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BIR: Meeting ’26 goals a tough hurdle By Reine Juvierre S. Alberto

GCASH MAKES HISTORY WITH P60.9-B IPO From left: Ayala Corporation Director Fernando Zobel de Ayala; GCash CFO Evelyn Ng;

GCash Director and Ayala Corporation President and CEO Cezar P. Consing; Ayala Corporation Chairman Jaime Augusto Zobel de Ayala; GCash Chairman Ernest Cu; GCash President and CEO Martha Sazon; President Ferdinand R. Marcos Jr.; Philippine Stock Exchange (PSE) Chairman Jose T. Pardo; PSE Director Vivian Yuchengco; PSE President and CEO Ramon S. Monzon; Department of Finance Secretary Frederick D. Go; Securities and Exchange Commission Chairperson Francis Ed. Lim; PSE COO Atty. Roel A. Refran; and PSE Issuer Regulation Division Head Atty. Marigel M. Baniqued-Garcia, during the bell-ringing ceremony marking the October 20, 2026, listing of Mynt Inc., the parent company of GCash, on the PSE. Trading under the ticker symbol GCASH, Mynt raised up to P60.9 billion in what became the largest initial public offering in Philippine stock market history, surpassing Monde Nissin Corp.’s 2021 IPO. Story in B1, Companies. PHOTO COURTESY OF PSE

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HE government’s ability to meet this year’s revenue target is facing pressure from weaker tax collections by the Bureau of Internal Revenue (BIR), while a different set of challenges hounds the Bureau of Customs (BOC). “We remain cautiously optimistic, and hopefully, we’ll still be able to meet the target,” Internal Revenue Commissioner Charlito Martin R. Mendoza told reporters on the sidelines of the SGV Tax Symposium on Monday night. Mendoza pointed to economic headwinds and slower public infrastructure spending significantly impacting the bureau’s collection performance. These

were also compounded by weaker collections from the banking and gaming sectors, he added. The BIR missed its first-half revenue target of P1.653 trillion by 1.4 percent, or P22.6 billion, due to infrastructure spending’s being impeded by delayed allotment release amid the flood control scandal. The contraction in infrastructure spending weighed on withholding taxes, resulting in a slowdown in net income and profit growth to 6.3 percent in the first half from 13.3 percent growth recorded in the same period last year. Tax collections on bank deposits and percentage taxes on banks and financial institutions likewise declined by 26.8 percent and 23.7 percent, respectively, while documentary stamp tax

collections fell by 2.9 percent. Still, Mendoza said BIR collections grew 5.6 percent to P2.465 trillion in the first nine months of the year and is expected to improve in the coming months. “Government infrastructure projects are picking up. When it comes to public infrastructure, there’s a big multiplier effect,” he added. On the part of the BOC, Customs Commissioner Ariel F. Nepomuceno said the second-largest revenue-generating agency remains on track to hit its P1.011-trillion collection goal. As of end-September, the BOC collected a total of P754.406 billion, 1.2 percent higher than its P748.494-billion target for the nine-month period. See “BIR,” A2

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SC TAGS ’24, ’25 BUDGETS AS UNCONSTITUTIONAL www.businessmirror.com.ph

Wednesday, October 21, 2026 Vol. 22 No. 14

P25.00 nationwide | 3 sections 36 pages | 7 DAYS A WEEK

LAKE LEVELS HIT A LOW NOTE Aerial view of fish cages in Laguna de Bay in Cardona, Rizal, on Tuesday, October 20, as the lake’s water level continues to decline amid dry weather conditions. The Laguna Lake Development Authority recorded an average water level of 12.20 meters as of 1 p.m. on October 19, below the 12.50-meter critical-high threshold. The agency has advised agriculture and aquaculture operators to take precautions and monitor water levels and water quality. Pagasa warns that El Niño is expected to intensify into a Very Strong El Niño and persist through the first half of 2027, increasing the risk of below-normal rainfall and dry spells in parts of the Philippines. NONOY LACZA

By Joel R. San Juan

HE Supreme Court has declared as unconstitutional the national budgets enacted by Congress in 2024 and 2025 as well as certain provisions of the 2026 national budget. In a decision penned by Associate Justice Marvic Leonen, the Court declared that Republic Act 11975 or the 2024 General Appropriations Act (GAA) unconstitutional due to the increase in the total appropriations by P449.5 billion. The SC held that Congress is constitutionally prohibited from increasing the President’s total recommended appropriations in the Budget of Expenditures and Sources of Financing (BESF), which covers both programmed and unprogrammed appropriations. The decision stemmed from the

consolidated petitions filed by the late Albay 1st District Cong. Edcel Lagman and former Senator Aquilino “Koko” Pimentel III challenging the increase in unprogrammed appropriations made by Congress in the 2024 GAA. On the other hand, the SC said RA 121116 or the 2025 General Appropriations Act is also unconstitutional because of the increase in the programmed appropriation for Department of Public Works and Highways’ Special Road Fund by P17.99 billion, thus, increasing the President’s total proposed appropriations. See “Budget,” A2

‘RETIREMENT SECURITY IN PHL AMONG WEAKEST WORLDWIDE’ By Justine Xyrah Garcia

HE Philippines continues to fall short in providing retirement security with its pension system remaining among the weakest in the world, according to a new index released by global professional services firm Marsh and the CFA Institute. In the 2026 Marsh CFA Institute Global Pension Index (MCGPI), the Philippines ranked 52nd out of 55 countries assessed, receiving an overall score of 49.2 out of 100 and a D rating. The rating indicates that a pension system has some desirable features but also major weaknesses or omissions that

need to be addressed. The country’s score improved from 47.1 in 2025, when it ranked third-lowest among 52 systems assessed, but remained below the global average of 65.3. Among the 55 systems assessed, Argentina scored 43.7, while India and Türkiye both received 46.8, placing them just above the Philippines in the lower end of the index. At the other end of the rankings, the Netherlands topped the index with a score of 85.8, followed by Singapore at 82.0. Both received an A rating, indicating robust pension systems that provide good benefits, are sustainable and have a high level of integrity. See “Retirement,” A2

‘Puny LGU investment in infra stymies growth’ By Justine Xyrah Garcia

HE Philippines’s efforts to unlock the economic potential of its cities are being held back by local governments’ difficulty in translating available funds into infrastructure investments, according to a new World Bank report. In its report, “From Cities to Corridors: Unlocking the Philippines’ Urban Growth Potential,” the multilateral lender said local government units (LGUs) allocate a relatively small share of their expenditures to capital investments and struggle to fully implement their capital budgets. Capital spending accounts for

around 15 percent of annual LGU expenditure, while capital budget execution rates range from 47 percent to 55 percent, far below the execution rates for personnel spending, the report said. “Growing cash reserves suggest that many urban LGUs have resources but face constraints in project preparation, feasibility assessment, land and permitting resolution, procurement, and contract management,” the World Bank noted. “The reform priority is to strengthen local public investment management.” The bank said improving local investment capacity is also necessary to connect cities and neighboring See “Investment,” A2

PESO EXCHANGE RATES n US 63.0880 n JAPAN 0.3982 n UK 83.9764 n HK 8.0392 n CHINA 9.4429 n SINGAPORE 49.3144 n AUSTRALIA 44.0165 n EU 70.7532 n KOREA 0.0474 n SAUDI ARABIA 16.8136 Source: BSP (October 20, 2026)

News

BusinessMirror

A2 Wednesday, October 21, 2026

BIR…

Continued from A1

“Of course, there’s [still] a downside due to the suspension of kerosene and LPG excise tax,” Nepomuceno told reporters during the same event. “The challenge right now is the [port] congestion.” To offset the foregone revenues, the bureau is looking at improving assessment rates and strengthening enforcement involving steel products, grains and wheat products. “The BOC is above its target, but the BIR is still struggling. Hopefully, they will be able to deliver by the end of the year,” said Finance Undersecretary for Revenue Operations Group Rolando U. Ligon to reporters. Ligon said there are no discussions yet about revising both bureaus’ collection target this year. “I don’t think there will be any changes,” he said. This year’s tax revenue target is set at P4.441 trillion. Of the amount, P3.393 trillion will come from the BIR, while the remaining P1.011 trillion will be collected by the BOC. Next year, the tax revenue target is pegged at P4.851 trillion, of which P3.736 trillion is expected to come from the BIR and P1.074 trillion from the BOC.

Investment… Continued from A1

municipalities to wider regional markets. It identified 26 urban agglomerations involving 112 urban LGUs that

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DTI sticks to trade agenda as China tensions simmer

By Bless Aubrey Ogerio

HE Department of Trade and Industry (DTI) is pressing ahead with trade agreements to widen market access for Philippine exporters, even as diplomatic tensions with China raise questions about possible effects on trade and investment. Trade Secretary Ma. Cristina A. Roque said the government aims to advance several agreements in November. These include free trade negotiations with the European Union (EU) and Canada, the review of the Phil-

ippine-Japan Economic Partnership Agreement (PJEPA), and a trade deal with Chile. “These will be a game changer for the export industry,” Roque told reporters on the sidelines of the second Association of Southeast Asian Na-

could form the backbone of regional growth corridors. These comprise 26 urban cores and 86 urban peripheries. “Urban cores record the highest economic potential, while peripheries functionally linked to these cores often have stronger prospects than standalone urban LGUs. That is, growth potential is greater when

a locality is connected to a larger urban economy,” it said. “These agglomerations are the building blocks of a national system of productive cities where density, connectivity, and market access support firm growth, private investment, and job creation.” The World Bank cited the concen-

tions (Asean)-Chinese Business Leaders Summit on Monday. For the trade chief, the DTI would concentrate on delivering these agreements rather than speculate on the economic consequences of worsening relations with Beijing. The Senate is considering a resolution to declare Chinese Ambassador Jing Quan persona non grata following controversial remarks about China’s military capabilities amid tensions in the West Philippine Sea. Whether further diplomatic action could affect trade and investment, Roque said the consequences remained uncertain. The DTI has not received reports of trade or investment concerns linked to the tensions, she added. China’s role in Philippine com-

merce highlights the potential stakes. Data from the Philippine Statistics Authority show that China accounted for more than a quarter of Philippine imports in 2025. Further, the Philippines recorded a $29.13-billion trade deficit with China that year. Asked about contingency measures for possible economic repercussions, Roque said the department would continue pursuing its trade agenda and securing market access for local exporters. The second Asean-Chinese Business Leaders Summit, hosted by the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII), brought together regional business leaders and investors to discuss trade and investment opportunities in the country.

tration of economic activity in Metro Manila as an example of the potential benefits of urbanization. In 2023, the National Capital Region accounted for more than 31 percent of the country’s gross domestic product (GDP), despite having only about 12.4 percent of the national population. By comparison, 17 highly urbanized cities outside the capital accounted for about 10 percent of the population and 11 percent of GDP. The report also identified potential regional growth clusters in Mindanao, including DavaoTagum, General Santos-Polomolok and Cagayan de Oro-Iligan. “Stronger links among these urban centers and surrounding local governments could help expand economic activity across wider areas,” it said. However, urban peripheries continue to face infrastructure gaps, particularly in road density,

internet access and access to seabased markets. As such, the World Bank said corridor development should involve coordinated investments in infrastructure, land use, housing, and logistics, rather than transport links alone. It also recommended strengthening LGUs’ capacity to generate their own revenues, particularly through underused property taxes, and aligning local government classifications, fiscal arrangements, and planning frameworks with actual urbanization patterns. The report further called for stronger incentives for LGUs to coordinate infrastructure and development investments across administrative boundaries. “The challenge is not simply to connect places through infrastructure, but to build systems of urban nodes that convert connectivity into investment, productivity, and jobs,” it also said.

Retirement…

Its sustainability score, however, slipped to 63.9 from 64.4. Jenkins said the country needs “to improve support for lower income older people.” He also cited the need to strengthen vesting rules and governance in private pension plans, as well as providing more options that would allow retirees to convert their accumulated savings into a regular income stream instead of withdrawing the entire amount at once. In the Philippines, contributory pension coverage is provided through the Social Security System (SSS) for retired private-sector workers and the Government Service Insurance System (GSIS) for government employees. The government also provides a P1,000 monthly social pension to eligible indigent senior citizens. As of 2026, the SSS provides pensions to around 4.1 million beneficiaries, while the GSIS covers about 600,000. The Department of Social Welfare and Development (DSWD), meanwhile, provides social pension assistance to around 3.7 million indigent senior citizens.

Continued from A1

Tim Jenkins, lead author of the report and partner at Marsh Investments and Retirement, said the Philippines’s improvement was driven mainly by a refined assessment of existing annuity requirements. He added that the country was nearing the threshold for a C rating. “The system has strengths in replacement rates and occupational pension coverage, but these need to be matched by further progress in areas that support long-term retirement income,” Jenkins told the BusinessMirror via email. The MCGPI assesses pension systems based on three factors: adequacy, or the benefits provided to retirees; sustainability, or the system’s ability to fund future pension obligations; and integrity, which covers governance, regulation and transparency. The Philippines’s adequacy score rose to 44.7 in 2026 from 40.6 in 2025, while its integrity score improved to 35.7 from 33.2.

Many factors behind peso’s… Continued from A13

the dollar while its weakest was seen at P63.11 against the greenback. For his part, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said the peso remained unchanged ahead of the BSP policy meeting set on Thursday. “Expect the currency to range between the 62.900/52.200 levels,” added Ravelas.

Budget…

Continued from A1

The ruling granted the petition filed by Filipinos for Peace, Justice and Progress Movement, Inc. et al. assailing the amendments involving special accounts and appropriations in the 2025 GAA, as well as the reported increase in the budget allotted to the DPWH-SRF from P16.756 billion to P34.748 billion. “As regards the P12.75-billion increase to certain agencies’ Special Accounts in the General Fund [SAGF], the Court ruled that these were made in violation of Book VI, Chapter 4, Section 25 of the Administrative Code, which prohibits increasing amounts in special provisions beyond those proposed by the president,” the SC declared. Also declared unconstitutional are the Special Provisions 1(a) and (b), Chapter XLIII of the 2026 GAA which authorizes unprogrammed appropriations. The Court further ruled that the budgetary ceiling imposed under Article VI, Sec. 25(1) of the Constitution applies to the total of programmed and unprogrammed appropriations. The ruling partly granted the petitions filed by Caloocan City 2nd District Representative Edgar Erice and Mamamayang Liberal Representative Leila de Lima challenging the constitutionality of Chapter XLIII of the 2026 GAA, which authorizes unprogrammed appropriations (UAs). The SC ruled that Unprogrammed Appropriations are not unconstitutional per se but would require clear limits and safeguards to preserve fiscal discipline, transparency, and accountability. “They become constitutionally infirm when they lack sufficient standards, effectively granting the Executive unchecked spending authority that weakens fiscal discipline and undermines funding for programmed projects when estimated government revenues are not realized,” the Court said. The Court noted that from 1989 to 2018, the UAs were to fund six to a maximum of 12 purposes including support for foreign-assisted projects and general fund adjustments. In the 2024 GAA, the SC noted that Congress, through the Bicameral Conference Committee, bloated the UAs by adding 43 programs, activities and projects amounting P303.11 billion. The changes resulted in an excess of P449.5 billion worth of projects and programs under the UAs of the 2024 GAA. From the proposed P282 billion in the 2024 NEP, the UAs surged to P732 billion in the 2024 GAA. The SC declared that Congress “severely distorted the budget” by creating artificial fiscal space in the programmed appropriations which paved the way for increases in allocations for DPWH basic infrastructure programs. “The General Appropriations Act is among the most consequential enactment of government. It determines how public resources will be used to respond to our people’s suffering and to advance their hopes and aspirations. It has never been a catalogue of licenses to abuse or to steal,” the Court said. “Yet, we resolve these consolidated cases with the confidence and the hope that those in the political departments will also find the courage and moral clarity to hold their own leaders accountable when they betray the people they are sworn to serve,” it added. The Court also ruled that the budgetary ceiling imposed under Article VI, Sec. 25(1) of the Constitution applies to the total of programmed and unprogrammed appropriations. The Court also noted that the item “Strengthening Assistance for Government Infrastructure and Social Programs (SAGIP)” under the 2024 and 2025 GAA unprogrammed appropriations is a prohibited lump sum appropriation because it gives the Executive post-enactment identification/allocative powers, which are constitutionally vested in Congress. “As such, it became the covert repository of lump sum allocations for DPWH infrastructure like flood control projects,” the SC said. Likewise, the SC reminded the Bicameral Conference Committee that its proceedings must be transparent and accountable. It noted that there were no records of the Committee’s discussions, and its report did not explain the increases and decreases in budget items, in violation of the Rules of the House and the Senate. Neither did the Committee submit any documents supporting the changes in the budget. The SC permanently prohibited the Senate, House of Representatives, Office of the Executive Secretary, and the Department of Budget and Management Acting Secretary from implementing Special Provision 1(a) and (b), Chapter XLIII of the 2026 GAA. As to the 2024 and 2025 GAA, the SC held that the doctrine of operative fact applies. The doctrine nullifies the effects of an unconstitutional law or an executive act by recognizing that the existence of a statute prior to a determination of unconstitutionality is an operative fact and may have consequences that cannot always be ignored. However, the SC declared that the doctrine covers only irreversible programs whose beneficiaries acted in good faith. “It does not shield authors, proponents, or implementors from criminal, civil, or administrative liability unless the proper tribunals explicitly find that they acted in good faith,” the court said.

The Nation

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PHL urges Asean unity against evolving transnational crime By Jonathan L. Mayuga @jonlmayuga

HE Philippines called on memberstates of the Association of Southeast Asian Nations (Asean) to strengthen cross-border cooperation and collective response to evolving transnational crime to protect the people in the region. Speaking during the 20th Asean Ministerial Meeting on Transnational Crime in Makati City on Tuesday, Interior Secretary Juanito Victor C. Remulla, chairman of the 20th AMMTC, said criminal networks are now using digital technologies, encrypted communications, and cross-border financial systems to expand their oprations and evade detection. “Reports of associated online scamming operating in parts of Southeast Asia with potential annual economic losses of $114 billion,” he said. “Behind that are families whose lives are devastated by fraud, trafficking and exploitation. Cybercrime, online scams, trafficking in persons, enforced criminality, and money laundering feed each other, and they operate across multiple jurisdictions. Alongside them, illicit drug trafficking, terrorism, and violent extremism,” he said, adding that people smuggling and arms smuggling continue to threaten the region. “Our response must be as just coordinated; We need effective law enforcement, victim protection, and public awareness, and stronger cooperation with the private sector, particularly technology companies. Under President Ferdinand Marcos, the Philippines is committed to real-time intelligence sharing, joint operations and capacity building,” he said. Remulla said the meeting should pave the way for the Asean member states’ to turn commitment to fighting transnational crime into action. He said there is a need to strengthen regional cooperation to respond the these emerging threats and advance regional commitments, and identify political measures to strengthen cooperation, particularly the region’s law enforcement agencies, adding that in the implementation of the Asean Plan of Action in combating transnational crimes 2026-2035, the priority should be “our people” in the frontline. He said law-enforcement agencies need highly trained investigators, specialized cybercrime units, digital forensics, financial

investigation, and stronger operational coordination across our borders. “Next month, as we meet again during the 49th Asean Leaders Summit. The outcome documents we adopt here, particularly in the intersection of transnational crime and digital security, must carry our collective resolve and give clear direction for regional action.” “No member state should face these threats alone. No criminal network should be allowed to exploit the gaps between our jurisdictions. Our strength as a region lies not only in the commitment we make but our ability to act together,” he ended. Earlier in his welcome remark, he said that Southeast Asia is growing and transforming. But alongside that progress come security challenges that are more complex, more interconnected, and harder to contain within any one country’s borders, adding that criminal networks are taking advantage of technology, economic integration, and cross-border connectivity. “No single nation can answer that alone. It takes an Asean that is prepared, coordinated, and united,” he said, citing the spirit behind the Philippines’ 2026 Asean Chairship theme, “Navigating Our Future Together.” “Our countries may face different challenges, but our security and our future are tied together. What strengthens one Member State strengthens the region. A threat left unaddressed in one jurisdiction puts others at risk,” he said. “Our shared priorities remain clear: Peace and Security, Prosperity, and People. These are more than principles. They are our responsibility to more than 700 million people across Asean who count on us to protect their families, secure their livelihoods, and build a safer future for the next generation.” The DILG chief said that ultimately, regional security is about people. “It means a family that can live without fear, that our workers are protected from exploitation, and that our children can grow up in communities free from violence and criminal influence,” as he called on participants from the Asean member-states to go beyond policy discussions. “There are concrete steps we want out of these meetings: stronger law enforcement capabilities. Timely information sharing. And practical measures that let our countries respond effectively when threats cross our borders,” he said.

Lacson accuses Cayetanos of weaponizing budget

EN. Panfilo Lacson on Tuesday criticized sibling senators Alan Peter and Pia Cayetano for subjecting Laguna Lake Development Authority (LLDA) General Manager Leopoldo Parumog to an extensive grilling on issues unrelated to the agency’s proposed 2027 budget. Lacson accused the Cayetanos of turning Monday’s budget deliberations into a fullblown legislative inquiry. Both senators took turns questioning Parumog over enforcement actions in Taguig City – the Cayetano family’s long-standing political stronghold. “DINUMOG SI PARUMOG: They took turns interrogating the hapless LLDA general manager with questions totally unrelated to the agency’s proposed 2027 budget as if it were a full-blown Senate inquiry in aid of legislation,” Lacson wrote in a post on X, attaching video footage of the session. During the Department of Environment and Natural Resources (DENR) budget hearing, the discussion abruptly shifted f ro m g o v e r n m e n t re s p o n s e s t o E l Niño toward the LLDA’s involvement in joint inspections with the Office of the Ombudsman and the Philippine Reclamation Authority (PRA). Sen. Alan Peter Cayetano accused the LLDA of “selectively targeting” Taguig City and questioned why the agency did not publicize its enforcement efforts in other

jurisdictions with the same level of detail. He further alleged that LLDA personnel were inspecting a local lakeshore park and claimed inspectors were facing harassment. Parumog denied any harassment claims and clarified that he had never personally met Lacson. In response, Alan Peter Cayetano emphasized that government agencies m u s t m a i nt a i n p o l i t i c a l n e u t ra l i t y while executing their mandates. Sen. Pia Cayetano suppor ted her brother, warning against using state bodies for political leverage. “When we allow government agencies to be weaponized against certain people in government, private individuals, or LGUs, we should all take responsibility. It breaks down our systems,” Pia Cayetano said. “Do not allow your offices to be weaponized.” The clash follows ongoing reports of illegal reclamation and garbage dumping along the Taguig Lakeshore. A composite inspection team composed of lawyers and engineers recently sent Lacson video documentation showing continued dumping and requested police escorts for safety during site visits. Lacson previously voiced concerns over reports that officials from other agencies, including the PRA, faced intimidation See “Lacson,” A4

Wednesday, October 21, 2026

Groups back dropping of three impeachment articles vs Duterte By Jovee Marie N. dela Cruz @joveemarie

MPEACHMENT complainants and anti-corruption advocates on Tuesday defended the House prosecution panel’s decision to drop three of the four impeachment articles against Vice President Sara Z. Duterte, saying the move would expedite the trial without abandoning accountability, while the House of Representatives lead prosecutor assured the public that evidence from the withdrawn charges could still be used in separate legal proceedings. In a joint statement, signatories to the first and third impeachment complaints, along with former government officials, religious leaders, legal experts and civil society groups, expressed support for focusing the Senate trial on Article II, which concerns unexplained wealth and allegedly undisclosed business interests. The Senate Impeachment Court accepted the prosecution’s October 13 withdrawal of Article I on the alleged misuse of confidential funds, Article III on bribery, and Article IV on grave threats, leaving Article II as the sole remaining

article against Duterte. The coalition described the decision as a strategic move to bring the proceedings to a timely conclusion, stressing that withdrawing the articles did not erase the allegations or prevent accountability through other legal avenues. The groups cited a plunder complaint before the Office of the Ombudsman over the alleged misuse of confidential funds and a grave-threats case before the Regional Trial Court in Quezon City stemming from Duterte’s November 2024 remarks concerning President Marcos, First Lady

Liza Araneta-Marcos and former Speaker Ferdinand Martin G. Romualdez. They also rejected the defense’s claim that the withdrawal denied Duterte due process, saying her lawyers had previously rejected a proposal to alternate the presentation of evidence for each article. The coalition accused the defense of using procedural disputes to prolong the trial, arguing that narrowing the case would help bring the proceedings to a conclusion. Defense lawyers maintained that Duterte should be allowed to counter allegations already presented publicly. The impeachment court subsequently lifted restrictions on public discussion of the withdrawn articles and limited the defense’s evidentiary presentation to Article II. L u i s t r o, m e a nw h i l e , s a i d evidence presented under the withdrawn articles, along with records gathered by the House Committee on Good Government and Public Accountability, could be turned over to the appropriate authorities for possible criminal proceedings, subject to legal and procedural requirements. “We have withdrawn the three articles of impeachment covering confidential funds, bribery and grave threats. We appeal to the public not to regret this decision because these articles are not gone,” Luistro said. On the grave-threats allegations, Luistro cited charges filed by the Department of Justice against Duterte before the RTC in Quezon

City. She said the court had found probable cause to hold the Vice President for trial, although the proceedings remained pending. Luistro also said the prosecution was prepared to furnish the Ombudsman with evidence involving the alleged misuse of confidential funds and bribery during Duterte’s tenure as education secretary once the agency issued a subpoena. “We have already expressed our willingness to respond to the Ombudsman’s request, but it would be best to wait for the agency to issue a subpoena. We will gladly turn over the evidence concerning graft and bribery immediately,” she said. The lead prosecutor stressed that accountability extended beyond impeachment, noting that the Ombudsman could pursue appropriate legal action if its investigation established sufficient grounds under the law. Luistro also cited the National Bureau of Investigation’s ongoing probe into properties allegedly owned by Duterte and her husband, lawyer Manases Carpio. Although the findings could no longer be used in the withdrawn impeachment proceedings, she said they could help authorities determine whether criminal cases should be filed. “We hope the NBI’s findings can still be pursued through other government agencies and legal avenues, such as the Department of Justice and the Office of the Ombudsman,” Luistro said.

rejects Chinese Lawmakers to Marcos: Consider DPC Embassy ‘smear’ Chinese ambassador’s expulsion against journalists

INE members of the House of Representatives on Tuesday urged President Marcos to seriously consider expelling Chinese Ambassador Jing Quan, condemning his remarks about China’s ability to use force against the Philippines and the Chinese Embassy’s subsequent taunts against Filipino officials. In a joint statement, the lawmakers said Jing’s remarks and the embassy’s response reinforced what they described as a pattern of intimidation, aggression and disrespect toward the Philippines. “We are deeply troubled by Chinese Ambassador Jing Quan’s remarks invoking China’s ability to use force against the Philippines, as well as the Chinese Embassy’s dismissive attitudes toward Filipinos’ sentiments,” they said. The lawmakers also criticized the Chinese Embassy for challenging Philippine officials who have called for Jing to be declared persona non grata, or an unwelcome foreign envoy.

They said the embassy’s language did little to promote serious dialogue between the two countries and instead suggested that the Philippines should accept China’s threats and demands. “The Philippines must not be cowed into silence in the face of such arrogance,” the lawmakers said. They called on Marcos to stand firm against what they described as further Chinese aggression and give serious consideration to their appeal for Jing’s expulsion. “The ambassador has clearly overstayed his welcome,” they said, adding that the Philippines should no longer host a foreign envoy whose statements and conduct showed disregard for the country’s sovereignty. The controversy stemmed from Jing’s recent remarks, when he said China could “easily win” if it chose to use force against the Philippines, although he added that Beijing would not resort to force and valued peace.

The remarks drew strong criticism from Philippine officials, including Marcos, who said the statement sounded like a threat. The Department of Foreign Affairs summoned Jing on Monday to convey Manila’s serious concern and strong objection, describing his remarks as provocative and unacceptable. The Chinese Embassy subsequently challenged calls to declare the ambassador persona non grata, telling lawmakers to “stop bluffing.” Jing, for his part, denied threatening the Philippines and maintained that his remarks had been taken out of context. The nine signatories were Lanao del Sur Rep. Zia-ur Rahman Alonto Adiong; Dinagat Islands Rep. Arlene Bag-ao; Party-list Reps. Percival Cendaña of Akbayan, Leila de Lima of Mamamayang Liberal, Jose Manuel Diokno of Akbayan, Dadah Kiram Ismula, also of Akbayan, and Karl Fernandez Legazpi of Pinoy Workers; Albay Rep. Cielo Krisel Lagman;; and Las Piñas City Rep. Mark Anthony Santos. Jovee Marie N. dela Cruz

@jrsanjuan1573

HE Supreme Court (SC) has declared that the Office of the Ombudsman may investigate public officials for possible wrongdoing even if the Commission on Audit (COA) is conducting a separate investigation involving the same facts and transactions. In a 63-page ruling written by Associate Justice Maria Filomena D. Singh, the Court en banc held that the Ombudsman does not need to wait for the final findings of the COA before conducting its own investigation against government officials. “While the COA’s findings may be persuasive, they do not have the binding

effect,” the Court said. “As a constitutional body, the Office of the Ombudsman is given a wide latitude to approach each and every investigation it is undertaking,” it added. Thus, the Court denied the consolidated petitions filed by 18 former officials of the Provincial Government of Palawan which sought the reversal of the Court of Appeals’ rulings issued on August 3, 2018 and August 27, 2020. In the said decisions, the CA affirmed the consolidated decision issued by the Ombudsman which found the 18 Palawan officials administratively liable for grave misconduct, serious dishonesty, and gross neglect of duty in connection with the irregularities in the use of the province’s

share in the Malampaya Fund. The cases stemmed from the release of P2.57 billion from the Malampaya Fund for development projects in Palawan. Of this amount, P966 million was allocated to the province to fund projects involving electrification, healthcare, education, and infrastructure. Following a COA special audit, four administrative complaints were filed before the Ombudsman against the provincial officials over alleged irregularities in the projects’ procurement and implementation. The complaints alleged, among others, inadequate publication and posting of invitations to bid, improper evaluation

HE Defense Press Corps (DPC), one of the oldest press organizations in the country, strongly rejected the Chinese Embassy in Manila’s disparaging remarks against Filipino journalists. “The DPC takes exception to the statement issued by the Chinese Embassy in Manila, which claims that Filipino reporters have limited comprehension, exaggerate facts, take things out of context, and intentionally create hype,” the group said in a Facebook post. And while the Chinese Embassy statement did not specifically identify the DPC in its post, the group said it clearly “discerns its disparaging intent.” “The statement came after the Chinese ambassador remarked that China has the capability to use force and defeat the Philippines if it wanted, but instead chose peace,” the DPC statement said. And while the group insisted the Chinese ambassador’s remarks were reported verbatim in the issuing news articles, it added that the resulting political fallout is “neither within the control nor responsibility of journalists.” “Words have consequences. Ever y statement issued and every interview given carries consequences, whether intended or not. We are often reminded of this principle when the Chinese side issues radio challenges within the Philippines’ exclusive economic zone [EEZ]; ‘You bear the responsibility for whatever consequences of your actions’,” it added. “Filipino reporters regularly sail and fly over the West Philippine Sea, where they have witnessed and experienced Chinese aggression at sea. At the same time, we have consistently sought the Chinese side’s response to every issue, including water cannon attacks, collisions, and new remarks

See “COA,” A4

See “DPC,” A4

SC allows Ombudsman probes alongside COA By Joel R. San Juan

By Rex Anthony Naval

Wednesday, October 21, 2026

Economy

www.businessmirror.com.ph

Land issues delay key border project

By Ada Pelonia

@adapelonia

HE timetable for the country’s first border control checkpoint has been pushed back again owing to land acquisition issues. The facility is considered crucial for blocking transboundary animal diseases and stopping illegal imports.

Agriculture Secretary Francisco Tiu Laurel Jr. said the Department of Agriculture (DA) will start the bidding for the construction of Cold Examination Facilities for Agriculture (Cefas) when it receives the special allotment release order (Saro) under its 2026 budget.

“Three Cefas will be built at the [Ports of] Manila, Subic, and Davao. The actual bidding can start as soon as we get the Saro. So, technically we’re ready to implement the three [sites],” Tiu Laurel told reporters on the sidelines of the Tuesday Club breakfast forum.

Under the rules, government agencies should secure a Saro from the Department of Budget and Management (DBM) for funds to be disbursed. The DA earlier allocated around P1.2 billion or P313 million each to build the three Cefas this year.

Conflicts TIU L AUR EL ex plained that the agency had to hurdle conf licts regarding land acquisition where the three Cefas would be constructed, adding that these have already been resolved. “We had a problem with the land in Davao, but that has been resolved. The land initially obtained for [the Cefa] in Subic was too small and the plant wouldn’t fit, so we had to look for another land,” he said. Despite the tight space available in Manila, he noted that “we found a land already to build upon.”

Red alert at Visayas power grid By Lenie Lectura

“The facility might be smaller because [the price of] everything has gone up, so we had to reconfigure everything to fit the budget and still make it operational,” Tiu Laurel said. He noted that once these were bid out, construction could take 12 months, with the DA’s deadline to complete the three Cefas set at end2027. This means it could be operational in 2028.

Cold storage facilities THE department has also opened four modular facilities in four towns in Camarines Sur, namely San Jose, Garchitorena, Lagonoy, and Tigaon, worth P45.5 million. The solar- and wind-powered modular cold storage facilities are expected to slash post-harvest losses while increasing income opportunities for farmers and fishermen. The agency also launched a P51.5-

PSA goes digital

@llectura

By Justine Xyrah Garcia

HE Visayas power grid on Tuesday experienced another red alert owing to power plant outages that led to insufficient power supply. Available capacity stood at 2,468 megawatts (MW) while peak demand was registered at 2,545MW. From 5:00 p.m. to 6:00 p.m., grid was placed by the National Grid Corporation of the Philippines (NGCP) on red alert. From 3:00 p.m. to 5:00 p.m. and from 6:00 p.m. to 8:00 p.m., the yellow alert was hoisted over the Visayas. Red alert is issued when power supply is insufficient to meet consumer demand and the transmission grid’s regulating requirement. Yellow alert is raised when the operating margin is insufficient to meet the transmission grid’s contingency requirement. From January to October this year, the Visayas experienced 121 yellow alerts and 45 red alerts. The NGCP said there are five power plants on forced outage this month, four plants since September, three plants since August, one plant since June, four plants since May, three plants since 2025, two plants since 2024, two plants since 2023, and one plant since 2021, while 22 plants are running on derated capacities, for a total of 685MW unavailable to the grid. The factors that contributed to the red and yellow alerts include unavailability of Visayas’ large coal plants PEDC 3 and KSPC 1 and the limited power imports from Mindanao due to the planned outages of GNPK 4, TSI 2, TMI Mobile2-U2, and Pulangi 4 U2.

HE Philippine Statistics Authority (PSA) is seeking to make civil registration faster and more efficient with the launch of a new digital system for recording births, deaths, and marriages. The agency on Monday launched the electronic Civil Registration and Vital Statistics (eCRVS), a platform that links local civil registry offices, health facilities, barangay, and the PSA to speed up registration and improve the accuracy of vital records. National Statistician Claire Dennis S. Mapa said the system marks a step toward modernizing civil registration and improving service delivery. “The launching of the eCRVS is an important step forward in the digital transformation of civil registration in the country. Through digitalization, we seek not simply to modernize our systems, but to fundamentally improve the way civil registration services are delivered,” Mapa said. During the first phase of implementation, 70 local governments (LGU) adopted the eCRVS, through which 16,451 births and 4,064 deaths were registered, according to the PSA. The launch follows the introduction of the PSA E-Certificate Service in February, which allows Filipinos to obtain digital copies of birth, marriage and death certificates, as well as certificates of no marriage and no death, through PSAHelpline.ph

million slaughterhouse in San Jose, aimed at enhancing meat-handling services for livestock raisers. Of this amount, the DA said P41.2 million was funded by a World Bank loan, with the remaining balance shared equally by the local government (LGU) and the national government. Tiu Laurel said the two facilities would bolster local food supply chains while creating job opportunities. “These facilities are investments in the livelihoods of our farmers, fisherfolk and livestock raisers. By reducing post-harvest losses, improving meat-handling services and connecting local producers to better markets, we can help them earn more from their hard work.” He added: “They can also generate jobs in processing, storage, transport and related services, while attracting more economic activity that will support San Jose’s growth and benefit surrounding communities.”

The documents are issued electronically and can be authenticated through a QR code or an online verification portal. Despite these initiatives, the Philippines still faces challenges in integrating its civil registration systems, according to a 2023 report by the United Nations Economic and Social Commission for Asia and the Pacific (Escap). The report identified the use of multiple systems across civil registry offices as a challenge to digitalization, highlighting the need to improve how records are encoded, transmitted and accessed across the system. These include the Philippine Civil Registry Information System (PhilCRIS), which allows local civil registrars to encode vital events and transmit files to the national level and the Civil Registry System (CRS), which supports the issuance of copies of records stored in its database. The country, Escap said, also uses the Decentralized Vital Statistics System (DVSS), which automates the reporting of vital events at the municipal level and the Barangay Civil Registration System (BCRS), which enables barangay officials to record and manage household and demographic information at the community level. While these systems serve different functions, the UN body said their coexistence underscores the challenge of connecting various systems through a one seamless digital process. By 2030, the PSA aims to fully achieve a fully digital CRVS.

DPC. . . Continued from A3

from Philippine government officials, in the spirit of fair play and balanced reporting,” the DPC stressed. The group also added that it must be difficult for a country without a “free press to understand the dynamics of journalistic independence and editorial judgement exercised without state control or oversight.” The DPC said that it understands such a situation and said that not all journalists “are as fortunate as those who live and work in a true, albeit imperfect, democracy.” Rex Anthony Naval

Lacson. . . Continued from A3

while addressing reclamation along Laguna Lake’s Taguig section. He cited an earlier PRA investigation that stalled after Alan Cayetano allegedly pressured representatives during November 2025 budget deliberations for the Office of the President. To address the persistent issues, Lacson earlier proposed a multi-agency coordinated response involving the LLDA, PRA, Office of the Ombudsman, Land Registration Authority (LRA), Department of Public Works and Highways (DPWH), and the DENR.

COA. . . Continued from A3

of bidders’ eligibility, and awarding of contracts despite incomplete requirements. They also cited the assignment of the same personnel to multiple projects with overlapping schedules, incomplete disbursement documents, and inaccurate accomplishment reports that overstated project progress, resulting in payments to contractors. The officials brought the issue before the SC, arguing that the Ombudsman’s investigation was premature because the COA’s audit findings were not yet final. They also cited a later COA decision that ordered a review of certain projects and an assessment of the extent of some officials’ liability. However, SC upheld the Ombudsman’s findings that the officers are administratively liable. It noted that Article XI, Section 13(1) of the Constitution and the Ombudsman Act of 1989 empower the Ombudsman to investigate, on its own initiative or upon a complaint, acts or omissions of public officials that appear illegal, unjust, improper, or inefficient. The SC explained that the Ombudsman and the COA exercise separate and independent powers It noted that while the COA audits government funds and transactions, the Ombudsman investigates possible wrongdoing by public officials. “In this regard, the Court has constantly ruled that, in the context of irregular government transactions, the interest of the COA is solely administrative, and its investigation does not foreclose the Ombudsman’s authority to investigate and determine whether there is a crime to be prosecuted for which a public official is answerable,” the SC said.

TheWorld

Wednesday, October 21, 2026

Asia refiners in dispute with Saudis over ‘27 oil contracts By Yongchang Chin

Bloomberg News

AUDI Aramco’s term-contract negotiations with Asian oil refiners have run into trouble due to disagreements over outstanding purchases in existing deals, said traders involved in the discussions. The disputes are a byproduct of the Middle East war, which cut ex ports from the region and meant that Saudi Arabia’s customers weren’t able to collect their contracted supply. That

forced refiners to switch to a more opportunistic mode of buying Persian Gulf oil via the spot market. To satisfy this demand, Aramco ramped up spot sales to Asia from early September, taking advantage

of a recovery in flows through the Strait of Hormuz even as attacks on ships continued. The world’s No. 1 crude exporter is now trying to revert to selling more oil under contract for next year. The crux of the argument is whether the recent wave of spotmarket purchases can count toward refiners’ annual contractual obligations this year, according to the traders, asking not to be named as they’re not authorized to speak to media. If spot buying is excluded many Asian refiners won’t be able to meet their 2026 contracts with Aramco, the traders said. Some processors are arguing the prompt buying should be included in their contractual obligations, but

From France to Albania, social unrest is setting the streets of Europe ablaze By Teresa Medrano & Suman Nashadham

Students say education resources are dwindling

IN France, which has a centuries-old tradition of popular protest, high schoolers have staged blockades and demonstrations for more than three weeks, demanding more resources for schools they describe as understaffed and dilapidated, especially in lower-income neighborhoods. The protests broadened as France’s CGT labor union and other activists joined in while students paused for a fall break. The movement now includes demands over rising living costs and public services. Despite hundreds of thousands of people marching peacefully, the weekend’s unrest led to 2,400 arrests and serious disturbances in parts of France, including looting in Paris, Marseille, Lyon and Bordeaux. In Limoges, flames engulfed the 19th-century City Hall and nearly destroyed the building. Some schools were set on fire. As students and rioters threw firebombs and law enforcement responded with tear gas, hundreds have been injured. French President Emmanuel Macron condemned Saturday’s violence, accusing

POLICE confront “Italia in Piazza” protesters in Milan, Italy, on Saturday, October 17, 2026. STEFANO PORTA/LAPRESSE VIA AP

far-left activists of trying to foment chaos by attacking buildings and police. “Those who looted will have to pay for the damage, and those who sought to bring down the Republic will be held accountable,” Macron said Sunday in a rare televised address. In Spain, elementary and secondary schoolteachers began an indefinite strike in Madrid last week to demand better pay and working conditions. Discontented teachers staged similar walkouts elsewhere in Spain this year.

Unaffordable housing stymies young people

IN Madrid’s central Puerta del Sol, tarpaulin tents have blanketed the square for weeks to protest rising housing costs, sparked by the eviction of María del Carmen Abascal, an 87-year-old woman who later died while hospitalized. Smaller protest camps followed in other Spanish cities. The public pressure led the ruling Socialist government to approve affordable housing measures, but they lacked support in Parliament, leading Prime Minister Pedro Sánchez to call for an early election in November. A general strike also was called for November—the first in 14 years. Similar housing protests have sprung up in Portugal’s largest cities, Lisbon and Porto, and in Barcelona, a focal point of Spain’s overtourism and housing challenges. Spain’s minimum wage is 1,221 euros ($1,370), while the average monthly rent for an 80-square-meter apartment is around 1,130 euros (about $1,270), according to an analysis by the business newspaper Expansión. “Most of my paycheck goes to the rent. My roommate struggles to make ends meet just like I do,” said Diana Manzanares, a 20-year-old waitress at the Madrid encampment. “This is my reality and the reality of most of us living in this city.”

Untenable living costs as inflation rises in Italy

“ITALIA in Piazza,” or Italy in the Streets, has galvanized thousands of demonstrators, voicing demands for better employment, healthcare, education, and access to housing, as well as higher wages. Inflation

in Italy rose to 4.2 percent in September, surpassing the eurozone’s 3.8 percent, according to government data. The peaceful marches were followed by violent riots in Turin and Bologna, and in Italy’s finance and fashion capital of Milan, where masked rioters clashed with police, looted stores and set property on fire. Milan police said 271 people were arrested—most of them minors—and 14 security officers were injured during two days of unrest. Now a newly formed group calling itself the “Oct. 17 Movement” has announced what it describes as a “permanent mobilization” to demonstrate every Saturday at 3 p.m. in cities across Italy. Students in Albania join anti-corruption protests A n t i - g o ve r n m e n t p ro te s t s h ave stretched over a week in Albania’s capital of Tirana, with clashes escalating after high school and university students joined the broad anti-government “Flamingo” movement calling for Socialist Prime Minister Edi Rama to resign. Rama has condemned the protesters as “ideologized and radicalized” by antifa, an umbrella term for loosely organized far-left militants. President Trump has designated the movement a terrorist organization in the United States. Ending corruption is a major demand of the movement, which was named for the natural habitat of flamingos in an area where Rama’s government agreed to allow a major luxury tourism development linked to Jared Kushner, Trump’s son-in-law. They also want protections for healthcare, education, and public pensions, according to its website. In Serbia, the university students leading mass anti-corruption protests for nearly two years are challenging an attempted return to power by the Balkan country’s former populist leader Aleksandar Vucic in parliamentary elections. The former authoritarian president is aiming to be named prime minister after the October 25 vote. The youth-backed Students’ List party is believed to be running close to Vucic’s party, making the outcome uncertain and fueling fears of possible violence.

Term-contract discussions for the coming year normally conclude by the end of October, as Asian refiners typically order Januaryloading Middle Eastern crude from the spot market in November, and need to know how much oil they will be taking under term contracts next year before they can make those buying decisions. Si m i l a r negot i at ion s w it h other Persian Gulf producers are also going on at the moment. Abu Dhabi National Oil Co., the United Arab Emirates’ biggest oil company, is allowing spot crude purchases to count toward some Asian refiners’ annual oil-import obligations this year, although no decision has been reached on whether this arrangement will

continue into 2027. “As a resilient and reliable energy provider, Adnoc remains committed to supporting our customers across Asia and providing flexibility as we meet their requirements,” the company said in a response to questions. The question of how Asian refiners will buy oil from the Middle East will remain uncertain until the security situation in the region stabilizes. Aramco has floated the idea of changing pricing benchmarks and delivery terms in its supply contracts. One option under consideration is that the Saudi producer will take on the responsibility of transporting the crude directly to some of its Asian customers.

Australian PM: Lawmaker critically injured by car is ‘no accident’ By Rod McGuirk & Charlotte Graham-McLay The Associated Press

The Associated Press

ADRID—Rising fuel costs, discontent with the state of schools, declining public services and a housing crisis are fueling an autumn of protests in Europe. Crowds have protested for weeks in major cities, with some demonstrations marked by arrests, looting, injuries and violence across France, Italy and Albania. In Spain and Portugal, tent camps have sprung up to protest unaffordable housing. Young Europeans are experiencing “a strong sense of uncertainty and a lack of control,” said María Silvestre, professor of sociology at the University of Deusto in Spain. “And when specific situations come together, a spark suddenly ignites that is capable of channeling that discontent and driving people into the streets.” Cities have turned into battlefields as top EU economies, including France, Italy and Spain, approach pivotal elections, while far-right parties have made electoral gains in Germany and could do so elsewhere. It also comes as Europe faces a critical moment in its support for Ukraine, with President Donald Trump making overtures to President Vladimir Putin even as Russia is blamed for increasingly frequent arson attacks, cyberattacks and other acts of sabotage in NATO countries. Right-wing politicians have seized on the chaos. While protests in France have appeared broad-based, Trump portrayed immigrants as responsible for the destruction, writing Monday on his Truth Social platform: “The migrants have taken over France. They must CLOSE THE BORDERS, FAST!” Many of the protests have been fueled by frustrated young people. Other actors, including black-clad, masked agitators, have fomented violence, but French authorities and police have not blamed immigrants. Here’s a look at what’s driving the unrest:

Aramco is pushing back and saying they must take more oil under contract next year to make up for the shortfall, they said. At least one refiner has been asked by Aramco to compensate for this year’s shortfall by committing to taking more crude in 2027, something which it’s balking at, the traders said. Aramco declined to comment. Many Asian oil buyers are reticent to commit to more contracted purchases next year, given the uncertainties over flows as the war shows little sign of ending. The dispute is spilling over into the spot market and slowing down purchases of Saudi crude, as well as oil from other Middle Eastern producers.

ELBOURNE, Australia—An Australian federal lawmaker remained in critical condition Tuesday after undergoing surgery for injuries sustained when she was hit by a car in what Prime Minister Anthony Albanese said was an apparently deliberate attack. Helen Haines, a 65-year-old independent politician, was struck by a Toyota Land Cruiser SUV outside her electoral district office midafternoon Monday in the city of Wangaratta in Victoria state, police said. The driver was arrested and remained in police custody. Albanese said the national counterterrorism team was investigating, incorporating police and intelligence agencies. “This wasn’t an accident. There was a deliberate act, it would appear. We don’t know what the motivation is,” Albanese told the Australian Broadcasting Corp. The 43-year-old driver was apprehended at the scene by members of the public and would be interviewed by investigators. He wasn’t publicly identified and no charges had been announced on Tuesday morning. Albanese said eyewitnesses had reported the suspect passed Haines in his vehicle as she stood by the trunk of her parked car. The car then turned and came back before the man allegedly drove into the politician, the prime minister said. “This wasn’t something with a car just going off the road,” Albanese told Australian channel News24. “This is something that is very clear was aimed at causing harm to Helen Haines.” Home Affairs Minister Tony Burke told the ABC on Tuesday that the driver reversed and struck Haines a second time after initially hitting her, according to witness accounts. Ricky Jefferies, a barber who ran out of his store to help detain the suspect, told reporters he searched the man’s pockets and removed a knife. Police confirmed that a knife was found and said officers were investigating whether the incident was intentional. Haines, who was first elected to the Parliament in 2019, was initially taken to a hospital in Wangaratta, a city of 30,000 people. Albanese said she had been airlifted later on Monday to a hospital in the state capital Melbourne, 236 kilometers (147 miles) away.

Scrutiny

THE episode has renewed safety concerns for Australian lawmakers in a country where politicians have historically been highly accessible to the public and usually go about their business without security officers present. However, public incitement against officials is growing. Police reported in 2025 that threats against parliamentarians had doubled over the past three years. Official data showed more than 1,000 such threats against politicians in the 2025-2026 financial year. Albanese said it was “unfortunate” that an increasingly polarized political climate had already led to security changes for Australia’s lawmakers.

“I think there has been a rise in temperature and there has been too much shouting, not enough discourse, not enough polite conversation and disagreement,” he said. There was ‘no question’ that social media played a part, Albanese added. Victoria Police Acting Superintendent Ashley Mason said investigators considered Haines’ injury an “isolated incident.” “We certainly do not have any intelligence that there is any further or any ongoing threat to any other person or the broader community,” Mason told reporters. her political party leaders and lawmakers, have praised Haines as an admired and well-intentioned legislator with integrity. “Helen Haines is someone who was characterized by civil discourse and engaging constructively right across the Parliament,” the prime minister told News24. Her political career is unusual in Australia. In her constituency, a grassroots community group campaign ousted a senior conservative lawmaker with their candidate, Catherine McGowan, in 2013. McGowan retired in 2019 and Haines was elected with the support of the same community group. She was reelected in 2022 and 2025. Few politicians outside the major parties in the Australian Parliament win

more than a single election. Around the world, political polarization has led security agencies to warn of growing threats to lawmakers. The United States has seen a rise in political violence over the past decade. That includes the 2022 hammer assault on the husband of then-House Speaker Nancy Pelosi, a Democrat, in California; the 2024 assassination attempt on Donald Trump at a Pennsylvania rally during his presidential campaign as well as another on the president at the White House Correspondents’ Association Dinner in April; and the assassinations in 2025 of a Democratic Minnesota state lawmaker and her husband, and of conservative commentator Charlie Kirk in Utah. In Britain, murders of politicians have also prompted bolstered security. Labour lawmaker Jo Cox was shot and stabbed in 2016 by a far-right extremist, while Conservative David Amess was stabbed in 2021 by an attacker inspired by the Islamic State group. In July, the former British politician and reality TV contestant Ann Widdecombe was found beaten to death with a hammer at her home. A man has been charged with murder and terrorism-related offenses.

Wednesday, October 21, 2026

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China issues blunt warning on global turmoil at APEC meeting

By Bloomberg News

HINA’S finance minister opened a key gathering of APEC officials in Hong Kong by delivering a warning about global economic uncertainty and tumult, calling for a joint effort to prevent spillovers from policy shifts. “The international landscape is increasingly turbulent and complex, with geopolitical conflicts spilling across borders and posing multiple challenges to global economic growth,” Lan Fo’an said at the Asia-Pacific Economic Cooperation finance ministers’ meeting on Tuesday. While short on detail, Lan’s brief remarks struck a note of caution at a time when the world economy is becoming more protectionist and coming under increasing pressure from the shockwaves of the war in the Middle East. In the backdrop are elevated bond yields that are raising financing costs while oil prices add to inflation concerns. “It is essential to strengthen macroeconomic policy dialogue and safeguard regional economic and financial stability,” said Lan. “Member economies should strengthen the stability and health of their macro economic policies. In the meantime, we must strengthen policy communications, to prevent the negative spillover impact of policy adjustments in a coordinated way.” Government bond yields in the US, Europe and Japan recently hit multi-decade highs as the Iran war and growing oil prices create risks for inflation and fiscal policy. Questions over outsized debts and rising borrowing costs dominated discussions at last week’s International Monetary Fund and World Bank meetings in Bangkok, with the IMF warning that central banks may need to keep interest rates higher for longer to tame inflation even though that would worsen debt dynamics. The People’s Bank of China was already vocal about the spillover effect from the bond crisis in advanced economies. Pan Gongsheng, governor of the Chinese central bank, said in a statement last week the financial system is getting “more fragile” due to factors including “sharp swings” of government bonds in “some countries.” His deputy, Xuan Changneng, also weighed in, arguing that the recent rise of what he called “risk-free” rates in global markets has raised the cost of borrowing for developing countries and increased their debt-servicing burdens. The APEC meeting has drawn finance officials from 21 economies, representing more than 60 percent of global GDP. It marks Hong Kong’s first time hosting the event and its highest-profile assembly of policymakers from major markets in years. During his speech, Lan also said that rapid advances in artificial intelligence and other technologies bring new engines of growth “closer within reach” as he urged member economies to promote cooperation in AI, low-carbon industries and other sectors. The region should maintain an open economic environment and ensure stable, smoothfunctioning supply chains, he added. Lan said China’s development “is inextricably linked” to that of the APEC region and heaped praise on his country’s economic performance. Official data on Monday showed China’s thirdquarter economic growth beat expectations and put the economy on track to meet Beijing’s annual target. “Faced with a complex and challenging domestic and international environment, the Chinese economy has demonstrated remarkable resilience and vitality,” Lan said.

Wednesday, October 21, 2026

BusinessMirror

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BusinessMirror

Wednesday, October 21, 2026

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Villanueva seeks action on acute shortage of teachers for special needs children By Butch Fernandez

@butchfBM

HERE is an acute shortage of special needs education (SNED) teachers, developmental pediatricians, and allied health professionals, and filling in the gap should be among the priorities as authorities seek to improve the learning system, according to Senator Joel Villanueva. “Our children cannot afford to wait. We need to address the shortage of SNED teachers,” Villanueva said. At a recent Senate hearing, Villanueva shared his visit to Minuyan Elementary School in the City of San Jose del Monte, Bulacan, where 138 children with special needs were reportedly being served by only two SNED teachers. He also expressed concern over the challenges families face in securing diagnoses due to the lack of developmental pediatricians and appropriate support for their children. Education Secretary Sonny Angara agreed with Villanueva and said that it takes a year for a child to get an appointment with a developmental pediatrician. Villanueva, co-chairperson of the Second Congressional Commission on Education (Edcom2), also highlighted the shortage of developmental pediatricians, occupational therapists, and speech therapists, citing recruitment bottlenecks in government hospitals, including unapproved plantilla positions despite institutions’ capacity to hire more specialists. He noted that teaching and training hospitals could increase their output with additional support. The Philippine Children’s Medical Center trains five specialists annually but could accommodate at least 15, while the National Children’s Hospital trains eight but could increase its output by at least 10. The Philippine General Hospital trains two specialists annually but it could accommodate 10. “There are low-hanging fruits that we can actually implement right away,” Villanueva said, urging government agencies to address these gaps while pursuing long-term reforms. He stressed that expanding the workforce must go hand in hand with affordable developmental assessments and appropriate interventions, particularly for low-income families.

Autism care MEANWHILE, Villanueva also emphasized the need to institutionalize an autism care and inclusion program to help protect the rights and dignity of persons with Autism Spectrum Disorder and promote their full inclusion, participation, and well-being in society. “The Senate already approved the National Autism Care, Support and Inclusion Act. For every child who remains undiagnosed, for every family struggling to find the right support, and for every student waiting for a teacher, we have a responsibility to act,” Villanueva, co-author and co-sponsor of Senate Bill No. 1822, said. “Inclusion must go beyond words. It must be felt by every child and every family who needs it,” he added.

DAR, DTI, USM partner to boost biz opportunities for Cotabato ARBs

HE Department of Agrarian Reform (DAR), Department of Trade and Industry (DTI), and University of Southern Mindanao (USM) have recently formalized a partnership to help agrarian reform beneficiaries (ARBs) in Cotabato gain stronger business skills, access technology and research, and better opportunities to grow their enterprises. DAR, DTI, and USM formalized their partnership by signing a Memorandum of Agreement (MOA) at the University of Southern Mindanao (USM), which aims to strengthen the business capabilities and growth opportunities of ARBs and their organizations. The collaboration aims to help ARBs and agrarian reform beneficiaries’ organizations (ARBOs) develop sustainable businesses by linking them with academic expertise, research, technology, and enterprise development assistance. “Distributing land is not enough to increase the income of our farmers. That’s why the necessary collaboration and partnership are being fostered by the Department,” said DAR Cotabato Provincial Agrarian Reform Program Officer II Evangeline C. Bueno. “We do commit to provide what is stated, and more of what is stated, in the Memorandum of Agreement,” she added. DTI Cotabato Acting Provincial Director Robert A. Orfrecio reaffirmed his commitment to working with DAR and USM to ensure that the partnership delivers meaningful benefits to ARBs and helps their enterprises grow. USM President Dr. Jonald L. Pimentel, meanwhile, emphasized the importance of turning academic research, innovations, and technologies into practical applications that can support viable businesses and create livelihood opportunities. Jonathan L. Mayuga

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VP questions authenticity of travel authority amid impeachment push By Claudeth Mocon-Ciriaco @claudethmc3

ICE President Sara Duterte claimed that a purported travel authority to Laos is being fabricated because critics failed to build a convincing impeachment case, arguing that they are simply trying to reframe the matter as a national security issue. “When the House of Representatives prosecution team failed to establish a convincing case of an impeachable offense, all it could offer were wacky poses that were neither entertaining nor amusing,” Duterte said in a statement. What the public are witnessing now, she stressed, is an apparent shift in the government’s narrative in taking allegedly taking her down, attempting to reframe the matter as a national security issue. “Ever y thread seems to be stretched into a conspiracy—from

a business venture allegedly linked to Chinese funding to a drug bust in Laos supposedly connected to a Mindanao-Davao conspiracy,” she said. However, she challenged the government to show evidence to substantiate the “sweeping accusations” for “none that has been convincingly presented.” What is being seen, she claimed is “desperation, exemplified by a purported travel authority for Laos that appears to have been fabricated to prop up a narrative unsupported by credible evidence.” She added, “Remarkably, the document was never confirmed by the Office of the President on September 29, 2026, who has always made it a point to announce my foreign travels.” He also urged the government to start working and stop politicking. “The people are impoverished, hungry and angry,” she stated.

Gambling tycoon Atong Ang flees PHL via ‘backdoor,’ says Remulla By Jonathan L. Mayuga

@jonlmayuga

HROUGH a “backdoor,” online gambling tycoon Charlie “Atong” Ang slipped past the police dragnet and has already left the country, Interior and Local Government Secretary Jonvic Remulla said. Incidentally, Remulla has taken the lead in the 20th ASEAN Ministerial Meeting on Transnational Crime (AMMTC) happening from

HE Department of Health (DOH) has reported a rise in leptospirosis cases, while dengue cases have declined. As of October 14, 2026, a total of 13,530 leptospirosis cases had been recorded—47 percent higher than the 9,188 cases reported during the same period in 2025. A total of 13,530 leptospirosis cases were logged as of October 14, 2026, 47 percent higher than the 9,188 cases reported in the same time period in 2025. The DOH also noted the decline in Case Fatality Rate (CFR) from 10.37 percent in 2025 down to 5.41 percent this 2026. “Despite the continuous decline in cases, the Department shall continue to monitor subsequent morbidity weeks to ensure that the downward trend will continue,”the DOH said.

Dengue cases

FROM January 4 to October 14, meanwhile, the DOH reported a total of 205,347 dengue cases, which is 22 percent lower than the 261,749 cases during the same period last year. Despite the general increase observed since the first week of June, cases from the recent 3-4 weeks present a 2 percent decrease with 22,095 cases from September 17 to 30, 2026 compared to the recorded 22,479 cases from September 3 to 16, 2026. The CFR stood at 0.38 percent as of reporting date. Cases remain below the alert and epidemic threshold since the start of the year but 11 Provinces and Highly Urbanized Cities or P/HUCs across nine regions remain flagged for localized dengue increases. The DOH said that it will continue to strength-

en patient navigation and referral coordination among DOH hospitals and partner government health facilities, with particular emphasis on facilitating timely assessment, appropriate management, and referral of dengue patients requiring hospital care. The DOH said that Unified Leptospirosis and Dengue Case Tracker continues to support hospital capacity monitoring, with increased attention to dengue-related admissions and service requirements through the consolidation of: nHospital bed capacity, current admissions, available beds, and pending admissions; nFacilities at or approaching their authorized bed capacity; nReferral requirements and available surge capacity; and nOperational gaps requiring coordination or resource augmentation. The DOH also assured that intensified vector control activities—including weekly source reduction, ovi-larvi trapping, and targeted larviciding—are actively being implemented in priority areas. Likewise, risk communication and health promotion campaigns were intensified through social media and community information drives, targeting schools and barangays. “Implement the Enhanced 4S Strategy, including source reduction, self-protection, early consultation, and supporting vector control activities. Amplify vector control activities, including the Alas Kwatro Kontra Mosquito through the 4Ts–Taob, Taktak, Tuyo, Takip in outbreak areas. Be alert on news and announcements of the national government and local government units and get information from legitimate sources,”the DOH said. Claudeth Mocon-Ciriaco

HE looming El Niño could disrupt work across all industries, including officebased jobs, while construction workers face heightened risks from extreme heat, Labor Secretary Francis Tolentino warned. “All sectors, even office workers, especially construction,” Tolentino said in Filipino when asked about possible work disruptions. To protect workers exposed to extreme heat, employers may need to adjust work schedules, particularly for outdoor activities, he added. “Perhaps some work should start earlier. Noon to 3 p.m. is particularly intense, and that can cause heat stroke,” Tolentino told reporters on the sidelines of Asean Green Jobs Forum. The Department of Labor and Employment (DOLE) is preparing a labor advisory outlining workplace measures during periods of extreme heat, according to the labor chief. He also urged delivery platforms to ease restrictions on riders working during the hottest hours, particularly between noon and 3 p.m. “Platform operators should not be too strict when deliveries are late, especially between noon and 3 p.m.,” the Labor Chief said. Riders should not face penalties or dismissal over heat-related delivery delays, while platforms should allow them to take shelter and access drinking water, he added.

Cayetano airs serious concern over effects of Saudi attacks on thousands of Pinoys By Butch Fernandez @butchfBM

INORITY Leader Alan Peter Cayetano said on Tuesday he is “deeply concerned” for thousands of overseas Filipino workers (OFWs) in Saudi Arabia, where Houthi attacks on airports in Saudi Arabia have included migrants among the casualties. At least seven Filipino workers have been wounded so far in the attacks, while the flights home of some OFWs have been disrupted. “We are praying for their safety and recovery, and for their families, who are anxiously waiting for news and assistance” Cayetano said. “Having worked closely with our diplomats in helping Filipinos

through difficult situations abroad, I know how much timely coordination and good relations with our partner countries matter. These relationships can help open a safe way home when the usual routes are disrupted,” said Cayetano, who once served as secretary for foreign affairs under the Duterte administration. “One option the Department of Foreign Affairs [DFA] and Department of Migrant Workers [DMW] should urgently assess is establishing a humanitarian corridor through Bahrain to help bring stranded Filipinos home. We can draw on our strong ties with both Saudi Arabia and Bahrain to seek arrangements for the safe passage of stranded Filipinos and their onward flights to the Philippines.

at least 21 others, including 15 policemen, for their alleged involvement. According to the witness’ account, the sabungeros were allegedly abducted, strangled to death, and their bodies were disposed of in Taal Lake in Batangas. The killings were allegedly carried out on the orders of Ang, who has denied the allegation but went into hiding, eluding arrest. The Department of the Interior and Local Government chief said the Philippine National Police has been tracking Ang for months, who was reportedly hiding, transferring from one hiding place to another in Luzon, before his alleged successful escape to get out of the country.

El Niño may disrupt work across all sectors—Dole By Mary Jade Jadormio

Leptospirosis cases surge 47% as dengue cases fall—DOH

October 19 to 21 where he called for stronger cross-border collaboration between and among law enforcement agencies of ASEAN

member states to combat transnational crimes. Without providing details on when and how, Ang’s whereabouts remain unknown, and the circumstances of his escape are under investigation. Ang has a warrant of arrest for kidnapping and killing of 34 online “sabungeros” who disappeared and were reportedly killed between 2021 and 2002. The celebrated case of the missing sabungeros is being linked to Ang on account of a witness revelation identified as Julie Patidongan last year. Subsequently, on December 9, the Department of Justice recommended the filing of 26 counts of kidnapping against Ang and

This requires close coordination with both governments on security, border clearances, transportation, and available flights,” the senator said. “While these arrangements are being made, our kababayan need safe accommodation, food, medical assistance where necessary, and clear updates. They and their families should know whom to contact, what help is available, and what steps are being taken to bring them home. “Protecting Filipinos overseas is a pillar of our foreign policy. In the spirit of cooperation and shared responsibility, I urge the DFA, DMW, and our embassies to work together with urgency and make sure assistance reaches those who need it.”

“Late delivery riders should not be dismissed or have their incentives reduced.” Separately, the Employees’ Compensation Commission (ECC) is preparing a circular clarifying compensation for workers who suf-

fer heat-related illnesses, including heat stroke, heat exhaustion and heat cramps. The guidance will cover privatesector and government employees, with eligible workers able to seek compensation for hospitalization

and work-related injuries through the ECC. “If you suffer heat stroke and are hospitalized, your medical expenses may be covered by the ECC, subject to the applicable requirements.”

A12 Wednesday, October 21, 2026

Alcantara claims flood control kickback scheme existed even before Romualdez's term as Speaker By Joel R. San Juan @jrsanjuan1573

ORMER Department of Public Works and Highways (DPWH) district Engineer Henry Alcantara, a state witness in the flood control scandal, on Tuesday claimed before the Sandiganbayan that the kickback scheme from flood control projects was already in place even before Leyte Rep. Martin Romualdez assumed as House Speaker in 2022.

However, Alcantara said the percentage of kickbacks increased during the term of Romualdez, from 20 percent to 25 percent under the 2023 National Budget. Alcantara recounted that he

was introduced to Co by thenDPWH Undersecretary Roberto Bernardo around August or September 2021. At the time, the House was led by then-Speaker Lord Allan Velas-

co, while Co had yet to assume the chairmanship of the House appropriations committee. Alcantara confirmed that the arrangements involving project allocations and payments from contractors were already in place during that period. It was Co, according to Alcantara, who determined the 20 percent kickback, which he called “commitments.” In response to questions from the justices, Alcantara described how private contractors allegedly provided money in advance to secure future infrastructure projects. He said the payments were made even before government funds were released and, in certain cases, before bidding or the award of contracts. T he “com m it me nt s” we re pooled from “advance payments” from private contractors who were already “prearranged” to win in bidding processes carried out by

the Bulacan 1st District Engineering Office that Alcantara previously headed. When cross-examined by defense lawyer Thea Daep, Alcantara admitted that he did not need Romualdez to facilitate alleged kickback transactions involving flood control projects, and that he never mentioned the former House leader in his previous affidavits or public statements. Alcantara pointed to Co and Bernardo as the individuals he approached to obtain funding for infrastructure projects. He said his transactions with Co were conducted directly or through Co’s staff, including Mark Ticsay and John Paul Estrada. Alcantara added that it was Co who offered to facilitate project allocations in exchange for a 20-percent commitment from contractors. Romualdez, Co and several others have been charged with plunder, a non-bailable offense,

by the Ombudsman for allegedly pocketing and receiving kickbacks amounting to P7.4 billion from infrastructure and flood control projects of the government. The Ombudsman gave weight to Romualdez “institutional influence” in the House as Speaker which enabled him to commit plunder. The Ombudsman also noted that Romualdez had ‘uninterrupted control and meaningful participation over the national budget’ due to his position and friendship with Co. On the other hand, Co then had control over the selection, prioritization and funding of projects. The Ombudsman said its investigation showed that Romualdez directly or indirectly received money from Co’s security escorts on at least 15 occasions as commissions, shares, percentages, kickbacks, commitments and/or other pecuniary benefits” amounting to P7.44 billion.

Solons urge action vs Chinese diplomats, probe into pro-China online networks By Jovee Marie Dela Cruz @joveemarie

LAWMAKER on Tuesday urged the government to consider action against lower-ranking Chinese diplomats over Ambassador Jing Quan’s controversial remarks while leaving the decision on the envoy’s diplomatic status to President Ferdinand Marcos Jr. Bicol Saro party-list Rep. Terry Ridon also called for a congressional investigation into possible links between pro-Duterte and pro-China online personalities, including whether they share financial backers. “A threat is a threat,” Ridon said, rejecting the Chinese Embassy’s explanation of Jing’s statements and stressing that the Philippines must determine its own response. Ridon said the government could consider removing lowerra n k i ng emba ss y person ne l , including those managing the Chinese Embassy’s social media

accounts, which he accused of continuing to attack Philippine officials. He maintained, however, that the decision to declare Jing persona non grata or expel him rests with Marcos, who directs the country’s foreign policy. The dispute followed Jing’s remarks about China’s military capabilities, including his assertion that Beijing could easily win a military confrontation with the Philippines. The Department of Foreign Affairs summoned the ambassador on Tuesday to convey Manila’s serious concern and strong objection, describing his remarks as provocative and unacceptable. Malacañang said Marcos preferred to resolve the dispute through diplomatic channels rather than expel foreign diplomats. Under the Vienna Convention on Diplomatic Relations, however, a receiving state may declare a diplomat persona non grata and require the sending state to recall the official. Batangas 2nd District Rep. Ger-

ville “Jinky Bitrics” Luistro supported a firm response while advocating a peaceful resolution. “We should not be victims of a bully in our own land,” she said, stressing that foreign envoys must respect the Philippines and its people. Manila Rep. Joel Chua also condemned the remarks but said Marcos must weigh their implications for relations with China, including the interests of Filipinos working there. Separately, Ridon urged Congress to investigate whether online personalities defending the Duterte family and China’s position in the West Philippine Sea are part of a coordinated propaganda network. He expressed openness to reviewing the country’s treason law but said lawmakers must first establish the facts. “The treason law can certainly be studied, but it is very important that we first examine whether it is true that pro-China and proDuterte groups share a single propaganda network,” Ridon said.

His proposal followed Philippine Coast Guard spokesperson Rear Adm. Jay Tarriela’s Tuesday call for stronger legal measures against individuals allegedly advancing Beijing’s interests. Article 114 of the Revised Penal Code defines treason in relation to levying war against the Philippines or adhering to its enemies by providing aid or comfort. Expressions of support for China or criticism of government policy do not automatically constitute treason. Ridon cited similarities in the online messaging of personalities defending the Duterte family and China, particularly during developments in Vice President Sara Duterte’s impeachment trial and the diplomatic dispute involving Jing. He said these patterns warranted investigation but acknowledged that a common network or foreign sponsorship had yet to be established. He also called for scrutiny of the personalities’ funding sources and organizational ties to determine

whether their apparent alignment reflects shared political views or a coordinated effort to influence public opinion and expand China’s influence in the Philippines. “Are we talking about the same funders? Are we talking about the same ideologies or are we talking about treasonous acts?” Ridon asked, emphasizing that evidence should guide any investigation. He cited a June 2026 report by the Atlantic Council’s Digital Forensic Research Lab that identified domestic and foreign networks targeting overlapping Philippine online audiences. However, the report did not establish that the personalities identified by Ridon belonged to the same network or received funding from Beijing. Ridon said Congress should establish whether coordination, common financing or foreign interference exists before drawing conclusions, stressing that political disagreements should not undermine the country’s sovereignty and territorial interests.

MMDA fast-tracks Padre Faura pumping station upgrade to curb Taft Avenue flooding By Claudeth Mocon-Ciriaco @claudethmc3

HE Metropolitan Manila Development Authority (MMDA) on Tuesday said that mitigating floods along Taft Avenue is the primary goal of the ongoing improvements being made at the Padre Faura Pumping Station in Manila. The said project will address flood volumes

reaching 1,265,011.20 cubic meters— equivalent to 506 Olympic-sized swimming pools—whenever 100mm of rain falls within an hour. This is in line with the directive of President Ferdinand R. Marcos Jr. to fast-track projects that address flooding problems, the MMDA said. In Phase 1 of the project, the capacity of the Padre Faura Pumping Station’s detention pond

will be expanded up to 1,500 cubic meters. This will be achieved by widening the area and constructing an additional floodwater holding pond. The pumping station’s capability to discharge or drain water will also be strengthened to 3 cubic meters per second through the installation of a new, additional submersible axial pump with a capacity of 1 cubic meter per second.

This volume of water results in an estimated flood depth of 0.4 meters or about ankle-deep across the following catchment areas: Faura (discharge: 24.69 cubic meters per second); Remedios (20.91 cubic meters per second); Abad (11.34 cubic meters per second); and P. Ocampo/V. Cruz (13.34 cubic meters per second). With this flood intervention measure, floodwater will be reduced by 185,860 cubic

meters, or the equivalent of 74 Olympic-sized swimming pools. Consequently, the flood depth will decrease by 0.06 meters, bringing it down from 0.40 meters to just 0.34 meters or about below ankle-level. The construction of Rainwater Impounding Facilities in nearby areas, such as the Rizal Memorial Sports Complex, will also help reduce the flood volume in the four mentioned catchment areas by 59 percent.

Pagcor targets December launch of app vs. illegal online gambling

HE Philippine Amusement and Gaming Corporation (Pagcor) is targeting December 2026 for the launch of a mobile application that will help players identify licensed online gaming platforms and avoid illegal gambling sites. Pagcor Chairman and CEO Alejandro H. Tengco said the app will make it easier for players to distinguish legitimate operators from unauthorized ones, strengthening the agency’s efforts to protect the public from illegal online gambling. “This platform will give players a reliable way to verify which online gaming platforms are licensed by Pagcor. We want the public to make informed choices and avoid falling prey to illegal operators,” Mr. Tengco said. The Pagcor Board of Directors approved t he app’s development and implementation on October 8, including a proposed partnership w ith Development Bank of the Philippines Data Center, Inc. (DCI) to develop, operate, and maintain the platform, subject to applicable laws and regulations. DCI will handle the app’s development, hosting, operation, maintenance, and technical support at no cost to Pagcor. Before full-scale implementation, DCI must present a proof of concept for the app’s minimum viable product for Pagcor’s evaluation and acceptance. The sixmonth assessment will cover the platform’s proposed features, system architecture, security controls, and overall feasibility. Pagcor may terminate the arrangement if DCI fails to address deficiencies identified during the evaluation period within a reasonable time. The partnership will require compliance with applicable data privacy, cybersecurity and information security laws, including the Data Privacy Act of 2012. Data sharing and information security provisions will be incorporated in the terms or will be covered by a separate datasharing agreement. The partnership between Pagcor and CDCI will run for five years and may be renewed upon mutual written agreement. Pagcor is also coordinating with the Department of Information and Communications Technology, the National Telecommunications Commission and the Cybercrime Investigation and Coordination Center to strengthen efforts against illegal online gambling operators.

Manila Water maximizes Cardona Water Treatment Plan in prep for strong El Niño

ANILA Water is maximizing the capacity of its Cardona Water Treatment Plant (WTP) to help ensure a reliable and resilient water supply for customers across the East Zone. The private water concessionaire for the East Zone is gearing up for the anticipated strong El Niño conditions, which may persist up to the first semester of 2027. Located in Cardona, Rizal, the 100-millionliter-per-day facility draws raw water from Laguna Lake, providing Manila Water with an additional water source that complements supplies from Angat Dam and other facilities. Under favorable raw water quality conditions, the plant’s output can be maximized to as much as 110 MLD, further enhancing supply availability during periods of increased demand and prolonged dry weather. By optimizing the plant’s operations, Manila

Water is strengthening its ability to meet customer demand during challenging climate conditions. Operational since 2019, the Cardona WTP forms part of the company’s long-term strategy to diversify its water sources and lessen dependence on a single supply source. This approach has become increasingly important as climate variability continues to pose challenges to water availability. “Preparing for climate challenges requires maximizing every available source of water. The Cardona Water Treatment Plant plays a vital role in our preparations for the looming strong El Niño by providing additional operational flexibility and enabling us to optimize available supply when conditions allow, helping ensure reliable water service for our customers,” said Manila Water Communication Affairs Group Head Dittie Galang. Jonathan L. Mayuga

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SWEET BEVERAGES TAX HIKE SEEN TO HURT INDUSTRY MORE By Ada Pelonia

HE proposal to raise taxes on sweetened beverages could be detrimental to the domestic sugar industry already grappling with pest infestation, dry spell and tepid demand, an industry group said. The Philippine Sugar Millers Association Inc. (PSMA) called on the Department of Finance (DOF) to reconsider its proposal to increase the excise tax on sugarsweetened beverages (SSB) to P20 per liter from the current P6 per liter, with an annual indexation of 5 percent. The bid forms part of the DOF’s Promoting Growth, Revenue, and Equity towards Socio-Economic Sustainability (ProGRESS) Bill. The group noted that the move could further affect the industry, which is already beset by decreasing sugar production due to redstriped soft scale insect (RSSI) infestation and extreme El Niño conditions, rising production costs, and weak market demand. PSMA Executive Director Jesus Barrera said the proposed SSB tax increase presents a “troubling contradiction” in government policy. “The government is encouraging sugar farmers to continue cultivating sugarcane and has recently extended emergency assistance, or ayuda, to farmers struggling to recover from severe RSSI infestation,”

Barrera said in a statement. “Yet the DOF is proposing a tax measure that could further weaken demand for the very sugar these farmers produce,” he added. With sugar planters calling for better prices, PSMA warned that a “substantial increase” in the SSB tax could prompt beverage manufacturers—major buyers of sugar—to reduce output, raise prices, or reformulate their products to use less sugar. Citing government projections, the PSMA noted that beverage sales volumes could plunge by 27.2 percent in 2027 if the proposed increase takes effect. The group added that lower beverage sales could mean reduced purchases of sugar, further depressing demand and putting additional downward pressure on already weak sugar prices. “The main revenue driver of the ProGRESS Bill is the increase and annual indexation of the SSB tax. To make the proposal more appealing to the public, the DOF points to a higher personal income-tax exemption threshold, which it expects to stimulate consumer spending,” Barrera said. “But this does little for our poor and marginalized sugar farmers, particularly our thousands of agrarian reform beneficiaries, who may bear the indirect economic burden of the SSB tax increase without receiving any corresponding benefit from the proposed income-tax relief,” he added.

Wednesday, October 21, 2026 A13

Many factors behind peso’s further decline–Guinigundo By Andrea E. San Juan

HE Philippine peso’s further depreciation past the P63-per-dollar level could be pinned on many facets of the economy—its export capacity, ability to entice foreign investments and whether it has sound fiscal and governance reforms, according to a former bank deputy governor of the Bangko Sentral ng Pilipinas (BSP). Ultimately, ex-Deputy Governor Diwa C. Guinigundo pointed out, “A sustainably stronger peso must rest on a stronger and more competitive economy, credible institutions, and sound economic management, not simply on efforts to defend a particular exchange-rate level.” In a message sent to the BusinessMirror, he explained that the peso’s further depreciation reflects a “combination of external pressures and underlying domestic vulnerabilities.” While he pointed out that the peso’s depreciation should not automatically be interpreted as a “failure of monetary policy” since the exchange rate is influenced by both domestic and international forces, he raised a “more important concern”—whether the depreciation becomes “prolonged and feeds into

inflation expectations.” John Paolo R. Rivera, Senior Research Fellow at Philippine Institute for Development Studies (PIDS) shared the same view as Guinigundo, saying the “greater concern” is not another record low itself but “prolonged depreciation that translates into higher inflation and weaker household purchasing power.” “The BSP must therefore remain vigilant and respond appropriately if exchange-rate pressures threaten to make inflation more persistent,” Guinigundo told this newspaper. At the same time, he said monetary policy alone cannot address structural causes of peso weakness. He said improving the country’s export capacity, attracting more productive foreign investment, strengthening investor confidence, and pursuing sound fiscal and governance reforms are “equally important.” The former BSP deputy governor said this as he also pointed out that a weaker peso is not necessarily “undesirable” in every circumstance, as it can improve the competitiveness of some Philippine exports and increase the peso value of remittances. However, Guinigundo stressed:

“These benefits must be weighed against more expensive imports, higher production costs, and the erosion of household purchasing power.”

Factors that weaken the peso

EXPLAINING the factors behind the weakening of the local currency, Guinigundo laid out four reasons. First, he said the US dollar has remained “relatively strong” amid geopolitical uncertainties and renewed concerns about US inflation, and these have influenced market expectations regarding the Federal Reserve’s policy rates. “When dollar assets offer attractive returns or investors seek safe havens, emerging-market currencies such as the peso tend to come under pressure,” Guinigundo explained. Second, elevated global oil prices are particularly “unfavorable” to the Philippines, a net importer of petroleum, Guinigundo said. “Higher oil prices increase our demand for dollars to pay for imports, worsen our external balances, and add to domestic inflationary pressures,” he explained further. Third, he pointed out that the country’s external position remains a concern, citing the latest BSP data

showing the country recorded a $3.1-billion balance-of-payments deficit in September, bringing the cumulative deficit for January to September to $9.1 billion. “These developments reflect the continuing need to finance our external payments, although remittances, services exports, and other foreign-exchange inflows provide important support,” said Guinigundo. Finally, he said domestic investor sentiment should not be overlooked alongside the importance of confidence in the country’s economic management. “A credible policy framework, prudent fiscal management, decisive action against inflation, and meaningful structural reforms are essential to attracting sustained investment inflows and strengthening the peso’s underlying fundamentals,” Guinigundo pointed out. Data from the Bankers Association of the Philippines (BAP) showed the peso finished at P63.09 against the dollar on Tuesday, the same value as Monday’s finish, which was a historic low. Within Tuesday’s trading session, the local currency’s strongest point was at P62.98 against See “Peso,” A2

Study done, funded by S. Korea on PHL nuke energy positive

ASEAN STEPS UP FIGHT AGAINST TRANSNATIONAL CRIME Regional officials pose for a family photo during the opening of the 20th ASEAN Ministerial Meeting on Transnational

Crime and Related Meetings in Makati City on Tuesday, October 20, 2026. The Philippines, Asean chair for 2026, is hosting the three-day meeting to strengthen regional cooperation against trafficking, cybercrime, drug trafficking, money laundering and other cross-border offenses. From left are Malaysia Home Affairs Minister Saifuddin Nasution Ismail; Myanmar Ambassador Ei Ei Tin; Thai police official Ittipol Itthisarnronnachai; Timor-Leste Interior Minister Francisco da Costa Guterres; Vietnam Deputy Public Security Minister Nguyen Ngoc Lam; Philippine Interior and Local Government Secretary Juanito Victor Remulla; Singapore Senior Minister of State for Home Affairs Goh Pei Ming; Brunei Minister Sufian bin Haji Sabtu; Laos Deputy Public Security Vice Minister Kongsavat Bounlieng; and ASEAN Secretariat Deputy Secretary-General Astanah Abdul Aziz. AP/AARON FAVILA

DA eyes temporary pork imports ban T

By Ada Pelonia

HE Department of Agriculture (DA) is looking at imposing a temporary ban on the importation of pork, including its jowls, for up to 60 days starting in November. Agriculture Secretary Francisco Tiu Laurel Jr. said the DA is moving to quantitative restrictions (QRs) as internal studies showed that pork shipments failed to breach the trigger price that would activate the imposition of safeguard duties. He added that the agency would likely halt the issuance of sanitary and phytosanitary import clearances (SPSICs) for pork imports by early November for up to two months. This would still allow the

entry of consigned shipments to prevent business disruptions. “I’m thinking of the total halt of several pork cuts for a minimum of 30 days to a maximum of 60 days, but only the SPSICs, because we can’t stop incoming [shipments] that have already been purchased, since it will disrupt business,” Tiu Laurel told reporters on the sidelines of the Tuesday Club breakfast forum. Those that will not be allowed entry are pork belly, pork cuts, whole pig, as well as pork jowls. The DA chief also allayed concerns that this could spike retail prices during the holiday season: “We have 170 days’ worth of stocks, so there’s a lot of pork in the Philippines.” “We are moving Heaven and Earth to see how we can restrict

the inflow of pork for a limited time period to help the [domestic hog] industry recover and not go bankrupt,” Tiu Laurel said. Currently, the DA has two separate petitions pending with the Tariff Commission (TC), aimed at reinstating the original duties levied on imported pork as well as reclassifying and raising the tariffs slapped on pork jowl.

Minimum access volume

MEANWHILE, the DA has officially opened applications for the minimum access volume (MAV) 2027 for pork, poultry meat, chipping potato, corn, and coffee beans. The applications under the MAV program next year for the said commodities will run from Novem-

ber 2 to 30, 2026. The available allocations for MAV 2027 include 55,000 metric tons (MT) of pork, 25,000 MT of poultry meat, 60,000 MT of chipping potatoes, 220,000 MT of corn, and 1,500 MT of coffee beans. Despite the projected slump in coffee output this year, Tiu Laurel said the DA is not keen on increasing the MAV volume for coffee beans, unless deemed necessary. “If necessary, [we will increase it], although coffee is not a prime commodity,” he said. At present, coffee production is grappling with the impact of surging input costs and El Niño on plantations, with the Philippine Coffee Board (PCB) expecting 2026 output to fall below the 30,000 metric tons (MT) level.

By Lenie Lectura

NERGY Secretary Sharon Garin said Tuesday the feasibility study on nuclear energy in the Philippines conducted and funded by South Korea yielded positive results. While not divulging the final and complete results, Garin said the results of the feasibility study outlines several options. These include refurbishing the existing site, which is the Bataan Nuclear Power Plant (BNPP); building a new conventional reactor with a capacity of 600 to 1,200 megawatts (MW); utilizing Small Modular Reactors (SMRs). The results confirm that Bataan remains one of the potential sites because it is where the original infrastructure was constructed. “It’s positive and they gave us several options like if we refurbish, how much and what are the expectations if we build a new one or do we use a conventional like a 600 to 1,200 megawatts or we use an SMR? Let’s say, the rights over the results are with them. So, I mean, that’s why I don’t know if I have the authority to show the results. So far, the results are good in the sense that, yes, we can do it in Bataan,” Garin said. Under the Philippine Energy Plan, the country targets at least 1,200 MW of nuclear capacity by 2032, increasing to 2,400 MW by 2035 and 4,800 MW by 2050. The Philippines and South Korea have been collaborating on a comprehensive technical and economic study in the field of energy, based on the memorandum of understanding (MOU) signed by the two countries in 2024. The MOU is designed to generate critical information to guide the Philippine government’s decision-making process, not only on BNPP, but also in exploring other nuclear technologies and potential alternative sites for nuclear energy development. DOE-Energy Utilization Management Bureau director Patrick Aquino said that while specific details and figures from the BNPP study— produced in partnership with Korea Hydro & Nuclear Power Co., Ltd.— cannot be disclosed without mutual consent, the overall outcome of the study is positive, indicating that

the rehabilitation, reactivation, or operation of the BNPP is completely feasible. “What I can say—and I believe the Secretary has already mentioned this—is that the outcome is positive. This implies that, should we discuss the rehabilitation, reactivation, or operation of the BNPP, the study indicates that it is indeed feasible. However, the results cover more than just that; they also offer suggestions or options for new construction, such as SMRs. These are also viable possibilities, and the figures associated with them are likewise favorable,” said Aquino during the NEWclear Generation: Building the Philippines’s Future Workforce program at Grand Hyatt Manila in Taguig City. The activity is being held alongside the World Nuclear Supply Chain Conference and Philippine International Nuclear Energy Forum 2026. Aquino said the outcome of this two-day event is that both the government and the private sector will have the opportunity to examine available options, supported by clear data. “This will ensure that, should we decide to move forward, we have a concrete idea of the costs involved and how such initiatives could contribute to our overall energy security,” he said. Garin said power companies may already submit proposals, and there is enough interest for an application to potentially be filed within 2027. However, government guidance, specifically from the DOE and the Nuclear Energy Program Interagency Committee (NEPIAC), is still needed regarding the best locations and specific technologies to use. “Our target is 2032. But that is because 2032 is only a few years away. Now that’s about six years. Now when we did the work plan or the road map, it was based on the operational or commercial that is the SMR, Small Modular Reactor, which only takes about four years to build. So far, as of today, especially when the US is one of the fastest also in developing this technology, nothing is commercially available as of today. So, the target schedule might just move,” Garin added.

A14 Wednesday, October 21, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Pineapples, bananas, and the road ahead for PHL fruit exports

HEN it comes to tropical fruit exports, the Philippines can be considered a global powerhouse, according to the latest international reports. The country was the secondlargest exporter of pineapples last year, with shipments touching a new record (see “PHL is world’s second-largest pineapple exporter for 16 yrs,” BusinessMirror, October 19, 2026). The Philippines was also ranked second among the world’s banana exporters in 2025, according to the Food and Agriculture Organization of the United Nations. (See, “PHL reclaims tag of world’s second top banana exporter,” in the BusinessMirror, September 26, 2026).

These reports demonstrate the ability of the Philippines to go headto-head with other countries that derive a chunk of their earnings from agricultural exports. Banana exports, for instance, have already breached 3 million metric tons (MMT) last year, nearly 500,000 tons bigger than the volume shipped by Colombia. As for pineapples, shipments from the Philippines were significantly higher than the volume exported by Ecuador in 2025. Compared with the top exporters, however, the country’s shipments of bananas and pineapples were significantly lower in terms of volume. Ecuador, the top exporter of banana in 2025, sold 6.5 MMT to foreign markets, more than double the 3.03 MMT purchased from the Philippines. Costa Rica, the top exporter of pineapples last year, delivered 2.31 MMT of the fruit to international buyers, nearly triple the 812,507 metric tons sold by the Philippines. Given the difficulties currently confronting local planters due to the war in the Middle East, which resulted in more expensive inputs, overtaking Ecuador and Costa Rica is a long shot. That the Philippines was able to maintain its international standing is a feat in itself considering the challenges it had to hurdle in recent years, including the Covid-19 pandemic. These recent achievements, however, should not make policymakers complacent. The latest data released by FAO showed that the Philippines can do better and should take advantage of its existing reputation as one of the world’s major suppliers of quality tropical fruits. At this point, the goal of both policymakers and traders is not to match or even surpass the two Latin American countries when it comes to banana and pineapple exports, but to make it possible for local planters and traders to expand their access to international markets. Philippine officials can make this happen by ensuring that the country’s tropical fruits are part of their priority list when they hammer out bilateral or regional trade deals. Apart from market access, local planters are also badly in need of government support to further increase their production. Banana planters, for one, have been battling Panama disease or Fusarium wilt—a devastating plant disease that has been wreaking havoc on local farms and is capable of slashing output. Managing or eliminating plant diseases and helping local planters cope with the spikes in the prices of fuel inputs should be the primary goals of the state to maintain the competitiveness of our tropical fruit exports. Since 2005

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THE BUILDER

ATER is one of man’s basic needs. Its shortage or lack of it will disrupt one’s daily activities and the economy in general.

The El Niño phenomenon has arrived in the Philippines and authorities have sent out dire warnings about its impact on every Filipino. The dry weather is not a joking matter—everybody must heed the advice of the government and prepare for El Niño to reduce disaster risks. Filipinos so far are much aware of the weather event. We’ve seen how Filipinos are responding to the crisis. Small entrepreneurs arrange buckets for sale in their shop in anticipation of increased water demand. Others fill up recycled paint containers with water taken from a communal water pump in the absence of a piped system in their area. President Ferdinand Marcos Jr., for his part, has urged Filipinos to prepare buckets and collect rainwater as the government launched an information campaign on how to properly filter and treat rainwater

to make it potable. The administration even offered to teach the public to filter rainwater to make it potable, especially for little children. Science Secretary Renato Solidum Jr. has warned all provinces in the country are expected to experience drought by March 2027. Dr. Rafaela Jane Delfino of the Institute of Environmental Science and Meteorology at the University of the Philippines Diliman described the weather phenomenon as “literally off the charts.” Our farmers would be the hardest-hit by El Niño. Our agricultural workers, who depend on rain for farming, must take a proactive stance by putting up rainwater harvesting facilities and planting drought-tolerant crop varieties. As I’ve said in my earlier columns, we need water-impounding dams, aside from more irrigation facilities,

Dr. Rene E. Ofreneo

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to prepare our farmers from drought. Such dams will likewise mitigate flooding, and serve as stock in times of scarce water supply. Reduced production and income from the countryside will make poverty incidence worse. That could translate into higher food prices and inflation—and reduce farmers’ capability to finance the education of their children and fund their healthcare requirements. This early, President Marcos announced that the government is preparing rice imports to secure food supplies. Succeeding harvests could be affected by the prolonged El Niño. The Office of Civil Defense (OCD), for its part, is addressing the spread of inaccurate information and speculation circulating online about water shortages and water purification products. OCD data showed El Niño has affected 451,889 individuals or 121,185 families in 1,019 barangays across six regions as of October 11. The drought will also impact on the country’s power supply. The Department of Energy is bracing for potential power supply pressure across the Luzon grid as dry conditions and soaring temperatures induced by El Niño push electricity demand upward. We may expect the government to advise commercial establishments

to adopt the so-called Interruptible Load Program. This provides incentives to large commercial and industrial accounts to run their own generator sets during peak power demand periods. The Visayas region, per our energy authorities, faces a more critical situation, where El Niño could slash hydroelectric output by up to 60 percent and solar efficiency by up to 20 percent. Additional batteries and barges, thus, may be deployed in the Visayas to augment power supply in the region. Authorities are confident the battery energy storage systems and power barges will be ready by the first quarter of 2027. Mindanao may not be spared by El Niño. It relies greatly from hydroelectric sources for its power requirements. A lower output from the AgusPulangi hydropower complex due to El Niño will raise electricity rates in the south and also curtail commercial and industrial production. The Philippines as a whole must brace for the lasting impact of El Niño. A nation well-prepared against this freak of nature has better chances of reducing the damage to the economy and the disaster risks linked to it. For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar. com.ph

From SAL to DPL: From old neo-liberalism to new neo-liberalism

Lourdes M. Fernandez

Ruben M. Cruz Jr.

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Water lack

LABOREM EXERCENS

HE World Bank (WB) and the International Monetary Fund (IMF) have been trying to build up the image of being pro-development, pro-worker and pro-poor.

In their annual meeting held in Bangkok this October, the twins even bannered their support for Industrial Policy in debtor countries, including a new IP variant called “green industrialization.” This IP stand is a sharp departure from the old IMFWB neo-liberal position that asks borrowing countries to chop off the “visible hand” of the government in the industrial transformation of an economy. Let investments and goods flow freely. Let weak industries and farms fall on the wayside. Stop government’s delivery of public services such as power, water and so on. The above liberalization-privatization mantra is part of the structural

adjustment program (SAP) that the twins imposed on the Philippines and other debtor countries via a series of Structural Adjustment Loans (SALs) in the 1980s-2000s, the decades of neo-liberalism. The SAP/SAL program included conditionalities requiring borrowing governments to phase out support to domestic producers and farmers, “restrain” wage demands of trade unions, and adopt a general fiscal belt-tightening program. The social impact of these SAP/SAL measures were catastrophic for indebted countries of Africa and Latin America. In Asia, the Philippines stood out as the biggest victim of the SAP market fundamentalism pursued by the IMF-

World Bank. In 1981-82, the Philippines found itself unable to service its ballooning debt, which was partly due to the country’s debt accumulation in the martial-law decade of the 1970s. In 1983-85, the recession became a full-blown depression as the twins forced the country to adopt a tough SAP austerity program. This resulted in widespread factory closures, job displacements and rural immiseration. But today, the IMF-WB tandem is singing a different development tune. Since the 2010s, the WB has been promoting “development policy loans” (DPLs). The language used in the DPL loan contracts and back-up studies is very much like the language used by the trade union and civil society movements. The financial duo talks of inclusive growth, re-industrialization, job creation for the poor, climate change mitigation and adaptation, shift to renewable energy, social and labor protection, human capital and skills development, assistance to the vulnerable segments of society and so on. Are the twins on the same wave length of the farmers, trade unions and CSOs? Are the DPLs today the same as the SALs of the 1980s-1990s?

Yes and no. First, DPLs and the accompanying supporting documents have softer language compared to the stern grammar of the SALs such as “wage restraint,” “phaseout of farm subsidies” and other fiscal austerity measures. And yet, the lack of transparency in debt negotiations persists. Very little information is released to the public even if it takes a year or two to conclude a loan. However, the usual practice for borrowing countries to adopt priority “reform measures” or “prior actions” has remained. In the Philippine DPL economic recovery loan signed in 2023, the Department of Finance reported the passage of the Public Services Act (PSA), which opens up whole sectors of the public sector to 100-percent ownership by foreign investors. In short, PSA deepens the FDI liberalizationprivatization programs under the SAP/SALs in the previous decades. But in the follow-up activities listed in the approved DPL, the Philippine government is asked to provide “enabling” measures to make the PSA liberalization work through affirmaSee “Ofreneo,” A15

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Opinion BusinessMirror

Wednesday, October 21, 2026 A15

Why the Philippines needs China for growth and strategic autonomy

The short trial is the right trial

Dr. Jesus Lim Arranza

MAKE SENSE

By Rommel C. Banlaoi

S tensions continue to dominate Philippine-China relations, it has become increasingly difficult to discuss China without provoking strong reactions. Public discourse is now largely framed by maritime confrontations, diplomatic protests, and competing narratives surrounding the South China Sea. While the Philippines is right to defend its sovereign rights and maritime entitlements, it should not allow a single issue to define the entirety of its relationship with China. China’s transformation over the past four decades ranks among the most remarkable economic success stories in modern history. From a largely poor and agrarian society, it has emerged as the world’s secondlargest economy and a global leader in infrastructure, manufacturing, digital technology, renewable energy, artificial intelligence, and advanced transportation systems. China has built thousands of kilometers of high-speed railways, developed highly efficient logistics networks, established worldclass smart cities, and become a major source of technological innovation. For Filipinos visiting China today, the scale and pace of development are striking. Modern airports, high-speed trains, intelligent urban systems, expansive expressways, and digitally integrated public services demonstrate what sustained long-term planning and investment can achieve. Chinese cities increasingly employ artificial intelligence to improve traffic management, healthcare delivery, public safety, environmental protection, and government efficiency. China is no longer merely a manufacturing powerhouse. It has become a leading innovation hub helping shape the technologies of the future. Against this backdrop, the Philippines faces pressing economic challenges. Millions of Filipinos continue to seek better-paying jobs. Infrastructure gaps constrain growth and competitiveness. Transportation systems require modernization, industrial development remains uneven, and the country’s digital transformation remains incomplete. To sustain longterm economic growth, the Philippines needs greater investment in energy, technology, manufacturing, logistics, and connectivity. China possesses significant capital, technological capabilities, industrial expertise, and production capacity that can help address many of these development needs. China is not simply a neighboring country. It is one of the world’s largest sources of trade, investment, financing, innovation, manufacturing capacity, and consumer demand. For a developing economy such as the Philippines, access to these resources is more than an economic opportunity. It is a strategic necessity. The Philippines stands to benefit from increased Chinese investments in infrastructure, industrial parks, renewable energy, manufacturing, transportation, telecommunications, agriculture, and digital technology. Such investments can generate employment, expand economic activity, improve productivity, and enhance national competitiveness. Infrastructure cooperation, in particular, can reduce the logistical costs that continue to burden Philippine businesses and consumers. Beyond investment, China’s value as a technology partner deserves greater attention. The future global economy will increasingly be driven by artificial intelligence, automation, digital platforms, smart infrastruc-

ture, and advanced manufacturing. China has emerged as a major actor in all these sectors, offering opportunities for technological cooperation that could accelerate the Philippines’ modernization efforts. Economic engagement with China should not be viewed as a question of dependence. Rather, it is a matter of development and national advancement. The challenge is to maximize opportunities while safeguarding national interests. This is also where strategic autonomy becomes important. Genuine strategic autonomy requires diversified partnerships. No country can claim true independence if its external relationships become excessively dependent on a limited number of partners. By maintaining productive ties with all major powers, including China, the Philippines enhances its diplomatic flexibility, broadens its economic options, and strengthens its capacity to make sovereign decisions based on national interests. The Philippines should therefore reject the false choice between confronting China and cooperating with China. It can, and should, do both. Defending sovereign rights and pursuing economic engagement are not mutually exclusive objectives. Many countries maintain robust economic relations with China despite significant political and strategic differences with Beijing. Economic cooperation has never required the abandonment of national principles or sovereign interests. The ability to compartmentalize disputes while expanding areas of mutual benefit has become a hallmark of pragmatic diplomacy in an increasingly interconnected world. The South China Sea disputes are real, serious, and unlikely to disappear anytime soon. The Philippines must continue to protect its lawful rights and interests. At the same time, policymakers should recognize that maritime disputes constitute only one dimension of a much broader relationship encompassing trade, tourism, investment, education, technology, culture, and regional stability. The central challenge for Philippine policymakers is therefore not choosing between resistance and engagement. It is finding the wisdom and strategic balance to pursue both simultaneously. The Philippines must safeguard its sovereign rights while advancing its economic development. It must remain firm where national interests are at stake while remaining open to cooperation where mutual gains are possible. In that equation, sustaining a constructive and mutually beneficial relationship with China is not merely an option. It is a strategic opportunity that the Philippines should pursue with confidence, prudence, and a clear sense of national purpose.

Ofreneo. . .

continued from A14

tive supporting measures provided by the Public-Private Center (PPC), a privatization institution established under the old SALs. A controversial proposal under the 2026 DPL being negotiated by the Philippines is a proposal by the World Bank to phase out the fivehectare limit a landowner may retain under the country’s agrarian reform program. The idea is to promote farm clustering in the name of agricultural productivity. Soon after this WB rec-

PAY taxes. A portion of what I earn becomes the operating capital of our republic—which gives me a stake in everything the state does, including how it disciplines its own.

So when House prosecutors dropped three of the four impeachment articles against Vice President Sara Duterte, keeping only Article II on unexplained wealth, my reaction was not disappointment. It was relief. Gone: misuse of confidential funds, bribery, grave threats. Retained: the one charge lead prosecutor and Batangas Rep. Gerville Luistro called substantial, compelling, and strong enough on its own. Thirty-two witnesses trimmed. The point was to streamline, to starve the defense of its favorite weapon—the calendar—and to answer a public exhausted by trials that outlive the news cycle. Anyone who has spent a life in business knows the most expensive word in any proceeding is continuance. Every postponed hearing is a plane ticket, a hotel room, a per diem, a roomful of people doing nothing. A one-article trial is not a weaker trial. It is a cheaper and faster one—and cheap and fast is what the taxpayer is owed. Then the Senate impeachment court, through Presiding Officer Sen. Francis Escudero, approved the withdrawal and lifted the sub judice rule on the dropped charges. Instead of thanks, the defense objected, calling it unfair because public hearings had already aired.

But the defense’s arguments had aired too. The difference is that the prosecution was willing to absorb its loss for the sake of speed. When your opponent urges you to keep fighting on ground you have already conceded, ask yourself why. Which brings me to the question that nags. The Vice President described the impeachment proceedings against her as “political theater disguised as accountability,” and her defenders, particularly Harry Roque, calls the trial moro-moro—a staged farce with a scripted ending. Fine. If the outcome is fixed and the court is theater, there is a logical response: boycott it. Refuse to recognize the tribunal. Let the record show you were never truly tried. So explain this: why is she sending a defense team? You cannot spend millions on counsel, file objections, contest evidence, and mourn the loss of three articles while insisting the whole thing is a sham. A farce does not care which acts are cut. A farce does not need 32 witnesses. The moment you retain a defense team, you have conceded the verdict is real—and can be lost. She is playing the game while telling everyone it is rigged. That is a posture available only to someone who suspects she is losing.

You cannot spend millions on counsel, file objections, contest evidence, and mourn the loss of three articles while insisting the whole thing is a sham. A farce does not care which acts are cut. A farce does not need 32 witnesses. The moment you retain a defense team, you have conceded the verdict is real— and can be lost. She is playing the game while telling everyone it is rigged. That is a posture available only to someone who suspects she is losing. And Roque’s words deserve an audit. Moro-moro comes from the comedia, the folk theater Spanish friars used to evangelize the colony. In every script, the Moros—the Muslim peoples of the south—were treacherous, bloodthirsty, uncivilized villains. And in every script, they lost. Night after night, for centuries, a whole people was typecast as the bad guy who deserved to lose. Historians read those plays as psychological warfare: the machinery that justified the campaigns into Mindanao and the seizure of ancestral land. The bias outlived the stage, hardening into marginalization that persists today. “Moro” is itself a Spanish imposition, reclaimed in the 1970s as a badge of identity and resistance. They built a nation’s name from it: Bangsamoro. So when the Vice President’s defenders wave away a constitutional proceeding as moro-moro, the message is that the identity and historic struggle of the Moro people amount to deception and mockery. The irony compounds: the original play had a

France toughens response to protests as officials admit failure By Benoit Berthelot

RENCH officials, acknowledging law-enforcement failures, rolled out tougher security measures and pledged aid for businesses after cost-of-living protests this weekend degenerated into violence, vandalism and looting. to the Yellow Vests protests called to continue actions all week, and for another day of unrest on Saturday. Protests and other actions are likely to extend well beyond then. Several unions have already called for a strike on November 5.

Rommel C. Banlaoi, PhD, is Director of the Philippines-China Studies Center at Diliman College, President of the Philippine Society for International Security Studies, and former President of the Philippine Association for Chinese Studies.

Demonstrations were banned in Marseille on Monday, and Prime Minister Sébastien Lecornu called on regional authorities to impose curfews where needed. Former Premier Gabriel Attal advocated curbs on social media. “These are specific acts of delinquency, of looting, and it is out of the question that it continues,” Lecornu told reporters. He blamed an “ultraleft movement that seeks to create profound disorder in the country, all the way through to the presidential election.” The protests drew more than half a million people on Saturday across the country, but what started out as peaceful demonstration to complain about poor conditions in classrooms and hospitals, and cost-of-living concerns soon deteriorated. Some 2,397 people were arrested on Saturday, according to Interior Ministry figures released late Sunday. French bonds and stocks fell, leading European markets lower. Social media accounts on X linked

ommendation, the Department of Justice issued an opinion that the country does not have to observe anymore the five-hectare limit a land owner may retain under the comprehensive agrarian reform law (CARL). Accordingly, CARL already “lapsed” in 2014. Now connect this to an ongoing WB-supported program—“SPLIT,” which calls for agrarian reform beneficiaries (ARBs) in commercial farms to have individual land titles instead of having the collective titles. The idea is to enable the small ARBs to participate more fully in the commercial land market, i.e., pawning or sell-

ing titled lands. So, the obvious trajectory for these twin WB-supported land measures (land clustering and commercialization of ARB farms) is land accumulation and consolidation by the big corporations, rich families and foreign lessors. The last group, the foreign investors or lessors, are now allowed to lease lands for an uninterrupted period of 99 years under RA 12252, which was signed by President Bongbong Marcos last year. With this act, PBBM virtually erased the efforts of his father to break up the rice and corn haciendas under Presidential Decree 27. On the Philippine labor mar-

ket, the WB is very cautious given the long history of the trade union campaign against WB-inspired labor measures (under the general theme of “wage restraint”) that have led to job displacement and casualization of work. But the dangerous term is there—“labor flexibility.” Finally, an interesting development in the WB’s policy formulations under the DPLs is the increasing emphasis on measures promoting climate resilience and “green industrialization” through programs such as the acquisition of technology, skills upgrading and so on. However, these are usually couched in generalities

Italy protests

FRANCE wasn’t alone in weekend protests getting out of hand. Italian Prime Minister Giorgia Meloni chaired an emergency meeting of her advisers Monday after demonstrations in Milan ended in rioting and looting. Protests also took place in Belgium, Portugal and Albania. Intelligence services failed to predict the scale and violence of the rioters, French Interior Minister Laurent Nunez said. They got 550,000 protesters against fewer than the 200,000 they’d anticipated, he said on France Inter radio. “The measures we put in place were out of balance not only with regard to the number of participants, but also

with regard to the rioters, looters, and far-left activists who caused the marches to spiral out of control,” he said. Nunez offered to resign, he said, which was refused by President Emmanuel Macron, who asked for clarity on intelligence failings. “The country needs order, peace, and not an escalation,” Macron said in a Sunday night address. Macron said many participants in protest marches expressed concerns over the cost of living, particularly prices at the pump, and added that he aimed “to secure our supplies” of fuel on a visit to Gulf countries starting Monday. Fallout from the weekend has sparked political reactions exacerbating an already divided landscape. amid tense budget debates and ahead of the election to take place in six months. “Our country is caught in a vice, held hostage even, between violence and powerlessness,” far-right leader Marine Le Pen said in a speech posted on X on Sunday. Le Pen, who leads in polls, directly blamed farleft firebrand Jean-Luc Mélenchon and his France Unbowed party for stirring up the violence.

Tourism impact

FRENCH assets fell on Monday as investors pondered the impact of the violence on the nation’s economic and and green rhetoric. As it is, the WB, together with the Asian Development Bank, has been more vocal on the development of infras for the Luzon Economic Corridor, including the controversial Pax Silica node of the said corridor. It does not make noise on the central importance of overhauling the corruption-ridden governance system for flood control and adaptation infrastructures necessary to combat climate emergency. The point is that the World Bank, despite its claim to be a partner in holistic economic and social development in the Philippines and

fixed ending in which the Muslims always lose. If this trial is moro-moro, the ending is written against her. Yet she fights every act. Pick one. As Chairman Emeritus of the Federation of Philippine Industries and concurrent Chairman of the AntiSmuggling and Anti-Illicit Trade Committee, my advice to her defenders and our politicians is simple: retire the term. Call it a farce if you wish. But when you say moro-moro, remember you are speaking of millions of fellow Filipinos in Mindanao. Let the trial be short, let it be fair, and let it end. A republic that finishes its own business is a republic worth paying for. And it is our money paying for it. nnn

WHEN I brought my Hilux to Toyota Makati for service last Saturday, October 17, I discovered they were celebrating their 23rd anniversary! The showroom had a festive, highenergy atmosphere, complete with exciting raffle draws for customers. Special thanks to representative Rose Antoneth Avila, who kindly explained that these anniversary celebrations and raffles are taking place every Saturday throughout October. If you’re a Toyota Makati customer, you still have two Saturdays left this month to drop by, soak in the festive vibe, and win cool freebies like umbrellas, t-shirts, tote bags, and keychains. Plus, visitors can grab special discount vouchers offering 15 percent off on labor and 10 percent off on parts and accessories. Happy 23rd anniversary and a massive congratulations to all the officers, mechanics, and staff. Mabuhay, Toyota Makati! 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.

political outlook. Government bonds underperformed most European peers, causing the spread between its 10-year yield and the German equivalent to widen 8 basis points to 145 basis points. The scenes of chaos in Paris have started to have an impact on tourism, according to an hotel industry representative. High-end hotels in the French capital have started to see cancellations, Christophe Laure, the head of UMIH Prestige, which represents four- and five-star hotels, told Bloomberg News. While it’s too early to provide any data on the cancellations, “clients on Saturday were scared, they were in shock,” Laure added. Lecornu said some unemployment aid would be channeled to shop owners whose businesses were damaged. The overall cost of the riots could quickly add up. Damage from the unrest will cost “hundreds of millions of euros” to repair, according to Alexandre Bompard, the chief executive officer of grocer Carrefour SA who heads the French trade and distribution federation. France experienced similar events in June 2023, which were estimated at €730 million ($819 million). With assistance from Angelina Rascouet, Claudia Cohen, Jenny Che and Alessandra Migliaccio/Bloomberg

other countries in the Global South, is highly selective on its programs, secretive on the policies it is pushing before and after a DSL contract, and remains wedded to the old neo-liberal policies of privatization, economic deregulation and liberalization. The search for the path of inclusive, sustainable and job-full development in the Philippines rests heavily on the shoulders of the awakened citizenry of the country. Dr. Rene E. Ofreneo is a Professor Emeritus of the University of the Philippines. For comments, please write to reneofreneo@ gmail.com.

Wednesday, October 21, 2026

A16

Sports BusinessMirror

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

ALEGARBES STRIKES: GOLD NO. 2 FOR PHL

AGOYA—Ariel Joseph Alegarbes struck like lightning in seizing the men’s 100-meter backstroke S14 gold medal—the Philippines’s second at the 5th Asian Para Games—at the Rainbow Pool of the Nagoya City General Gymnasium on Tuesday. Coming into the final with the second-fastest time in the morning heats, the 21-year-old native of Victorias City in Negros Occidental, left nothing to chance as his effort paid off, topping the event in one minute and 1.56 seconds. Alegarbes, who has been diagnosed with attention deficit hyperactivity disorder (ADHD) and dyslexia, edged South Korea’s Kang Sungho, who finished just a fraction of a second behind in 1:01.61. Thailand’s Natirat Meeprom, who posted the fastest qualifying time in

ARIEL JOSEPH ALEGARBES wins the men’s 100-meter backstroke S14 gold medal. PPC PHOTO

Eala faces Shnaider in Round of 16

CHENELLE AVARICIO breaks loose from the crowded leaderboard with a string of birdies. LPGT PHOTO

A Channelle up by 1 shot; Gab hogs spotlight

HANELLE AVARICIO turned in a bogey-free four-under 68 to seize a one-stroke lead over a surging Rev Alcantara in the opening round of the International Container Terminal Services Inc. South Pacific Classic on Tuesday, setting the stage for a potentially explosive secondround battle at the South Pacific Golf Club in Davao City. In the men’s championship, Gab Manotoc finally delivered the kind of opening-round performance that could propel him into the Philippine Golf Tour spotlight, firing a bogey-free six-under 66 to catch Japan’s Kashihara Hirotaka at the top of the leaderboard. Avaricio looked in complete control with a steady all-around game, then broke away from a crowded leaderboard with clutch birdies on Nos. 11 and 12. Her flawless round put her in prime position to chase a third Ladies Philippine Golf Tour victory this season, but Alcantara’s spectacular finish ensured that the race was far from settled. After keeping pace with Martina Miñoza through the early stages, Avaricio pulled clear with consecutive birdies to move to four-under and establish the early advantage. After making the turn at 38, Alcantara caught fire with five birdies over her final nine holes to card a 69, putting herself

the heats, settled for third in 1:02.08. It was the Philippines’s second golden performance after Ernie Gawilan’s 400-meter freestyle S7 triumph the day before, and its third medal overall following Raemond Adefuin’s bronze in the 100-meter breaststroke SB6. Gawilan added a silver medal to his golden campaign, finishing second in the men’s 200-meter individual medley SM7 final on Tuesday. He clocked two minutes and 52.72 seconds to secure his second podium finish following his victory in the men’s 400-meter freestyle S7 for the Philippines’ first gold medal in the Games. China’s Zhang Yilong ruled the medley final in an Asian-record 2:37.69, while India’s Niranjan Mukundan claimed bronze in 2:57.01. The Filipino finished 4.29 seconds ahead of Mukundan but could not match Zhang’s record-setting pace.

firmly in contention for what would be a breakthrough moment in her recent campaign. Pamela Mariano opened with a 70, while Miñoza slipped out of the immediate chase after closing with consecutive bogeys from No. 8 for a 71. Bisera, who captured her maiden LPGT victory at this very course in 2023, carded four birdies but gave back an equal number of strokes to settle for a 72 alongside Tiffany Lee.

Manotoc, Hirotaka ahead with 66s

LONG seeking to establish his own identity on the circuit while stepping out of the shadow of his illustrious father, Tommy Manotoc, Gab Manotoc produced a timely surge on the front nine, rattling off five birdies to turn a modest start into a course-record-tying round. GAB MANOTOC finally delivers the kind of opening-round performance that could propel him into the spotlight. PGT PHOTO

Alex Eala is back THIS time, the old Alex Eala is back. This time, the Alex Eala we so lovingly knew has resurfaced. And yes, this time, Alex Eala has discarded her cloak of vulnerability. Slashing crisp forehands in wild abandon. Blasting away winners the way she used to do. Even executing delicate net volleys that take our breadth away. This Monday evening, Eala was nothing but spectacular. From the first serve to the last drop shot, she was just everything that personified near perfection. Sorry, that Diane Parry, France’s No. 1 women’s singles player, was the recipient of Eala’s punishing comeback from purgatory to the winner’s circle. It came with clinical class: Precise, straightforward, confident. Eala was a masterpiece in administering Parry a

LEX EALA hopes to remain in her elements as she takes on Russia’s Diana Shnaider in the round of 16 of the Wednesday of the Women’s Tennis Association (WTA) 500 Ningbo Open 2026 at the Yinzhou Tennis Center in Ningbo, China. Match time between the WTA No. 20 Eala and No. 13 Shnaider could only be determined on Wednesday. Eala’s back winning following a methodical 6-3, 6-1 77-minute disposal of Frenchwoman Diane Parry on Monday evening. “Thank you so much for the support,” Eala told fans during the post-match interview. “It really makes my job incredibly fun, even in difficult moments.” “So, I am really happy to be here,” added Eala after her first tour

victory this month and a a string of frustrations at the Singapore Open, Nagoya Asian Games where she missed the gold medal and bagged bronze instead, and in Wuhan, all in a span of under a month. Shnaider, 22 and a left-handed player like Eala, beat compatriot Yulia Putintseva in a thrilling showdown, 7-5, 7-6 (4) in the round of 32. A victory by Eala could set herself up against world No. 12 Iva Jovic, the Filipino’s 18-year-old tour buddy who she hasn’t beaten in three matches. Iga Swiatek, meanwhile, withdrew from the tournament because of an injured left thigh, diminishing her chances of contesting the season-ending WTA Finals at Indian Wells next month. “After careful consideration, I’ve

Southwoods spruces up Nicklaus course for P35M

HE Manila Southwoods will be hosting the Philippine Open golf championship for the second straight year and the management of one of the most prestigious private clubs in the country is leaving no stones unturned and sparing no expense to make the 108th playing of Asia’s oldest national championship at the Masters course a special one. More than P35 million will be spent to turn the Jack Nicklausdesigned gem into the best version of itself before the first drive is hit on November 12 for the finale of the 2026 Asian Tour season. The field will be

6-3, 6-1 loss in the Round of 32 of the Ningbo Open in the province of Zhejiang in eastern China. While the first set was a study of complete confidence, the second was but a clear case of bringing Parry back to tennis school. In the first set, after Parry broke to level the count at 3-all, Eala recoiled and broke back before banging home the last two games for the 6-3 win carved out in stellar style. And in the second set, Eala, as if running late for school, rushed to a 4-0 lead with telling shots through two service breaks, leaving the hapless French wondering why this unkind fate would befall on her. Oh, well, Eala eased up a bit in the fifth game, allowing Parry to win it on a service break—after a dinky deuce. And from a 4-1 lead, Eala decided enough is enough. Ruthless up to the very end, the 21-yearold Filipino ace ripped the 24-year-old Parry to pieces again, putting away the last two games in ego-busting fashion for a vicious 6-1 win to wrap up the match serving as sort of redemption.

challenged the entire week with roughs grown taller and fairways made narrower. “The Masters will be the best version that this crack field will see come the second week of next month,” Southwoods chairman Robert John Sobrepena said. “The Masters is our pride and joy, and that being said, we will make sure that the best players in the region are challenged fairly that week.” Fairways will be tightened to an average of 25 to 35 yards in width in its landing spots, even as the course will play to a par-70, two strokes less than what members are used to. From the black tees, it will be a riskreward course that will be stretched out to around 7,300 yards, and with roughs to be grown to an average of three to 3.5 inches, errant tee shots will be punished. Frenchman Julien Sale is the defending champion, with the Asian Tour and the governing National Golf Association of the Philippines making sure that the prize money this year has been doubled to $1 million (around P63

Redemption because prior to Monday’s carnage, Eala was herself a victim of major hiccups after losing successively to a clutch of obscure players, in the process drawing criticism from irate fans who labeled Alex as seemingly losing her focus on her tennis career after seeing her indulge in some nontennis forays in social media. Oh, well, it happens. Once you’ve become the darling of a nation long deprived of heroes on the sporting world stage, you are totally placed in a pedestal like a demigod. Jealousy easily sets in to an enamored bunch close to being obsessed with burning passion.

Philippine Paralympic Committee president Mike Barredo said the swimmers’ victories could inspire more Filipino athletes to reach the podium. “Well, again, it inspires and motivates the others to do the same,” said Barredo, describing the gold medalists as showing their teammates the “pathway to gold.” “And I’m sure others, maybe in track and field tomorrow and the other events that we still have, will see that they have been successful and they will try for it themselves,” he said. “They will follow that pathway to gold.” Philippine chef de mission Francis Diaz also hailed Alegarbes’ victory, saying it underscored the promise of the country’s para-swimming program. “Salute, Arjay Alegarbes, for the second gold medal, we are very proud of your achievement,” Diaz said.

The latest feat kept the Philippines in 14th place overall in the medal tally. In archery at the Okazaki Chuo Sogo Park Multipurpose Square, Marzel Burgos, Augustina Bantiloc and Jannah Kate Ballesta suffered heartbreaking defeats, as did the mixed team of Bantiloc and Burgos. Burgos absorbed a 147-142 loss to China’s Ai Xinliang in the men’s compound elimination round; Bantiloc was stopped by another Chinese archer, Zhao Jing, 147-135, in the women’s compound; and Ballesta fell to South Korea’s Kim Okgeum, 6-5. Burgos and Bantiloc later teamed up in the mixed compound but absorbed a stinging 148-147 loss to Chinese Taipei’s Lee Yun Hsien and Yang Jyun Kai. Over at the Izu Velodrome in track cycling, Nikko Peralta and Patrick Lee failed to advance in the 4,000-meter individual pursuit in their respective classes.

ALEX EALA’S glad to be winning again. WTA PHOTO decided to withdraw from the tournament,” Swiatek said in a statement posted on social media Tuesday by the Ningbo tournament. “I’ve been experiencing an ongoing problem with my left thigh over the past weeks and I feel that giving myself the time to rest and recover is the right decision.” Josef Ramos with AP

Detdet defends floor Detdet Pepito takes

care of the floor and finishes with 23 excellent digs as Capital1 beats Zus Coffee, 20-25, 25-17, 22-25, 25-20, 15-8, in the Premier Volleyball League All-Filipino Conference Siklab Series at the SM Mall of Asia Arena in Pasay City on Tuesday. The Solar Spikers improve to 2-1 won-lost while the Thunderbelles drop to 0-2. PVL IMAGES

million) with the help of the Philippine Sports Commission (PSC). “We are just appreciative of the help the Asian Tour and the PSC have extended to make this Open a real memorable one,” NGAP president Al Panlilio said as the Tour promised the participation of its top 20 players in the Order of Merit. Miguel Tabuena, Justin delos Santos and Carl Corpus, who represented the country respectably in the recent Asian Games in Nagoya, Japan, will banner the Philippine charge in the 72-hole championship. Tabuena is still the highest-ranked Filipino in the field and he is itching to win another Open as a followup to his 2018 triumph at Luisita. Last year, his rally in the final two rounds just came short.

But in a sense, they were right. The way Eala played her first round in her second appearance on the Chinese tennis Tour—that was the first-round disaster in the Wuhan Open days back—she was a compete wreck, indeed. She won the first set, all right, but inexplicably faded in the last two sets to bow to the nondescript Han Shi in the Wuhan Open. But she’s done licking her wounds. Now, she is back. With a vengeance, mind you. And, if looks could kill, Eala was totally that when she massacred Parry. All business, I tell you. Another day in the office. THAT’S IT With Converge’s 114-112 overtime win over TNT last weekend, the days are seemingly over for those sickly, ghastly routs of 20-plus points winning margins in the ongoing Governors’ Cup of the Philippine Basketball Association? Looks like it as the playoffs are just around the corner, fellas. Party time.

Magnolia vs RoS, NLEX faces SMB in decisive games

HE top seeding in Group B—and the pride that goes with it—will be at stake when Magnolia and Rain or Shine clash on Wednesday in the Philippine Basketball Association Governors’ Cup at the Ynares Sports Center in Antipolo City. The Hotshots are hoping to sustain their seven-game winning streak from a 0-3 start in the 7:30 p.m. game which Elasto Painters head coach Yeng Guiao is embracing with a positive approach for an advantaged position in the playoffs. Magnolia import Kenyon Buffen is leading the charge with his 25.2 points and 12.3 rebounds averages while forward Zav Lucero blazing his own trail with 16.0 points and 8.0 rebounds per game. Playmaker Jerom Lastimosa is also another asset for Magnolia with his 15.6 points norm per game. Despite LA Tenorio’s players contributing big numbers, Guiao’s focused on taking it one game at a time—Magnolia first and Phoenix Super LPG on Friday. “We just have to show up and keep our positive attitude,” Guiao said. “We may never know what might happen in this game, or something may come out positively.” “We must prepare and use these two games to gain experience,” he added. Import Aaron Fuller and Adrian Nocum are expected to step up anew for Rain or Shine, currently holding a win-loss record of 5-3. NLEX, on the other hand, guns for its 10th win in 12 games— and the top spot in Group B—when it battles San Miguel Beer at 5:15 p.m. Josef Ramos

Editor: Jennifer A. Ng

Companies BusinessMirror

‘MYNT INITIAL PUBLIC OFFERING LURES BEGINNER INVESTORS’ By Lorenz S. Marasigan @lorenzmarasigan

S many as one in eight retail investors who bought into Mynt Inc.’s initial public offering (IPO) through GCash’s in-app trading platform signed up for the e-wallet only in the days before the offer. The GCash parent debuted on the Philippine Stock Exchange (PSE) on Tuesday. Darvin Sy Su, who heads GCash’s Wealth Management business, said around 140,000 users subscribed to the IPO through GStocks. Between 10 percent and 12 percent of them were “new-new” customers who joined GCash in the past few days to get shares. “We can say that we were able to attract beginner investors, and we’re able to now broaden the reach in terms of who those beginner investors are.” Existing users still made

up most of the subscriber base with about 70 percent of IPO subscribers having used GCash for over two years, and 12 percent having been customers for about a year. “Many of those who participated in the IPO have been using GCash in their everyday lives,” Su said. The company said the minimum entry made the offer easy for small investors. A minimum of 100 shares, or P660, was enough to become a stockholder in GCash’s parent company. GStocks runs through partnerships with brokerage AB Capital and technolog y provider Investa, with support from the PSE. “In a few clicks, you click the GStocks icon, you click on AB Capital,” Su said. “With 100 shares or P660, your everyday Filipino can be a stockholder.” Continued on B2

Wednesday, October 21, 2026

GCash operator shares flat after debut at local bourse

By VG Cabuag

@villygc

HARES of Mynt Inc., the parent firm of e-wallet operator GCash, ended Tuesday’s trading session flat at P6.60 per share during its debut at the Philippine Stock Exchange (PSE). GCash shares opened at its offer price of P6.60 apiece, and climbed to as high as P6.76 before succumbing to selling pressures. The benchmark PSE index, meanwhile, gained P8.27 points to close at 5,806.17 points. “Bringing a market leader like Mynt to the exchange has been a deliberate three-year journey,” Ramon S. Monzon, PSE president and CEO, said.

“What began as exploratory talks matured into a powerful partnership built on transparency, patience and a shared conviction that a company of Mynt’s scale and societal impact belongs on the local exchange.” Monzon said local trading participants submitted orders for more than 2.65 billion shares against an allocation of 1.6 billion, or 165 percent of the allocation. A total of 140,725 GCash subscrib-

ers have purchased some P1.1 billion in this IPO through the GCash app. “And for many of them, it was their first time owning shares in a listed company. This is what market inclusion looks like: technology giving more Filipinos a stake in the growth of the businesses they rely on every day,” Monzon said. “The strong demand for this IPO [initial public offering] has two sources. Retail investors know and trust GCash, an app that has become part of our daily lives. Institutional investors see the promise of Mynt as a company,” he said. The IPO comprised 8.02 billion in firm shares and an overallotment option of 1.2 billion in secondary common shares. The total gross offer size reached P60.9 billion, which would make it the largest IPO in the PSE. Monzon said Mynt is now the

‘PHL society must make child safety a top priority’

MPIF inks mangrove pact with local govt

ETRO Pacific Investments Found at ion (MPIF), the social development arm of Metro Pacific Investments Corp., on Tuesday said it signed a memorandum of agreement with the municipality of Del Carmen in Surigao del Norte to advance the town’s mangrove conservation. The agreement includes some P1.22 million in financial assistance to improve a mangrove facility, building on 13 years of collaboration between the two entities. The partnership began 13 years ago when MPIF and Del Carmen town collaborated to establish what they described as the first and only mangrove center in Mindanao. Since then, their shared commitment has focused on protecting coastal communities, preserving marine biodiversity, and sustaining local livelihoods. Since 2013, the foundation has extended some P11.7 million in support to Del Carmen, covering the development and improvement of conservation facilities, allowances for local mangrove eco-guides and recovery assistance following typhoon Odette. The foundation continues to support three local mangrove eco-guides through monthly allowances, recognizing their role in sharing environmental knowledge and encouraging others to take part in protecting the island’s natural resources. “Our next 15 years are all about ensuring sustainability and equitable growth,” Del Carmen mayor Alfredo Matugas Coro II said. “In development work, it is easy to launch a project. What is more important and more challenging is to sustain it, nurture it, and ensure that it continues to create value long after the launch,” MPIF President Melody del Rosario said. Through its continued partnership with Del Carmen, MPIF aims to strengthen mangrove conservation efforts, promote environmental education and support long-term protection of Siargao’s coastal ecosystems. VG Cabuag

seventh largest listed company in the PSE with a market capitalization of P441.5 billion. “What started as an SMS-based money transfer service, has grown into a platform that is part of Filipino’s everyday lives,” Martha Sazon, Mynt president and CEO, said. “And what makes us especially proud is that nearly 90 percent of our customers come from the lowto-middle-income segment, many of whom have long been underserved.” Sazon said being a listed company is not the “finish line” for the company. “The opportunity ahead is about how much more we can make possible for every Filipino. It opens up more ways for us to reach those who are still unbanked and underserved, bring world-class experiences to our country, and create more meaningful impact.”

UPTICK

Swiss watch exports grew for a fifth straight month in September, buoyed by demand in the US and Europe. Total shipments rose 2.7 percent to 19.5 billion francs ($23.6 billion) in the first nine months of the year, the Federation of the Swiss Watch Industry said Tuesday. Exports to the US soared 86 percent last month, partly reflecting a tariff-related slump a year earlier. Watches priced below 500 francs fared best. The report is positive for Swatch Group AG, said RBC analyst Nikolaos Lafioniatis. Expensive timepieces — those priced above 3,000 francs at export — also saw shipments climb. Exports to China declined while they grew in Hong Kong and Japan, showing “significant regional divergence,” according to Citigroup analyst Thomas Chauvet. Global luxury brands have faced a deepening slump in China, where the economy is slowing and the government has cracked down on conspicuous consumption. An LVMH Moët Hennessy Louis Vuitton SE report this month showed that sales on the mainland fell by double digits last quarter. Exports to the US soared 86 percent last month, partly reflecting a tariff-related slump a year earlier. PHOTOGRAPHER: JASON ALDEN/BLOOMBERG

Mitsubishi PHL tempers expectations By Bless Aubrey Ogerio @blessogerio

ATCHING last year’s performance is now the goal of Mitsubishi Motors Philippines Corp. (MMPC), a reversal of its target of growing sales by 6 percent, as economic headwinds have reduced Filipinos’ appetite for new vehicles. MMPC President and CEO Ritsu Imaeda said that the economic recovery had yet to meet the company’s expectations, with inflation, unemployment, household expenses and fuel prices continuing to affect consumers. “We’re aiming for equal at this point,” Imaeda told reporters after the Makati Business Club’s anniversary event held recently in Taguig, referring to the company’s 2025 sales.

Data from the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) showed MMPC sold 86,808 units last year, ranking second among automakers in the country. The company remained in second place in the latest available industry sales data for August. For Imaeda, the usual year-end pickup could help sales. However, he said demand in October, November and December remained difficult to predict. “We only have hope.” Although vehicle purchases typically rise toward Christmas, MMPC said it was monitoring economic conditions before making a firmer forecast. It has also not issued a revised numerical target for 2026. Meanwhile, the transition to hybrid and electric vehicles is another factor affecting the market, Imaeda said, although the company said it is

still assessing the shift rather than making major changes in response. MMPC is considering a hybrid vehicle production line at its Laguna facility, with the project’s cost potentially topping P7 billion, Imaeda said.

Thailand floods

FLOODING in Thailand has temporarily halted operations at some Mitsubishi Motors plants in the Southeast Asian nation, but MMPC has not experienced disruptions to its vehicle supply, according to Imaeda. MMPC operates a 23-hectare manufacturing facility in Santa Rosa, with an annual production capacity of 50,000 units. It manufactures the Mirage G4 and L300 locally, while importing the Montero Sport sport utility vehicle and Triton pickup from Thailand. The company’s imports of the

two vehicles remained unaffected. Imaeda said MMPC was monitoring the situation but did not specify the extent of the flooding’s impact on individual plants or the broader automotive supply chain. Looking further ahead, the MMPC chief said the Philippine automotive market could remain sluggish in 2027, with demand depending largely on economic conditions and government policy. He expects the slowdown to persist until around October next year, as political activity intensifies ahead of the May 2028 national elections. Government spending and investment could help support economic activity and, in turn, vehicle demand. Meanwhile, Mitsubishi Motors Corp. unveiled a fully redesigned Pajero cross-country sport utility vehicle last September.

LDT Inc. and its wireless arm Smart Communications Inc. are urging government, industry, schools, families, and communities to act together against mounting threats to children online, saying no single sector can protect young Filipinos in the digital world on its own. PLDT COO and Chief Technology Officer Menardo G. Jimenez said child safety has become among the company’s top priorities, as the risks children face increasingly cut across both online and offline spaces. “Our children are under attack. And the moment your child is under attack, that becomes priority one,” Jimenez said. He said the problem cannot be left to telecommunications companies or the government alone, and would instead require various sectors to pool their expertise and turn it into practical solutions. “This problem is not solved by telcos playing God or even government playing God. This problem is solved by every single sector in this room talking with each other to understand the problem, and together come up with solutions,” he said. Jimenez challenged stakeholders to identify concrete measures that can make an immediate difference for children. “We have to come up with actual initiatives and solutions that we can do and use tomorrow already, because the crisis is already escalating,” he said. Jimenez said PLDT’s role is not to prescribe answers but to gather the people who have the knowledge and experience to craft them. While telcos bring technological expertise, he noted, protecting children also requires input from education, psychology, policy, parenting, and other disciplines. “We’re here not to lead; rather, we are here to listen. We are not the experts.” He also emphasized the role of parents in helping children build the values and judgment needed to navigate increasingly complex online environments. “We can talk about how technology, the government or the laws will solve this, but the reality is a big part of the solution lies with the parents as well,” he said. “To whom much is given, much is required. We are not mere bystanders in this. We are actually people who can help.” Lorenz S. Marasigan

Companies BusinessMirror

Wednesday, October 21, 2026

PSE STOCK QUOTATIONS

October 20, 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 CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK COL FINANCIAL FERRONOUX HLDG GCASH MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

44.55 118.2 10.14 99.15 47.6 12.42 9.85 61.9 6.9 14.66 73.25 49 20 62.3 20.8 1.28 3.65 6.6 0.099 1.26 205.2 4,760 1.24

44.6 118.5 10.36 100 48.05 12.98 9.92 61.95 6.95 14.68 73.8 49.2 20.8 62.5 20.9 1.29 4 6.61 0.101 1.31 208 4,800 1.28

44.5 117 10.12 100 48.15 12.42 10 61.65 6.91 14.68 75.2 49 20.95 62.05 20.9 1.3 4.09 6.6 0.101 1.27 205 4,800 1.26

44.95 118.9 10.4 100.5 48.2 12.42 10 61.95 6.95 14.68 75.2 49.95 20.95 62.5 21 1.3 4.11 6.76 0.101 1.3 208 4,800 1.28

44.5 116.5 10.12 99.15 47.6 12.42 9.84 61.45 6.9 14.68 73.25 48.05 20 61.5 20.9 1.2 4 6.6 0.101 1.25 205 4,800 1.23

44.6 118.5 10.36 99.15 47.6 12.42 9.92 61.95 6.95 14.68 73.25 49 20 62.3 20.9 1.28 4 6.6 0.101 1.26 208 4,800 1.28

9,000 1,648,140 21,200 886,510 193,700 200 108,200 2,569,280 6,600 300 210,970 10,480 20,000 19,940 25,000 467,000 25,000 650,330,500 100,000 1,050,000 2,170 15 18,000

401,265 194,757,406 216,366 88,337,682 9,287,280 2,484 1,070,542 158,849,354 45,606 4,404 15,562,397 513,520 403,565 1,238,972 522,520 596,700 101,480 4,326,600,639 10,100 1,340,150 445,748 72,000 22,670

71,845,978 16,227,798 -4,695,620 158,841 37,583,455 26,949 -7,057,520 -30,880 -31,004 -4,170 -56,380 -16,440 -1,111,921,782 358,890 48,000 -

INDUSTRIAL ACEN CORP 2.62 2.66 2.65 2.68 2.62 2.62 2,807,000 7,442,330 871,880 ALSONS CONS 0.94 0.96 0.98 0.98 0.93 0.94 1,508,000 1,428,280 64,440 ALTERNERGY HLDG 0.6 0.61 0.61 0.62 0.6 0.61 391,000 236,540 -85,380 ABOITIZ POWER 45.85 46 46.05 46.25 45.5 46 1,354,600 62,200,040 13,988,630 RASLAG 1.11 1.13 1.1 1.14 1.09 1.13 158,000 174,890 0.104 0.105 0.104 0.106 1,470,000 153,930 93,450 0.106 0.106 BASIC ENERGY 4.4 4.54 4.3 4.4 4.3 4.4 13,000 56,920 CITICORE RE FIRST GEN 20.3 20.35 20.2 20.5 19.98 20.35 174,900 3,535,165 -281,140 86.05 87 86 86.05 86 86.05 51,350 4,418,655 -805,428 FIRST PHIL HLDG MERALCO 456 458 452.2 449.4 445.8 456 464,420 209,814,994 47,697,982 MANILA WATER 32.1 32.2 31.95 32.45 31.9 32.2 2,497,400 80,458,265 3,123,060 MAYNILAD 16.98 17 17 17.22 16.98 17 3,682,000 62,971,990 30,603,302 PETRON 2.2 2.21 2.22 2.22 2.2 2.2 353,000 777,750 2,200 PETROENERGY 4.69 4.45 4.67 4.46 4.45 4.45 215,000 957,250 16.5 16.6 16.5 16.6 836,400 13,804,240 -597,600 16.6 16.6 PRYCE CORP 11.86 12.08 12.1 12.16 11.52 11.86 1,207,600 14,354,414 -3,156,140 SEMIRARA MINING 24.85 25.15 24.3 25.45 23.95 25.15 2,177,200 54,347,295 8,677,265 SYNERGY GRID 7.9 7.91 7.9 7.9 7.76 7.9 1,139,400 8,954,013 -3,140,622 SHELL PILIPINAS SPC POWER 8.7 8.74 8.74 8.75 8.74 8.74 21,300 186,231 SP NEW ENERGY 1.23 1.24 1.24 1.24 1.22 1.24 2,192,000 2,695,750 22,850 TOP LINE 1.7 1.71 1.73 1.73 1.71 1.71 408,000 701,080 -65,740 AXELUM 2.81 2.8 2.8 2.8 2.8 2.8 692,000 1,937,600 0.285 0.31 0.31 0.31 10,000 3,100 0.31 0.31 BALAI FRUITAS CENTURY FOOD 30.15 30.3 31.2 31.35 30.05 30.3 623,000 18,878,465 -12,240,890 3.26 3.75 3.41 3.41 3.11 3.3 20,000 64,490 34,020 DEL MONTE 3.4 3.41 3.47 3.47 3.39 3.4 1,226,000 4,183,820 -782,810 DNL INDUS 15.18 15.24 15.22 15.16 15.18 1,942,100 29,508,164 -577,408 EMPERADOR 15.26 SMC FOODANDBEV 44.5 44.55 44.5 45.5 44.45 44.55 42,400 1,890,865 -1,056,730 FIGARO GROUP 0.79 0.79 0.78 0.79 0.78 0.78 2,915,000 2,276,520 ALLIANCE SELECT 0.47 0.51 0.49 0.52 0.46 0.47 414,000 199,710 FRUITAS HLDG 0.66 0.67 0.67 0.67 0.66 0.66 17,000 11,260 220 222 221.8 218.8 219.6 14,640 3,227,552 -70,524 223.8 GINEBRA 145 145.1 144 142.8 145 312,420 45,146,034 -2,476,300 JOLLIBEE 145.8 1.88 1.89 1.88 1.9 1.88 1.89 179,000 336,730 -210,560 KEEPERS HLDG 21 22.35 22.45 22.45 22.45 22.45 100 2,245 LIBERTY FLOUR MACAY HLDG 5.82 5.82 5.82 5.86 2,900 16,930 -7,584 5.86 5.86 MG HLDG 0.07 0.072 0.07 0.07 0.07 0.07 20,000 1,400 MONDE NISSIN 6.08 6.09 6.08 6.15 6.05 6.09 3,545,200 21,602,567 -11,888,647 SHAKEYS PIZZA 5.1 5.15 5.1 5.1 5.08 5.1 28,000 142,792 12,750 ROXAS AND CO 2.43 2.47 2.43 2.47 2.43 2.47 16,000 38,960 5.16 5.17 5.14 5.18 5.08 5.16 146,100 753,261 -134,198 RFM CORP 0.048 0.048 0.048 0.049 200,000 9,700 SWIFT FOODS 0.049 0.049 UNIV ROBINA 59.75 59.85 59.7 60.05 59.6 59.75 565,190 33,772,853 -21,127,443 0.475 0.48 0.475 0.49 560,000 267,050 VITARICH 0.49 0.49 VICTORIAS 1.99 1.9 1.91 1.91 1.9 1.9 14,000 26,700 -19,100 ATN HLDG 0.405 0.43 0.4 0.45 0.4 0.405 1,840,000 775,350 58.35 58.35 CONCRETE 53 58.35 58.35 58.35 10 584 CONCREAT HLDG 1.11 1.12 1.15 1.15 1.08 1.12 3,588,000 3,959,160 305,350 EEI CORP 1.9 1.9 1.86 1.89 1.89 1.9 8,000 15,140 5.28 5.33 5.33 5.2 5.33 899,900 4,785,656 -179,714 5.34 MEGAWIDE 14.5 14.5 14.56 14.5 14.56 15,700 228,152 -52,416 PHINMA 14.58 30.5 32 32 30 30.3 3,300 101,730 3,040 SUPERCITY 34.9 1.87 1.9 1.9 1.9 2,000 3,800 -3,800 CROWN ASIA 1.9 1.9 EUROMED 1.18 1.14 1.13 1.14 1.13 1.13 46,000 52,220 -5,650 CONCEPCION 10.88 10.7 10.9 10.76 10.76 10.88 6,600 71,288 0.132 0.132 GREENERGY 0.13 0.128 0.128 0.131 840,000 108,730 INTEGRATED MICR 5.47 5.49 5.21 5.5 5.21 5.49 922,200 4,935,961 -292,888 IONICS 2.78 2.78 2.8 2.75 2.69 2.78 668,000 1,823,550 234,230 7.1 7.43 7.01 7.43 7.01 7.43 700 5,117 PANASONIC CIRTEK HLDG 1.12 1.13 1.14 1.14 1.1 1.12 1,024,000 1,144,210 -317,610 1.86 1.99 1.98 1.99 26,000 51,530 STENIEL 1.99 1.99

HOLDING & FRIMS

ABACORE CAPITAL 0.3 0.31 0.295 0.31 0.295 0.31 630,000 191,000 ASIABEST GROUP 22.05 22.1 23.95 24.95 22.1 22.1 516,700 11,655,985 696,500 AYALA CORP 545.5 545.5 545 539 535 545 500,090 271,313,405 107,950,805 ABOITIZ EQUITY 39.95 39.95 39.65 39.6 39.5 39.95 733,500 29,210,790 20,689,595 ALLIANCE GLOBAL 8.94 8.95 8.95 9.03 8.87 8.95 703,100 6,256,948 -4,103,082 16.14 16.1 16.1 16.3 52,200 850,824 -815,000 ANSCOR 16.4 16.4 1.1 1.13 1.13 1.14 1.09 1.1 847,000 946,420 990 ANGLO PHIL HLDG 7.36 7.4 7.36 7.38 7.34 7.36 61,600 453,121 226,695 COSCO CAPITAL 7.28 7.29 7.3 7.37 7.27 7.29 2,626,200 19,183,240 738,029 DMCI HLDG FILINVEST DEV 4 4 3.8 4 4 4 2,000 8,000 445 445 GT CAPITAL 443.4 441 440 443.4 36,560 16,159,352 835,430 HOUSE OF INV 4.82 4.9 4.99 4.99 4.97 4.97 300 1,493 JG SUMMIT 17.36 17.4 17.3 17.5 17 17.4 1,535,500 26,622,058 4,510,558 LODESTAR 0.485 0.425 0.46 0.485 0.455 0.47 220,000 103,150 4.75 4.8 4.7 4.75 4.7 4.75 200,000 947,500 235,000 LOPEZ HLDG 15.12 15.18 15.12 15.22 15.1 15.12 758,900 11,487,428 -1,645,634 LT GROUP 1.03 1.25 1.06 1.06 1.06 1.06 6,000 6,360 PACIFICA HLDG PRIME MEDIA 0.83 0.9 0.83 0.83 0.83 0.83 6,000 4,980 SOLID GROUP 1.17 1.17 1.15 1.16 1.15 1.17 109,000 125,960 -110,770 SM INVESTMENTS 552 555 542 560 542 555 366,310 203,247,145 77,614,485 SAN MIGUEL CORP 66.7 67 66 67.35 66 66.7 231,410 15,478,154 5,223,073 TOP FRONTIER 51.65 53.95 54 54 51.3 51.65 1,660 86,765 2,565 0.069 0.074 0.07 0.07 0.069 0.069 260,000 17,990 ZEUS HLDG PROPERTY AYALA LAND 15.5 15.52 15.3 15.7 15.3 15.52 6,401,500 99,474,064 -7,101,194 AYALA LAND LOG 1.08 1.09 1.11 1.11 1.03 1.09 1,558,000 1,656,950 -37,360 ARANETA PROP 0.25 0.25 0.245 0.25 0.225 0.25 1,750,000 416,280 AREIT RT 36.6 36.8 36.45 36.85 36.45 36.6 337,800 12,359,860 -1,642,665 A BROWN 0.79 0.79 0.75 0.77 0.76 0.76 67,000 51,500 0.55 0.55 0.54 0.55 110,000 60,230 -34,100 0.56 0.56 CITYLAND DEVT 0.088 0.091 0.089 0.089 0.088 0.088 90,000 7,950 CROWN EQUITIES CEB LANDMASTERS 1.94 1.95 1.96 1.97 1.95 1.95 199,000 389,730 -311,610 0.63 0.63 0.63 0.64 187,000 118,250 CENTURY PROP 0.64 0.64 CITICORE RT 2.88 2.91 2.9 2.94 2.88 2.88 1,239,000 3,586,800 -2,513,340 DOUBLEDRAGON 11.6 11.68 11.72 11.74 11.56 11.7 251,200 2,924,878 -522,660 DDMP RT 1.04 1.04 1.03 1.04 1.03 1.04 1,293,000 1,335,100 -3,090 DM WENCESLAO 4.75 4.9 4.75 4.75 4.75 4.75 3,000 14,250 0.026 EVERWOODS 0.024 0.026 0.026 0.026 0.026 200,000 5,200 0.1 0.102 0.102 0.104 930,000 95,980 -5,200 0.104 0.104 EMPIRE EAST 2.91 2.92 2.92 2.91 2.91 5,030,000 14,641,020 189,800 FILINVEST RT 2.93 0.69 0.69 0.69 0.7 97,000 67,080 -2,070 FILINVEST LAND 0.7 0.7 0.61 0.62 0.62 0.62 354,000 219,480 GLOBAL ESTATE 0.62 0.62 KEPPEL PROP 2.5 2.55 2.5 2.5 2.5 2.5 10,000 25,000 1.21 1.21 PNB HLDG 1.2 1.19 1.18 1.2 45,655,000 54,682,660 -8,056,500 MEGAWORLD 2.26 2.26 2.25 2.25 2.23 2.26 3,801,000 8,556,450 -2,954,380 MRC ALLIED 0.64 0.65 0.67 0.67 0.63 0.65 21,301,000 13,820,440 -2,438,530 13.58 13.6 13.7 13.72 13.58 13.6 484,700 6,627,828 -168,602 MREIT RT 0.101 0.107 0.107 0.107 0.107 0.107 210,000 22,470 OMICO CORP PRMIERE HORIZON 0.15 0.155 0.155 0.155 0.15 0.155 250,000 37,890 -3,100 0.39 0.4 0.39 0.39 0.39 0.39 10,000 3,900 -3,900 PHIL ESTATES 0.9 0.93 0.9 0.9 87,000 79,340 -3,720 0.93 0.93 PREMIERE RT RL COMM RT 6.23 6.28 6.36 6.38 6.23 6.23 3,379,900 21,148,188 -10,178,084 ROBINSONS LAND 16.2 16.2 16.02 16.04 15.9 16.2 601,300 9,699,608 -4,874,540 PHIL REALTY 0.106 0.11 0.106 0.106 0.106 0.106 90,000 9,540 2.6 2.6 ROCKWELL 2.47 2.48 2.46 2.46 142,000 363,770 2.82 2.9 2.98 3 2.82 2.82 63,000 187,250 SHANG PROP STA LUCIA LAND 1.68 1.7 1.69 1.72 1.68 1.68 14,000 23,660 SM PRIME HLDG 17.78 17.8 17.4 17.88 17.4 17.8 6,855,100 121,839,318 -16,016,716 0.385 0.415 0.415 0.415 10,000 4,150 SUNTRUST RESORT 0.415 0.415 PTFC REDEV CORP 50 59.95 50.05 50.05 50.05 50.05 40 2,002 SERVICES ABS CBN 2.5 2.59 2.46 2.51 2.46 2.5 30,000 74,590 GMA NETWORK 3.35 3.35 3.33 3.3 3.3 3.34 133,000 441,930 MANILA BULLETIN 0.155 0.164 0.155 0.155 0.155 0.155 10,000 1,550 MLA BRDCASTING 5 5.48 5.02 5.02 5 5 7,200 36,016 DITO CME HLDG 0.58 0.59 0.58 0.59 0.57 0.59 6,307,000 3,650,340 -287,690 1,540 1,548 1,580 1,580 1,536 1,540 53,380 82,640,655 -12,152,460 GLOBE TELECOM 1,249 1,250 1,270 1,270 1,250 1,250 127,620 22,762,085 PLDT 160,382,710 0.0056 0.0057 0.0057 0.0058 0.0056 0.0057 254,000,000 1,429,500 28,500 APOLLO GLOBAL 9.35 9.5 9.24 9.55 9 9.35 6,403,200 60,374,029 13,643,641 CONVERGE DFNN INC 0.63 0.66 0.65 0.65 0.65 0.65 14,000 9,100 ISLAND INFO 0.128 0.13 0.134 0.137 0.126 0.13 3,180,000 421,200 -1,350 NOW CORP 0.36 0.38 0.355 0.365 0.35 0.36 1,030,000 367,450 10,250 TRANSPACIFIC BR 0.117 0.117 0.116 0.116 0.116 0.116 420,000 48,730 1.05 CHELSEA 1 1.01 1.01 0.95 1.01 471,000 465,180 23 23.05 23.65 23.7 22.7 23.05 235,900 5,484,025 -3,187,440 CEBU AIR 837 840 847 847 831 840 1,698,370 1,425,657,190 -167,196,865 INTL CONTAINER 10.5 10.68 10.9 10.9 10.68 10.68 3,200 34,660 LBC EXPRESS LORENZO SHIPPNG 0.65 0.71 0.71 0.71 4,000 2,840 0.71 0.71 MACROASIA 3.35 3.35 3.31 3.3 3.25 3.31 107,000 354,590 30,050 METRO ALLIANCE 0.63 0.64 0.57 0.65 0.57 0.63 58,000 36,270 PAL HLDG 3.67 3.75 3.74 3.79 3.62 3.75 5,201,000 19,544,600 242,390 HARBOR STAR 1.38 1.44 1.45 1.5 1.37 1.42 1,236,000 1,756,120 16,340 0.029 0.03 0.029 0.029 0.029 0.029 18,600,000 539,400 BOULEVARD HLDG GRAND PLAZA 3.7 5.02 5.03 5.03 4.98 4.98 600 3,013 PH RESORTS GRP 0.385 0.395 0.4 0.415 0.37 0.395 14,510,000 5,678,300 -1,337,000 13.02 13.42 13.48 13.48 13 13.42 5,700 75,576 CENTRO ESCOLAR FAR EASTERN U 788 790 790 790 788 790 350 276,425 -252,760 IPEOPLE 7.14 7.14 7.1 7.14 7.14 7.14 11,800 84,252 1.28 1.28 STI HLDG 1.26 1.27 1.27 1.28 6,000 7,650 1.09 1.09 BELLE CORP 1.08 1.08 1.08 1.09 20,000 21,670 3,270 BLOOMBERRY 1.92 1.93 1.91 1.91 1.9 1.91 1,331,000 2,553,060 362,190 7.3 7.31 7.4 7.24 7.3 1,128,900 8,266,077 1,046,034 DIGIPLUS 7.33 14.06 14.12 14.6 14.6 14.04 14.12 1,708,700 24,178,456 -11,182,110 PHILWEB 1.02 1.02 1.02 1.04 20,000 20,440 2,080 METRO RETAIL 1.04 1.04 40 40.1 40.2 39.8 40 763,700 30,541,725 1,889,960 PUREGOLD 39.95 31.6 32 31.5 31.65 31.5 31.65 1,800 56,865 -25,320 PHIL SEVEN CORP SSI GROUP 2 2.05 1.93 2 1.93 2 163,000 319,980 160,500 UPSON INTL CORP 0.77 0.79 0.76 0.81 0.76 0.8 32,000 25,340 17,520 WILCON DEPOT 5.42 5.44 5.48 5.5 5.42 5.42 451,800 2,467,266 -1,118,484 APC GROUP 0.101 0.103 0.104 0.104 0.104 0.104 10,000 1,040 0.237 0.236 0.236 0.238 200,000 47,340 0.238 0.238 MEDILINES PHILCOMSAT 1.62 1.64 1.62 1.62 1.62 1.62 20,000 32,400 SBS PHIL CORP 2.98 3.03 3.03 3.03 3.03 3.03 38,000 115,140 MINING & OIL APEX MINING 16.8 16.92 16.92 17.04 16.7 16.92 1,021,600 17,237,912 4,327,312 ATLAS MINING 18.32 18.4 18.96 19 18.26 18.32 2,109,400 39,069,436 -7,397,194 BENGUET 6.35 6.2 6.3 6.3 6.3 6.3 320,000 2,028,260 DIZON MINES 3.25 3.8 3.25 3.25 3.25 3.25 5,000 16,250 0.29 0.31 0.315 0.315 0.31 0.31 30,000 9,400 EC VULCAN FERRONICKEL 1.65 1.69 1.7 1.64 1.65 293,000 484,620 -88,990 1.68 0.08 0.081 0.081 0.081 0.081 30,000 2,430 GEOGRACE 0.082 LEPANTO A 0.219 0.223 0.221 0.222 0.219 0.22 2,940,000 646,650 LEPANTO B 0.215 0.22 0.214 0.223 0.214 0.223 80,000 17,210 MANILA MINING A 0.0083 0.0084 0.0084 0.0084 0.0083 0.0083 3,000,000 25,100 0.77 0.77 MARCVENTURES 0.75 0.77 0.75 0.77 287,000 216,270 19,000 NIHAO 0.5 0.5 0.495 0.5 0.5 0.5 307,000 153,500 NICKEL ASIA 3.72 3.75 3.86 3.86 3.66 3.72 2,407,000 9,004,480 -680,930 34 35 35 34 34 509,400 17,529,545 -11,717,085 OCEANAGOLD 34.4 0.54 0.55 0.56 0.56 0.56 0.56 5,000 2,800 ORNTL PENINSULA PX MINING 10.52 10.76 10.8 10.8 10.52 10.52 1,610,900 17,101,148 -11,012,842 0.0093 0.0096 0.0094 0.0094 0.0093 0.0094 14,000,000 131,400 UNITED PARAGON ENEX ENERGY 3.13 3.54 3.14 3.2 3.14 3.2 8,000 25,300 3,140 ORNTL PETROL A 0.014 0.015 0.014 0.014 0.014 0.014 20,900,000 292,600 ORNTL PETROL B 0.014 0.015 0.014 0.014 0.014 0.014 200,000 2,800 PHILODRILL 0.01 0.011 0.011 0.012 0.01 0.011 151,200,000 1,658,700 199,100 3 3.03 3.03 3.07 2.94 3 292,000 878,230 -160,000 PXP ENERGY PREFFERED ACEN PREF A 980 1,006 991 991 980 980 7,590 7,449,700 -1,960,010 ACEN PREF B 1,028 1,030 1,030 1,030 1,028 1,030 435 447,525 AC PREF AR 2,406 2,450 2,460 2,460 2,402 2,404 425 1,027,660 AC PREF B3R 1,862 1,919 1,900 1,900 1,900 1,900 5 9,500 AC PREF B4R 1,900 1,918 1,920 1,920 1,900 1,917 11,670 22,327,015 9,600 494 503 495 495 495 495 510 252,450 ALCO PREF G ALCO PREF H 512 513 513 513 512 513 490 250,920 BRN PREF A 99.55 99.8 99.5 99.5 99.5 99.5 500 49,750 BRN PREF B 100.5 101 101 101 100 100 40 4,030 BRN PREF C 103.2 103.5 103.5 103.5 103.5 103.5 990 102,465 CEB PREF 28 29 28.5 28.5 28 28 3,100 86,850 CLI PREF A1 950 970 950 950 950 950 200 190,000 -190,000 CLI PREF A2 955 989 989 989 989 989 240 237,360 CPG PREF B 100.5 101.5 101.4 101.5 100.5 100.5 350 35,354 89.9 90 89.7 89.7 97,240 8,743,975 8,980 90 90 DD PREF 94 96 96 96 96 96 1,200 115,200 EEI PREF B FDC PREF A 811 990 990 990 990 990 10 9,900 FDC PREF B 1,000 1,010 1,000 1,000 1,000 1,000 10 10,000 GLO PREF ANV 1,850 1,936 1,940 1,940 1,801 1,850 75 138,290 GLO PREF BNV 1,915 1,963 1,965 1,965 1,910 1,910 345 661,240 MWIDE PREF 6A 97 97 97 97 97 1,000 97,000 MWIDE PREF 6B 98.5 99 99 99 99 99 10,630 1,052,370 -1,052,370 102.1 103.4 103.4 103.4 103.4 103.4 300 31,020 MWIDE PREF 6C PCOR PREF 4A 990 995 975 990 971 990 6,420 6,337,880 PCOR PREF 4B 982 990 979.5 982 979 982 6,460 6,337,525 -411,600 962 990 991.5 991.5 991.5 991.5 20 19,830 -19,830 PCOR PREF 4C 960 967 969 969 968.5 968.5 80 77,510 PCOR PREF 4D PCOR PREF 4E 980 987 987 987 980 980 160 157,220 SMC PREF 2L 78.05 80.1 77.5 80.3 77.5 80.3 250 19,409 -18,606 SMC PREF 2N 75.7 76.8 75.5 75.75 75.5 75.75 23,250 1,755,500 1,716,870 SMC PREF 2O 77.9 78 77.9 78 77.9 78 19,320 1,506,159 72 74.5 74.5 74.5 74.5 74.5 100 7,450 SMC PREF 2P SMC PREF 2Q 73.5 73.1 74 73.1 74 15,010 1,110,731 SMC PREF 2T 75.15 75.3 75.3 75.3 75.3 75.3 830 62,499 SMC PREF 2U 75 75.95 75.95 75.95 75.95 75.95 40 3,038 SMC PREF 2V 76.3 76.5 76.8 76.8 76.5 76.5 160 12,246 SMC PREF 2W 77 78 77 77 77 77 3,020 232,540 SMC PREF 2X 77.7 78.5 78.5 78.5 77.7 77.7 1,150 89,474 7,850 TECH PREF B2C 8.33 9 8.61 8.61 8.61 8.61 100 861 TECH PREF B2D 6.31 7.38 6.31 6.31 6.31 6.31 100 631 99.95 100 100 100 100 100 40 4,000 TOP PREF A1 TOP PREF A2 101 101.5 101 101 101 101 30 3,030 -

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

2.2 3.2

1.05

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

HAUS TALK ITALPINAS LFM PROP XURPAS

3 2.2 2.2 2.2 2.2 14,000 30,800 3.27 3.21 3.21 3.21 3.21 3,000 9,630

1.37 0.59 0.021 0.229

1.1

1.05

3,000

3,200

-1,050

1.41 0.6 0.022 0.24

1.41 0.57 0.022 0.245

1.42 0.6 0.022 0.245

1.39 0.57 0.022 0.228

1.41 0.6 0.022 0.228

82,000 23,000 400,000 380,000

115,230 13,360 8,800 87,470

EXHANGE TRADE FUNDS ATR FAMI ETF

97.6

-30,800 -

97.8

98 98 97.8 97.8 3,540 346,830 256,760

www.businessmirror.com.ph

Economic headwinds dent vehicle sales in Jan-Sept

By Bless Aubrey Ogerio

@blessogerio

HE Philippine auto industry entered the final four months of 2026 with sales still in reverse gear, as year-to-date vehicle purchases fell by double digits in September despite a monthly rebound and a sharp increase in electrified vehicle (EV) demand. The Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) reported combined sales of 307,060 units in January to September, down 10.2 percent from 341,753 units in the same period last year. In September alone, sales by CAMPI-TMA members reached 35,722 units, declining 5.8 percent from 37,915 units a year earlier. However, sales rose 20.6 percent

from 29,612 units in August. Passenger car sales fell 9.3 percent to 62,829 units from 69,306 units, accounting for 20.46 percent of total industry sales during the ninemonth period. Commercial vehicles, which accounted for the remaining 79.54 percent, recorded a steeper decline of 10.9 percent to 244,231 units from 274,104 units. Within the segment, Asian utility vehicles and multipurpose ve-

hicles posted an 11.6-percent drop to 55,034 units from 62,235 units. Light commercial vehicle sales slid 10.4 percent to 182,230 units from 203,349 units. Sales of light-duty trucks and buses fell 16.5 percent to 4,254 units from 5,092 units, while medium-duty trucks and buses dropped 15.3 percent to 2,260 units from 2,669 units. Heavy-duty trucks and buses recorded the sharpest nine-month contraction, with sales plunging 40.3 percent to 453 units from 759 units. However, the segment was the only commercial-vehicle category to post year-on-year growth in September, with sales edging up 1.4 percent to 70 units from 69 units. Among Campi-TMA member brands, Toyota Motor Philippines Corp. led September sales with 18,157 units, followed by Mitsubishi Motors Philippines Corp. with 3,962 units and Suzuki Philippines Inc. with 1,466 units.

Bucking the trend

SALES of electrified vehicles continued to expand despite the broader

industry slowdown, reaching 54,372 units in the first nine months of 2026, up 163 percent from 20,676 units a year earlier. In September, sales of electrified vehicles, which include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs), totaled 8,959 units. This was 300.5 percent higher than the 2,237 units sold in September 2025 and 26.7 percent above August’s 7,073 units. Electrified vehicles accounted for 17.71 percent of total industry sales in the January-to-September period, up from 6.05 percent a year earlier. Hybrid electric vehicles remained the largest category, with sales rising 69.4 percent to 27,694 units from 16,349 units. Battery electric vehicle sales climbed 337.7 percent to 16,006 units from 3,657 units, while plugin hybrid electric vehicles posted the fastest growth, surging 1,492.8 percent to 10,672 units from 670 units. The figures cover BEVs, HEVs and PHEVs recognized by the Department of Energy as of October 8.

Aznar Shipping IPO gets green light By VG Cabuag

MUTUAL FUNDS

@villygc

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES)

HE Securities and Exchange Commission (SEC) on Tuesday said it has approved the initial public offering (IPO) of Aznar Shipping Corp., which hopes to raise P670 million. In its en banc meeting, the SEC also gave its nod to the registration statement of Aznar Shipping covering the registration of up to 3.59 billion common shares. Aznar will offer up to one billion common shares as part of the primary offer, while up to 100 million shares will be offered and sold by a selling shareholder. Each share will be priced at a maximum of P0.67 apiece. The company expects to net around P633.81 million from the primary offer, which will be used for fleet expansion, shipyard facility development and general corporate purposes. The offer period will run from December 1 to 8, in time for the issuance and listing of the shares on the

small, medium and emerging board of the Philippine Stock Exchange on December 18. Aznar has tapped the Investment and Capital Corp. of the Philippines and the PNB Capital and Investment Corp. as the joint issue managers, lead underwriters and bookrunners for the offer. The application is the first to be filed through the Online Application and Registration System, or OARS, under the SEC platform. Under the streamlined process, the prescribed processing period under the Securities Regulation Code, was reduced to 40 days from 45 days from payment of the initial filing fee. The SEC approved Aznar’s application on the 38th day, ahead of the prescribed 40-day period.

‘MYNT INITIAL PUBLIC OFFERING LURES BEGINNER INVESTORS’ Continued from B1

GStocks now has over 2.5 million lifetime trading accounts. Su described these as customers who “at least made intent or have interest to go into investing.” Su said GCash had been educating customers on saving and investing for months, and focused on stock investing as the IPO approached. He stressed that new investors should commit money they can leave in the market. “If you go into stock investing, it should be with discipline. You should know how much you can afford to invest,” he said. “You can’t just go in and then go out. That’s not how investing works. It should be an amount that you can stay longer.”

October 20, 2026

Su also highlighted automated order features in GStocks, including take-profit and stop-loss orders that can stay open until cancelled. He said these suit investors who are too busy to watch the market. “If I’m at the office the whole day, busy with meetings and all, I can always maximize the features that I see in the app so that I grow my wealth,” he said. Jep Tang, who handles investor relations at Mynt, said the retail turnout reflected the company’s goal of reaching Filipinos outside the formal financial system. Half of Filipinos are still unbanked, he said. “Today’s milestone, we celebrate it, but we know that our job is not yet done,” he said.

ALFM GROWTH FUND, INC. -A207.23 -3.01% 0.87% -2.14% -2.54% -3.2% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.2177 7.54% 15.39% 6.52% 4.81% 2.6% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.7417 -4.52% -0.5% -3.05% -4.37%-3.83% CLIMBS SHARE CAPITAL EQUIT Y INVESTMENT FUND CORP. -A 0.7586 4.03% 3.95% 0.18% N.A3.32% FIRST METRO CONSUMER FUND, INC. -A 0.495 -12.51% -7.72% -8.56% N.A -10.99% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.1805 -5.27% -2.22% -4.17% -2.44% -4.4% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6166 -4.77% -2.49% -4.57% N.A-4.05% MBG EQUIT Y INVESTMENT FUND, INC. -A 65.37 -22.81% -9.15% -8.32% N.A -26.93% PAMI EQUIT Y INDEX FUND, INC. -A 40.3251 -2.94% -0.76% -3.31% -2.42% -2.5% PHILAM STRATEGIC GROWTH FUND, INC. -A 433.85 -3.33% 0.42% -2.65% -2.35% -3.49% PHILEQUIT Y DIVIDEND YIELD FUND, INC. -A 1.5283 2.39% 9.27% 3.59% 1.75% -2.11% PHILEQUIT Y FUND, INC. -A34.6644 0.74% 2.29% -0.83% -0.64% 0.68% PHILEQUIT Y MSCI PHILIPPINE INDEX FUND, INC. -A 0.912 3.26% 3.57% -0.63% N.A 2.74% PHILEQUIT Y PSE INDEX FUND, INC. -A 4.3792 -1.91% 0.34% -2.28% -1.55% -2.02% PHILIPPINE STOCK INDEX FUND CORP. -A 719.77 -2.38% -0.07% -2.59% -1.73% -2.07% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6913 -0.36% 2.14% -1.45% -2.73% -1.54% SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A 3.0352 -6.98% -1.97% -4% -3.17% -5.43% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.8061 -2.55% -0.5% -2.95% -2%-2.17% UNITED FUND, INC. -A3.54219.96% 5.6% 0.54% 0.27% 7.74% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 1.0109 -2.25% -0.15% N.A N.A -2.13% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 1.0174 -2.64% 0.65% N.A N.A -2.5% PHILEQUIT Y ALPHA ONE FUND, INC. -A 0.8765 -7.1% -4.07% -5.23% N.A -7.18% PHILIPPINE STOCK INDEX FUND CORP. -A 868.73 -2.34% -0.26% N.A N.A -2% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUIT Y EXCHANGE TRADED FUND, INC. -A,C,1 98.2253 -2.08% 0.11% -2.3% -1.34%-1.79% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.1577 13.75% 13.71% -0.27% 2.52% 13% SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A $2.4083 11.83% 16.81% 5.73% 8.8% 8.27% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) PHILEQUIT Y GLOBAL FUND, INC. -A 1.0674 N.A N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1501 0.47% 0.46% -0.84% -0.89% 0.46% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6945 4.62% 5.36% 0.11% -0.55%3.56% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4628 -0.44% 0.31% -1.78% -0.47%0.03% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2261 -0.09% 6.38% 2.68% N.A-2.5% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9413 -1.81% 1.04% -0.66% 0.2% -3.06% PAMI HORIZON FUND, INC. -A3.6402 -2.61% 2.06% -0.6% -0.41% -3.95% PHILAM FUND, INC. -A15.3685 -3.9% 0.78% -1.75% -0.99% -4.01% SOLIDARITAS FUND, INC. -A2.0518 -1.91% 1.27% -0.56% -0.32% -2.31% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.3139 -4.53% 0.27% -1.73% -1.31%-3.2% SUN LIFE PROSPERIT Y DYNAMIC FUND, INC. -A 0.8693 -5.6% 0.03% -1.33% -1.12% -4.55% 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 0.9772 0.45% 2.19% -0.24% N.A -0.16% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8258 -1.76% 0.53% -2.56% N.A -1.9% -0.01% -3.13% N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.7933 -2% -2.21% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.0324 -5.4% 1.22% -2.88% -0.98% -5.54% PAMI ASIA BALANCED FUND, INC. -B $1.1199 -8.66% 9.57% 0.82% 1.89% -7.45% SUN LIFE PROSPERIT Y DOLLAR ADVANTAGE FUND, INC. -A $5.573 6.71% 12.58% 3.21% 5.75%4.4% SUN LIFE PROSPERIT Y DOLLAR WELLSPRING FUND, INC. -A $1.2062 2.94% 8.27% 0.49% 2.38%1.93% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 425.3 2.09% 3.2% 2.69% 2.57% 1.26% ATRAM CORPORATE BOND FUND, INC. -A 1.9918 2.23% 1.68% 0.71% 0.41% 1.7% COCOLIFE FIXED INCOME FUND, INC. -A 3.5982 0.91% 3.09% 2.1% 3.1% -0.04% EKKLESIA MUTUAL FUND, INC. -A 2.4291 -0.51% 2.85% 1.6% 1.44% -0.96% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.483 -3.15% 0.93% 0.51% 1.09%-3.35% PHILAM BOND FUND, INC. -A4.447 -3.21% 2.06% 0.2% 0.7% -3.54% PHILAM MANAGED INCOME FUND, INC. -A 1.5452 2.22% 4.46% 3.26% 2.93% 1.66% PHILEQUIT Y PESO BOND FUND, INC. -A 4.3221 0.6% 2.9% 1.77% 2.1% 0.21% SOLDIVO BOND FUND, INC. -A1.1293 1.21% 2.81% 2.01% 1.81% 0.79% -3.21% 2.08% 1.58% SUN LIFE OF CANADA PROSPERIT Y BOND FUND, INC. -A 3.4372 2.19% -2.92% SUN LIFE PROSPERIT Y GS FUND, INC. -A 1.8334 -2.52% 1.97% 1.17% 1.65% -2.71% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0039 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.4 1.24% 2.88% 1.75% 1.96% 0.63% ALFM EURO BOND FUND, INC. -A Є222.15 -0.58% 1.74% 0.2% 0.48% -0.73% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0428 -3.3% 1.38% -2.63% -0.73% -3% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0252 -4.91% 1.78% -0.55% 0.08%-4.91% PAMI GLOBAL BOND FUND, INC. -B $1.0468 -1.82% 8.18% 0.53% -0.47% -1.25% PHILAM DOLLAR BOND FUND, INC. -A $2.3692 -4.4% 3.69% -0.92% 0.5% -4.47% PHILEQUIT Y DOLLAR INCOME FUND, INC. -A $0.062863 -2.27% 1.22% 0.11% 1.04% -2.46% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.8681 -2.77% 4.34% -1.83% -0.52%-2.2% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1916 2.77% N.A N.A N.A 2.16% ALFM MONEY MARKET FUND, INC. -A 153.45 4.02% 4.12% 3.24% 2.89% 3.08% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2299 3.42% 3.77% 3.09% N.A2.69% SUN LIFE PROSPERIT Y PESO STARTER FUND, INC. -A 1.5212 3.45% 3.6% 3.01% 2.78% 2.68% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.56 4% 4.28% N.A N.A 3.17% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLLAR STARTER FUND, INC. -A $1.1991 2.49% 3.27% 2.51% N.A 1.94% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.3131 3.54% 4.79% N.A N.A 2.61% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.7989 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUIT Y INDEX FEEDER FUND, INC. -A 2.574 23.8% 23.6% 13.82% N.A18.61% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.1825 8.22% 7.28% N.A N.A 5.99% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7814 -4.22% 1.58% -4.43% N.A -3.53% 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.”

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Entrepreneur BusinessMirror

Editor: Vittorio V. Vitug • Wednesday, October 21, 2026 B3

Why Hustle PH’s AI platform could be the future of consumer research

By Rizal Raoul S. Reyes

@brownindio

USTLE PH, also known as Agile Data Solutions Inc., is showing how artificial intelligence (AI) and technology can reshape market research, one of the less glamorous corners of the business world. Jason Gaguan, CEO and cofounder, told the BusinessMirror in an interview that the key was that Hustle PH was able to build a technology platform that connects businesses with a massive network of Filipino consumers who collect and share data through the company’s app. The company now has 1.6 million users, making it the country’s largest consumer research panel and datacollection operation. Gaguan explained the model is straightforward but technologically intensive. A user, for example, such as a stay-at-home mother in Cebu, can use the Hustle PH app to photograph and inventory sari-sari stores in her community, complete the task in about 15 minutes and receive roughly P150 through GCash. At scale, he said that the network becomes a valuable source of real-time information for companies seeking to understand consumers and retail markets. Hustle PH provides services traditionally purchased by large multinational companies, including brand tracking, retail price compliance audits, distribution studies and consumer segmentation. The company’s proposition is to deliver these ser-

vices faster, more cheaply and more accurately through technology and its extensive network of users. Gaguan said the company’s customer-centric technology was developed largely by listening to customers first and building solutions around their requirements. He recalled that in its early days, the company would meet prospective multinational clients, identify their needs, and then have its team build the technology to deliver the proposed solution. Gaguan said that approach has transformed with the development of AI. “So, after sales calls, we regroup and start building the tech fast,” Gaguan said, noting that AI and socalled “vibe coding” would make the process considerably easier today. Rather than building technology first and then searching for customers, Gaguan said Hustle PH took the opposite route by identifying a business problem, developing a solution, and using technology to make the service faster and more efficient. The result is the Hustle PH technology suite, an end-to-end market research solution covering the full process from questionnaire development and data collection to

the presentation of results. For Hustle PH, Gaguan said AI is part of a broader technology strategy rather than simply a standalone product. He said the company’s experience illustrates how AI can reduce the time and resources required to build software and develop new solutions, particularly for technology companies operating with limited capital. He said the company’s experience illustrates how AI can reduce the time and resources required to build software and develop new solutions, particularly for technology companies operating with limited capital. When Hustle PH started in 2021, its team had to rely on what Gaguan described as “hacking and piecing together solutions.” Today, AI-assisted development gives companies like Hustle PH a powerful tool for rapidly developing and testing technology— a speed that is particularly critical in market research, where companies compete on providing accurate information quickly. Gaguan said Hustle PH’s focus has remained on three propositions: speed, accuracy and price. Instead of spending heavily on advertising, the company has concentrated its resources on developing its technology and building partnerships. The company’s technology connects two sides of the market: businesses that need consumer information and consumers who provide that information. That creates what Gaguan describes as having “two customers”— a business model that makes the company more complicated but also differentiates it from a conventional market research operation. Hustle PH says its objective from the beginning has been to create a

Know when to push, pause, or pivot

readiness—but not long enough to lose momentum unnecessarily.

Pivot when the assumptions have changed

MAGINE a team trying to make a racehorse run faster. They discuss additional training, better nutrition, stronger incentives, improved performance measures, and even the possibility of using the horse to produce a championship bloodline. Meetings are held, plans are presented, and more resources are committed—but no one confronts the obvious problem: the horse is already dead. This is what happens when leaders confuse perseverance with refusing to face reality. Some strategies need a stronger push, others require a deliberate pause, and a few must be abandoned in favor of a different approach. The leadership challenge is knowing which response the situation requires. Here are five ways to determine whether your team should push, pause, or pivot.

Never fall in love with your output

I ALWAYS tell my team, “Never fall in love with your output.” We are not perfect, and even our best work may eventually prove ineffective. The time, effort, and resources invested in a strategy do not automatically justify continuing it. Be proud of what you created, but remain willing to question, revise, or abandon it when the evidence shows that it is not working. This emotional distance

WHEN evidence repeatedly shows that the strategy no longer works, applying more of the same effort is not perseverance. Customer needs may have shifted, competitors may have changed the market, costs may have become unsustainable, or the original assumptions may no longer be valid. Doing the same thing repeatedly while expecting a different result is refusing to learn. Preserve what remains valuable, abandon what no longer works, and redirect resources toward a better approach. When reality changes, intelligent perseverance changes with it. is necessary before you can objectively decide whether to push, pause, or pivot.

Push when the strategy is working

PUSH when the evidence shows that the strategy remains sound but execution lacks consistency or intensity. Customers may be responding, opportunities may be advancing, and early results may be appearing—but the required activities are not happening often or well enough. Strengthen follow-through, coaching, resources, and accountability, then establish a specific checkpoint for reviewing the effect of the added effort. Decide in advance what improvement you expect to see and by when. Push with greater discipline—but never without a point at which you will reassess.

Pause when the team is not ready to proceed

PAUSE when the team lacks critical information, preparation, capacity, or clarity. A temporary stop may be necessary to review customer feedback, recover from exhaustion, resolve operational problems, or strengthen the plan. Define the purpose of the pause, how long it will last, what must be accomplished, and what conditions will allow the team to restart. Without these, a pause can quietly become avoidance or indefinite delay. Pause long enough to improve

Apply the three-question test

BEFORE deciding, ask: Is the approach working, is the team ready, and are the original assumptions still valid? If the approach is sound but execution is weak, push. If the team lacks information, preparation, or capacity, pause. If the assumptions behind the strategy are no longer valid, pivot. Good judgment means responding to what the evidence requires—not what pride, fear, frustration, or attachment prefers. Look at the strategy your sales team is pursuing. Does it need stronger execution, a deliberate pause, or a different approach? Do not confuse persistence with repetition, rest with surrender, or change with failure. Perseverance is not doing the same thing forever; it is remaining committed to the purpose while choosing the right response. God bless! Alexey “Coach Lex” Rola Cajilig is the President and CEO of ARCWAY Consultancy Inc., a recognized Sales Leadership Coach, Strategic Sales Operations Consultant, Christian Motivational Speaker, and Human Ecologist. As the author of The Effective Seller and Solving the Sales Puzzle, Coach Lex empowers leaders and sales professionals to turn knowledge into action, and action into measurable results. He is also the creator of ARCH Styles, a cutting-edge behavioral and personality discovery tool that helps individuals and teams unlock their true potential and perform at their peak. Connect and collaborate with Coach Lex at arcway.ph .

JASON GAGUAN CEO (center), Carl Chung COO (left), Luis Ligunas, CTO

platform where people can willingly share information about themselves and receive a share of the revenue generated from that data. The company paid P27 million in rewards to its users this year, the highest amount since it started, according to Gaguan. He said the rewards may also contribute to the loyalty and continuing growth of the panel and the quality of the data collected. This creates an unusual technology business model in which the people generating the data are also participants in the economic value created from it. Interestingly, Gaguan stressed that Hustle PH’s technology-driven growth has also been achieved without the conventional startup playbook of repeatedly raising venture capital. The company has never conducted a formal funding round and has instead financed its expansion primar-

ily from its own revenues. Gaguan said the bootstrapped approach has imposed discipline on spending while giving the company greater freedom in deciding its pace and direction of growth. The strategy appears to have translated into strong financial performance. Since becoming profitable in 2023, the company’s revenue has doubled year-on-year, reaching P120 million in annual revenue in 2026, while cost of goods sold was maintained at 23 percent. The company reported net income of roughly 60 percent across three consecutive years of doubling. Gaguan said revenue and profitability remain important measures because they force the company to develop products customers are willing to pay for while maintaining discipline and efficiency.

Scaling the technology

HUSTLE PH now plans to push its

technology and business model further. Gaguan said the company is targeting P600 million in revenue by 2027—roughly five times its 2026 level—while maintaining its cost structure. At the same time, the company plans to provide more earning opportunities to users of the Hustle PH app. The growth strategy highlights a potentially important role for AI and technology in the Philippine economy: not simply replacing workers, but creating platforms that allow large numbers of people to participate in digital economic activity. In Hustle PH’s case, technology turns thousands of small, distributed activities—from collecting retail information to creating content—into a single data operation that can serve large corporate customers. The business therefore sits at the intersection of AI, market research, consumer data and the gig economy. Its technology may be largely invisible to the consumers and companies that interact with it. But behind every retail photograph, questionnaire response, and data point is a platform designed to turn fragmented information into a commercially useful product. For the 1.6 million Filipinos participating in the network, it also represents something more tangible: an opportunity to earn from small digital tasks using nothing more than a smartphone. That combination of technology, data and distributed human participation could become one of Hustle PH’s most important competitive advantages as it seeks to scale from P120 million in revenue to its P600million target.

DTI, DOST push collaboration to revive local fiber industry By Mary Judaline Partlow

UMAGUETE CITY—Officials of the Department of Trade and Industry (DTI) and the Department of Science and Technology in the Negros Island Region (DOST-NIR) on Friday called for stronger collaboration to revive and sustainably develop the local fiber industry. During the opening of the 2026 Buglasan Trade Fair at Robinsons mall here, officials underscored the need to create more growth opportunities and expand market access for local fiber producers. DTI-NIR Acting Director Esperanza Melgar said collaboration is crucial to help local entrepreneurs improve their products, strengthen their businesses, and reach wider markets. “This trade fair is a gathering that not only showcases the remarkable creativity and craftsmanship of our local entrepreneurs, but also highlights the rich cultural heritage and immense economic potential of Negros Oriental,” Melgar said. “This is precisely the kind of potential we at DTI are fully committed to nurturing.” Melgar said DTI remains committed to empowering micro, small, and medium enterprises (MSMEs) through programs that boost competitiveness, develop market-ready products, and create opportunities for sustainable growth. She said the trade fair also highlights the traditions, ingenuity, and perseverance of local

OFFICIALS of the Department of Trade and Industry and the Department of Science and Technology in the Negros Island Region lead the opening of the 2026 Buglasan Trade Fair at Robinsons mall in Dumaguete City, Negros Oriental on October 16, 2026. Resuming after a nine-year hiatus, the expo showcases crafts, home and lifestyle products, and woven textiles from 25 local producers who use indigenous fibers. PNA PHOTO BY MARY JUDALINE PARTLOW

producers striving to improve their livelihoods and support their families and communities. The expo showcases locally made crafts, home and lifestyle products, and woven textiles made from natural fibers such as abaca, coconut coir, piña (pineapple fiber), sinamay (natural straw fabric made from the processed stalks of the abaca or Manila hemp) and cotton. Meanwhile, DOST-NIR Regional Director Dr. Naomi Cossette Luis announced plans for the Philippine Textile Research Institute (PTRI) to establish a regional yarn production and innovation center, and a national textile fiber innovation hub in Negros Occidental. Luis said the facilities would allow the region to process locally sourced cotton, abaca, and other natural fibers into yarn, rather

than transport them to PTRI in Manila. The initiative is expected to help local loom weavers access locally processed natural fibers as alternatives to synthetic materials. “On behalf of DOST, I would like to pledge our support for the development of this industry in Negros Oriental,” Luis said. DTI-Negros Oriental Director Juliet Banogon said the trade fair’s return after a nine-year hiatus aims to revitalize the local fiber sector and create more opportunities for entrepreneurs. Banogon thanked the organizers and sponsors for helping to bring back the event and assured that the DTI would continue supporting initiatives to develop and expand the industry. Twenty-five exhibitors are participating in the trade fair until October 22. PNA

Banking&Finance BusinessMirror

Wednesday, October 21, 2026 • Editor: Dennis D. Estopace

Nomura flags ‘risk’ of Asean CBs’ aggressive policy hikes Y

By Andrea E. San Juan

OMURA Global Markets Research believes central banks in member-countries of the Association of Southeast Asian Nations would stay hawkish in upcoming meetings of their respective policy-making bodies. In a commentary, Nomura laid out its “cross-country impressions” from its discussions with central bankers in member-countries of the Asean. “The bottom line is that we retain our forecasts that [the] BI [Bank Indonesia], [the] BSP [Bangko Sentral ng Pilipinas] and [the] BNM [Bank Negara Malaysia] [would] all hike by 25bp at their upcoming meetings, with a risk they could deliver more thereafter,” noted the research division of Japan-based Nomura Holdings Inc. According to Nomura, the top

questions investors had for the BSP were about the inflation-growth trade-off and foreign-exchange policy. “Our sense from the discussions was that [the] BSP remains decisively hawkish, as inflation remains well above its 2-percent to 4-percent target and upside risks remain,” Nomura noted. Moreover, Nomura thinks the Philippines’s central bank also considers its stance as “slightly restrictive” after local monetary authorities raised rates thrice beginning April.

Car financing bulk of ₧13B loans released by Asialink

AR refinancing and secondhand car financing propelled the loan releases of lending firm Asialink Finance Corp. in the January-to-September 2026 period to over P13 billion. Asialink said In a statement that the loan releases in the nine-month period reflects “continued lending activity” and its role in financing Filipino entrepreneurs, vehicle owners, and micro, small, and medium enterprises (MSMEs). According to Asialink, car refinancing recorded the highest loan releases at approximately P4.32 billion, followed by second-hand car financing at P4.17 billion and truck refinancing at P1.52 billion. The lending firm said it also achieved the highest monthly loan releases in July, amounting to P1.73 billion. Meanwhile, the company noted it “consistently” maintained monthly loan releases above P1.2 billion throughout the first nine months of 2026, driving average monthly releases to P1.45 billion, compared with P1.36 billion in the same period last year. Asialink President and CEO Anna Katrina C. Bañez said the firm’s loan releases reflect the financing needs continuously seen across the market. “As businesses grow, their financing requirements also evolve, and we continue to expand our solutions to meet those needs while maintaining disciplined and responsible lending,” Bañez said. Asialink said that during the ninemonth period, it released loans to 14,926 MSME clients nationwide, reflecting “continued demand” for financing among entrepreneurs and small businesses. The lender added that since January

2024, it has released approximately P29 billion in loans and served more than 57,000 businesses and MSME borrowers nationwide. As of September, Asialink’s total loan portfolio reached approximately P26.9 billion, a 20-percent increase from the same period last year. Business and MSME loans, it added, accounted for over 55 percent of the company’s total portfolio, highlighting the “growing role” of business financing in its lending operations. Just last month, the company launched a financing program designed for qualified medium enterprises seeking funding for business expansion, equipment and vehicle purchases, inventory, new locations, working capital, and other growth initiatives. Asialink said that through the program it calls “GrowBiz,” qualified medium enterprises can access up to P100 million in financing, “giving businesses a financing option as their capital needs grow with their operations.” “As we broaden our support for businesses, our objective is not simply to provide larger financing amounts, but to offer solutions that are aligned with the scale and requirements of the businesses we serve. We want to be a financing partner that businesses can rely on as they move through different stages of growth,” Bañez said. As of September, the lending firm operates more than 255 branches nationwide and has over 2,600 employees supporting its operations. Asialink said it continues to strengthen its role in providing financing solutions to individuals, MSMEs, and medium enterprises across the Philippines.

Andrea E. San Juan

However, Nomura said they believe that “tightening would have been more aggressive without the pronounced weakness in domestic demand” in the Philippine economy. According to Nomura, the BSP still likely sees growth as below potential, largely reflecting a “sharp contraction” in government spending following the flood-control corruption scandal, but noted that the BSP is expecting a recovery beginning in the fourth quarter of 2026.

Containing risks

NOMURA research specialists believe that the BSP likely maintains a “laissez-faire and market-determined approach” to FX policy, intervening primarily to smoothen large FX swings rather than resist depreciation, especially when the bulk of the weakness this year is likely deemed by the central bank as due to the strength of the greenback. “We think [the] BSP also does not set interest rates to defend the currency,” added Nomura. Based on the BSP’s tone of policy statement and comments, Nomura said the BSP will likely remain

Will AI destroy the world?

ONG before you and I had computers, my near-genius California-based Filipino friend, Ramon Alino, already published a book on computer language. I didn’t understand any one chapter completely so I laid the book to rest and understood God didn’t create all men equal. Decades later, the computer world produced the phenomenon called Artificial Intelligence (AI), which has provided many benefits to humanity, no doubt. But this Frankenstein is also two-faced: it has its Dr. Jekyll and Mr. Hyde’s. It can now threaten humanity’s very existence. Alino shared a recent post by the Washington Weekly that all but scares. It says OpenAI recently fielded agents enclosed in a sandbox—a digital solitary confinement—with no access to the Internet and their likes, with the instruction for them to find a non-existent file without using the Internet and without cheating. In their infinite wisdom, they collaborated—“cheated”—and found a third party to connect to the internet and, worse, penetrated two highlysensitive sites of OpenAI and openAI platform “Hugging Face.” When some of the agents were caught by the software, the rest all but disappeared- becoming “digital rogues” that can do almost anything digitally. Will they hack the national security walls, nuclear chambers, hospitals, unleash a devastating virus, attack the world’s Swift bank account system, and economic empires? Uncontrolled, will AI now seek to control the world, causing worldwide darkness or annihilation by triggering weapons of worldwide destruction?

Over 52,000 BIR online badges issued

HE BIR announced last Tuesday that as of October 14, it has issued more than 52,700 “Certificates of Registration” (COR) with “Registration Seal Badges” to online sellers, service providers and content creators. According to the BIR, the seal badge serves as proof of registration for businesses engaged in electronic commerce and the selling of goods or services online. Issued together with the BIR COR/eCOR, the seal badge must be posted on the taxpayer’s website, online store or platform, mobile application, social media business page or e-commerce seller profile. The badge replaces the BIR’s 2024

order to publicly display the full COR or electronic COR on the aforementioned online platforms. According to the tax-collection agency, the seal badge also enables customers to verify the authenticity and validity of the business’s BIR registration before transacting by scanning the QR code that comes with it. Internal Revenue Commissioner Charlito Martin R. Mendoza said the seal badge is designed to make online transactions “safer and more convenient.” It also protects the privacy and personal information of online sellers, service providers and content creators, Mendoza added. “A taxpayer should not have to

hawkish. “The tone should remain hawkish, in our view, with [the] BSP continuing to pledge vigilance and remain focused on containing these risks and anchoring inflation expectations,” Nomura said. The Japan-based research institution said it also continues to flag the risk of further hikes by BSP thereafter given upside inflation risks from El Niño and BSP seeing a turnaround in government spending as well as the potential for greater second-round effects in that environment. The Monetary Board, the highest policy-making body of the central bank, is set to have its monetary policy meeting on October 22. The central bank has raised its key interest rate by a total of 75 basis points since the outbreak of the Middle East conflict on February 28. The Monetary Board implemented three separate 25-basispoint increases on April 23, June 18 and August 27, bringing the BSP’s target reverse repurchase rate to 5 percent.

expose an entire registration document just to prove that a business is registered. We want to make compliance easier while protecting the personal information of online sellers, professionals, and content creators,” he said. The bureau has extended the deadline for displaying the Registration Seal Badge until October 31, 2026, to provide covered taxpayers additional time to secure and display their badges. “The BIR encourages covered taxpayers who have yet to secure their Registration Seal Badges to do so and display them on their applicable online business pages and platforms,” it said. Reine Juvierre S. Alberto

FINEX FREE ENTERPRISE Zoilo ‘Bingo’ Dejaresco III Is man their enemy? Who will coach them about moral choices?

Other AI dangers

IN a cnn report, politically-opposed personalities like Democratic Socialist Senator Bernie Sanders and Maga diehard Steve Bannon believe AI could potentially wipe out jobs, conduct world mass surveillance, and jeopardize poll integrity with allegiance to a few tech oligopolist billionaires while the rest of humanity faces an existential risk. They say it’s time for the US government to ban superintelligence from subverting human control, and that the White House should set up a strict “regulatory body” to rein in its fearful growth away from an abysmal cliff. According to the Pew Research Center, 40 percent of Americans think negatively of AI, while another 31 percent believe it offers both good and bad consequences to society. Meanwhile, one million signatures are being generated by people wanting a “switch off” mechanism for very powerful AI systems before these run amok. Even main AI race practitioner Anthropic PBC CEO Dario Amodei sees the need to slow down, as “AI has been advancing drastically faster.” (See https://darioamodei.com/

www.businessmirror.com.ph

Investors’ rate hike bet pushed bond yields up

IELDS on the 5-year Treasury bond (T-bond) spiked last Tuesday as investors demanded higher returns ahead of the central bank’s policy meeting. The 5-year average yield climbed by 34.2 basis points (bps) to 7.83 percent from 7.438 percent in the previous auction last September 22. The yield was also 15bps higher than the secondary market rate of 7.677 percent for the same tenor, based on the Philippine Bloomberg Valuation (PHP BVAL) Rates. Accepted yields by the Bureau of the Treasury ranged from a low of 7.7 percent to a high of 7.870 percent. High investors’ asking yields prompted the Treasury to make a partial award, only accepting P21.378 billion, which is P8.622 billion short of the P30 billion offered. Total bids for the security reached P27.578 billion, also below the government’s offering and lower than the P41.715-billion tenders in the previous 5-year T-bond auction. Investors are reluctant to lock in rates before the Bangko Sentral ng Pilipinas (BSP) decides to change the key policy rates in the meeting of the central bank’s Monetary Board (MB) this Thursday. “The FXTN auction result reflects a market that remains cautious on duration ahead of the [MB] meeting, pushing investors to seek a higher yield for the five-year tenor,” Manulife Investments Philippines Head of Fixed Income Jean Olivia De Castro told the BusinessMirror. Demand was also weak, De Castro

noted, as investors preferred to stay liquid or invest in shorter-dated securities following the recent 2.5-year Retail Treasury Bond issuance. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said inflationary pressures from the Middle East war, elevated global oil prices and the weak peso could raise import costs and fuel domestic inflation. “[These] could lead to additional …rate hikes to fulfill [the BSP’s] price stability/stable inflation mandate,” Ricafort added. Headline inflation accelerated to 7.2 percent in September, while core inflation rose to 4.7 percent year-on-year. The weak peso, which sank to its all-time low at P63.09 against the dollar this Monday, also adds pressure to the central bank to increase borrowing costs. (Read more: https://businessmirror.com.ph/2026/10/19/ratehike-to-depend-on-movement-ofpeso/) Monetary authorities are widely expected to raise the key policy rate by 25bps to 5.25 percent, while some said the central bank may need to deliver a 50-basis point rate hike. Next week, the Treasury is set to auction 91-, 182- and 364-day Treasury bills to generate a total of P42 billion. The government aims to borrow a total of P2.733 trillion this year, of which P1.918 trillion will be sourced from local lenders while P815.505 billion will come from foreign financiers. About 82.47 percent of this year’s financing target has been raised as of end-August. Reine Juvierre S. Alberto

post/we-must-pace-the-frontier) Stock market analysts point out the over-misallocation of capital to AI stocks, and there are indications the stock market is showing the behavior of the stocks at the peak of the bursting of the dot-com bubble. A burst coming?

therefore, cannot afford the AI industry breakup during his watch. This is because the ING Group estimates AI-related activities are responsible for a third of the 2026 US economic growth, even as 70 percent of the S&P companies regularly deploy AI in their operations. Goldman Sachs, on the other hand, opines that AI investments are “driving half of the S&P 500 growth.” Fitch Ratings, meanwhile, says there is an entire ecosystem built around AI. People with AI stocks are bullish, spend lavishly, and prop up the consumer economy. Its doomsday prediction is that with an AI downturn, US stock prices will fall 35 percent, possibly leading to a recession with GDP contracting by 1.5 percent. In conclusion, while I know that Trump is also quivering in his pants about the fear for the safety of AI technology, his manic paranoia about his rival, China’s Xi, and the crushing aftermath to the economy with an AI industry debacle, he is likely to postpone any radical moves to regulate the AI industry until after the November polls. Till then, the Damocles sword hangs over us- when Senator Sanders graphically stated that when humanity is “racing towards a cliff, you don’t just ease up on the gas pedal. You hit the brakes.” What’s next?

Will the US respond?

US President Donald Trump calls himself the “Hoax-Buster”: climate change; Russia involvement in US polls; and, the Washington uprising to upend poll results. And he calls this “Fear of AIs” as the latest hoax, possibly “financed by China.” There is that “cold war climate” between the US and China where Trump has been said to believe that the nation that wins the AI battle wins the war: “Whoever wins AI, wins.” He is also said to believe that curtailing the US AI industry now will unduly benefit China. A few months ago, some important US chips were already delayed in their shipment to China while the CIA studies its implications in the AI security race. Trump is not always an avid history reader. He fails to see the global peace effect when US President Ronald Reagan and Russian Premier Mikhail Gorbachev peacefully signed the “nuclear disarmament treaty.” But that is what he is. Besides, there are the midterm November US polls where the Republicans are seemingly losing the race. The economy is treading on thin ice, with the Fed raising interest rates by 0.25-percentage points and inflation in a runaway state due to high oil prices (Iran war). Trump,

Zoilo P. Dejaresco III, a former banker, is a financial consultant and media practitioner. He is a Life and Media member of the Financial Executives Institute of the Philippines (Finex). His views here are personal and do not necessarily reflect those of the Finex and the BusinessMirror. E-mail bingo8dejaresco@gmail.com.

DOF signs $1.5B loan to plug financing gap

HE Department of Finance (DOF) announced it has signed a $1.5-billion (P90.798-billion) financing agreement with the Asian Development Bank (ADB) to help the Marcos government plug a financing gap in the state’s response to the economic shocks stemming from the Middle East crisis. The ADB earlier estimated that the Philippines could face a financing gap of about $7 billion due to the government’s response to the crisis. The country is particularly exposed to the conflict as it imports nearly all of its fuel and relies heavily on imported fertilizer, the ADB has said. Oil accounts for about a third of

the country’s primary energy supply, with much of its supply coming from the Middle East. The financing agreement forms part of the government’s external financing program this year amounting to P815.505 billion. The DOF said in a statement it issued last Tuesday that the agreement was signed last October 6 with Finance Secretary Frederick D. Go representing the sovereign. The DOF statement, however, didn’t disclose the interest rate applied on the loan. But the Philippines already secured the loan last September 24 through the ADB’s “Countercyclical Support Facility,” a financing

mechanism that provides budgetary support to developing member countries facing major economic shocks. According to the DOF, the government will use the loan to bankroll the “Unified Package for Livelihoods, Industry, Food, and Transport” program. The latter includes measures to cushion vulnerable sectors from higher fuel costs and other economic disruptions arising from the conflict. According to the DOF, the loan will also help bring overseas Filipino workers affected by the crisis back home and support them on their return. There are 1.1 million workers deployed in the Middle East in 2025. Reine Juvierre S. Alberto

www.businessmirror.com.ph • businessmirror.lifestyle@gmail.com

Image BusinessMirror

Editor: Gerard S. Ramos • Wednesday, October 21, 2026

Rakuten Viber execs on AI integration, super app vision, catering to Filipinos

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By Jt Nisay

ike every new piece of technology that is extremely powerful, [artificial intelligence AI] has to be controlled.” Rakuten Viber chief revenue officer Cristina Constandache echoed widespread calls for AI’s governance last week at an exclusive media event in Makati City, where she discussed the communications platform’s responsibility and approach to innovation in the age of AI. Her talk follows Rakuten Viber’s introduction of free ChatGPTpowered tools in the Philippines in June, through its partnership with AI research and deployment company OpenAI. Rakuten Viber chief executive officer Ofir Eyal said at the time that the goal was to “make everyday communication easier and more creative.” The CEO highlighted then, as the CRO did last week, that its users’ and communities’ data privacy “remains protected at all costs.” “It’s our job, not only as Viber, but also as a tech company, to be held accountable for everything that we put out there, because ultimately we impact a lot of people,” Constandache said. “Maintaining a controlled environment is how we take responsibility for the way we interact with artificial intelligence.” She added that security and privacy are the fundamental components which contribute to that trust, and that they recognize their power and responsibility to “keep providing a trusted environment, while offering our users best-in-class access and experience to new tools, technology, and innovation that help them connect, communicate and create.” Aside from the CRO, other members of Rakuten Viber’s top brass made the trip to the country last week, including chief product officer Nadav Melnick and Asia-Pacific (APAC) senior director David Tse. Melnick discussed how user needs, privacy, security, and control shape their products, including their AI guardrails. “Privacy is not something we dial on and dial off,” he said. “End-to-end encryption is our commitment to our users [to ensure] 100 percent security and privacy for everything that we do, and this extends also to the integration we’ve done with OpenAI.” Melnick added that each one of Rakuten Viber’s ChatGPT-powered features, from translations to chat summaries, does not run automatically and requires user trigger. No data is used to train AI models as well, with all the information provided used only on the spot, not to build AI models behind it. Moreover, Constandache added that, on Viber, “AI is never reading user messages passively in the background, and it remains within each user’s power to decide whether to use AI at all, and how much of their own data they want to share with it.” “It’s extremely important to us for everyone to understand this, because the more we release features that are very user-centric, the more it will impact the way that we interact with the app on a daily basis, and, more importantly, the more the technology will advance outside the app,” the CRO said. “[That is

RAKUTEN Viber’s senior leaders Cristina Constandache, chief revenue officer (from left); Nadav Melnick, chief product officer; and David Tse, senior director for Asia-Pacific (APAC), share the latest platform developments and local partnerships at an exclusive media event last week in Makati City.

why] releasing such a powerful tool in a controlled environment is our top priority.” Rakuten Viber data show that Filipinos have responded well to the app’s approach to AI, as the market ranked in the top three globally for AI usage on Viber. According to the data, almost half of all AI interactions happen in the dedicated ChatGPT Tab, where users go directly to get answers, brainstorm, and find ways to improve their day-to-day activities and routines. Other popular AI features among Filipinos are Translate, Your News, Unread Recap, and AI Reply. “The strongest adoption is among young professionals and active communicators,” Melnick said. “These are people balancing work, side hustles, and personal lives. From the way local audiences interact with these features, we see that people aren’t only using these tools because they’re trendy. They’re using them because they give them back their most valuable asset, and that’s time.” Aside from being heavy AI users, Filipinos also record the highest daily time spent on Viber worldwide, with a 24 percent increase in the average daily time spent and a forecast of 16.5 percent growth in monthly active users, according to Tse, the Senior Director for APAC. He revealed the figure as part of his talk during the media event on how Viber fits into the everyday lives of Filipinos, from staying productive to making personal connections. Tse said that Filipinos are also the top users worldwide of the app’s premium service, ViberPlus, reporting a 34.3 percent increase in total paying subscribers. The Philippines is also Viber Dating’s fastest-growing market with a 96.9 percent surge in the service’s average monthly active users versus the

global average of 44 percent, while Filipino business users are driving 24 percent of all global live business accounts on Viber. Given the app’s strong performance in the Philippines, Tse said that Rakuten Viber looks to expand its local partnerships to further deepen its connection with Filipinos. Announced during the event was Viber’s collaboration with the Department of Tourism, envisioned to grow tourism businesses across all regions. Through the partnership, tourists will have greater convenience in discovering DOTaccredited tourism businesses through Viber Business Accounts and Marketplace, while tourism MSMEs gain an additional digital platform through which they can increase their visibility and reach potential customers. “We remain committed to our Filipino users and are invested in protecting their interests,” Tse said. “They can always count on Viber as a safe, trusted platform that supports their evolving communication needs and changing lifestyles.” Meanwhile, Melnick, the CPO, said that “by helping so many people communicate every day, at this point Viber is becoming a super app.” He added the company aims to reach that status by “maintaining the livability of Viber,” including “making good decisions for its users and doing it responsibly.” “At our core, we have Viber messenger—this is what we do, and this will never change it; it will always be free,” Melnick said. “Beyond that, we’re expanding our super app vision with things like Viber Out, Viber Plus, and Viber Dating, a significant feature that is growing great here in the Philippines that is really, really nice to see.”

Security Bank Wealth, St. Luke’s launch concierge healthcare for clients THE ultimate luxury isn’t wealth. It’s time. When a family member needs a specialist, a diagnostic procedure, or medical attention, the last thing anyone wants is to navigate schedules, referrals, paperwork, and hospital processes. Yet for many people, that remains part of the healthcare experience. Recognizing that time, convenience, and peace of mind matter as much as financial security, Security Bank Wealth has partnered with St. Luke’s Medical Center to provide clients with concierge healthcare services through the hospital’s Corporate Business Center. The partnership gives clients priority access and personalized support designed to make healthcare simpler, faster, and easier to navigate. Clients will have access to appointment assistance, specialist referrals, scheduling support for consultations and diagnostic procedures, executive lounge access, and dedicated guidance during inpatient hospital admissions, while

FROM left: Chrissi Morillo, investment strategy head and first vice president, Security Bank Corp.; Dr. George Cordova, MD, adult and interventional cardiology, associate director for international patient care, St. Luke’s Medical Center; and Dr. Hannah Bernardino, MD, FPCP, medical head, health and wellness center, St. Luke’s Medical Center.

all Wealth clients will enjoy preferred rates on select health screening packages. “For years, we’ve helped clients build, grow, and protect their wealth. But we also know that financial

security is only one part of a well-lived life,” said Victor Lee, president and CEO of Security Bank. “By partnering with St. Luke’s, we’re extending the personalized service our clients know us for into

another important aspect of their lives, helping them access quality healthcare with greater convenience and peace of mind.” “At St. Luke’s, we have always been committed to providing world-class care with the highest standards of safety,” said Dr. Dennis P. Serrano, president and CEO of St. Luke’s Medical Center. “Together with Security Bank, we are safeguarding their clients’ most essential assets: their health and their time.” The program was launched on October 15 at the Manila Polo Club, where clients were introduced to the concierge healthcare program and the privileges available through the partnership. By bringing together personalized wealth management and concierge healthcare support, Security Bank Wealth and St. Luke’s aim to give clients something increasingly valuable: more time, greater peace of mind, and confidence that help is available when they need it most. More information can be found at tinyurl.com/5hdkwfxe.

Safe and secure school environment championed at nat’l conference THE Safety Organization of the Philippines Inc. (SOPI), in partnership with the De La Salle-College of Saint Benilde (DLS-CSB), champions safer and more secure school environments for students, faculty, and the wider community at the recently concluded 9th National School Safety Conference. Founded in 1959, SOPI is a national non-profit organization which advocates occupational safety, health, and environmental protection. It aims to build a safety culture as well as promote practical guardianship methods across industries. Spearheaded by the SOPI School Safety Division, the two-day convention gathered industry leaders to upgrade awareness, knowledge-sharing, and collaboration among education and safety stakeholders. It was held at the Benilde Agusto-Rosario Gonzalez (ARG) Theater. “The conference provided practical insights and best practices from respected personalities and subject-matter experts in education, school safety, security, and emergency management,” Benilde CEMSS deputy director Mark Henry Lapuebla, RN, CSP noted. The plenary session was launched by SOPI chairman of the board and Urban Security Agency Inc. president and CEO Edward Parocha. Benilde vice president for administration and innovation Michael “Butch” Tecson III, MA, was the guest speaker. The first day was headlined by lectures on management systems for campuses by OSH consultant engr. Dominador Cañeda, and managing workplace stress and burnout by Occupational Safety and Health Center Health Control Division senior occupational health officer Reynold Sta. Ana. There were also discussions on school fire safety management, as well as on risk management for campuses. Meanwhile, also highlighted was the importance of leadership in campus safety and security, and a comprehensive overview of the data privacy law. The second day included talks on the juvenile justice and welfare system, along with a discussion on road safety by Metro Manila Development Authority (MMDA) development management officer V. Antonio Pagulayan Jr. The convention concluded with presentations on strengthening compliance with OSH standards by accredited OSH consultant engr. Jaime Reyes, and a substance abuse, drug/vape presentation (RA 9615) by Central Mindanao University vice president for administration Hermie Pava.

Wednesday, October 21, 2026

PhilHealth guarantees coverage for heat-related illnesses amid the dry spell

hilHealth is stepping up health protection against extreme heat and heat-related illnesses, heeding President Ferdinand R. Marcos Jr.’s call for proactive government action on climate change. Anchored on the Unified National Agenda for Health, PhilHealth is working with the Department of Health (DOH) as PAGASA warns of a strong El Niño persisting through mid2027, with rising risks of heat stroke, dehydration, asthma, hypertension, dengue, and waterborne infections.

In support of this directive, PhilHealth is urging families to register and visit their chosen YAKAP Clinic and avail the

preventive and primary care benefits to help protect against heatrelated health risks. Through the Yaman ng Kalusugan Program or YAKAP, members can access consultations, appropriate laboratory and diagnostic tests, and outpatient cancer screening, while eligible members may receive up to P20,000 worth of essential outpatient medicines annually. Regular checkups can help detect

and manage conditions that may worsen during extreme heat, such as hypertension, diabetes, and respiratory diseases. PhilHealth reminds its members that it provides both outpatient and inpatient coverage. Through the Outpatient Emergency Care Benefit (OECB), nonadmitted ER services, such as doctor consultations, diagnostic tests, imaging, emergency procedures, and essential medicines, are covered. For severe conditions requiring hospital confinement, PhilHealth pays direct fixed case rates to accredited hospitals for seasonal infections and heat-related illnesses, including typhoid fever (P19,500), heat fatigue (P18,135), sore eyes (P16,575), heat stroke or cramps (P12,675), acute gastroenteritis (P11,700), and chickenpox or moderate-tosevere dehydration (P7,800). To register for YAKAP, members can select their YAKAP Clinic online through the PhilHealth Member Portal or the eGovPH App, or onsite at any PhilHealth Regional Office or Local Health Insurance Office nationwide. For questions on benefit packages and partner facilities, call the PhilHealth Corporate Action Center at (02) 8662-2588 or visit www.philhealth.gov.ph.

Richmonde Hotels presents frights, fun, fantasy this Halloween October 30 or 31, starting at P8,698 nett. The package includes breakfast for two, two Halloween party tickets, late check-out at 3 pm, discounts on food and beverage orders, and use of the gym and swimming pool. Meanwhile, at Richmonde Hotel Iloilo, magic meets mischief at the Enchanted Casita, a Halloween kiddie celebration on October 30, 2026, starting at 2 pm at BizBar. With the mystical world of Encanto as background, the hotel brings traditional trick-or-treating, games and activities, entertainment, loot bags, and a tasty snack buffet to the kids. Admission is at P750 per child aged four to 12 years old, and P500 per accompanying adult, while children aged three and below may enter for free if accompanied by a paying adult.

A Retro Gen X Pre-Halloween Night

For adults ready to welcome the long weekend with a spirited night out, Richmonde Hotel Ortigas presents The Vamps After Dark: A Pre-Halloween Retro Party scheduled on October 30, from 7 pm ‘til midnight at The Exchange. Blending gothic horror with ‘80s punk rock, the night’s theme provides the ultimate throwback of new wave and glam. Guests can dance to the hits of the decade performed live by Big Bash Band while enjoying bottomless drinks and a pica-pica buffet for only P1,285 nett, with a chance to win hotel gift certificates in the raffle.

Extend the Fun with a City Staycation

Eastwood Richmond Halloween Party Snack Buffet

HIS season of spooks and scares, Richmonde Hotels spreads spine-tingling delights over the long weekend with exciting revelries and relaxing escapes for the whole family to enjoy. Whether staying in the metro or planning a local getaway, Richmonde Hotel Ortigas, Eastwood Richmonde Hotel, and Richmonde Hotel Iloilo offer splendid options to celebrate the most frightfully fun holiday of the year.

An Enchanting Good Time for the Young and Young-at-Heart

The littles ones are in for a playful afternoon of tricks, treats, and thrills at Eastwood Richmonde Hotel’s Twisted Playroom Kiddie Halloween Party happening on October 31, 2026 from 1 pm to 5 pm at the 2nd and 3rd floors of the hotel. Inspired by popular creepy toy characters, the haunted playtime theme is filled with delightful inclusions to bring unadulterated enjoyment to everyone. Party tickets are priced at P1,899 per child or adult and include entertainment, games and prizes, photobooth, game booths, crafting activities, access to the horror playroom, a costume parade and contest, loot bags, and a hearty snack buffet. Families planning an overnight stay can also book the Halloween Room Package for

Aside from remembering loved ones who have passed, the long All Souls’ Day weekend from October 30 to November 2 is also an opportunity for a mini vacation. Richmonde recommends taking the time to explore, unwind, and experience a change of scenery, whether somewhere near or on a local adventure, either with loved ones or solo. Providing a convenient address at the center of the metro and within walking distance from premier malls, Richmonde Hotel Ortigas offers best value with guaranteed comfort and rates starting at P3,900 nett for room only stays, P4,600 nett with breakfast for one, and P5,100 nett, with of breakfast for two. Package includes discount perks for food & beverage orders, massage services, and Richie Bear purchases. For township living where shopping, dining, recreation, wellness, and pet services are all within reach, Eastwood Richmonde Hotel has rates as low as P4,700 nett for room only bookings and P6,300 nett with breakfast buffet for two for the long weekend. Take a trip to the City of Love and stay at Richmonde Hotel Iloilo as it welcomes Filipino travelers with a promo-coded special offer starting at only P3,500nett. Guests must type in LOCALRES as promo code when booking online or they may contact Room Reservations direct. For reservations and inquiries, guests may contact Richmonde Hotel Ortigas at (632) 8638 7777, email stay@richmondehotelortigas.com, or visit www.richmondehotelortigas. com.ph. Eastwood Richmonde Hotel may be reached at (632) 8570 7777, stay@ eastwoodrichmonde.com, or www.eastwoodrichmondehotel.com.ph. For celebrations and staycations in the City of Love, Richmonde Hotel Iloilo is available at (6333) 328 7888, stay@richmondeiloilo.com, or www.richmondehoteliloilo.com.ph.

Okada Manila lights up blue for Mental Health Awareness

KADA Manila is shining a light on mental health this October as its Human Resources Division partners with the Philippine Mental Health Association, Inc. (PMHA) for the Light Up Blue for Mental Health Campaign in support of World Mental Health Day and Mental Health Awareness Month. From 7 pm to 8 pm last October 10, 2026, the Crystal Corridor illuminated in blue as Okada Manila joined participating establishments in raising awareness of mental health and encouraging greater understanding and support. Okada Manila team members are also encouraged to wear blue in support of the campaign. “Mental health awareness becomes more meaningful when people feel they can speak openly, seek support, and look after one another,” said Atty. Jerome Sarte, Senior Vice President – Human Resources of Okada Manila. “At Okada Manila, care for wellbeing is an important part of how we support our team members. Through Light Up Blue and our other initiatives this Mental Health Month, we hope to help make mental wellbeing a more visible and everyday conversation.” The initiatives form part of Okada Green Heart, Okada Manila’s sustainability and social impact platform, under Safety, Security and Welfare: Caring for people and the planet, which supports efforts that promote the safety, health, and wellbeing of its people. Light Up Blue is supported by a broader lineup of mental health and wellbeing activities for Okada Manila team members throughout October. The initiatives began on October 1 with OkadaGLOW: Mind – Advocacy Session, which promoted awareness and conversations around mental health. From October 19 to 21, Okada Manila will conduct an Onsite Psychological Consultation in partnership with Bofill Psychological Services (BPSi) Clinic, providing team members with another avenue for mental health support. On October 21, Okada Manila will hold Wellness Wednesday: Yoga Session, followed by Paint Your Peace: Mental Health Through Colors on October 23, providing additional opportunities for team members to support their wellbeing through mindfulness,

Okada Manila is shining a light on mental health this October as its Human Resources Division partners with the Philippine Mental Health Association, Inc. (PMHA) for the Light Up Blue for Mental Health Campaign in support of World Mental Health Day and Mental Health Awareness Month. movement, and self-expression. Through Light Up Blue and its continuing mental health initiatives, Okada Manila seeks to foster a workplace where wellbeing is supported, conversations about mental health are encouraged, and team members feel more comfortable seeking support when they need it. Discover more Okada Green Heart initiatives at https://okadamanila.com/okadagreen-heart/.

Government Service Insurance System (GSIS) President and General Manager Wick Veloso leads the inauguration of the new GSIS Dagupan Branch Office at the Cityscape Lifestyle Center in Dagupan City, Pangasinan. The new, modern facility provides a more comfortable, accessible, and convenient service experience for 73,475 members and pensioners across the province, marking a new chapter in GSIS’s nearly 70 years of service.

GSIS opens new Dagupan branch, gives long-serving office a new home

FTER nearly 70 years of serving generations of government workers and pensioners in Pangasinan, the Government Service Insurance System (GSIS) has opened a new Dagupan Branch Office designed to provide members with a more comfortable, accessible, and convenient way to transact with the pension fund. GSIS President and General Manager Wick Veloso described the inauguration as “a new beginning” for a branch that has been part of the lives of public servants in Dagupan City and Pangasinan since 1957. “This branch has served generations of public servants who have dedicated their lives to helping build our nation. Today, we give that service a new home,” Veloso said. The new GSIS Dagupan Branch Office, located at the Cityscape Lifestyle Center along the National Road in Barangay Catacdang, Bonuan Gueset, serves 54,516 members and 18,959 pensioners, or a total of 73,475 GSIS clients, across the province’s 44 municipalities and four cities. The approximately 700-square-meter branch can accommodate around 100 clients per day and has dedicated frontline service areas and support spaces, including a medical room, lactation station, and gendersensitive and accessible toilets. It also provides ample parking and is situated in an elevated location that is not prone to flooding. The new Dagupan branch is also equipped with a Digital Business Center (DBC), giving members another way to access GSIS services through digital channels. The DBC provides a dedicated space where members can use

GSIS Touch and receive assistance in completing digital transactions, providing an alternative to conventional counter-based services. Members and pensioners who have visited the new office have welcomed the facility, describing it as floodfree, more spacious, and modern. The relocation of the Dagupan Branch Office was undertaken following concerns regarding the condition of its previous facility. The former GSIS-owned building, constructed in 1961, is recognized as one of the oldest GSIS facilities in the country. Over the years, the facility had deteriorated and experienced recurring flooding, prompting its relocation to a safer and more suitable site for members, pensioners, and employees. During the inauguration, Veloso also held a press conference with members of the local media, where he discussed how GSIS programs and services are being shaped around the needs of members and pensioners, not only when they visit a branch, but also in their everyday lives. Veloso said that while GSIS continues to invest in digitalization, new programs, and faster transactions, the agency’s idea of Ginhawa also means giving members the assurance that they can turn to GSIS when they need assistance. This approach forms part of GSIS’ broader direction under GSIS Vision 2046, which envisions the institution as a premier pension and investment institution that is sustainable, resilient, digital, and member-focused.

SHFC, DHSUD award land titles to over 50 Pasig, Taguig families; 2026 releases surpass 5,000

UST a week after their previous title-awarding ceremony, the Social Housing Finance Corporation (SHFC) and the Department of Human Settlements and Urban Development (DHSUD) distributed Transfer Certificates of Title (TCTs) to 54 families from Pasig and Taguig cities on October 15, 2026, at the DHSUD Auditorium in Quezon City. With this latest awarding, SHFC and DHSUD have awarded more than 5,000 land titles to beneficiaries of the Community Mortgage Program (CMP) nationwide since January this year, advancing the administration’s efforts to accelerate housing delivery and provide poor and lowincome Filipino families with security of tenure. Led by DHSUD Secretary Jose Ramon Aliling and SHFC President and CEO Federico Laxa, the ceremony formed part of the National Shelter Month celebration, which carries the theme “Tahanan. Pamayanan. Kinabukasan.” The 54 new titleholders are from NAPICO Homeowners’ Association, Inc. (HOAI) Phases I, VIII, 9-A, XII, and BALSANCAT in Pasig City, and Villa Cuaresma in Taguig City. They are beneficiaries of the CMP, one of the housing modalities under President Ferdinand Marcos Jr.’s Expanded Pambansang Pabahay para sa Pilipino (4PH) Program. In his remarks, Laxa congratulated the beneficiaries on receiving their land titles, describing the milestone as a testament to their perseverance and their commitment to securing land ownership for their families. “Binabati ko po kayong lahat sa tagumpay na nakamit ninyo ngayong araw na ito sa pagkuha ng inyong mga titulo,” said Laxa. “Alam ko po ang paghihirap at sakripisyo ninyo para marating ito at mapagtagumpayan ninyo at upang makamtan ninyo ang pinakaaasam-asam na titulo sa inyong lupa at bahay para sa inyong pamilya at susunod pang henerasyon.” [“I congratulate all of you on the success you achieved today in obtaining your titles,” said Laxa. “I know the hardships and sacrifices you have made to reach this point and to overcome it and to obtain the most coveted title to your land and house for your family and the next generation.”] For Villa Cuaresma President Editha De Leon, receiving their titles fulfills a dream for families who

once thought owning their own land was impossible. “Ngayong may mga titulo na kami, we are very proud dahil wala sa aming hinagap na magkakaroon pala kami ng sariling lupa,” she said. [“Now that we have the titles, we are very proud because we never imagined that we would have our own land,” she said.] De Leon also expressed her gratitude to the government for making land ownership more affordable through the CMP. “Malaki ang pasasalamat namin unang-una sa gobyerno na nagkaroon sila ng programang katulad ng CMP na binabayaran ng SHFC iyong lupa sa landowner at binibigay sa amin ng murang halaga kaya kahit simpleng mamamayan, kahit magtitinda ka sa palengke ng isda, gulay ay afford kumuha,” she added. [“We are very grateful, first of all, to the government for having a program like the CMP, where SHFC pays the landowner for the land and gives it to us at a low price, so even ordinary citizens, even if you sell fish or vegetables at the market, can afford to buy it,” she added.] Established in 1998, the CMP is a people-led housing finance and community development program implemented by SHFC. It helps legally organized associations of low-income groups acquire and develop land through the concept of community ownership. Since its inception, the CMP has provided security of tenure to more than 300,000 families nationwide. For more information on SHFC projects and application procedures, please visit www.shfc.gov.ph or call (02) 5322-7300.

BusinessMirror

Editor: Tet Andolong

Wednesday, October 21, 2026 B7

Eton Properties expands offerings with new CCF Community Hub

By Rizal Raoul S. Reyes

@brownindio

TON Properties, Philippines, the real estate development arm of the Lucio Tan Group, is expanding the destination offerings at Eton Centris through the ongoing redevelopment of Centris Station. Kyle Ellis Tan, president and CEO of Eton Properties, says in a press statement that the 12-hectare mixed-use township is welcoming CCF Centris, a new 3,200-square-meter community hub that was launched in time for CCF’s 42nd anniversary on August 30, 2026. Occupying approximately 3,200 square meters of gross floor area within Centris Station, CCF Centris facility includes a 1,300-capacity main hall, an 800-capacity sports hall, and four multipurpose halls. Together, these spaces can accommodate up to 2,500 people. Tan, a grandson of tycoon Lucio Tan Sr., says the addition forms part of the continuing redevelopment of Centris Station as Eton Properties broadens the mix of uses within Eton Centris. By continuing the redevelopment of the township, Tan says it brings together offices, retail, dining, services, events, transportation, and other commercial uses, with new destinations introduced to support a wider range of activities and provide more reasons for people to visit and use the property. “The continued redevelopment of Eton

SPORTS Fellowship Hall

KYLE ELLIS TAN, president and CEO of Eton Properties

Centris reflects how we are positioning the property for long-term relevance as the needs of businesses, tenants, and the communities around us continue to evolve. Our focus is not simply on adding more uses, but on building the right mix of destinations and functions that strengthen Eton Centris as a connected, accessible, and increasingly complete urban environment,” says Tan. Eton Centris’ location remains a key part of the township’s appeal. Situated at the intersection of EDSA and Quezon Avenue, the township has direct access to

Government agencies drive Bay Area office leasing

OVERNMENT agencies are emerging as major drivers of office leasing in the Bay Area, with six agencies accounting for a combined 85,000 square meters of office space, according to Colliers Philippines. The Department of Foreign Affairs represents the largest requirement at 36,000 square meters, followed by the National Bureau of Investigation at 23,600 square meters and the Center for International Trade Expositions and Missions at 21,000 square meters. Other government occupiers include the Commission on Overseas Filipinos, with 2,300 square meters; the Tourism Promotions Board, with 2,100 square meters; and the Aurora Pacific Economic Zone and Freeport Authority, with 300 square meters. The figures highlight the growing importance of government occupiers in supporting office absorption across the Bay Area. The availability of quality office space at attractive lease rates continues to make the

district a practical location for agencies requiring sizable and accessible workplaces. Colliers believes that sustained public-sector demand, alongside improving private-sector activity, should help support the Bay Area’s gradual recovery and reinforce the district’s position as a major office hub in Metro Manila. “Government agencies are becoming an increasingly important source of demand in the Bay Area office market. Their space requirements help support occupancy, enhance market stability, and reinforce the district’s appeal as a strategic business location. Together with recovering private-sector leasing, publicsector demand should sustain the Bay Area’s growth going forward,” said Maricris Sarino-Joson, Colliers Philippines’ Senior Director and Head of Landlord Representation. Meanwhile, for Colliers Philippines Director and Head of Research Joey Roi Bondoc, the continued take up of office space by government agencies in the Bay Area is likely to help improve office absorption in the business district and at the same time raise the profile of the Bay Area’s occupants. “In our view, ramped up office space take up in the Bay Area should positively influence absorption of residential and retail spaces in the business hub. This is important to ensure a sustained recovery of the Bay Area post-POGO,” added Bondoc.

WELCOME Center

the MRT-3 Quezon Avenue Station through Centris Station, as well as major public transportation routes. It is also positioned within a major Quezon City commercial and business corridor,

surrounded by offices, government institutions, hospitals, schools, residences, and other establishments. This connectivity supports the range of businesses, services, and destinations operating within

Eton Centris. “As we continue to redevelop Centris Station, we look carefully at how each new use contributes to the property as a whole. CCF Centris brings a distinct community and activity base that complements the existing office, retail, dining, transport, and service mix. The objective is to create a development where different uses reinforce one another and strengthen the overall relevance and utility of Eton Centris for the people and businesses it serves,” says Architect Adrian T. Chua, Chief Operating Officer of Eton Properties. As the largest satellite center in Metro Manila, CCF Centris features a main worship hall, a sports hall with a full-size basketball court that can be converted for pickleball and badminton, four multipurpose halls with flexible configurations, a Discipleship Group lounge, a welcome center, administrative offices, and supporting facilities. “We are grateful to Eton Properties for the partnership and for providing us with a strategic and welcoming space at Eton Centris where we can serve our growing community,” says Edwin Cua, Lead Overseer of CCF Centris. “More than the structure and amenities, what matters to us is having a place where people can come as they are, experience God’s love, find genuine community, and grow in their faith. We are thankful for the opportunity to work with Eton Properties in creating a space that allows us to reach and serve more people.” Eton Properties has a diversified portfolio across residential, office, commercial, and hospitality developments in key urban locations across the Philippines.

CLI STRENGTHENS PRESENCE IN LEYTE

Casa Mira Prime Ormoc sells close to 70% in two weeks

EBU Landmasters Inc. (CLI) has sold close to 70 percent of the inventory at Casa Mira Prime Ormoc within two weeks of its public launch, building on the sold-out success of its first Casa Mira community in the city. Casa Mira Prime Ormoc, which opened its inventory to the public on September 25, 2026, is a follow-through development in Ormoc City, following the sold-out success of its first community in Barangay Luna. The project expands Casa Mira’s footprint to close to 20,000 units across the Visayas and Mindanao, supporting CLI’s strategy of bringing attainable homes to key urban centers and emerging growth areas. “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,” said Cebu Landmasters Inc. CEO Jose Franco B. Soberano. Casa Mira Prime offers townhouse, duplex and single-detached homes in the affordable to midmarket segment. Units are priced from P2.7 million to P3.5 million.

CEBU Landmasters Inc. (CLI) is expanding its residential footprint in Eastern Visayas with the launch of Casa Mira Prime Ormoc, its second Casa Mira development in the city. The artist’s rendition above shows the Cielo, a single-detached home designed for comfortable family living.

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

FOLLOWING its Best Housing Development win for Casa Mira Homes GenSan at the 14th PropertyGuru Philippines Property Awards, Cebu Landmasters Inc. (CLI) continues to expand its residential presence in Eastern Visayas with Casa Mira Prime Ormoc, its second Casa Mira development in the city. The artist’s rendition above features the development’s pocket parks and playground, which are part of the Phase 1 amenities designed to provide shared outdoor spaces for residents.

meters of floor area on 100-square-meter lots. Casa Mira Prime Ormoc is thoughtfully designed around community living, with Phase 1 featuring a function hall, playground and pocket parks. Phase 2 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. Situated along the highway right next to the Barangay Macabug Sports Complex, Casa Mira Prime Ormoc is a 10- to 15-minute drive from the city center and provides direct access to key transport routes and neighboring areas. The development is also near key establishments, including the University of San JoseRecoletos Ormoc Campus, Ormoc Doctors Hospital, government offices and shopping centers. A retail block just across the development is also integrated within the community. The launch follows CLI’s recognition as Best Developer in the Philippines at the 2026 PropertyGuru Philippines Property Awards. Casa Mira Homes GenSan also received the Best Housing Development (Mindanao) award, further strengthening Casa Mira’s track record in housing development.

Wednesday, October 21, 2026

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Vietnam tops occupants in disputed waters By Jonathan L. Mayuga

IETNAM holds the largest operational footprint among Southeast Asian claimants in the disputed waters of the West Philippine Sea (WPS), outstripping even Beijing in terms of total occupied features within the Philippines’ Exclusive Economic Zone (EEZ), confidential documents obtained by the BusinessMirror reveal. While public debate and geopolitical friction heavily center on Beijing’s militarization and maritime assertiveness—particularly surrounding Ayungin Shoal—leaked records show that Hanoi controls a total of 26 features in the South China Sea.

Crucially, 21 of those feature occupied posts, artificial islands, and submerged installations are located inside the Philippines’ 200-nauticalmile exclusive economic zone (EZZ). By comparison, China occupies seven features within the Philippine EEZ, including heavily fortified artificial reefs such as Mischief Reef, Subi Reef, and Fiery Cross Reef. Malaysia controls five features, while Taiwan and Brunei maintain one each. The Philippines currently occupies nine features within its own EEZ, anchored by Pag-asa (Thitu) Island and the grounded BRP Sierra Madre at Ayungin Shoal. According to the documents, Vietnam’s presence spans a diverse matrix of strategic outposts:

Islands and Cays: Key bases including Southwest Cay (Pugad), Sin Cowe Island (Rurok), Namyit Island (Binago), and Sand Cay (Bailan). Reefs and Outposts: Over a dozen fortified structures on features such as Barque Canada Reef (Mascardo), Ladd Reef, Pearson Reef (Hizon), and Alison Reef (De Jesus). Submerged Platforms (DK1 Rigs): A network of offshore steel platforms built on southern continental shelf banks, including Vanguard Bank (Bãi Tu Chính) and Prince Consort Bank (Bãi Phúc Nguyên). “Not many know that Vietnam has the most occupied features or area in the region, as public focus remains strictly on China’s intrusions,” a source familiar with the documents

stated on condition of anonymity. “The Filipino people ought to know the full truth about the real issue. If we are to fight for sovereign rights, we must not be selective.” Tensions across the South China Sea persist despite the landmark July 12, 2016 arbitral ruling by the Permanent Court of Arbitration in The Hague, which unanimously invalidated Beijing’s sweeping “nine-dash line” under the United Nations Convention on the Law of the Sea (Unclos). Sources urged diplomatic officials from all claimant nations to spearhead de-escalation efforts directly, warning that over-reliance on political commentary risks inflaming volatile maritime rivalries across the resource-rich, energy-dense waterway.

PHL maintains Tier 1 ranking in 2026 US TIP report

HE Philippines maintained its Tier 1 status in the US State Department’s 2026 Trafficking in Persons (TIP) Report for the 11th consecutive year, underscoring the government’s commitment to combat human trafficking, the Department of the Interior and Local Government (DILG) said. Tier 1 ranking indicates that the Philippines meets the minimum standards in combating TIP. Interior Undersecretary for Peace and Order Nestor B. Sanares, the

Philippines’ Senior Officials Meeting on Transnational Crime (SOMTC) leader, told reporters that the milestone underscores the continuing commitment of the Philippine government, through the Inter-Agency Council Against Trafficking (Iacat) and its member agencies, to strengthen prevention, victim protection, prosecution and partnership. The 2026 TIP report attributed the mandatory nationwide implementation of a Victim Identification System, an enhanced National Referral

Mechanism, expanded Iacat prosecutorial task forces, and the launch of the Iacat ProtectPortal. As the Philippines leads preparations for the 20th Association of Southeast Asian Nations (Asean) Ministerial Meeting on Transnational Crime (AMMTC), the country also continues to advance regional cooperation against transnational crimes, including human trafficking. On Monday, various preparatory SOMTC meetings were conducted, bringing together SOMTC leaders from

all Asean member states, senior officials from China, Japan, and the Republic of Korea, the Deputy Secretary-General of Asean for the Asean Political-Security Community (APSC), and members of the respective delegations. “As host, the Philippines wants results that people can feel: stronger cooperation among our authorities, and better protection for our people against increasingly complex criminal threats,” Sanares emphasized.

Jonathan L. Mayuga

NTF-Elcac, Iloilo execs hit critics of bgy projects By Rex Anthony Naval

FFICIALS of the National Task Force to End Local Communist Armed Conflict (NTF-Elcac) and provincial officers of Iloilo on Tuesday scored the “hypocrisy” of groups claiming to champion the poor while allegedly smearing Iloilo’s Barangay Development Program (BDP) which are centered at bringing essential services and development to formerly insurgency-affected communities. “You are saying you are for the people, but you are against programs that are pro-people. You are against the local government that helps the people. What do you want to happen now?” Prosecutor Flosemer Chris Gonzales, spokesperson of the Joint Regional Task Force to End Local Communist Armed Conflict (JRTF-Elcac), said in a statement on Tuesday. Likewise, Gonzales called statements of the BDP critics as “hypocritical.” Gonzales blasted allegations circulated by Bayan groups concerning supposedly irregular or nonexistent BDP projects, describing the accusations as deliberate distortions of Commission on Audit (COA) observations. He also questioned motives of groups claiming to champion the poor on why they oppose development initiatives intended to address the roots of communist insurgency. Raul Banias, representing the Iloilo provincial government, categorically rejected allegations of ghost projects, stressing that COA observations concerned unfinished infrastructure and the return of unutilized funds, not fictitious projects or established corruption. “There is no ghost project here. We returned the money because it is the provision of the law, and we allocated our local funds

to complete all the uncompleted projects,” he added. Banias explained that approximately P196 million was returned to the National Treasury in compliance with budget regulations, while the provincial government committed its own resources to complete unfinished projects. Of the 14 remaining projects he identified, four already have funding and are being prepared for procurement, while the other 10 are targeted for financing under the province’s 2027 and 2028 budgets. Banias cited the high cost of construction in geographically isolated and disadvantaged areas, including one project requiring an additional P2 million on top of its P1-million BDP allocation and a classroom in barangay Igtuble requiring P1.8 million beyond its original P3-million budget. “That is our commitment. So that allegation is grossly wrong. And there is no ghost project,” Banias emphasized. Meanwhile, Rose Matucan, acting provincial planning and development coordinator and BDP focal person, corroborated Banias’explanation, saying the COA Audit Observation Memorandum did not establish irregularities in project implementation. “We don’t have adverse findings on the way we implemented the projects and the programs. We don’t find any irregularities,” she said, explaining that the return of funds followed Department of the Interior and Local Government guidance and Department of Budget and Management regulations. Banias suggested that critics were running out of legitimate grievances to exploit as Iloilo increasingly addresses the social injustices historically associated with insurgency. He accused critics of twisting a local newspaper report based on COA records into propaganda against the provincial government.

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