BusinessMirror October 14, 2026 by BusinessMirror

Oil, transport costs to keep BOP in deficit By Reine Juvierre S. Alberto

IMPEACHMENT WATCH DAY 39 Senator-judges, prosecution lawyers and defense counsel attend the 39th day of the impeachment trial of Vice President Sara Duterte at the Senate of the Philippines in Pasay City on Tuesday, October 13, 2026. The impeachment court accepted the prosecution’s request to withdraw three of the four impeachment articles, leaving only the article concerning alleged unexplained wealth. The court also took up procedural matters related to the presentation and handling of evidence. Story on page A3 Nation. ROY DOMINGO / SPPA POOL

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HE country’s balance of payments (BOP) is expected to remain in a deficit until 2027, with elevated oil prices and transport costs continuing to weigh on its external accounts, the Bangko Sentral ng Pilipinas (BSP) said. According to its updated third-quarter forecasts, the BSP trimmed its overall BOP deficit outlook to $9.2 billion for 2026 from its earlier projections of $10.7 billion in the second quarter. For 2027, the deficit is projected

to narrow further to $8.5 billion from the previous forecast of $11 billion. “These deficits highlight the shock from elevated oil and commodity prices, which continue to weigh on the country’s external position,” the BSP said. Persistent global energy price pressures are expected to widen the current account deficit to $19.1 billion this year, up from the second-quarter estimate of $18 billion, and to $19.4 billion in 2027. A rebound in electronics exports prompted the BSP to double its goods export growth forecast

for 2026 to 6 percent from 3 percent. Growth is expected to moderate to 4 percent next year amid uneven global demand. Import growth is expected to slow in the second half of 2026 as businesses and households adjust to weaker domestic activity and elevated inflation. For the full year, however, imports are projected to grow by 7 percent before slowing to 4 percent in 2027. Services earnings will be supported primarily by tourism, with the BSP raising its travel receipt growth forecast to 5 percent for both 2026 and 2027. Travel receipts are projected to reach $9.2

billion this year and $9.6 billion next year. Business process outsourcing (BPO) revenues are also projected to expand by 3 percent annually, bringing in $34.5 billion in 2026 and $35.5 billion in 2027.

Cash remittances

MEANWHILE, cash remittances from overseas Filipinos are expected to remain a key source of external support. The BSP maintained its growth forecasts at 2.7 percent for 2026, equivalent to $36.6 billion, and 3 percent for 2027, or $37.7 billion. See “BOP,” A2

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7-MONTH FDI INFLOWS DOWN 23.9% TO $4.071B www.businessmirror.com.ph

Wednesday, October 14, 2026 Vol. 22 No. 7

P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK

By Reine Juvierre S. Alberto

OREIGN direct investment (FDI) inflows to the Philippines declined to $4.071 billion in the first seven months of the year as global uncertainty and domestic growth concerns kept investors wary. FDI net inflows fell by 23.9 percent to $4.071 billion from January to July 2026 from $5.350 billion in the comparable period last year, the Bangko Sentral ng Pilipinas (BSP) reported Monday night. Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, said the sharp decrease in FDI inflows reflects global risk aversion and concerns over domestic growth as opposed to loss of confidence in the Philippines. “Investors remain cautious amid geopolitical tensions, elevated financing costs, and uncertainty over

global demand,” Asuncion said. The drop in FDI inflows was visible across all major FDI components. Net foreign investments in debt instruments declined by 30.6 percent year-on-year to $2.428 billion from $3.498 billion. Reinvestment of earnings also contracted by 14.2 percent to $968 million as of July compared to the $1.127 billion in the same period a year ago. Equity capital placements likewise fell by 6.9 percent year-onyear to $675 million from $725 million a year earlier. See “FDI,” A2

CAGAYAN VALLEY SCALES UP ‘UBE’ OUTPUT AS DEMAND RISES By Ada Pelonia

HE government and industry stakeholders forged a partnership to scale up purple yam (ube) production in Cagayan Valley as part of efforts to meet surging global demand for the crop. In Echague, Isabela, the Department of Agriculture (DA) through its Regional Field Office II (RFO 2) is working with the municipal government, farmer cooperatives and associations (FCAs), and potential business partners to expand ube output and enhance market linkages. Agriculture Secretary Fran-

cisco Tiu Laurel Jr. said collaboration with local government units (LGUs) is critical to accelerating ube production and building a competitive industry. “By combining the DA’s technical expertise and production support with the LGUs’ capacity to mobilize farmers, identify suitable areas, and provide local support, we can accelerate expansion, respond to growing global demand, and develop a bigger export market that will translate into higher and more sustainable incomes for our farmers,” Tiu Laurel said. See “Ube,” A2

SM CITY FAIRVIEW LIGHTS UP THE HOLIDAYS SM City Fairview brought early

festive cheer to northern Metro Manila with a dazzling light display for families and holiday revelers. The event is part of SM Supermalls’ 12 Weeks of Iconic Christmas, setting the stage for the mall’s grand Christmas launch on October 25. SM SUPERMALLS

SAUDI ATTACKS TRIGGER FLIGHT DISRUPTIONS Aircraft are parked on the tarmac at the Ninoy Aquino International Airport (NAIA) in Pasay City as Philippine Airlines (PAL) suspends

Manila-Riyadh flights until November 29, 2026, while Cebu Pacific (CEB) cancels flights to and from the Saudi capital through October 31. The airlines’ decisions follow missile attacks on King Khalid International Airport in Riyadh, attributed to Yemen’s Houthi rebels, amid escalating regional tensions. Saudi authorities have extended the airport closure until at least October 17 as security and operational conditions are assessed. NONIE REYES

IMF sees ‘robust’ recovery in ’27, but... By Reine Juvierre S. Alberto

ESTORING public investment and strengthening governance will be crucial to shore up the Philippines’s economic recovery next year, as the country is expected to outpace some Southeast Asian peers in growth, according to the International Monetary Fund (IMF). In its latest World Economic Outlook (WEO), the multilateral organization kept the Philippines’s growth outlook at 3.4 percent this year before it recovers to 5.1 percent in 2027. “This is a robust recovery— thanks to the still elevated Philippines growth potential—which allows the Philippines to maintain a relatively strong pace compared

with many Asean peers next year,” an IMF spokesperson said. “However, [it’s] still relatively lower than its growth potential.” IMF’s growth projection this year is just 0.1 percentage point shy of the government’s lower-end growth target of 3.5 percent, while next year’s forecast falls within the 5 to 6 percent target range. IMF said the recovery would be supported by a gradual rebound in investment as business confidence improves and the impacts of the energy shock ease. The country’s projected 3.4-percent growth would fall below the Asean-5 average of 4.4 percent. However, its expected acceleration next year would exceed the bloc’s projected average growth of 4.3 percent.

Despite this, Vietnam is expected to remain the region’s fastest-growing economy in 2027, with a projected expansion of 7.5 percent. Indonesia is forecast to grow by 5.1 percent, matching the Philippines. Meanwhile, Malaysia is expected to expand by 4.6 percent. Singapore and Thailand are projected to grow by 3 percent and 2.1 percent, respectively. IMF flagged risks in renewed delays in public infrastructure investment, persistently high energy and food prices, and weaker investor confidence. “Restoring public investment while strengthening governance will be key to making the recovery durable,” it noted. The Bangko Sentral ng Pilipinas

is also presented with a challenge, as higher inflation and weaker economic growth create a difficult trade-off for central banks around the world. “Monetary policy must prevent temporary price shocks from turning into persistent inflation, without unnecessarily weakening economic activity,” the IMF said. Additional monetary tightening must depend on persistent inflationary pressures or stronger second-round effects, with inflation expectations broadly anchored and substantial spare capacity in the economy, it added. “Over the longer term, improving food and energy security will be essential to reducing the Philippines’s vulnerability to future shocks,” the IMF said.

PESO EXCHANGE RATES n US 62.7390 n JAPAN 0.3956 n UK 82.8970 n HK 7.9949 n CHINA 9.3725 n SINGAPORE 49.0148 n AUSTRALIA 43.6601 n EU 70.0105 n KOREA 0.0471 n SAUDI ARABIA 16.7059 Source: BSP (October 13, 2026)

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BusinessMirror

A2 Wednesday, October 14, 2026

FDI…

Continued from A1

Japan, the United States and Singapore were the main sources of capital placements, with manufacturing, financial and insurance, and real estate industries receiving the majority of these funds, the BSP said. In July alone, FDI inflows plunged by 44.1 percent to $689 million from $1.233 billion a year ago. The slowdown during the month was dragged by the drop in nonresidents’ net investments in equity capital by 55.5 percent to $186 million from $418 million. Foreigners’ net investments in debt instruments also declined by 49.1 percent to $365 million from $717 million a year earlier. However, the reduction was partly offset by a 39.9-percent increase in reinvestment of earnings, rising to $138 million from $99 million. “While recent reforms have improved the country’s investment framework, the next challenge is execution,” Asuncion said. In the coming months, it will be critical to encourage foreign investors to move from a wait-and-see stance to actual capital deployment through faster infrastructure delivery, lower energy costs, streamlined approvals, and more predictable policy implementation, he added. “FDI could gradually improve as investment commitments materialize, although sustained recovery will depend on policy predictability, infrastructure readiness, and investor confidence. [There’s a ] need to translate investment approvals into actual capital inflows and jobs,” John Paolo R. Rivera, senior research fellow at the Philippine Institute for Development Studies, added.

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NTC: Rules on refurbished phone sale won’t bar public

By Lorenz S. Marasigan

HE National Telecommunications Commission (NTC) clarified on Tuesday that its proposed rules on refurbished mobile devices will not stop the public from buying and selling their own phones. Only commercial dealers would need to meet the new licensing, warranty and capitalization requirements. The regulator said individuals may still freely trade, sell or buy mobile devices from one another, as long as the transactions do not involve commercial quantities. “Maari pa rin bumili o magbenta sa merkado ang mga tao ng sarili nilang

gamit. Pinapalawak lang ng NTC ang options nila. [Buying or selling their items in the market is still allowed. The NTC is just expanding its options],” NTC Deputy Commissioner Alvin Blanco said. He said the proposed regulation “does not seek to eliminate the second-hand market.” It said the rules would instead make

Basilica…

home to what is widely regarded as Rome’s oldest apse mosaic, dating from the fourth to fifth century and depicting Christ enthroned among the apostles.

Continued from A11

The present basilica largely dates to the late fourth century under Pope Siricius, making it one of Rome’s oldest surviving places of Christian worship. It is also

Beyond history

FOR Filipinos, however, Sta. Pudenziana is far more than a historic monument. The basilica is the national church of the Philip-

sure consumers can get quality, properly refurbished devices, such as 4G- and 5G-capable units and laptops, at more affordable prices. The requirements, including a minimum capitalization, would apply only to applicants for a Dealers Permit for Used, Reconditioned, or Refurbished Mobile Devices (DPURRMD). Blanco clarified that the capitalization requirement is meant to make sure importers and dealers sell only type-approved, properly refurbished units and have the money to honor the warranty on every unit they sell. Under the draft, refurbished devices may be sold only by properly licensed dealers. Units must be legitimately sourced, compatible with the networks of mobile network operators (MNOs) in the

Philippines, properly sanitized, graded by condition and fully functional. Each unit must also carry a mandatory one-year repair or replacement warranty. Blanco said these safeguards are meant to protect consumers from smuggled, improperly refurbished, unsafe and stolen units. He added that the rules would offer consumers safer, more value-conscious and affordable choices as prices of new mobile devices rise. The proposed regulation would also set a procedure for the proper disposal and recycling of mobile devices that consumers can no longer use. The NTC is now reviewing the comments it received during the public consultation. It plans to refine the rules with due consideration of both consumer protection and industry concerns.

pines in Rome and the principal seat of the Sentro Pilipino Chaplaincy, serving as the spiritual, cultural and social center of the Filipino community in Italy. Established by St. John Paul II as the home of the Filipino Catholic Chaplaincy in Rome in 1991, the church has become a gathering place for Filipino workers, caregivers, students, families, religious and second- and third-generation Filipino-Italians. Often described as a “home away from home,” the basilica serves as the Filipino community’s primary religious, social and emotional anchor in the Italian capital. The church hosts regular Masses in Tagalog and English and houses Filipino devotional images, including Our Lady of Peñafrancia and the Black Nazarene. Parishioners say its role extends well beyond worship. “It helps preserve the language,” said one parishioner concerned about the future of the church. “The younger generation hears Tagalog through the Mass.” Many Filipino Catholics worry that if the community is eventually dispersed among different parishes, younger generations could lose an important connection to their language, culture and faith traditions. Community leaders estimate that 30 to 40 percent of Filipinos in Rome trace their roots to Batangas, further strengthening the church’s role as a cultural gathering place. The basilica’s significance was highlighted in 2021 when Pope Francis celebrated Mass there to mark the 500th anniversary of Christianity in the Philippines, underscoring the deep ties between the ancient Church of Rome and the Filipino faithful. Concerns emerged as restoration work intensified in parts of the basilica complex. According to Rome heritage authorities, a €2.5-million (P165 million) conservation project is under way to stabilize structures, restore ancient mosaics, address moisture damage, improve ventilation and drainage systems, and rehabilitate underground areas beneath the church. Access to some lower sections has already been restricted while work is ongoing. Lotilla said discussions with Philippine Ambassador to Italy Neal Imperial and representatives of the Sentro Pilipino Chaplaincy focused on access to the church during restoration, possible alterna-

tive worship arrangements should future phases require temporary disruption, and the long-term status of the Filipino community at the site. After consulting with Fr. Ronan Ayag, chaplain of the Sentro Pilipino Chaplaincy, Lotilla clarified that restoration of the main church is being carried out in phases, beginning with the facade. “He [Fr. Ayag] explained that the rehabilitation/repairs in the main Church are being done in phases starting with the façade, and that closure of the Sta. Pudenziana Church is not in the current plans,” Lotilla said. “If there will be changes to the current plans, the different stakeholders will be consulted first.” Lotilla also dismissed speculation that the Filipino chaplaincy could be displaced. “Clearly, there is no sinister plot to throw out the Sentro Pilipino Chaplaincy into the streets,” he said. Still, some parishioners remain uneasy, citing developments at another historic Roman church, the Pantheon. In 2023, the Pantheon, officially the Basilica of Santa Maria ad Martyres, began charging admission to most visitors under an agreement between Italy’s Ministry of Culture and the Diocese of Rome. While worshippers attending religious services continue to enter free of charge, tourist access is now regulated through ticketing, with revenues shared between church and government authorities. Some members of the Filipino community worry that significant public investment in Sta. Pudenziana’s restoration could eventually lead to changes in how the basilica is managed or accessed, particularly if heritage conservation and tourism become larger considerations in future decisions. Others fear that the vibrant migrant ministry built over decades could weaken if the Filipino community were scattered among different parishes. For now, church officials insist the Filipino community’s place at Sta. Pudenziana remains secure. As restoration work continues, parishioners hope the project will preserve not only one of Christianity’s oldest churches but also a living center of Filipino faith, culture and language in the heart of Rome, where the ancient Church and the modern Filipino diaspora have found a shared home.

Sun Life…

can be passed down through generations, the insurer added. The report is Sun Life Asia’s second annual legacy planning survey. Fieldwork was conducted in August 2026 across six markets—Hong Kong, Indonesia, Malaysia, the Philippines, Singapore and Vietnam—gathering responses from 3,073 people across wealth levels and generations.

Continued from A11

inheritance. Starting these conversations and planning efforts early also gives families more time to align their objectives, clarify responsibilities and ensure their legacy

Cagayan Valley scales up ‘Ube’… Continued from A1

Under the framework, the DA explained that production areas and target volumes are determined by market demand, buyer requirements, and farmers’ capacity. The DA said it will provide technical assistance and quality planting materials, while LGUs are tasked to organize farmers, identify suitable sites, and mobilize local resources. Private-sector partners and institutional buyers help align production with market requirements, it added. The DA RFO 2 had allocated P3.7 million to produce 420,000 ube setts as of October 7, weighing about 100 grams each, through six research centers and stations. Of these, the agency said 211,180 had been delivered to Echague, with the remaining 208,820 expected to follow. The initiative supports the development of an additional 70 hectares, which requires an additional 1.4 million setts, according to the DA. The agency said it aims to meet this requirement by December through intensified propagation and supplemental sourcing beyond its research stations’ capacity. Earlier, the DA said Korean investors from Carnot Fleet, together with DA RFO 2 and the Echague LGU, assessed Simon’s Farm to identify development needs. Discussions with the Agricultural Credit Policy Council (ACPC) covered possible interventions in cold storage, mechanization, automated irrigation, consolidation facilities, ube processing, and carbon-credit opportunities, subject to further assessment. Meanwhile, Cagayan Valley Regional Executive Director Rose Mary Aquino said the region had established the groundwork for ube production and exports two years before the crop gained global popularity. She added that DA-funded processing facilities at Quirino State University helped produce ube powder samples that met Japan’s quality requirements, with marketing assistance from the Department of Trade and Industry (DTI). Aquino said they aim to reach an initial target of 100 hectares in Isabela, with expansion to 500 hectares by 2028. Small farmers are also joining production through links with private investors, helping secure market outlets. “The DA’s strategy highlights the need to match production growth with reliable markets, infrastructure, and processing capacity to ensure that rising global demand creates sustainable income opportunities for Filipino farmers.”

Oil, transport costs to keep BOP in deficit Continued from A1

Both projections were unchanged from the second-quarter report. “Inflows from services receipts and remittances will continue to support the external position, but these are not sufficient to fully offset the trade‑driven deficit,” the BSP raised. Net financial inflows are projected to reach $11.4 billion in 2026 and $11.8 billion in 2027, providing partial financing for the current account deficit. Other investment inflows will be driven particularly by foreign borrowing by the national government, corporations and banks, the BSP said. “Direct investment remains positive but modest, while portfolio flows are sensitive to global financial conditions,” it added.

The Nation

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SC dismisses contempt petition against Sotto By Joel R. San Juan @jrsanjuan1573

HE Supreme Court (SC) has junked the petition seeking to cite Sen. Vicente Sotto III for indirect contempt over his statements criticizing the Court’s final decision dismissing the Articles of Impeachment filed against Vice President Sara Duterte during the previous Congress. In a decision written by Associate Justice Marvic Leonen, the Court en banc held that Sotto’s statements are protected by the constitutional freedom of speech and expression. The Court stressed that freedom of speech and expression enjoys the highest constitutional protection, particularly when the speech involves political matters. The SC warned that punishing someone for expressing disagreement with a court ruling would amount to “an undue stifling of the ordinary exercise of free expression.” “As a matter of paramount public interest, discussions on impeachment proceedings, including opinions critical of the Court’s decisions, should be free and unrestricted by fears of subsequent punishment,” the SC stressed. The ruling stemmed from the petition filed by lawyers Manuelito Luna, Ferdinand Topacio, Harold Respicio, and Virgilio Garcia along with businesswoman Cathy Binag. The petitioners argued that Sotto’s comments on the Court’s ruling constitutes “improper conduct” that undermines the integrity and dignity of the Court. They were referring to Sotto’s Sotto’s public statements after the SC released its decision in Duterte v

SEN. Vicente Sotto III House of Representatives, which involved the impeachment proceedings against Duterte. In media interviews and social media posts, Sotto questioned the Court’s ruling, claiming, among others, that the ponente was unfamiliar with congressional rules and that the decision effectively amended the Constitution. Sotto had labeled the decision a “sad day for Constitutional Law,” and accused the SC of “ judicial overreach” and “ judicial legislation.” He also accused the Court of “meddling with the Constitution” and hinted that Charter change might be necessary to strip the judiciary of such powers. However, the SC ruled that Sotto’s statements did not amount to indirect contempt. It noted that Under Rule 71, Section 3(d) of the Rules of Court, conduct that impedes or obstructs the administration of justice may be punished as indirect contempt. However, the SC said when the alleged contempt involves speech, courts must also consider the constitutional protections of free speech and expression. See “Sotto,” A4

House acts on half of Ledac priority bills

HE House of Representatives has passed 448 bills on third and final reading and acted on 32 of the 61 Legislative-Executive Development Advisory Council (Ledac) priority measures as it entered its session break, Speaker Faustino G. Dy III said. Dy said the chamber’s legislative accomplishments covered education, child protection, assistance for overseas Filipino workers (OFWs), healthcare for senior citizens, infrastructure development and other measures aimed at addressing the needs of Filipino families. The session has been adjourned and will resume on November 9. “Based on our latest report, the House has approved a total of 654 measures, including bills and resolutions,” Dy said. He added that 13 measures had been enacted into law, five bicameral conference committee reports had been ratified, and 448 bills had passed third and final reading. On October 12, the House approved four Ledac priority measures on third reading: House Bill 11561, establishing a national disaster risk financing and insurance framework; HB 11563, strengthening performance measurement in local governments; HB 11566, protecting children on social media and online gaming platforms; and HB 11597, institutionalizing a comprehensive infrastructure development master plan. HB 11561 seeks to establish a framework for financing disaster risks and providing insurance mechanisms to help the country prepare for and recover from disasters. HB 11563, meanwhile, proposes amendments to the Seal of Good Local Governance Act to strengthen the assessment of local government performance and promote merit-based governance. The House approved HB 11566, or the Safe and Friendly Environment for Kids in Digital Spaces (Safe Kids) Act, with 287 affirmative votes, three negative votes and no abstentions. The measure seeks to establish safeguards for children using social media and online gaming platforms.

The bill, filed with the House Committee on Welfare of Children chaired by Party-list Rep. Florabel T. Yatco of Nanay, was co-sponsored by Pasig City Rep. Roman T. Romulo, chairperson of the committee’s technical working group. Romulo said the measure puts the best interests of children at the center of efforts to address online risks, including cyberbullying, grooming, sexual exploitation and harmful content. “The concern, therefore, is not whether children should have a place in the digital world. They already do,” Romulo said. “The question before us is whether the digital environment in which they grow up provides adequate safeguards for their safety, development, and well-being.” Under the proposed Safe Kids Act, children below 13 years old would be prohibited from creating, registering, maintaining or using social media accounts. Those aged 13 to below 18 would have restricted access, with certain harmful features, including unsafe communications and mechanisms that encourage excessive or compulsive use, prohibited. The measure also provides for the creation of a SAFE KIDS Office under the Department of Information and Communications Technology (DICT) to oversee implementation and imposes penalties on digital platforms that fail to comply. Dy said the measure reflects the chamber’s commitment to protecting children as technology continues to evolve. “Through the Children’s Social Media Safety Act, which we passed on third reading, we seek to protect children from dangerous online content through age restrictions, parental consent, and stricter accountability for social media platforms,” he said. A no t h e r L e d a c p r i o r it y, H B 11597, seeks to institutionalize a comprehensive infrastructure development master plan and establish a Masterplan for Infrastructure and National Development Council. The House also approved HB 10858, the See “Ledac,” A4

Wednesday, October 14, 2026

Impeach court OKs dropping of 3 charges against Duterte

By Jovee Marie N. dela Cruz @joveemarie & Claudeth Mocon-Ciriaco @claudethmc3

HE Senate Impeachment Court has granted a motion by the House of Representatives prosecution team to withdraw three of the four impeachment articles against Vice President Sara Z. Duterte, leaving unexplained wealth (Article II) as the sole charge to be decided in the ongoing trial. Presiding Officer Sen. Francis Escudero issued the ruling on Day 39 of the trial after House lead prosecutor, Batangas Rep. Gerville Luistro, formally announced the prosecution’s decision to narrow its focus following the conclusion of its evidence presentation. “Given the foregoing, the court accepts and confirms the prosecution’s manifestation. Articles 1, 3, and 4, from this point forward, are deemed withdrawn,” Escudero ruled.

The dropped charges include: n Article I: Alleged misuse of confidential funds. n Article III: Alleged bribery and corruption within the Department of Education during Duterte’s tenure as secretary. n Article IV: Alleged assassination plots, grave threats, and inciting to sedition.

Defense slams ‘Tactical Shift’ LEAD defense counsel Sheila Sison

strongly criticized the prosecution’s sudden shift, calling it “ridiculous” and “unacceptable.” “I think we don’t need any further proof that something really, really wrong is going on here,” Sison said. She argued that while the prosecution has the right to withdraw charges, it cannot unilaterally dictate how the defense responds, nor should it be allowed to benefit from 38 days of public allegations without giving the defense a fair chance to rebut them. Sison warned that rushing the trial to skip defense testimony on those points would constitute a “mistrial” and violate fundamental due process. She drew a contrast to former Chief Justice Renato Corona’s trial, noting that when five articles were dropped there, no evidence had yet been presented for those specific charges.

Prosecution: In the ‘best interest’ of all LUISTRO rejected claims that dropping the charges signals a weaker case or an attempt to deny due process. She emphasized that the decision was made after carefully considering the interests of the public, the court, and the respondent. See “Impeach,” A4

Govt extends aid to more than 16-M affected by Middle East conflict

ment’s Social Protection, Inclusion, and Gender Equality (SPRING) Program. The survey, which evaluated 1,200 fuel subsidy recipients, revealed that 96 percent of respondents credited the P5,000 subsidy with allowing them to remain on or return to their transport routes. Recto welcomed the findings, stating they confirm the effectiveness of the government’s intervention. “This is proof that the President’s timely assistance is working and making a big difference,” Recto said. “We will use the insights gained from this survey to improve the delivery of assistance and connect more workers to programs that provide stronger protection during times of need.”

ORE than 16 million Filipinos affected by surging fuel prices stemming from the Middle East conflict have received assistance under government aid programs, Malacañang announced. The Office of the Executive Secretary (OES) said the beneficiaries received assistance through the Department of Social Welfare and Development’s (DSWD) expanded Pantawid Pamilyang Pilipino Program (4Ps) and the Walang Gutom Program. “As of October 7, the first tranche of assistance already reached 6.49 m i l l ion Fi l ipi nos, re prese nt i ng P19.55 billion in aid distributed,” the OES said in a statement. The relief measures are part of the Marcos administration’s Unified

Package for Livelihoods, Industry, Food, and Transport (Uplift) program, launched to cushion the impact of rising living costs triggered by the escalation of hostilities in the Middle East last February. In addition to direct cash payouts, the Uplift initiative incorporates fuel and rice subsidies alongside service contracting for public utility vehicle (PUV) drivers and operators. The announcement follows President Marcos’ decision last July to expand cash assistance under the Uplift program to cover 7.5 million vulnerable families. Executive Secretary Ralph G. Recto noted that the administration will refine the program’s delivery based on findings from a recent study commissioned by the Australian govern-

Dangling utility wires, cables get legislator’s goat

Israel cites stronger people-to-people ties despite DFA travel advisory

LAWMAKER wants public utility companies penalized with heavy fines and the suspension or revocation of their local government-issued permits if they fail to remove their non-operational wires and cables from electric posts. Parañaque Rep. Brian Yamsuan said his proposed measure under House Bill 11461 aims to rid communities of tangled, crisscrossing overhead cables or “spaghetti wires” that are not only unsightly but also pose serious threat to public safety and infrastructure. “We want utility firms to be held accountable for failing to address this longstanding urban eyesore and hazard. Our measure not only imposes penalties but also sets clear standards for the installation, identification, and maintenance of utility cables so that we could finally rid our communities of spaghetti wires overloading utility poles,” Yamsuan said. Many of these dangling, jumbled cables are non-operational television See “Cables,” A4

SRAEL’s ambassador to the Philippines downplayed concerns over the Department of Foreign Affairs’ (DFA) updated travel advisory on Israel, saying the two countries should continue building people-to-people ties as direct flights between the two nations are set to begin next year. Asked about the updated advisory, Israeli Ambassador Dana Kirsch pointed to the planned launch of direct flights between Manila and Tel Aviv in January 2027, saying the new route would make travel easier for overseas Filipino workers and their families. “The fact that we are going to start direct flights in January 2027, I think it’s a wonderful boost for the OFWs that are there. They can easily come back and forth. Their relatives can come and visit Israel,” Kirsch said. She said the direct air link would further strengthen connections between the two countries. “At the end of the day, it’s people-topeople connections. In the same way that Filipinos want to go to Israel, there are many, many Israelis who want to come here,” she said. The DFA recently placed Israel, Iran, the West Bank, selected regions of Ethiopia and

Samuel P. Medenilla

South Sudan under its “Exercise Increased Caution” category, citing continuing threats from rockets, missiles and drones, particularly along Israel’s northern border with Lebanon and Syria. The department also advised Filipinos to defer all non-essential travel, including tourism, pilgrimages, internship programs, volunteer work, sports events and entertainment-related trips. About 50,000 Filipinos visited Israel in 2025 despite the absence of direct flights and disruptions in commercial air travel, Philippine Ambassador to Israel Aileen Mendiola earlier said. Kirsch, meanwhile, said about 40,000 Filipinos travel to Israel annually, a figure roughly equivalent to the number of Israelis visiting the Philippines. Department of Migrant Workers Secretary Hans Cacdac said the government would continue coordinating closely with the DFA on security assessments affecting travel and labor deployment to Israel. Cacdac said he and Overseas Workers Welfare Administration Administrator Patricia Caunan are scheduled to visit Israel later this year to meet Filipino workers and See “Israel,” A4

Garin, others beat graft, malversation case over Dengvaxia By Joel R. San Juan @jrsanjuan1573

HE Sandiganbayan Second Division has acquitted former Health Health Secretary and now Iloilo Rep. Janet Garin and several others of graft and technical malversation charges in connection with the procurement of P3.5 billion worth Dengvaxia dengue vaccines in 2015. Aside from Garin, also acquitted were then Department of Health (DOH) officials Gerardo Bayugo, Maria Joyce Duvusin, Julius Lecciones, and Kenneth Hartigan-Go. In a 43-page resolution penned by Associate Justice Edgardo Caldona, the anti-graft court also directed the release of the cash bonds posted by the accused for their provisional liberty and lifted the hold departure orders (HDO) issued against them. The Sandiganbayan held that the prosecution failed to prove evident bad faith on the part of the accused in the procurement of the Dengvaxia vaccines. The Court did not give weight to allegations that the Dengvaxia vaccines have put some students at risk for deadly medical conditions in dismissing the charges. “Whatever the adverse consequences of the Dengvaxia vaccines administered to schoolchildren may be, the Court cannot find sufficient link that such unfortunate incidents were motivated by evil or sinister design by the program implementors, mainly by the accused,” the Sandiganbayan said in exonerating the accused. As to the technical malversation case under Article 220 of the Revised Penal Code, the Sandiganbayan said Garin cannot be held liable for the offense since she merely requested then President Benigno Aquino III to use savings for the purchase of P3.5 billion dengue vaccines. Based on the records, the said amount was originally intended for the 2015 Miscellaneous Personnel Benefits Fund (MBPF). “The President, through the DBM [Department of Budget and Management] Secretary, caused the augmentation of funds from the 2015 MPBF to the purchase of dengue vaccines. Accused Garin, as then DOH Secretary, merely requested that the purchase of dengue vaccines be sourced from savings,” the Sandiganbayan said. It noted that the President’s authority to augment an item in the budget from savings within the Executive department has constitutional and legal bases under Article VI, Section of the 1987 Constitution. “In the final analysis, the one who caused the application of the savings from the 2015 MPBF to the purchase of dengue vaccines was none other than the President, and not accused Garin,” the ruling stated. See “Dengvaxia,” A4

Wednesday, October 14, 2026

Economy

www.businessmirror.com.ph

for CL Power rate hike set this month Consultations wage increase start By Lenie Lectura

@llectura

LECTRICITY rates will go up by P0.3191 per kilowatt hour (kWh) this month, bringing overall rate for a typical household with a monthly consumption of 200 kWh to P15.0615 per kwh from P14.7424 per kwh in September.

This month ’s power rate hike was mainly due to higher generation charge which went up by P0.4973 per kWh. However, the increase in the generation charge was partly tempered by lower charges from the National Grid Corporation of the Philippines

(NGCP), as well as net reduction in taxes and other changes. Ancillary service charge for residential customers went down by P0.1321 per kWh owing to lower charges from the Reserve Market, while the transmission charge also

slightly declined by P0.0063 per kWh. Together, these brought down NGCP charges by P0.1384 per kWh. Despite the P0.0634 per kWh increase in universal charge for missionary electrification, taxes and other charges registered a P0.0398 per kWh drop due to higher share of indigenous natural gas which is exempt from value added-tax (VAT) and the removal of the VAT on the system loss charge. Meanwhile, Meralco’s distribution charge will go up to P1.48 per kWh following the approval of the Energy Regulatory Commission (ERC), covering the utility firm’s First Regulatory Period (1RP) from July 1, 2026 to June 30, 2030. At the same time, the ERC ordered Meralco to refund P2.64 billion, equivalent to an average refund rate of P0.1020 per kWh for all customer classes and a higher P0.1733 per kWh

for residential customers, to be implemented starting November 2026 billing over six months. “We’ll need to study the decision of the ERC for both cases. The implementation will be starting the November billing month,” said Meralco utility economics head Lawrence Fernandez. Commenting on both ERC decisions, Meralco vice president and head of corporate affairs Joe Zaldarriaga said that while the overall cost difference is minimal, the net effect remains a minor reduction for the residential sector. “Effectively, if we look at the cost, there isn’t much of a difference. However, I think there will be an impact on households of about 17 centavos. But the adjustment resulting from the reset will be around 13 centavos. So, in effect, it is still a decrease, albeit a slight downward adjustment,” he said.

Cebu advances AI, battery assembly, other deals

EBU CITY—Cebu’s latest provincial investment forum is yielding early follow-through, with international companies returning to evaluate local partnerships in artificial intelligence (AI), electric vehicle (EV) battery assembly, and light manufacturing, Capitol consultant Brian To said. To said that companies from the previous forum—which drew over 500 participants from 13 countries—are conducting due diligence and commercial feasibility studies. The province expects joint ventures, letters of intent (LOIs), research agreements,

and memorandums of understanding (MOUs) to be signed before the end of 2026, with economic activity and job creation materializing in 2027. Key initiatives under development include: n AI Research and Development Center: A proposed consolidated venture involving a local company and two foreign companies from China and South Korea. Unlike a data center, this facility will focus on AI security software and decision-support systems, leveraging Cebu’s skilled tech workforce.

n Incremental EV production: A phased EV project starting with battery assembly before scaling to motorcycle component manufacturing. This approach allows local suppliers to integrate into the network without immediately building large-scale automotive facilities. n Micro and light manufacturing: Cebu is targeting smaller-scale manufacturing projects spread across the province. Lower capital requirements and manageable hiring targets reduce risks for prospective investors.

T he prov incial government is shifting toward hands-on assistance for investors, helping navigate government processes, align business models, and secure financing through planned startup guidance sessions. To sustain this momentum, Cebu is preparing for Forum 5.0 in March 2027, featuring international economic, business, and policy speakers from the United States and China. “The economy is not once a year. The economy is every month, every day,” To said, emphasizing the need to convert growing interest into longterm economic growth. Carmel Pedroza

PHL demands practical climate action now By Jonathan L. Mayuga @jonlmayuga

T the Pacific PreUN Climate Change Conference (COP31) breakout sessions in Fiji, the Philippines delivered a clear message: It’s time to move from big promises to real-world results. Representing the delegation, Philippine Ambassador to Fiji Noel M. Novicio called for practical, science-backed climate action tailored to developing nations’ unique development needs.

Dengvaxia. . . Continued from A3

“The buck stops with the President, so to speak, and not with the member of his Cabinet,” it added. In an ambush interview after the ruling, Garin thanked the anti-graft court for exonerating her, which she

Cables. . . Continued from A3

and cable lines, while others are internet and telecommunication wires and illegal jumper connections tangled with legal electrical connections. These dangling wires may cause electrocution, sparks, and devastating structural fires, particularly in densely populated communities and high-traffic areas. Yamsuan has commended the cities of Manila, Taguig, San Juan, and other local governments that have taken the initiative of clearing their communities of spaghetti wires in coordination with utility providers. “Many of our LGUs already have ordinances and regulations directing utility providers to properly install and maintain their lines, but they apparently are not followed,” Yamsuan said.

Key highlights from the Philippine address include: n A usable just transition mechanism: COP31 shouldn’t just create frameworks; it must deliver a mechanism countries can actually use. Transition plans must address debt burdens, fiscal constraints, and technology gaps without imposing rigid rules. n Implementation over new pledges: Novicio urged extending the Mitigation Work Program for four to five years. Success should not be measured by new pledges, but by unlocked investments,

described as “a win, not for me, but for our scientists and public health experts.” The case stemmed from the complaint filed by the Office of the Ombudsman in 2023 for graft and technical malversation over the alleged illegal transfer of P3.5 billion from the MPBF to fund the procurement of the controversial vaccines.

“What we need is a strict legal framework that clearly holds public utility entities accountable, which is why we are pushing for the passage of our proposed measure,” Yamsuan said. Under Section 4 of HB 11461, public utility providers are mandated to properly secure and maintain dangling aerial utility wires, remove non-operational ones, and relocate, repair, or replace damaged poles that contribute to unsafe or improperly positioned overhead wires. Utility providers are also tasked under the bill with ensuring that aerial wires comply with minimum safety clearance standards prescribed by relevant government agencies and in conducting periodic inspections and maintenance of aerial utility infrastructure within their service areas. Once the bill becomes law, utility firms are given one year from the effectivity of the measure to comply with these provisions.

real emissions cuts, and better living standards. n Inclusive science and honest stocktakes: GST-2 must combine global scientific research with traditional Indigenous knowledge to bridge the gap between information and action, delivering needed finance and technology without adding burdens. Looking forward to COP31 in Antalya, Türkiye— where Australia will lead negotiations—the Philippines emphasized turning talks into

Israel. . . Continued from A3

discuss ways to strengthen labor relations between the two countries. Despite the travel advisor y, both Philippine and Israeli officials expressed confidence that bilateral ties, particularly in labor mobility and tourism, would

A P300,000 fine shall be imposed on any public utility firm that fails to comply within the one-year grace period with the safety provisions set under Section 4. Failure by any public utility company to remove their non-operational lines or comply with the other safety provisions under Section 4 is penalized under the bill with a fine of not less than P100,000 for each day of non-compliance computed from the time of the filing of a complaint to the proper authority. If the installation or relocation of wires and cables causes any damage to property or injury to persons, the public utility company is mandated under the bill to shoulder the full costs of the damage and/or medical expenses incurred and pay a fine of not less than double the amount of such costs. LGUs are tasked under the bill to monitor and ensure the compliance

practical partnerships across energy, water, oceans, and early warning systems. “COP31’s success should not be measured by the number of new commitments, but by whether conditions are created for existing ambition to become real action,” Novicio said. Aligned with the G77, the Philippines remains dedicated to making COP31 a true “implementation COP” that protects vulnerable communities and supports sustained growth.

continue to expand as direct flights come online next year. The comments were made during a press huddle after a memorial event honoring Filipino victims of the October 7, 2023 Hamas attack and subsequent attacks in Israel, where officials from both countries highlighted the resilience of Filipino workers and their families. Malou Talosig-Bartolome

by utility providers. LGU officials face administrative sanctions if they fail to undertake these tasks. LGUs may suspend or revoke the permits of any utility firm for any violation of the safety standards. Last year, the city government of Manila estimated that there were about two million kilos of unutilized and unusable wires hanging from various utility posts across the city, demonstrating how utility companies often abandon dead and non-operational cables instead of properly removing and disposing of them. Manila Mayor Isko Moreno has ordered utility companies to remove these tangled wires. In 2023, several electric and telecommunications poles in Binondo, Manila, collapsed simultaneously due to the weight of thousands of unmaintained communication lines. The incident left three people injured and several parked vehicles damaged. Jovee Marie N. dela Cruz

By Mary Jade Jadormio

RESH off approving a minimum wage increase in Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), the Department of Labor and Employment (Dole) is shifting its focus to Central Luzon, where the regional wage board is actively considering pay adjustments for thousands of workers. Labor Secretary Francis N. Tolentino confirmed that public consultations and hearings are moving forward across key industrial and urban hubs, including Pampanga, Bulacan, Clark Freeport, Subic Bay Freeport, and Zambales. Tolentino said decisions on potential wage increases remain with the respective Regional Tripartite Wages and Productivity Boards (RTWPBs), which weigh regional socioeconomic factors, cost of living, and feedback gathered from both labor and business sectors. “Public hearings were conducted in all provinces...All of these are documented,” Tolentino said in Filipino,

Impeach. . . Continued from A3

Luistro pointed to the Senate’s packed legislative agenda, including deliberations on the proposed 2027 national budget, as a practical factor in streamlining proceedings. “We believe that evidence [under Article II] is substantial and compelling and warrants the respondent’s removal from office for culpable violation of the Constitution and betrayal of public trust,” Luistro told the senator-judges, adding, “All in po tayo dito.” The prosecution’s wealth charge relies heav ily on financial records involving Duterte and her husband, law yer Manases Carpio. Their final

Sotto. . . Continued from A3

Citing its ruling in Tolentino v Heydarian, also written by Leonen, the SC reiterated that the judiciary, like the other branches of government, remains subject to public scrutiny and criticism. Under the doctrine of fair comment, statements concerning public officials in the performance of their duties are protected. “Such statements do not automatically become punishable simply because they are

Ledac. . . Continued from A3

proposed P7.2-trillion national budget for 2027, along with measures creating additional trial courts, renewing legislative franchises and addressing local government concerns. Dy also cited the passage of the Free OFW Financial Education Act and a measure strengthening the law against illegal recruitment. The chamber, likewise, ratified bicameral conference committee reports on the Presidential Merit Scholarship Program and the establishment of the National Geriatric Center. On the proposed 2027 national budget, Dy said the House fulfilled its commitment to scrutinize government spending transparently and ensure that public funds finance programs that directly benefit Filipinos. HB 10858 provides appropriations for government operations from January 1 to December 31, 2027. “When the National Expenditure Program was turned over to the House last August, we made a commitment to the Filipino people: that every centavo earned through their hard work and paid in taxes must be spent wisely, honestly, and on programs that will make a real difference in their lives,” Dy said.

emphasizing that extensive consultations took place in areas such as Lipa City in Batangas, Lucena City in Quezon, Antipolo City in Rizal, Calamba City in Laguna, and Batangas City in Batangas, ahead of previous wage decisions. Any approved increase in Central Luzon could take effect through a single wage order or be rolled out in phased tranches, depending on the board’s final determination. Regional wage reviews are typically timed around the anniversary dates of previous wage orders. In addition to base pay adjustments, Dole is urging private-sector employers to voluntarily offer extra benef its to ease f inancia l pressure on households, highlighting non-wage support such as yearend bonuses and health insurance coverage. Looking ahead, Tolentino added that Dole will issue specific labor advisories in November focused on protecting workers’ health and safety during the upcoming El Niño climate season.

w itness, forensic accounting expert A lexander Cabrera, reported roughly P817.87 million in alleged unex plained wealth between 2022 and 2025 based on available bank, ta x, and property records. Escudero clarified that Articles I and IV were withdrawn with prejudice, meaning they cannot be refiled against Duterte during her current term and the 20th Congress based on the same allegations. Article III was withdrawn without prejudice because no evidence was presented on that charge, though it remains excluded from this trial. Escudero noted the ruling does not grant immunity or bar future civil, criminal, or administrative cases regarding the same matters.

false, harsh, or offensive,” the SC noted. Furthermore, the SC stressed that “political speech is accorded the greatest degree of protection” because it is a direct exercise of the people’s sovereignty. The SC also recognized that disagreements with court rulings are inevitable and reiterated that it should not use its contempt power to punish criticism. “The Court regards Senator Tito Sotto with the greatest respect and understands his frustration with some of our Decisions, or even with one member of the Court,” the decision stated.

The House amendments included an additional P10.06 billion for education programs supporting school safety, inclusive learning, academic recovery and access to quality tertiary education, as well as increased allocations for medical assistance and agricultural support. The chamber also provided an additional P500 million for the Service Contracting Program and P1 billion for fuel subsidies intended to benefit public utility vehicle drivers and operators, tricycle drivers, delivery riders and other transport service providers. Dy said preparations for the projected effects of El Niño also guided the budget deliberations. With the chamber’s legislative work and budget deliberations completed, Dy called on the public to monitor the implementation of approved measures and ensure that government spending delivers the intended results. “This is about a government that knows how to listen, knows how to act and, above all, knows how to care. It is a Congress that is present not only when problems arise, but also as your partner at every stage of life,” he said. “The budget is the people’s money. They have the right to know where it will go, why it is needed, and what results they can expect.”

TheWorld S. Africa factories crater as China imports stunt revival By Ntando Thukwana Bloomberg News

O U T H A F R I C A’S manufacturing sector has been in decline for more than three decades. Now, a deluge of cheap Chinese goods, intensified by US President Donald Trump’s tariff war, is putting what remains of its industrial base under renewed pressure. Chinese exports to South Africa have more than doubled since the start of the decade, rising by almost $10 billion in the first eight months of this year compared with the same period six years ago. Among Africa’s major economies, only Nigeria recorded a bigger increase. The pace has accelerated since Trump returned to the White House. Shipments from China to South Africa jumped 29 percent in the first eight months of 2026 from a year earlier, as Chinese manufacturers confronting higher barriers in the US hunt for customers elsewhere. South Africa also runs a large trade deficit with China, which accounts for more than a third of the country’s manufacturing imports and only about 5.9 percent of exports, according to central bank data. The industry contracted for a third consecutive quarter in the three months through June. Manufacturing’s share of the economy has roughly halved from 24 percent in 1994. The industry contracted for a third consecutive quarter in the three months through June, while employment in the sector has fallen by a quarter since 2008. Chinese manufacturers, aided by subsidies and a cheap currency, aren’t just undercutting producers in South Africa. Rivals from Brazil to Vietnam are also struggling to compete and have imposed tariffs on Chinese steel products. The European Union reached a deal with Beijing last week to curb Chinese hybrid-car exports to the bloc. South Africa is particularly vulnerable as its manufacturers are already grappling with high energy costs, an inflexible labor market, burdensome regulation, failing infrastructure and weak economic growth.

Most exposed

MOODY’S Ratings latest Manufacturing Vulnerability Index ranks Africa’s largest economy the most exposed to Chinese trade competition of the eight nations it assessed on the continent. It attributed this to South Africa’s “relatively large manufacturing sector with a high reliance on foreign, and specifically Chinese, value added in exports” and declining competitiveness. “This is particularly evident in machinery and automotive components, where domestic producers have lost market share to Chinese exporters over the past decade,” it said. The International Trade Administration Commission said it is investigating five new applications from companies seeking relief from an influx of imports. The applicants span sectors from producers of gypsum plasterboard, used for ceilings, to plastics and cold-rolled steel. The entities involved include the South African Fasteners Manufacturers’ Association, representing makers of steel nuts and bolts, Saint-Gobain Construction Products South Africa Ltd., ArcelorMittal South Africa Ltd., and Hosaf, a unit of KAP Ltd.

“Over the years there has been a general increase in the case load relating to increased imports,” ITAC said in an emailed response to questions. “Part of that increase can be attributed to increased imports from East Asia, including China.” At Alvern Cables in Germiston, east of Johannesburg, Works Director Jaycen Padiachy has seen the impact of the influx of Chinese goods firsthand. The company, which was founded in 1967 and produces low- and mediumvoltage cables, expected the rebound in economic activity after the global pandemic to help restore demand. Instead, Padiachy said, the recovery has faltered. “What we are noticing now is a lot of competition in the market; imports are affecting our business.” To compete, the factory has had to adjust its business model. “Under recent market conditions, we’ve had to work on reduced time for a short period,” Padiachy said. Manufacturers have also had to carefully balance raw-material purchases and finished-goods stock against changing demand and where they source their goods. “If we just continue to bring it in from Europe, we won’t be competitive,” said Juanita Kupersamy, the company’s commercial manager. “China does have the advantage with strong price competition.”

‘Wake-up call’

BUSI MAVUSO, the head of Business Leadership South Africa, one of the country’s largest business lobby groups, puts some of the blame for the influx of Chinese goods on Pretoria. “You don’t see the appetite from government to actually protect local industry, and yet they continue to talk about industrialization and beneficiation,” she said in an interview. “We don’t have a clear trade policy as a country. We continue to put politics before economics.” The trade department says it is taking the threat seriously. The upheaval in global trade is “a serious wake-up call,” Maoto Molefane, acting deputy director-general at the Department of Trade, said in an interview. “For the longest time we’ve been dependent on a particular region, but going forward, South Africa is looking at other areas.” The government wants companies to diversify their markets and is promoting a “butterfly strategy” aimed at strengthening trade links across different regions. There is a paradox at the center of South Africa’s industrial decline. The country hasn’t lost its ability to manufacture. Factory capacity utilization stood at about 76 percent in 2026 from 83.2 percent in 2003, around levels seen in some major developed economies. What it lacks is enough demand for goods priced at a level that will ensure its factories remain competitive, making investing in additional capacity difficult to justify. South Africans are already under pressure from a high cost of living, unemployment and stagnant growth. When a cheaper imported alternative appears, price can outweigh arguments about supporting the local industry. “Capability and capacity is not an issue,” Sello Takatso, senior manager for manufacturing at Nedbank Group Ltd., which lends to companies in the sector, said. “With the mounting challenges of imports that are taking place, we are competing on price point.”

Wednesday, October 14, 2026

Trump’s diesel deal with Putin draws criticism from Congress By Lisa Mascaro

The Associated Press

ASHINGTON—The House speaker stood before Donald Trump during his first term at the White House and pointed a finger declaring that with this president, “All roads lead to Putin.” The stark assessment years ago from Nancy Pelosi echoed anew after Trump’s surprise announcement last week that he struck a deal with Russian President Vladimir Putin to import tons of Russian diesel to the U.S. as a way to ease sky-high prices at the pumps for Americans ahead of the midterm elections. Trump’s diesel deal with Putin has been criticized by both Republicans and Democrats as fueling Russia’s war against Ukraine, violating existing U.S. laws and drawing the US closer to Russia. It joins a growing list of instances where the president has sided with Putin, often at the expense of Ukraine — and America’s own standing. “The harm to the Ukrainians is real,” said William Taylor, a former US ambassador to Ukraine, now a senior fellow at the Atlantic Council, in an interview Monday. “And the cost to us, the United States, is high.” It’s not at all clear the TrumpPutin deal will deliver the supply boost the president is seeking to bring down prices. Energy experts have said the flow of Russian diesel is unlikely to lower prices in the US, which have escalated largely due to disruptions from the U.S. war against Iran. But the agreement underlines a message at home and abroad that Trump is an unreliable ally as Ukraine battles Russia.

A bipartisan group of six senators urged Trump over the weekend to reverse course, saying the US “should not provide Putin with a financial lifeline.” Trump, however, held fast to his deal with Putin and lashed out, blaming Ukrainian President Volodymyr Zelenskyy for America’s high diesel costs and asserting he should step aside — something Ukraine’s leader has no intention of doing. “Anything that could help our farmers, our ranchers, I like,” Trump said Monday outside the White House. Asked about Republican criticism of the Russia deal, Trump said they “can’t really be serious.” Trump also insisted that an energy ceasefire is in place for Ukraine and Russia, despite Zelenskyy saying that Moscow continued to strike his country’s energy sites. An AP-NORC Center for Public Affairs Research poll published October 1 found that Americans disapprove of Trump’s handling of the Iran war and blame him for higher prices.

Other plans

CONGRESS swiftly approved legislation at the outset of the Russian invasion of Ukraine in spring of 2022 to ban the import of Russian energy products, which are widely viewed as providing the financial fuel for Putin’s military assault

on Ukraine. The bill passed the House on an overwhelming 414-17 vote and the Senate without a single senator opposed. The law says the president can seek to lift the prohibition if an agreement had been reached to withdraw Russian troops from Ukraine and cease military activity. Such a proposal would need to be reviewed by Congress and to have been “accepted by the free and independent government of Ukraine.” “Trump is directly violating that law,” said Rep. Lloyd Doggett, D-Texas, the bill’s chief sponsor, in a statement Monday. He said Trump “illegally rewards his pal Putin while once again blaming Zelensky for not capitulating to Putin.” More recently, Congress last month approved a sweeping Russian sanctions bill, named after the late GOP Sen. Lindsey Graham, that would slap tariffs on countries that continue importing Russian oil. Trump signed the bill into law. The bulk of the law’s provisions go into effect October 18, the end of the administration’s 30-day review period. But such action now appears to be in question since Trump’s diesel deal with Putin will allow the f low of Russian energy. In a letter to Treasury Secretary Scott Bessent and Secretary of State Marco Rubio, Senate leaders from both parties last week said the most urgent priority for the US must be to tackle the “shadow fleet” of tankers that Moscow is using to transport oil and bypass America’s sanctions. But that was before Trump announced his deal with Putin, which he said would unleash hundreds of tons of diesel. Treasury did not immediately respond Monday to a request for comment. Republican Rep. Ashley Hinson, who faces a competitive race for the

US Senate against Democrat Josh Turek in Iowa, where $6 a gallon diesel prices have become an issue, said, “It makes me a little bit nervous anytime we’re talking about relieving a sanction on Russia.” Almost seven years ago this week, Pelosi stood before Trump and a roomful of US officials during a heated White House meeting and leveled her accusation, suggesting the president’s policy favored Putin. The powerful House speaker led the first impeachment of Trump on corruption charges over his administration’s decision to withhold congressionally approved aid to Ukraine in 2019 as it faced Russian aggression at its border. Trump was later acquitted by the Senate. Since Trump’s return to the W hite House, he has seesawed between pressuring Zelensky y to make concessions and showi ng f r u st rat ion w it h P ut i n’s h a rd l i ne st a nce on t he wa r. Trump often complains that he thought his good relationship with his Russian counter part would have made it easier to end the war. A year ago, Trump reversed his long-held position that Ukraine would have to give up land and suggested it could win back all the territory it has lost to Russia—only later to call on Kyiv and Moscow to “stop where they are” and end the war. In July, Trump praised Zelenskyy and Ukraine for their wartime resilience. But by September, Trump was expressing frustration about strikes on Russian energy infrastructure. Trump insisted Monday the sides agreed to a ceasefire on the energy systems. “They agreed,” Trump said. “Because I said, ‘You agree.’” When pressed about the attacks by Russia, Trump said he’d have to take a look, “because there’s been violations on both sides.”

Man stabs at least 8 people in S. Korean mall By Kim Tong-Hyung The Associated Press

EOUL, South Korea—A 59-year-old man stabbed at least eight people Tuesday at a shopping mall in the South Korean city of Incheon, police and fire officials said. One victim was in lifethreatening condition and received surgery at a nearby hospital. The suspect attacked shoppers as he moved through the mall before business owners and bystanders subdued him,

according to Incheon’s Namdong District Police Station and witnesses. The man has a history of violent offenses and mental illness and was required to wear an electronic monitoring anklet, according to South Korea’s Justice Ministry. The man’s name was not released, in keeping with South Korean practice for most criminal suspects. Witnesses told South Korean media that the attacker appeared to have knives tied to both hands and stabbed people in different parts of the mall while moving up and down

the floors on an escalator. Nah Hyun-joon, who helped subdue the attacker using chairs with several other people, said he saw the man attack about four people in the second-floor food court before moving up to the third floor, where he stabbed at least one woman. Nah said the attacker then headed toward a multiplex movie theater on the fourth floor but was blocked by several people holding chairs at the top of the escalator. Nah said he and others trapped the man from below and eventually

subdued him near the escalator’s thirdfloor entrance, pushing him down with chairs and removing his knives, before police arrived. “He just went around stabbing people,” Nah told OBS television. “He didn’t even say anything. He just stabbed whoever he saw.” The injured were taken to nearby hospitals, including one woman in her 20s who underwent surgery after arriving in cardiac arrest, Incheon’s fire department said. The department didn’t provide details on the severity of the other injuries.

Wednesday, October 14, 2026

BusinessMirror

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www.businessmirror.com.ph A7

Pacific hurricane region sets record for longlasting storms By Seth Borenstein

The Associated Press

he drumbeat of monster hurricanes in the Pacific has broken a record for nasty long-lasting storms east of the international date line, turbocharged by nature’s supersized El Niño, scientists said. “Since September 20th, when Odalys formed, it’s been berserk,” said Colorado State University researcher Phil Klotzbach, who forecasts and studies storm activity. “This year just everything that forms is just lasting a long time and getting really powerful.” One of the key measurements meteorologists use to judge hurricane seasons is called accumulated cyclone energy, or ACE, which includes a storm’s wind speed and longevity. On Sunday, a section of the Pacific east of the date line, which brews storms headed for Hawaii, Mexico and the U.S. West Coast, passed the old mark set in 2018. The area is still going strong with Hurricane Simon and appears on the verge of spawning another one that will really ramp up in strength, Klotzbach said. On Tuesday, the Pacific will tie a record for most days with a hurricane spinning and is likely to break it soon after that, Klotzbach said. “It feels like almost everything that can spin up does spin up,” said University of Arizona atmospheric scientist Kim Wood.

Supercharging the Pacific SEVERAL meteorological factors have come together to supercharge the Pacific, chief among them the El Niño, Klotzbach and other hurricane researchers said. An El Niño weakens and shifts the high-altitude vertical winds that otherwise can dampen or even decapitate storms. In the Pacific, that wind shear runs east to west, generally with the direction storms travel, so it’s like riding a bicycle with a tail wind, Klotzbach said. Meanwhile, the weather pattern has dampened hurricanes in the Atlantic, where the ACE is less than 18 percent of what’s normal for this time of year. El Niño makes the wind shear in the Atlantic like riding into a headwind, he said. Another factor is warm water, which serves as hurricane fuel. By definition El Niño is a warming of the equatorial Pacific that changes weather worldwide. In the Pacific storm basin, it’s several degrees Fahrenheit warmer than normal, said Kristen Corbosiero, a professor of storm atmospheric sciences at the University at Albany in New York. Usually in the Pacific, the extra warm storm-friendly water doesn’t run as deep as it does in the Atlantic. So, when one storm goes over a patch of water, it brings up cold water and makes it hard for a subsequent storm in the same area to stay alive, Wood said. But not this year. Hurricane Rachel, whose remnants swamped Las Vegas over the weekend, didn’t suffer as it went over, churned up by Category 5 Hurricane Polo, Wood said. She said the waters are warm from both El Niño and climate change from the burning of coal, oil and gas. Another factor in recent storms was a counterclockwise atmosphere spin over Central America—called a gyre— that spits out seeds of stormy weather that can form into hurricanes. It spit out both the Atlantic’s Isaias and the Pacific’s Simon at about the same time, Corbosiero and Klotzbach said.

Five major hurricanes in a row THE last five Pacific hurricanes—long-lasting Nolo, Odalys, Polo, Rachel and Simon—have all reached major status with winds of at least 111 mph (178.6 kph). Nolo, Odalys and Simon hit Category 4, while Polo set the record for time spent at Category 5 at two-and-a-half days. See “Storms,” A8

TheWorld

Wednesday, October 14, 2026

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Angry young Indians take to the streets to challenge Modi By Sheikh Saaliq

The Associated Press

EW DELHI—Kashish Rawat traveled to New Delhi on Saturday to protest. She did not tell her parents she was going. When the 22-year-old economics student arrived in the Indian capital, she encountered a city transformed. Metal barricades choked the streets as police moved against young demonstrators, beating some, dragging others into buses and chasing away the rest. Protesters filmed the police violence on their phones, and the videos quickly went viral on social media. The crackdown was meant to keep crowds of mostly young Indians from gathering to demonstrate against a purge of voter lists they say favors Prime Minister Narendra Modi’s party. It did not deter Rawat, who stayed on the streets until evening, keeping out of the reach of police officers. “We are not going anywhere. We will come back again and make our voices heard,” she said. Protests led by India’s “Cockroach” youth movement intensified earlier this month over an ongoing review of voter lists that’s already removed more than 130 million names since last year. Critics say the campaign is politically motivated and threatens to disenfranchise millions more. They have demanded the resignation of election chief Gyanesh Kumar. The Election Commission says the exercise is needed to remove duplicate and ineligible entries. Modi has not publicly commented on the protests. Some of his party leaders have dismissed the demonstrators as “anarchists” and suggested, without offering evidence, that they are backed by foreign powers. The dispute has struck at the heart of Indian democracy: the right to vote. It is also testing whether a generation raised under Modi, who has been prime minister for more than 12 years, can turn its growing disillusionment into a sustained challenge to his Hindu nationalist government. “I don’t see him as almighty,” Rawat said of Modi. “I see him as someone who

we have elected. So I don’t understand the reason why we should be scared of questioning that guy.”

Under growing pressure INDIA’S democratic institutions have come under growing pressure under Modi, with critics accusing his government of weakening checks on executive power, curbing dissent and targeting religious minorities, particularly Muslims. Press freedom groups have also raised concerns about pressure on independent media. The government rejects the accusations, saying its institutions remain robust and law enforcement targets violations of the law, not dissent. But for many young Indians, the institutions they grew up trusting are falling short of their promise. They see a political culture hostile to dissent, where challenging those in power can result in harm. The voter list dispute has sharpened those frustrations, giving a generation’s discontent a common cause. Earlier this summer, protesters forced the resignation of Modi’s education minister, offering a rare example of street pressure translating into political change. Their mobilization since then has mirrored a wider wave of youth protests in other countries, particularly in South Asia, where Gen Z demonstrators have challenged political elites. For Maya Ribeiro, a 19-year-old student, the controversy over voter lists has raised questions about a democratic right they had taken for granted. At the protests Saturday, where the sociology student was joined by two friends, Ribeiro said they had registered to vote because they believed that participating in a democracy was both a right and a responsibility. But the prospect of more voters being struck from the lists has left Ribeiro worried that their right to vote is not assured. Ribeiro said it has made the fight over

A PROTESTER shouts slogans as he climbs onto a police barricade during a march by opposition parties toward the Supreme Court demanding the resignation of Chief Election Commissioner Gyanesh Kumar in New Delhi, India, Monday, October 12, 2026. AP/MANISH SWARUP the electoral process more urgent. “When we talk about the institution of voting, it is an important institution, but it is an institution that needs to be cleansed,” Ribeiro said.

Police crackdowns THE sweeping police crackdown has given young Indians another reason to take to the streets, protesters said. They described the response to a planned demonstration as disproportionate in a democracy. Ar yan Kajaniya, a 21-year-old philosophy student, said the dispute reflected a broader disillusionment among young Indians with the country’s political system. He and other protesters, he said, were increasingly unsure how to exercise their right to free expression when authorities could restrict gatherings and detain demonstrators. “People are actively trying to gather more information about what’s going on in the capital. They are joining in from different cities, but the system is actively trying to suppress us,” he said. The movement’s reach extends beyond the crowds on the streets. Many protesters said they do not identify with any particular group or political party, but are driven by shared concerns. Ribeiro said conversations among friends, debates at home and social media exchanges had turned their private frustration into collective action. After years of feeling powerless, the protests had given young Indians like them a renewed sense of political agency, they said. That shift was visible during the “Cockroach” protests earlier this summer, when demonstrators

broke a long-standing taboo by openly mocking Modi. “I do believe that we are at a point where we have been so disillusioned that we are now more resilient than ever,” Ribeiro said. Challenging a leader as entrenched as Modi is no easy task. He has dominated Indian politics for more than a decade, and his Hindu nationalist Bharatiya Janata Party has built a formidable electoral machine. Opposition parties have struggled to turn previous discontent with his government into a sustained national challenge. The youth protests have also yet to coalesce into a coherent political alternative. But for many, creating space to question the government has become a fight in itself. And that has come at a cost. Rawat said politics had become a recurring source of tension in her family. She believes her parents’ views have been shaped by television coverage sympathetic to Modi’s party, and their disagreements have sometimes led her to stop speaking to relatives. “I do still try my best to have a conversation with them, but I have been failing so far,” she said. For R ib e i ro, t he quest ion i s whether young Indians can turn their anger into a sustained movement for transparency and accountability. They said the protests have helped young people recognize that their voices can matter. “I think for the first time in a very long time…I have felt a sort of renewed belief in what democracy can do,” Ribeiro said.

El Niño warmth offers Asia relief from winter energy strain By Mary Hui

Bloomberg News

SEVERE El Niño is poised to drive a warmer-than-usual winter across Asia, potentially curbing energy demand and offering some relief from the strains caused by the US-Iran war. Major seasonal weather models are pointing to a broadly warm winter across Japan, South Korea and parts of China, along with Taiwan, Vietnam, Thailand and India. All of these countries rely on liquefied natural gas for part of their energy needs, but war has significantly curtailed supplies from the Middle East and pushed spot prices to the highest level since late 2022. Japan and South Korea are expected to see average temperatures around 1C to 2C above normal from November through February, according to the European Centre for

Storms. . . Continued from A3

When Klotzbach made those calculations on the record-breaking activity of the eastern and central Pacific, he looked at all storms east of the date line. That’s a slightly different approach from the National Oceanic and Atmospheric

Medium-Range Weather Forecasts’ seasonal model. Warm deviations of as much as 2C higher than usual are also set to gradually encompass most of China, except the heavily populated eastern coast, by January. The three countries are the top importers of LNG in Asia, and softer demand could free up cargoes for Europe, which needs additional supplies to bolster below-normal inventories ahead of winter. Above-normal temperatures could also reduce consumption of coal, which has seen a spike in demand and prices after the Middle East disruptions. Before the war, about a fifth of the world’s LNG was shipped through the Strait of Hormuz to global customers. The outlook for Asia coincides with forecasts for a relatively warmer European winter, while swaths of the western, southern, and southeastern US are expected to be wetter and slightly colder than normal.

El Niño is a naturally occurring climate phenomenon that typically brings warm and dry conditions to Asia, curtailing rainfall and exacerbating wildfires. While the ECMWF and some other seasonal models are projecting a warmer winter in China and Japan, there are “hidden risks” within that outlook, said Christian Werner, managing director of Global Weather Climate Analytics. “Embedded within this warm bias are short one- to two-week periods of average to below-average temperatures due to a more southerly excursion of the polar vortex,” he said. The vortex is a girdle of winds around the Arctic, which can weaken and dip south and allow frigid air to spill out, leading to cold snaps and higher demand for heating. Even one major outbreak of frigid weather, particularly if it hits multiple continents simultaneously, would intensify

competition for LNG and tighten global energy markets. A multi-model seasonal forecast is currently showing rising odds of a substantial weakening of the polar vortex from late January, which could increase the risk of cold snaps across East Asia in February, according to Atmospheric G2 meteorologist Takahisa Nishikawa. “For now, I would highlight February as a period worth monitoring for potential cold risks, rather than suggesting that a major cold outbreak is already likely,” he said. Still, Planette AI chief executive officer and founder Hansi Singh says a record-strength El Niño and the shifting of stratospheric winds around the North Pole lowers the probability of Arctic blasts in coming months. “This winter is kind of the inverse of last year’s, when we actually had pretty perfect conditions for cold blasts,” she added.

Administration, which breaks that broad area into two regions. Neither NOAAdefined region is quite at record levels for ACE yet; put together they are. Part of that is because often when one of those subregions is more active, the other isn’t quite as crazy, but in 2026 they both are hyperactive, Wood said. “This is the first year that both sides have been this active together,” Wood said.

“Usually it’s kind of focused more on one or the other, so that speaks to just the wide extent across this region of where there’s been that lower shear, those warmer waters, and that higher moisture.” Off the Mexican coast is a disturbance that the National Hurricane Center gives a 90 percent chance of becoming Tropical Storm Trudy, which then could power up to something big, Klotzbach and

Corbosiero said. “It seems like that area is just one after another. So I would not be surprised to have another storm,” Corbosiero said. “This year, because of the El Niño, we do have very favorable conditions. So as long as there’s some sort of the seeds either from the gyre or from remnant ends of cold fronts, it seems like this is going to continue for a bit.”

Wednesday, October 14, 2026

DA: Imported broccoli volume ‘minimal,’ not flooding market

HE Department of Agriculture (DA) has denied the claims of local traders and vegetable farmers based in Benguet that imported broccoli is flooding the domestic market. Agriculture Secretary Francisco Tiu Laurel Jr. also said the government is willing to provide members of the La Trinidad Vegetable Trading Post (LTVTP) League of Associations with details of the import transactions, including the sanitary and phytosanitary import clearances (SPSICs). “[The release of SPSICs] is not an issue. We are an open book,” he told this newspaper on Tuesday. Figures from the DA showed that as of October 1, 15 percent of the expected volume of broccoli covered by the import permits arrived in the Philippines. From January to September, data obtained by BusinessMirror showed that imported broccoli arrivals reached 5,630.98 metric tons (MT) out of the total 37,619 MT indicated in the SPSICs. “Kaunti lang ‘yan, sa totoo lang [that is minimal, truth be told],” he added. In a news report, the LTVTP League of Associations and the Cordillera Broccoli Farmers and Traders Association (CBFTA) urged the Bureau of Plant Industry (BPI) to furnish them copies of the SPSICs issued for broccoli in August and September this year. They said obtaining copies of the import clearances would allow them to track the volume of vegetable shipments, with the LTVTP League of Associations claiming that smuggled broccoli are entering the market, which is competing with the local producers.

Benguet facility

EARLIER, Tiu Laurel told this newspaper that the DA has allocated an initial amount of P600 million under its 2027 National Expenditures Program (NEP) to build a mega cold storage and vegetable processing facilities beside the Benguet Agri Pinoy Trading Center. “It’s one complex. Hopefully, it will be operational by 2028,” he said. The recent successive typhoons and torrential downpours in Benguet resulted in Chinese cabbage and carrots being discarded along Labey-Lacamen Road in Tublay, Benguet. For the DA chief, the availability of these facilities are crucial to address the problem of oversupply. “What happened in Benguet this year may also be called force majeure, with excessive rain hobbling the supply chain,” he said. “Our long-term solution is mega cold storage and vegetable processing facilities.” Ada Pelonia

DMW sending team to Washington to aid deported Filipino seafarers; local jobs eyed amid US ban By Malou Talosig-Bartolome

HE Department of Migrant Workers (DMW) is sending a delegation to Washington, D.C., to coordinate legal assistance for Filipino cruise ship workers deported from the United States as the government ramps up efforts to support affected seafarers through financial aid and alternative employment opportunities. DMW Secretary Hans Leo Cacdac said Undersecretaries Bernard Olalia and Felicitas “Feli” Bay will lead the mission and meet with Philippine Ambassador to the United States Jose Manuel“Babes”Romualdez to establish concrete mechanisms for providing legal assistance to distressed Filipino cruise ship workers. “We’re sending a DMW team led by Undersecretary Bernard Olalia and Undersecretary Feli Bay to Washington to talk to the good ambassador and develop ways in which we could have legal assistance, concrete legal assistance, provided to our cruise ship workers in distress,” Cacdac told BusinessMirror. The deployment comes amid the fallout from the deportation of 294 Filipino seafarers by the US Customs and Border Protection (CBP), according to migrant advocacy groups. The affected workers were removed from cruise ships or denied entry into the United States See “DMW,” A10

Marcos to decide on Pax Silica framework agreement for NCC By Samuel P. Medenilla

@sam_medenilla

RESIDENT Ferdinand Marcos Jr. is now set to decide on the framework agreement for implementing the controversial United States (US)-led Pax Silica initiative in New Clark City (NCC), Tarlac, after the Bases Conversion and Development Authority (BCDA) completed its recommendation on the matter. In a press briefing last Tuesday, Palace Press Officer Claire Castro announced that BCDA already submitted its recommendation to the Office of the President. “BCDA has submitted to the President, through proper channels, the legal framework governing the use of the 1,620 hectare advanced manufacturing park in New Clark City,” she said partly in Filipino. She said she will confirm if the President already got hold of the draft framework agreement and has started to review it. The Presidential Communications Office undersecretary said the agreement, which will set up the high-technology manufacturing and innovation hub, is

expected to be signed after being approved by Marcos within the year. Environmental, labor, agriculture, and Church groups have opposed the creation of Pax Silica in Tarlac out of concern it will include data centers, which will consume significant amounts of water and power to operate and also harm the environment. BCDA earlier said that no data centers will be located within the Pax Silica hub in NCC, but the Department of Trade and Industry said such facilities may still be built in a location with a viable power or water supply. Some of the civil society groups also claimed the project can also lead to mass displacement.

The Department of Agriculture estimated the project in NCC will affect 266 farmers. It noted they will be transferred to new planting areas. To address the said concerns, the BCDA held public consultations as it drafted the Pax Silica project framework agreement. Marcos also allayed the said concern, saying that the project will actually lead to the creation of thousands of additional jobs. “This is projected to create tens of thousands of jobs. And this is part of what we have done in positioning the Philippines within the supply chain, the value chain of what is the emerging industry of the digital economy and, of course, the onset of AI [artificial intelligence],” he said after the oath-taking ceremony of the newly elected officers of the Malacañang Media Group last Tuesday. BCDA estimated the Pax Silica project will generate 130,000 to 190,000 direct jobs and 500,000 to 800,000 indirect jobs. Marcos also said the government will respect the burial sites of local indigenous people in the site where the Pax Silica hub will be built. “We are very sensitive about such cultural concerns and those are very much part of the discussions. No, let me assure everyone that that’s not something that we are going to allow to be put at risk,” he said.

Metro Manila construction material price growth cools in September By Justine Xyrah Garcia

HOLESA LE price growth of construction materials in Metro Manila eased in September as the cost of concrete products declined, data from the Philippine Statistics Authority (PSA) showed. The Construction Materials Wholesale Price Index (CMWPI) in the National Capital Region rose by 3.4 percent in September, slower than the 3.6 percent increase in August but a turnaround from the 0.2 percent contraction recorded a year earlier. The CMWPI also averaged 2.3 percent in the first nine months of 2026. According to the PSA, the easing in September was attributed to slower price growth in concrete products, with the index decelerat-

ing to 4.8 percent from 5.4 percent in the previous month. Slower price increases were also recorded in the indices of structural steel, at 3 percent from 3.8 percent, and asphalt, at 6.8 percent from 12.7 percent. Despite the slower price growth in some categories, 14 of the remaining 17 commodity groups recorded faster price increases. These included cement, which rose to 2.5 percent from 1.9 percent previously; hardware, to 0.6 percent from 0.5 percent; plywood, to 1 percent from 0.5 percent; lumber, to 2.3 percent from 1.1 percent; G.I. sheet, to 2.3 percent from 1.1 percent; and reinforcing steel, to 2.9 percent from 2.4 percent. Faster price increases were also recorded in metal products, at 0.7 percent from 0.3 percent; tileworks, at 2.5 percent from 2.2

percent; doors, jambs and steel casement, at 0.8 percent from 0.5 percent; electrical works, at 2.6 percent from 2 percent; and plumbing fixtures and accessories, at 0.9 percent from 0.8 percent. The index for painting works rose to 9.2 percent from 8.6 percent, while those for PVC pipes and fuels and lubricants increased to 1.9 percent from 0.2 percent and 8.9 percent from 8.1 percent, respectively. Meanwhile, the indices for sand and gravel, glass and glass products, and machiner y and equipment rental retained their previous month’s growth rates of 5 percent, 0.1 percent and zero, respectively. The CMWPI measures changes in the wholesale prices of construction materials used in building projects in Metro Manila.

Nartatez calls for in-depth probe on Albay broadcaster shooting By Rex Anthony Naval

HILIPPINE National Police (PNP) chief Gen. Jose Melencio Nartatez Jr. on Tuesday called for an in-depth investigation and a focused manhunt following the shooting of a broadcaster in Daraga, Albay last Oct. 12. In a statement, the PNP chief also condemned the attack on Adrian “Golden Boy” Loterte, an anchor at RBN News Television, even as he directed the Daraga Municipal Police Station and the Albay Police Provincial Office to exhaust all investigative leads, preserve critical evidence, and identify and apprehend the suspect behind the attack. “We strongly condemn this act of violence and are committed to ensuring that those responsible are identified and brought to justice. An attack on a member of

the media must be investigated with urgency, impartiality, and respect for the rule of law,” Nartatez said. Loterte was shot dead by unidentified gunmen at his bakery in Barangay San Roque, Daraga, Albay around 4:10 p.m. on Monday. According to police, one of two suspects fired multiple shots at Loterte before fleeing on a whiteand-black Honda Click motorcycle toward Barangay Kimantong. Loterte was rushed to Daraga Doctors Hospital for medical treatment. Nartatez said investigators must establish the circumstances surrounding the shooting and determine the motive based on evidence. He stressed that the case must move forward without delay while observing due process. He said the PNP will also coordinate with the Presidential

Task Force on Media Security (PTFOMS) to determine whether the attack was connected to Loterte’s work as a media practitioner. “I have directed the concerned police units to exhaust all investigative leads, gather and preserve critical evidence, and intensify efforts to identify and apprehend the suspect. We must establish the motive through evidence, pursue the case without delay, and ensure that accountability is achieved through due process,” Nartatez noted. The PNP chief also called on anyone with credible information, photographs, or video footage related to the incident to cooperate with investigators. “We assure the media community that the PNP will pursue the truth without fear or favor, because violence must never be allowed to replace the rule of law,” Nartatez said.

A10 Wednesday, October 14, 2026

CAAP: Aircraft linked to drug ops never entered PHL airspace

HE Civil Aviation Authority of the Philippines (CAAP) reported that a Learjet 55 aircraft allegedly linked to an international drug seizure in Laos never entered Philippine airspace. The initial flight permit application for the aircraft, bearing US registration N73GP, was submitted on September 24, 2026, for a planned route from Laos to the Philippines and onward to Malaysia. The scheduled flight date was revised three times, with October 1, 2026 set as the final arrival date in Manila. However, CAAP found no record of N73GP entering Philippine airspace. The CAAP, likewise, found no record of flights under the aircraft’s registration in Philippine airspace within its available records. CAAP reaffirmed its commitment to aviation safety and security in line with the directives of President Ferdinand Marcos Jr. and Transportation Secretary Giovanni Lopez.-

NBI refers VP Sara property ERC orders suspension findings to Ombudsman; of power disconnections VP denies ownership for low-consumption customers By Joel R. San Juan @jrsanjuan1573

By Lenie Lectura

@llectura

HE ENERGY Regulatory Commission (ERC) on Tuesday issued an order to all distribution utilities (DUs) to suspend electricity service disconnections for residential customers consuming 200 kilowatt hours (kWh) or less who fail to settle their November and December bills. The ERC advisory stated that the DU shall implement staggered or deferred payments for at least three months from the consumers’ receipt of their bills.

However, the ERC is requiring these consumers to pay on or before November 26 all their unpaid regular bills and unpaid installment payments due under the

flexible payment arrangements availed of for the covered billing period of May to July this year. If they fail to do so, they will not qualify from the suspension of disconnection covering their November to December bills. The same applies to residential customers with 200kWh and below consumption who have unpaid regular bills or monthly installment from August to October this year. Non-residentia l consumers and residential consumers with a monthly consumption exceeding 200kWh are not covered by the suspension, the ERC said. Instead, they are urged to pay their electric bills on or before their respective due dates to avoid disconnection. The ERC said that the DUs must submit their compliance not later than January 31, 2027.

DENR deploys technology networks for real-time El Niño monitoring By Jonathan L. Mayuga @jonlmayuga

HE Department of Environment and Natural Resources (DENR) has put in place an early warning system to mitigate environmental hazards, marine degradation, forest fires, and water resource stress triggered by rising temperatures. The DENR said it has already operationalized a robust early warning framework, leveraging Automated Weather Stations (AWS), Satellite Heat Stress Mapping, and Geographic Information System (GIS)-based risk modeling, to monitor the very strong El Niño. By translating complex meteorological and oceanographic data into actionable field alerts, the DENR enables local government units (LGUs), water managers, and field personnel to respond preemptively to localized climate threats and strengthen water conservation efforts in vulnerable areas. Stressing the importance of data-driven environmental governance, DENR Secretary Juan Miguel T. Cuna stated that modern technology is crucial to anticipating climate shocks. “In an era of accelerating climate extremes, timely information saves ecosystems

and lives,” the DENR chief said. “By deploying satellite-based heat stress tracking for coral reefs in Aurora, processing Automated Weather Station data to map fire hazards in the Agusan Marsh, and running Red Flag alert systems in Region 1, the DENR is replacing reactive measures with precision early warning,” Cuna said. In Central Luzon, DENR Region 3 issued sequential Coral Bleaching Alert Updates throughout May, June, and July 2026 following satellite-derived Sea Surface Temperature (SST) heat stress analysis from the Department of Science and TechnologyPhilippine Atmospheric, Geophysical and Astronomical Services (DOST-PAGASA) and National Oceanic and Atmospheric Administration (NOAA). With marine waters off Aurora Province elevated to Coral Bleaching Alert Level 1, Regional Executive Director Engr. Ralph C. Pablo directed PENROs in Aurora, Bataan, and Zambales to conduct field monitoring of coral reefs and mandate immediate reporting of bleaching incidents through the Philippine Coral Reef Bleaching Report Portal. In Region 1 (Ilocos Region), the DENR established an integrated Red Flag Alert

System linked directly with DOST-PAGASA and local Disaster Risk Reduction and Management Offices (DRRMOs), utilizing 10 strategic ranger stations equipped with lookout towers to detect early signs of wildland fires. In Mindanao, the Protected Area Management Office (PAMO) of the Agusan Marsh Wildlife Sanctuary in Caraga utilized Automated Weather Station (AWS) data to continuously process localized heat indices, rainfall deficits, and water level changes. This real-time data allowed PAMO officers to generate highresolution peatland fire risk maps and deploy targeted patrols to high-vulnerability sectors. In the Bicol Region, the DENR offices in Catanduanes and Masbate monitored AWS stations daily, mapping dry forest patches, drying creeks, shallow reefs, and emerging water-stress conditions to support localized drought advisories and water conservation measures for agricultural and coastal barangays. “At the same time, we are strengthening water conservation and resource management efforts to help communities and institutions cope with the growing risks of

DMW. . . Continued from A9

after authorities allegedly found evidence that they had viewed, downloaded or shared child sexual abuse materials, offenses that could result in deportation and visa revocation under US law. The controversy has sparked concern among Philippine officials, lawmakers and migrant rights advocates after several deported seafarers claimed they were denied access to legal counsel and due process during their detention and removal proceedings. Many of those affected were also reportedly issued 10-year bans from reentering the United States, limiting their ability to work on vessels that regularly call on US ports. Cacdac advised seafarers facing similar situations abroad to immediately seek legal assistance, particularly when immigration investigations begin to involve possible criminal accusations. “One practical point of advice that I could give is, if they need help, they could

drought and water scarcity,” Secretary Cuna added. “We are equipping our field teams and local chief executives with real-time environmental intelligence to safeguard our forests, coral reefs, water resources, and coastal communities before severe damage occurs. Beyond ecosystem monitoring, the DENR has intensified efforts to promote efficient water use and strengthen water security as prolonged dry conditions associated with El Niño continue to affect various parts of the country. Regional offices have been directed to support water conservation initiatives, encourage the adoption of water-efficient practices, monitor environmental indicators linked to water availability, and prioritize areas experiencing or at risk of water shortages, dry spells, and drought. The DENR Central Office reminded all regional offices to ensure that all AWS facilities maintain continuous data telemetry, that marine monitoring teams submit weekly reef assessment logs to the national portal, and that environmental monitoring data continue to support local drought preparedness, wateruse efficiency initiatives, and climate adaptation measures. seek legal advice, a lawyer, the services of a lawyer,” he said. “If they are isolated or placed in a certain room and there is some measure of interrogation that leads toward some accusation that they had committed a criminal act, then they must seek legal counsel at that stage.” While authorities may initially characterize a case as an immigration matter, Cacdac said workers should invoke their right to counsel once criminal allegations are introduced into any investigation or proceeding. The DMW chief also said the government is extending assistance to an estimated 200 to 300 deported seafarers through the agency’s Action Fund while helping them secure alternative employment. “We’re providing Action Fund, ongoing, we’re distributing Action Fund,” Cacdac said. “We’re facilitating their jobs not just for abroad but for here.” Among the options being explored are placements in the local hotel and hospitality industry, deployment to cruise ships serving non-US routes and livelihood or entrepreneurship programs.

& Claudeth Mocon-Ciriaco @claudethmc3

HE National Bureau of Investigation (NBI) on Tuesday has referred its findings before the Office of the Ombudsman in connection with its investigation into the properties being linked to Vice President Sara Duterte that were allegedly misdeclared in her Statement of Assets, Liabilities and Net Worth (SALN). However, Duterte denied that she owns the said properties and castigated NBI Director Melvin Matibag for deceiving the public by making such false allegations. “The lot in the photograph, which he claims is in my Statement of Assets, Liabilities and Net Worth [SALN], does not belong to me,” Duterte said. Duterte also said it was alarming that the NBI was using its operations, funded through taxpayers money, for activities “that offer no clear benefit to the public.” Matibag earlier said the Duterte family has 121 properties in Davao City and Davao del Norte, 24 of which belong to the vice president and are under investigation. About 14 properties had been identified from the vice president’s SALNs for field inspection, according to the NBI. The NBI chief said its investigation is in line with the agency’s mandate under Republic Act No. 10867, which includes the conduct of investigation into alleged corruption and other criminal offenses involving public officers. Matibag added that its investigation is based solely on what Duterte declared in her SALN and the land titles recorded with the Land Registration Authority (LRA). “The NBI will not engage in public debates with the media regarding this matter. Our investigation is based on official documents and evidence, which will speak for the agency,” he added. The NBI said it will submit its findings to the Ombudsman and other appropriate agencies for proper action. Matibag said Duterte may pursue legal remedies if she believes that there is a violation of law committed by the NBI in performing its mandate.

VP calls NBI property claims ‘public deception’

VICE PRESIDENT Duterte denied owning the properties flagged by the NBI allegedly owned by her, calling the agency’s actions a form of “public deception.” In a statement, Duterte also said that the photos of a lot showed by NBI, was not listed in or part of her Statement of Assets, Liabilities, and Net Worth (SALN). Duterte also expressed concern over the NBI moves linking her to the said properties. “Nakakabahala na ang NBI, na pinopondohan ng taumbayan, ay ginagamit ang kanilang mga operasyon para sa mga gawaing walang malinaw na pakinabang sa publiko. Ang lote sa larawan na sinabi niyang nasa aking Statement of Assets, Liabilities, and Networth o SALN ay hindi sa akin,” Duterte said. Matibag, on Monday, reported that the bureau is investigating over 100 properties linked to the Duterte family in Davao City, including a property declared at roughly P890,000 that could actually be worth around P60 million. “Ang ganitong panglilinlang sa publiko ay ang dahilan kung bakit inalis ang NBI sa listahan ng mga testigong ihaharap ng prosekusyon

sa impeachment proceedings dahil sa mga alegasyon na muli na naman silang naglahad ng mga ebidensyang kuwestiyunable tulad noong Gracioso affidavit,” she added. She also cited the affidavit of dismissed police officer Rodulfo Gracioso Jr. alleging that he delivered P2 billion to her, P1 billion to former president Rodrigo Duterte and P100 million to Davao City 1st District Rep. Paolo “Pulong” Duterte upon the instructions of former Speaker Lord Allan Velasco. Duterte and Velasco has denied Gracioso’s claims. Matibag also challenged Duterte to show which specific property was allegedly misdeclared.

Resigning would betray 32 million voters—VP

STRESSING that stepping down would betray the 32 million Filipinos who voted for her in the 2022 elections, Vice President Duterte said on Tuesday that she will not resign amid ongoing impeachment proceedings and allegations against her. Duterte also said that she will pursue her bid for the presidency in the 2028. “Will not resign, will never resign from the Office of the Vice President. I will never resign from the Office of the Vice President,” Duterte told reporters at the sidelines of the 51st Philippine Business Conference of the Philippine Chamber of Commerce and Industry. The Vice President and her husband Atty. Manases “Mans” Carpio are facing allegations of unexplained wealth. On Monday, Duterte said that the cases presented against her by the prosecution in the impeachment trial is “falling.” The ongoing Senate impeachment court is tackling complaints of alleged misuse of confidential funds, graft, corruption, and other accusations. Duterte is also facing grave threats cases before the Quezon City Regional Trial Court. She claimed that the impeachment cases against her are failing because the prosecution has fabricated its evidence. She cited the move of the prosecution to drop Article III of the impeachment complaint which tackled bribery. “Ang pag-drop ng bribery charge sa impeachment complaint, ito yung sinasabi naming sa simula pa lang the moment the groups filed the impeachment complaint na walang ebidensya lahat ang kanilang akusasyon. Dahil nga sa walang ebidensya ang kanilang akusasyon, they have to drop at hindi na talakayin kaya lumalabas na parang accountability kuno, paninira todo todo araw araw at swerte na kung matanggal si Sara Duterte,” she added. “Kaya in one way, nakikita ko na blessing ang impeachment dahil dyan makikilatis ng mga tao ang mga katanungan sa pagkatao ko,” she added. Likewise, Duterte described the prosecution’s cases against her as weak. “Bumabagsak na yung kaso nila. Kaya binibilisan nila kasi wala na silang masabi,” Duterte told reporters after the celebration of the 91st anniversary of the Office of the Vice President on Monday. She said from the beginning the prosecution’s cases had no merit, adding they made up the evidence to pin her down. In a related development, Duterte expressed his gratitude to his supporters and the public for their continued support for her. The latest Pulse Asia survey showed Duterte as the most preferred presidential candidate for the 2028 elections.

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PINOYS WARY AS OLDEST ROME CHRISTIAN BASILICA RESTORED

New DICT chief de Claro to review questioned deals By Samuel P. Medenilla

N FILE photo of the Basilica of Santa Pudenziana in Rome, the national church of the Filipino community in the Italian capital. Restoration work has raised concerns among some Filipino faithful about the long-term future of the church as their spiritual and cultural home. PHOTO COURTESY OF VATICAN NEWS.FOTO MMM

By Malou Talosig-Bartolome

HE Basilica of Sta. Pudenziana, the historic church that serves as the spiritual home of Filipinos in Italy, is undergoing extensive restoration and conservation work, but some parishioners fear the project could eventually displace the thriving Filipino community that has worshipped there for more than three decades. The concerns stem from the involvement of Rome authorities in the multimillion-euro rehabilitation of the basilica, one of the oldest surviving Christian places of worship in Rome and the national church of the Philippines in the Italian capital. While church officials insist no closure is planned, some Filipino Catholics worry that restoration could lead to changes in how the property is managed and accessed in

the future. Philippine Ambassador to the Holy See Raphael Perpetual “Popo” Lotilla sought to allay those fears, saying church officials have assured the Filipino community that closure of the basilica is not part of current plans. “Sta. Pudenziana is indeed among the oldest, if not the oldest, Catholic church still in use in Rome,” Lotilla told the BusinessMirror. Located on Via Urbana near the Basilica of Santa Maria Maggiore, Sta. Pudenziana occupies a unique place in Catholic history. Tradition holds that it was built over the house of Senator Pudens, where St. Peter is believed to have stayed and where early Christians gathered. Archaeological excavations have uncovered Roman-era structures beneath the church. See “Basilica,” A2

Wednesday, October 14, 2026 A11

EWLY-APPOINTED Department of Information and Communications Technology (DICT) ad interim secretary Robert M. de Claro has vowed a stringent review of the transactions in his agency soon, to exorcise public concerns related to the “ghost internet” controversy, that has haunted its reputation. The former Social Security System (SSS) President and Chief Executive Officer (CEO) made the announcement shortly after taking his oath before President Ferdinand Marcos Jr. on Tuesday afternoon in Malacañang. “I’ll have a thorough review of all the projects, budgets, and procurement in the DICT. And I assure the public that over the next three months, I’ll have a clear-cut plan on how to take the DICT to where it should be,” de Claro told reporters in an interview. A part of the review, he said, will be the proposal to ban some social media platforms accused of worsening school violence, which resulted in several fatalities in previous months. “I’ve been reviewing the what we call NVE [nihilistic violent extremism] and it’s what I call a clear and present danger. As a nation, we have to be more vigilant and at the same time try to work with organizations that can help our children be better protected,” de Claro said. Marcos announced the appointment of de Claro two days after announcing the resigna-

tion of DICT Secretary Henry R. Aguda. Aguda left the agency after being included in the investigation of the Office of the Ombudsman on the “ghost internet” scheme, which involved a contractor of the DICT’s Free Wi-Fi program which allegedly charged the government inflated prices for undelivered internet services. Marcos said he picked de Claro as the successor of Aguda due to his “very strong background in terms of the digital economy.” “He joined the Social Security Commission in January of ’23 and he’s the chair of the Information and Technology Collection Committee in the SSS. He represented SSS on the boards of Union Bank, which is the number one digital bank that we have, and chairman of the board of Union Digital Bank,” he said.

Fintech group backs de Claro

MEANWHILE, the country’s largest digital finance industry group has thrown its support behind de Claro, while noting that it wants him to focus on connectivity, cybersecurity and fraud prevention, and digital inclusion. FinTech Alliance PH said it was confident in de Claro’s ability to advance the country’s digital transformation agenda. The group pointed to his record at the SSS, where he served as president and chief executive officer before joining the DICT. At the SSS, de Claro led the digitalization of services to make social security more acces-

sible, efficient and responsive to millions of Filipino members and pensioners. The group said that work showed how technology “anchored on inclusion and citizen-centric innovation” can change how public services are delivered. “As the Philippines accelerates its digital transformation, we welcome Secretary de Claro’s appointment and look forward to working with him in advancing a more connected, secure, inclusive, and digitally empowered nation. His experience in transforming SSS services through digitalization provides a strong foundation for driving the country’s broader digital agenda,” said Lito Villanueva, founding chairman of FinTech Alliance PH. Villanueva is also EVP and chief innovation and inclusion officer of Rizal Commercial Banking Corp. (RCBC). He said the country’s digital shift requires a “whole-of-government and whole-of-industry approach.” That means closer collaboration among government agencies, financial institutions, telecommunications companies, technology providers and other stakeholders. He listed the priorities the industry wants to see under the new DICT leadership: expanding reliable and affordable connectivity; accelerating digital adoption; strengthening cybersecurity and fraud prevention; and promoting digital inclusion building trusted digital infrastructure so Filipinos and businesses can take full part in the digital economy.

The alliance said it would work closely with the DICT and other government partners on policies and initiatives that strengthen the country’s digital ecosystem, promote responsible innovation, and make the Philippines a competitive and inclusive digital economy. FinTech Alliance PH has more than 170 corporate members, which together account for over 95 percent of the country’s retail digital financial transaction volume.

Third DICT chief

DE CLARO is the third DICT Secretary under the Marcos administration after Aguda and Ivan E. Uy. He said he will try to prevent similar issues in the implementation of the Free Wi-Fi program by coordinating with its provider to monitor the sites, where it is being implemented. He noted there are currently 12,000 Free Wi-Fi sites, which are expected to increase to 20,000 sites by the end of the year. “Now, the question is how do we monitor them? We need the assistance of the provider to ensure that the gadgets installed in the different sites are working properly,” de Claro said. The new DICT chief declined to comment if he thinks Aguda should be held liable for the “ghost internet” issue. Instead, he said his predecessor implemented measures to better improve the quality information communications technology (ICT) in the country. With Lorenz S. Marasigan

Education, not wealth transfer, now Pinoys’ top legacy priority By Reine Juvierre S. Alberto

E ROCKWELL OPENS DOORS TO EXPANDED 4PH From left: Valerie Soliven, president and chief operating officer of Rockwell Land Corp.; Nestor Padilla, chairman and chief executive officer of Rockwell Land; Jose Ramon Aliling, secretary of the Department of Human Settlements and Urban Development (DHSUD); Marilene Acosta, chief executive officer of Pag-IBIG Fund; and Alexander Hilario Aguilar, deputy chief executive officer of Pag-IBIG Fund, are seen at the signing of a memorandum of understanding at the Rockwell Leisure Club in Makati City on Tuesday. The agreement formalizes Rockwell Land’s entry into President Ferdinand R. Marcos Jr.’s Expanded Pambansang Pabahay para sa Pilipino (4PH) Program, specifically its open-market segment for working- and middle-class Filipinos. Rockwell will identify participating residential projects and available units, including ready-for-occupancy properties, and offer preferential pricing and other incentives to qualified PagIBIG Fund members. Pag-IBIG Fund will provide housing financing, loan counseling and assistance to support members seeking to purchase homes. Rockwell is the sixth company to enter into such an arrangement. NONIE REYES

WESM prices rise on plant outages T

By Lenie Lectura

HE Wholesale Electricity Spot Market (WESM) prices shot up last month by 3 percent to P7.43 per kilowatt hour, (kWh) driven mostly by power plant outages, Independent Electricity Market Operator of the Philippines (Iemop) said Tuesday. For the August 26 to September 25 billing period, Iemop reported that the overall system-wide average electricity supply rose by 2.4 percent to 20,209 megawatts (MW), while average demand grew by 1.8 percent to 14,188 MW. This combination, alongside generation outages and grid constraints, caused the average system price to tick up to P7.43 per kWh from P7.21 per kWh in August. The supply and demand in the Luzon power grid increased to 15,114 MW and 9,899 MW, respectively, creating a wider supply margin. However, major generation outages still caused average

market prices to rise slightly to P5.18 per kWh. The steady supply in the Visayas paired with higher demand at 2,099MW tightened the supply margin. Prices increased to P12.42 per kWh due to generation outages, system operator interventions, and multiple yellow and red alerts. In Mindanao, both supply and demand declined, leading to lower market prices at P12.61 per kWh. However, stronger HVDC (highvoltage direct current) interconnection conditions pulled Mindanao’s prices closer to Visayas levels despite regional system alerts and outages. As the WESM operator, Iemoop vice president for trading operations Isidro Cacho Jr. said an advisory will immediately be issued in connection with the temporary suspension of the WESM Reserve Market (RM). “We actually just received the ERC [Energy Regulatory Commis-

sion] order last night and are currently reviewing it. We are coordinating with both our regulator and our system operator. Essentially, the ERC order directs the suspension of the reserve market. The ERC is not suspending those contracted reserves; the suspension applies only to the spot reserves. Since implementation is immediate, we are coordinating right now. We will issue an advisory to everyone that we are implementing this starting tomorrow, October 14, at 00:05 hours, which is the first interval of the day,” said Cacho in an online news briefing. The freeze allows more time for the ERC to adjust policies and frameworks regarding how Ancillary Services (AS) are procured and how their costs are passed on to consumers. AS is the standby power capacity used to keep the grid stable. While normal spot market energy prices have decreased, the RM

has driven up the AS charge on electricity bills. This has heavily burdened consumers in all three main regions, hitting the Visayas and Mindanao grids the hardest. With the suspension, the scheduling and dispatch of spot reserves will cease. Consequently, only the contracted reserves will continue to operate, while the spot reserve component is removed. “It is particularly significant for the Visayas and Mindanao regions, where the volume of spot reserves is high relative to contracted reserves. “So, what does that mean? Effectively, the direct impact on our customers—the distribution utilities [DUs] and electric cooperatives—is that the spot reserve component of the Ancillary Services [AS] charges will be eliminated. “Consequently, our transmission charges will decrease, as there will be no payments due to the reserve market,” added Cacho.

DUCATION opportunities have overtaken the transfer of wealth and family traditions as the top legacy priority among Filipinos, according to a latest study by Sun Life Asia. In its study, titled “Passing the Torch: When Legacy Means More Than Money,” the insurer found that while 92 percent of respondents intend to pass on financial assets or wealth to their heirs, their aspirations extend beyond money to include providing opportunities for the next generation. About 56 percent of respondents identified educational opportunities as the most important legacy they want to leave behind, compared to 45 percent each for wealth and family traditions. Of those who plan to transfer wealth, 61 percent prefer their assets invested for long-term growth, while 55 percent seek funds to meet basic family needs. Another 53 percent wish to pass on their wealth to finance education. “Filipinos are increasingly viewing legacy through a broader lens,” said JJ Moreno, country head and chief executive officer of Sun Life Philippines. “The goal is no longer just to pass on wealth, but to create opportunities, share values, and give future generations the tools they need to succeed,” Moreno said. “That’s a meaningful shift in how families think about long-term financial planning.” More Filipinos have also formalized their legacy plans, as the share of Filipinos with fully documented and communicated plans increased to 36 percent in 2026 from 6 percent in 2025. Meanwhile, those who said they had no legacy plan in place declined to 8 percent from 25 percent over the same period. When it comes to formalized legacy planning, the Philippines ranked among the strongest markets in Asia, Sun Life said. The country’s 36-percent rate of fully

documented and communicated plans is higher than the regional average of 22 percent. This improvement was accompanied by greater confidence in legacy preparedness, with 53 percent of respondents saying they felt fully or mostly prepared, up from 38 percent in 2025.

‘Preparing heirs a bigger concern’

THE study revealed that 82 percent of Filipinos worry that their wealth may not survive beyond the next generation. Their biggest concern is that beneficiaries may not be financially prepared to manage inherited wealth (50 percent), surpassing concerns about market volatility (46 percent). This is more pronounced among younger generations, as 71 percent of Generation Z and 73 percent of Millennials believe their wealth can positively impact future generations. However, the majority of them also worry that it may not last beyond the next generation. “The findings suggest that families recognize wealth preservation is not only about growing assets but also about preparing the people who will inherit them,” Moreno said. “Financial knowledge, open conversations, and clear plans are becoming just as important as investment performance when building a lasting legacy.” While 70 percent of respondents had held at least some discussions about legacy planning with their families, only 25 percent said their plans had been fully communicated, the study found. Meanwhile, 34 percent had already sought professional advice on legacy planning, while another 50 percent said they wanted to seek such guidance in the future. Sun Life said families can strengthen their plans by documenting their intentions, having meaningful conversations with loved ones, and giving future beneficiaries the information and selfassurance they need to handle their See “Sun Life,” A2

A12 Wednesday, October 14, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Beyond rice: Don’t overlook corn as super El Niño nears

HE government’s obsession with rice stems from the fact that the Philippines is a rice-eating nation. Filipinos, particularly those in the so-called Bottom 30 of the population, consume rice in huge quantities in lieu of meat, which has become expensive in recent years. There is, however, another staple grain that deserves the government’s attention in view of the current predicament facing the livestock sector, which has been dealing with sporadic outbreaks of animal diseases.

Corn may not be consumed as much as rice but it is regarded as one of the staple grains of the Philippines given its importance particularly to the livestock and poultry sector. While the white variant is mixed with rice or eaten as is in other parts of the country, yellow corn is crucial to local industries. For one, yellow corn is a key ingredient in feeds for hogs and chickens—two animals that are important in the Filipino diet. Last month, the Department of Agriculture (DA) reported that corn suffered the brunt of dry spells caused by El Niño. (See, “Farmers incur more than P6B in losses due to El Niño,” in the BusinessMirror, September 28, 2026). Of the 163,812 metric tons (MT) of damaged crops recorded in 14 regions, corn accounted for 126,883 MT valued at P4.9 billion. This happened even before the country could suffer the full impact of a strong El Niño, which is expected to last until the first quarter of 2027. Dry season planting for corn in most parts of the country starts this month while harvest will begin in February. Corn planters, however, have indicated last July that the dry spells would make it difficult for them to surpass last year’s output. (See, “‘Triple whammy’ worries local corn producers,” in the BusinessMirror, July 15, 2026). Water scarcity caused by El Niño, along with high fertilizer and fuel costs, is expected to reduce their output for the year. The country usually plugs supply shortfalls by importing the agricultural products it requires, like corn. The latest Bloomberg report may be a welcome development for the state and industries as international prices eased after the United States Department of Agriculture raised its corn production outlook. (See, “Corn falls most since 2023 after US makes surprise crop estimate,” in the BusinessMirror, October 11, 2026). The US could move the needle on prices because it is the largest producer of corn in the world. At this point it is unclear how much corn there is outside of the Philippines’s borders that it could procure if the country suffers a shortage, but what is certain is that it is not the only country that will have to deal with a strong El Niño. And these countries will also need additional supplies, particularly if they are hit hard by the weather phenomenon that has occurred more frequently in recent years. Judging by the inability of the country to take full advantage of available technologies like smart irrigation systems, policymakers may have already forgotten the lessons of the previous El Niño episodes. Since 2005

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Salute to Filipino athletes Mark Villar

THE BUILDER

PORTS is not only a form of entertainment or amusement. It represents the physical strength, fortitude and discipline of athletes who bring pride to their nation.

For a sporting nation like the Philippines, athletes have inspired the people to do better and accomplish their goals through constant practice. Athletes remind us that we can achieve great things if we work together and persevere. Filipino athletes have brought honor to our people in sports fields like boxing, bowling, billiards and basketball. In recent years, our athletes have excelled in gymnastics, weightlifting and tennis, winning trophies and medals in professional tournaments and international events like the Olympics and the Asian Games. I congratulate the Philippine delegation to the 2026 Asian Games in Aichi-Nagoya, Japan, after our country won 29 medals, our biggest haul in 60 years. Our athletes took home four golds, 9 silvers and 16 bronzes. Congratulations to our athletes who are an inspiration to our youth. The

29-medal haul proves that Filipinos have huge potential in sports. The 20th Asian Games ended with a spectacular closing ceremony on October 4, 2026 at the Mizuho Park Athletic Stadium in Nagoya. The games ran for more than two weeks, from Sept. 19 to Oct. 4, bringing together athletes from 45 participating countries. Asia’s best athletes held us captivated and excited during the games. They broke more than 350 records, including over 50 world records. China finished first in the medal table, with 169 golds, 89 silvers and 83 bronzes, for a total of 341 medals. Host Japan placed second with 269 medals, including 83 golds, 95 silvers and 91 bronzes. South Korea was third with 39 golds, 43 silvers and 68 bronzes. The Philippines placed 17th among the 45 countries that joined the games. The 29 medals represent

our highest achievement since 1966, when we won 42 medals in Bangkok, Thailand. I am proud of what our athletes have achieved. Their results show how much sporting talent we have as a nation. Carlos Edriel “Caloy” Yulo, a double Olympic gold medalist, led our campaign with two golds, in men’s floor exercise and men’s vault. Olympian EJ Obiena defended his men’s pole vault title and set a new Asian Games record of 5.91 meters. Jeus Gabriel Yape won gold in the mixed individual virtual taekwondo event. We also won nine silver medals courtesy of the Gilas Pilipinas Women’s 3x3 basketball team, boxer Carlo Paalam, Kurt Bryan Barbosa, Tachiana Keizha Mangin, Juliana Mykhail Candelaria, Luz Alexandra Enriquez, Jean Claude Saclag, Marie June Adriano and the women’s sepak takraw team. Our 16 bronze medals came from many sports, including tennis, gymnastics, weightlifting, athletics, beach volleyball, e-sports, jiu-jitsu, karate, MMA, sepak takraw, soft tennis, skateboarding and taekwondo. I believe the big haul of medals shows that Filipino athletes can win in many sports when they have the chance, the preparation and the steady support they need. Success at the Asian Games does not come from just one competition. Before an athlete reaches the

Trump’s diesel deal with Putin causes GOP heartburn before vote By Steven T. Dennis

RESIDENT Donald Trump’s deal with Moscow on its diesel exports and his praise for Vladimir Putin are just the latest in a string of Russia-related news that has sparked public criticisms from Republicans weeks ahead of a midterm election that increasingly favors Democrats. Trump has said he is working with the Russian president to release the country’s diesel supplies into global markets, upending years of sanctions in a bid to ease fuel prices before the Nov. 3 elections. The move has prompted European officials to warn that increasing Russia’s diesel sales will boost Moscow’s war effort in Ukraine. The president’s moves amount to an unwanted October surprise for some Republicans in tough races as their party struggles to maintain its slim majorities in the House and Senate. “We need a president who is up to the task of leading the free world,” Republican Representa-

tive Don Bacon of Nebraska said on social media. “Let’s be honest. Trump is and always has been weak on Putin.” Bacon, who has frequently sparred with Trump, is retiring and his Omaha-area district is expected to flip into Democrats’ hands. Senator Susan Collins of Maine, who is in the race of her political life, joined three other Republicans and three Democrats in a letter Sunday complaining Trump is ignoring a 2022 law barring Russian oil imports. They demanded he change course immediately. “The United States should not provide Putin with a financial lifeline while Russia continues to kill Ukrainian civilians,” the sena-

tors wrote. The White House did not immediately respond to a request for comment. Trump earlier praised Putin for agreeing to export diesel and he demanded Volodymyr Zelenskyy halt attacks on Russian oil refineries. Trump also suggested Zelenskyy consider stepping aside as Ukraine’s president, saying the country needs a leader “who can make a deal” with Russia. There’s been no shortage of other Russian entanglements that have embroiled the White House in recent weeks, including the wedding celebration for the president’s eldest son, Donald Trump Jr., on a rented island paid for by a Russian oligarch allied with Putin. According to ProPublica, which first reported the arrangement, Umar Kremlev covered hundreds of thousands of dollars in wedding expenses, including renting the private Caribbean island. Republican Senator John Curtis of Utah, a moderate elected

podium, there is arduous training, coaching, discipline, competition and support. That is why we need a long-term plan to make sure the next generation is ready to take over and carry the Philippine flag on the international stage. I filed Senate Bill No. 2531, or the proposed “Roadmap for Sports Excellence Act,” to establish a 20year national plan for sports development. It would cover everything from spotting and training young talent to competing at the elite and international levels. I am pushing for it so that every Filipino athlete has a clear path to excellence. Our Filipino athletes have made us proud time and again, and I thank them for the pride they brought home. They showed that talent is not in short supply here. What they need is a system that supports them from the first day of training to the day they stand on the world stage. The next Asian Games will be held in Qatar in 2030. With only four years away, the time to build that path is now. I want our young athletes to have the coaching, training and support they need long before they step onto the podium. That is why I believe a 20-year plan is a smart investment in young Filipinos. For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar. com.ph

in 2024, demanded the Senate investigate and subpoena the president’s son. Trump said his son told him he would reimburse the oligarch. “A toaster is a wedding gift. A private-island party paid for by a Putin-connected oligarch is something else,” Curtis said in a social media post last month.

Balkan visit

JUST weeks later, the New York Times reported two of Trump’s top political advisers took time off of the midterm campaign trail to travel to a Balkan territory to provide election advice to its Putin-allied government. That government has spent more than $4 million on lobbyists and operatives with connections to Trump and Republicans. Trump mused on social media he might fire the aides, adviser Chris LaCivita and former White House Deputy Chief of Staff James Blair, if there was any conflict of See “Trump,” A13

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Alex Eala: The courage to become

Opinion BusinessMirror

Forty accounts and a nation waiting for answers

OST Filipinos have never held a million pesos in their hands. They have held a thousand, and even that felt like a small miracle—a thin fold of bills that could vanish in a single trip to the palengke, or in one unexpected fever. So when I read that Vice President Sara Duterte and her husband, Atty. Manases Carpio, supposedly kept between 30 and more than 40 bank accounts across eight different banks, my first reaction was not outrage. It was awe.

There is the distance between the Filipino who counts coins and the Filipino who counts banks. There is the distance between a hand-to-mouth life and a life where millions move quietly, untracked, across accounts and corporations—Cale 88, Metro City, GenCorp. And there is the distance between what is declared and what is held—the SALN, that solemn document, and the reality that supposedly does not match it.

Thirty accounts. Forty. Across eight banks. In a country where nearly half of all adults—42 to 50 percent of us—have no formal bank account at all, the idea of one household holding dozens of accounts feels less like a financial arrangement and more like a small empire. And then the numbers. A forensic analyst, lawyer-accountant Alexander Cabrera, told the Senate impeachment court of an alleged P817 million in undeclared assets and unexplained wealth over just four years—2022 to 2025. He broke it down year by year: P190.6 million, then P167.3 million, then P264.2 million, then P195.7 million. The undeclared bank accounts alone, he said, ran P60 million, P80 million, P23 million, P43 million. Set those against her declared net worth—P70 million in 2022 rising

It is a story about distance. There is the distance between the Filipino who counts coins and the Filipino who counts banks. There is the distance between a hand-tomouth life and a life where millions move quietly, untracked, across accounts and corporations—Cale 88, Metro City, GenCorp. And there is the distance between what is declared and what is held—the SALN, that solemn document, and the reality that supposedly does not match it. I think of the ordinary workers, who never trusted banks and never had enough to need one. I think of the tricycle driver who saves in a piggy bank, the teacher who waits for the 15th and the 30th. We are told to declare what we have, to be honest, to account. And the law asks the same of our leaders—only with so many more zeroes that honesty becomes

By Pablo S. Trillana III

N Toronto on August 5, 2026, parents carrying their child held up a sign: “Past my bedtime, but cheering for you Alex.” Around her, Filipino flags stirred in a crowded stadium. Alexandra Eala answered the affection with her hands shaped into a heart. For families far from home, a tennis match had become a small gathering of the nation. In Nagoya, another scene unfolded. After beating Thailand’s Patcharin Cheapchandej on September 28 and Chinese Taipei’s Joanna Garland on September 30, Alex lost to China’s Wang Xiyu in the Asian Games semifinals on October 1, 2026. She would leave with bronze. Wang deserved her victory; Alex’s disappointment deserved tenderness. Both belonged to the same demanding world, where yesterday’s triumph offers no protection against tomorrow’s defeat. Between these scenes lies a story larger than the score: how a young person grows while success and disappointment keep changing places. On June 9, 2024, Roger Federer gave graduating students at Dartmouth a useful measure. He won almost 80 percent of his singles matches, yet only 54 percent of the points he played. Even greatness contains thousands of small defeats. His lesson was to commit fully to the point before you, then release it when it is over. Alex’s preparation began long before stadiums learned her name. In Quezon City, her grandfather Roberto helped establish the discipline of practice. In 2018, she moved to Spain’s Rafa Nadal Academy, leaving familiar surroundings for an education that demanded independence as well as skill. From Nadal, she admired the capacity to endure difficulty—the willingness to keep working when the work becomes unpleasant. Behind the graceful stroke are tired legs, repeated drills, travel, recovery and the quiet labor of starting again. Family guidance could prepare her; increasingly, she had to carry that discipline herself. Her achievements accumulated: junior Grand Slam doubles titles in Australia in 2020 and France in 2021, the US Open girls’ singles championship on September 10, 2022, the Miami semifinal breakthrough in March 2025, and her first WTA Tour title in Washington on August 3, 2026. Each opened a door. None removed the need to earn the next victory. Singapore supplied a sharp reminder on September 24, 2026. Against Tatiana Prozorova, Alex led by a set and 4–2 before losing a match lasting more than three hours. Prozorova struck 52 winners to her 24. Alex acknowledged the better performance and spoke of returning to her team to examine what needed work. There is an education here for young and old. A setback becomes useful when we can look at it honestly, without turning one result into a verdict on our whole life. Her decision to represent the Philippines in Nagoya added another dimension. Professional tennis rewards ranking points, earnings and careful scheduling. Playing for one’s country asks an athlete to weigh another kind of value. After the semifinal loss, Alex said she had no regrets about participating. That statement should not be inflated into proof that every difficult choice is correct. It shows something quieter: a young woman accepting the outcome of a decision that mattered to her. Independence grows through reflection, counsel and responsibility for consequences. Her widening commercial life carries similar responsibilities. BPI has emphasized perseverance, discipline and support in celebrating her rise. Sponsorship helps sustain an expensive career; it also gives her a larger platform on which to decide what she wishes

Alex’s preparation began long before stadiums learned her name. In Quezon City, her grandfather Roberto helped establish the discipline of practice. In 2018, she moved to Spain’s Rafa Nadal Academy, leaving familiar surroundings for an education that demanded independence as well as skill. to represent. Nike’s sampaguita imagery, featured in Vogue Philippines in August 2025, makes that possibility tangible. Manila artist Georgina Camus brought the national flower into a design associated with Alex. During a shoot, her father Michael noticed how much more she smiled wearing the shirt. The flower had traveled from a familiar Philippine world into international sport, carrying a piece of home. In September 2026, New York opened another window. Alex attended the Tory Burch, Michael Kors and Calvin Klein shows, recalling how her mother collected Tory Burch shoes—a childhood memory finding its way into the front row. At Michael Kors, in the Museum of Modern Art’s Sculpture Garden, she appeared with Anna Wintour; at Calvin Klein, she wore all white. Wintour, whose influence reaches across global fashion, praised her interest and eagerness to learn. That curiosity offers possibilities beyond tennis: future campaigns and creative collaborations through which a Filipino face, and perhaps Filipino design, might reach wider audiences. These opportunities require judgment, including protecting training and recovery. There is no established evidence that her fashion appearances caused the Singapore defeat. The Filipino crowds add another layer. Coco Gauff welcomed the audiences Alex was bringing into tennis. Their enthusiasm enlarges the game, while asking supporters to honor its courtesies and respect her opponents. National pride is most generous when it can applaud excellence across the net. For younger Philippine teammate Tennielle Madis, “Ate Alex” is also someone who offers kindness and advice. Such moments give public achievement a human scale. A champion’s inf luence reaches a child watching from the stands and a fellow player trying to improve. Alex herself has spoken of missing family and adobo while traveling. The world expands; the need for home remains. Beyond Nagoya, she is listed for Wuhan, October 12–18, 2026, and announced for Hong Kong’s October 31–November 8 event, subject to schedule changes. Fresh opponents bring fresh uncertainty. Their promise lies in the opportunity to carry experience into the next contest, not in any guarantee of winning. Perhaps the child past her bedtime will remember the heart Alex made with her hands. In time, she may understand the harder lesson behind it: work faithfully, choose thoughtfully, honor those who defeat you, and begin again. Through Alex, we glimpse a life still being formed—and something of the courage our own unfinished lives require. Dr. Pablo Trillana III is a lawyer, author, former Chairman of the National Historical Institue (now the National Historical Commission of the Philippines), and a lifelong student of Philippine history and Rizal studies.

Wednesday, October 14, 2026 A13

Dr. Jesus Lim Arranza

MAKE SENSE

to P122 million in 2025—and the declared figures look like the tip of a submerged mountain. Then the BIR witness, on Day 36, offered a different kind of arithmetic. From 2007 to 2025—eighteen years of labor, of public service, of income—the couple’s total net income after tax came to P85,343,803.23. And yet the 2025 SALN declared a net worth of P98,656,131.20. The prosecution called it a “gap.” A gap of more than P13 million between what 18 years of declared income could produce and what was declared as wealth. The defense objected, reasonably: the BIR witness has no personal knowledge of the SALN. Fine. But still—the gap sits there, waiting, demanding an explanation. Here is what strikes me deepest. This is not really a story about crime.

a different kind of burden entirely. So my awe turns into something sharper: amazement, yes, but also a quiet, insistent longing for accountability. Not vengeance. Not the satisfying fall of a powerful name. Just accounting. The oldest, plainest virtue. Let the ledger open. Let the 40 accounts show themselves. Let the P817 million be explained, line by line, until the unexplained becomes the known. Let the gap be closed with evidence or with confession. Let us, the ordinary ones, finally see the whole picture. Because if the wealthiest among us cannot be counted, then how can we trust that we, too, matter? If money in high places can hide, then the promise of a fair country hides with it. What stays with me is this: a nation is only as honest as its accounting. We are a people famous for our warmth, our endurance, our pakikisama—but a republic runs on numbers, and numbers must add up. For four years, the prosecution claims, they did not. For a lifetime, many of us have not had enough to make ours add up either. And so we wait, with awe and with a prayer, for the moment when the two arithmetic worlds—the millionaire’s and the masa’s—are finally made to face each other and reconcile. Dr. Jesus Lim Arranza is the Chairman Emeritus of the Federation of Philippine Industries and concurrent Chairman of the Anti-Smuggling and AntiIllicit Trade Committee.

Venezuela sends another Maduro-linked businessman to face charges in US By Maya Averbuch & Andreina Itriago

COLOMBIAN businessman who operated for years in Venezuela is expected in US court to face criminal charges tied to more than $2 billion in government contracts in the South American nation.

Álvaro Pulido Vargas will make an initial appearance in the US Southern District of Florida on October 13, the Justice Department announced in a statement on Sunday. Pulido Vargas’s transfer marks another sign of deepening law-enforcement cooperation between Caracas and Washington under acting President Delcy Rodríguez. She has moved to strengthen ties with the Trump administration since the US captured Nicolás Maduro at the start of this year. Pulido Vargas, 62, was detained in Venezuela in 2023 as part of a sweeping corruption investigation at state oil company Petroleos de Venezuela, known as PDVSA. He holds Venezuelan citizenship and was in a prison outside Caracas until his transfer, according to a person familiar with the matter. US authorities confirmed Sunday that he’s in their custody, without disclosing when or how he was transferred. Pulido Vargas hasn’t publicly commented on the charges. An attorney representing him couldn’t immediately be identified. Colombian-born Pulido Vargas has in the past gone by Germán Rubio Salas, which US officials say is an alias he used. He was convicted

of drug trafficking in Italy in 1997 as Rubio Salas. Caracas has made no public announcement about his transfer or that of a Venezuelan national sent to the US earlier this month. Venezuela’s Information Ministry didn’t respond to a request for comment. Pulido Vargas is at least the second person transferred from Venezuela to the US this month and the third this year. The handovers have sent shockwaves through those affiliated with the ruling socialist movement known as Chavismo, as Washington seeks custody of dozens of government insiders, including financiers and former senior leaders accused of crimes in the US. Those sought by US authorities include former Oil Minister Tareck El Aissami, who has been detained in Venezuela since 2024, and exSupreme Court Chief Justice Maikel Moreno. Pulido Vargas’ Venezuelan citizenship raises fresh questions about how Caracas is carrying out the transfer since Venezuela’s constitution prohibits the extradition of its citizens. Pulido Vargas stands accused of participating in money-laundering and bribery schemes involving government programs for food, medi-

Trump. . .

vita is also an adviser. Trump has said Blair will return to the White House after the election.

interest. He later said he saw no conflicts with their work. “They are independent people,” the president told reporters last week. “They don’t work in the White House. They’re not sitting around a cabinet table or anything like that.” The two were on the ground for about 48 hours to advise on voting machines used in the elections, a person familiar with their travel said. Blair took a leave of absence as deputy White House chief of staff to serve a top role at MAGA Inc., Trump’s super PAC, where LaCi-

Sanctions

continued from A12

TRUMP ’S outreach to Russia comes just weeks after Republicans were celebrating a new law named for the late Senator Lindsey Graham to sanction countries that buy Russian oil. Graham had repeatedly called such sanctions the key to bringing Putin to the negotiating table to agree to end the war with Ukraine, which is in its fifth year. Three of the four Republican signatories of the Sunday letter—Collins, Alaska Senator Lisa Murkowski and Thom Tillis—

Pulido Vargas is at least the second person transferred from Venezuela to the US this month and the third this year. The handovers have sent shockwaves through those affiliated with the ruling socialist movement known as Chavismo, as Washington seeks custody of dozens of government insiders, including financiers and former senior leaders accused of crimes in the US.

cine and low-income housing during Maduro’s presidency. “His alleged actions show a blatant disregard to the Venezuelan people,” US Attorney General Todd Blanche wrote in a Sunday post on X. He went on to accuse him of exploiting government programs intended to provide essential goods for personal enrichment. Pulido Vargas faces two separate US indictments filed in 2019 and 2021. The US offered a $10 million reward for information leading to the businessman’s arrest. Alex Saab, once one of Maduro’s closest financial advisers and a former minister, was deported from Venezuela to the US in May after months of negotiations between the two governments. Last month, the Colombian national who later obtained Venezuelan citizenship pleaded guilty to a money-laundering charge involving government foodimport contracts and oil sales. In one case, prosecutors allege voted to acquit Trump in his first impeachment trial, when the thenDemocratic House charged he illegally withheld aid to Ukraine to pressure Zelenskyy to announce an investigation into Joe Biden and his son, Hunter. Collins, now in a tough reelection fight, said then she thought Trump had learned “a pretty big lesson.” Some Republicans including Representative Brian Fitzpatrick of Pennsylvania, who is in an increasingly competitive reelection race, and Bacon plan to force a vote on a new bill to block the import of Russian oil, but they would likely have to find the votes to override a veto. Other Republicans have de-

that Pulido Vargas and four associates secured approximately $1.6 billion in Venezuelan government contracts through the so-called CLAP food-distribution program by bribing officials and inflating prices. They allegedly transferred about $180 million through or to US bank accounts, including in Florida, according to the Justice Department. A separate indictment accuses Pulido Vargas and Saab of laundering approximately $350 million through a scheme involving government contracts to build low-income housing. US prosecutors allege that the two submitted fraudulent import documents and bribed Venezuelan officials to approve them, exploiting the country’s tightly controlled currency exchange system. Venezuelan authorities had explored ways to annul Saab’s citizenship to circumvent the constitutional prohibition on extraditing nationals, and later said it had been obtained illegally. It remains unclear whether authorities took similar steps in Pulido Vargas’s case. Earlier this month, Venezuelan national Aníbal Alexander Canelón Aguirre was sent to the US to face charges including conspiracy to commit bank fraud and providing material support to terrorists. Since taking over from Maduro, Rodríguez has increasingly cooperated with Washington, realigning her government with Washington’s priorities including opening Venezuela’s oil sector to greater US involvement. Bloomberg fended the president, suggesting he’s trying to find a way to end the Russia-Ukraine war while lowering diesel prices for US consumers. Diesel and heating oil prices have become a key pain point for Republicans, especially in key Senate battlegrounds like Alaska and Maine and farm states in the Midwest that are heavily reliant on diesel. Some Republicans and Trump had eyed other moves to try to bring down prices ahead of Election Day, with several candidates and senators proposing Trump temporarily block diesel exports, a move Trump ultimately decided against. With assistance from Hadriana Lowenkron and Jennifer A. Dlouhy/Bloomberg

Sports BusinessMirror

A14 Wednesday, October 14, 2026

ZARAGOSA RISES ON BOGEY-STREWN DAY

PHILIPPINE Paralympic Committee president Mike Barredo and para taekwondo coach Gershon Bautista in Tuesday’s forum. PSA PHOTO

PHL athletes locked, loaded for Para Asiad

ILIPINO athletes are returning to Nagoya this time for the Fifth Asian Para Games with a goal of matching or surpassing the performance in the 20th Asian Games two weeks ago. Philippine Paralympic Committee president Mike Barredo expressed confidence that the 69-athlete Team Philippines will deliver despite chess— which provided eight of the 10 gold medals for the country in the 2023 edition in Hangzhou—having been dropped from the Nagoya program. “They made sure chess is not included because we will surely win. I tried to push for it,” Barredo told Tuesday’s Philippine Sportswriters Association Forum at the Philippine Sports Commission Media Center. “But we will make up for that,” said Barredo, who thanked the Philippine Sports Commission (PSC) for the full support in the campaign. The Philippines bagged 10 gold, four silver and five bronze medals for ninth place in Hangzhou. “We promise to do better even without chess,” added Barredo, who was joined in the forum by taekwondo para coach Gershon Bautista. In the recent Asian Games, the Philippines bagged four gold, nine silver and 16 bronze medals for a total of 29 medals, the most since the country brought home 42 medals (2-15-25) in the 1966 Games in Thailand. Barredo said China, which ran away with the overall crown in 2023 with 214 golds, 167 silvers and 140 bronzes, remains as the nation to beat. “Half of the golds are theirs. They have two or three competitors in each event,” added Barredo in the forum presented by San Miguel Corp., PSC, Philippine Olympic Committee, Milo and the country’s 24/7 sports app ArenaPlus. Barredo said the Philippines will compete in 11 sports including swimming, athletics, cycling, table tennis and taekwondo. “Skills wise, we are right there,” he said. “As we’ve seen during training, the consistency is there. No complaints.” “The growth of para in the Philippines has been steady, but we need to improve on our grassroots,” he said. “That’s why we are pushing for para to be included in the Batang Pinoy.”

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

RUPERT ZARAGOSA catches fire on a hot and sunny Tuesday at Pueblo de Oro. PGT PHOTO

By Aldrin Quinto

AGAYAN DE ORO City— On a day when a lot of the big guns had rollercoaster rounds, Rupert Zaragosa kept the mistakes to a minimum, firing a sizzling fiveunder 67 to seize a share of the lead in Tuesday’s second round of the International Container Terminal Services Inc. Pueblo de Oro Championship. The 5-foot-3 Zaragosa caught fire in the searing heat, nailing back-tooback birdies from No. 11 and hitting another one on hole 14 before the only blemish on his card at No. 16 when he three-putted for bogey. As the demanding 6,974-yard offered

scoring opportunities for the big hitters, wayward shotts also came with a price, but what Zaragosa lacked in length off the tee he made up for pinpoint iron play. “The second shots were good, giving me a number of scoring opportunities,” Zaragosa said. “The course is a bit long for me, so the strategy is to make pars on the long holes and create birdie opportunities on the shorter ones.” On his homeward nine, Zaragosa hit three more birdies to submit the day’s best round, taking him to eight-under through 36 holes and joining overnight leader Russell Bautista on top. Bautista continued to find scoring opportunities and hit seven birdies, but it was a dizzying round featuring four bogeys to also stand at 136. Zaragosa and Bautista are two strokes ahead halfway through the tournament organized by Pilipinas Golf Tournaments Inc. Keanu Jahns carded a 69 featuring five birdies and two bogeys, sharing third place at three-under with former Philippine Open champion Clyde Mondilla, who hit five birdies and three bogeys for a 70. Jeffren Lumbo was alone in

birdies against three bogeys for an even 72 and shared 12th spot with Japan’s Miki Ryoma , who carded a 74. Angelo Que, twice winner this season, carded a 71 for a 145 total, which was matched by Randy Garralde and Guido van der valk of the Netherlands, who also shot 71s.

fifth at five under, hitting four birdies but suffering a triplebogey eight on No. 17 for a 71. Jelbert Gamolo also shot a 71 and was in sixth at four under. Amateur star Ralph Batican continued to show he can hang with the domestic tour’s big guns, firing a 71. The 14-year-old Batican shared seventh spot at three under with established tour winner Zanieboy Gialon, who also shot 71. Marvin Dumandan, multiple champion on tour looking to rediscover his winning touch, had his share of scoring chances but his even 72 was marred by three bogeys and a doublebogey, putting him in joint ninth at one under with Ira Alido, who shot a 69, and Elee Bisera, who fired a 71. Bautista, still seeking his breakthrough on the domestic tour, rued some missed approach shots but remains upbeat. “I know I’m up against a lot of tournament winners, but I’m confident in my game. I just hope my driving, iron play and putting remain sharp over the last two days,” he said. Dino Villanueva had three

Lee drives up leaderboard

TIFFANY LEE got a big boost by switching her big stick, coming up bogeyfree to move up the leaderboard as Yvon Bisera suffered some back-nine blues and saw her four-stroke advantage vanish after the second round of the women’s championship also on Tuesday. The young Korean cranked down her driver one degree to nine and got the numbers she needed off the tee, keeping the card clean and submitting a 67 after an opening 73 for the lead at fourunder.

9 Filipino youngsters in harness for Dakar YOG WANGKAY

CAESAR

AJIDO

T’S on to the Youth Olympic Games (YOG) in Dakar for nine young athletes aged no older than 17 seeing action in the games’ fourth edition set October 31 to November 13. “They are the future Olympians, future world champions and the Dakar YOG will provide them the platform to follow the footsteps of the Diazes and Yulos,” said Philippine Olympic Committee president Abraham “Bambol” Tolentino, referring to the country’s Olympic gold medalists Hidilyn DiazNaranjo and Carlos Yulo. Carrying the country’s colors in Dakar are Pi Durden Wangkay (men’s 200m) and Naomi Marjorie Caesar (women’s

COLEMAN

KROG

800m) in athletics, Jamesray Mishael Ajido (men’s 100m butterfly) and Riannah Chantelle Coleman (women’s 100m breaststroke) in aquatics, Maritanya Krog (women’s road and individual time trial) in cycling, Tchelzy Maayo and Hillarion Palles III in artistic gymnastics, Angel Polo (women’s Taijiquan combined) in wushu and Jade Justiniane in windsurfing of sailing. Philippine Taekwondo Association secretary-general Rocky Samson is the Chef de Mission to the YOG that are also staged every four years (Singapore 2010, Nanjing 2014 and Buenos Aires 2018) like the Summer Olympics—the Dakar edition is the first time that an Olympics event is being held on African soil.

Molina, Foxies prevail Ces Molina finishes

with a near double-double of nine points and 10 excellent digs in Farm Fresh’s 25-23, 25-22, 25-15 victory over Galeries Tower in the Priemer Volleyball League All-Filipino Conference Siklab Series at the Smart Araneta Coliseum on Tuesday. PVL IMAGES

Eala’s extra-curriculars distracting her focus? THE question of the week is, “What’s happening to Alex Eala?” Well, she keeps losing. Eerily, to unranked players. Seemingly evaporating is Eala’s magical run of wins she had so magnificently accomplished in July and August. “Those were the days, my friend, we thought they’d never end.” Days when Eala ran roughshod over elite players ranked much higher than her. This was the Mubadala Open in Washington DC, USA, where Eala dispatched five high-caliber players with such chilling, killing, efficiency, to win her first Women’s Tennis Association (WTA) title with aplomb. The stunning triumph earned for her profuse praise from even the legends of the game like Serena Williams, Billie Jean King and Maria Sharapova, to name only a few. Her victims in the Mubadala mop up easily comprised a veritable Who’s Who in tennis.

MAAYO

First, Eala defeated China’s superstar Qinwen Zheng, the 2024 Paris Olympics champion, 4-6, 6-4, 6-1, on July 29, kicking out the Chinese star in two hours and 33 minutes. The following day, Eala dispatched FilipinoCanadian Leylah Fernandez, 6-2, 7-6, in one hour and 53 minutes. Eala would next dismiss Ukrainian top gun Elina Svitolina in straight sets on August 1, 6-3, 6-4, before taking out Japan No. 1 and fourtime Grand Slam champion Naomi Osaka in the semifinals—also in straight sets—6-4, 6-2.

PALLES

POLO

JUSTINIANE

Seno bags 2 titles in Dipolog netfest

OGO City standout Etha Nadine Seno swept the girls’ singles and doubles titles in the Palawan Pawnshop Dipolog Juniors Age Group Championships at the RGS and Mibang courts in Dipolog City over the weekend. Seno, 14, ruleu the girls’ 14-and-Under and 16-and-under divisions before capping her threetitle romp with the 18-and-under doubles crown. Seno dropped just four games in three matches en route to the 14-and-under final where she weathered a late challenge from Aizelle Libonfacil to prevail, 6-0, 7-5, and secure the first of her two singles titles. She was even more dominant in the 16-and-under division with a 6-0, 6-1 conquest of Angelica Acido in the final to emerge as the tournament’s lone double-gold winner. Far from done, Seno teamed up with Gabrielle Bulado to beat Joy Busig and Princess Pampula, 8-5, and complete her three-title sweep in the weeklong Group 2 tournament. The event launched a two-leg Mindanao swing of the Palawan Pawnshop tennis talentsearch program, spearheaded by president and CEO Bobby Castro and sanctioned by the Philippine Tennis Association and Universal Tennis with support from Dunlop, ICON Golf and Sports and the Palawan Group of Companies.

And, in the so-called moment of truth aka titular showdown on Aug. 4, Eala bucked a first-set loss before sending home No. 1 seed American Jessica Pegula, 4-6, 6-4, 6-0 for the Filipina sensation’s maiden win since she turned pro in 2025. The tennis world quickly celebrated the entry of a brand-new star as, indeed—to use that worn-out cliché—Eala has arrived. Alas, if there is joy, there is also sadness. Thus, the euphoria was but short-lived. Fleeting. Barely a month later, Eala came crashing down to earth, beaten by an unranked Russian, Tatiana Prozorova, 4-6, 7-5, 6-3, in the Round of 16 on Sept. 24, of the Singapore Open where Alex was seeded third behind No. 1 Mirra Andreeva and No. 2 Amanda Anisimova. Eala seemed to have recovered somewhat as, five days later, she beat Thailand’s C. Patchurin, 6-1, 6-0, in Round One of the Asian Games, before getting past Taiwan’s Jodee Garland, 7-5, 6-0, on September 30. But on October 1, China’s massively-built, 5-foot-11 Wang Xiyu outlasted Eala, 3-6, 6-3, 6-2, as Alex appeared visibly spent as she played her third straight Asian Games match in as many days. With the loss, Eala settled for the bronze—her dream of the Asiad gold vanishing into thin air.

TIFFANY LEE gets the numbers she needs off the tee to keep her card clean and submit a 67 after an opening 73 for the lead at four-under. LPGT PHOTO

Lee is four under with 18 holes left in the P1.25-million Ladies Philippine Golf Tour event. “It was windy out there, and changing drivers gave me more distance. That meant shorter clubs into the greens, which was a big key,” Lee said. “I’m really happy with how I played.” Bisera, on the other hand, suddenly went from four ahead to four down after a disastrous 76 marred by backto-back double bogeys from No. 10. Martina Miñoza had a 75 for a 149 total, which was matched by Gretchen Villacencio after a 71 for a share of third. Velinda Castil shot a 77, while Sarah Ababa had a 78, joint fifth at six over. Lee, who won the Splendido Taal crown in her professional debut in 2024 after an impressive Junior PGT campaign that included a playoff victory over seasoned campaigner Chihiro Ikeda for the Lakewood title earlier that year. At Pueblo de Oro, Lee has a shot at adding to her haul. Apple Fudolin had a 72 for a share of seventh at 151 with Angela Mangana, who shot a 74, and former Order of Merit winner Harmie Constantino, who carded a 71.

Lucero named Player of the Week

AVEIR LUCERO and Magnolia kept their momentum going to win five straight games, while June Mar Fajardo and San Miguel Beer shoot for a bounceback victory to keep their grip of the No. 2 position in Group A in the Philippine Basketball Association Governors’ Cup. The long break didn’t prevent Magnolia from keeping its momentum going and Lucero was one of the reasons why the Hotshots stretched their winning streak to five straight games following a 1-3 start. “For us, it’s just about getting our rhythm through practice, working hard and staying ready because we know that we want to make it further this conference,” Lucero said. His performance against Blackwater and Barangay Ginebra earned him the nod as the PBA Press Corps Player of the Week for the period of October 7 to 11. He averaged 19.0 points on 50-percent shooting with 6.0 rebounds, 1.5 assists,

And, 11 days later, Eala would again suffer a bitter debacle—a 6-4, 3-6, 3-6 loss to China’s Han Shi in her debut in the Wuhan Open in China, on October 12. A heart-breaker as Shi, a mere qualifier, is ranked 217th against the 19th-ranked Eala. Why Eala suddenly keeps bowing to non-elite players is a mind-blower, indeed. Maybe her public appearances lately, such as in fashion shows in Paris and her guesting to Sharapova’s podcast etc., might be too distracting as to affect her focus on the real task at hand: winning matches? We need a reboot, I guess. THAT’S IT If, indeed, National U assistant women’s basketball coach Paul Du elbowed Arsenio Dysangco during the customary after-game handshake at the center court of Smart Araneta Coliseum, that would easily defy logic. Dysangco, the assistant coach of University of Santo Tomas ladies basketball team, fell hard obviously and needed medical attention as he was wheeled out of the arena on a wheelchair. Du was banned for the rest of Season 89 by league commissioner Jai Reyes? Harsh. But if due process was observed, so be it.

1.0 steals and 1.0 blocks for the Hotshots, who became the first team from Group B to qualify for the quarterfinals. He came up big in Sunday’s Manila Clasico showdown with Ginebra, posting 21 points and nine rebounds plus two steals in a 112-93 victory that cemented Magnolia’s place in the quarters. After a disastrous 98-116 beating at the hands of reigning champion TNT Tropang 5G last week, the Beermen and nine-time Most Valuable Player Fajardo are expected to draw their ire on the Terrafirma Dyip in their 5:15 p.m. game at the Ninoy Aquino Stadium on Wednesday. “It was exactly what I told my players that the game against Terrafirma is a must win for us after that terrible game against TNT,” Austria told BusinessMirror on Tuesday. “We must avoid complications heading to the playoffs.” San Miguel Beer has a 7-3 win-loss record in Group A behind solo leader NLEX (8-2). After playing Terrafirma, San Miguel Beer wraps up the elimination round against NLEX on October 21 at the Ynares Center. Solo leader NLEX faces already-eliminated Titan Ultra (2-8) at 7:15 p.m. Josef Ramos

ZAVEIR LUCERO: For us, it’s just about getting our rhythm through practice, working hard and staying ready. PBA IMAGES

Editor: Jennifer A. Ng

Companies BusinessMirror

TOYOTA’S TAMARAW MODERN PUV OFF TO A SLOW START

OYOTA Motor Philippines Corp. (TMP) is planning to produce 15 units of its Tamaraw-based modern public utility vehicle (MPUV) a month until yearend given the existing demand for the new model. TMP Senior Vice President for Marketing Sherwin T. ChuaLim on Tuesday said production could increase if orders justify higher output. The company, however, has yet to receive purchase commitments since opening preselling to transport groups in September. “They are still in the process of inquiring about the process of financing, documents that are required, plus the government incentive. Because that’s a big help to lower the monthly payments,” Chua-Lim told reporters during the vehicle’s launch at its Sta. Rosa plant. The initial production target is modest compared with the Tamaraw’s overall output. TMP manufactured 14,711 units in January to September, bringing cumulative production since the model’s launch in November 2024 to 34,739 units. Almazora Motors Corp., its accredited body builder for the public transport version, has

a dedicated facility capable of producing about 300 units monthly. Executive Vice President Conrad H. Almazora said actual output would depend on orders from Toyota. Almazora has committed an additional P55 million for work related to the MPUV, separate from TMP’s existing P5.5-billion investment in the Tamaraw. As to whether the car maker would hike its investments in the MPUV or other Tamaraw configurations, TMP Chairman Alfred V. Ty said the company would first assess the demand. “Nothing I can declare right now,” he said when asked about additional capital spending for the public transport version. The company said it has not set an additional capital expenditure budget for 2027 and instead plans to maximize existing capacity while gauging demand for public utility vehicles, delivery trucks, telecommunications service vehicles and ambulances. Bless Aubrey Ogerio

Wednesday, October 14, 2026

SMPC decries ‘secrecy’ of coal mine auction process

By Lenie Lectura

@llectura

ONSUNJI-LED Semirara Mining and Power Corp. (SMPC) claimed it had been kept in the dark about the ongoing coal bidding process despite investing over P55 billion in specialized deepmining infrastructure. “There were no bid bulletins, no pre-qualification to screen the unqualified, no official reply to questions raised, no reply to all the letters sent by the current mine operator, no model contract, no minutes, and complete secrecy on how the award would be reached. There was also no explanation why it suddenly flipped the sole ranking factor from technical capability early this year to the highest bidder,” SMPC said in a statement on Tuesday. SMPC currently holds coal operating contract (COC) 5, which is among the coal blocks on Semirara

Island that will be auctioned by the Department of Energy (DOE). The COC is valid until July 14, 2027. The DOE has yet to comment as of press time. Last week, DOE Secretary Sharon Garin said the new coal bid round will push through within the year. The previous bidding for coal mining areas has been canceled to implement a new bidding process under updated rules, following the conclusion of the second public consultation. The DOE said this was meant to reassess the parameters of awarding coal operating contracts so

that the next round can be conducted under this new set of rules. The terminated coal bid round covered three pre-determined areas in Antique, Cagayan, and Isabela, offered for development and production coal operating contracts (DP COCs) under the Philippine Conventional Energy Contracting Program (PCEP). It was met with heavy resistance stemming from legal, technical, financial concerns. “The concerns raised by stakeholders during the pre-submission conferences, developments affecting Semirara Island—one of the offered areas—including continuing water seepage, and certain legal considerations warrant a reassessment of the evaluation criteria applicable to the award of DP COCs for the offered areas,” the DOE advisory read. SMPC also claimed that the auction violates bidding protocols, effectively forcing the current operator out. Further, SMPC said it was not clear what penalty will be imposed on the highest bidder if it does not produce coal by July next year when it takes over the mine. After the initial bid round was canceled, SMPC said the DOE issued

House renews Cebu Air franchise

CLI sells 70% of Ormoc inventory

EGIONAL property developer Cebu Landmasters Inc. (CLI) on Tuesday said it sold 70 percent of the inventory at Casa Mira Prime in Ormoc in two weeks of its public launch. Casa Mira Prime Ormoc opened its inventory to the public on September 25. The project expands Casa Mira’s footprint to close to 20,000 units across the Visayas and Mindanao, supporting the company’s strategy of bringing attainable homes to key urban centers and emerging growth areas, it said. “The strong response to Casa Mira Prime Ormoc affirms the trust families have placed in CLI. We are building on that trust by offering attainable homes with the space, amenities and convenience families need every day. As we grow in Ormoc, we want to create lasting value for the community,” the company’s CEO Jose Franco B. Soberano said. Casa Mira Prime offers townhouse, duplex and single-detached homes in the affordable to mid-market segment. Units are priced from P2.7 million to P3.5 million. Townhouse A units have a floor area of 47 square meters and lot areas ranging from 54 to 78 square meters. The duplex Calista units have a floor area of 50.04 square meters on 80-square-meter lots, while the Cielo single-detached units offer 48.63 square meters of floor area on 100-square-meter lots. The first phase of the project will have a function hall, playground and pocket parks, while the second phase will introduce additional amenities, including a clubhouse, basketball court and swimming pools. The development also features underground secondary power lines and solar-ready roof designs for its Cielo single-detached units. VG Cabuag

a joint administrative order (JAO) as the basis for a second bid round. This order requires SMPC to surrender its proprietary know-how and equipment to the DOE as a condition to bid. SMPC opposed this as it cited ownership rights under Presidential Decree 972. “In other words, the DOE is telling us not to bid”, SMPC said. The company said it has invested over P55 billion in its mining operations, deploying hundreds of heavy equipment to access coal deposits around 350 meters below sea level and massive haul trucks with tires that stand nearly nine feet tall. The winning bidder, it pointed out, will have to procure in just a few months these equipment and trucks, and employ and train around 4,000 workers if it is to produce coal. “It also must know how to pump out sea water that is one skyscraper deep per hour to get to the coal, something SMPC learned through years of trial and error,” it said. “The highest bidder with zero mining experience will most likely produce zero coal output and zero government share.”

NIDEC HITS DECADE LOW

Shares of scandal-hit Nidec Corp. fell 6.6 percent on Tuesday to their lowest level since July 2016 amid concerns about the risk of delisting. The Japanese motor maker has tumbled more than 34 percent since its recent peak on September 18, with the selloff accelerating after it announced a massive impairment charge that would wipe out practically all the profit the company had made over the past decade. Nidec faces possible delisting if the Tokyo Stock Exchange determines it has failed to adequately overhaul its internal controls, following an accounting scandal that prompted the exchange to place the company under special scrutiny in October 2025. Nidec aims to submit a report by October 28 demonstrating that it has strengthened those controls. Photo shows the Nidec Corp. headquarters building in Kyoto. PHOTOGRAPHER: KIYOSHI OTA/BLOOMBERG

ERC suspends power reserve market I

N a bid to temper rising electricity rates, the Energy Regulatory Commission (ERC) has temporarily suspended the commercial operations, dispatch and settlement of the Reserve Market (RM) within the Wholesale Electricity Spot Market (WESM). The freeze allows more time for the ERC to adjust policies and frameworks regarding how ancillary services (AS) are procured and how their costs are passed on to consumers. AS is the standby power capacity used to keep the grid stable. While normal spot market energy prices have decreased, the RM has driven up the AS charge on electricity bills. This has heavily burdened consumers in all three main regions, hitting the Visayas and Mindanao grids the hardest. “This is a corrective and temporary intervention, not a retreat from the reserves market. Consumers, especially in the Visayas,

have been paying reserve prices that are far more expensive than the energy they use and with what contracted reserves cost. The ERC could not standby whole these costs piled up on consumers’ bills,” said ERC Chairman and CEO Francis Saturnino C. Juan. Data from 2025 revealed that buying reserves at volatile spot market prices cost far more than using long-term, pre-approved contracts known as ancillary service procurement agreements (ASPAs). In the Visayas, the impact on rates was over 60 times normal levels, with reserve prices reaching P21 per kilowatt hour (kWh). In Mindanao, average rates skyrocketed from P4.39/kWh in late 2024 to P21.11/ kWh in 2025. The ERC observed that high spot market payouts discouraged providers from signing lower-priced, firm ASPAs, leaving the grid’s reserve needs exposed to volatile market

prices. Lowering the offer price cap to P25,000 per megawatt hour (MWh) from P32,000 per MWh failed to resolve the issue. As such, the ERC suspended the commercial dispatch and settlement of the RM. Until a redesign is implemented, the grid will source reserves exclusively from existing ASPAs at approved rates, or from must-run capacities compensated on a costrecovery basis. Within 30 days, the ERC said the National Grid Corporation of the Philippines (NGCP) must assess uncovered reserve requirements, designate must-run capacities, and aggressively contract full reserve needs using forwardlooking forecasts to encourage new investments, including batter storage. Also within six months, the NGCP, PEMC, and IEMOP must submit a redesigned RM framework that updates grid reserve requirements.

Juan added that the suspension was implemented in coordination with the Department of Energy (DOE). “We acted together with the DOE, which shares our concern, to pause the market, keep every contracted and mustrun reserve in place so the grid stays reliable, and fix the rules on how reserves are bought and how their costs are passed on to consumers,” said Juan. “The ERC remains fully committed to competition and to a well-functioning reserves market, including the investment in battery storage and other flexible capacity that the grid needs. A market that works is one that gives investors predictable returns and gives consumers fair prices. We are suspending the market now so that it can return stronger, with better design and a reliable supply of reserves at a price consumers can bear,” he added. Lenie Lectura

HE House of Representatives has granted another 50 years to the legislative franchises of Cebu Air Inc., operator of Cebu Pacific, and Southeast Asian Airlines Inc., now known as Cebgo Inc. Voting 289-0-2, the chamber granted on third and final reading House Bill (HB) 11536, renewing Cebu Air’s franchise, while HB 11535, extending Cebgo’s franchise, was granted with 282 affirmative votes, no negative votes, and two abstentions. The two bills will be transmitted to the Senate for its own deliberations. HB 11536 seeks to renew Cebu Air’s franchise under Republic Act 7151, which authorizes the airline to operate domestic and international air transport services for passengers, mail, goods and property. The renewal would take effect upon the expiration of its existing franchise on August 30, 2031. HB 11535, meanwhile, seeks to extend for another 50 years the franchise of Southeast Asian Airlines Inc., which operates under the names Cebgo and Airswift. Albay 3rd District Rep. Adrian Salceda, one of the authors of the measures, said the renewals would provide airlines with the regulatory certainty needed to make long-term investments in aircraft, routes and services while ensuring government oversight and accountability. “For an archipelagic country like the Philippines, connectivity is economic infrastructure,” Salceda said. “When traveling from provinces to economic centers becomes expensive or difficult, it does not only affect passengers. It also increases the cost of doing business, reduces access to tourism and markets, and limits opportunities in the regions.” Jovee Marie N. Dela Cruz

Companies BusinessMirror

Wednesday, October 14, 2026

PSE STOCK QUOTATIONS

October 13, 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 PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH

45.5 111 10.3 93 48.5 9.95 59.15 74.05 47.7 19 61.35 20.6 0.485 1.55 0.355 0.098 2,510 1.24 208.2

46.25 111.1 10.5 94 48.8 9.96 59.2 75.45 50.75 20 61.65 20.8 0.495 1.56 0.5 0.106 2,650 1.27 208.4

47 112 10.58 94.2 49.6 10 59 76 49 20.1 61.35 21 0.49 1.58 0.5 0.099 2,524 1.25 210

47 112 10.58 94.2 49.6 10.26 59.5 76 50.75 20.15 61.8 21 0.49 1.58 0.5 0.099 2,524 1.29 210

45.5 110 10.3 93 48.5 9.96 58.7 74 47.6 20 61.2 20.4 0.485 1.53 0.5 0.099 2,510 1.24 208

45.5 111 10.5 93 48.5 9.96 59.2 74.05 50.75 20 61.35 20.6 0.485 1.56 0.5 0.099 2,510 1.27 208.2

59,600 4,410,980 76,100 1,111,270 85,600 213,500 3,837,300 67,690 4,500 94,800 9,970 30,500 60,000 185,000 2,000 30,000 270 599,000 1,470

2,754,790 488,969,268 798,150 103,758,129 4,187,650 2,142,981 226,977,673 5,080,677 217,540 1,900,505 612,077 629,260 29,150 288,450 1,000 2,970 679,820 758,740 306,052

-1,631,595 -98,370,884 -12,212,691 -2,911,640 737,829 -5,751,325 -791,697 47,600 -1,014,010 -264,055 -14,700 4,850 -27,420 -2,970 667,200 50,000 -87,440

INDUSTRIAL ACEN CORP 2.56 2.61 2.69 2.69 2.56 2.56 7,473,000 19,431,820 -9,385,840 ALSONS CONS 0.97 0.98 1.02 1.02 0.97 0.97 578,000 567,590 -28,340 ALTERNERGY HLDG 0.62 0.63 0.64 0.64 0.63 0.63 151,000 95,440 19,840 ABOITIZ POWER 46.1 46.35 46.85 46.95 45.8 46.1 1,025,100 47,649,555 4,342,930 RASLAG 1.08 1.07 1.1 1.1 1.07 1.08 42,000 45,370 0.104 0.106 0.104 0.107 0.103 0.106 420,000 43,650 BASIC ENERGY CITICORE RE 4.45 4.47 4.62 4.62 4.47 4.47 15,000 67,260 FIRST GEN 19.42 19.6 19.6 19.8 19.2 19.42 177,100 3,453,226 1,055,378 87.5 88 88.9 88.9 87.5 87.5 63,510 5,581,917 636,912 FIRST PHIL HLDG MERALCO 217,873,808 443 444 441 448 437.8 443 492,690 -35,838,014 MANILA WATER 31.7 31.8 32.3 32.55 31.7 31.8 409,300 13,067,230 -4,571,550 MAYNILAD 16.64 16.62 16.26 16.66 16.18 16.62 3,857,600 63,853,932 -50,734,076 PETRON 2.25 2.21 2.23 2.24 2.21 2.21 203,000 453,450 -256,600 4.6 4.7 4.6 4.5 4.6 244,000 1,113,800 PETROENERGY 4.52 PRYCE CORP 16.14 16.5 16.5 16.6 16.5 16.5 345,700 5,704,060 1,650 9.65 9.6 9.6 9.73 9,700 93,367 68,127 REPOWER ENERGY 9.73 9.73 11.26 11.28 11.5 11.68 11.28 11.28 1,631,900 18,631,958 -645,740 SEMIRARA MINING SYNERGY GRID 22.5 22.7 23.45 23.45 22.5 22.5 708,700 16,276,600 -3,724,850 SHELL PILIPINAS 7.99 8 8.08 8.08 7.82 8 733,200 5,844,464 -2,325,422 SPC POWER 9 9 8.9 9 8.9 8.9 6,900 61,790 SP NEW ENERGY 1.17 1.18 1.17 1.18 1.16 1.17 1,899,000 2,221,670 671,580 1.7 1.71 1.68 1.7 1.68 1.7 149,000 252,240 55,770 TOP LINE 2.69 2.8 2.78 2.68 2.68 32,000 88,870 AXELUM 2.79 CNTRL AZUCARERA 8.51 9.17 9 9 9 9 100 900 CENTURY FOOD 31.55 31.6 32 32 31.35 31.6 506,500 16,009,615 -12,727,390 DNL INDUS 3.38 3.38 3.37 3.36 3.34 3.37 476,000 1,599,120 565,770 EMPERADOR 15.32 15.18 15.24 15.16 15.16 15.18 235,400 3,569,186 -417,320 SMC FOODANDBEV 45 45.35 45.45 45.45 44.8 45.3 11,400 515,780 -194,785 FIGARO GROUP 0.79 0.79 0.78 0.78 0.77 0.78 11,096,000 8,642,250 -5,966,220 0.47 0.4 0.4 0.5 3,290,000 1,473,550 198,750 ALLIANCE SELECT 0.5 0.5 0.65 0.65 0.65 0.66 105,000 69,170 660 FRUITAS HLDG 0.66 0.66 217.2 217 219.8 217 218.4 32,860 7,173,550 -3,007,610 GINEBRA 218.4 138 139.7 140 138 138 178,820 24,840,880 -322,994 JOLLIBEE 138.7 KEEPERS HLDG 1.83 1.86 1.83 1.86 1.81 1.86 372,000 684,440 417,150 MAXS GROUP 1.92 1.99 1.96 2.01 1.92 1.99 82,000 159,440 -15,440 MG HLDG 0.07 0.071 0.07 0.07 0.07 0.07 10,000 700 MONDE NISSIN 6.39 6.41 6.35 6.47 6.35 6.39 1,504,000 9,645,437 -1,644,995 5 5.25 5 5.29 5 5.25 6,400 32,410 SHAKEYS PIZZA ROXAS AND CO 2.34 2.44 2.38 2.44 2.34 2.44 132,000 310,550 26,300 5.07 5.1 5 5.29 5 5.07 213,100 1,084,339 -353,932 RFM CORP 0.047 0.049 0.05 0.05 0.049 0.049 310,000 15,240 500 SWIFT FOODS UNIV ROBINA 58.7 58.9 59.35 59.65 57.9 58.7 1,230,460 72,282,864 -18,380,554 VITARICH 0.49 0.49 0.485 0.49 0.485 0.485 200,000 97,900 -4,850 VICTORIAS 1.99 1.99 1.9 1.99 1.9 1.9 303,000 575,880 324,900 ATN HLDG A 0.385 0.41 0.39 0.39 0.39 0.39 100,000 39,000 0.385 0.39 0.39 0.39 0.39 0.39 100,000 39,000 ATN HLDG B CONCRETE 52.95 58.75 58.75 58.75 10 588 58.75 58.75 CONCREAT HLDG 1.1 1.1 1.1 1.1 99,000 109,470 39,960 1.11 1.11 1.84 1.86 1.89 1.89 1.84 1.84 8,000 14,840 EEI CORP MEGAWIDE 5.36 5.32 5.4 5.45 5.29 5.37 1,012,400 5,445,839 -988,296 36 36 SUPERCITY 33 36 36 36 400 14,400 CROWN ASIA 1.87 1.89 1.88 1.88 1.87 1.87 117,000 219,950 EUROMED 1.13 1.17 1.19 1.19 1.17 1.17 5,000 5,890 -3,510 5.1 5.24 5.24 5.24 1,000 5,240 MABUHAY VINYL 5.24 5.24 CONCEPCION 10.58 10.76 10.54 10.52 10.52 17,900 188,508 105,400 10.54 0.136 0.14 0.141 0.135 0.14 670,000 91,880 -5,620 GREENERGY 0.141 5.06 5.1 5.63 5.63 4.98 5.1 8,300,600 43,123,940 -2,070,618 INTEGRATED MICR IONICS 14,942,640 2.88 2.9 3.14 3.14 2.85 2.9 5,050,000 1,105,140 PANASONIC 7.58 7.08 7.59 7.59 7.58 7.58 3,000 22,750 CIRTEK HLDG 1.08 1.09 1.18 1.18 1.07 1.08 5,856,000 6,529,190 -178,530 STENIEL 1.99 1.86 1.95 1.99 1.95 1.95 44,000 86,360

HOLDING & FRIMS

ABACORE CAPITAL 0.29 0.3 0.3 0.305 0.29 0.3 1,760,000 528,050 ASIABEST GROUP 22.55 23 25.2 25.2 22.5 23 431,400 10,122,865 -2,216,535 AYALA CORP 540 540 537 540 528.5 540 225,820 121,326,940 19,145,905 ABOITIZ EQUITY 39 39.1 40.7 40.7 38.95 39 6,663,100 262,641,110 20,443,615 ALLIANCE GLOBAL 8.91 8.93 8.88 9 8.88 8.91 99,600 889,001 -488,592 16.06 16.9 16.48 16.42 16.94 19,300 321,470 ANSCOR 16.98 ANGLO PHIL HLDG 1.14 1.16 1.16 1.16 1.14 1.15 207,000 238,620 -3,440 7.46 7.46 7.46 7.46 25,800 192,722 -46,308 COSCO CAPITAL 7.5 7.5 7.31 7.32 7.28 7.35 7.24 7.31 1,125,400 8,212,226 168,430 DMCI HLDG FILINVEST DEV 3.86 3.96 3.77 3.85 3.77 3.85 2,000 7,620 3,850 GT CAPITAL 426.2 427 425 432 423 426.2 62,460 26,625,082 2,989,136 HOUSE OF INV 4.85 5 4.9 5 4.9 5 13,000 63,800 JG SUMMIT 17 17.02 16.86 17.16 16.48 17 1,863,600 31,559,850 14,580,664 0.365 0.4 0.42 0.42 0.405 0.405 30,000 12,300 LODESTAR LT GROUP 15.2 15.28 15.32 15.4 15.2 15.2 2,022,300 30,971,698 11,644,504 0.142 0.162 0.142 0.142 0.142 0.142 10,000 1,420 MABUHAY HLDG PACIFICA HLDG 1.11 1.2 1.11 1.11 1.11 1.11 24,000 26,640 PRIME MEDIA 0.89 0.9 0.92 0.92 0.9 0.9 36,000 32,900 SOLID GROUP 1.15 1.21 1.23 1.23 1.2 1.22 47,000 57,010 -32,540 SM INVESTMENTS 527 530 531 531.5 523.5 530 294,890 155,777,615 85 SAN MIGUEL CORP 62.1 62.2 61.7 62.3 61.7 62.1 28,160 1,748,978 -47,828 52 54.45 53 53 52 52 230 11,990 TOP FRONTIER ZEUS HLDG 0.069 0.075 0.069 0.069 0.069 0.069 380,000 26,220 -20,700 PROPERTY ARTHALAND CORP 0.43 0.45 0.44 0.44 0.43 0.43 190,000 82,100 AYALA LAND 15.24 15.24 15.14 15.14 15.02 15.24 6,620,900 100,598,520 -7,418,352 AYALA LAND LOG 1.13 1.15 1.15 1.16 1.11 1.15 260,000 298,090 12,590 ALTUS PROP 11.2 11.2 10.92 11.2 10.9 11.2 11,700 131,010 0.27 0.27 ARANETA PROP 0.255 0.27 0.255 0.255 480,000 122,600 36.7 36.8 36.9 37.05 36.5 36.8 476,700 17,561,260 -4,830,545 AREIT RT 0.73 0.77 0.77 0.77 4,000 3,080 A BROWN 0.77 0.77 CITYLAND DEVT 0.53 0.55 0.54 0.54 0.54 0.54 26,000 14,040 CROWN EQUITIES 0.089 0.092 0.089 0.089 0.089 0.089 830,000 73,870 CEB LANDMASTERS 1.94 1.96 1.97 1.97 1.94 1.96 63,000 122,990 -58,460 CENTURY PROP 0.64 0.64 0.62 0.63 0.59 0.64 5,621,000 3,483,600 -38,400 CITICORE RT 2.85 2.87 2.93 2.93 2.83 2.87 2,929,000 8,374,600 -6,052,290 DOUBLEDRAGON 11.74 11.74 11.72 11.52 11.52 11.72 182,600 2,130,594 -436,024 1.03 1.04 1.03 1.04 2,258,000 2,342,490 -288,400 DDMP RT 1.04 1.04 4.72 4.75 4.75 4.75 4.75 4.75 8,000 38,000 DM WENCESLAO EVERWOODS 0.023 0.026 0.026 0.026 0.026 200,000 5,200 0.026 EMPIRE EAST 0.103 0.104 0.102 0.105 0.102 0.104 540,000 56,010 FILINVEST RT 2.78 2.79 2.8 2.8 2.78 2.79 1,267,000 3,535,660 0.71 0.71 FILINVEST LAND 0.7 0.71 0.7 0.7 170,000 119,480 -6,300 GLOBAL ESTATE 0.61 0.66 0.63 0.63 0.62 0.62 28,000 17,370 KEPPEL PROP 2.5 2.72 2.5 2.54 2.5 2.5 73,000 182,840 7,500 1.19 1.2 1.19 1.2 50,863,000 60,889,650 -20,281,510 PNB HLDG 1.2 1.2 2.22 2.24 2.24 2.21 2.22 1,476,000 3,279,710 -1,418,740 MEGAWORLD 2.23 0.68 0.69 0.67 0.69 0.67 0.69 53,731,000 36,894,110 -394,490 MRC ALLIED 13.4 13.5 13.5 13.56 13.4 13.4 385,900 5,197,320 -1,479,000 MREIT RT OMICO CORP 0.1 0.102 0.1 0.1 0.1 0.1 10,000 1,000 PRMIERE HORIZON 0.15 0.151 0.145 0.15 0.144 0.15 420,000 61,810 PHIL RACING 5.02 5.39 5.02 5.02 5.02 5.02 400 2,008 -2,008 PREMIERE RT 0.9 0.95 0.95 0.96 0.9 0.95 123,000 116,480 1.01 1.07 0.97 1.04 0.97 1.04 7,000 7,140 PRIMEX CORP RL COMM RT 6.28 6.3 6.23 6.3 6.2 6.3 2,109,300 13,216,399 -1,052,299 15.6 16.2 16.4 16.4 15.6 15.6 594,500 9,418,106 -4,615,094 ROBINSONS LAND 0.106 0.112 0.114 0.114 0.106 0.106 80,000 8,640 PHIL REALTY ROCKWELL 2.48 2.42 2.5 2.6 2.6 2.5 641,000 1,616,540 -171,120 SHANG PROP 2.94 2.99 2.89 2.99 2.89 2.99 56,000 166,870 5,960 STA LUCIA LAND 1.65 1.68 1.64 1.68 1.63 1.65 6,000 9,880 1,640 SM PRIME HLDG 15.68 15.7 15.96 15.96 15.7 15.7 8,580,300 134,814,274 -95,051,996 SERVICES ABS CBN 2.48 2.53 2.55 2.55 2.46 2.47 155,000 387,000 GMA NETWORK 3.35 3.4 3.39 3.42 3.35 3.35 158,000 537,640 DITO CME HLDG 0.57 0.58 0.57 0.58 0.55 0.58 5,007,000 2,841,280 -187,610 GLOBE TELECOM 1,515 1,519 1,515 1,520 1,505 1,519 33,350 50,525,775 -7,106,195 PLDT 1,195 1,156 1,195 1,150 1,144 1,195 126,020 147,089,100 27,383,360 0.0058 0.0059 0.0057 0.006 0.0057 0.0058 516,000,000 3,020,400 239,000 APOLLO GLOBAL 8.84 8.87 8.93 8.93 8.83 8.84 447,300 3,966,321 -1,478,687 CONVERGE 0.63 0.66 0.65 0.65 0.65 0.65 5,000 3,250 DFNN INC IMPERIAL 0.83 0.98 0.83 0.83 0.83 8,000 6,640 0.83 ISLAND INFO 0.121 0.125 0.124 0.126 0.124 0.126 590,000 73,660 0.37 0.37 NOW CORP 0.36 0.36 0.355 0.37 690,000 247,800 7,100 TRANSPACIFIC BR 0.115 0.115 0.112 0.115 0.11 0.111 6,500,000 724,490 0.96 0.96 CHELSEA 0.93 0.89 0.85 0.96 1,051,000 938,330 75,770 23.85 23.9 23.05 23.85 22.2 23.85 342,300 7,976,145 -2,423,345 CEBU AIR 868.5 872 878 879 864 872 1,134,750 987,396,620 -34,237,530 INTL CONTAINER 12.24 12.6 12.2 12.66 12.2 12.62 15,800 194,924 -38 LBC EXPRESS 0.69 0.71 0.69 0.74 0.69 0.71 26,000 19,020 -5,920 LORENZO SHIPPNG MACROASIA 3.41 3.41 3.34 3.3 3.3 3.34 188,000 627,750 -150,280 METRO ALLIANCE 0.6 0.64 0.65 0.65 0.65 0.65 3,000 1,950 PAL HLDG 3.42 3.52 3.57 3.6 3.49 3.52 530,000 1,864,670 1,227,070 HARBOR STAR 1.51 1.52 1.59 1.66 1.5 1.52 1,455,000 2,251,680 -425,450 0.029 0.03 0.029 0.029 0.029 0.029 20,000,000 580,000 BOULEVARD HLDG DISCOVERY WORLD 0.94 0.99 0.99 0.99 11,000 10,890 0.99 0.99 GRAND PLAZA 5.01 5.03 5.03 5.03 9,800 49,294 5.03 5.03 PH RESORTS GRP 0.242 0.244 0.235 0.255 0.234 0.242 19,020,000 4,596,460 -225,660 CENTRO ESCOLAR 13.58 14.32 14.34 14.34 13.58 13.58 14,700 201,478 -31,548 FAR EASTERN U 752.5 806 807 807 795 795 20 16,020 7.14 IPEOPLE 7.12 7.12 7.12 7.12 7.12 500 3,560 STI HLDG 1.28 1.29 1.26 1.28 1.26 1.28 104,000 132,950 35,820 1.08 1.09 1.08 1.08 202,000 218,170 11,880 BELLE CORP 1.09 1.09 1.92 2 2 1.92 1.92 4,296,000 8,382,260 -2,606,280 BLOOMBERRY 1.95 1.56 1.61 1.61 1.61 10,000 16,100 -6,440 PACIFIC ONLINE 1.61 1.61 7.3 7.34 7.6 7.66 7.27 7.3 5,497,300 -9,208,671 DIGIPLUS 40,682,002 PHILWEB 14.36 14.4 14.4 14.46 14.08 14.4 1,632,300 23,478,514 7,713,280 METRO RETAIL 1.05 1.05 1.02 1.03 1.02 1.05 107,000 109,940 1,050 PUREGOLD 16,960,040 40.15 40.2 40.5 40.5 40 40.15 422,900 -2,719,290 PHIL SEVEN CORP 30.5 30.65 31.15 31.15 30.6 30.65 2,600 80,160 -58,540 1.95 1.99 2 2.01 1.91 2 55,000 109,520 -50,040 SSI GROUP 0.76 0.78 0.79 0.81 0.76 0.78 96,000 76,510 -31,630 UPSON INTL CORP 5.58 5.6 5.6 5.64 5.53 5.6 282,700 1,577,424 -204,681 WILCON DEPOT 0.101 0.103 0.103 0.103 20,000 2,060 APC GROUP 0.103 0.103 IPM HLDG 1.68 1.96 1.68 1.68 1.68 1.68 1,000 1,680 0.234 0.234 MEDILINES 0.233 0.234 0.233 0.234 100,000 23,390 -4,670 MINING & OIL ATOK 2.04 2.1 2.11 2.12 2.09 2.11 10,000 21,120 APEX MINING 16.96 17 16.98 17.1 16.78 16.96 2,019,900 34,227,770 10,457,320 ATLAS MINING 18.42 18.46 18.5 18.58 18.1 18.42 1,055,100 19,406,770 -4,073,478 BENGUET 6.3 6.3 6.5 6.3 6.3 6.3 3,100 19,530 3.32 3.34 3.48 3.48 3.34 3.34 13,000 44,500 DIZON MINES EC VULCAN 0.295 0.315 0.315 0.315 10,000 3,150 0.315 0.315 FERRONICKEL 1.66 1.73 1.74 1.66 1.7 564,000 961,580 -64,940 1.71 0.08 0.081 0.082 0.082 0.082 710,000 58,220 GEOGRACE 0.082 LEPANTO A 0.221 0.224 0.222 0.224 0.221 0.224 4,060,000 902,320 MANILA MINING A 0.0085 0.0086 0.0085 0.0086 0.0085 0.0086 10,000,000 85,700 0.78 0.78 MARCVENTURES 0.76 0.78 0.76 0.78 289,000 224,520 0.52 NIHAO 0.51 0.55 0.55 0.51 0.51 13,000 6,710 3.84 3.86 3.89 3.95 3.83 3.83 289,000 1,120,430 -387,080 NICKEL ASIA 34.9 35 35.5 35.5 34.6 35 211,400 7,376,350 -3,139,600 OCEANAGOLD 0.55 0.54 0.54 0.57 45,000 25,510 ORNTL PENINSULA 0.57 0.57 PX MINING 10.78 10.84 10.96 10.96 10.68 10.84 1,698,200 18,271,786 -6,392,320 UNITED PARAGON 0.009 0.0093 0.009 0.009 0.009 0.009 3,000,000 27,000 ORNTL PETROL A 0.014 0.015 0.014 0.014 0.014 0.014 1,300,000 18,200 0.0098 PHILODRILL 0.0097 0.01 0.0098 0.0098 0.0098 1,000,000 9,800 PXP ENERGY 2.81 2.85 2.86 2.86 2.81 2.81 125,000 353,250 -39,760 PREFFERED ACEN PREF A 985 1,007 980 985 980 985 700 687,000 ACEN PREF B 1,027 1,030 1,027 1,027 1,027 1,027 500 513,500 AC PREF AR 2,400 2,450 2,360 2,400 2,360 2,400 25 59,600 AC PREF B4R 1,898 1,910 1,900 1,900 1,900 1,900 10,150 19,285,000 -19,000,000 ALCO PREF D 485 490 490 490 490 490 120 58,800 490 498 490 490 490 490 10 4,900 ALCO PREF F ALCO PREF G 490 503 500 500 500 500 10 5,000 BRN PREF A 98 99.75 99.8 99.8 99.8 99.8 10 998 BRN PREF B 101 102.9 102.9 102.9 101 102.9 40 4,097 BRN PREF C 103 103.5 103 103.2 103 103.2 5,900 608,700 CEB PREF 28 28.5 30 30 28.5 28.5 300 8,700 -5,700 CLI PREF A1 960 965 960 960 960 960 1,000 960,000 CLI PREF A2 990 1,004 986 986 986 986 260 256,360 97.5 99 99 99 99 99 610 60,390 CPG PREF B DD PREF 92.9 92.95 92.95 93 92.9 92.95 10,120 940,281 FDC PREF A 858 1,005 999 1,019 999 1,000 150 150,180 FDC PREF B 955 991 991 991 991 991 80 79,280 GLO PREF ANV 1,880 1,942 1,901 1,901 1,901 1,901 5 9,505 GLO PREF BNV 1,930 1,978 1,979 1,979 1,978 1,978 1,020 2,017,565 MWIDE PREF 6C 103.4 104 104 104 104 104 120 12,480 MWIDE PREF 7B 100 102 100 100 100 100 10 1,000 970 990 989.5 989.5 970 970 2,100 2,038,950 -98,950 PCOR PREF 4A 950 984 955 955.5 945 945 3,140 2,972,125 47,750 PCOR PREF 4B 951.5 986 986.5 986.5 985 986 90 88,705 -19,730 PCOR PREF 4D 986 987 986 986 986 986 80 78,880 -29,580 PCOR PREF 4E SMC PREF 2L 77.1 80.2 80 80.2 77 80.2 1,130 90,330 SMC PREF 2N 75.4 76 76 76 75.5 75.5 23,750 1,793,200 SMC PREF 2O 76 77.95 76.95 77 76 76 165,090 12,569,515 SMC PREF 2P 74 74.5 74.5 74.5 74.5 74.5 40 2,980 73.05 74.95 74.95 74.95 74.95 74.95 30 2,249 SMC PREF 2S SMC PREF 2U 74.7 75.95 76 76 76 76 640 48,640 SMC PREF 2V 76 76.3 76 76.7 76 76 2,930 224,203 SMC PREF 2W 77.2 77.5 77 77.2 77 77.2 200 15,406 SMC PREF 2X 78.2 78.5 78 78.5 78 78.2 9,600 750,735 TECH PREF B2D 6.27 7.47 6.23 6.26 6.23 6.26 2,300 14,395 TOP PREF A1 99.5 99.9 99.9 99.9 99 99 380 37,953 TOP PREF A2 100.6 101.5 101.5 101.5 100.6 101.5 810 82,034 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

2.21 3.28 3.09 3.27 3.07 3.07 3.06 3.06 2,000 6,130 1.07

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

CTS GLOBAL HAUS TALK ITALPINAS LFM PROP XURPAS

0.325 1.35 0.55 0.022 0.205

1.09

1.07

1.09

1.07

1.09

2,000

2,160

-1,070

0.34 1.38 0.58 0.025 0.22

0.33 1.42 0.58 0.025 0.198

0.34 1.42 0.58 0.025 0.22

0.32 1.35 0.58 0.025 0.198

0.33 1.38 0.58 0.025 0.22

2,170,000 379,000 11,000 600,000 220,000

713,100 518,810 6,380 15,000 47,170

136,450 -

EXHANGE TRADE FUNDS ATR FAMI ETF

97.5

97.8

98 98 97.8 97.8 820 80,248 4,890

www.businessmirror.com.ph

Globe wants to make telecom restoration a national priority

By Lorenz S. Marasigan

@lorenzmarasigan

LOBE Telecom Inc. said on Tuesday it is pushing for telecommunications restoration to be treated as a national priority on the same footing as power and other essential utilities during disasters. The telco proposed a National Utility Resiliency Plan that would clear the bottlenecks that keep networks down long after a calamity strikes. The framework would lay down clear protocols for government agencies, local government units (LGUs), utilities and telecommunications operators to coordinate during emergencies, allowing affected communities to regain essential services faster. “When disaster strikes, connectivity becomes a lifeline. People need it to reach their families, receive emergency information, call for help, and coordinate relief efforts,” Globe General Counsel Froilan Castelo said. “Restoring telecommunications

should therefore happen alongside power and other essential utilities, supported by a national framework that allows government and industry to move quickly and work together.” Under the proposal, telecommunications restoration teams could be given priority access to government transportation and logistics resources when roads and other infrastructure are damaged or impassable. Military and police personnel could also provide support in reaching critical facilities, while local permitting requirements for emergency repairs could be temporarily streamlined to avoid delays. The company noted that telecommunications networks rely on other

critical infrastructure to function, including commercial power, fuel, transportation and secure physical access to network sites. As a result, restoration can stall even when operators already have teams, generators and equipment ready for deployment. “We can build stronger networks, prepare our teams, and position resources ahead of severe weather, but there are dependencies that no telecommunications operator can address alone,” Castelo said. “If power is unavailable, roads are impassable, or our teams cannot reach affected facilities, restoration becomes more difficult. A national plan can help remove these bottlenecks when every hour of connectivity matters.” Globe also said the national framework should consider incentives for the additional investments needed to make critical telecommunications infrastructure more resilient. Stronger structural standards, more backup systems and greater network redundancy carry significant costs, the company said, making a supportive policy environment important in sustaining resilience spending while operators

continue to expand and upgrade their networks. “Network resilience cannot be the responsibility of telecommunications operators alone,” Castelo said. “When power, transportation, telecommunications, and other essential services recover together, communities recover faster. Resilience has to be planned as a national system, not utility by utility.” He said Globe continues to invest in backup power, network redundancy, disaster preparedness and the prepositioning of personnel and equipment in high-risk areas. In the first half of 2026, the company spent P26.3 billion in capital expenditures, about 91 percent of which went to data-related requirements to strengthen and expand its network. The telco is also tapping Starlink’s satellite-to-mobile technology as an added layer of connectivity when terrestrial infrastructure is damaged or unavailable. Globe deployed the technology for the first time in a disaster response during the June 2026 Mindanao earthquake, helping provide coverage to affected communities in General Santos and Sarangani.

PSE to handle green equity labeling By VG Cabuag @villygc

HE Securities and Exchange Commission (SEC) is delegating the function of granting the Philippine Green Equity Label to the Philippine Stock Exchange (PSE) to streamline processes and align with international standards. Under the proposed rules, the SEC will transfer the authority to evaluate applications and grant the Philippine Green Equity Label from the SEC Markets and Securities Regulation Department to the PSE. Aligned with the PSE’s existing monitoring responsibilities, the transfer of authority streamlines the application and evaluation process, and minimizes duplication of functions to promote a more efficient green equity framework. SEC said transfer of authority is consistent with the exchange-based approach under the World Federation of Exchange’s Green Equity Principles, which recognizes the role of exchanges in establishing and administering green classifications for listed equity securities. It is also in line with practices of international exchanges, such as the Nasdaq Green Equity Designation and the London Stock Ex-

change’s Green Economy Mark. The draft rules allow the PSE to have a formal accreditation mechanism for external reviewers required to assess listed companies’ compliance with the green equity criteria. The monitoring of external review providers will also be handled by the PSE. To give market participants more time to prepare for the full implementation of the taxonomy alignment requirements, the SEC proposes to extend the transition period for full alignment with the Philippine Sustainable Finance Taxonomy Guidelines (SFTG) or with the Asean Taxonomy for Sustainable Finance (ATSF) until yearend. During the transition period, administrative penalties and sanctions will not apply, but applicants will still be required to disclose the substantial contribution of the covered green activities to at least one environmental objective under either of the two taxonomy guidelines. Full alignment with the applicable requirements of the SFTG or ATSF is set to be mandatory beginning fiscal year 2027, which is required for the initial grant, retention or renewal of the Philippine Green Equity Label. The SEC is accepting comments on its proposal through October 19.

‘Logistics key to PHL gains in electronics’

HE Philippines could capture more semiconductor and electronics business as demand for artificial intelligence (AI) and advanced computing grows, the Federal Express Corp. (FedEx) said in its latest report. However, the logistics giant added that the country’s ability to connect manufacturers with suppliers and customers worldwide will be critical. “The Philippines has decades of experience and a strong talent base

in semiconductor manufacturing,” FedEx Philippines Managing Director Garrick Thompson said. “The opportunity now is to build on these strengths as the industry enters a new phase driven by AI, advanced computing and increasingly distributed supply chains.” Electronics remained the country’s largest export category in 2025, generating $45.89 billion, or 54.3 percent of total export sales, according to the Philippine Statistics Authority. Bless Aubrey Ogerio

MUTUAL FUNDS

October 13, 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. -A202.12 -4.68% -0.2% -2.28% -2.48% -5.59% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.2146 5.25% 14.93% 6.15% 5% 2.46% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.7071 -5.3% -1.12% -2.96% -4.22%-5.05% CLIMBS SHARE CAPITAL EQUIT Y INVESTMENT FUND CORP. -A 0.7504 2.72% 3.46% 0.04% N.A2.21% FIRST METRO CONSUMER FUND, INC. -A 0.4857 -14.49% -8.56% -9.05% N.A -12.66% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.1237 -6.16% -2.89% -4.2% -2.38% -5.7% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6113 -4.87% -3.01% -4.33% N.A-4.87% MBG EQUIT Y INVESTMENT FUND, INC. -A 64.5 -23.93% -8.99% -8.52% N.A -27.9% PAMI EQUIT Y INDEX FUND, INC. -A 39.9552 -3.03% -1.31% -3.08% -2.13% -3.4% PHILAM STRATEGIC GROWTH FUND, INC. -A 423.46 -4.9% -0.61% -2.77% -2.27% -5.8% PHILEQUIT Y DIVIDEND YIELD FUND, INC. -A 1.5333 2.11% 9.29% 3.91% 2.05% -1.79% PHILEQUIT Y FUND, INC. -A34.1113 -0.16% 1.5% -0.85% -0.52% -0.93% PHILEQUIT Y MSCI PHILIPPINE INDEX FUND, INC. -A 0.9029 3.59% 3% -0.27% N.A 1.71% PHILEQUIT Y PSE INDEX FUND, INC. -A 4.3368 -1.97% -0.22% -2.05% -1.27% -2.97% PHILIPPINE STOCK INDEX FUND CORP. -A 713.13 -2.48% -0.62% -2.34% -1.45% -2.97% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6833 -1.19% 1.53% -1.36% -2.52% -2.68% SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A 2.9878 -8.01% -2.73% -4.08% -2.98% -6.91% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.7986 -2.68% -1.05% -2.71% -1.73%-3.08% UNITED FUND, INC. -A3.57.07% 4.93% 0.7% 0.44% 6.46% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 1.0018 -2.34% -0.69% N.A N.A -3.01% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 1 -4.13% 0% N.A N.A -4.17% PHILEQUIT Y ALPHA ONE FUND, INC. -A 0.8639 -8.58% -4.75% -5.31% N.A -8.51% PHILIPPINE STOCK INDEX FUND CORP. -A 860.86 -2.43% -0.8% N.A N.A -2.89% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUIT Y EXCHANGE TRADED FUND, INC. -A,C,1 97.3169 -2.18% -0.44% -2.05% -1.06%-2.69% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.2261 21.07% 14.79% 1.25% 3.13% 19.68% SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A $2.4626 13.71% 17.17% 6.78% 9.01% 10.71% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) N.A N.A N.A N.A N.A PHILEQUIT Y GLOBAL FUND, INC. -A 1.0827 BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1328 0.08% 0.03% -0.81% -0.84% -0.35% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6859 4.31% 5.07% 0.09% -0.46%3.03% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.445 -0.82% -0.09% -1.76% -0.44% -0.69% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2244 -1.97% 5.85% 2.5% N.A-3.23% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9319 -0.32% 0.77% -0.6% 0.33% -3.53% PAMI HORIZON FUND, INC. -A3.6169 -2.59% 1.69% -0.69% -0.31% -4.57% PHILAM FUND, INC. -A15.2818-4% 0.43% -1.79% -0.88% -4.55% SOLIDARITAS FUND, INC. -A2.0374 -2.13% 0.93% -0.48% -0.22% -2.99% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.2969 -4.68% -0.03% -1.75% -1.19%-3.7% SUN LIFE PROSPERIT Y DYNAMIC FUND, INC. -A 0.8637 -5.92% -0.4% -1.24% -0.99% -5.16% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.72 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2028, INC. -A 0.9768 0.7% 2.05% -0.13% N.A -0.2% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8255 -1.19% 0.28% -2.24% N.A -1.94% -0.24% -2.79% N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.793 -1.44% -2.24% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.0331 -3.55% 1.45% -2.28% -0.78% -3.5% PAMI ASIA BALANCED FUND, INC. -B $1.0479 -14.7% 6.78% -0.36% 1.21% -13.4% SUN LIFE PROSPERIT Y DOLLAR ADVANTAGE FUND, INC. -A $5.6452 8.03% 12.52% 3.83% 5.88%5.75% SUN LIFE PROSPERIT Y DOLLAR WELLSPRING FUND, INC. -A $1.206 3.34% 7.68% 0.69% 2.35%1.91% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 425.09 2.09% 3.19% 2.67% 2.55% 1.21% ATRAM CORPORATE BOND FUND, INC. -A 1.991 2.24% 1.28% 0.66% 0.43% 1.66% COCOLIFE FIXED INCOME FUND, INC. -A 3.6016 1.09% 3.08% 2.13% 3.12% 0.05% EKKLESIA MUTUAL FUND, INC. -A 2.4325 -0.28% 2.83% 1.58% 1.43% -0.82% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.4902 -2.72% 0.98% 0.53% 1.1%-3.07% PHILAM BOND FUND, INC. -A4.4675 -2.71% 2.14% 0.14% 0.7% -3.09% PHILAM MANAGED INCOME FUND, INC. -A 1.5452 2.39% 4.43% 3.26% 2.93% 1.66% PHILEQUIT Y PESO BOND FUND, INC. -A 4.3257 0.92% 2.91% 1.74% 2.03% 0.29% SOLDIVO BOND FUND, INC. -A1.1293 1.33% 2.81% 2.01% 1.78% 0.79% 3.4385 -3.08% 2.06% 1.51% SUN LIFE OF CANADA PROSPERIT Y BOND FUND, INC. -A 2.09% -2.88% SUN LIFE PROSPERIT Y GS FUND, INC. -A 1.8323 -2.51% 1.9% 1.1% 1.56% -2.76% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0203 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.05 1.27% 2.81% 1.77% 1.96% 0.56% ALFM EURO BOND FUND, INC. -A Є221.91 -0.52% 1.64% 0.2% 0.48% -0.84% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0431 -3.2% 0.95% -2.5% -0.76% -2.97% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.025 -5.3% 1.09% -0.55% 0%-5.66% PAMI GLOBAL BOND FUND, INC. -B $1.046 -1.86% 8.02% 0.69% -0.48% -1.32% PHILAM DOLLAR BOND FUND, INC. -A $2.3631 -4.3% 2.88% -0.66% 0.46% -4.71% PHILEQUIT Y DOLLAR INCOME FUND, INC. -A $0.0627304 -2.38% 1.14% 0.05% 1.01% -2.67% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.8673 -2.15% 3.41% -1.42% -0.54%-2.23% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1909 2.77% N.A N.A N.A 2.1% ALFM MONEY MARKET FUND, INC. -A 153.34 4.05% 4.12% 3.23% 2.88% 3% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2289 3.42% 3.76% 3.08% N.A2.6% SUN LIFE PROSPERIT Y PESO STARTER FUND, INC. -A 1.5201 3.46% 3.6% 3% 2.77% 2.61% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.47 4.01% 4.28% N.A N.A 3.09% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLLAR STARTER FUND, INC. -A $1.1985 2.49% 3.28% 2.51% N.A 1.89% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.1282 3.19% 4.28% N.A N.A 2.21% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.7984 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUIT Y INDEX FEEDER FUND, INC. -A 2.5855 24.02% 23.43% 14.22% N.A19.14% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.1758 7.28% 6.97% N.A N.A 5.39% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7824 -3.92% 1.13% -4.21% N.A -3.41% 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

Investors hesitant to bet on long dated IOUs By Reine Juvierre Alberto @reine_alberto

HE Bureau of the Treasury partially sold P25.381 billion in 4-year and 20-year bonds last Tuesday amid high asking yields from investors still hesitant to lock in their money in longerdated securities. The 4-year securities fetched an average yield of 7.678 percent, 15.1 basis points higher than the secondary benchmark rate of 7.527 percent for the same tenor. Meanwhile, the 25-year average yield climbed to 8.002 percent, up 60.2 basis points from the 7.40 percent recorded in the previous auction for the same tenor last March 24. However, the auction yield was 29.2 basis points lower than the comparable secondary market rate of 8.294 percent. Combined tenders for the debt papers reached P40.971 billion, or 1.1 times the P35-billion offering. The government made a partial award of the 4-year bonds at P15.422 billion, as the offering attracted P25.292 billion in tenders, nearly matching the P25-billion offer. Likewise, the Treasury partially awarded P9.959 billion for the 25-year notes as it drew P15.679 billion in tenders, or 1.5 times the offering worth P10 billion. Bond yields keep on increasing as geopolitical tensions in the Middle East, expensive oil prices and peso weakness fuel inflation, which could prompt another rate hike from the Bangko Sentral ng Pilipinas (BSP), said Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. Ricafort also priced in further US Federal Reserve rate hikes, which could be matched by the BSP to manage inflation and stabilize the peso. The market is also contending with a global bond sell-off, Ricafort added, as investors demanded higher yields amid concerns over persistent inflation and rising government borrowing requirements. “Some of which could lead to wider US budget deficits and could lead to more supply of US government bonds that partly led to still relatively-higher US Treasury yields,” Ricafort said. Next week, the Treasury is set to auction 5-year T-bonds and Treasury bills with tenors of 31, 182 and 364 days. In 2026, the government aims to borrow a total of P2.733 trillion, of which P1.918 trillion will be sourced from domestic lenders while P815.505 billion will come from external sources. The government’s outstanding debt reached P19.61 trillion as of end-August, up by 12.24 percent year-on-year.

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Wednesday, October 14, 2026

Unconventional steps vs inflation urged

By Justine Xyrah Garcia

HE Marcos administration’s efforts to rein in public spending could further slow economic growth, as independent think-tank IBON Foundation Inc. urged the government to move beyond conventional measures and address the supplyside shocks driving inflation.

Ibon Foundation Executive Director Jose Enrique A. Africa said the government’s reliance on restrained public spending and higher interest rates could prove “counterproductive,” as both measures dampen aggregate demand and risk further weakening consumption and investment. Africa noted that the relativelymodest increase in the proposed 2027 national budget partly reflects what he described as misguided fiscal consolidation. Such flawed approach, according to him, limits government spending in an effort to manage the budget deficit.

The proposed P7.2-trillion national budget for 2027—about 6-percent higher than the P6.793 trillion budget for 2026—was approved on third and final reading last Monday at the Lower House. Two months prior, monetary authorities raised policy rates by 25 basis points to 5 percent. The two measures work in similar ways to dampen overall spending in the economy, according to Africa. Restrained government spending limits the economic activity generated by public projects and procurement, while higher interest rates make borrowing more expensive for

households and businesses, potentially discouraging consumption and investment, he explained.

Greater relief

THE economy grew by 2.3 percent in the second quarter, while household consumption expanded by 2.8 percent and gross capital formation, a measure of investment, contracted by 9.2 percent, according to the Philippine Statistics Authority (PSA). Africa’s point of argument is on government’s measures that Ibon deems inappropriate responses to inflation that is driven by supply-side shocks. The latter, he said, includes higher fuel prices, more expensive imports, and continued peso depreciation. “It’d be better to genuinely use the national emergency powers to more aggressively address the external supply shocks driving inflation,” he told the BusinessMirror. Africa said they believe that government should focus on containing domestic prices through measures such as larger cuts in fuel excise taxes and price controls on basic commodities. These measures, he added, could provide greater relief to households, particularly if accompanied by stron-

ger support for household incomes, agriculture and domestic production. The analyst also warned that supply-driven inflation could trigger a cycle of weakening economic activity.

to pressures, including Black Sea supply disruptions and higher global corn prices resulting from weaker crop yields in the US and Europe,” the lender said.

Weakening demand

Stagflationary pressures

INFLATION accelerated to 7.2 percent in September from 6.1 percent in August, driven largely by faster price increases in food, housingrelated costs, and transport, PSA data showed. As rising prices erode household purchasing power, he said consumers may cut spending, weakening demand for goods and services. Businesses could then scale back investment and hiring, further undermining employment and household incomes. “This can create a vicious cycle of weakening economic activity, deteriorating employment and worsening living conditions,” Africa said. A post by ING Bank N.V. on its website (https://think.ing.com/ snaps/philippines-inflation-battle-is-far-from-over/) noted that “a significant share of the inflation transmission appears to be occurring through higher transportation and production costs linked to elevated fuel prices.” “External factors are also adding

AFRICA said the Philippines is already facing stagflationary pressures, with slowing growth, rising inflation and worsening employment conditions, although he said it was too early to conclude that the country had entered full-blown stagflation. He noted that the country’s vulnerability extends beyond the effects of the Middle East crisis, pointing to longstanding structural weaknesses such as underdeveloped agriculture and manufacturing, inadequate productive investment, and heavy dependence on imports and external sources of growth. These weaknesses leave the economy more exposed to global oil price shocks and peso depreciation while limiting its capacity to expand domestic production and generate stable employment, he said. “Without addressing these underlying problems, even a temporary easing of inflation won’t necessarily translate into stronger employment, higher incomes or sustained economic recovery,” he added.

ADB eyes angel funder for SEA tech firms More weak banks in IMF

HE Asian Development Bank (ADB) is proposing to invest up to $10 million in a venture capital fund targeting early-stage technology companies across Southeast Asia, including the Philippines, as it seeks to support business expansion and employment. In a new document posted on the lender’s website, the ADB said the equity investment will be channeled through Qualgro Fund III, managed by Singapore-based venture capital firm Qualgro Partners Pte. Ltd. The fund is expected to support around 15 to 18 early-stage compa-

nies in the Philippines, Indonesia, Malaysia, Thailand, and Vietnam. The ADB said the fund will take minority stakes in companies at various stages of early growth, primarily those in financial technology (fintech), enterprise tools, education technology (edtech), consumer technology and health technology. The fund will also target businesses focused on business-to-business services, data, artificial intelligence, and software-as-a-service. According to the ADB, the regional investment is expected to help

startups expand their businesses and generate jobs in the beneficiary countries. The Manila-based multinational lender also said the fund could expand access to equity financing for technology companies working on the digital transformation of small and medium-sized enterprises (SMEs), potentially improving their access to productivity tools, financing and data. The ADB has yet to disclose the allocation for each country. The project is scheduled for approval on November 10, 2026. Justine Xyrah Garcia

AI doomsday scenario

SSS to enroll MMDA JO, COS workers

HE Social Security System (SSS) has extended social security protection to nearly 2,000 job order (JO) and contract of service (COS) workers of the Metropolitan Manila Development Authority (MMDA). Officials of both government agencies signed a memorandum of agreement last Tuesday that will enroll 1,996 JO and COS workers under the pension fund’s “KaSSSangga” collect program. The program seeks to provide social protection coverage to JO and COS workers in local government units (LGUs), national government agencies (NGAs), state universities and colleges (SUCs) and local water districts (LWDs) not covered by the Government Service Insurance System due to their employment status. JO and COS workers render services to the government but have no employeremployee relationship as they are not considered regular government employees. This means they are not entitled to government employee benefits, such as social security coverage. But with the agreement, MMDA’s JO and COS workers will be entitled to

receive SSS benefits such as sickness, maternity, disability, retirement, funeral and death as self-employed members. They may also apply for various SSS lending programs, including salary loan, emergency loan and micro loan programs, among others. Workers can also obtain additional coverage from the Employees’ Compensation (EC) program for work-related sickness, disability or death. The MMDA, as the authorized “coverage and collection partner” of the SSS under the agreement, will collect the corresponding monthly contributions of its JO and COS workers through a salary-deduction scheme and remit them to the SSS. “This agreement serves as an equalizer because, previously, they had no social security coverage. Now, they have an opportunity to access it,” MMDA Chairman Romando S. Artes said during a news briefing after the signing. “We will find a way to contribute on their behalf or work out a mechanism that would allow us to pay their contributions instead,” Artes added. The SSS, for its part, will assist

MMDA in membership registration of its JO and COS workers and in generating a “payment reference number” needed in the remittance of contribution payments of JO workers. The SSS contribution rate currently stands at 15 percent. For self-employed members, the lowest monthly contribution costs P760, consisting of P750 for the regular SSS contribution and P10 for the EC contribution. The highest monthly contribution is P5,280, composed of P3,000 for the regular SSS contribution, P30 for the EC contribution and P2,250 for the Mandatory Provident Fund. The SSS aims to bring the program to the government of San Juan City next week, as well as reach other LGUs and NGAs not covered by the program yet. As of August, the program has a total of 3,990 partners from LGUs, NGAs, SUCs, LWDs and other organizations. There are 575,614 registered members under the program as well over the same period. Total collections from the program reached P12.999 billion as of August. Reine Juvierre S. Alberto

briefs ➔ Manulife PHL touts awards THE Manufacturers Life Insurance Co. (Phils.) Inc. (Manulife PHL), the local arm of leading international financial services provider Manulife, has been named one of HR Asia’s “2026 Best Companies to Work for in Asia.” The firm also bagged the “Tech Empowerment Award” and “People Transformation Award, a statement issued by the insurer. The award is based on employee survey results benchmarked against market scores and an assessment of the organization’s people practices. The award recognizes Manulife PHL’s commitment to fostering an inclusive, engaging, and high-performing workplace where colleagues can learn, grow, and succeed. VG Cabuag ➔ PDIC bares numbers for Region 3 THE Philippine Deposit Insurance Corp. (PDIC) revealed that bank deposit in Region 3 (Central Luzon) and Bataan has grown in terms of num-

ber of accounts and the amount of total deposits from June 2025 to June 2026. The PDIC said in a statement that Region 3 accounted for 4.1 percent of the total deposit accounts in the Philippine banking System and 5.8 percent of total deposits. In Bataan, total deposits grew by 10.7 percent, from P70.0 billion in June 2025 to P77.5 billion in June 2026, while the number of deposit accounts increased by 6.8 percent or 40,545 accounts, reflecting expansion in both depositor base and deposit mobilization in the province. ➔ Lenders curb exposure on AI loan JPMorgan Chase & Co. and Goldman Sachs Group Inc. have taken a rare move to limit their exposure on a $5-billion loan sale for AI startup Volta Infrastructure Holdings Ltd. as investors demand higher yields for risky debt tied to the artificial intelligence boom. The two banks are leading the loan offering for Volta, a new artifi-

cial intelligence cloud company. The banks have underwritten a $1.3 billion term loan for Volta, while a $3.7 billion chip loan is not underwritten by the banks. Bloomberg ➔ Treasuries advanced amid lower oil TREASURIES advanced as trading resumed after a long weekend, with a slide in oil prices spurring traders to trim wagers on Federal Reserve interest-rate hikes. The 10-year US yield slid as much as six basis points to 5.18 percent on Tuesday, as oil prices headed for their biggest drop in a week, snapping a three-day advance. A slump in heavyweight technology shares in Asia also contributed to a haven bid, with futures on the Nasdaq 100 Index paring some losses but remaining 0.4 percent lower on the day. Traders are trimming bets on Fed rate hikes as lower energy costs reduce inflation expectations. Bloomberg

THE International Monetary Fund headquarters in Washington, DC, US, on April 9, 2026. PHOTOGRAPHER: DANIEL HEUER/BLOOMBERG

By Laura Noonan

ORE global banks would be pushed to the brink in a doomsday scenario compared to a year ago, according to the International Monetary Fund, which said AI-related challenges could imperil banks even as profits soar. The IMF’s latest stress test examined how banks would cope with an AI crash, soaring government bond yields and an economic slowdown. Under this scenario, 22 percent of global banking assets would be held in 110 “weak” lenders, whose core capital ratio would fall below 7 percent, or a higher threshold for the world’s most complex banks. In last year’s test, 18 percent of banking assets sat in 88 “weak” lenders under stressed conditions. The IMF’s Athanasios Vamvakidis said the scenarios for each year reflected risks that were considered pertinent at the time, based on a common methodology. Risks have amplified this year across the global economy amid energy supply disruption, fears of an AI bubble and rising yields. “It’s a good reminder that we shouldn’t take resilience as a given,” Vamvakidis said, adding that the analysis should act as counsel for authorities who are “thinking about regulatory changes.” Policymakers in the US have led a wave of global deregulation, propelling banks to record profits and bumper shareholder payouts. The stress tests—which do not

give results for individual lenders—modeled how banks would fare over a three-year period of worsening geopolitical tensions, trade fragmentation and energy supply challenges, as well as a “a sharp reassessment of AI-related valuations.” Weak banks were “concentrated among smaller institutions and a limited number of large banks,” the IMF said. Asian banks, excluding China, experienced the most dramatic capital decline over the scenario, followed by European lenders. North American banks were seen as more resilient because their strong earnings rebuilt capital. Banks’ links to non-bank financial institutions was described as “manageable” for now but “could prove a source of fragility.” The IMF noted that a “subset” of North American banks with higher lending to NBFIs experienced “significant capital depletion” under the scenario. US banks’ exposure to non-bank financial institutions, including both drawn and undrawn commitments, has risen to 134 percent of their Tier 1 capital, up from 119 percent a year ago. The figures for the EU and UK are much lower, but also likely less comprehensive since public data is much more available in the US. Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Wells Fargo & Co. kick off earnings on Tuesday. Bank of America Corp. and Morgan Stanley report last Wednesday.

Wednesday, October 14, 2026 • Editor: Gerard S. Ramos

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Selma Blair arrested a�ter alleged assault on �light, charged with kicking officer and nurse a�ter

EW YORK—Actor Selma Blair was arrested after she was accused of injuring two flight attendants on a trip from Los Angeles to New York. She was also charged on Monday with assaulting a police officer taking her to the hospital and a nurse after she arrived there.

ACTOR Selma Blair leaves court in New York following her arraignment after being charged of alleged on-air assault.

Blair, 54, was detained by police at around 11 pm Sunday after the Delta Air Lines jet parked at the gate at John F. Kennedy International Airport, the Port Authority of New York and New Jersey said in a statement. Blair and one of the flight attendants were taken to a hospital for evaluation, the Port Authority said. A police officer taking her to Jamaica Hospital Medical Center said in charging documents that while she was securing Blair to a stretcher, Blair pulled a leg from the straps and kicked her repeatedly around the face, neck and chest, causing serious pain and substantial swelling. Later, a nurse moving Blair said the actor kicked her in the chest, causing substantial pain. A Blair representative told The Associated Press that the actor had a medical emergency that led to the alleged conduct. She was arraigned on two counts of second-degree assault late Monday at a court in Queens, where a judge set her bail at $20,000 cash or $60,000 bond and set the next hearing for January. She left court with her lawyers, wearing jeans, a white hooded sweatshirt, and sunglasses. Details of what happened aboard the aircraft weren’t immediately disclosed by the airline, police or the FBI, which was investigating, but Delta said in a statement that it “has zero tolerance for unruly or unlawful behavior, as the safety of our customers and crew always comes first.” In air traffic communications, the Delta pilot asks the tower to have medical personnel waiting at the gate to treat bite marks and a bloody nose, but says ambulances were not necessary. “It sounds like the disruptive passenger also bashed her head on the bulkhead or something like that,” the pilot told the tower, according to audio family did not like how loud and proud she was about the relationship. Thus, this new relationship is very low-key and the starlet knows better than to flaunt the politician’s gifts publicly. She knows that his family only tolerates her and she’ll never be accepted as she is not one of them.

FAMOUS BUT POOR

FAKE TICKETS

AFTER a recent event in Cebu, celebrities who were contracted by the organizer were surprised that their return tickets were fake. Thus, they had to shell out their own money just to go home. Unfortunately, they haven’t been paid for their event appearance. They also learned that it was only a certain group from a specific network that has not been paid and were issued fake airline tickets. The other group did not have problems like they did. The organizer is now allegedly in hiding. The organizer is not a stranger to celebrities and even their managers and handlers, so it is a surprise that this happened. There should be an explanation for this but unless the organizer surfaces and settles whatever has been left unsettled, what happened will remain a mystery.

LOW-KEY ROMANCE

THE romance between a politician’s son (who is also a politician) and a starlet as been going on for months now but they haven’t even been spotted publicly together. This is in contrast to his previous relationship when he would bring that girlfriend on trips and be photographed with her. She would also flaunt her luxury items on social media. This was allegedly one of the reasons why he dumped her. His

THE actress is very beautiful and talented. She’s also considered showbiz royalty as she comes from two families that are very famous in the entertainment industry. But what people don’t know is that while she does have fame, she is not rich at all. It’s not because she does not have jobs. She is, in fact, in demand as an actress. However, most of the money she earns goes to her family. She supports her parents and siblings, even some of her uncles and cousins. That is the reason why she moved networks because the offer was too good not to accept. But her situation remains the same. Most of the money she makes still goes to her family. She is too kind and generous to complain even if she sees that many of her colleagues and peers are rich and have their own mansions while she lives modestly. She loves her family so much that she does not mind that they depend on her.

TOGETHER AGAIN?

IT seems that the politician and his showbiz wife are together again after being rumored to have separated twice in the last year. Did they really separate twice or was it just a ploy to make the public believe that the wife does not depend on her husband for her travels and the luxury items she has? The politician has been quiet all this time and, in her own way, so has the wife. She would always post her travels with her husband on social media and in the photos, you’d see her wearing designer items, even on the beach. Recently, the couple has been spotted together again in public so this must be good news for their fans.

posted on the ATC app. “So we’ll obviously have to get her potentially checked out as well as involved with law enforcement.” The FBI also issued Blair a notice charging her with assault related to her actions aboard the aircraft, according to a federal law enforcement official who spoke to The Associated Press on condition of anonymity because they weren’t authorized to speak publicly about the matter. Those charges will be handled through the petty violations court in federal court in Brooklyn. No date has been set for Blair’s appearance. It’s not the first time Blair has had issues aboard a plane. In 2016, Blair apologized for making statements she later regretted during a flight from Cancun to Los Angeles. She said she had mixed alcohol with medication, causing her to black out. AP

THEATER GROUP ASIA BRINGS INTERNATIONALLY ACCLAIMED DIRECTOR CHAY YEW TO PHL

THEATER Group Asia (TGA, www.theatregroupasia.com) brings internationally acclaimed director, playwright, and arts leader Chay Yew to the Philippines for his Philippine directorial debut with Ang Tahanan ni Bernarda Alba, his adaptation of Federico García Lorca’s classic drama translated into Filipino by Guelan Varela Luarca. With a career spanning more than three decades, Yew has directed productions at some of the United States’ leading theater institutions, including The Public Theater, New York Theater Workshop, and American Conservatory Theater. His directing credits include Cambodian Rock Band, Mojada, Oedipus el Rey, Sweatshop Overlord, The Light in the Piazza, and The House of Bernarda Alba. His work also extends to opera, and he is a recipient of the OBIE, DramaLogue, and Craig Noel Awards for Direction. From 2011 to 2020, Yew served as artistic director of Victory Gardens Theater in Chicago, where he championed new works and stories reflecting the city’s diverse communities. His contributions to theater have also earned him the 2024 Doris Duke Artist Award, while the Stage Directors and Choreographers Society honored him that same year as one of 65 directors who have “inspired SDC members and transformed the American Theater.” For Ang Tahanan ni Bernarda Alba, Yew returns to material he first staged more than 25 years ago with the National Asian American Theater Company in New York. When Yew first approached The House of Bernarda Alba, he found himself drawn to the more poetic qualities of Lorca’s Blood Wedding and Yerma. Yew shares, “I combined the two, trying to find its own lyricism within past Lorca plays, including the story that Lorca is telling, and integrated it into this production. And in this version, I also decided to deepen and find new complexities of all the women in the play.” For his Philippine directorial debut, Yew says the work carries particular resonance for Filipino audiences. His earlier staging involved several Filipino artists who recognized familiar cultural dynamics within Lorca’s story. “When we first did the play, there were a lot of Filipinos involved, and they all kept saying that it was the most Filipino experience. On working with the multiawarded Lea Salonga portraying the play’s titular character, Yew shares, “It’ll be huge challenge for her because I think this role is very antithetical to what she has done. Yet, I do recognize the fortitude, the strength, and the dynamic quality that she has as an actor to play the role. I recognize in Lea those qualities. She is a mother. She is a force of nature. And the question right now is, how far can we explore Bernarda with a wonderful actor like Lea?” Ang Tahanan ni Bernarda Alba will be staged in February 2027 at the Power Mac Center Spotlight Blackbox Theater. Tickets will be available exclusively through TicketWorld, beginning with a pre-sale for BPI cardholders from October 19 to 21, followed by an exclusive pre-sale for TGA subscribers on October 22 from 10 am to 11:59 pm. Public ticket sales begin on October 23 at 10 am.

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Usher, 48; Natalie Maines, 52; Lori Petty, 63; Ralph Lauren, 87. HAPPY BIRTHDAY: A lifestyle change will help you gain clarity. Experience is the best teacher when it comes to what’s important to you. Follow the path that makes you feel good about yourself, how you live and how it shapes what’s yet to come. Life requires your input if you want to achieve what’s on your to-do list. Be honest with yourself and others, and head in the direction that helps you excel. Your numbers are 4, 15, 21, 29, 33, 36, 42.

ARIES (March 21-April 19): Test your intuition, and trust your instincts. The chance to upgrade, learn something new or jump from one professional lane to another looks inviting. Do your research, ask questions and don’t be afraid to make requests. It’s up to you to make things happen, take charge and put your energy and expertise to work for you. ★★★★★

TAURUS (April 20-May 20): Proceed with caution. Be aware of what others want, and you’ll find a way to satisfy their needs and get what you’d prefer in return. Being pushy or stubborn won’t work, but a gentler, savvy approach that offers incentives will. Stick to what’s feasible, and avoid additional costs. Preparation is the path to good results. ★★★

GEMINI (May 21-June 20): Rely on your resources and your ability to get things done. Emotions mixed with passion, high energy and the determination to make a difference will put you in the spotlight. An opportunity to improve your lifestyle and to achieve your personal goals is within reach. Presentation is everything; give your all in order to get the returns you desire. ★★★

CANCER (June 21-July 22): You may feel like sitting at home, but getting out, participating in conversations and networking with people of interest will lead to opportunities and valuable information. A connection to someone you respect will lead to an unusual offer. If you share what you think and feel passionate about, something will transpire. A new friendship will turn into something special. ★★★

LEO (July 23-Aug. 22): Refuse to let anger set in when change is what you need. Be willing to walk away from what isn’t in your best interest and toward what offers peace of mind. Take responsibility for your happiness by using your intelligence and skills to follow your heart and to pursue your dreams. Don’t give in to negativity or unfair negotiations. ★★★★★

VIRGO (Aug. 23-Sept. 22): Put emotions aside to deal with matters succinctly. Paying attention to detail will help you masterfully take care of unfinished business. Refuse to make premature changes or give in to someone for the wrong reasons. Trust your instincts, and protect what’s yours. Play fair but also to win. Choose diplomacy and facts to ensure you leave nothing to chance. ★★

LIBRA (Sept. 23-Oct. 22): Lead the way, do your thing and don’t make apologies for taking care of yourself and your future. Change is good; it keeps you on your toes and it promises an adventure that will make you feel alive. Ask yourself hard questions. Consider what you value most, and turn your dreams into a reality. ★★★★

SCORPIO (Oct. 23-Nov. 21): Be careful how you treat others. Offending the wrong person can lead to setbacks regarding your plans. Stick to the rules, facts and costs involved in whatever you want to pursue. Gaining knowledge and following through are critical if you want to reach your objective. Take better care of yourself, and protect against injury and illness. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Lead with your feelings. Be honest and direct, and share how you see life unfolding. Refuse to get trapped in a nowin situation. Be precise, and ask direct questions regarding lifestyle and expectations. Choose your allies, partners and associates by their ambitions and goals, not their looks and charm. ★★★

CAPRICORN (Dec. 22-Jan. 19): Do what you have to do. Take care of your responsibilities. You can’t count on others today, so be prepared to finish what you start. Overreacting will hold you back. Be prepared to walk away from whomever and whatever stands in your way. Your goal is to complete your duties, period. Your strength, integrity and professionalism will reap rewards. ★★★

AQUARIUS (Jan. 20-Feb. 18): Stop looking back when happiness is ahead of you. Choose to build a solid base, learn something new and engage in activities that bring you in contact with compatible people. Don’t sit back when you have people to meet, places to go and things to do. Embrace new things, change your routine and take charge of your life. ★★★★

PISCES (Feb. 19-March 20): Protect what you’ve got. Take care of personal paperwork. Update documents before they expire, and do whatever it takes to put your mind at ease. Deal with institutions and agencies to ensure you are abiding by rules and regulations before you pursue a medical, financial or legal matter. ★★ BIRTHDAY BABY: You are inquisitive, persistent and disciplined. You are excessive and impatient.

‘something’s brewing’ BY DREW SCHMENNER

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Liven (up) 4 Sounds of amazement 8 Acquire 12 Tries to win the heart of 14 “Wheel of Fortune” turn 15 System of beliefs 17 “Finally ...” (In this answer, note letters 3-7) 20 Incredible bargain 21 Twosome 22 Compete (for) 23 “You gotta be kidding me!” (... letters 2-6) 28 Mai ___ 31 Labradoodle, e.g. 32 So-o-o happy 33 ___ and for all 35 Faucet issue 38 Fruits used in 46-Down 39 Debates ferociously, say (... letters 4-8) 42 Rita’s “West Side Story” role 43 World Cup cheer 44 Mind-centering discipline 48 Conspiratorial group

51 (Throw me a bone!) 53 Wrestler’s goal 54 Competition with knights and queens (... letters 5-9) 58 O’Hare, for United 59 Future tulip 60 Charged particle 61 Ancient Greek prophet 64 Low-alcohol brew ... or what’s found in 17-, 23-, 39- and 54-Across? (Bonus: Note what the changed letters spell!) 68 New Orleans sandwiches 69 Sound of contentment 70 It eliminates wrinkles 71 Queens ballplayer, for short 72 ___ Lankan rupee 73 Singer Del Rey DOWN 1 Leather punches 2 Castle defense 3 Get ready for a selfie 4 Buckeyes’ sch. 5 Decide 6 Diwali celebrant 7 Pig’s schnoz

8 Goop at a salon 9 Grabbed a bite 10 “There’s no alternative for me” 11 “Not gonna happen” 13 Male deer 16 Knights’ rides 18 Needed a Band-Aid, say 19 Eco-conscious bag 24 Big commotion 25 Fairy-tale monster 26 In addition 27 “Roots” writer Alex 28 Roman garment 29 Unknown commenter, for short 30 Coolest rap song from 1990? 34 “Como ___?” 36 “Am ___ believe ...” 37 Seal predator in Arctic lands 40 Browser subwindows 41 Gull’s relative 45 Tennis period beginning in ‘68 46 Martini booze 47 Queen of the hill, perhaps 49 If nothing goes wrong 50 Rock icon Reed 52 Impartial

54 Karate strike 55 Lake touching Michigan’s “thumb” 56 Forearm bones 57 It merged with Exxon in ‘99 62 Frequent URL ending 63 Harsh cleaning agent 65 Fish whose name is Hawaiian for “fire” 66 Lo-o-ng time 67 Cellular messenger Solution to today’s puzzle:

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Editor: Gerard S. Ramos • Wednesday, October 14, 2026

Caregivers need to take care of themselves, too FROM left: Rodrigo Galindo Jr.; Dr. Omar Montejo, president of ANSAP; Dr. Ashley Franklin, past president of INACSL; Pedro Cartaxo Cintra; Dr. Mary Nellie Roa; and Armand del Rosario.

HCT and HSSP push for better simulation practices in nursing education By Patrick Villanueva WITH nursing being one of the topmost in-demand jobs for Filipinos locally and globally, the Healthcare Simulation Society PH (HSSP) and Healthcare and Technology Institute (HCT) partnered to improve simulation practices in institutions within this course, in hopes to better prepare and equip them with clinical competence. The conference, with the theme “Shaping the Future of Philippine Nursing Education Through Simulation,” gathered health experts, deans, and members of the academy to familiarize themselves on what simulation-based education looks like, as well as establishing the country’s first simulation society. A simulation, the experts explained and as the name suggests, is practicing real hospital scenarios through a controlled environment where students can make and learn from mistakes. According to Dr. Omar Montejo, president of the Association of Nursing Service Administrators of the Philippines, simulation is not limited to the practical and technical side of nursing, but rather a holistic approach of how a nurse operates day-by-day. For example, apart from the basic care for patients, guided debriefings and communicating with co-nurses are practiced during the simulation. “Simulation provides our students with a safe, controlled environment where they can make critical mistakes, learn from guided debriefings, and refine their psychomotor and teamwork skills without compromising patient safety,” Montejo said.

SIMULATION CAN BE LESS EXPENSIVE

IN his opening remarks, Pedro Cartaxo Cintra, a resource speaker from Hospital Clínic de Barcelona, shared insights on designing simulation and its methodology. He emphasized that simulation does not have to be expensive and can rely on low-fidelity equipment. What it needs, however, is proper training for the faculties who will implement it to address and supply the methodological recipe that will make it effective. He also shared that creativity is necessary in designing simulation, saying that isimulation is not a one-size-fits-all, and that designers should learn more about their participants to create effective simulation for them. HSSP president Armand Del Rosario believes that simulation should be accessible to all, citing that even Filipinos can maximize with what resources they have. He stressed that simulation is not at all about technology, but instead the scenarios being taught. “It’s all about the methodology, and how you deploy quality simulation practices and debriefing. And, how we portray whatever resource we have,” Del Rosario said, citing one example of simulation of preterm using an empty Coke bottle. “It’s not centered toward technology.”

SIMULATION PRACTICE REGARDLESS OF CONTEXT

SIMULATION practice should work regardless of the cultural context, letting the work become impressionable both in local and foreign scenarios. Ashley Franklin of Vanderbilt University School of Nursing and the International Nursing Association for Clinical Simulation and Learning believes that the power of simulation relies on the engagement between the facilitator and nursing students, not just the cultural context. “The benefit of the simulation experience extends beyond the context of the scenario, and if you break it down instead into skills that are actionable, we can do that no matter if the [context] of the scenario is a Filipino culture or a hospital in the US,” Franklin said on the sidelines of the event. Both HSSP and HCT focus on preparing nursing students to become better professionals beyond the classroom. With this discussion, they want to put emphasis on making simulation in the forefront of nursing education.

By Holly Ramer The Associated Press

PHOTO BY ARTY ON UNSPLASH

ONCORD, New Hampshire—For Jessica Renda, the breaking point was a particularly chaotic Christmas season. Consumed by her eldest daughter’s mental and behavioral health struggles, she stopped exercising or doing anything else that brought her joy. Forget holiday magic, she was barely hanging on. “After that, I was like, ‘I really need to take care of myself,’” she said. “We always tell people that old cliché: It’s like the oxygen mask on a plane. But it’s really true. You can’t be a successful or good caregiver to somebody else if you’re not taking care of yourself.” Renda leads a support group for parents and caregivers for the New Hampshire chapter of the National Alliance on Mental Illness, where she vigorously promotes self-care. And she’s gotten better at taking her own advice, finding time for herself and setting better boundaries. “It’s not easy,” she said. “I joke sometimes, ‘Is 10 minutes in the shower crying self-care?’ Sometimes it is.”

CAREGIVERS ARE GROWING IN NUMBER

NEARLY one in four adults in the United States, or 63 million people, provided care to adults or children with medical conditions or disabilities in 2025, a total that jumped by almost 50% in 10 years, according to a report by the National Alliance for Caregiving and AARP. Their work—most of it unpaid—has gotten longer and more intense, the study found, and nearly two-thirds described feeling high emotional stress. Recognizing those trends, Dartmouth College and its associated healthcare system recently announced the creation of an institute to provide caregivers with services, education, support and access to home health aides. The Family Caregiver Institute will be part of a broader program exploring best practices for serving the nation’s aging or chronically ill population. In the meantime, experts say there are small steps individual caregivers can take themselves to prevent burnout. That could mean asking a neighbor or another family member to fill in for a brief time to provide a break, said Susan Stearns, executive director of NAMI New Hampshire. She also advises prioritizing sleep and movement, even just quick walks outside. “And if it’s winter and you can’t get outside, I’ve been known to just pace around my house for 10 minutes just to get some movement in because I know I’ll feel better,” she said. Staying connected to a community also is key, Stearns said, whether that’s meeting friends in person, talking on the phone or participating in online support groups. “This is a place where social media can serve us,” she said. Self-care also can mean saying no to others and letting go of unreasonable expectations, she said.

“Caregiving’s hard, and I think sometimes, moms especially can set the bar high and be in pursuit of perfection and not realize, this is good enough,” she said. In her peer support groups, Renda emphasizes that self-care looks different for everyone. She gets antsy trying to meditate, but others find it calming. “Self-care doesn’t have to be a day at the spa. It can be sitting for 10 minutes in your car when you get home and just kind of decompressing from the day before you go inside,” she said.

THE FIRST STEP TO BETTER SELF-CARE IS SELF-IDENTIFICATION

JENNIFER RABALAIS is the co-director of the Center on Aging and Community Living at the University

of New Hampshire and coordinator for the New Hampshire Alliance for Healthy Aging. She’s worked to support family caregivers in part by highlighting their impact on the healthcare system. Many caregivers aren’t aware of available supports, she said, in part because they might not even consider themselves caregivers until someone else points out the duties they perform. “If you ask them, ‘Do you shop for someone? Do you help someone pay a bill? Do you ever do yard work?’ That same person who is identified as not being a caregiver will often say yes,” she said. “They are the backbone of our healthcare system, and so if they’re not taking care of themselves, they may end up in a position where they themselves need care,” she said.

Matcha, whiskey, Filipino flavors in green Halloween cocktail A BREW of matcha, Irish whiskey, pandan, fresh calamansi juice, and ginger, The Green Witch captures the mysterious, magical, and playful spirit of the spooky Halloween season. Created by emerging mixologist Ann Maye Concepcion, the De La Salle-College of Saint Benilde (DLSCSB) talent refined her concept into a sophisticated cocktail that is sweet, citrusy, earthy, spicy, refreshing, and whiskey-forward yet distinctly Filipino. She was mentored by Wilbert Ong, beverage specialist and Benilde School of Hotel, Restaurant and Institution Management (SHRIM) assistant professor. “Like a magical potion prepared for Halloween, every ingredient plays a role,” Ong explained. “Matcha contributes an earthy and slightly bitter note while giving the cocktail its enchanting green color,” “The pandan provides fragrant sweetness, the calamansi brings bright citrus acidity, while the fresh ginger and ginger beer provide warmth, spice, and refreshing carbonation that complement the rich character of the whiskey,” he added. To elevate the drink into a beverage suitable for the festivities, Concepcion and Ong recommend to top the mix with charred ginger, a dehydrated calamansi or lime wheel, and a folded

pandan leaf to create a dramatic visual appeal. Ong noted that The Green Witch reflects the star student’s passion for mixology and her ingenuity as a young hospitality professional. He likewise coached the Hospitality and Luxury Management student during the 2026 Manila Foods and Beverages Expo (MAFBEX) Spirits and Stories Creative Cocktail Competition, where she emerged as Grand Champion. “At a young age, she developed a strong enthusiasm for cocktail creation and beverage innovation,” he said. “Her curiosity and dedication encouraged her to experiment with different ingredients, flavors, colors, and presentations.” In addition to her MAFBEX win, Concepcion nabbed the Grand Champion title at the 2026 Young Hoteliers Exposition Creative Cocktail Competition: The Tipsy Tea Trials.

The Green Witch Ingredients: 45 ml Jameson Irish Whiskey 25 ml pandan syrup 15 ml fresh calamansi juice 30 ml ginger beer 2 slices fresh ginger ½ tsp matcha powder 15 ml warm water Ice

THE seasonal brew The Greeen Witch, created by mixologist Ann Maye Concepcion (right)

Procedure: Combine 1⁄2 tsp matcha powder with 15 ml warm water. Whisk until smooth and lump-free. Set aside. In a cocktail shaker, combine the Jameson Irish Whiskey, pandan syrup, fresh calamansi juice, slices of fresh ginger, and ice. Shake vigorously for approximately 10 to 15 seconds to chill and extract the aroma of the fresh ginger. Place the prepared matcha mixture at the bottom of a rocks glass.

Fill the glass with fresh ice. Strain the shaken whiskey mixture into the rocks glass, over the matcha mixture and ice. Slowly add the ginger beer. Give the drink one gentle stir from the bottom upward. This incorporates the matcha without completely losing the visual effect or carbonation. Garnish with a pandan leaf and a dehydrated lime wheel for the Halloween presentation.

Wednesday, October 14, 2026

Grab, MOVE IT partner with Maxicare to expand health coverage for driver-partners

rab and MOVE IT are expanding their Kaagapay Social Protection program through a partnership with Maxicare, giving eligible driver-, rider-, and deliverypartners free, unlimited doctor consultations starting in November 2026. The program is currently being piloted in Metro Manila, with planned expansion in other cities.

The enhanced program also gives partners the option to extend consultation benefits to a family member, widening its coverage beyond the driver to the household that depends on them. Coverage under the program is earned on a rolling basis, giving partners a fresh opportunity to qualify every month. Partners who meet the program’s eligibility criteria in a given month are covered the following month. Beginning November 2026, eligible partners may avail of free, unlimited consultations at Maxicare Clinics nationwide during their covered month. For an optional monthly fee, they may also nominate dependents to receive up to three consultations a year. Through the partnership, Grab and MOVE IT driver-, rider-, and delivery-partners are also given the option to top up benefits like the Maxicare Insurance of up to P50,000 and Annual Physical Exam. The program expansion was shaped by consultations with the platforms’ driver communities, who named healthcare access as the area

Positioned along the Bay Area in Pasay, the PNB Holdings Event Spaces combine adaptable event venues with convenient access to major commercial, hospitality, and entertainment destinations.

Shaping up as the new center of gravity

T The expanded Kaagapay Program caps off Grab and MOVE IT’s Health & Wheelness series, giving partners free check-ups, government services, and wellness talks. where they most need support. It also reflects the platforms’ broader effort to strengthen social protection and support partners’ livelihoods beyond daily earnings. “More Filipinos are building their livelihoods on platforms, and we recognize the growing need for programs that support their health and long-term security,” said Grab Philippines Managing Director Ronald Roda. “Many of our driver-partners are their family’s breadwinners, and they spend their days looking after the people who depend on them. Through our partnership with Maxicare, we are taking a meaningful step to make sure someone is looking after them too, so they can keep building a future with us with confidence.” The Maxicare partnership forms a core pillar of the Kaagapay Program, which also includes free life insurance from AXA, subsidized Pag-IBIG contributions, and health and medicine incentives. Separately, partners across both platforms are covered by emergency insurance from Cocolife and

AIG for accidents and other unexpected incidents on the road. “Access to healthcare should feel within reach, especially for people whose livelihoods depend on being out on the road every day. Through our partnership with Grab, we hope to give driver-partners greater confidence that they can seek medical care when they need it, without the hassle,” said Raymond Hernandez, Chief Customer Officer of Maxicare Group. “We extend that sense of security beyond the driverpartner to their loved ones, helping make healthcare more accessible for the families they work hard to provide for.” The expanded Kaagapay program was launched at the close of Health & Wheelness, an annual event that Grab Philippines and MOVE IT hold for partners and their families. Health & Wheelness offers drivers and riders free medical, dental, and eye check-ups, along with registration and booths from PhilHealth, Pag-IBIG and SSS. Partners could also attend talks on nutrition, mental health, money management, and road safety.

HERE is a particular kind of traffic in Pasay. On any given weekend, the city draws art enthusiasts, convention delegates, concertgoers, families, and tourists. While people arrive for different reasons, they find themselves moving and staying through the same district, where business, culture, entertainment, and leisure intersect. But this wasn’t always the scene. Once only known as a quiet stretch along Manila Bay, Pasay has quickly become Metro Manila’s most dynamic intersection of business, culture, and entertainment. The Bay Area, in particular, is now one of the metro’s busiest settings for conventions, exhibitions, performances, and public events. Architectural landmarks and icons such as the Bangko Sentral ng Pilipinas (BSP), Cultural Center of the Philippines (CCP), and the Coconut Palace are found here. They stand alongside convention venues, exhibition halls, hotels, and retail destinations that collectively shape the district’s character. At the heart of it all is the PNB Financial Center, prominently rising along Diosdado Macapagal Boulevard. Designed by National Artist for Architecture Gabriel Formoso, the landmark complex is distinguished by its bold geometric forms, expansive interiors, and Brutalist character. The architecture of the property itself becomes part of the events it hosts, which offers organizers a distinctive location for their events. Its design and expansiveness lend itself to a variety of uses. Its largest event space, The Grand Atrium,

accommodates 1,500 guests for large corporate functions, receptions, launches, and public gatherings. Alongside this are equally versatile events spaces, The Long Gallery and Escolta Hall, reimagined for more focused setting for exhibitions, trade fairs, and cultural programming. The PNB Financial Center also features an expansive outdoor event space, The Amphitheatre. It is ideal for bazaars, outdoor concerts, as well as product and trade launches. The complex’s cultural footprint continues to grow as well. In 2026, the DTI-CITEM Likhang Filipino Exhibition Halls opened within the PNB Financial Center complex. It provides a permanent venue for Filipino design, fashion, crafts, furniture, food, and other creative industries. The addition signals the broader direction of the Bay Area, where commercial, cultural, and public spaces increasingly overlap. The surrounding district further strengthens that appeal. Within a few breaths away from it are major destinations, placing business events alongside exhibitions, entertainment, hospitality, and leisure offerings. This convergence may be what distinguishes Pasay today. Visitors can jog or stroll in the morning, attend a conference, browse an exhibition before lunch, meet colleagues for dinner, and end the evening at a concert without leaving the district. The city may have once been a place people passed through. But each day, it is becoming a place where they choose to stay.

Mang Inasal fires up October with Ihaw Fest 2026

ANG Inasal, the country’s Grill Expert, is making October more exciting with Ihaw Fest 2026, its annual month-long celebration of Ihaw-Sarap favorites and value-packed treats for customers nationwide. Running until October 31, 2026, this year’s Ihaw Fest features two waves of promos aimed to bring more reasons for Mang Inasal customers to gather, feast, and enjoy their well-loved Mang Inasal meals. For the first half of the month, from October 1 to 15, customers who purchase two Ihaw-Sarap Combo Deals

of the same variant will receive two free Pork BBQ Ala Carte. The offer is perfect for students, officemates, friends, and barkadas looking for more value from their favorite grilled meals. From October 16 to 31, families can enjoy even bigger savings as they get two FREE Regular Palabok Solo with every purchase of any Family Fiesta Bundle variant. Both Ihaw Fest promos are available through dine-in, takeout, drive-thru, as well as the Mang Inasal Delivery App and website, making it easier for customers to enjoy an Ihaw-Sarap feast

Roast goose: The new star of Kaokee’s game

AOKEE is adding a new centerpiece to the holiday season with its Roast Goose, now available in limited quantities at Kaokee SM Podium until December 2026. Kaokee’s Roast Goose is roasted until the skin is crisp while keeping the meat aromatic and juicy. Its generous size and naturally higher fat content give it a rich, succulent, and less gamey flavor, setting it apart from other poultry dishes. The Roast Goose is available in two sizes. The Regular is priced at P1,988 and is good for one to two people, while the Sharing size is priced at P3,888 and is good for three to four people. Each order comes with two sauces to complement the meat: Plum Sauce, a mildly sweet option, and Hoisin Sauce, with a savory, salty-sweet flavor. Kaokee Singaporean Kitchen is a Singaporean restaurant in Metro Manila inspired by the vibrant flavors and food culture of Singapore’s hawker centers and kopitiams. A concept by Mc Wilson Group, the culinary group behind Tatatito and Gringo, Kaokee serves Singaporean-Chinese home-style comfort food, or zi char, alongside beloved Singaporean dishes and staples.

whenever and wherever they choose to celebrate. “Ihaw Fest has become one of the most anticipated traditions at Mang Inasal because it combines what Filipinos love most: delicious grilled food, generous value, and meaningful moments together,” said Mang Inasal president Mike V. Castro. “Whether it’s sharing a meal with friends, bonding with family, or simply rewarding yourself with your favorite grilled treats, Ihaw Fest is our way of making every October more Ihaw-Sarap and Unli-Saya for our customers.” Available at all Mang Inasal stores nationwide, Ihaw Fest 2026 is part of the brand’s continuing commitment to deliver sulit deals while celebrating its leadership in grilled food expertise. Want more Mang Inasal exclusives NOW? Visit https://manginasal.ph for the latest news, https://manginasaldelivery. com.ph for delivery deals, and follow Mang Inasal on social media for more Ihaw-Sarap and Unli-Saya updates!

Newly upgraded AIA Vitality unveils expanded wellness ecosystem

ILIPINOS want to live healthier. The next step is making healthy choices a constant part of everyday life. AIA Philippines is addressing this with the latest enhancements to AIA Vitality, a pioneering science-backed total health and wellness program in the Philippine insurance industry that encourages and rewards healthy lifestyle choices. The latest upgraded version offers a more personalized health assessment, new nutrition-tracking capabilities, and expanded wellness benefits to help members take charge of their health goals. This update comes six months after AIA Philippines’ latest Rethink Healthy study, which found that Filipinos are moving away from a passive “bahala na” mindset when it comes to their health. Seven in 10 Filipinos are prioritizing their physical health, while 60 percent say they are done with simply “winging it” when it comes to their mental well-being. However, 83 percent say they became more proactive about their health only after experiencing major life events, such as illness, hospitalization, or job loss. For AIA Philippines, the findings point to the importance of making health more actionable, not just something people think about when a health concern arises. “Our research shows that Filipinos want to take greater ownership of their health, but they need the right support to turn intention into action,” said Melita Teo, President and Chief Executive Officer, AIA Philippines. “By connecting holistic health solutions across protection, prevention, wellness and rewards, AIA Philippines is building an integrated ecosystem that supports Filipinos at every stage of their health journey. AIA Vitality brings this to life, helping people make informed choices and build healthier habits that last.” The enhanced AIA Vitality brings every aspect of a member’s health journey into one place, reinforcing its three-part approach: Know Your Health, Improve Your Health, and Get Rewarded. The program combines health assessments and screenings with daily activity tracking, wellness benefits, and rewards for healthy behaviors. Its new Health Assessment provides a personalized view across physical activity, fitness, nutrition, biometrics, health conditions, mental well-being, sleep, and alcohol and tobacco use. It translates this information into three

actionable measures: Vitality Age, which compares a member’s health with their actual age; Vitality Health Priority, which identifies areas for improvement; and Vitality Future Health, which estimates the additional healthy years they could gain by making positive changes. The new Food Tracker makes nutrition monitoring just as simple. Members can upload photos of their meals to receive food ratings, nutritional feedback and personalized tips, including calorie and macronutrient information, while weekly reports provide a clear snapshot of their eating habits. Every healthy action helps members progress through four AIA Vitality status levels: Bronze, Silver, Gold and Platinum. Members start at Bronze and move up as they earn points from activities such as exercising, eating well, completing health assessments and getting sufficient sleep. The higher their status, the greater the rewards and benefits they can unlock. With the refreshed AIA Vitality, members get more rewards for healthier choices. New benefits include up to 50 percent off Nike products, up to 15 percent off luggage and accessories from The Travel Club, and up to 15 percent off Garmin fitness devices. Members can also access a complimentary AIA Vitality Health Check at MediCard, including a free consultation with a MediCard doctor for results outside the normal range. Grounded in AIA Philippines’ Rethink Healthy research, the AIA Vitality upgrade responds to a clear challenge: Filipinos understand that health extends beyond physical fitness, but knowing is not always enough. By turning insights into practical tools and meaningful rewards, AIA Vitality really helps move Filipinos from bahala na to handa na. AIA Vitality is available in AIA health solutions, including AIA Critical Protect Plus, AIA Critical Protect 100 and AIA All-in-One, as well as BPI AIA products, like BPI AIA MultiCare Protect and BPI AIA Critical Care 100. To learn more about how to bring your health protection, wellness support and rewards together in one experience, speak with an AIA Life Planner to learn more or click Contact Us when you visit AIA Vitality.

BusinessMirror

Editor: Tet Andolong

Wednesday, October 14, 2026 B7

Government, private sector must work together to decongest Metro Manila

By Rizal Raoul S. Reyes

@brownindio

HE national government should actively encourage property developers and businesses to establish projects in emerging provincial growth centers as part of a broader strategy to decongest Metro Manila and spread economic opportunities across the country. “The experience of Central Luzon and the Calabarzon region demonstrates that strategic government investment in roads, expressways and other transport infrastructure can unlock significant private-sector investments in residential communities, townships and commercial developments,” Lobien Realty Group CEO and founder Sheila Lobien told the BusinessMirror in an email interview. She said the government should also identify areas where road infrastructure can support master-planned communities and create new economic corridors that can replicate the growth seen in Central Luzon and Calabarzon. Lobien said the strategy is particularly urgent given the country’s continuing housing backlog. Calabarzon alone has an estimated unmet residential requirement of about 1.4 million units, while Central Luzon has an estimated 25,000-unit housing requirement. Together, the two regions account for around 22 percent of the country’s unmet housing requirements. The strong relationship between infrastructure and property development is already evident in both regions. Expanded road networks and major infrastructure projects have made locations outside Metro Manila more accessible to workers and homebuyers, encouraging developers to establish townships and residential communities in areas that previously had limited connectivity. Lobien said the national government and

STA Lucia Land Inc.’s Nasugbu Newtown Center

LOBIEN Realty group founder and CEO Sheila Lobien local government units should create an environment that actively encourages developers, investors and companies to establish operations outside the NCR. This includes incentives for companies locating in provincial townships, improved peace and order, better basic services and infrastructure, and skills development for local workers. Furthermore, the national government and local government units should create an environment that actively encourages developers, investors and companies to establish operations outside the NCR. This includes incentives for companies locating in provincial townships, improved peace and order, better basic services and infrastructure, and skills

development for local workers. Housing demand also reflects the shift. The Bangko Sentral ng Pilipinas’ Residential Property Price Index showed provincial residential property prices rising 11.5 percent in 2025, significantly faster than the 2.4 percent increase recorded in Metro Manila. Housing loans provide another indication. As of the second quarter of 2025, Calabarzon accounted for 33.2 percent of residential real estate loans, exceeding Metro Manila’s 28.5 percent share. Central Luzon accounted for another 11.9 percent. Lobien said housing outside Metro Manila generally offers more space for the money, while expressways and other infrastructure have reduced travel barriers between provincial communities and major employment centers. She said the gains include the redistribution of economic activity, the absorption of provincial labor into higher-paying jobs, and the private sector serving as a force multiplier for government infrastructure spending. Townships create clusters of residential, commercial, office, retail and institutional

activities that generate jobs and expand local governments' tax bases. There are already 27 townships in Central Luzon and Calabarzon, while similar developments are emerging in Cebu, Bacolod, Iloilo and Davao. She said the clustering of developments in Pampanga and Bulacan, as well as Laguna and Cavite, is particularly significant. Developers are effectively co-investing alongside government infrastructure projects such as the North-South Commuter Railway, the CaviteLaguna Expressway and the Bulacan International Airport. Master-planned communities outside Metro Manila can tap the large working-age population in the provinces, including underemployed workers, while allowing companies, particularly business-process outsourcing firms, to access new labor pools. The potential economic impact is substantial. Capital Town in Pampanga, a P350-billion development, is projected to generate about 250,000 direct and indirect jobs across BPO, transportation, retail, food and construction.

She said the government’s role, therefore, should not end when a road or expressway is completed. Infrastructure should be viewed as the foundation for a wider development strategy in which government and private developers work together to create sustainable economic corridors. Developers are already responding to this shift. Sta. Lucia Land Inc.’s 36-hectare Nasugbu Newtown Center in Batangas illustrates how provincial development is evolving beyond conventional housing projects. The master-planned, mixed-use development is envisioned to include residential communities, restaurants, retail and lifestyle establishments, supermarkets, banks, pharmacies and modern office spaces. It will also feature community amenities, including a clubhouse and swimming pool. Sta. Lucia has also committed P200 million worth of land for the planned Nasugbu Sports Complex. Such projects show that provincial development is increasingly about building complete communities rather than merely selling residential lots.

Cebu dominating: Why the Queen City still reigns in outsourcing Ongpin Tower reaches 86% of units

EBU remains one of the Philippines’s leading IT-BPM hubs, with outsourcing companies continuing to anchor office demand despite more measured leasing activity. In H1 2026, Cebu recorded nearly 20,000 sq meters of office transactions, with IT-BPM firms accounting for 75 percent of deals. Leasing volume was lower year on year, reflecting limited availability in prime locations and uncertainty due to global geopolitical tensions. Over the past few years, we have observed that hybrid work and AI are prompting firms to optimize space and become more efficient. Despite these shifts, oversupply risk remains manageable as developers have become more cautious in launching new office projects. Vacancy has also tightened, particularly in Cebu’s established business districts. Overall, Cebu’s IT-BPM sector remains resilient, but future office demand will likely be characterized by more measured expansion, greater space efficiency, and increasingly selective occupier requirements.

Undisputed queen

FOR years, Cebu has been the undisputed queen of the outsourcing industry outside Metro Manila. The market has weathered global disruptions, remote work, geopolitical tensions, and technological shifts. Despite the rise of artificial intelligence and hybrid work arrangements, it is quite obvious that Cebu is still one of the most preferred by office locators and one of the most competitive business sites in the Philippines. In the first half of 2026, Cebu recorded 19,300 square meters of office transactions, making it the

second most active office market outside Metro Manila after Iloilo. More notably, the city accounted for nearly a third of all office deals completed in areas outside the National Capital Region. While the transaction volume was lower than the 87,300 square meters posted a year ago, Cebu's leasing activity remained healthy despite headwinds stemming from geopolitical tensions in the Middle East and limited office availability in prime locations. Outsourcing firms remained the backbone of demand, accounting for 75 percent of all office transactions during the period. Traditional occupiers made up the remaining 25 percent. Expansion was likewise the dominant motivation, covering more than four out of every ten transactions recorded in the market.

Limited prime space

VACANCY across Metro Cebu declined to 15.9 percent as of the second quarter of 2026, from 17.7 percent a year earlier. More tellingly, vacancy in the city’s most preferred office districts tightened further. Vacancy in Cebu Business Park dropped to 10.9 percent, while Cebu IT Park posted a vacancy rate of 13.9 percent. These figures highlight an increasingly

important trend: quality space within Cebu's prime business districts is becoming scarce. This tightening vacancy is occurring at a time when developers have become more cautious about launching new projects. Instead of aggressively adding inventory, many are taking a more measured approach to new office construction. As a result, concerns over a massive oversupply appear overstated. While AI and automation may reshape space requirements, developers have effectively turned off the supply tap, helping keep the market balanced.

Still a preferred alternative

OVERALL, it is not difficult to understand why Cebu city and its environs continue to attract major office tenants. The locality continues to impress with a large talent pool, a mature outsourcing ecosystem, superior business infrastructure, and a wide selection of Grade A and PEZA-accredited office developments. Looking ahead, Cebu’s IT-BPM industry is likely to continue growing, albeit at a more measured pace. AI, hybrid work, and workplace transformation will reshape how offices are utilized. But they are unlikely to diminish Metro Cebu's strategic importance.

sold as it enters its final sales phase

ANILA, Philippines—Ongpin Tower, a flagship property development by Keen & Worth Property Developers, has reached 86 percent of units sold, with only 30 units remaining. This landmark property seamlessly marries Filipino-Chinese culture with modern living. Nestled on one of the most historic streets in Binondo, Manila, Ongpin Tower redefines 52-story vertical living by offering contemporary spaces and amenities while remaining deeply rooted in history, commerce, and culture. With a tri-corner address along Ongpin, Gonzalo Puyat, and F. Torres Streets, the development promotes a harmonious energy flow. This makes it the perfect place to build a family legacy, guided by feng shui principles that favor openness and movement. For many Filipino-Chinese families, these elements are essential when evaluating spaces conducive to prosperity, continuity, and generational legacy. As a boutique developer, the Keen & Worth team is also able to customize the layout and design of each space based on the unique needs of their clients. “For us, being a boutique developer enables us to be more deliberate with the scale and direction of each project. With only 226 units in a 52-story tower, we can have more consistency in our involvement with all of our homeowners throughout the development process and give greater attention to the service we want to deliver for them. It’s not simply about building fewer units, but about being more intentional in how we develop each space and build relationships with the people who will eventually call it home,” shared by Keen and Worth’s Chief

Operating Officer, Kimberly Klaire K. Wong. Designed for heritage-conscious homeowners, the development features low-density residences, expansive penthouses, a helipad, and over 2,000 square meters of amenities, including an infinity lap pool. Live in the center of arts, culture, and commerce in the storied Binondo area of Manila, and experience prestige living like no other. Be one of the final 30 homeowners to secure a space in this modern legacy address. To learn more about Keen & Worth Ongpin Tower, visit keenandworth.com/ongpintower/ scheduleavisit to book your private viewing.

Wednesday, October 14, 2026

www.businessmirror.com.ph

Group calls for House probe of Socoteco-Ignite JVA deal

By Jovee Marie N. dela Cruz

@joveemarie

PARTY-LIST group on Tuesday called for an immediate congressional investigation into alleged irregularities in the plebiscite on the proposed joint venture agreement (JVA) between an electrict cooperative and a company led by boxing champion Emmanuel Pacquiao. The group cited reports of proxy voting, vote-buying and the alleged involvement of local government personnel during the plebiscite on the JVA between South Cotabato II Electric Cooperative (Socoteco II) and the Pacquiao-led Ignite Power. Former Party-list Rep. Carlos Isagani Zarate of Bayan Muna said Congress should exercise its

AFP monitors 27 Chinese ships at WPS

T least 27 Chinese vessels were tracked roaming key features in the West Philippine Sea (WPS) between October 6 and October 12, the Armed Forces (AFP) reported. Retired Rear Adm. Roy Vincent Trinidad, AFP spokesperson for the WPS, told reporters that weekly maritime monitoring revealed a combination of China Coast Guard (CCG) and People’s Liberation Army Navy (PLAN) warships deployed across the strategic, flashpoint waters. The distribution of the monitored Chinese naval and coast guard assets includes: n Bajo de Masinloc: 8 CCG and 4 PLAN vessels (12 total) n Ayungin Shoal: 5 CCG and 4 PLAN vessels (9 total) n Pag-asa Islands: 3 CCG and 2 PLAN vessels (5 total) n Escoda Shoal: 1 PLAN vessel (1 total) The West Philippine Sea encompasses maritime zones on the western side of the Philippine archipelago, including the Luzon Sea, the Kalayaan Island Group, and Bajo de Masinloc. In 2016, the Permanent Court of Arbitration in The Hague, the Netherlands invalidated Beijing’s expansive claims across the South China Sea, ruling that China had “no legal basis.” Beijing continues to reject the international tribunal’s decision. Rex Anthony Naval

oversight powers even during the session break, warning that the allegations raise questions about whether member-consumer-owners (MCOs) can freely decide on the proposed partnership. “We are seeing a disturbing pattern where barangay officials, health workers, and purok leaders are reportedly being utilized to facilitate proxy voting and

other forms of undue influence,” Zarate said. “This is a direct assault on the democratic rights of the memberconsumer-owners [MCOs] of Socoteco II. We cannot afford to wait for the Congress session to resume; the integrity of the cooperative is at stake right now,” he added. The Protect Socoteco II Coalition has formally asked the Department of the Interior and Local Government (DILG) Region XII office to conduct a fact-finding mission following allegations of vote-buying and the improper collection of proxy authorizations. “ The involvement of public officials in railroading a plebiscite for a private-led venture is highly irregular and demands an immediate inquiry,” Zarate said, urging the DILG and the appropriate committees of the House of Representatives to investigate the allegations. He also warned against turning over the management of the electric cooperative to private business interests, specifically citing

Prime Electric and MP Holdings. He said authorities must ensure that MCOs are not deprived of their right to make a free and informed choice. The proposed J VA has drawn opposition from residents, with thousands reportedly participating in prayer rallies. Church leaders, including Bishops Cerilo Casicas and Gerardo A lminaza, have also raised concerns about the agreement’s transparency and the integrity of the plebiscite process. “This is a litmus test for accountability,” Zarate said, adding that barangay officials found to have used their positions to secure a “yes” vote through coercion or inducement should be held liable. Zarate reiterated that the investigation should prioritize the rights of MCOs and ensure that Socoteco II remains accountable to the consumers it serves, rather than having its management placed under the inf luence of powerful business interests.

Management dispute breaks out over Pampanga landfill By Ashley J. Manabat

NGELES CITY—A dispute over the management of sanitary landfill operator Eco Protect Management Corp. (EPMC) surfaced at midweek as Pepito Vergara said a new management team had been constituted while Alainne Tan disputed the claim. EPMC operates a 15-hectare, Category 4 engineered sanitary landfill located between barangays Mancatian and Mitla in Porac, Pampanga. The facility has been operational since 2022. In an inter view on Wednesday, Vergara said he is EPMC ’s ne w preside nt a nd t h at t he group plans to take over the compa ny ’s m a n a ge me nt a nd rehabilitate its sanitar y landfill shortly. Vergara identified the officers

as Roberto Ambrosio, vice president for operations; Paul Edric Galang, corporate secretary; and Divina Pinlac, treasurer. He also said Fernando Dabu, Gerald Medina, Galang and himself have been elected members of the board of directors. Tan disputed the claim and said there is no new management and that no court order has authorized a change in the company’s management. “ T here is no new management. T hey [Vergara’s group] are only claiming it,” Tan said Wednesday. “ There is no court order. Social media is not the proper channel to address this issue.” Ve r g a r a s a id t he c l a i me d change in management followed actions taken during a company meeting in July, where questions arose over leadership and

documents related to participation in the meeting. He said Tan’s proxy form was submitted after the July 20 deadline and only on the date of the July 27 meeting. “The deadline was July 20, so wala kaming ni-recognize sa meeting. But on the day of the meeting, July 27, doon dumating iyong proxy form,” Vergara said. Vergara said landfill operations continue amid the dispute. He described the matter as an intracorporate issue and said his group is open to judicial proceedings, mediation, and other means of resolving the issue. He said the group wants to resolve the dispute and address concerns surrounding the landfill’s operations. “We are open to judicial dispute resolution, mediation, and all,” Vergara said.

PSA speeds up natl ID issuance in Davao Oro By Manuel T. Cayon @awimailbox

AVAO CIT Y—The Philippine Statistics Authority (PSA) announced it recorded a total of 26,996 national identification card registration and updating transactions in the province of Davao de Oro from January to September this year. In its accomplishment report, the PSA Davao de Oro National ID Team, said the total comprised 23,571 registrations and 3,425 updating requests during the first three quarters of the year. “For the January to September 2026 period, the team recorded a steady increase in monthly registration accomplishments, from 1,524 registrations in January to 3,719 in September,” it said. Requests to update their personal details also reached 410 in September, it added, “reflecting the continuing need for demographic information updates.”

The third quarter recorded the highest quarterly accomplishment, with 9,755 registrations and 1,360 updating requests, for a combined total of 11,115 transactions from July to September. “These accomplishments were supported by the team’s proactive efforts to deliver services directly to communities,” the PSA Davao de Oro office said. It said it was through field operations and visits to various barangays in Davao de Oro that the team made National ID registration and updating services more accessible to residents, particularly those who may have difficulty traveling to regular registration centers. The team also participated in service caravans organized by the local governments (LGUs) and the Davao de Oro provincial government providing more opportunities for residents to access National ID services alongside other government services. In addition, it said, the team conducted collocation ac tivities with par tner

national government agencies, such as the Department of Social Welfare and Development (DSWD) and the Philippine Health Insurance Corporation (PhilHealth), further expanding its reach to individuals accessing government programs and services. Beyond its 2026 accomplishments, PSA Davao de Oro said it has registered a cumulative total of 725,543 individuals for the National ID since the program began in 2021. “This is equivalent to approximately 92.57 percent of the provinces total population of 783,775, based on the 2024 Census of Population.” The National ID registration program also covers children aged zero to four years old, ensuring that even the youngest members of the population are included in the National Identification System. Through inclusive registration efforts, the PSA continues to work toward providing individuals across all age groups with a reliable proof of identity, it said.

THIS photo provided by the Philippine Coast Guard shows damages on the ferry MV June Aster off Coron, Palawan province, western Philippines, Friday, Sept. 11, 2026, days after it caught fire. PHILIPPINE COAST GUARD VIA AP

Coron tragedy: 60 ship fire victims identified

UTHORITIES have officially identified 60 of the victims who died in the MV June Aster fire tragedy in September, the Coast Guard (PCG) reported Tuesday. The PCG spokesperson, Commo. Noemie Cayabyab, said the National Police (PNP) Forensic Group confirmed the identities of the 60 victims, while forensic processing remains underway for 11 others. “The Emergency Operations Center [EOC] in Coron, Palawan, has coordinated with 60 families regarding the identification and claiming process. Two claimants have personally visited the EOC to process the necessary require-

ments, although no remains have been formally claimed,” Cayabyab said in a statement. To streamline the retrieval process, the local government of Coron set up a one-stop-shop assistance desk at the EOC. The facility operates Monday through Thursday, from 7:00 a.m. to 6:00 p.m., to assist grieving relatives. Meanwhile, investigators are determining whether an electric vehicle (EV) stowed in the cargo hold may have triggered the blaze. According to survivor accounts, the fire originated in the cargo area, which carried an EV, a pickup truck, a forklift, and five motorcycles when the tragedy struck. Rex Anthony Naval

Cebu stakeholders form alliance to tackle electricity supply woes By Carmel Pedroza

EBU CITY—The Cebu provincial government, energy companies, power distributors and business groups have formed the Cebu Energy Alliance to coordinate measures addressing electricity supply constraints, rising power costs and the province’s rapidly expanding demand. The alliance was formalized through a commitment signing led by Gov. Pamela Baricuatro during the Cebu Energy Summit at the Cebu Provincial Capitol on Monday. Organized by the Cebu Chamber of Commerce and Industry (CCCI) with the provincial government, the summit brought together representatives of the Department of Energy (DOE), National Grid Corporation of the Philippines (NGCP), Energy Regulatory Commission (ERC), power generators, distribution utilities and local governments. The initiative comes as electricity supply disruptions and higher generation costs put pressure on businesses, particularly micro, small and medium enterprises (MSMEs), while Cebu prepares for the anticipated effects of El Niño. Energy Secretary Sharon Garin said Cebu’s electricity demand is growing by about 14 percent annually, more than twice the roughly 6-percent growth recorded in other parts of the country. “We don’t want Cebu’s economy to slow down because of electricity challenges,” Garin said, stressing the need to address immediate supply concerns while accelerating investments in generation, energy storage and transmission infrastructure. The summit highlighted the scale of the Visayas supply challenge. NGCP figures presented during the event placed regional electricity demand at 1,229 megawatts (MW), against generation capacity of 863 MW. Power interruptions disrupt business operations, raise operating expenses and undermine investor confidence, according to concerns raised by the business sector

during the summit. MSMEs are particularly vulnerable because they have fewer resources to maintain backup power systems or absorb unexpected increases in electricity costs. Interruptions can affec t produc tion schedules, service delivery and the ability of businesses to meet customer requirements. Businesses called for more timely and accurate information on scheduled interruptions and power restoration, alongside improvements in system reliability. They also committed to conserve electricity, improve energy efficiency, maintain backup systems and consider alternative energy sources where feasible. Garin said the recent simultaneous shutdowns of several power plants exposed the vulnerability of the Visayas grid. While some generating units have returned to service, the region faces additional risks from El Niño and the summer months, when electricity requirements may increase. The DOE is pursuing short-, mediumand long-term interventions, recognizing that new power plants and supporting infrastructure take years to develop. DOE eyes reserve market suspension, urges utilities to review contracts. Garin said the DOE would refer to the ERC the possibility of suspending the reserve market following sharp increases in reserve-service prices during the recent supply difficulties. She cited instances when reservemarket prices, which had previously been around P10, rose to P20 and, in some cases, P30. The DOE has also referred concerns to the Philippine Competition Commission. Reserve services help maintain grid reliability when supply is disrupted. Garin said NGCP should expand its contracting of ancillary services, which support the stable operation of the power system, instead of relying excessively on the reserve market. The energy chief also urged electric cooperatives and other distribution utilities to examine their power procurement portfolios, particularly their exposure to the Wholesale Electricity Spot Market (WESM).