Builders Group Holding in a deal that would take the privately held mining company public. The transaction also includes the acquisition of Kaz Critical Minerals LLP and its fifteen mineral licenses in Kazakhstan. The combined company plans to operate as Kaz Resources Inc. with a focus on supplying tungsten, rare earths and other critical minerals to the US. President Trump’s older sons, Donald Jr. and Eric, are set to gain an interest in this venture through their investment in Skyline, the Financial Times reported previously. “There was never any discussion with the family before the project commitment was made. They would effectively be passive shareholders through that entity,” Althaus said. Cove Kaz plans to start tungsten production in 2030, with capacity reaching about 5,000 metric tons a year in the first phase before rising to 12,000 tons at full build-out, Althaus said. A feasibility study is expected to be completed by the end of next year, though the company may begin some site preparation work before then. The company is in talks to finance it through off-take agreements, in which customers commit to buying future production, and may reach an agreement this year, Althaus said. “We are already seeing demand close to 150 percent of what we can produce at full capacity and this is still very early stages.” Althaus said he believes that the project and the interest in the region will survive even when the US has a new administration. “The train has already left the station,” the chief executive said. “The benefits and opportunities are now clearly understood in Washington by members of both parties.” Bloomberg My advice: Get out of the timing business. Most professional bondfund managers don’t make active bets regarding their portfolios’ interest rate sensitivity, so it’s hard to see why individual investors would be able to gain an advantage. Morningstar’s “Mind the Gap” research provides a stark reminder that bond investors’ ill-conceived timing decisions can take a bite out of returns. For the 10-year period through December 2025, for example, the typical taxable bond fund earned 3.0 percent, but the typical investor in such a fund earned just 2.1 percent. Focusing on your individual situation and not taking more risk than you need to are key ways to avoid unforced errors with your bond portfolio. This article was provided to The Associated Press by Morningstar. Christine Benz is director of personal finance and retirement planning for Morningstar and cohost of The Long View podcast.

NITED NATIONS—Addressing the UN General Assembly in 2021, Chinese President Xi Jinping pledged to stop funding overseas coal power plants in an effort to help curb climate change. Five years later, as the assembly meets this week, the world’s climate commitments are dangerously offtrack, and the phase down of coal is inching along.

So far, China has canceled the majority of the coal plans it had planned in 2021, according to a new report released this week to align with the General Assembly and New York Climate Week. This is a small bright spot in global efforts to counter climate change, which has driven deadly disasters in Asia in recent months. But experts have warned that Chinese companies are taking advantage of regulatory loopholes to skirt Xi’s promise and continue investing in overseas coal. China is a key infrastructure funder in the Global South—a term used for emerging and economically struggling nations, many of which sit below the equator—and is the global leader in electric vehicle, solar panel and wind turbine manufacturing. China is setting the tone for the transition to renewable energy across Asia and Africa. That’s why experts have stressed the importance of Beijing’s commitment to its 2021 pledge. Xi skipped the UN meeting this week, in favor of a summit with US President Donald Trump, and sent Chinese Vice President Han Zheng to New York instead. Han spoke of empowering the Global South during his UN speech on Saturday and put development at the top of the global agenda. Back in 2021, the UN climate agency optimistically declared that coal was “consigned to history” after nearly 200 countries agreed to phase down the fossil fuel. But after two energy shocks from the Russia-Ukraine War and the Iran war, the need for “energy security” is altering the future of coal in hard-hit regions, like Southeast Asia. The energy-hungry region is of-

ten referred to as “China’s backyard” and is a major recipient of Chinese funds. The diverse region, which accounts for a fifth of the world’s growing energy demand, depended heavily on fossil fuel imports from the Middle East. The closure of the Strait of Hormuz hit Southeast Asia first and hardest, sending governments into a state of energy triage. Multiple nations have ramped up coal use to survive the crisis, which has also signaled to governments the need for renewable energy. Regional nations are investing in rooftop solar, incentivizing electric vehicles and exploring nuclear power. While renewable energy is expanding quickly, coal remains indispensable in Asia. “The growing desire among countries in Southeast Asia to secure reliable energy supplies could bring about another round of coal fever,” said Li Shuo, director of the Asia Society Policy Institute’s China Climate Hub, which “will continue to test the resolve behind the coal moratorium.”

China’s key role in climate and energy

CHINA was the world’s largest overseas coal financier until Xi made his 2021 promise. “This marked the first time Beijing was willing to extend its emerging climate ambition beyond its borders,” Li said. China is currently the world’s largest annual emitter of carbon dioxide, though the US is the largest historic emitter globally. While China’s coal use is slowly decreasing, it still leads the world in building out new domestic coal

planned in 2021, according to a new report released this week to align with the General Assembly and New York Climate Week. This is a small bright spot in global efforts to counter climate change, which has driven deadly disasters in Asia in recent months. But experts have warned that Chinese companies are taking advantage of regulatory loopholes to skirt Xi’s promise and continue investing in overseas coal.

infrastructure. Coal has been China’s ubiquitous energy source for decades; when China re-opened to the US in 1979, arriving Americans disembarked into cities that smelled heavily of burning coal, whose residue quickly gathered on clothes and skin. Now, China dominates the global electric vehicle market and is the world’s largest solar panel and wind turbine producer—consistently setting records for massive rollouts of renewable energy. “The rapid expansion of clean energy, both in China and increasingly abroad, since the announcement of the coal moratorium should encourage Beijing to further prioritize renewable energy in its international energy strategy,” Li said.

Canceled coal projects provide climate bright spot

CHINA has cancelled 67 percent of the coal power capacity it had planned to build overseas in 2021, according to a new report by the Centre for Research on Energy and Clean Air, or CREA, and the People of Asia for Climate Solutions, or PACS. By cancelling these projects— totaling 61.5 gigawatts—China avoided 6.4 billion tons of lifetime carbon dioxide emissions, the report estimates. China somewhat delivering on its 2021 pledge is a positive story,

said Syahdiva Moezbar, an industry analyst with CREA in the Indonesian capital of Jakarta, but “coal expansion hasn’t stopped because of the nature of the pledge itself, which still allows private Chinese companies to invest overseas.” Indonesia has seen a boom in coal plants funded by Chinese companies to specifically power heavy industries, like the smelting of nickel and aluminum, without linking to the national power grid. This is known as “captive coal.” Indonesia takes the top spot for continued Chinese investments, with 17.1 gigawatts of China-backed coal capacity planned. Vietnam and Pakistan are a far second and third with less than 4 gigawatts in the works, the report found. “When commercial interests take precedence over China’s broader green development commitments and the world’s climate security, the benefits of China’s remarkable clean-energy leadership are undermined,” said Xiaojun Wang, PACS’ executive director, in a statement with the report. This has been complicated further by the Iran war energy shock which is a harsh wake-up call for Southeast Asia. The Philippines, Thailand, Indonesia and Vietnam all ramped up coal use because of the Iran war. While global coal demand is plateauing, energy-hungry Southeast Asia has been trending in the opposite direction. Southeast Asia accounts for nearly 20 percent of global energy demand growth through 2035, according to the International Energy Agency, which stated that the “crisis is prompting a reassessment of policy and investment strategies amid a strong prioritization of energy security.” The energy transition is “a twoparty tango,” said Li of the China Climate Hub, stressing that both China and its partner must be equally committed to phasing down coal. While it’s been five years since the pledge, he said, “this saga is far from over.”

Burnham vows greater control of services in economic overhaul By Chloe Chaplain, Alex Wickham & Joe Mayes

RIME Minister Andy Burnham promised the UK “a new economy and new politics,” as he said he would overhaul state pensions in a plan to make care for the elderly free at the point of use. “This is the deal: a state pension that rises every year, no care charges, and a high-quality national care service to give peace of mind in later life,” Burnham said, explaining that his government would de-link the rise in pension increases from the rise in average earnings. “This change will generate significant savings, which we will use to build up our national care service,” Burnham said, vowing that the policy —which he vowed to introduce after the next election—would be fully funded and not increase borrowing. The triple lock has been in place since 2011, and guarantees that the state pension rises annually by the highest of inflation, wage growth or 2.5 percent. It’s helped to reduce

pensioner poverty, but many economists warn the policy is increasingly unaffordable given other pressures on the public purse. Burnham also vowed in his speech to the governing Labour Party to bring water, energy and housing under greater public control. Burnham told Labour’s annual conference in Liverpool that he would “break the mold” and tackle issues his predecessors had failed to address. To that end he pledged to repeal the ban on public ownership of water companies instituted in the 1980s. “We rely on them, we pay for them, and once again we will have power over them,” Burnham said. The prime minister said he would introduce a bill that would

Mangun. . .

public blames the operator while standing in the empty terminal, not the regulator who kept the fare frozen. Government hedges too, against blame rather than fuel prices, betting the pain lands on operators before it lands on Malacañang. That hedge has a short expiration date. Once a shutdown drags on and drivers say plainly why they stopped, the story flips from operators gouging riders to government sitting on a fare petition since March. Regulation that lives by suppressing prices dies the same way, by the sword it drew to

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treated the Palace as its financial hedge. Political insurance is cheap until it is not. The fare increase freeze protects the Palace from angry commuters more than it protects commuters from the bus companies. A fare hike is dated, visible, and traceable to a government signature the same morning it takes effect. A bus shutdown is slower and messier, and for the first several days the

The prime minister said he would introduce a bill that would bring about “the repeal of Margaret Thatcher’s ideological ban on public ownership of water companies.” He added that regional mayors would have new powers to hold water companies to account, that loopholes used to pay bosses “excessive bonuses” would be closed, and that there would be “tougher consequences” for firms which “repeatedly fail.”

bring about “the repeal of Margaret Thatcher’s ideological ban on public ownership of water companies.” He added that regional mayors would have new powers to hold water companies to account, that loopholes used to pay bosses “excessive bonuses” would be closed, and that there would be “tougher consequences” for firms which “repeatedly fail.” “I would love to go quicker, but I have to be honest about what the protect itself. None of that excuses the operators from their own side of the ledger. Fuel is their biggest cost, and route planning is still theirs to control. Cutting empty return trips, staggering dispatch times to reduce idling, and pooling diesel purchases across operators for volume discounts would not fix the regulatory trap, but it would narrow it. A company that started by scavenging parts to keep buses running can still find savings on the side of the ledger government does not control. There is no clean fix here. Gov-

country can afford. I will stick to our fiscal rules, to get our borrowing and debt down,” he said, a day after his Chancellor of the Exchequer John Healey vowed fiscal discipline. Burnham is seeking to move away from the cheaper, feel-good policies that have characterized his first two months in office and flesh out his longer-term vision for tackling some of the biggest challenges facing the UK, in a bid to turn the page on the country’s political instability. “It is always in my mind that I am the 7th prime minister in 10 years,” Burnham said. “It is why I want to underpin our plan for Britain with a new politics.” He said in his conference speech that he wouldn’t shy away from “the things politicians usually avoid.” His senior ministers, including Healey, have used their conference appearances this week to roll the pitch for more difficult decisions to come, including plans to cut spending on benefits. With assistance from Alex

Morales, Jacob Reid and Lucy White/Bloomberg

ernment cannot approve fares without owning the commuter backlash. Operators cannot control fuel priced on the other side of the world. Commuters cannot pay more from incomes that already assume the fare stays where it is. Government, operators, and commuters are riding the same overloaded bus, arguing over who gets off first while it runs out of fuel. 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.

Sports BusinessMirror

A12 Thursday, October 1, 2026

Obiena soars as rain pours, vaults anew into history books

AGOYA—He came. He soared. He conquered. It was another day at the office for Ernest John “EJ” Obiena on Tuesday night as he plucked with authority his second straight men’s pole vault gold medal in games record fashion at the AichiNagoya 20th Asian Games. The conditions were never ideal as it rained all day and all night rendering the Paloma Mizuho Stadium wet and soggy and, in fact, a freak accident at his hotel almost cost the former world No. 2 the chance to defend his title but luckily for him, nothing serious happened. “It was poetic,” said Obiena after an emphatic 5.91-meter leap that broke his own record by 10 centimeters he set in Hangzhou three years ago. Obiena from all angles was the unbeatable champion in these games—he arrived just two days ago from his training base in Athens, warmed up a little for the final and impressed everyone with that 5.91m that was a super bonus for the two-time Olympian who was already a winner at 5.75. It took only two hours for Obiena to collect the gold medal—and the P2 million incentive from the Philippine Sports Commission—and on Wednesday, he flew back home to Manila to attend to administrative matters. Interestingly, he and his team were knowledgeable enough to take the Uber from the stadium to their hotel because the bus provided by the host for athletes wasn’t readily available.

Praises for athletics chief

THE Philippine athletics team, more than the medals, was proof of the solid leadership shown by Terry Capistrano at the Philippine Athletics Track and Field Association (PATAFA). For the first time since Lydia de Vega’s 1986 golds in the 100m and silver in the 200m, the Philippines returned to the Asian Games track podium, not once, but thrice. “The future is bright. We have quite a number of athletes who have shown their might,” said Capistrano said, reflecting on the team’s performance. “You now have a team that you can seriously say has stepped up to another level.” Across a week of fierce competition, the national team, whose participation is also supported by International Container Terminal Services Inc. and Bloomberry Cultural Foundation, pieced together a three‑medal performance that signaled both progress and promise in succeeding top-tier competitions. EJ Obiena soared to pole vault gold, John Cabang Tolentino battled through rain and injury to seize bronze in the men’s 110m hurdles. And in the women’s 800m, Victoria Bossong delivered a breakout run, claiming bronze in her Asian Games debut. “Terry Capistrano is God’s gift to Philippine athletics. You will rarely see a sports leader who has the resources, management expertise, passion to excel and precious time for his athletes and association,” said Philippine Sports Commission Chairman Patrick Gregorio. It was a haul that marked the rebirth of a program ready to contend with the continent’s best. “We’ve been concentrating on EJ the previous years, now we also concentrate on these two [Cabang Tolentino and Bossong]. We’ll build a team around them,’’ Capistrano said. “Now, we’ll try to have a team around each of these players. We have to do this full time. At least 50 percent of their time devoted for training. We need physiotherapists.” He also highlighted the rising potential of Yacine Guermali, whose performance in the 5000m showed that the Philippines now has depth in events once dominated by regional powerhouses. Jun Lomibao

PHL GOLD BID ALIVE ON VARIOUS FRONTS

KHYLEM PROGELLA and Sofiah Pagara march on to the round of four. POC MEDIA POOL By Jun Lomibao

AGOYA—Olympic medalist Carlo Paalam moved closer to achieving his Asian Games gold medal dream after narrowly eliminating Makhmud Sabyrkhan as Alex Eala didn’t disappoint despite a jittery first set and eliminated her quarterfinals rival also from Kazakhstan on Wednesday. Paalam, silver medalist in Tokyo 2020, showed two-time world champion and current boxer of year Sabyrkhan the door in the men’s 55 kgs category and will battle for his first-ever Asian Games gold medal Rui Yamaguchi—5-0 winner over Mongolia’s Bilguunsaikhan Kharhuu—in the final Friday at the Nishio Gymnasium. Eala? She made it look like a walk in the park after giving Chinese-Taipei’s Joanna Garland a semblance of hope for an upset in the first set

before flashing the form that’s forging her as a future major winner, 7-5, 6-0. Before avid Filipino fans at center court of the Higashiyama that included many who never got to see her play in her raindrenched match on Tuesday indoors, world No. 18 Eala mesmerized with her dizzying crosscourt and baseline play to send her world No. 143-ranked opponent packing. “It’s understandable that everyone’s here to win, everyone is giving her best,” said Eala who found a surprisingly relentless Garland in the first set. “She’s a great player and has really good high-quality shots.” “She has a lot of power, great serve and many good qualities…and obviously she’s a fighter,” she added of Garland, who was seen sobbing at the end of their onehour, 49-minute match. With the bronze guaranteed, Eala will be targeting the gold medal that would earn her a berth to the Los Angeles 2028 Olympics, which counts tennis, archery, hockey, sailing, squash, surfing and triathlon as direct qualifiers for the Summer Games. “I’ll go out there and play my game...it’s now or never,” Paalam said. “I want this gold medal so badly.” Paalam dominated the first round, but Sabyrkhan wouldn’t wilt and caught up by dominating the second with his f lashy quickness and accuracy. The Talakag (Bukidnon) pride said the Kazakh unleashes surprises in his fighting style, but they still fell so dangerously short in the third round that was fiercely fought by both boxers. And when the referee raised Paalam’s hand, the Kazakh was in disbelief and was reluctant to leave the ring. Sofiah Shannine Progella and Khylem Harl

Pagara beat Japanese sisters Non and Ren Matsumoto 24-22,22-20, to advance to the semifinals of women’s beach volleyball against Thailand’s Taravadee Naraphornrapat and Worapeerachayakorn Kongphopsarutawadee, who prevented an all-Filipino final four by eliminating the celebrated tandem of Sisi Rondina and Bernadeth Pons, 17-21, 21-12, 13-15. In women’s tennis doubles, Tenny Madis and Stefi Aludo fell to CARLO PAALAM is a win away from the title. POC MEDIA POOL

Sibol’s Mobile Legends title bid ends as Indons post huge quarterfinal win

AGOYA—There won’t be any gold medal coming from Sibol—the Philippine representative to the esports competitions—in the Aichi-Nagoya 20th Asian Games. Sibol bowed to Indonesia in a Mobile Legends: Bang Bang quarterfinals match that saw the Filipinos’ opponents take on a more aggressive stance at the Aichi Sky Expo Hall in Tokoname. The core of three-time national champion Team Liquid wore the country’s colors in the games. “We had one error to many and we were unable to play our own game,” Karl “KarlTzy” Nepomuceno said. “We didn’t expect to lose.” The Philippines had a rough start as Indonesia seized Game 1, 22-19, and although Sibol—supported by the Philippine Sports Commission and the Philippine

EJ OBIENA (center) is honored by Philippine Sports Commission chairman Patrick Gregorio and athletics president Terry Capistrano. POC MEDIA POOL

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

AGOYA, Japan—Bianca Pagdanganan shot a three-under 67 for a share of third spot after the first round of women’s golf in the Asian Games on Wednesday at Kasugai Country Club East Course. Shannon Xuan Yin Tan of Singapore fired a sizzling seven-under 63 to take the lead, while Pranavi Sharath Urs of India was second at 66. Bianca, an Olympian and Ladies Professional Golf Association player, stood four strokes off the pace and was bunched with Women’s PGA Championship winner Ruoning Yin of China, Taipei’s Hsu Wei Ling and Thailand’s Arpichaya Yubol. Former US Girls Junior and US Women’s Amateur champion R ianne Malixi had a 70 and was tied for 14th. Pauline del Rosario, who campaigns in the US tours, shot a 78 for 36th spot. In men’s play, Japan Golf Tour campaigner Justin de los Santos fired a twounder 68, three strokes off the pace. Asian Development Tour winner Carl Corpus fired a 69, while Asian Tour winner

Olympic Committee—leveled the best-ofthree series, 14-5, in Game 2, they didn’t have the aggressiveness the Indonesians brought to the arena. As Sibol failed to find its footing in Game 3, the Indonesians took control and closed out the match, 12-6. With Nepomuceno in Sibol are Sanford “Sanford” Vinuya, Alston “Sanji” Pabico, Jaypee “Jaypee” Dela Cruz, Dave “Teddy” Viana and Duane “Kelra” Pillas. Earlier in the day, Sibol’s Identity V squad also saw its Asian Games bid end in a 0-2 quarterfinals loss to Malaysia. The defeats marked the end of Sibol’s campaign in the Asian Games with the Philippines esports team delivering bronze medals in Honor of Kings and Pokémon UNITE. Jun Lomibao

20TH ASIAN GAMES AICHI-NAGOYA 2026

MEDAL TALLY

ALEXANDRA EALA chases Asian Games gold with an Olympic ticket in sight. POC MEDIA POOL

Pagdanganan tied for third and Philippine Open champion Miguel Tabuena had an even-par 70. Japan’s Higa Kasuki and Taipei’s Wang WeiHsuan shared the lead with a 65, while India’s Saptak Talwar, South Korea’s Mun Doyeob, China’s Zheng Yunhe and Japan’s Keita Nakajima were tied for third place at 66.

SoKor golfers seeking military exemption

BIANCA PAGDANGANAN is off to a strong start. PHOTO VIA HTTPS://WWW.INSTAGRAM.COM/BIANCAPAGDA

Chinese Taipei’s Hao-ching Chan and Fanghsien Wu, 3-6, 1-6, in the second round, and in judo, Daryll John Mercado lost to Japan’s Hayato Kondo via Ippon in a round of 16 men’s 60 kgs match. “The pressure was so high…first fight against a Japanese who’s a Grand Prix champion,” Mercado said. “But he was unable to throw me, just that he’s more experienced than I am.” Sibol didn’t deliver an expected gold medal after the team fell in the quarterfinals of Mobile Legends: Bang Bang—1-2 to Indonesia—and Identity V—0-2 to Malaysia—to end a campaign that yielded two bronze medals in Honor of Kings and Pokémon UNITE. LPGA Tour veteran Bianca Pagdanganan, gold winner at the Jakarta 2018 games, was in a strong position for a podium finish in women’s golf with a first-round three-under 67 that placed her three strokes behind Singapore’s Shannon Xuan Yin Tan (63) and India’s Pranavi Sharath Urs (66) at the Kasugai Country Club East Course. Rianne Malixi carded an even par 70 to share 14th place and Pauline del Rosario was in 36th spot with a 78 as Justin de los Santos carded a four-under 68 be the best-placed Filipino in a share of ninth place behind leaders Wang Wei-hsuan of Chinese-Taipei and Kazuki Higa of Japan, who each went five-under 65. Carl John Corpus submitted a 69 and Olympian Miguel Tabuena had a 70 for a 137 team total, six strokes behind leader Japan and four shots after secondplacers South Korea and ChineseTaipei.

A GOLD medal for two South Korean golfers at the Asian Games would mean more than a chunk of metal to dangle around their necks. For Kim Joo-hyung and Kim Seong-hyeon, winning gold at the Asian Games—in the men’s individual or team event—would excuse them from mandatory military service at home. Kim Joo-hyung goes by Tom Kim when he plays on the PGA Tour, and Kim Seonghyeon goes by S.H. Kim. Under any name, they got a good start in

Country

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150

275

Japan

199

Republic of Korea

102

Uzbekistan

Thailand

Islamic Republic of Iran

Bahrain

India

Kazakhstan

Democratic People’s Republic of Korea

Malaysia

Hong Kong, China

Kuwait

Chinese Taipei

Indonesia

Qatar

Philippines

Singapore

the first round on Wednesday toward landing the exemption. The final round is Saturday. “I am 100% nervous,” S.H. Kim said. “A lot of pressure.” He added he’s struggling with knee and back injuries and was not optimistic about his chances in the individual event. “Team gold is easier,” he said. Japan led the men’s team competition after the first round, with South Korea and China two strokes behind. In the individual event, Wang Wei-hsuan of Taiwan and Kazuki Higa of Japan were tied at 5-under 65 atop the leaderboard at Kasugi Country Club. Mun Do-yeob, the third member of the South Korea team, was tied with four others at 4-under 66. Unlike his teammates, 35-year-old Mun doesn’t need the exemption. In South Korea most men serve 18-21 months of military service. “I already finished my military service so I don’t really think about the military [exemption],” Mun said. “But I want to play good, so we make our team get a gold medal...to make sure they don’t go to the military.” With AP

Editor: Jennifer A. Ng

Companies BusinessMirror

CLARK UNDERGROUND STATION OF NSCR IS 73.29% DONE–DOTR

HE underground station at the Clark International Airport (CRK) is now 73.29 percent complete, as the government holds firm on its target to partially open the NorthSouth Commuter Railway (NSCR) by the end of 2027. Contract Package N-04 of the North-South Commuter Railway Extension (NSCR-Ex) Project, which covers about 6.5 kilometers of railway track structure, stood at 87.34 percent overall progress as of August, according to the Department of Transportation (DOTr). The package includes what is set to become the country’s first modern underground station at the Clark airport, the first underground rail station in the Philippines connected to an airport. It also covers an elevated viaduct and bridges, an underground tunnel leading directly to the airport station, and at-grade access

to the main NSCR depot. “Currently, we are on track for our first partial operations by the end of 2027. That’s the first 28 kilometers, seven stations, from Valenzuela to Malolos,” DOTr Undersecretary for Railways Timothy John Batan said. “After Malolos, an additional 53 kilometers to Clark by the second half of 2028. And one of the first segments that will be finished is this Clark Station going to Angeles City.” Batan said the government is acquiring 51 eight-car trainsets for the line, along with seven airport express trains capable of running at up to 160 kilometers per hour (kph). “One of our key elements is our airport express service... (The trains will be) connecting our Clark Airport to Makati nonstop in 55 minutes. That is our target,” he said. Continued on B2

Thursday, October 1, 2026

Century Properties’ merger with PHirst Park gets nod

By VG Cabuag

@villygc

ENTURY Properties Group Inc. (CPG) on Wednesday said it has secured regulatory approval for the company’s merger with PHirst Park Homes Inc., with CPG as the surviving entity. Following the approval of the Securities and Exchange Commission (SEC), CPG said PHirst Park will cease to exist as a separate juridical entity. All assets, properties, receivables, rights, privileges and interests of PHirst Park will, by operation of law, be transferred to and vested in

CPG, which will also assume all of its liabilities and obligations. The merger will not affect the rights of creditors or existing liens, and any pending claims, actions or proceedings involving PHirst Park may continue by or against CPG as the surviving corporation.

The said merger is intended to consolidate the businesses, assets and operations of CPG and PHirst under a single corporate structure, resulting in a more streamlined and integrated organization. “This merger advances our goal of building a simpler and more agile listed company,” Marco Antonio, president and CEO of CPG, said. “It supports disciplined capital allocation and provides a stronger platform to scale our first-home residential business alongside our diversified real estate portfolio.” PHirst is CPG’s platform for its horizontal development after the company ran out of land for its vertical developments. Bringing the business directly under the listed parent is expected to improve strategic alignment, gover-

‘Apple will sell 6M iPhone Duos’

Singapore’s Temasek to ramp up M. East push

INGAPOREAN state-owned investor Temasek Holdings is ex panding operations across the Middle East, w ith plans to open new offices in Saudi Arabia and the United Arab Emirates from next year as it ramps up investments despite geopolitical tensions in the region. The firm, which had a net portfolio value of S$518 billion ($406 billion) as of March 31, will start offices in Riyadh and Abu Dhabi while seeking to engage with institutions in Qatar, it said in a statement. The openings are subject to regulatory approvals, it added. “The pace and ambition of economic transformation across the region are remarkable, and its long-term fundamentals remain highly attractive,” said Temasek Holdings CEO Dilhan Pillay in a statement. The Middle East is home to some of the world’s biggest sovereign wealth funds that have been deploying capital at scale despite the war and the inf lux of firms into the region has continued. The $84 billion private markets firm Pantheon also announced plans to open an Abu Dhabi office on Wednesday. Temasek ’s subsidiaries have already operated across the region for many years. Its whollyowned asset manager Seviora Group announced the opening of an office in Abu Dhabi in 2025, and in May Temasek announced it wou ld work w ith the Gu lf city’s new sovereign wealth fund L’imad Holding, the Abu Dhabi National Oil Co. and BlackRock on an investment partnership looking at opportunities across the Gulf. In July, Temasek Global Investments President Nagi Hamiyeh said it would be open to funding the rebuild and expansion of energy facilities in the Middle East that have suffered widespread damage in the war. Infrastructure spending is a key area of focus for many investors, including L’imad. The Gulf ’s richest states are also still pushing forward with plans for a massive build-out of artificial intelligence, even though data centers have become repeated targets in the US war with Iran. Bloomberg News

nance, transparency, and execution while reducing duplicated functions. The merger follows the required approvals of the boards and stockholders of both companies. CPG expects the integrated structure to improve decision-making, financial discipline and sustainable growth. CPG announced in February that it has set aside P12 billion for capital expenditures this year to fund developments. The amount is the same as last year’s allotment. The company launched Cerulean Residences, a 25-hectare masterplanned house-and-lot development in Cavite, early this year. The launch of the property marks a key milestone for the expansion of CPG’s premium residential segment under its subsidiary Century Limitless Corp.

OBJECTION

Google is contesting an attempt by the European Union to make it open up its Android operating system to artificial-intelligence rivals and give search data to competing providers. The Alphabet Inc. unit said Tuesday it’s appealing the European Commission’s move under the Digital Markets Act (DMA) at the bloc’s General Court in Luxembourg because it would hamper users’ security. The majority of the EU’s DMA decisions have so far been appealed in court as Big Tech firms look for clarity on the law’s application. The regulation led to a $1 billion fine for Google in a separate case. The DMA has also riled US President Trump’s administration, which views it as discriminatory against American firms. DuckDuckGo, a Google search rival and advocate for the DMA action, called the appeal “predictable and pointless.” PHOTO SHOWS GOOGLE'S SIGNAGE AT ITS HEADQUARTERS IN MOUNTAIN VIEW, CALIFORNIA, UNITED STATES. PHOTOGRAPHER: DAVID PAUL MORRIS/BLOOMBERG

‘IP protection cheaper than disputes’ By Bless Aubrey Ogerio @blessogerio

HE dispute between local bag brand Carry Om and Sy family’s SM Retail over allegedly similar designs offers a lesson for entrepreneurs: securing intellectual property (IP) rights early can make it easier to establish ownership, the country’s IP chief said. Intellectual Property Office of the Philippines (Ipophl) Director General Teodoro C. Pascua said businesses should treat IP protection as an investment rather than an expense, particularly since small and medium enterprises build value around their brands and designs. Asked whether Carry Om’s designs were registered with Ipophl, Pascua said the agency had checked and found no such registration. “Honestly, also we checked, and they’ve not registered,” he told reporters on Tuesday at the agency’s office in Taguig. The comments followed Carry Om’s accusation that two designs—a tote and hybrid backpack—were being sold at SM Store. The founders then issued a cease-and-desist notice. SM Retail, for its part, said its

store operates as a marketplace and does not create designs or manufacture the products it sells. Carry Om then argued that this does not address how the allegedly similar products were designed, sourced and selected for sale. The absence of registration, however, does not automatically mean unregistered brands have no legal remedies. “They still have other (legal) rights,” Pascua said, mentioning Philippine law, including provisions on unfair competition and the Civil Code. Still, a registration would have given the business a clearer basis for establishing its claim. “But had it been registered, they would have a very strong right,” Pascua said. “Without the registration, your guess is as good as theirs and theirs is as good as mine. It looks like it.” “If we had been more IP conscious, then perhaps the road will be shorter to walk. Rather than a long walk, I have to prove this, prove that, prove this, prove that.” Separately, Department of Trade and Industry (DTI) Secretary Ma. Cristina A. Roque on Tuesday told reporters that the agency is still waiting for the parties to engage with them

and that it would be premature to speculate on the dispute. She likewise urged micro, small and medium enterprises (MSMEs) to secure their brands and intellectual property early rather than wait for a dispute. “There are so many products. Some products are alike, but sometimes it’s the brand that actually lets the product stand out as compared to other products.”

‘Cheaper than disputes’

PASCUA said he is not blaming Carry Om. He also said the dispute illustrates why businesses should consider IP protection early. “I’m not blaming them. I’m just pointing it out. This is an example where we see, it’s right to consider IP registration,” he said. “Don’t blame them because you didn’t register. It shouldn’t be like that.” For entrepreneurs, Ipophl advised them to become more conscious of protecting their intellectual property regardless of how the Carry Om dispute is ultimately resolved. “IP is not an expense. It is an investment,” Pascua said. He estimated that registering a design could have cost only around P5,000 to P10,000, compared with the potentially great-

er expense that businessmen will incur once an IP dispute arises. Ipophl has also been encouraging MSMEs to file earlier through programs, such as “Juana Make a Mark,” which offers eligible businesses reduced-cost trademark registration and promotes a “first-mover filing” approach. Yet, despite the growing number of businesses, Pascua said only a small portion of MSMEs register their intellectual property. The agency reported that it receives about 40,000 to 45,000 trademark applications annually, compared with roughly 80,000 to 90,000 MSMEs registered within a year. The trademark figures also include registrations from non-MSMEs, per the IP chief. “So, it’s just a few who register. It’s just a matter of culture. It’s an idea,” Pascua said, expressing hope that disputes such as the Carry Om case would encourage more businesses to consider IP protection. BusinessMirror reached out to Carry Om for its side on whether the disputed designs have any existing IP protection and on its response to the Ipophl assessment, but the company had not responded as of press time.

PPLE Inc. is set to sell about 6 million units of the iPhone Duo this year, Counterpoint Research said, offering the first estimate for how the company’s inaugural foldable device will fare. The figure, more typical of the niche foldable segment than Apple’s usual smartphone sales, is contingent on how well the company ramps up production of the new hardware, Counterpoint senior analyst Ivan Lam said. Priced at $1,999 and set for an October release, the iPhone Duo sits atop the Apple lineup and carries industrywide hopes for stoking greater interest and sales of foldables. Market researcher IDC estimates foldables will grow 13 percent to 22.9 million units shipped this year with Apple’s help. Without the iPhone Duo, the segment would have seen a decline, it said. Introduced alongside the Duo this month, Apple’s iPhone 18 Pro family has gotten off to a fast start in China, Counterpoint said. The company’s Pro edition smartphones were for the first time released without a corresponding base-model upgrade, steering consumers looking for an upgrade to the pricier models and helping deliver a 12-percent rise compared to the iPhone 17 Pro’s initial sales. That performance bucked a broad downtrend in the world’s largest smartphone market, with Chinese brands taking the brunt of a 17-percent year-on-year decline across this summer, according to the researchers. That helped Apple grab 33 percent of China’s highly competitive smartphone arena, an unusual feat when companies like Huawei Technologies Co., Oppo, Vivo and Xiaomi Corp. usually have roughly equal shares with Apple. But elevated component costs are forcing all phone makers to raise prices and try to make up the shortfall of unit sales in higher revenue per unit. That works in Apple’s favor by narrowing the cost advantage of its rivals. “Price hikes of over $200 on many Chinese flagship models may have raised the price anchor, strengthening the iPhone’s relative value proposition,” Lam said. Bloomberg News

Companies BusinessMirror

Thursday, October 1, 2026

PSE STOCK QUOTATIONS

September 30, 2026

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

47.85 112.9 10.34 93 50.55 10.12 60.95 6.92 14.68 75.65 50 21.55 62.9 21.3 0.5 1.5 0.495 3.72 0.102 2,600 1.2 208.2 4,850 1.37

47.9 113 10.48 94.5 50.7 10.18 61 6.93 14.7 76.4 51 22.25 63 21.85 0.51 1.52 0.52 3.8 0.114 2,650 1.23 210 5,000 1.38

47.9 114 10.46 95 51.1 10.18 62 6.92 14.68 76.6 49.95 21.55 62.9 21.9 0.5 1.52 0.52 3.71 0.098 2,600 1.25 210 4,900 1.37

48.5 114.8 10.5 95.2 51.15 10.18 62.2 6.92 14.7 76.75 50 21.55 63.5 21.9 0.5 1.54 0.52 3.71 0.098 2,600 1.29 210 4,900 1.38

47.85 112.5 10.32 93 50.5 10.02 61 6.92 14.68 75.5 49.5 21.55 61.8 21.7 0.5 1.5 0.52 3.71 0.098 2,600 1.2 205.4 4,900 1.37

47.9 113 10.5 93 50.7 10.12 61 6.92 14.7 76.4 50 21.55 63 21.7 0.5 1.5 0.52 3.71 0.098 2,600 1.2 208.2 4,900 1.37

3,200 5,284,810 8,300 2,487,190 370,640 176,400 4,832,130 1,000 6,000 399,040 2,660 1,200 117,440 11,700 2,000 343,000 2,000 6,000 50,000 405 1,036,000 220 5 557,000

153,450 599,437,855 86,386 232,293,102 18,794,601 1,779,164 296,666,217 6,920 88,120 30,405,664 132,487 25,860 7,397,693 255,630 1,000 524,670 1,040 22,260 4,900 1,053,000 1,264,920 45,314 24,500 764,780

-59,329,784 -81,093,756 -7,677,051 -28,172 -115,312,677 6,920 58,720 8,628,349 -23,705 1,126,513 -10,920 -67,180 1,040,000 207,600 -

INDUSTRIAL ACEN CORP 2.5 2.56 2.62 2.64 2.5 2.5 14,909,000 37,835,870 -13,438,500 ALSONS CONS 1.09 1.11 1.11 1.16 1.03 1.11 7,362,000 7,996,150 -535,600 0.65 0.66 0.67 0.67 0.66 0.66 96,000 63,640 ALTERNERGY HLDG ABOITIZ POWER 46.15 46.2 45.75 46.45 45.7 46.15 3,059,300 140,989,050 53,938,530 1.04 1.04 1.04 1.08 23,000 24,230 -5,210 RASLAG 1.08 1.08 BASIC ENERGY 0.106 0.107 0.107 0.109 0.107 0.107 90,000 9,750 4.61 4.66 4.6 4.61 4.55 4.61 55,000 253,030 CITICORE RE FIRST GEN 18.1 18.12 19 19.24 18.12 18.12 2,044,000 37,456,574 -12,323,142 86.55 87.85 89.5 89.5 86.55 86.55 62,330 5,461,734 74,463 FIRST PHIL HLDG MERALCO 423.8 416.6 417 417.4 410 416.6 432,010 179,546,164 9,877,116 33.5 34 34 34.05 33.6 34 2,846,100 96,692,875 -20,434,200 MANILA WATER 16.42 16.5 16.2 16.2 16.5 2,656,400 43,707,536 18,412,924 MAYNILAD 16.68 PETRON 2.26 2.26 2.24 2.24 2.22 2.26 387,000 873,100 -320,520 4.76 4.8 4.76 4.8 4.76 4.8 276,000 1,324,530 PETROENERGY PRYCE CORP 15.7 18 15.8 16.5 15.7 16.5 46,000 756,328 9.46 9.59 9.59 9.59 200 1,918 9.59 9.59 REPOWER ENERGY SEMIRARA MINING 13.7 13.9 14.2 14.8 13.7 13.7 2,922,100 41,734,890 -12,262,654 21.75 21.8 22.4 22.4 21.65 21.8 768,900 16,865,405 1,187,615 SYNERGY GRID SHELL PILIPINAS 8.15 8.2 8.2 8.29 8.15 8.2 1,403,700 11,524,660 -1,590,264 8.7 8.8 8.99 8.99 8.63 8.8 29,800 262,364 -41,824 SPC POWER SP NEW ENERGY 1.15 1.16 1.17 1.17 1.14 1.16 30,736,000 35,578,890 -1,019,080 1.69 1.7 1.72 1.72 1.7 1.7 422,000 720,150 -44,720 TOP LINE 2.63 2.71 2.71 2.63 2.63 152,000 406,550 AXELUM 2.72 CNTRL AZUCARERA 8.9 9.17 9.11 9.18 9 9.18 9,400 84,898 1,802 32.4 33 33.25 33.5 32.4 32.4 2,376,200 78,062,325 -17,394,285 CENTURY FOOD DEL MONTE 3.47 3.47 3.41 3.47 3.47 3.47 1,000 3,470 3.39 3.4 3.43 3.43 3.38 3.4 333,000 1,134,740 7,510 DNL INDUS EMPERADOR 15.56 15.56 15.28 15.3 15.24 15.56 248,600 3,846,074 105,612 43.95 44 43.85 44.2 43.7 44 142,800 6,270,770 -241,295 SMC FOODANDBEV FIGARO GROUP 0.66 0.66 0.65 0.65 0.63 0.65 2,391,000 1,530,340 0.47 0.495 0.435 0.51 0.435 0.475 5,020,000 2,403,150 -23,400 ALLIANCE SELECT FRUITAS HLDG 0.64 0.65 0.63 0.64 0.63 0.64 94,000 59,920 215.8 216 213.8 212.2 215.8 79,000 16,941,412 4,068,986 215.8 GINEBRA 140 141 140.5 140 140 270,440 37,922,316 -11,430,801 JOLLIBEE 141.8 KEEPERS HLDG 1.82 1.84 1.85 1.85 1.82 1.82 137,000 250,620 1,690 21.5 22.75 20.85 22.75 20.85 22.75 2,100 44,200 25,020 LIBERTY FLOUR MAXS GROUP 1.96 1.99 1.95 1.98 1.95 1.96 38,000 74,630 -31,510 0.072 0.075 0.07 0.076 0.07 0.074 320,000 22,880 MG HLDG MONDE NISSIN 5.9 5.99 6.07 6.17 5.9 5.9 6,564,300 39,016,436 -28,304,811 5.04 5.17 5.17 5.19 1,300 6,739 SHAKEYS PIZZA 5.19 5.19 ROXAS AND CO 2.55 2.6 2.78 2.78 2.54 2.6 520,000 1,387,720 -120 4.98 5 5 5.05 4.97 5 697,000 3,479,130 562,120 RFM CORP SWIFT FOODS 0.051 0.053 0.051 0.051 0.051 0.051 20,000 1,020 57.7 58 58.2 58.2 57.6 57.7 2,347,690 135,841,047 -63,856,341 UNIV ROBINA 0.485 0.5 0.49 0.49 0.49 90,000 44,100 VITARICH 0.49 ATN HLDG A 0.385 0.39 0.395 0.395 0.39 0.39 1,700,000 669,000 0.39 0.395 0.4 0.4 0.395 0.395 300,000 119,500 ATN HLDG B CONCREAT HLDG 1.13 1.16 1.18 1.22 1.13 1.13 398,000 458,150 1.88 1.95 1.92 1.92 1.9 1.9 21,000 40,120 EEI CORP MEGAWIDE 5.28 5.35 5.33 5.38 5.26 5.35 465,600 2,485,306 262,582 14 14.18 14.02 14 14 2,400 33,644 11,218 PHINMA 14.02 SUPERCITY 35 37.9 39 41 35 38.4 4,300 160,650 1.86 1.88 1.88 1.9 16,000 30,130 1.9 1.9 CROWN ASIA EUROMED 1.22 1.18 1.2 1.26 1.2 1.2 62,000 76,550 5.1 5.24 5.1 5.1 5.1 5.1 200 1,020 MABUHAY VINYL CONCEPCION 10.74 10.86 10.82 10.9 10.74 10.74 11,200 121,774 34,816 GREENERGY 0.14 0.143 0.14 0.144 0.14 0.143 190,000 26,740 6.64 6.8 6.66 6.94 6.2 6.8 4,778,700 31,055,659 6,894,194 INTEGRATED MICR IONICS 22,856,970 3.75 3.78 3.8 3.95 3.73 3.78 5,953,000 -1,577,490 7.2 7.26 7.2 7.26 7.2 7.26 1,000 7,230 PANASONIC CIRTEK HLDG 1.42 1.44 1.48 1.51 1.41 1.42 3,590,000 5,188,900 -372,530

HOLDING & FRIMS

ABACORE CAPITAL 0.305 0.31 0.305 0.31 0.3 0.31 1,000,000 304,900 3,050 ASIABEST GROUP 42.6 60 60.85 42.6 42.6 545,270 25,830,636 -11,261,041 500 501 490.6 502 490.6 500 1,057,540 528,656,360 61,258,950 AYALA CORP ABOITIZ EQUITY 37.75 38 37.9 38.45 37.45 38 6,460,200 245,809,110 93,505,440 8.96 8.98 8.82 8.99 8.82 8.98 117,000 1,041,879 31,758 ALLIANCE GLOBAL ANSCOR 16.5 16.4 16.7 16.7 16.5 16.5 2,300 38,250 1.12 1.13 1.15 1.19 1.08 1.12 1,809,000 1,991,980 70,450 ANGLO PHIL HLDG COSCO CAPITAL 7.54 7.56 7.4 7.75 7.4 7.54 78,200 586,767 82,663 7.3 7.35 7.5 7.52 7.3 7.3 2,340,900 17,277,844 -2,711,170 DMCI HLDG FILINVEST DEV 3.89 4.05 4.07 4.09 4.07 4.09 2,000 8,160 2.6 2.8 2.98 2.98 2.9 2.9 3,000 8,780 FJ PRINCE A GT CAPITAL 425 429 435.4 438 429 429 70,730 30,493,106 -9,823,142 HOUSE OF INV 4.8 5 4.88 5 4.88 5 710,000 3,548,630 3,484,920 18.28 18.3 18.34 18.5 18.26 18.3 1,518,200 27,794,824 -6,256,376 JG SUMMIT LODESTAR 0.425 0.41 0.45 0.45 0.41 0.435 2,020,000 869,000 5.03 5.17 5 5.03 4.81 5.03 340,800 1,708,608 -29,449 LOPEZ HLDG LT GROUP 15.22 15.26 15.18 15.42 15.14 15.26 1,993,100 30,399,168 -2,262,664 0.93 1.14 1.14 1.14 1.14 1.14 18,000 20,520 PACIFICA HLDG PRIME MEDIA 0.98 0.99 0.98 0.98 0.98 0.98 7,000 6,860 3 3.1 3 3 3 3 30,000 90,000 REPUBLIC GLASS SOLID GROUP 1.15 1.19 1.19 1.19 1.19 1.19 2,000 2,380 496.8 499.8 500.5 505 491.6 499.8 1,282,000 636,690,161 -243,776,069 SM INVESTMENTS 60.8 60.85 61 61 60.5 60.85 30,940 1,882,184 -1,307,278 SAN MIGUEL CORP TOP FRONTIER 52.9 52.9 51.6 51.3 51.3 52.9 40 2,100 513 0.062 0.076 0.076 0.076 10,000 760 ZEUS HLDG 0.076 0.076 PROPERTY AYALA LAND 15.12 15.2 15.06 15.2 15.02 15.2 6,478,300 98,110,206 -5,785,694 AYALA LAND LOG 1.11 1.15 1.14 1.15 1.11 1.15 74,000 83,240 25,160 11.08 11.38 11.08 11.08 11.08 11.08 300 3,324 ALTUS PROP AREIT RT 36.6 37 37 37.15 36.2 37 3,443,800 126,463,350 -11,672,430 0.76 0.77 0.76 0.79 107,000 81,460 A BROWN 0.79 0.79 CITYLAND DEVT 0.59 0.59 0.58 0.59 0.59 0.59 4,000 2,360 0.089 0.092 0.089 0.089 0.089 0.089 90,000 8,010 CROWN EQUITIES CEB LANDMASTERS 1.97 1.99 1.99 2 1.97 1.97 233,000 462,430 23,710 0.59 0.6 0.6 0.61 0.58 0.6 1,901,000 1,128,860 1,180 CENTURY PROP CITICORE RT 2.88 2.89 2.9 2.92 2.86 2.89 2,445,000 7,064,540 -2,413,810 11.64 11.58 11.58 11.64 135,600 1,577,502 43,136 DOUBLEDRAGON 11.66 11.68 1.03 1.04 1.03 1.04 1,018,000 1,051,020 DDMP RT 1.04 1.04 DM WENCESLAO 4.71 4.75 4.75 4.75 4.75 4.75 4,000 19,000 0.026 0.028 0.028 0.028 200,000 5,600 0.028 0.028 EVERWOODS EMPIRE EAST 0.105 0.105 0.103 0.103 0.103 0.105 680,000 70,230 4,110 2.79 2.8 2.85 2.86 2.79 2.8 2,137,000 6,013,710 -2,489,750 FILINVEST RT FILINVEST LAND 0.71 0.71 0.7 0.69 0.69 0.7 1,494,000 1,045,700 -42,020 0.64 0.69 0.63 0.69 0.63 0.69 919,000 619,180 GLOBAL ESTATE KEPPEL PROP 2.54 2.75 2.46 2.77 2.46 2.75 6,000 15,960 1.2 1.19 1.16 1.2 252,082,000 300,709,720 -38,860,340 1.21 1.21 PNB HLDG MEGAWORLD 2.18 2.16 2.17 2.18 2.14 2.16 3,874,000 8,343,960 -2,556,110 0.7 0.72 0.71 0.72 62,366,000 44,563,430 -313,520 MRC ALLIED 0.72 0.73 13.4 13.3 13.3 13.4 394,900 5,292,726 -1,747,876 MREIT RT 13.46 13.48 OMICO CORP 0.101 0.102 0.12 0.12 0.101 0.102 1,750,000 179,710 0.158 0.163 0.162 0.163 0.162 0.162 490,000 79,450 11,410 PRMIERE HORIZON PHIL ESTATES 0.39 0.4 0.385 0.39 0.385 0.39 960,000 371,900 3,850 5.01 5.4 5.2 5.5 5.2 5.4 7,200 38,517 PHIL RACING PREMIERE RT 1.02 1.02 1.01 1.02 1.01 1.02 73,000 73,900 40,260 6.15 6.2 6.2 6.4 6.1 6.15 12,898,800 79,658,125 -10,041,992 RL COMM RT ROBINSONS LAND 16.96 16.96 16.7 16.6 16.56 16.96 2,591,300 43,358,048 -28,227,254 0.107 0.114 0.114 0.114 50,000 5,700 PHIL REALTY 0.114 0.114 ROCKWELL 2.64 2.62 2.54 2.63 2.53 2.63 159,000 413,710 173,150 2.98 2.98 2.98 3.03 44,000 131,630 8,970 SHANG PROP 3.03 3.03 1.8 1.81 1.79 1.82 1.76 1.8 42,000 75,420 STA LUCIA LAND SM PRIME HLDG 15.84 15.86 16.12 16.12 15.84 15.86 13,453,700 213,698,188 -73,006,778 0.31 0.345 0.31 0.31 0.31 0.31 200,000 62,000 WELLEX INDUS SERVICES ABS CBN 2.6 2.66 2.67 2.67 2.6 2.6 140,000 369,650 GMA NETWORK 3.36 3.4 3.31 3.41 3.3 3.36 140,000 472,790 0.15 0.176 0.177 0.177 0.144 0.144 130,000 19,050 MANILA BULLETIN DITO CME HLDG 0.59 0.6 0.6 0.6 0.58 0.6 5,705,000 3,358,630 506,180 1,502 1,503 1,570 1,573 1,503 1,503 113,125 172,357,045 -1,112,035 GLOBE TELECOM PLDT 1,088 1,077 1,080 1,075 1,070 1,080 177,265 191,253,045 -6,625,205 0.0057 0.0058 0.0057 0.0058 16,000,000 91,500 APOLLO GLOBAL 0.0058 0.0058 CONVERGE 9.05 9.03 9.1 9.1 9.02 9.05 2,032,200 18,400,126 -4,113,249 0.64 0.65 0.64 0.64 0.64 0.64 4,000 2,560 DFNN INC EASYCALL 2.81 2.5 2.5 2.5 2.5 2.5 1,000 2,500 -2,500 0.125 0.128 0.122 0.13 0.122 0.13 240,000 30,590 ISLAND INFO NOW CORP 0.37 0.385 0.385 0.39 0.37 0.385 1,250,000 469,300 14,700 TRANSPACIFIC BR 0.115 0.116 0.113 0.114 0.113 0.114 130,000 14,750 0.86 0.89 0.86 0.86 0.86 76,000 65,360 0.86 CHELSEA CEBU AIR 18.46 18.62 18.46 19.46 18.44 18.46 841,200 15,818,880 -10,250,648 890.5 891 925 925 891 891 2,514,240 2,256,157,690 -230,112,730 INTL CONTAINER LBC EXPRESS 11.7 11.72 9.46 12.68 9.46 11.72 2,133,600 20,373,939 -5,916 0.62 0.69 0.63 0.63 0.62 0.62 49,000 30,480 LORENZO SHIPPNG MACROASIA 3.43 3.42 3.44 3.5 3.43 3.43 132,000 453,720 -100,000 0.56 0.58 0.55 0.6 39,000 21,920 METRO ALLIANCE 0.6 0.6 PAL HLDG 3.3 3.38 3.34 3.42 3.3 3.3 1,302,000 4,375,450 1,722,710 1.33 1.38 1.34 1.42 1.29 1.33 1,728,000 2,321,890 214,380 HARBOR STAR 0.028 0.029 0.029 0.03 0.029 0.029 5,100,000 151,400 2,900 BOULEVARD HLDG DISCOVERY WORLD 0.93 0.93 0.86 0.9 0.9 0.93 11,000 9,930 -4,470 5 5.02 5.02 5.02 5.02 5.02 100 502 GRAND PLAZA PH RESORTS GRP 0.175 0.184 0.178 0.184 0.175 0.184 5,650,000 996,570 202,630 0.43 0.43 0.43 0.43 0.43 40,000 17,200 WATERFRONT 0.45 CENTRO ESCOLAR 14.72 14.96 15 15 14.52 14.6 5,000 72,984 750.5 808.5 750.5 750.5 750.5 750.5 10 7,505 FAR EASTERN U IPEOPLE 6.98 6.98 6.92 6.92 6.92 6.92 4,200 29,070 26,982 1.28 1.28 1.28 1.28 2,026,000 2,593,380 2,580,480 STI HLDG 1.29 1.29 BELLE CORP 1.09 1.1 1.09 1.11 1.09 1.09 1,438,000 1,581,530 1,345,160 1.98 2.01 1.99 2.03 1.97 2.01 15,197,000 30,579,370 -775,190 BLOOMBERRY 1.55 1.67 1.52 1.55 1.52 1.55 18,000 27,780 10,850 PACIFIC ONLINE DIGIPLUS 7.6 7.64 7.95 8 7.6 7.6 3,561,000 27,575,148 4,091,360 13.9 14 13.8 14.2 13.8 14 1,741,400 24,423,930 6,584,818 PHILWEB BERJAYA 8.96 8.22 9 8.96 8.5 8.5 3,900 33,922 1.04 1.05 1.04 1.07 151,000 158,150 1,050 1.07 1.07 METRO RETAIL PUREGOLD 40.4 39.2 40 40.2 39.2 39.2 1,463,800 58,190,445 -2,944,920 31.1 31.5 32 32 31.5 31.5 405,500 12,775,675 -73,405 PHIL SEVEN CORP SSI GROUP 2 2.05 2 2 1.98 2 156,000 310,660 -56,000 0.75 0.77 0.78 0.79 0.75 0.77 79,000 59,840 UPSON INTL CORP WILCON DEPOT 5.65 5.67 5.65 5.75 5.6 5.67 472,200 2,687,241 1,308,153 0.101 0.102 0.101 0.101 280,000 28,340 1,010 APC GROUP 0.102 0.102 1.75 2.07 1.96 1.96 1.96 1.96 10,000 19,600 IPM HLDG MEDILINES 0.231 0.231 0.23 0.23 0.23 0.231 530,000 121,930 MINING & OIL 2.08 ATOK 1.96 1.95 2.12 1.95 2.12 21,000 42,060 17.26 17.28 17.38 17.38 16.78 17.26 3,082,500 52,455,914 -9,104,916 APEX MINING ATLAS MINING 17.9 17.92 18.72 18.9 17.18 17.92 10,579,100 188,702,328 -23,834,690 6.55 7 7 6.81 6.81 72,600 496,529 BENGUET 6.81 EC VULCAN 0.305 0.33 0.335 0.335 0.305 0.33 140,000 43,250 1.71 1.72 1.85 1.72 1.72 2,736,000 4,788,720 -2,040,120 1.87 FERRONICKEL GEOGRACE 0.076 0.08 0.075 0.08 0.075 0.08 1,830,000 145,900 0.223 0.23 0.222 0.233 0.222 0.23 9,420,000 2,133,560 LEPANTO A LEPANTO B 0.223 0.24 0.234 0.239 0.234 0.239 510,000 119,390 -117,000 0.0083 0.0085 0.0084 0.0084 0.0082 0.0083 16,000,000 134,000 MANILA MINING A MANILA MINING B 0.0083 0.009 0.0083 0.0083 0.0083 0.0083 1,000,000 8,300 MARCVENTURES 0.79 0.78 0.8 0.8 0.77 0.79 551,000 428,810 0.5 0.5 0.5 0.5 0.5 85,000 42,500 0.53 NIHAO NICKEL ASIA 4 4 3.92 3.96 3.89 4 4,256,000 16,793,920 -4,242,970 34.4 34.5 34.6 33.5 34.5 179,100 6,121,415 -887,705 OCEANAGOLD 34.5 ORNTL PENINSULA 0.55 0.57 0.58 0.58 0.55 0.57 9,000 5,120 11.48 11.5 11.54 11.62 11.22 11.5 1,994,000 22,779,054 -3,707,160 PX MINING UNITED PARAGON 0.0089 0.0089 0.0085 0.0088 0.0088 0.0089 5,000,000 44,400 0.014 0.016 0.015 0.015 0.014 0.014 52,500,000 786,100 ORNTL PETROL A ORNTL PETROL B 0.015 0.016 0.015 0.015 0.015 0.015 2,200,000 33,000 0.0098 0.0098 0.0098 0.0098 29,100,000 287,300 0.01 0.01 PHILODRILL PXP ENERGY 2.94 2.99 2.93 3 2.92 2.99 265,000 780,240 -21,100 PREFFERED ACEN PREF B 1,030 1,040 1,040 1,040 1,030 1,030 510 526,400 -114,400 AC PREF B3R 1,825 1,960 1,872 1,872 1,800 1,825 1,900 3,459,655 -3,450,580 1,870 1,899 1,900 1,900 1,870 1,870 375 708,310 9,500 AC PREF B4R BRN PREF A 99.05 99.8 99 99.05 99 99.05 1,010 99,991 101 103.7 103.7 103.7 103.7 103.7 10 1,037 BRN PREF B BRN PREF C 100.2 101.9 102 102 101.8 101.8 150 15,277 22 23.8 24 24 23.8 23.9 16,100 386,305 CEB PREF CPG PREF B 97.5 99 99 99 99 99 40 3,960 93.2 93.9 93.1 93.9 7,700 717,748 93.9 93.9 DD PREF EEI PREF B 95 96 96 96 96 96 15,050 1,444,800 1,930 1,991 1,945 1,945 1,945 1,945 5 9,725 GLO PREF ANV GTCAP PREF B 996 1,005 1,000 1,000 1,000 1,000 200 200,000 MWIDE PREF 6B 98 102 99.5 99.5 99.5 99.5 70 6,965 99 101.2 99 99 99 99 20 1,980 MWIDE PREF 7A PCOR PREF 4A 975 990 990 990 990 990 10 9,900 951 985 985 985 985 985 3,000 2,955,000 PCOR PREF 4D SMC PREF 2L 76.45 80.9 76.85 80.9 76.2 80.9 65,000 4,995,357 76.05 78 78.5 78.5 78.5 78.5 100 7,850 SMC PREF 2N SMC PREF 2O 78.4 78.8 78.8 78.8 78.8 78.8 1,040 81,952 72.15 76.5 76.5 76.5 76.5 76.5 10 765 SMC PREF 2R SMC PREF 2S 73.6 74 74 74 74 74 980 72,520 74 75 76 76 74 75 3,700 278,100 SMC PREF 2U SMC PREF 2V 75.5 77.95 77.95 77.95 77.95 77.95 60 4,677 SMC PREF 2W 77.5 79 78 78 78 78 200 15,600 77.9 78.5 78.85 78.85 77.9 77.9 1,890 148,305 14,153 SMC PREF 2X TOP PREF A1 99.9 99.95 99.25 99.95 99.25 99.95 20 1,992 100.5 100.6 100.6 100.6 100.6 100.6 1,780 179,068 TOP PREF A2

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

2.33 2.46 2.33 2.33 2.33 2.33 39,000 90,870 3.19 3.59 1.05

SM A L L, M ED I U M & EM E R G IN G

CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH LFM PROP MAKATI FINANCE XURPAS

0.335 1.4 0.55 1.38 0.024 1.87 0.207

1.1

1.05

28,000

29,400

-2,100

0.35 1.42 0.56 1.49 0.026 2.13 0.216

0.33 1.4 0.57 1.4 0.026 1.88 0.208

0.35 1.42 0.59 1.4 0.026 1.88 0.208

0.33 1.4 0.56 1.4 0.024 1.88 0.208

0.34 1.42 0.56 1.4 0.026 1.88 0.208

1,590,000 44,000 76,000 1,000 1,200,000 10,000 40,000

539,000 62,420 42,670 1,400 29,300 18,800 8,320

-111,200 -

EXHANGE TRADE FUNDS ATR FAMI ETF

98.4

98.5

98.1 98.5 98.1 98.5 1,500 147,682 -

www.businessmirror.com.ph

‘Unified rules on foundations aim to fix compliance issues’

By VG Cabuag

@villygc

HE Securities and Exchange Commission (SEC) is consolidating its guidelines governing foundations into a single, comprehensive reference, to streamline compliance and strengthen supervision over the sector. Its draft memorandum circular covers the omnibus rules and guidelines on foundations. The agency aims to address difficulties in compliance experienced by foundations due to the fact that requirements are currently found in different laws, rules, memorandum circulars and other SEC issuances. Through a single framework, the proposed rules provide foundations with a single, current reference for their organizational,

reportorial and continuing compliance obligations, including the necessary forms, templates, instructions and procedures. The proposed rules will apply to all foundations registered with or applying for registration with the SEC. A foundation is defined as a non-stock, non-profit corporation established for the purpose of extending grants or endowments to support its goals or raising funds to accomplish charitable, religious,

educational, athletic, cultural, literary, scientific, social welfare or other similar objectives. Applicants must be organized as non-stock, non-profit corporations, include the word “foundation” in their corporate name, and maintain a minimum paid-up capitalization of P1 million evidenced by a notarized certificate of bank deposit. The draft rules also consolidate the reportorial requirements of foundations, including the membership book, which must be registered with the SEC within 30 days of incorporation, and the general information sheet, which must be submitted within 30 days after their annual meeting, or by January 30 of the following year if no meeting is held. Foundations with total assets or liabilities exceeding P3 million are required to submit audited financial statements. Foundations at or below this threshold may submit unaudited financial statements signed under oath by designated officers.

The financial statements must be submitted within 120 days from the end of the fiscal year or according to the annual SEC filing schedule. To reduce administrative burden, the draft rules seek to replace the older, multi-document reporting requirement under the Revised Rule 68 of Republic Act 8799, or the Securities Regulation Code, with three Simplified Non-Stock, NonProfit Organization forms. The said forms use clearer language, simplified reporting items and guiding instructions to facilitate proper and consistent compliance. These forms provide supplemental disclosures concerning the operations, activities, governance, programs, projects, and financial utilization of foundations and other non-stock, non-profit entities. Failure to file the required forms will result in a fine of P5,000 per year, while late filing will be subject to a fine of P2,500 annually. The public may comment on the draft rules through the designated online form on or before October 15.

ABS-CBN shareholders clear capital plan By Lorenz S. Marasigan @lorenzmarasigan

BS- CBN Cor p. said on Wednesday its shareholders have approved the P6-billion fresh investment in the company, clearing the way for the issuance of additional shares to the new investors and the expansion of its board. The new capital, announced in August, will come from Crème Investment Corp., Mantes Corp., and Presta Holding Company Inc., which represent three branches of the Lopez family, as well as from Lopez Inc. and new investor I&C Holdings Corp. Stockholders also approved increasing the ABS-CBN Board of Directors to nine from seven members to make room for representatives of the additional investors. The proposals were approved by stockholders representing 83 percent of ABS-CBN’s outstanding voting shares. The approved amendments to ABS-CBN’s Articles of Incorporation, which cover the increase in the number of shares the company may issue and the expansion of its board, will be submitted to the Securities and Exchange Commission (SEC) for approval. ABS-CBN earlier said the new investments are part of its continuing efforts to build “the new ABS-CBN.”

The company expects its current momentum to carry the company back to profitability after slashing its debt by more than half, cutting overhead spending by 54 percent, and rebuilding revenues to their highest level since it lost its broadcast franchise in 2020. The media conglomerate has brought down its outstanding debt to just under P8.5 billion from P20.5 billion in 2019, excluding Sky Cable Corp.—a 58-percent reduction achieved largely through asset sales, ABS-CBN President and CEO Carlo Katigbak said. The company has also fundamentally restructured its cost base. General and administrative expenses and manpower costs, excluding Sky, fell to a combined P6.9 billion in 2025 from P15 billion in 2019, before the franchise loss. Revenues excluding Sky reached P12.6 billion last year, the highest since the shutdown of its free-toair operations. This compares with P9.3 billion in 2021, the first full year without a franchise, though still well below the P33.2 billion it generated in 2019. Recurring net loss excluding Sky, before one-time gains and losses, narrowed to P2.5 billion in 2025 from P8.3 billion in 2020, with losses shrinking every year since.

CLARK UNDERGROUND STATION OF NSCR IS 73.29% DONE–DOTR Continued from B1

Executive Secretary Ralph Recto noted that the administration is fully backing the project financially to speed up construction and ensure its uninterrupted delivery. Recto described the 147-kilometer railway as “a major logistics backbone” for the Luzon Economic Corridor, noting that the country needs to build up its manufacturing base. “We need an additional leg in our stool, so to speak, sa ating ekonomiya. We need to develop more manufacturing capabilities. Meron tayong mga semiconductors na gustong ilipat dito sa Clark at sa buong Luzon Economic Corridor,” he said, referring to semiconductor players

seeking to relocate to Clark and the wider corridor. Transportation Secretary Giovanni Z. Lopez, for his part, said the President wants the project completed, stressing the need for close coordination among the agency, its partners, and local government units (LGUs). “This is not simply for DOTr, this is not simply for our Cabalens or kababayans, but this is for the entire Filipino people,” Lopez said. “We need our contractors, consultants, and DOTr to work in lockstep with our LGUs and local leaders. Strong LGU collaboration is vital in resolving site challenges smoothly, ensuring local community support, and keeping construction unhindered from start to finish.” Lorenz S. Marasigan

MUTUAL FUNDS

September 30, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A200.7 -4.85% -0.96% -1.94% -2.86% -6.25% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.2756 9.31% 16.1% 7.89% 4.9% 5.28% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.6933 -4.7% -1.83% -2.45% -4.61%-5.53% CLIMBS SHARE CAPITAL EQUIT Y INVESTMENT FUND CORP. -A 0.7441 1.2% 3.04% 0.29% N.A1.35% FIRST METRO CONSUMER FUND, INC. -A 0.4807 -15.18% -9.57% -8.53% N.A -13.56% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.0962 -6.46% -3.7% -3.95% -2.76% -6.33% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6115 -4.39% -3.65% -3.86% N.A-4.84% MBG EQUIT Y INVESTMENT FUND, INC. -A 65.14 -23.76% -9.21% -7.41% N.A -27.18% PAMI EQUIT Y INDEX FUND, INC. -A 39.9365 -2.47% -1.99% -2.62% -2.5% -3.44% PHILAM STRATEGIC GROWTH FUND, INC. -A 420.81 -4.96% -1.36% -2.43% -2.65% -6.39% PHILEQUIT Y DIVIDEND YIELD FUND, INC. -A 1.5226 3.1% 9.08% 4.26% 1.61% -2.48% PHILEQUIT Y FUND, INC. -A34.0623 0.7% 0.95% -0.41% -0.87% -1.07% PHILEQUIT Y MSCI PHILIPPINE INDEX FUND, INC. -A 0.9061 5.27% 2.53% 0.36% N.A 2.07% PHILEQUIT Y PSE INDEX FUND, INC. -A 4.3319 -1.44% -0.91% -1.55% -1.65% -3.08% PHILIPPINE STOCK INDEX FUND CORP. -A 712.72 -1.92% -1.29% -1.88% -1.83% -3.03% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6814 -0.29% 0.92% -0.7% -2.86% -2.95% SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A 2.9727 -8.28% -3.45% -3.81% -3.37% -7.38% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.7982 -2.12% -1.73% -2.25% -2.1%-3.13% UNITED FUND, INC. -A3.47623.18% 4.34% 1.28% 0.05% 5.74% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 1.0012 -1.81% -1.32% N.A N.A -3.07% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 1.0041 -3.64% N.A N.A N.A -3.78% PHILEQUIT Y ALPHA ONE FUND, INC. -A 0.8628 -7.45% -4.86% -4.58% N.A -8.63% PHILIPPINE STOCK INDEX FUND CORP. -A 860.38 -1.87% -1.47% N.A N.A -2.94% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUIT Y EXCHANGE TRADED FUND, INC. -A,C,1 97.2541 -1.62% -1.1% -1.57% -1.43%-2.76% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.2467 26.26% 16.13% 1.67% 3.14% 21.69% SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A $2.445 14.65% 17.52% 6.38% 8.83% 9.92% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) PHILEQUIT Y GLOBAL FUND, INC. -A 1.0827 N.A N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1236 0.18% -0.17% -0.79% -1.1% -0.78% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6818 4.66% 4.89% 0.13% -0.72%2.78% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4336 -0.73% -0.62% -1.59% -0.76% -1.15% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2237 -2.06% 5.35% 2.71% N.A-3.54% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9359 0.42% 0.05% -0.29% 0.14% -3.33% PAMI HORIZON FUND, INC. -A3.6297 -1.57% 1.46% -0.24% -0.51% -4.23% PHILAM FUND, INC. -A15.3398-3.38% 0.2% -1.39% -1.06% -4.19% SOLIDARITAS FUND, INC. -A2.0537 -0.81% 0.92% -0.05% -0.35% -2.22% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.2997 -4.06% -0.37% -1.52% -1.45%-3.62% SUN LIFE PROSPERIT Y DYNAMIC FUND, INC. -A 0.8652 -5.23% -0.7% -0.81% -1.24% -5% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.7 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2028, INC. -A 0.9766 0.96% 1.77% -0.19% N.A -0.22% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8254 -0.79% -0.25% -1.84% N.A -1.95% -0.8% -2.37% N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.793 -0.96% -2.24% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03308 -1.81% 1.33% -2.79% -0.85% -3.56% PAMI ASIA BALANCED FUND, INC. -B $1.1497 -4% 10.41% 1.47% 2% -4.98% SUN LIFE PROSPERIT Y DOLLAR ADVANTAGE FUND, INC. -A $5.6211 8.62% 12.72% 3.55% 5.71%5.3% SUN LIFE PROSPERIT Y DOLLAR WELLSPRING FUND, INC. -A $1.2053 3.7% 7.84% 0.51% 2.32%1.85% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 425.04 2.28% 3.21% 2.63% 2.52% 1.2% ATRAM CORPORATE BOND FUND, INC. -A 1.9906 2.31% 1.31% 0.64% 0.4% 1.64% COCOLIFE FIXED INCOME FUND, INC. -A 3.6077 1.53% 3.12% 2.17% 3.16% 0.22% EKKLESIA MUTUAL FUND, INC. -A 2.4395 0.32% 2.9% 1.56% 1.39% -0.53% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.4999 -2.05% 1.12% 0.56% 1.11%-2.69% PHILAM BOND FUND, INC. -A4.5096 -1.41% 2.41% 0.25% 0.72% -2.18% PHILAM MANAGED INCOME FUND, INC. -A 1.5467 2.82% 4.52% 3.27% 2.95% 1.76% PHILEQUIT Y PESO BOND FUND, INC. -A 4.3268 1.19% 2.89% 1.71% 1.91% 0.32% SOLDIVO BOND FUND, INC. -A1.1318 2.05% 2.9% 1.86% 1.7% 1.01% 3.4477 SUN LIFE OF CANADA PROSPERIT Y BOND FUND, INC. -A -2.31% 2.12% 1.47% 2.02% -2.62% SUN LIFE PROSPERIT Y GS FUND, INC. -A 1.8316 -2.03% 1.85% 1% 1.43% -2.8% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0175 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $531.98 1.41% 2.82% 1.74% 1.9% 0.55% ALFM EURO BOND FUND, INC. -A Є221.33 -0.71% 1.59% 0.1% 0.42% -1.09% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0439 -3.26% 1.08% -2.7% -0.77% -2.89% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0251 -4.92% 1.36% -0.7% 0%-5.28% PAMI GLOBAL BOND FUND, INC. -B $1.0454 -1.91% 7.97% 0.23% -0.59% -1.38% PHILAM DOLLAR BOND FUND, INC. -A $2.3695 -3.98% 3.02% -0.99% 0.34% -4.46% PHILEQUIT Y DOLLAR INCOME FUND, INC. -A $0.0627283 -2.32% 1.16% -0.05% 1% -2.67% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.8653 -2.27% 3.46% -1.81% -0.69%-2.29% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1896 2.76% N.A N.A N.A 1.99% ALFM MONEY MARKET FUND, INC. -A 153.15 4.09% 4.11% 3.21% 2.88% 2.87% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2278 3.45% 3.79% 3.07% N.A2.51% SUN LIFE PROSPERIT Y PESO STARTER FUND, INC. -A 1.5186 3.48% 3.6% 2.99% 2.77% 2.5% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.32 4.04% 4.29% N.A N.A 2.96% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLLAR STARTER FUND, INC. -A $1.1974 2.48% 3.3% 2.49% N.A 1.79% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.1013 2.73% 3.88% N.A N.A 2.15% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.8197 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUIT Y INDEX FEEDER FUND, INC. -A 2.5613 25.06% 23.52% 14.18% N.A18.03% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.1788 7.81% 6.84% N.A N.A 5.66% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7844 -4.2% 1.04% -4.35% N.A -3.16% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - RENAMING WAS APPROVED BY THE SEC LAST AUGUST 27, 2026 (FORMERLY, FIRST METRO PHIL. EXCHANGE TRADED FUND, INC.) “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no

warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

pifa.com.ph to see the latest NAVPS/NAVPU.”

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Can bankers become heroes?

N contemporary society, the archetype of a hero has evolved far beyond capes and battles; heroism now often manifests in institutions and professions that safeguard the well-being of communities and nations. Among such modern guardians, bankers occupy a critical yet often underappreciated role. While their work is less visually dramatic than that of first responders or soldiers, the scope and impact of their contributions classify them as unsung heroes of the financial era. At the core of a functioning economy lies trust—trust that savings are secure, businesses can access capital, and governments can maintain public services. Bankers foster this trust by managing financial resources, assessing risks, and allocating funds productively. Their diligence helps prevent minor market perturbations from escalating into crises. During the 2008 financial turmoil, ethical bankers were crucial in stabilizing institutions and restoring confidence in the system. Bankers are not merely custodians of money; they are catalysts for growth. By providing loans, investment advice, and strategic financing options, they empower entrepreneurs to transform visionary ideas into concrete enterprises. Each loan approved, each investment facilitated, represents potential jobs created, innovations unleashed, and communities strengthened. In this sense, bankers serve as vital intermediaries between aspiration and realization, fostering economic mobility and social progress. Modern economies are entangled in a web of global interdependencies, making financial crises potentially devastating. Bankers, particularly those specializing in risk management and financial oversight, function as navigators through this uncertainty. They anticipate potential pitfalls, design contingency strategies, and ensure liquidity flows even during turbulent times. Their foresight protects individual livelihoods, corporate health, and national economic integrity, positioning them as frontline defenders against invisible threats. The heroism of bankers is also ethical and civic in nature.

Responsible bankers champion transparency, financial literacy, and equitable access to banking services. Initiatives that promote fair lending, support underserved communities, and integrate sustainable investment practices reflect a moral commitment to societal welfare. By navigating the delicate equilibrium between profit and public good, bankers exemplify principled heroism in an era where economic and human challenges are deeply intertwined. Calling bankers modern-day heroes is no overstatement. Bankers deserve recognition not for wielding swords on battlefields, but for steering society’s complex machinery through financial strategy, ethical stewardship, and visionary leadership. Exemplifying this ethos, Rolando R. Avante, president and CEO of Philippine Business Bank, was celebrated as “Asia’s Modern Hero” on September 25, 2026, at Okada Manila. This prestigious award honors his transformative leadership, unwavering commitment to inclusive economic growth, and pioneering initiatives that empower small and medium enterprises while promoting sustainable finance. In an era marked by digital disruption, climate-related risks, and rapidly evolving markets, Avante’s example demonstrates that heroism thrives in the corridors of finance; vigilance, insight, and principled guidance are as vital to the resilience of modern civilizations as courage is on traditional battlefields. Through his achievements, Avante not only ensures economic stability but also embodies a vision of banking as a powerful force for societal good, demonstrating that modern heroes can rise from the world of finance—not in capes, but often in a PBB shirt. For more information, visit www.bmap.org. ph or https://facebook.com/BankMarketingAssociationPH. Judith C. Songlingco is the head of Corporate Affairs and Brand Marketing at Philippine Business Bank (PBB) and the Secretary of the Bank Marketing Association of the Philippines (BMAP). She can be reached via judith.songlingco@yahoo. com. The writer’s views and her written piece do not necessarily reflect those of the BusinessMirror, the PBB and the BMAP.

Editor: Dennis D. Estopace • Thursday, October 1, 2026

Loans in foreign currencies up 5.6% to $16.31B in Q2 By Andrea E. San Juan

NCREASED borrowing from export-oriented firms and industry activities drove banks’ foreign currency loans in the second quarter of 2026 higher, data from the Bangko Sentral ng Pilipinas (BSP) showed.

The $16.31 billion amount borrowed in foreign currency is 5.6-percent higher than the $15.44 billion in the previous quarter. The secondquarter figure is also higher by 2.4 percent, than the $15.928 billion in the second quarter of last year.

Of the total outstanding loans handled through banks’ foreign currency deposit units (FCDUs), $11.65 billion or 71.5 percent were extended to Philippine-based borrowers while the rest went to nonresidents.

The BSP said in a statement that banks collected $11.20 billion in loan payments in the second quarter. According to the central bank, major Philippine-based borrowers included: companies from towing, tanker, trucking, forwarding, personal, and other industries ($3.07 billion or 26.3 percent); merchandise and service exporters ($2.85 billion or 24.5 percent); and power generation companies ($1.86 billion or 16 percent). Most loans had maturities of more than a year. These mediumterm to long-term loans made up 73.3 percent of the total, down from 77.1 percent in the previous quarter. Of the outstanding loans, $11.99 billion were disbursed in the second quarter of 2026, when the peso slid

to an average of P61.30 to the greenback, based on the BSP’s monthly exchange rate data. The FCDU loans grew despite the peso’s weakness, a slowing economy and oil price shocks due to the war between the US and Iran. Meanwhile, deposits in foreign currencies as of end-June amounted to $60.11 billion, down by 0.9 percent from $60.67 billion as of the same period last year. FCDUs conduct foreign currency transactions for local banks or local branches of foreign banks authorized to do so by the BSP. “These loans support economic activities that require foreign exchange, such as importers, businesses, and individuals with foreign currency transactions,” the central bank explained.

JTI PHL: Unified tax to level playing field in tobacco trade By Reine Juvierre Alberto @reine_alberto

UALA LUMPUR—JT International (Philippines) Inc. (JTI PHL) is backing the government’s plan to impose unified excise taxes on liquids used in electronic cigarettes to “level the playing field” for tobacco manufacturers and traders. JTI PHL Corporate Affairs and Communications Director Shaiful Mahpar told reporters flown here from Manila the company also believes the unification of the tax rate would “prevent smuggling and also to allow the government to gain the [fair share of] revenues.” “This measure would at least prevent technical smuggling, would make everyone pay their rightful amount of taxes, and basically also level the playing field,” Mahpar said. The Department of Finance (DOF) is currently pushing for a unified excise tax rate of P72.9 per

milliliter for nicotine salt and per 2 milliliters for freebase starting 2027, with 5 percent indexation beginning 2028. The new proposal to increase the tax rate for e-cigarettes in the Philippines is a timely thing, according to Mahparl. Currently, e-cigarette liquids are taxed at different rates, with conventional freebase or classic nicotine at only P6.61 per milliliter and P57.33 per milliliter for nicotine salt.

Higher incidence

ACCORDING to Mahpar, the different tax rates create a strong incentive to misdeclare products and pay the lower rate to avoid higher levies. The problem is that customs authorities cannot tell whether an imported e-liquid is freebase or nicotine salt by simply looking at the product, as it requires laboratory testing, he added. Aside from a unified tax rate for vape liquids, the DOF is also propos-

ing a P72.9 per 2 grams or 2 milliliters for novel tobacco products. However, increasing the taxes on these products can lead to a higher incidence of illicit trade, Japan Tobacco Inc. Anti-Illicit Trade Operations Regional Director Valentin Dinca said. Dinca cited Australia as an example saying its very high excise taxes expanded the black market, credited for 80 percent of sales of all tobacco and nicotine products in 2025.

‘Whole-of-society’ approach

NONETHELESS, Dinca said he’s “comfortable at this point with whatever the [Philippine] government decides, simply because I know the authorities will do their job.” But, Dinca said, “whatever tax increase happens, the authorities need to be able to match it with enforcement actions.” He noted that while the Philippines has made strides in combating illicit trade, Manila should move from a “whole-of-government” tack

to a “whole-of-society” approach. The latter, Dinca explained, connects public authority with the actors who shape markets, information and community behavior; an approach that could sustain momentum in government’s attempt to stamp out illegal tobacco trade. The Philippines, along with Malaysia, Indonesia and Vietnam, account for roughly 95 percent of illicit tobacco consumption in Southeast Asia due to high excise and price differentials between markets, porous marine borders, weak enforcement and established organized crime logistics. The government lost an estimated P141 billion in revenues from illicit cigarette and vape trade in 2024 and 2025, according to findings from the EU-Asean Business Council and Euromonitor International’s report. JTI PHL’s parent, the Tokyo, Japan-headquartered Japan Tobacco Inc. sells heated tobacco products and e-cigarettes under the “Ploom” and “Logic” brands, respectively.

Higher prices force Pinoys to set aside future spend By VG Cabuag

@villygc

OUNTING economic pressures, such as higher commodity prices, force many Filipinos to prioritize household expenses over preparing for long-term goals, a study showed. The “Purple Report” by East West Ageas Life Insurance Corp. revealed that higher prices are limit Filipinos’ financial flexibility, with 43 percent of those polled claiming that their financial situation worsened in the second quarter of 2026.

About 56 percent of the respondents are now cutting back on their budgets to prioritize basic needs. About 52 percent of those polled said they are closely monitoring expenses while 42 percent are reducing nonessential spending. These figures show the tension between planning for the future and meeting immediate needs, East West Ageas said. And Filipinos are future-proofing their lives, the poll shows. About 9 in 10 Filipinos prioritize creating financial buffers for their

families to protect them from rising prices, a lack of emergency funds and unstable or insufficient funds. It added that 8 out of 10 Filipinos value securing resources for their families’ future and well-being, children’s education, retirement and financial independence. Filipinos also recognize the importance of saving for potential health emergencies, with 6 out of 10 looking for funds to cover hospitalization costs amid gaps in health insurance coverage, the insurance firm said. “The previous quarter saw in-

surance penetration increase from 1.79 percent to 1.96 percent, a positive sign that the insurance industry’s efforts to financially empower more Filipinos are slowly paying off,” Sjoerd Smeets, the insurance firm’s president and CEO, said. “To accelerate this, we hope the public and private sectors continue collaborating on financial literacy programs that can help more Filipinos see insurance as a reliable option for building a secure future,” Smeets, also Philippine Life Insurance Association (PLIA) president, added.

US dollar enjoys best month on Fed’s inflation fight Foreign money flees India again as oil spike, rising yields dismantle policy gains By Anya Andrianova

HE dollar is wrapping up its best month since June after the Federal Reserve’s renewed focus on taming inflation pushed interest-rate expectations and US bond yields higher. The Bloomberg Dollar Spot Index has risen 1.8 percent in September, touching the highest level in two months. Solid US economic data and heightened inflation risks have been lifting the currency. The war in Iran has kept energy prices elevated and pushed Treasury yields to historical peaks, with the 30-year reaching the highest level since 2002. The market is now pricing in nearly one percentage point of Fed rate increases in the next 12 months, further strengthening the greenback. “The dollar has continued to take its cue from US data,” said Jayati Bharadwaj, head of foreign-exchange strategy at TD Securities. “US data surprises are the directional signal for the dollar in the near term and whether the Fed can hike close to how much the markets are priced for.” The rally that followed the Fed’s

first rate hike in three years continues to be fueled by policymakers’ hawkish remarks. Fed Governor Michael Barr on Tuesday reiterated his warning that more rate increases will likely be needed to slow inflation. Similarly, New York Fed President John Williams said one more rate hike “may be appropriate late this year to support a timelier return of inflation to target.” Widening interest-rate differentials and robust US economic growth are also forcing dollar bears to rethink their positions. Morgan Stanley recently abandoned its long-held view that the dollar will weaken in the second half of 2026. Traders are now closely watching the September jobs report set for this Friday, which will test aggressive monetary tightening bets. The US is also scheduled to release the personal consumption expenditures price index for August, the Fed’s preferred measure of inflation, on Wednesday. Inflation risks are elevated across the globe, but not all economies are positioned to withstand more aggressive rate increases. The expectation of the rates-path differentials is guiding the

dollar outlook against its peers. All Group-of-10 currencies except the yen have weakened against the dollar in September. The rising risks of Japanese authorities stepping into the foreignexchange market and expectations of more rate hikes from the Bank of Japan are supporting the yen. Options pricing shows traders favor the greenback across tenors. So-called risk reversals, a measure of bullish versus bearish demand, are near their strongest pro-dollar levels since June. However, some indicators suggest the dollar’s run may be tiring. A measure of the greenback’s momentum climbed above 70 on Tuesday, indicating it might be overbought. On Sept. 24, Bloomberg’s relative strength index for the dollar had reached overvalued territory as well. “We think the dollar is beginning to look stretched,” said Noah Buffam, strategist at CIBC Capital Markets. Kamakshya Trivedi, global head of foreign exchange and interest rates forecasts at Goldman Sachs Group Inc., expects the dollar to trade within its current range, predicting the Fed will only raise rates one more time in October. Bloomberg

VERSEAS investors are turning sellers of Indian assets again as surging oil prices and rising global yields threaten to derail a recent revival in demand. Global funds have sold $2.1 billion of local equities so far this month, following two straight months of purchases. Outflows from index-eligible sovereign bonds are also picking up, with foreigners selling $1.1 billion this month—on track for the biggest outflow since March—after record inflows in June. The rupee is among Asia’s worst performers this quarter despite robust inflows from a special dollar deposit program, while the 10-year government bond yield hit a two-year high this week. The renewed selling is snuffing out a nascent recovery in foreign demand following an unprecedented stretch of underperformance by Indian stocks against regional peers. Resurgent oil prices are weighing on the rupee and stoking inflation in an economy heavily reliant on imports, leaving policymakers with limited scope to cushion markets despite a series of earlier measures to

attract foreign capital. “Oil will be the biggest factor determining whether India sees renewed foreign outflows,” said Gautam Chhaochharia, head of global markets India at UBS Group AG. The bank expects Indian stocks to remain range-bound in the near term, with valuations, share supply and high oil prices likely to limit the scope for gains. On Wednesday, the benchmark NSE Nifty 50 Index closed at a six-month low as foreign outflows continued. Global funds sold a net 100 billion rupees ($1 billion) of shares on Tuesday, according to provisional data, which if confirmed would mark the biggest withdrawal since late May. The retreat by global funds isn’t confined to India, with markets from Korea to Taiwan also seeing outflows after attracting money in August. The reversal in the South Asian nation follows an improvement in foreign demand earlier in the quarter. Despite September’s selling, overseas funds have bought a net $2.7 billion of Indian shares since July, putting the country on track for its first quarterly inflow since April-June last year.

Policymakers have also taken steps to support the rupee. Banks garnered $133 billion from a special diaspora program. The dollars have been swapped with the Reserve Bank of India, which briefly pushed up reserves to a record $785.7 billion. Still, the central bank has been selling dollars to support the rupee as elevated energy prices weigh on the currency. “The recent foreign selling should be viewed primarily in the context of the broader global bond-market correction, rather than as a fundamental reassessment of India,” said Fesa Wibawa, investment manager of fixed income Asia at Aberdeen Investments. The pullback offers an opportunity to gradually increase exposure, he said. Even so, higher global yields are making it hard for India to attract overseas capital as investors pull away from most emerging markets. Foreign funds have yanked more than $45 billion from Indian stocks since the end of 2024, partly as money flowed toward northern Asian markets with exposure to the artificial intelligence trade. Bloomberg

Health&Fitness BusinessMirror

B4 Thursday, October 1, 2026

Editor: Anne Ruth Dela Cruz

When standard medicines don’t meet the patient’s needs By Anne Ruth Dela Cruz

PRESENT at the Ascend Rx official launch were, from left, Xenia Ruth Limatoc, Head of Regulatory and Compliance, AIX Ventures Corporation; Benjamin G. Topacio, Director and Head of Sales, AIX Ventures Corporation; Marjorie Manrique-Vizco, RPh, Director and Head of Compounding, AIX Ventures Corporation; Sofia AlbertoLista, Business Development Consultant, AIX Ventures Corporation; Hudson Polonini, BPharm, MSc, PhD, Global R&D Leader, Fagron, and Dr. Victor Zapanta, Neonatologist.

HEN commercially available medicines do not meet a patient’s specific medical needs, pharmaceutical compounding can provide an alternative formulation based on a physician’s prescription. This was the focus of the formal Philippine launch of Ascend Rx Specialty Compounding Pharmacy, which took place during the PRIMA (Philippine Regenerative and Integrative Medical Association) ASEAN Congress on Longevity, Regenerative Medicine, and Human Optimization at the Grand Hyatt Manila, where Ascend Rx served as the Philippine Regenerative and Integrative Medical Association’s (PRIMA) official specialty compounding partner. The September 24-26, 2026, congress brought together physicians, healthcare professionals, researchers, educators and advocates to discuss developments in longevity, regenerative and integrative medicine. Ascend Rx, a physician-focused specialty compounding pharmacy under AIX Ventures Corporation, said it seeks to support physicians and healthcare institutions with personalized pharmaceutical solutions for patients whose prescribed needs may require a different strength, dosage form or formulation not met by commercially available medicines. “Compounding is not simply about providing medication. It is a specialized pharmaceutical discipline that requires licensed pharmacists, appropriate facilities, established procedures, and close collaboration with physicians,” said Xenia Ruth Limatoc, head of regulatory and compliance at AIX Ventures. “Specialty compounding can provide physi-

cians with an additional option when a commercially available medicine does not appropriately meet a patient’s prescribed needs, such as when a different strength, dosage form, or formulation is required,” she added.

Physician-pharmacist collaboration

A COMPOUNDED medicine is prepared for an individual patient based on a physician’s prescription. It may be considered when a commercially available medicine does not provide the required strength or dosage form, when a patient has difficulty taking the available formulation, or when a needed product is not commercially available. Benjamin G. Topacio, director and head of sales of AIX Ventures, said compounding can bridge gaps between standard medications and individual patient requirements. Depending on the prescription, a formulation may involve a different strength or dosage

form. An oral medicine, for example, may be prepared in another form for an elderly patient who has difficulty swallowing, while flavoring may be added to improve palatability for children. Compounding may also be used when a medication is not commercially available or is in short supply. Marjorie V. Manrique-Vizco, director and head of compounding at AIX Ventures, said compounding is a distinct area of pharmacy practice because pharmacists participate directly in the preparation of medications. The pharmacist’s role can include qualifying raw-material suppliers, assessing formulations, determining whether a preparation is feasible and supervising the process through dispensing. The company’s pharmacist-to-physician model calls for physicians to determine the patient’s clinical needs and provide the prescription, while pharmacists assess the feasibility

of preparing the prescribed formulation and provide pharmaceutical expertise on considerations such as strength and dosage form.

Quality and compliance

THE individualized nature of compounded medicines also requires quality-control measures. Manrique-Vizco said Ascend Rx conducts internal quality checks and third-party testing. For sterile preparations, she said sterility and endotoxin testing are conducted before products are dispensed. Limatoc said quality control begins with the raw materials. Suppliers are checked for licensing, while manufacturers are required to provide documentation including certificates of good manufacturing practice and certificates of analysis. Ascend Rx operates under Philippine Food and Drug Administration licenses covering sterile compounding, non-sterile complex compounding and the dispensing of vaccines and biologicals. The company is also licensed by the Philippine Drug Enforcement Agency to dispense customized formulations containing regulated drugs, subject to applicable regulatory controls. Its laboratory is designed to support compliance with USP <795> requirements for nonsterile preparations and USP <797> for sterile preparations, with specific controls aligned with USP <800> for hazardous drugs. During the media briefing, Limatoc explained that, based on the Philippine FDA requirements discussed at the event, compounded medicines are not registered individually in the same manner as commercially manufactured medicines. Instead, the facility

and its processes are subject to licensing and inspection. She also clarified that Ascend Rx describes its preparations as being made by an FDA-licensed facility, rather than referring to the compounded medicines themselves as “FDA-approved.”

Partnership with the medical community

AS PRIMA’s official specialty compounding partner, Ascend Rx used the congress to engage healthcare professionals on responsible compounding, personalized pharmaceutical care and physician-pharmacist collaboration. The company also brought international speakers to the congress. Dr. Rebecca Poet, a women’s health specialist based in London, discussed personalized hormone optimization for women’s long-term health, while Hudson Polonini, PharmD, MSc, global R&D director of Fagron, discussed the science and quality behind personalized compounding. At its booth, Ascend Rx presented equipment and sample formulations and engaged physicians on its compounding processes and how doctors can collaborate with pharmacists when a prescription calls for an individualized formulation. Beyond its partnership with PRIMA, Ascend Rx said it plans to work with healthcare professionals, academic institutions, industry stakeholders and policymakers to support the development of pharmaceutical compounding in the Philippines. The company also aims to collaborate with stakeholders and policymakers toward national compounding guidelines and to support professional and academic initiatives, including collegiate internship and educational programs.

Her Next Step: HCCH launches campaign Mendero Hospital opens new radiology center, mobile clinic for comprehensive women’s cancer care By Candy P. Dalizon | Contributor

EALTHWAY Cancer Care Hospital (HCCH), the country’s pioneering specialty cancer facility, has launched its “Her Next Step” campaign to strengthen comprehensive cancer care for women, highlighting new and expanded services from early detection and treatment to fertility preservation and survivorship. Anchored on the message “Every Stage, A Stronger You,” the campaign recognizes the individualized nature of cancer diagnosis and treatment and emphasizes the importance of supporting patients throughout their cancer journey. Among the developments highlighted during the launch were the hospital’s new Brachytherapy Unit and a referral partnership with GenPrime Fertility Manila that provides appropriate oncology patients with access to fertility preservation services before undergoing cancer treatment. HCCH also presented its expanded Women’s Health Services, which brings together screening, diagnostics, treatment and survivorship care.

Targeted radiation treatment

BRACHYTHERAPY is a form of radiation therapy commonly used to treat gynecologic cancers, including cervical, uterine, vaginal and vulvar cancers. Unlike external beam radiation therapy, which delivers radiation from outside the body, brachytherapy involves placing a radiation source inside or immediately adjacent to the tumor. This allows radiation to be delivered directly to the treatment area while limiting exposure to surrounding healthy tissues. Many brachytherapy treatments use high-doserate (HDR) technology, in which radiation is delivered over a relatively short period before the source is removed after the procedure. The number and duration of treatments vary depending on the type and stage of cancer and the patient’s individual treatment plan. In appropriate cases, brachytherapy may be delivered on an outpatient basis, allowing patients to return home after treatment. HCCH’s Brachytherapy Unit is located in the hospital’s Radiation Oncology Department on the lower ground level of its facility in Arca South, Taguig.

Preserving fertility

THE campaign also puts emphasis on fertility preservation, recognizing that cancer treatment can affect a patient’s reproductive health and future familyplanning options. “When someone is diagnosed with cancer, our immediate priority is to provide them with the best possible care and treatment. But caring for a patient also means looking beyond the cancer itself and considering their quality of life and the future they hope to have,” said Dr. Manuel Fracisco Roxas, HCCH president and CEO. HCCH has partnered with GenPrime Fertility Manila to give appropriate cancer patients access to fertility specialists before undergoing treatments that may affect their ability to have children in the future. Located in Parañaque City, GenPrime Fertility Manila provides fertility assessments, fertility preservation and assisted reproductive services, including in vitro fertilization (IVF) and intrauterine insemination

(IUI). It is part of GenPrime Fertility’s international network, which includes clinics in Singapore, Bangkok, Kuala Lumpur and Los Angeles. The partnership brings together HCCH’s cancer care services and GenPrime’s reproductive healthcare capabilities, allowing fertility considerations to be incorporated into treatment planning when appropriate. “For patients who may want to have children someday, fertility can be an important part of that future. Our partnership with GenPrime Fertility Manila allows us to connect appropriate patients with fertility specialists early, so they have the opportunity to understand their options before treatment begins,” Roxas said.

Four pillars of women’s cancer care

HCCH’S expanded Women’s Health Services is organized around four pillars: Know, Understand, Treat and Live. The Know component focuses on prevention and early detection through specialized screening consultations, executive check-ups and HPV vaccination at VaxHub. Under Understand, patients receive diagnostic services and multidisciplinary reviews, supported by international collaborations with institutions including City of Hope, National Cancer Center Singapore and Chang Gung Memorial Hospital. Treat brings together coordinated treatment options, including surgical packages, financial assistance for systemic therapies, external beam radiation and advanced brachytherapy. The Live component focuses on long-term survivorship, with services that include rehabilitation, psychosocial support, fertility preservation through GenPrime, recurrence monitoring and palliative care. Dedicated nurse navigation and referral pathways support patients as they move through the different stages of care. “As we approach Breast Cancer Awareness Month, this becomes even more meaningful. Awareness should not end with knowing that breast cancer exists. It should encourage women to take action—to understand their risk, pursue appropriate screening, seek answers when something changes, and have access to the right care when they need it,” Roxas said. For Dr. Ronald Augustine O. Campos, head of HCCH Gynecologic Oncology, the campaign represents another step toward fulfilling the vision of providing integrated women’s cancer care within the hospital. Campos said the Women’s Health Center now covers a broad range of gynecologic cancer services, including screening and colposcopy, open and minimally invasive gynecologic oncology surgeries, complex benign procedures, chemotherapy, radiation therapy and fertility preservation. “This is more than a list of services. It means that a woman who walks through our doors with fear and uncertainty can find a team that can walk with her from diagnosis to treatment, to recovery, and preserve fertility, and hopefully to survivorship,” Campos said. “In every diagnosis, there’s a story behind it. In every diagnosis, there’s a woman. Behind every woman is a family, and behind every family is a story, a hope, and a future that we are privileged to be part of,” he said. For consultations, the HCCH Women’s Health Clinic may be reached at (02) 7777 4724 or (0917) 128 3527.

By Carmel Pedroza | Contributor

EBU CITY—Residents of Northern Cebu now have access to advanced diagnostic services closer to home following the launch of Mendero Hospital’s new Radiology Center and Mobile Clinic, highlighted by a 128-slice computed tomography (CT) scanner equipped with artificial intelligence (AI) technology. The new facilities are expected to reduce the need for patients from Northern Cebu to travel to Cebu City for diagnostic procedures, particularly those from Consolacion, Liloan, Danao City and Compostela, which account for a significant portion of the hospital’s patient base.

From disaster to upgrade

DR. Samuel Mendero III, speaking during the launching and blessing, said the new radiology facility reflects the hospital’s response to challenges it faced, including damage caused by Typhoon Tino in November 2025. The disaster destroyed the hospital’s ground floor, including its laboratory and previous 16-slice CT scanner. “Here in Mendero, we look at challenges or these problems as opportunities for us,” Mendero said, adding that the new facility is a testament to the hospital’s resilience. Instead of simply replacing the damaged equipment, the hospital upgraded to a 128-slice CT scanner. Mendero said the scanner’s AI capability allows it to deliver performance comparable to a higher-slice system, enabling faster imaging. “Because of AI, it’s considered 256-slice, actually,” he said. The new technology is expected to reduce scanning time to less than five minutes, compared with the longer procedure required by the previous 16-slice scanner.

Mendero said the faster scanning process could improve both hospital operations and patient comfort. With the upgrade, the hospital expects its CT-scan capacity to increase from its current average of eight to 12 patients a day to at least 24, potentially reaching 30 to 40 patients daily.

Serving northern Cebu

THE hospital currently serves patients primarily from nearby northern municipalities. About 30 percent of its patients come from Consolacion, another 20 to 30 percent from Liloan, 10 percent from Danao and 5 to 10 percent from Compostela, according to Mendero. Cebu provincial health consultant Dr. Elisse Nicole Catalan-Viscayno welcomed the development, saying improved access to healthcare services in Northern Cebu is important because “minutes matter” in healthcare. She said the facility represents an opportunity for the government and private sector to work together in providing quality and accessible services to Cebuano patients. Consolacion Mayor Teresa “Nena” Alegado likewise underscored the importance of having advanced diagnostic services outside Cebu City. “With this kind of facility we have, people could be assured that before they get the treatment, things are already properly evaluated,” Alegado said. She said the municipality would also welcome the eventual addition of an MRI facility to complement the hospital’s diagnostic capabilities.

Taking healthcare to communities

ASIDE from the Radiology Center, Mendero Hospital launched a Mobile Clinic intended to bring medical services directly to communities, particularly patients who

may have difficulty traveling to the hospital. The hospital is already coordinating with partner local government units and health maintenance organizations for medical caravans, with schedules being finalized. The mobile clinic will offer customized packages based on the needs of the communities it serves. A basic package covering five services—including X-ray, urinalysis, complete blood count and physical check-up—will have a baseline price of P650, according to Mendero. He said other packages can be customized depending on the requirements of each community, while applicable discounts for senior citizens will also be provided. For the hospital’s regular services, Mendero said the facility aims to keep its prices at least 15 to 20 percent lower than those of other hospitals. The hospital also accepts major HMOs and works with government agencies to help patients access financial assistance.

Plans for further expansion

THE expansion forms part of Mendero Hospital’s broader goal of developing the facility into a major medical center for Northern Cebu. Mendero said the hospital plans to add 10 more dialysis chairs, consider investing in an MRI machine, and construct 15 to 20 suite rooms on the fifth floor to respond to demand for more premium hospital accommodation. “Our goal really was to be the main medical center for the north of Cebu. The patients coming from the north won’t have to go all the way to the city anymore,” he said. He added that the hospital will continue to bring in more medical specialists to expand the services available to patients in the region.

Medical Center Imus opens HMO Lounge with Cavite’s first Agora Pod By Rizal Raoul S. Reyes | Contributor

EDICAL Center Imus (MCI) has opened a new HMO Lounge featuring what it describes as the first Agora Pod in Cavite, providing Intellicare and Avega members with a self-service option for securing Letters of Authorization (LOAs). Located on the third floor of MCI, the HMO Lounge is designed to provide a dedicated space for HMO members to process administrative requirements, including LOAs for consultations and diagnostic procedures. The Agora Pod operates alongside MCI’s Integrated Queueing System for consultations and diagnostics, allowing patients to complete administrative and clinical processes within the hospital’s outpatient facility.

Expansion of services

KENNETH JOSEPH P. VENERACION, deputy chief executive officer of MCI, said the new facility forms part of the hospital’s effort to expand its services for HMO and insurance patients. “Our mission is to bring ‘Care & Cure Within Reach,’ which means removing every possible point of friction in our patients’ healthcare journey,” Veneracion said. “By opening our new HMO Lounge, we are making it

significantly easier for our HMO and insurance patients to generate their LOAs and get the medical attention they need without unnecessary delay,” he added. Veneracion said the introduction of the Agora Pod also supports MCI’s digital transformation initiatives as part of the Metro Pacific Health (MPH) network. The lounge and self-service kiosk are now operational and available to Intellicare, Avega and affiliated HMO cardholders.

Expanding access in Cavite

ESTABLISHED in 2002, MCI was the first medical center in Imus and serves patients from Imus, Bacoor and other communities in Cavite’s 3rd District. The hospital currently has more than 40 specialty clinics and more than 200 specialists, consultants and primary-care physicians. Its services include cardiology, oncology, nephrology, neurology, pulmonology, endocrinology, gastroenterology, neurosurgery, orthopedic surgery, thoracic and cardiovascular surgery, urology, obstetrics and gynecology, pediatrics and ophthalmology. MCI also provides emergency and trauma care, as well as intensive-care services for medical, neurological, cardiovascular, surgical, pediatric, trauma and obstetric cases. Its facilities include a neonatal

intensive care unit and bedside hemodialysis services. The hospital’s expanded outpatient and emergency services are intended to provide residents with access to a wider range of healthcare services closer to home, particularly as Cavite’s population and economic activity continue to grow.

Broader integration

MCI’S development is also linked to its integration into the broader Metro Pacific Health network. MPH acquired a 70.4-percent stake in the hospital in 2023, making MCI its first hospital investment in Cavite. At the time of the acquisition, MCI was a 90-bed Level 2 hospital, with capacity to expand to 120 beds. MPH said the hospital served the communities of Imus and Bacoor, which had a combined population of about one million at the time. Through its membership in the MPH network, MCI is part of a broader system of hospitals and outpatient centers that provides opportunities for referrals and access to medical expertise across the network. The new HMO Lounge and Agora Pod add another layer to MCI’s outpatient services by providing HMO members with a dedicated facility for administrative processing before their consultations and diagnostic procedures.

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PBBM, EU prexy lead formalization of FTA

HREE years after she visited Manila in 2023, President Ursula von der Leyen spoke with President Ferdinand R. Marcos Jr. on September 22, as the European Union (EU) and the Philippines concluded talks on their free trade agreement. President von der Leyen welcomed the positive outcome and thanked the negotiating teams for their hard work and commitment, led on the EU side by Commissioner for Trade and Economic Security Maroš Šefčovič. According to the EU Delegation, the mutually beneficial agreement should bring tangible benefits, including new opportunities for businesses, more investment and more jobs. “It will also support shared priorities on sustainable development and the clean and digital transitions. Given the challenging geopolitical and geoeconomic context, the two leaders also underlined the importance of working with like-minded partners across the world to ensure open, fair and predictable trade,” the embassy of the EU said. Von der Leyen congratulated

MARCOS Jr. and von der Leyen FB: BONGBONG MARCOS

Marcos Jr. on the Philippines’ Asean chairship. She reaffirmed the EU’s commitment to concluding similar ambitious free trade agreements across the region. She also noted that the deal is an important signal ahead of next year’s 50th anniversary of EUAsean relations. The president looks forward to returning to the Philippines in 2027 to sign the FTA. On regional security, the Philippine president expressed the EU’s solidarity with the Philippines amid aggressive maritime claims and reaffirmed the bloc’s continued support.

Working together to return Ukrainian children, detained civilians and prisoners of war

VERY morning at 9 a.m., Ukraine stops… Across its cities, loudspeakers normally used to warn of incoming Russian air strikes broadcast the steady tick of a clock. City streets full of life fall silent. Traffic lights turn red. Cars stop. For one minute, a country pauses. This is Ukraine’s daily moment of silence: a nationwide act of remembrance for those killed in Russia’s illegal war. In workplaces, homes, schools, markets and on highways, Ukrainians pause to honor those who gave their lives defending their country’s sovereignty and freedom, and remember the thousands of civilians whose lives have been lost to Russia’s aggression. The silence also mirrors the absence felt by thousands of families whose loved ones have yet to come home. Among them are the thousands of Ukrainian children who have been forcibly transferred and unlawfully deported by Russia over the course of its war. Separated from their families and communities, many have had parts of their core identity stripped away: their language, their culture, and even their names. Others are civilians unlawfully detained in territories temporarily occupied by Russia. Many have suffered consequences for teaching their language, practicing their culture, speaking out against occupation, or sharing the truth about what they have witnessed. Some have been transferred to detention facilities in Russia, where they are held without due process, denied contact with loved ones, deprived of adequate medical care, and shielded from independent monitoring.

Human-centered stories

FOR Ukrainian prisoners of war in Russian custody, conditions remain similarly concerning. Returnees have reported harsh treatment, while independent bodies have documented widespread abuse, including torture and sexual violence. These are not side effects of Russia’s war. Its actions are repeated and well-documented violations of international law, carried out at scale, in an attempt to bend the will of the Ukrainian people.

Norway guides PHL’s electric ferry initiatives T By Rizal Raoul S. Reyes

BUILDING A PATHWAY TO PEACE:

By Ambassadors David Hartman (Canada), Kristian Netland (Norway), & Yuliia Fediv (Ukraine)

Thursday, October 1, 2026

Behind every case is a human story: a parent waiting for a child, a spouse waiting for a phone call, a family waiting for someone to come home. We know that the true measure of peace is found in these humancentered stories. It is found in a child returned to their family, a civilian released from unlawful detention, a prisoner of war reunited with loved ones, and a community given the chance to heal and rebuild. The scope of this issue is immense, and no country or organization can address it alone. Success requires sustained cooperation among governments, international organizations, humanitarian actors, and civil society.

HE Kingdom of Norway could help the Philippine government achieve its sustainability goals in marine transportation. A local delegation composed of maritime transport representatives from the public and private sectors recently traveled to the Nordic country to study the possible introduction and adoption of electric ferry (e-ferry) network systems. Ambassador Kristian Netland of Norway is optimistic about the potential partnership between Oslo and Manila on marine transport: “As the Philippines pursues a more sustainable and modern maritime sector, we see great potential for cooperation and look forward to sharing Norwegian experience and innovation in support of the country’s green transition.” Organized by the Royal Norwegian Embassy in Manila in partnership with Innovation Norway and

Maritime Cleantech, the four-day exposure provided a comprehensive demonstration of the advanced technologies that operate Norway’s worldclass e-ferry network. It included sessions on the policy and market requirements to facilitate the green transition, on-site visits, and presentations from Norwegian e-ferry experts, technology providers, and local operators. According to the embassy, the development is aligned with current government thrusts to shift to electric public transportation. Officials from the Department of Transportation, Maritime Industry Authority or MARINA, Archipelago Philippine Ferries Corp., AD&V Business Consultancy and Outsourcing, Follosco Morallos & Herce, and the World Bank attended

PHILIPPINE delegation of maritime transport representatives visited Norway to explore green transition in maritime transportation. NORWAY IN THE PHILIPPINES

the sessions. In November 2025, the first Norway-Philippines Electric Ferries Conference in Manila highlighted the ambition to build a high-frequency, low-carbon commuter ferry network connecting Metro Manila with neighboring provinces. The Philippine government has since underscored the urgency of climate action, saying that decarbonization is not merely a compliance task, but a national imperative for survival and resilience. Netland said continued cooperation between Norway and the Philippines supports efforts to use cleaner

Taiwan companies keen on venturing into PHL S

SMU launches Asia Ready Conversations with India, China & future of Asia dialog

Pathways to Peace

THIS is why Canada, Norway, and Ukraine convened foreign ministers and international partners in Toronto on September 28 and 29 for Pathways to Peace: Second International Conference on Returning Ukrainian Children, Detained Civilians, and Prisoners of War. Building on the progress at the Ministerial Conference on the same topic hosted by our three countries in Canada in 2024, the conference gathered global partners to support Ukraine’s efforts to return, rehabilitate, and reintegrate Ukrainian deported children, detained civilians, and prisoners of war. Their return is a humanitarian imperative and critical to any peace process, helping to build trust and lay the groundwork for a just, lasting, and dignified peace. Every person returned reunites a family. Every family reunited strengthens a community. And every community prospering helps rebuild Ukraine. Each day, millions of Ukrainians pause to remember those who are gone and those who have yet to return. In their remembrance and with extraordinary courage and ingenuity, they also repair what Russia has damaged, care for one another, and strengthen the communities that Russian aggression has sought to tear apart. We hoped that Pathways to Peace mobilized the international community not only to pause with Ukraine in remembrance, but to act alongside it to help bring home every deported child, detained civilian, and prisoner of war.

fuels, reduce transportation costs, and maximize the use of inter-island and inland waterways in the Philippines. Norway is a global leader in electric mobility, pioneering zero-emission transport with the first fully electric commuter ferry MS Ampere in 2015, and the world’s first high-speed eferry MS Medstraum in 2022. When the latter began its voyage on a commuter route in Stavanger, it reduced regional emissions equivalent to taking 30 to 60 buses off the road. It also uses roughly 30 percent less energy than conventional alternatives.

OFFICIALS from Taiwan and the Philippines at the opening ceremony of the Taiwan Expo 2026

ITH Taiwan among the Philippines’ closest partners in Asean, Taiwanese firms are looking to the country as a prime spot to expand their businesses, hoping to build deeper commercial and technology partnerships. At the recent Taiwan Expo 2026, about 125 Taiwanese firms introduced their solutions and services to the Philippines, focusing mainly on potential investments in digital and physical infrastructure and addressing uneven access to essential services across the country. In his opening remarks, Deputy Minister of the Ministry of Economic Affairs Dr. Chin-Tsang Ho said the Philippines and Taiwan already have a strong foundation, as both share important economic and industrial partnerships, especially with complementary industries. “Taiwan and the Philippines have long enjoyed close economic ties with...complementary industries,” Dr. Ho said. “We already have a strong foundation in electronic manufacturing, ICT, semiconductors, smart technologies, and energy, creating even more opportunities for deeper industrial cooperation.” He also hoped the linkage with Japan could include the Philippines, saying the three working together would open new opportunities to explore.

“Through Taiwan-Japan cooperation and fair markets…we can combine Taiwan’s technology and manufacturing strength, Japan’s industrial resources, and the Philippines’ local market and talent to explore new opportunities in smart cities, bring transformation, and industrial operations,” the official added. He also shared that the TaiwanJapan-Philippines Industrial Cooperation Forum took place alongside the event.

Diversifying operations

IN total, Taiwan brought 125 firms to the expo, representing the lifestyle, energy, healthcare, agriculture, and industrial sectors. Additionally, it shone a spotlight on the semiconductor sector. James C. F. Huang, who chairs the Taiwan External Trade Development Council or TAITRA, said on the sidelines of the event that Taiwan companies are looking at the Philippines to diversify their operations. “Because of the restructuring of our proposed partnership, Taiwanese companies are trying to diversify their operations, and the Philippines has become one of the most favorable destinations for Taiwanese companies in electronic manufacturing and semiconductor-related

industries,” Huang explained. “The Philippines is our closest neighbor in terms of Asean-based countries. [It is one of the most vibrant economies in the entire region]...it also has a very young population and a huge domestic market.” When asked which industry would benefit most from this partnership, Huang projected that technologyrelated industries, particularly those incorporating artificial intelligence, would see the most success, especially as they overlap with other sectors such as healthcare. According to him, “We are very interested in working with Filipino companies in the area of new technologies, particularly in the field of AI applications.” He added that they “can be seen in… smart healthcare: they use a lot of [AI] technologies,” and that things like edge computing, industrial PC, automation and smart manufacturing were among the beneficiaries. Huang added that Taiwan companies are interested in working with electronic manufacturing-related industries. He projected that the expo will bring substantial business deals: “We think there’s potential [in TaiwanesePhilippine cooperation]... we estimate that this year’s Taiwan Expo…will facilitate business deals for more than $100 million.” Patrick Villanueva

INGAPORE MANAGEMENT UNIVERSITY (SMU) recently launched Asia Ready Conversations (ARC): a new initiative that brought together students and thought leaders for conversations on the ideas and forces shaping Asia’s future, with an inaugural fireside conversation that featured Mindworks CEO and author of 21 books on business and leadership R. Gopalakrishnan. Titled: “India, China and the Future of Asia Navigating Opportunity and Change,” the session saw Gopalakrishnan in conversation with SMU’s Associate Provost (Postgraduate Professional Programmes) Prof. Themin Suwardy. With more than five decades at the helm of some of India’s most influential businesses, Gopalakrishnan brings a rare perspective on management, leadership and doing business in Asia. A professional manager since 1967, he has held senior leadership roles, including chair of Unilever Arabia, vice chair of Hindustan Lever, and director of Tata Sons. Drawing on this breadth of experience and insights from his book, Chanakya and Sun Tzu: A Business Lens on Trade, Thought and Travel, which was co-authored with Nirmala Isaac, Gopalakrishnan tackled developments in India and China reshaping Asia and what they mean for businesses, organizations and future leaders. ARC was launched alongside SMU’s Asia-Ready Education Framework. It is part of the university’s broader commitment to nurturing globally agile, Asia-ready graduates equipped with the knowledge, experiences and perspectives needed to thrive and lead across the region. Together, they support students as they progress from understanding Asia’s diverse cultures, societies and economies, to gaining real-world experience through immersive opportunities, and ultimately developing deeper expertise through extended engagement in the region. By bringing students into direct conversations with business leaders, policymakers and other regional voices, ARC complements their academics and experiential learning. It allows students to engage with different perspectives, examine developments shaping the region, and consider how these changes may affect their future careers and leadership. The Asia-Ready microsite supports the framework by bringing together related courses, programs, events, overseas opportunities, and student experiences across SMU. By providing a single gateway to these opportunities, the microsite makes it easier for students to identify experiences that match their interests and aspirations.

Thursday, October 1, 2026

Stay at Asia’s leading airport hotel: Savoy Hotel Manila

ravelers flying into and out of Manila now have another reason to choose Savoy Hotel Manila, named Asia’s Leading Airport Hotel 2026 and Philippines’ Leading Airport Hotel 2026 for its sixth straight Philippine win at the World Travel Awards.

Located across from NAIA Terminal 3 in Newport City, Savoy Hotel Manila is designed for travelers looking for an airport hotel in Manila before an early flight, after a late arrival, during a short layover, or for a quick stay in the city. The 684-room hotel offers dining outlets, an atrium pool, wellness facilities, and meeting spaces, giving Guests the flexibility to rest, dine, work, or recharge before continuing their journey. For General Manager Den Navarro, the award reflects Savoy Hotel Manila’s commitment, as part of Megaworld Global Hotels & Resorts, to pairing efficient airport access with felt Filipino hospitality rooted in the group’s distinctly Filipino approach to service. “Every Guest who comes through Savoy Hotel Manila carries a different journey. We welcome business travelers heading to their next opportunity, families beginning a holiday, Overseas Filipino Workers coming home or setting out again, and vacationers looking for a place to pause and recharge before continuing their travels. Whatever brings them to us, we want them to feel welcomed, cared for, and ready for what comes next. Through our Sampaguita Brand of Service, our Associates bring our promise of Filipino service excellence

SM for MSMEs champions Filipino creativity, youth entrepreneurship to ASEAN opportunity

General Manager Den Navarro proudly receives the Asia’s Leading Airport Hotel and Philippines’ Leading Airport Hotel awards on behalf of Savoy Hotel Manila at the 33rd Annual World Travel Awards at Crossroads Maldives. to life every day.” Established in 1993, the World Travel Awards recognizes achievements across the global travel, tourism, and hospitality industries, with winners determined through votes from travel professionals and consumers worldwide. The latest recognition marks Savoy Hotel Manila’s sixth consecutive win as the Philippines’ Leading Airport Hotel and its second Asia-level win, following its first regional win in 2021. Beyond airport convenience, Savoy Hotel Manila also offers Guests more inclusive and mindful ways to travel. Through MEGreen, Mindful Travel programs, community initiatives, and responsible hotel practices, the property continues to integrate sustainability, local culture, and Guest participation into the stay experience.

The hotel also supports more inclusive travel through Muslimfriendly accommodations and dining options, helping Guests from different backgrounds feel considered throughout their stay. Across its rooms, dining spaces, and services, Savoy Hotel Manila aims to create an environment where people from all walks of life can feel welcomed and celebrated while experiencing the warmth of Filipino hospitality. Whether catching an early flight, arriving late in Manila, traveling for business, spending time with family, or looking for a quick stopover near NAIA Terminal 3, Savoy Hotel Manila offers a practical and welcoming place to stay. Planning an early flight, late arrival, or quick Manila stopover? Book direct at savoyhotelmanila.com.ph.

MaxBarre The Space opens in Alabang, introduces new approach to movement

FTER six months of quietly building its community, MaxBarre The Space has officially opened its doors in Filinvest, Alabang, introducing a new approach to movement that brings together strength, wellness, music and mindful training in an elevated studio environment. Created for individuals who value quality, discipline and a more intentional approach to fitness, MaxBarre The Space is designed as more than a workout studio. It is a community-centered space where movement, lifestyle and connection come together. Before MaxBarre came to life, founder Macky Regino visited and experienced different movement studios in search of something that felt right for her body. However, nothing quite matched what she experienced with Teacher Julie. What stood out was Julie’s technique, which focused on proper alignment, mindful movement and working with the body rather than simply pushing it through a workout. For Macky, it was more than exercise. She felt a difference in how her body moved, how she held herself, and how her spine and alignment were supported. Today, MaxBarre is built on the belief that movement should not simply make you sweat. It should help you understand your body, move with fun, build strength and feel better in your own body. What began as a woman’s search for the right movement practice has evolved into a space where others can discover the same connection between movement, strength, alignment and self-care. At the heart of MaxBarre is the philosophy and movement expertise of its Training Director, Julie AlagdeCarretas, whose extensive career includes the Philippine National Rhythmic Gymnastics Team, Powerdance, Hong Kong Disneyland, The Lion King, and Cirque du Soleil in Las Vegas. Her background across dance, certified Pilates, Zumba and yoga informs the MaxBarre approach,

FILIPINO CREATIVITY ON DISPLAY. Design, visual art and cultural exhibits showcase the breadth of creative talent at the ASEAN Creative Industries Expo by Malikhaing Pinoy 2026 at SMX Convention Center Aura.

bringing together athleticism and artistry, strength and grace, discipline and mindful movement. The result is a movement experience built around precision, control, strength, posture and purpose. At the heart of the studio is the MaxBarre Method, a proprietary movement system inspired by barre, Pilates, dance, strength training and mindful movement. Designed to build strength, improve posture and alignment, develop control and encourage intentional movement, the method combines precision and athleticism with the artistry of movement. The MaxBarre Method is offered through three signature formats: MaxBarre is the complete MaxBarre experience—a challenging, intelligent full-body workout combining strength, endurance, balance, flexibility, sculpting, posture and mindful control. Foundation is the starting point of the MaxBarre Method, focusing on form, alignment, technique, core engagement and body awareness. Foundation is ideal for beginners and anyone looking to build stronger movement fundamentals. Express is a focused and dynamic format designed for busy schedules. It delivers the essential elements of the MaxBarre Method efficiently, without compromising precision, strength, control or quality.

Music is an integral part of the MaxBarre experience. Recognizing the way Filipinos connect with music, MaxBarre takes a deliberate approach to its playlists. Music is curated according to the class format, time of day, day of the week, pace and energy of each session, creating an experience that feels intentional from beginning to end. VIBE takes this philosophy further. MaxBarre’s musicdriven movement experience introduces a new genre and curated playlist every four weeks. From Latin rhythms to pop hits, each cycle brings fresh music, choreography and energy, giving members something new to move to every month. To celebrate its official opening, MaxBarre The Space hosted a launch experience featuring 100 complimentary classes from 2:30 pm to 8:15 pm, welcoming both its growing community and first-time visitors to experience the MaxBarre Method. The launch also featured giveaways and wellness experiences with a combined value of P100,000, including MaxBarre merchandise, mesh bags from brand partner Scuba Mac, and P25,000 worth of wellness treatments from MoEsthetics. Exclusive launch offers of up to 70 percent off were also made available until 11:59 p.m. on September 28, giving guests the opportunity to become part of the MaxBarre community at special opening rates. Security Bank cardholders were also given exclusive launch offers as part of the studio’s opening celebration. MaxBarre The Space was created around a simple belief: movement can be both challenging and enjoyable, disciplined and expressive, athletic and mindful. Through its method, music, community and carefully considered studio experience, MaxBarre aims to create a space where people can move with intention, build strength and make movement part of a higher quality of life. MaxBarre The Space is located at Parkway Corporate Center, Filinvest, Alabang.

ILIPINO talent needs opportunities to translate into sustainable livelihoods. Through two engagements on September 18, 2026, SM Supermalls joined government, business and community partners in supporting a shared goal: helping creators, MSMEs and young entrepreneurs build stronger businesses through market exposure, mentorship and collaboration. At the ASEAN Creative Industries Expo by Malikhaing Pinoy 2026, held from September 17 to 19 at the SMX Convention Center Aura, Filipino creators and entrepreneurs took center stage as the country celebrated the talent, innovation and cultural heritage driving its creative economy. Led by the Department of Trade and Industry in collaboration with the Philippine Creative Industries Development Council Secretariat, the expo highlighted how Filipino talent and cultural heritage can generate businesses, jobs and economic value. DTI Secretary Ma. Cristina “Cris” Roque emphasized the importance of stronger government and private-sector collaboration in helping the creative industries contribute to employment, trade and tourism. For creators and small businesses, this means building on the exposure gained at exhibitions through stronger business connections and opportunities to reach customers. Through SM for MSMEs, SM Supermalls continues its collaboration with DTI by connecting homegrown businesses to high-traffic marketplaces, greater visibility, new customers and potential partners. These opportunities help entrepreneurs introduce their products, learn from consumers and strengthen their businesses. “Filipino creativity is already world-class. The opportunity is to help more creators turn that talent into sustainable enterprises, connect them to customers and markets, and give them platforms where they can grow,” said Royston Cabunag, AVP and Head of SM Communities

DSWD honors community volunteers, LGUs; launches grant for sustainability

HE Department of Social Welfare and Development (DSWD), through its KALAHI-CIDSS National Program Management Office, recognized outstanding community volunteers and partner local government units (LGUs) during the National Bayani Ka! cum Tatak KALAHI-CIDSS LGU Awards held on September 22, 2026, at the SMX Sky Hall in Bacolod City. Led by DSWD Secretary Rex Gatchalian, the ceremony brought together DSWD officials, community volunteers and LGU partners from across the country to recognize accomplishments in community-driven development and local governance. Gatchalian was joined by Undersecretary for Operations Pinky Romualdez, Assistant Secretary for Promotive Programs Edmon Monteverde, KALAHI-CIDSS National Program Manager Atty. Bernadette Mapue-Joaquin, Deputy National Program Manager for Technical Support Didith Bosoen, and regional directors from DSWD field offices nationwide. The awards featured two major tracks: the Bayani Ka! Awards and the Tatak KALAHI-CIDSS LGU Awards. The Bayani Ka! Awards honored outstanding community volunteers and local leaders for their contributions in areas including Gender and Development, Environmental Protection and Disaster Risk Reduction and Management (DRRM), Indigenous Peoples Welfare, Senior Citizens and Volunteerism. The Tatak KALAHI-CIDSS LGU Awards, meanwhile, recognized top-performing municipal, barangay and provincial LGUs for their contributions to community development, including co-funding sub-projects and institutionalizing the Community-Driven Development (CDD) approach. Among the LGUs recognized were Lopez Jaena in Misamis Occidental, Claveria in Masbate and Zamboanguita in Negros Oriental. A major highlight of the event was the official launch of the Performance-Based Grant for Sustainability (PBGS), which provides direct grant funding to high-performing LGUs. The PBGS is designed to help LGUs maintain community infrastructure, strengthen participatory governance and enhance local disaster resilience. Through the grant, high-performing LGUs can receive support to sustain community-driven initiatives and strengthen local systems beyond the implementation of individual KALAHICIDSS projects.

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at SM Supermalls. Market exposure is one part of building a business. For young entrepreneurs, training, mentorship and a supportive community are equally essential. These needs were at the heart of the September 18 engagement with ASEAN-BAC Philippines at Citadines Bay City Manila in Pasay City. Led by ASEAN-BAC Philippines Chair Jose Ma. “Joey” Concepcion III, the gathering formalized collaboration connected with the ASEAN Youth Entrepreneurship Summit and the broader ASEAN youth entrepreneurship agenda. The initiative aims to strengthen access to entrepreneurship education, mentors, business networks and regional collaboration. “Our young people do not lack ideas or ambition. What they often need are the right tools, the right training and the right community to help turn those ideas into opportunities,” Cabunag added. Through SM Cares’ Children and Youth programs, SM works with government, civil society and private-sector partners to encourage youth participation, leadership and development. These efforts complement SM for MSMEs’ work in helping entrepreneurs gain visibility and reach customers. Together, the engagements underscored why creative enterprise and youth entrepreneurship need sustained publicprivate support. SM contributes through its marketplaces and partnerships, helping local businesses build customer relationships while supporting initiatives that equip the next generation of entrepreneurs to grow. With its nationwide reach and strong network of partners, SM continues to bring opportunities closer to communities—helping Filipino creators, MSMEs and young entrepreneurs move from ideas to enterprise, and supporting their ambitions for growth. Creativity creates possibilities. Entrepreneurship turns possibilities into livelihoods. Partnership allows both to grow.

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EMPOWERING COMMUNITIES FOR SUSTAINABLE DEVELOPMENT. Department of Social Welfare and Development (DSWD) Secretary Rex Gatchalian and DSWD Undersecretary for Operations Pinky Romualdez, alongside distinguished officials, awardees, and guests, gather for a group photo during the National Bayani Ka! cum Tatak KALAHI-CIDSS LGU Awards and Launching of the Performance-Based Grant for Sustainability (PBGS) at the SMX Sky Hall, Bacolod City, Negros Island Region on September 22, 2026. The event honored community volunteers and local government units for their exemplary contributions to participatory governance and community resilience. The Kapit-Bisig Laban sa Kahirapan—Comprehensive and Integrated Delivery of Social Services (KALAHI-CIDSS) is one of DSWD’s flagship poverty alleviation programs. The program uses the Community-Driven Development (CDD) approach to empower communities to identify and analyze local concerns, develop and implement solutions, and manage resources for sustainable development. Through partnerships among communities, LGUs and other stakeholders, KALAHI-CIDSS supports community participation in planning and implementing projects that respond to local needs. The National Bayani Ka! cum Tatak KALAHI-CIDSS LGU Awards highlighted the contributions of community volunteers and LGU partners in advancing this approach, while the launch of the PBGS provides an additional mechanism for sustaining community-driven initiatives at the local level. interruptions through the convenience and efficiency of Solaire Pay. Don’t miss out on the luckiest plays with Solaire’s latest way to offer more play and more fun in the easiest way. Take on amazing promos and opportunities and sign up for the Solaire Rewards program to explore a variety of discounts across the property, while new members also receive exciting offers and reduced rates. To top up a Solaire Rewards account other than, visit www.solairepay.com and continue enjoying a seamless way to fund each lucky play.

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Editor: Gerard S. Ramos • Thursday, October 1, 2026

Growing bodies, growing minds: Making early childhood moments count

A KOREAN CULTURAL CENTER SHARES TASTE OF KOREAN THANKSGIVING THROUGH ‘SHAPING HANGAWI: A HANSIK WORKSHOP’

THE Korean Cultural Center in the Philippines took part in celebrating Chuseok, or Korean Thanksgiving, through Shaping Hangawi: A Hansik Workshop, offering a cultural and culinary experience on September 24 and 25, 2026, at the Korean Cultural Center in the Philippines in Taguig City. Chuseok, also known as the Korean Thanksgiving, is one of the most important holidays of Koreans and is often celebrated on the 15th day of the 8th month of the lunar calendar. Koreans usually do various traditions during the festival, including cooking traditional food for the family. The two-day hands-on experience was led by Korean cuisine researcher Baik Jong Ran, where invited media, cultural partners, and the public got the chance to learn how to prepare some traditional Korean food, including songpyeon and kkochi-jeon, served during the festival. To give attendees the full Chuseok experience, they also had the opportunity to share and savor japchae and sikhye, some of the traditional dishes commonly enjoyed by Korean families during the holidays. Offering participants a glimpse into the variety of Korean holiday cuisine, the workshop also featured a food exhibition of some more traditional dishes served during the celebration, including samsaek namul (three-color seasoned vegetables), galbijjim (Korean braised short ribs), torantang (taro soup), and gwail (fruits). KCC director Kim Myeongjin shares the celebration with Filipinos as the center continues its commitment to connecting Filipinos and Koreans through cultural experiences. “This Chuseok celebration is also one of KCC’s ways to show our gratitude for the never-ending support of our partners to our initiative in sharing Korean culture, and the public who continue to join us in our activities.” Aside from the cooking workshop, the center also offered to the public some traditional Korean games, including Ddakji, Gonggi, and Jegi Chagi, to complete the Korean cultural experience.

S parents, we naturally notice the visible signs that our children are growing. We mark their height on the wall, notice when shoes have become too small, and celebrate each new physical milestone. But some of the most important growth happening in childhood cannot be measured with a ruler or weighing scale. By age five, roughly 90 percent of a child’s foundational brain structure is already in place. This reminds me that early childhood is not simply preparation for “real school.” It is already an important season for building curiosity, communication, emotional awareness, creativity and problem-solving. As a mom and a licensed teacher, I believe children learn best when learning feels natural. It happens while we read with our child while lovingly sitting on our lap. It happens when we are in the car looking out the window and our children asking what bird or car they are seeing outside. Learning does not always need a worksheet, and parents do not always need to have all the answers. The most priceless learning moments for our family are those answers my children and I discovered together. This was what interested me in Enfagrow A+ Four’s “The Brilliant Hour Digibook,” created in partnership with Adarna House. The interactive digital workbook is designed to turn everyday parent-child bonding into opportunities for learning and early brain development. Its activities encourage parents and children to interact, talk and think together. At its launch, actress and Enfagrow A+ Four brand ambassador Iza Calzado-Wintle shared: “I realized that focusing on physical growth is not enough. Supporting Deia’s brain development is equally important, as both work hand in hand in shaping her from an early age,” said Calzado. There is another reality we parents navigate through everyday: Time. Between work, school and daily responsibilities, we can feel guilty about not spending “enough” time with our children. “I sometimes feel guilty when work or life’s responsibilities get in the way,” Calzado said. “But if there’s anything I have learned over the past three years of being a mother, it’s that it is not always about having more time, but ensuring that every minute we

FROM left: Sherwin Jay Diez, senior brand manager, Enfagrow; Diane Stephanie Carmona, senior category business unit head, Enfagrow; Cara Favila, marketing director, Mead Johnson Nutrition; teacher Ruth Martin-De Guzman, Adarna House representative, writer, Raya School teacher; Iza Calzado-Wintle, Enfagrow A+ Four brand ambassador, The Brilliant Hour Advocate; Mavreen Yapchiongco, Adarna House, managing dditor; and Ishi Latosa, Adarna House, business development executive

spend with our kids really counts.” For me, I have always believed in “Simplifying Parenting”. I have always tried to remove the pressure of perfection, and went for more intentional moments, where my children felt free to absorb and learn from things around them. One thing I never forget is to give them a kiss after these precious moments. “The Brilliant Hour” encourages families to dedicate time each day to learning, playing and talking together. “It’s a simple reminder to slow down, be present, and spend one dedicated hour each day learning, playing, talking, and growing together,” Calzado said. What I appreciate most is its emphasis on questions without only one correct answer. In one activity, children figure out which items do not belong in a “Breakfast Picnic Mix-Up.” In another, a “Mood Parol” uses colors to explore emotions. Children are encouraged not merely to answer, but to explain why they think a certain way. The activities were reviewed by a developmental pediatrician and are designed to encourage children to imagine, reason and explain their choices. This connects with skills our children need for the future: critical thinking, creativity, communication and confidence. These are not skills we suddenly teach when a child becomes a teenager. We can nurture them early whenever we ask, “What do you think?” “What else could we try?” or “How did that make you feel?”

Parents can practice this daily. At breakfast, ask your child what belongs on the table. During play, let your child solve the problem when a tower keeps falling instead of immediately fixing it. While reading, ask what a character might be feeling. When something does not work, resist giving the answer too quickly. Give children the gift of thinking. “The Brilliant Hour” advocacy emphasizes proper nutrition alongside meaningful learning experiences. Enfagrow A+ Four contains MFGM and DHA as part of its nutritional formulation. For me, the larger message is to look at development as a whole—body, brain, emotions and relationships. Iza Calzado-Wintle summarizes what parents want: “As parents, we want our children to be healthy, curious, confident, and ready for the future. Proper nutrition and meaningful experiences help nourish their bodies and nurture their minds.” Perhaps that is our real brilliant hour. It does not have to be perfect, Instagram-worthy or even exactly 60 minutes. It is the time when we put aside distractions and genuinely enter our child’s world— asking, listening, playing, wondering and discovering together. Children will grow taller whether or not we notice every inch. But helping them become curious thinkers, confident communicators and compassionate human beings demands something more intentional from us: our presence for priceless memories.

Inspiring breadwinners, career shifters, and working students MAPÚA Malayan Digital College (MMDC) celebrates an important milestone as an educational institution as it marks the graduation of its pioneering generation of students, and 55 percent percent of the group are working students, a sector that MMDC has been advocating since its founding in 2022. Among the inspiring working students who completed their education at MMDC is Kathleen Joyce de Ramos, who earned her BSBA Operations Management degree after putting her college dream on hold for five years due to her family’s financial struggles. As a breadwinner, she persevered to build a stable career even without a college degree yet for the sake of her siblings. She worked her way up from being a trainer in a manufacturing company to being a client service representative. “I believe that having a diploma would give me a competitive advantage when pursuing new career opportunities,” shares de Ramos. “When I was ready to return to school, I looked for a fully online alternative that would allow me to continue working while pursuing my dream of getting a degree. That search eventually led me to MMDC. I enrolled in 2023, and throughout my journey, I was able to continue studying without sacrificing my job, which is important for me and my family.” De Ramos explains that MMDC’s online and flexible setup empowered her to juggle her full-time job and studies. This means that she didn’t have to worry about missing classes or workdays

➊ KATHLEEN

JOYCE DE RAMOS, a working student and breadwinner, earned her BSBA Operations Management degree from MMDC after putting her college dream on hold for five years.

➋ ANTHONY ➊ because of schedule conflicts since she could choose her specific class timings and they were never required to go to a physical classroom. It was also this unique setup that encouraged licensed dentist Anthony Quitay to pursue a second degree. When the pandemic disrupted his dental practice, he worked as an artificial intelligence (AI)/machine learning data annotator to get by. Working with engineers that merge AI and healthcare sparked his curiosity for tech further, so he enrolled in MMDC’s BSIT Data Analytics specialization, while keeping a full-time job with the government. He was able to get a taste of the tech industry when he joined GCash as a machine learning research engineer/ researcher intern. His experience in machine learning also allowed him to

QUITAY, a licensed dentist, pursued a second degree in BSIT Data Analytics.

➋ work on an MMDC thesis project focused on the early detection of newborn defects . “MMDC’s student-focused learning setup enabled me to pursue another interest, upskill, and explore a second profession, without giving up my passion for dentistry,” reveals Quitay. “The experience showed me how different IT is from dentistry, but I also realized that some skills can be carried over— particularly communicating with people, collaborating with teams, and talking to stakeholders. I’m excited to see what’s next for me and discover all other opportunities for me in the tech industry, and explore how I can merge dentistry and IT in the future.” De Ramos and Quitay joined new graduates from Mapúa Malayan Digital College during a ceremony held at the Philippine International Convention

Center last August. The inaugural graduating batch is mostly students who specialize in Marketing Management under Bachelor of Science in Business Administration (BSBA) and Software Development under Bachelor of Science in Information Technology (BSIT). MMDC also proudly announces that among all Abanse Negrense scholars of the Class of 2026, 22 earned Latin Honors. The scholarship is made possible through a special partnership with the Negros Occidental Provincial Government, which is helping the online college ensure quality higher education can be more accessible to Filipinos. As a fully online college that supports modern Filipino students, MMDC employs a curriculum that focuses on improving the career readiness and employability of fresh graduates,

especially in the in-demand and rewarding business and tech sectors. Its unique Problems, Projects, and Cases (PPC) learning approach aims to develop the students’ resilience and independence, as well as their ability to apply their learning to real-world situations. “From the beginning, our hope is to develop graduates who are academically prepared as well as adaptable, digitally capable, and ready to contribute meaningfully to the workplace. We want our students to become confident problem-solvers, effective collaborators, and lifelong learners who can navigate the demands of a rapidly changing professional environment,” says Jenny Chua, vice president at MMDC. More information can be found at mmdc.mcl.edu.ph.

Thursday, October 1, 2026

www.businessmirror.com.ph

Group urges Congress to speed up 7 Bulacan ex-DPWH execs in ₧77-M graft okay of anti-abusive lenders bill case plead ‘not guilty’

By Jovee Marie N. dela Cruz

@joveemarie

CIVIL society organization has called on Congress to fast-track the approval of a bill seeking stronger consumer protection against abusive debt collection practices of digital lending platforms.

Digital Pinoy expressed support for House Bill 9738, or the proposed Fair Debt Collection and Digital Lending Consumer Protection Act, filed by Quezon City Rep. Patrick Michael Vargas. The group stressed the need to strengthen the regulatory authority of the Securities and Exchange Commission (SEC) to address harassment, public shaming, privacy violations, and other abusive collection schemes committed by some online lenders.

SC orders Palace to justify BSKE postponement

HE Supreme Court (SC) has directed the Executive branch to comment on the petition questioning the constitutionality of Republic Act 12326 which postpones the upcoming barangay and Sangguniang Kabataan (SK) elections to November 2028. The Court issued the order during its regular en banc session on Wednesday where it tackled the petition filed by election-lawyer Romulo Macalintal. The comment, according to the Court, should also cover Macalintal et al’s plea for the issuance of a temporary restraining order (TRO) or a status quo ante order or both (SQAO) to stop the implementation of RA 12326. Named as respondents in the petition were the Office of the President through the Executive Secretary, the Senate, the House of Representatives, and the Commission on Elections (Comelec). The Court gave them a non-extendible period of five calendar days from notice to comply with the order. RA 12326, enacted on September 24, 2026, fixed the terms of barangay officials and members of the Sangguniang Kabataan to five years and postponed the November 2026 Barangay and Sangguniang Kabataan Elections (BSKE) to November 2028. In their petition, Macalintal, along with his co-petitioners, lawyers Antonio Carlos B. Bautista, James Kenneth P. Adolor, and William C. Kyle Santos, argued that the new law violates the electorate’s right to vote by postponing the 2026 BSKE under the guise of fixing the officials’ term of office. He claimed that it effectively allows incumbent barangay and SK officials to “hold over” their positions for three years, or from December 2025 to November 2028. The petitioners also questioned the constitutionality of the “transitory provision” of RA 12326, which will deprive incumbent barangay officials of the opportunity to run for another term. They noted that the assailed law failed to amend Section 4 of R.A. 12232 which governs holdovers. Section 4 provides that incumbent barangay officials “shall remain in office, unless sooner removed or suspended for cause, until their successors shall have been elected and qualified.” Likewise, the petitioners said the Congress’ habit of allowing incumbent barangay officials to hold over in their positions is tantamount to a “legislative appointment,” which violates the Constitution. Joel R. San Juan

In a statement, Digital Pinoy emphasized that wider access to digital credit must be accompanied by stronger safeguards to protect borrowers. The organization stressed that the SEC should be given expanded legal powers to investigate violations, hold abusive lenders accountable, and prevent unlawful collection practices that undermine the dignity and rights of consumers. Vargas welcomed the support from civil society groups, saying

the endorsement reflects the urgent need for stronger protections for borrowers. “This strong support proves that HB 9738 is both timely and urgent. When the public itself comes together to support this measure, it clearly shows that there is a need for protection against the abuses of some online lenders,” Vargas said. Under HB 9738, the SEC would be granted broader authority to investigate violations, impose penalties, and order the immediate removal or blacklisting of unauthorized digital lending platforms. Digital lenders found guilty of deceptive practices or abusive collection methods may face higher administrative fines, revocation of licenses, and possible criminal charges. T he me a s u re res p ond s to gover nment repor ts docum e nt i n g m o r e t h a n 47, 0 0 0 compl a ints involv ing ha ra ssment, pr ivac y breac hes, a nd t hreats a l leged ly e x per ienced

by borrowers dealing w ith abusive d ig ita l lend ing platfor ms. Vargas also clarified that the measure does not remove borrowers’ responsibility to settle their financial obligations. Instead, it seeks to establish clear and ethical standards for debt collection. “This proposal does not tolerate failure to pay debts. Our objective is to ensure that debt collection remains humane, fair, and within the bounds of the law,” Vargas said. The lawmaker also reminded the public to remain cautious when downloading mobile loan applications and encouraged borrowers to transact only with legitimate financial institutions registered with the SEC. As the country continues to expand its digital economy, Vargas emphasized that consumer protection must remain a legislative priority to ensure that technological innovation does not compromise public safety, privacy, and personal security.

Sierra Madre troops maintain high morale, have sufficient supplies

ARINES aboard BRP Sierra Madre that is grounded at Ayungin Shoal on the West Philippine Sea still have sufficient supplies despite the rescheduling of a rotation and resupply (RoRe) mission following interference from Chinese vessels, the Armed Forces (AFP) said on Wednesday. T HE A FP spokesperson for t he West Ph i l ippine Sea, Rea r A d m. Roy Vi ncent Tr i n id ad , added t hat t he t roops’ mora le rem a ins h igh. “The troops at the BRP Sierra Madre have sufficient supplies. And their morale is high. They are used to not being able to go home right away,” Trinidad said in Filipino Chinese ships interfered with the Philippine RoRe mission to Ayungin Shoal on September 24. Trinidad said Philippine resupply vessels had been able to approach BRP Sierra Madre to within about 15 nautical miles before encountering China Coast Guard

BRP Sierra Madre EN.WIKIPEDIA.ORG

(CCG) and People’s Liberation Army Navy (PLAN) ships. During the latest mission, however, Trinidad said Chinese vessels were detected when the Philippine ships were about 16 nautical miles away from the grounded Navy ship. The Chinese ships closed in to less than one nautical mile from the Philippine vessel, while send-

ing threatening messages. “There were reports of the engine of the BRP Lapu-Lapu not performing well. It did not break down. The PLA and China Coast Guard ships were close, so it was a judgment call of the commander of Western Command to reschedule the RoRe,” Trinidad said in a mix of English and Filipino. Rex Anthony Naval

Pampanga DRRMC okays ₧371.8-M fund for 2027 By Ashley J. Manabat

ITY OF SAN FERNANDO— The Pampanga Provincial Disaster Risk Reduction and Management Council has approved the proposed P371.8 million Local Disaster Risk Reduction and Management Fund for 2027 as the province strengthens its preparedness and response programs following widespread f looding caused by recent heavy rains. The proposed fund was approved during the council’s thirdquarter meeting on Tuesday at Kingsborough Convention Center in this city. The fund will support disaster prevention and mitigation, preparedness, emergency response, and rehabilitation and recovery programs, the provincial information office said in a statement.

PDR R M chief Janica Yambao said the planned programs were based on lessons learned from previous disasters, including the effects of the enhanced southwest monsoon that recently brought widespread f looding to the province. Provincial disaster records showed that 408 barangays in 20 out of 21 towns and cities were flooded during the period of heavy rains. The flooding affected an estimated 375,093 families comprising 1,218,442 individuals, while agricultural damage was placed at about P1.48 billion. The damage affected a total of 40,167 farmers and fishermen, according to the PDRRMC. Part of the 2027 allocation will go toward acquiring additional land for evacuation centers, build-

ing and improving DRRM facilities and flood mitigation infrastructure, and purchasing rescue vehicles, heavy equipment and generator sets. Other allocations include anima l hea lth and management programs, garbage interception floaters, debris hauling and water-cleaning services, as well as emergency and core shelter assistance, food and cash-for-work programs, and financial, medical and burial assistance for disaster affected families. Programs for rehabilitation and recovery will also be funded to help communities restore and improve their livelihoods after disasters. Vice Governor Dennis Pineda presided over the council meeting attended by provincial officials and town and city mayors.

By Joel R. San Juan @jrsanjuan1573

EVEN former officials of the Depar tment of Pub l ic Work s and Highways (DPWH) Bulacan First District Engineering Office have pleaded not guilty in the graft case filed against them for their alleged involvement in the P77 million ghost flood control project in Balagtas, Bulacan. Respondents Brice Ericson Hernandez, Jaypee Mendoza, Arjay Domasig, Niño Lawrence Morales, Juanito Mendoza, Floralyn Simbulan, and Christina Mae Pineda entered the plea during their arraignment before the Sandiganbayan Fifth Division. Their co-accused former Party-list Pep. Zaldy Co of Ako Bicol, John Paul Estrada and Marc Tecsay were not arraigned as the anti-graft court has yet to assume

jurisdiction over them since they are still at large. The case stemmed from the complaint filed by the Ombudsman accusing them of declaring a flood control project in Balagtas, Bulacan, completed in May 2025 but turned out to be allegedly nonexistent. The former DPWH-Bulacan officials have been named in another case as co-respondents of former Sen. Ramon Revilla Jr. in the graft and malversation charges filed before the Sandiganbayan in connection with the P92.8 million allegedly anomalous flood control project in Pandi town in Bulacan. Hernandez, Mendoza, Simbulan and Juanito are also facing graft and malversation cases before the Regional Trial Court in the City of Malolos, Bulacan, in connection with the P53.9 million allegedly substandard flood control project in Calumpit, Bulacan.

‘Unhealthy’ air quality recorded in Metro Manila areas–EMB By Jonathan L. Mayuga @jonlmayuga

A LOOC A N, L a s P i ñ a s, Muntinlupa (Bilibid), and Parañaque (Don Bosco) and Parañaque (PEATC) air quality monitoring sites recorded poor air quality, considered to be very unhealthy, the Environmental Management Bureau—National Capital Region reported. Air Quality Index in the said cities recorded AQI between 151200 in terms of PM 2.5. Las Piñas recorded the highest at 174, and Parañaque (Don Bosco) recorded 170, according to an Air Quality Monitoring report as of 12 p.m. on September 30, the bureau said. PM 2.5 refers to fine atmospheric particulate matter with a diameter of 2.5 micrometers or smaller, which is roughly 30 times

smaller than a human hair. The rest of NCR, including Makati, Mandaluyong, Manila, Marikina (Parang and CEMO), Muntinlupa (Filinvest), Navotas, Pasay, Pateros, Quezon City (Ateneo), San Juan City, Tauig and Valenzuela recorded AQI between 101-150, or unhealthy for Sensitive Groups. EMB-NCR advised the public visiting areas with poor air quality to wear a mask for protection, preferably an N95 mask. “Meanwhile, if you live within or near these areas, it is best to stay indoors or limit outdoor time,” the bureau added. The EMB-NCR said that for those who belong to the sensitive group, which includes children, the elderly, and pregnant, “it is best to observe how you feel and adjust your activities.” Jonathan L. Mayuga

Comelec summons 16 over ballot pre-shading in BARMM elections By Mary Jade Jadormio

HE Commission on Elections (Comelec) has issued subpoenae to 16 individuals in connection with the pre-shading of ballots in 36 of 68 precincts in Maluso, Basilan, during the Bangsamoro Parliamentary Elections. Comelec Chairman George Erwin M. Garcia said the poll body already has an idea of who may be responsible for the incident, but stressed that those involved must first be given due process. “More or less, we already know who may be responsible and who should be charged, but we have to observe due process,” Garcia said. He said the Comelec has asked those subpoenaed to explain what happened during the election in Maluso. “It’s not because they are being accused, but because we want them to explain their side,” Garcia said. Among those asked to explain are the election officer, treasurer and mayor, as well as the town police chief, provincial police commander and personnel from local governments.

Garcia said the Comelec ’s own Provincial Election Supervisor was also issued a subpoena. He said the poll body is considering electoral sabotage as a possible case arising from the ballot pre-shading. Garcia said the penalty could reach life imprisonment if the number of votes involved exceeds 10,000. Garcia said the Comelec has the authority to investigate the incident and conduct a preliminary investigation before deciding whether charges should be filed. “The Comelec has the power to investigate and conduct a preliminary investigation. If our findings show that there is a case, we will file it directly,” he said. He also said the investigation does not depend on the emergence of a whistleblower, pointing instead to the chain of custody of the ballots and the roles of those who handled them. “We don’t need a whistleblower. As I said, it is about the chain of custody— who had custody [of the ballots]. There can be principal and indirect participation,” the poll body chief said.