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‘Peso to remain weak till ’27, may hit 65:$1 By Andrea E. San Juan

PESO SINKS DEEPER INTO THE 63s A money changer in Ermita, Manila, counts Philippine peso bills in exchange for US dollar bills on Wednesday, October 21, 2026. The peso weakened past the P63-per-dollar level ahead of the Bangko Sentral ng Pilipinas’ next rate-setting meeting, opening at P63.01 before hitting an intraday low of P63.30 as of 12:34 p.m., according to Bankers Association of the Philippines data. NONIE REYES

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HE Philippine peso could weaken further until early 2027 and may fall to as low as P65 against the dollar, which could raise the cost of fuel, power, transportation, fertilizer, medicines and imported food inputs, such as wheat and feed grains, an economist warned. When asked if the depreciation of the peso will be prolonged, Ateneo De Manila University (ADMU) economist Leonardo A. Lanzona Jr. told the BusinessMirror: “Yes, likely into early 2027.” Lanzona said the pressures are ex-

ternal and structural—high oil prices, a strong dollar, and a widening import bill “driven by an economy that imports much of what it consumers.” “Until the country produces more of its own goods and food, the peso stays vulnerable to every global shock,” he also told this newspaper. On Wednesday, the Philippine peso slumped to a new record low of P63.361 against the dollar, 27 centavos weaker than its P63.09 finish against the greenback on Monday and Tuesday, data from the Bankers Association of the Philippines (BAP) showed. Explaining the consequences of the prolonged slide of the local currency,

Lanzona noted that sustained depreciation “raises the peso cost of fuel, power, transport, fertilizer, medicines, and imported food inputs such as wheat and feed grains.” This, he said, erodes household purchasing power and squeezes firms with dollar debts. “Because so much of what Filipinos eat and use is imported, a weak peso passes quickly into everyday prices,” Lanzona said. Lanzona said the peso could fall within the range of P63.5 to P65.5 per dollar by early 2027, with P64 to P65 as the “most likely zone.” “The peso is under pressure from high oil prices, a strong dollar, and

a wide import bill, and the BSP has signaled it will not use up reserves to defend a specific level,” he said. This, he said, “skews risks” toward further weakness, so P65 is “within reach.” Lanzona said a rebound toward P62 to P63 would require a deescalation in the Middle East and lower oil prices, which he said he considers “the less likely outcome.” Meanwhile, beyond P65.5 per dollar would need a “further dollar surge of a sharp deterioration in confidence.” He, however, noted to treat this as a “judgementbased range, not a point forecast.” See “Peso,” A2

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EL NIÑO AGRI DAMAGE COULD REACH ₱20B–DA www.businessmirror.com.ph

Thursday, October 22, 2026 Vol. 22 No. 15

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A CRACK IN THE SYSTEM The damaged portion of the San Mateo Flood Control Project along the Pampanga River in Barangay San Mateo, Arayat, Pampanga, is seen with Mount Arayat in the background on October 21, 2026. The project sustained damage to about 250 meters of roadway and 56 linear meters of sheet piles, prompting a Department of Public Works and Highways investigation into possible construction irregularities. NONOY LACZA

By Ada Pelonia

HE weather-roiling El Niño is projected to inflict P20 billion in agricultural damage, potentially affecting the livelihoods of up to 4.6 million farmers and fisherfolk, according to the Department of Agriculture (DA). Agriculture Secretary Francisco Tiu Laurel Jr. said the climate pattern, which is shaping up to be the strongest on record, will destroy more crops and kill more animals and surpass the P16-billion farm damage recorded in the 2024 El Niño year. “Since this is a super El Niño, we expect [damages] to reach P20 billion,” he said during a Senate hearing on the DA’s proposed 2027 budget on Wednesday. He pegged the volume of losses to reach 1 million metric tons (MMT), with the affected area soaring to roughly 350,000 hectares. The DA chief noted that the dry

spell could affect the livelihoods of a minimum of 2.8 million farmers and fisherfolk, possibly climbing to 4.6 million individuals under a worst-case scenario. The agency sought nearly P62 billion to bankroll projects as part of government efforts to mitigate the impact of El Niño on local production and rural livelihoods. Latest DA bulletin showed that the dry spell’s impact on the farm sector climbed to P6.87 billion across various crops, with production losses pegged at 163,812 metric tons (MT). See “El NiÑo,” A2

USERS OF GENERATIVE AI TOOLS UP BY 57.2%–REPORT By Lorenz S. Marasigan

ORE than a third of the world’s population now uses generative artificial intelligence (AI) tools every month, while social media has reached nearly 70 percent of people worldwide, shifting online activity away from the traditional web, according to the latest global digital trends report. The Digital 2027 report, released on Wednesday by creative agency We Are Social and media intelligence firm Meltwater, estimated that active users of generative AI tools have climbed to 3.24 billion, or 38.9 percent of the global population. That is an increase of 57.2 percent in the past 12 months, or 1.2 billion new users. ChatGPT remains the leader in the generative AI market,

with twice as many monthly active users as its nearest rival. However, the report said rivals, such as Google’s Gemini and Anthropic’s Claude are gaining ground. Active users of Gemini’s mobile apps quadrupled over the past year, and its web user base is now more than 60 percent the size of ChatGPT’s. Social media user identities worldwide grew 2.7 percent to 5.81 billion with the addition of 151 million new identities, equivalent to 69.9 percent of the global population. People are also spending more time on these platforms. The typical internet user increased time spent on social media and online video platforms by 3.8 percent over the past year, to an average of 19 hours and 18 minutes per week. See “AI,” A2

SEA climate change ‘to hit PHL hardest’ By Justine Xyrah Garcia

HE Philippines is projected to incur the highest port damage in Southeast Asia from climate-related hazards, with losses potentially reaching $70.2 billion annually by 2100, according to the Asian Development Bank (ADB). In a report released on Wednesday, the multilateral lender estimated that port damage in the Philippines could reach $20.6 billion annually under an intermediate-emissions scenario, in which sea levels are projected to rise by roughly 50 to 80 centimeters. Under a high-emissions scenario, where sea levels could approach 1 meter, annual port damages could climb to $70.2 billion. The projected damages are equivalent to 0.19 percent and 0.44 percent of the country’s gross domestic product (GDP), respectively. In absolute terms, the Philippines’s projected port damages are the highest in Southeast Asia and the third-highest across the Asia-Pacific economies covered by the report.

China leads with projected annual losses ranging from $82.2 billion to $332 billion, while India’s estimates range from $70 billion to $254 billion. The estimates cover not only the cost of repairing damaged port infrastructure but also revenue losses from operational downtime and disruptions to maritime trade. The ADB considered several climate-related hazards, including tropical cyclone winds, flooding, extreme waves, and other marine conditions. According to the multilateral lending institution, the impact of port damage could extend far beyond coastal areas. Disruptions to port operations can delay shipments, interrupt supply chains and affect businesses and communities that rely on maritime transport for goods and essential supplies. “Because these networks link farms to markets, fishers to buyers, and households to health services and food supplies, their disruption cascades directly into livelihoods, nutrition, and well-being,” the report stated. “The extent of See “SEA climate,” A2

PESO EXCHANGE RATES n US 63.0570 n JAPAN 0.3988 n UK 84.3577 n HK 8.0346 n CHINA 9.4423 n SINGAPORE 49.3751 n AUSTRALIA 44.1777 n EU 70.8635 n KOREA 0.0475 n SAUDI ARABIA 16.8116 Source: BSP (October 21, 2026)

News

BusinessMirror

A2 Thursday, October 22, 2026

El Niño agri damage… Continued from A1

The corn sector suffered the brunt of El Niño’s impact at 126,883 MT, with rice trailing behind at 25,196 MT. Aside from the dry spell, the DA chief said the surge in input prices could dent this year’s local rice output by 1 MMT. He attributed the DA’s outlook mainly on strained productivity caused by soaring fertilizer prices, which was triggered by the global oil crisis following the Middle East war. “Technicaly, we’re seeing about 1 MMT of palay less than last year. [Soaring] fertilizer prices were the biggest factor. The rising fuel prices really affected productivity this year,” he recently told reporters. “What happens is farmers would apply less fertilizers, so there’d be less productivity. Some also lost their intention to plant, because it’s too expensive and they don’t have enough money to invest.” Data from the Philippine Statistics Authority (PSA) showed that rice production reached 19.67 MMT in 2025. If the DA’s projection materializes, output could slip to 18.67 MMT, the lowest level in 10 years or since the 17.63 MMT in 2016. The surge in imported rice, however, is expected to offset the decline in the output of the staple food, with DA Assistant Secretary Arnel de Mesa noting that shipments could surge to more than 5 MMT this year. “It’s possible [for rice imports] to exceed 5 MMT since we have El Niño, which could affect local production,” he said. “That’s why our focus is to allow the entry of rice imports to ensure that we have ample stocks.” Latest government data showed that rice arrivals have reached 4.15 MMT as of October 8, with 2.74 MMT of the shipments coming from Vietnam.

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Study: More than a third of PHL workers feel burnout

By Mary Jade Jadormio

MPLOYERS need to look beyond recruitment and pay to retain workers, as 38 percent of Filipino employees report chronic burnout, with workload stress and work-life balance among the key factors affecting workplace happiness, according to Jobstreet by SEEK. The company’s Workplace Happiness Index: Philippines 2025 report found that one in four employed respondents felt neutral or unhappy with their jobs, highlighting challenges employers may need to address

beyond filling vacancies. Only 57 percent of respondents said they were happy with their current workload, while 42 percent said better work-life balance would improve their happiness at work.

Peso…

pesos-further-decline-guinigundo/)

Continued from A1

On Tuesday, former BSP deputy governor Diwa Guinigundo explained to this newspaper that the more important concern is “whether the depreciation becomes prolonged and feeds into inflation expectations.” (See: https://businessmirror. com.ph/2026/10/20/many-factors-behind-

Pass-through speed and size

AS to the speed and size of pass-through effect from a weak peso to domestic inflation, Lanzona explained to this newspaper: “Fuel prices adjust within one to two weeks, imported food and goods within one to three months, and broader inflation builds over two to four quarters.” As a “rough rule of thumb,” Lanzona sharing his estimate which he pointed out is not an official

Higher compensation ranked first among the factors workers cited, pointing to the importance of both pay and working conditions in employee satisfaction. Jobstreet by SEEK said workers experiencing stress may hesitate to raise their concerns, allowing fatigue and disengagement to persist even as they continue fulfilling their responsibilities. These issues may not immediately lead to resignations but can contribute to absenteeism, poor mental health outcomes and declining motivation, the report said. For employers, addressing these concerns requires clearer job expectations, consistent mentorship and career development opportunities, rather than focus-

ing solely on recruitment. The company also urged employers to foster open communication, conduct regular employee check-ins and provide support for mental well-being and work-life balance. “This report serves as the voice of our Filipino talent experiencing ‘silent struggles’ in their workplace,” Jobstreet by SEEK’s managing director in the Philippines Dannah Majarocon said. She said a more compassionate, people-centered approach could help employers strengthen employee morale and retention. Jobstreet by SEEK also recommended workplace recognition programs and peer-support initiatives to help employees feel valued and connected to their teams.

figure, said: “A 10-percent depreciation adds about 1 to 2 percentage points to inflation over a year.” However, he said the impact is larger now because oil is also high and inflation expectations are elevated, which is why he stressed that “import substitution matters.”

plained that this reflects “persistent” dollar demand, global financial uncertainty, elevated oil prices and “growing concerns” over the country’s external position, particularly the widening of the balance-of-payments (BOP) deficit. “Continued depreciation could raise import costs and add to inflationary pressures, especially for fuel, food and transportation,” added Rivera. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC) explained that the peso already weakened by “a total of +9.9 percent” since the war in the Middle East started on February 28, 2026. Among the factors behind the peso’s slump to a new record low was the Brent crude oil price which breached the $110-perbarrel mark recently, which he said was at five-month highs. Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said “Fed hike risks are keeping USD/PHP elevated and market waiting for Bangko Sentral ng Pilipinas’ [BSP] policy meeting.” “Next resistance is 63.50,” added Ravelas. Within Wednesday’s trading session, the peso hit a new record intraday low of P63.373 against the dollar while its strongest point was at P63 against the greenback.

What the BSP can do

WITH the recent weakening of the local currency past the P63-per-dollar level, Lanzona said the BSP can keep rates “credible” against the United States Federal Reserve and “smoothen disorderly moves.” However, he said the central bank “cannot reverse an oil and dollar shock with rates and reserves alone.” “The lasting remedy is production: invest in agriculture, food processing, and manufacturing so we import less,” he said. Moreover, Lanzona pointed out that remittances “will no longer be the solution, since they cannot close the trade gap, and about 2.4 million overseas workers are in the Middle East” which is the region at the center of the current shock.

‘Persistent’ demand

WITH the peso closing at P63.361 on Wednesday, a new historic low, John Paolo R. Rivera, Senior Research Fellow at Philippine Institute for Development Studies (PIDS) ex-

SEA climate… Continued from A1

exposed infrastructure is likely to increase as urban development increasingly puts these built assets in harm’s way.” Beyond infrastructure losses, millions of Filipinos could also face exposure to coastal flooding in the coming decades. The ADB projected that 5.437 million people in the Philippines could be exposed annually to coastal flooding by 2100 under a high-emissions scenario. In Manila alone, about 1.305 million people could be exposed annually to coastal flooding by 2100 under the same high-emissions scenario. The total projected Filipinos affected by coastal flooding would be the fifth-highest projected population exposure among the Asia-Pacific economies covered by the report. China recorded the highest projected exposure at 33.015 million people, followed by India at 21.491 million, Bangladesh at 17.454 million and Vietnam at 13.306 million. The report defines the figure as the expected annual population exposed to coastal flood depths exceeding 15 centimeters. Flooding at this depth can disrupt livelihoods and economic activity and pose risks to vulnerable groups.

Financing coastal resilience

DESPITE the scale of the projected risks, the Philippines has developed financing mechanisms that could help support climate-related initiatives and encourage private investment, ADB Senior Climate Change Specialist Kathryn Milliken said. “The Philippines is one of the more pioneering countries in some of the work it’s been doing on catastrophe, risk insurance, contingency financing, and sustainable finance initiatives, where it’s building a platform for more private capital to emerge over time,” Milliken said during the report’s online launch. She cautioned, however, that countries need different combinations of financing instruments to address their respective needs. “There are some positive kind of developments that are coming out, but it’s not a one-size-fits-all, and it can’t be one specific instrument,” she said. The ADB report particularly cited the Philippines’s efforts to integrate climate risks and resilience priorities into public financial management, including expenditure frameworks, investment appraisals, budget tagging, and screening. It also noted that the country has developed a Sustainable Finance Framework. The report said $7.48 billion had been issued through several sovereign sustainability bonds in international capital markets, with proceeds allocated in part to climate resilience and the management of coastal and marine resources. More broadly, the ADB called on governments across the region to incorporate long-term coastal risks into development planning, strengthen institutions and governance, and mobilize predictable, sustainable financing. It said public finance would remain central to coastal resilience, while policy and regulatory reforms, risk-sharing arrangements, and blended finance could help attract private investment where appropriate.

AI…

Continued from A1

YouTube captured the largest share of total global social media time, followed closely by WhatsApp and Instagram. TikTok, however, led in average time spent per active user, at 1 hour and 55 minutes per day. The report found that social platforms remain central to shopping decisions among young consumers, with 46.9 percent of internet users aged 16 to 24 relying on platforms such as Instagram and Facebook as their primary source of information when researching brands and potential purchases. The report also found that the growth of AI and native mobile apps is cutting into traditional web use. Across the world’s top 10,000 web domains, total monthly traffic has declined by more than 10 percent since ChatGPT’s public launch, and total time spent on the web has fallen 11.2 percent in just the past 24 months. Search engines, however, still hold an edge in brand discovery. Online adults remain 74 percent more likely to say they turn to search engines when researching brands than to an AI platform. The report noted that AI is not the only factor reshaping web behavior. “AI is changing how people discover brands, but social remains central to where people spend their time and form preferences. The conversations, recommendations and opinions people share online are increasingly informing the answers AI gives and the decisions people make,” said Suzie Shaw, CEO of We Are Social Asia-Pacific (APAC). “For brands, that changes the game. You can optimize what you publish, but you don’t control what people say about you,” Shaw added. “The brands that win won’t just be the ones that appear in AI-generated answers, but the ones people are genuinely interested in, talking about and recommending in the first place.” Internet users globally now total 6.15 billion, or 73.9 percent of the world’s population. The typical online adult uses an average of 5.8 different channels to discover new brands. Given this, advertisers are following audiences online. Digital ad spending rose 8.7 percent over the past year, with spending on social media advertising up 18 percent and influencer advertising up 15 percent. Mimrah Mahmood, Meltwater’s APAC VP of enterprise sales, said brands in the region can no longer depend on a single platform given how widely digital habits differ across markets. “With generative AI adoption surging nearly 60 percent in the last year, the customer journey is being rewritten in real time—changing how people discover information and evaluate brands,” Mahmood said. He said marketers and communicators must move away from tracking channels in isolation and instead understand their total brand presence across news, social media, search and AIpowered platforms. “Because cultural context and language heavily shape how APAC audiences perceive brands, bringing together media, social, and AI intelligence is now essential for teams to spot emerging shifts and focus their efforts where it actually moves the needle,” he said. The 900-page report draws on data from GWI, Similarweb and Statista, among other sources. In a lighter finding, it noted that cats continue to edge out dogs online, with Google searches returning 4.15 billion results for cats against 4.02 billion for dogs at the end of 2026.

Drop in approved building permits…

Continued from A9

837 approved activities, down 28.2 percent, while their estimated value plunged 50.5 percent to P2.02 billion. Other construction activities, which include demolition, street furniture, landscaping and signboards, rose 4.2 percent to 448, although their estimated value dropped 93 percent to P524.27 million. Despite the decline in approved building permits and total floor area, the average construction cost for new buildings—excluding additions, alterations and repairs— rose by 21.9 percent to P14,357.01 per square meter in August, from P11,778.22 in the same month last year, according to the PSA. The PSA said the construction statistics derived from approved building permits provide an indication of the level of building activity nationwide.

The Nation

www.businessmirror.com.ph

Thursday, October 22, 2026

Prosecution panel submits evidence vs Sara By Jovee Marie N. dela Cruz

@joveemarie

HE House prosecution panel has formally submitted its evidence on Vice President Sara Z. Duterte’s alleged unexplained wealth ahead of the October 23 deadline, seeking to prevent procedural disputes from delaying the resumption of her impeachment trial on November 9. Private prosecutor Lorna Kapunan said the panel deliberately filed its formal offer of evidence on Tuesday to give the defense time to submit comments and objections and allow the Senate Impeachment Court to resolve evidentiary issues before the next hearing. The formal offer identifies the documentary and testimonial evidence the prosecution wants the senator-judges to admit, including financial records and testimony

concerning assets, corporate interests and transactions allegedly involving Duterte and her husband, lawyer Manases Carpio. “It has not been a break for us, really, because, as everybody knows, we have a 10-day deadline to file our formal offer on the remaining article, which is unexplained wealth. And we filed it [Tuesday],” Kapunan said in a TV interview. She explained that the defense’s 10-day period for filing objections

begins upon receipt of the prosecution’s submission, making an early filing crucial to keeping the trial on schedule. “Our deadline is supposed to be the day after tomorrow [October 23], but we filed it today only because the reckoning period for the defense starts from the time they receive it,” Kapunan said. Kapunan said the presiding officer must rule on the defense’s objections before the proceedings resume. She added that Duterte’s lawyers are required to identify their witnesses five days before the trial, allowing time for subpoenas to be issued and for the prosecution to prepare for crossexamination. “Five days before the trial, they have to name their witnesses. Five days before the trial,” she stressed. K apunan a lso cr it ici zed Duterte for responding to the prosecution’s financial evidence through press conferences and public statements rather than directly addressing the allegations before the impeachment court. “She does not speak before the court. She uses other platforms,”

Kapunan said, referring to Duterte’s public response following the testimony of forensic accounting expert Alexander Cabrera. Cabrera estimated that Duterte and Carpio had approximately P817.87 million in allegedly unexplained assets and income from 2022 to 2025. His analysis drew on bank records, income tax returns, corporate filings and other financial documents. The defense challenged his methodology and conclusions during cross-examination. Kapunan questioned Duterte’s decision to hold a news conference after the expert’s testimony, saying the Vice President had focused on criticizing the proceedings instead of explaining the disputed transactions. “She either diverts the issue or issues a statement that does not relate to the impeachment court but attacks the integrity of the entire process,” Kapunan said. “Which leads me to think that they really have no evidence.” Duterte has denied wrongdoing and accused the prosecution of presenting misleading or fabricated

allegations. Her defense team has also challenged the fairness of the proceedings and the admissibility of financial records. Kapunan, meanwhile, criticized what she described as the defense’s tendency to question the integrity of judges rather than directly address the allegations. The prosecutor also raised concerns that procedural disputes could further delay the trial, including possible objections to the withdrawal of three impeachment articles involving confidential funds, bribery and grave threats. The Senate impeachment court accepted the prosecution’s withdrawal of the three articles on October 13, leaving alleged unexplained wealth under Article II as the sole remaining charge. Kapunan clarified that objections raised by some senator-judges during the October 13 hearing did not necessarily challenge the order accepting the withdrawal. She also noted that Sens. Robin Padilla and Christopher “Bong” Go had joined a separate petition before the Supreme Court questioning the impeachment court’s

interpretation of the two-thirds voting requirement for conviction. The private prosecutor further warned that Duterte’s defense could use disagreements over the time allotted for its presentation to seek relief from the Supreme Court. Before the prosecution withdrew the three articles, the defense had requested 30 trial days to answer all four charges. “Now that there is only one article, I do not think they can claim 30 days,” Kapunan said, arguing that the defense period should be reconsidered in light of the reduced scope of the case. She warned that if the defense insists on using the entire 30day period and the presiding officer denies a further extension, Duterte’s lawyers could accuse the Impeachment Court of rushing the proceedings or declare a mistrial, potentially prompting another Supreme Court challenge. The defense, however, retains the right to challenge the prosecution’s evidence and present its own case, while the senator-judges must determine the appropriate time for the proceedings to conclude.

China shadows US warship in PHL EEZ Lacson: Recalling unruly By Malou Talosig-Bartolome

HINA said on Tuesday it deployed naval forces to track and monitor a US warship that sailed on the waters off Sabina Shoal, that is within the Philippines’ Exclusive Economic Zone, claiming that the ship allegedly entered waters adjacent to the feature without Beijing’s approval. The People’s Liberation Army (PLA) Southern Theater Command said the US littoral combat ship USS Charleston “illegally intruded” into waters near Sabina Shoal, known in China as Xianbin Jiao, prompting Chinese forces to respond. “In the early hours of October 20, the US littoral combat ship USS Charleston illegally intruded into the waters adjacent to Xianbin

Jiao of China’s Nansha Qundao without approval from the Chinese government,” PLA Southern Theater Command Navy spokesperson Yin Gang said in a statement posted by China’s Ministry of National Defense on X. The PLA said it dispatched forces to track and monitor the US vessel “in accordance with laws and regulations” and accused Washington of “infringing on China’s sovereignty and undermining regional stability.” China further urged the United States to cease such operations, saying its forces remain on high alert to safeguard what Beijing describes as its sovereignty and maritime interests. The US military had not immediately issued a public response to the Chinese statement.

Nartatez calls on all cops to sustain peace gains By Rex Anthony Naval

HE National Police (PNP) Chief, Gen. Jose Melencio Nartatez Jr., on Wednesday called on police personnel nationwide to build on their gains in enforcing local ordinances as authorities recorded 9.2 million violations in the first nine months of 2026. He also stressed the need to sustain enforcement efforts under the Safer Cities Initiative while ensuring that police actions remain firm, lawful, and respectful of public rights. “Enforcing local ordinances is not only about correcting violations. It is also about building disciplined communities where the rule of law is upheld, public safety is protected, and every person’s rights and dignity are respected,” Nartatez said. Likewise, the PNP chief also urged all police personnel to sustain firm, fair, and consistent enforcement because lasting peace and order begin at the community level.

Police offices nationwide recorded 9.2 million violations of local ordinances from Jan. 1 to Sept. 30, representing a 57.2 percent increase from the previous period. Of the total violations, 4.1 million resulted in fines while five million individuals were warned or released. Authorities also reported 34,198 cases filed in court and 49,449 cases placed under other dispositions. Nartatez emphasized the importance of public cooperation in making community-level enforcement effective. He urged residents to observe local ordinances and recognize their role in maintaining orderly and safe communities. At the same time, he reminded police personnel that enforcing local regulations must go hand in hand with respect for the rights and dignity of the people they serve. “Peace can be attained through firm law enforcement, with high respect for the dignity of the public,” Nartatez said.

Sabina Shoal, also known as Escoda Shoal, lies approximately 75 nautical miles west of Palawan and within the Philippines’ 200-nautical-mile exclusive economic zone. The maritime feature has become one of the most contentious f lashpoints in the South China Sea amid recurring confrontations between Chinese and Philippine vessels. Its strategic value stems from its location near major sea lanes and its prox imit y to Second Thomas or Ayungin Shoal, where the Philippines maintains a military outpost aboard the grounded BRP Sierra Madre. Analysts say control of the area enhances maritime surveillance and influence over vessel movements across the central portion of the South China Sea.

In an article published Tuesday, Chinese state-run newspaper Global Times said Sabina Shoal occupies a strategically important position because of its location along international shipping routes. The report also argued that the US operation ref lected continued strateg ic competition between Washington and Beijing in the disputed waterway. The latest incident comes amid heightened tensions in the South China Sea, where the Philippines, China and several other countries have overlapping territorial and maritime claims. China claims almost the entire South China Sea, a position rejected by a 2016 arbitral ruling that favored the Philippines under the United Nations Convention on the Law of the Sea.

diplomat preserves ties By Butch Fernandez @butchfBM

ALLING out a diplomat for undiplomatic conduct toward senior elected officials of the host country and politely asking his government to recall him is not a failure of diplomacy but a dignified way to preserve bilateral ties, Sen. Panfilo Lacson said Wednesday. Lacson directed this message to the Department of Foreign Affairs (DFA) amid the Chinese Embassy in Manila’s social media posts criticizing Philippine officials who had taken issue with Ambassador Jing Quan’s recent remarks. “MESSAGE TO DFA: Calling out a diplomat for his undiplomatic conduct toward high-ranking elected officials of his host country and politely asking his government to recall him is not a failure of diplomacy.

It is a dignified act of preserving bilateral relations,” Lacson said in a post on X. On Monday, the DFA summoned Jing to formally protest his “provocative and unacceptable” remark that China could “easily win” a confrontation with the Philippines. Foreign Affairs Secretary Teresita Lazaro told Jing that such language “aggravates an already sensitive bilateral atmosphere and undermines the shared efforts of both countries to build mutual understanding and cooperation.” She added that it is “not the place of a foreign mission to publicly criticize or taunt Philippine officials and legislators who are acting within their mandates,” adding sensitive issues are best addressed “through established diplomatic channels and bilateral mechanisms.” See “Lacson,” A4

Most Filipinos wait for Duterte trial evidence By Rizal Raoul Reyes @brownindio

UBLIC opinion on the impeachment of Vice President Sara Duterte remains deeply divided between those favoring acquittal and those seeking conviction, though more Filipinos are now taking a side, according to the latest Octa Research survey. In its third-quarter 2026 Tugon ng Masa (TNM) survey, Octa revealed that 25 percent of adult Filipinos favored acquittal, while 21 percent wanted Duterte convicted. Nevertheless, the largest single group, at 47 percent, said they needed to see the evidence first before deciding her fate. According to the research group, the findings point to a gradual shift in public opinion since the Senate impeachment trial opened in July, when 55 percent of respondents said they wanted to examine the evidence before taking a position. Furthermore, the 8-percentage-point drop in undecided respondents suggests that more Filipinos are taking a side as the proceedings unfold. Nevertheless, neither side has gained a clear advantage, with only 4 percentage points separating those favoring acquittal and conviction. In its July survey, 21 percent favored acquittal and 17 percent supported conviction, while 7 percent were undecided. Combined, those expressing a preferred verdict increased to 46 percent in the third quarter from 38 percent at the start of the trial. Nonetheless, Octa cautioned that the

two surveys involved separate samples of respondents. The results therefore reflect changes in the overall distribution of public opinion rather than proving that particular individuals have changed their positions.

Widening regional divide

OCTA pointed out that the survey revealed a sharper regional divide. Respondents in Metro Manila expressed strong conviction while Mindanao respondents increasingly favored acquittal. This is expected as Mindanao is still a strong political base of the Duterte clan. In the National Capital Region (NCR), the proportion favoring Duterte’s conviction rose to 34 percent from 19 percent in July. Meanwhile, support for acquittal declined to 17 percent from 21 percent. Mindanao showed the opposite pattern. Support for acquittal climbed to 52 percent from 41 percent, making it the only major geographic area where either preferred verdict commanded a majority. The Visayas, meanwhile, took the middle road and maintained a strong preference for waiting for the evidence, with 53 percent of respondents taking this position in both survey rounds. Octa said these contrasting regional movements underscore the challenge of interpreting public sentiment as a single national verdict, particularly when political preferences differ significantly across geographic areas.

Younger Filipinos

YOUNGER adults recorded the biggest

decline in the proportion waiting for evidence, while support for both conviction and acquittal increased among this group. Among respondents aged 18 to 24, the share wanting to see the evidence first dropped to 29 percent from 50 percent in July. At the same time, support for conviction rose to 36 percent from 26 percent, while support for acquittal increased to 27 percent from 16 percent. The nearly equal gains show that younger Filipinos are moving toward more definite positions without converging on a common preferred outcome. Among those aged 35 to 44, support for acquittal increased to 33 percent from 19 percent. For respondents aged 65 to 74, support for conviction rose to 27 percent from 18 percent. The results indicate that the shift away from an evidence-first position is not translating into uniform support for either side. Instead, preferences are developing differently across age groups.

Urban-rural, education gaps

THE survey also found growing differences between urban and rural respondents, whose views were nearly identical at the start of the trial. In urban areas, support for conviction increased to 25 percent from 16 percent. In rural areas, support for acquittal rose to 30 percent from 21 percent. Educational attainment also emerged as a dividing line. Among college-educated respondents, support for conviction nearly

doubled to 32 percent from 17 percent. Class E, which recorded the strongest preference for acquittal in the July survey, registered the highest proportion favoring conviction among the socio-economic classes in the third quarter, at 32 percent, up from 13 percent. These shifts suggest that public opinion on Duterte’s impeachment is becoming more differentiated across social and demographic groups, even as a substantial share of Filipinos remains unwilling to commit to a verdict.

Public opinion, trial

THE survey was conducted from September 28 to October 4, roughly three months after the Senate impeachment trial opened on July 6. During the fieldwork, the Senate impeachment court was hearing Article II of the Articles of Impeachment, which alleges that Duterte acquired unexplained wealth. Proceedings covered her alleged corporate ties and undeclared assets, including testimony from government officials and Davao City Mayor Sebastian Duterte, the Vice President’s brother, who testified on September 29 and was declared a hostile witness. The court also heard testimony concerning properties linked to her husband, Manases Carpio. A dispute involving AntiMoney Laundering Council documents marked the October 1 session, which ended early. See “Evidence,” A4

Thursday, October 22, 2026

Economy

www.businessmirror.com.ph

Labor groups demand binding heat rules

By Mary Jade Jadormio

S the country braces for severe climate impacts driven by the onset of a super El Niño weather phenomenon, major labor organizations are intensifying pressure on the Department of Labor and Employment (Dole) to institute mandatory, legally binding heat safety standards to protect workers across all sectors. The Trade Union Congress of the Philippines (TUCP) and the Sentro ng mga Nagkakaisa at Progresibong Manggagawa (Sentro) are calling on Dole to issue a formal

Department Order that explicitly outlines employer mandates, acceptable workplace thermal limits, and strict penalties for noncompliance. The unions warned

that voluntary guidelines issued by management fail to shield vulnerable laborers from escalating heat risks. “Extreme heat is a matter of life and death. Workers demand and deserve enforceable standards, clear employer obligations, and penalties for noncompliance—not another appeal for voluntary cooperation while their health and lives are at risk,” TUCP said in a joint appeal. To fast-track these protections, TUCP urged Dole to immediately convene an emergency meeting of the National Tripartite Industrial Peace Council – bringing together government, labor, and employer stakeholders – to draft and finalize a comprehensive Super El Niño Heat Risk Action Plan. “Heat protection is our shared legal and moral obligation, not a mere privilege granted at management’s discretion,” the union federation emphasized.

Clear wage guarantees

SENTRO acknowledged statements from Labor Secretary Francis N. Tolentino assuring that workers will not face pay deductions during heat-induced work stoppages. However, the organization stressed that without explicit administrative guidelines, such verbal guarantees remain difficult to enforce on the ground. “Workers must not have to choose bet ween r isk ing heat stroke and losing their income,” said Sentro Secretary General Josua Mata. Sentro is demanding that Dole detail exactly how wage protections will apply under various employment arrangements, including shortened operational shifts, full-day suspensions, piece-rate (pakyaw) work, and incentivebased pay models. The group is pushing for regulations that require companies to

set science-based exposure limits, institute mandatory rest schedules in cooled designated spaces, and order immediate work halts when temperatures reach hazardous thresholds. TUCP added specific workplace demands, including mandatory paid breaks in shaded or air-conditioned areas, unhindered access to free drinking water, continuous heat-stress monitoring, emergency medical protocols for heat-related illnesses, improved ventilation systems, and mandatory safety training for staff.

Informal sector

WHILE physical interventions like fans, proper ventilation, and engineering controls can mitigate heat exposure in factories and warehouses, labor leaders warned that millions of outdoor and informal economy workers remain completely unprotected.

Street vendors, waste pickers, agricultural workers, fishermen, and gig-economy delivery riders face the double burden of hazardous weather conditions and catastrophic income loss when extreme heat prevents them from working. To bridge this gap, Sentro is advocating for temporary, governmentfunded income support and emergency relief funds during officially declared heat emergencies. Additionally, Mata called on state agencies and academic research institutions to systematically track heat-related occupational illnesses, lost working hours, lost income, and gaps in current social safety nets. “We need evidence, not assumptions,” Mata stressed, pointing out that comprehensive data is essential to identify the most vulnerable worker demographics and calculate the true cost of safeguarding their lives and livelihoods.

Lacson hails timing of SC ruling on budget PHL need not build AI

E N. Pa n f i lo L a c s on on Wednesday welcomed the Supreme Court’s (SC) landmark decision declaring provisions of the 2024 and 2025 national budgets unconstitutional, calling the timing critical as the Senate reviews the 2027 General Appropriations Bill. Lacson said the Court’s 121page ruling ser ves as a stark reminder of the constitutional boundaries governing Congress’ authority to alter the Executive branch’s National Expenditure Program (NEP). “One good thing about the

Supreme Court ruling is its timing. It couldn’t have come at a better time when t he House version of t he 2027 Genera l Appropriations Bill is undergoing scrutiny by the Senate,” Lacson said, clarif ying that he was not in office when the 2024 and 2025 measures were passed. The Court ruled that Congress committed grave abuse of discretion by ballooning the Executive branch’s recommended unprogrammed funds from P281.9 billion in the 2024 NEP to P731.4 billion in the final enacted budget.

The Court reaffirmed that Congress is constitutionally forbidden from exceeding the President’s total recommended appropriations in the Budget of Expenditures and Sources of Financing, which spans both programmed and unprogrammed funds. Lacson noted that the ruling effectively seals the 2024 and 2025 national budgets’ legacy as the worst ever passed by Congress since the Court struck down the Disbursement Acceleration Program (DAP) under the 2013 General Appropriations Act. Addressing the practical fallout

of the decision, Lacson stated that “those that remain unspent may not be disbursed anymore,” though funds already spent are unlikely to be invalidated. The decision comes amid Lacson’s earlier warnings that the Senate’s review of the 2027 budget could lead to the restoration of hundreds of billions of pesos in cuts and realignments previously made by the House—particularly involving flood control projects and Foreign-Assisted Projects (FAPs), which senators have flagged as potential red flags. Butch Fernandez

House bill turns household recyclables into cash By Jovee Marie N. dela Cruz @joveemarie

LEGISLATOR has filed a bill seeking to turn recyclable household waste into a source of cash and essential goods for Filipino families while promoting responsible waste management nationwide. Filed by Quezon City Rep. Patrick Michael Vargas, House Bill 11146, or the proposed B asura to Ayuda Ac t, would allow individuals, households, homeowners associations, and civic organizations to collect non-hazardous re c yc l a b l e m ate r i a l s a n d exc h a n g e them for points redeemable for food, groceries, and cash. “Through this bill, we hit two birds with one stone. We are strengthening the culture of recycling and environmental

protection while giving our fellow Filipinos an opportunity to earn from their waste,” Vargas said. The measure draws inspiration from the Quezon City government’s Trash to Cashback program, which uses a point-based system to encourage waste segregation and recycling while allowing participants to redeem collected materials for household essentials, including rice and eggs. Under the measure, recyclable materials such as plastic bags and bottles, wrappers, sachets, and metal cans would be collected and redirected for recycling and other productive uses. “Quezon City has proven that this is an effective solution for solid waste management while providing incentives to our fellow Filipinos for helping clean the environment. It is time to implement this

nationwide to protect the environment,” Vargas said. To ensure that the program offers meaningful incentives, the bill sets minimum exchange rates for recyclable materials. Every kilogram of recyclable plastic would entitle participants to one kilogram of commercial-quality rice or its cash equivalent, while every kilogram of metal waste would be exchangeable for two kilograms of rice or the corresponding cash value. The proposal comes amid the country’s continuing waste management challenges. Data from the Department of Environment and Natural Resources indicate that the Philippines generates about 61,000 metric tons of solid waste daily. Improperly managed waste can clog waterways, aggravate flooding, and contribute to greenhouse gas emissions. Under the bill, the DENR, Department

of Agriculture, and Department of Trade and Industry would be responsible for coordinating the nationwide implementation of the program, establishing standardized trade-in centers, and ensuring consistent exchange rates across communities. The measure also provides incentives for individuals who report hazardous waste and assist authorities in its safe retrieval, helping prevent dangerous materials from posing risks to communities and the environment. Vargas said making recycling a nationwide practice would help strengthen environmental protection while giving households an additional opportunity to benefit from responsible waste disposal. “We must care for and protect our environment today to ensure that we leave behind a clean, safe, and thriving country for the next generation,” Vargas said.

Housing developers push interest subsidy for buyers

EBU—The Chamber of Real Estate and Builders’ Associations Inc. (Creba) is calling on the government to overhaul socialized housing compliance rules, streamline licensing procedures, and introduce a housing inter-

est subsidy to tackle the country’s massive housing backlog. Speaking at a press conference on Wednesday ahead of Creba’s 53rd National Convention, National President Noel Toti Cariño stressed that national housing policy

must shift focus from simply building units to ensuring target beneficiaries can actually afford and occupy them. To address financing barriers, Creba proposed an interest subsidy program administered by the Home Development Mutual Fund (Pag-IBIG Fund) and funded directly by participating developers. Under the proposed mechanism, non-recoverable contributions from developers would lower monthly loan interest payments for eligible buyers. “This way, we are addressing the issue of affordability, not just the issue of production of homes,” Cariño said, pointing out that existing requirements often result in vacant units built in inconvenient or lowdemand locations. The proposal has been submitted to the Department of Human Settlements and Urban Development (DHSUD), Pag-IBIG Fund, and the Executive branch, where it is currently under review.

Categorizing beneficiaries

NATIONAL Convention Chairman Jose

Soberano III emphasized the need to differentiate between buyers who can qualify for loans with financial help and lower-income families who cannot afford to borrow at all. Soberano noted that while Pag-IBIG subsidies can assist employed and self-employed buyers, lower-income households require direct assistance from agencies like the National Housing Authority through programs such as rent-to-own schemes. He added that a workable financial model is essential for developers to recover capital and sustain private sector participation. Creba also raised concerns over regulatory delays, particularly a DHSUD memorandum requiring sales proceeds from temporary Licenses to Sell (LTS) to be placed in escrow. Cariño argued that locking up funds constrains capital developers need to push projects forward after already investing heavily in land acquisition and planning. The association welcomed DHSUD’s decision to restore processing authority to regional offices, noting that recent centralization threatened to delay developments across the Visayas and Mindanao. Carmel Pedroza

to profit from it–WTCA By Bless Aubrey Ogerio

HE Philippines need not become an artificial intelligence (AI) developer to capture more value from global trade, but businesses must find ways to use the technology to improve the products and services they already sell, a World Trade Centers Association (WTCA) executive said. Scott Wang, WTCA vice president for Asia Pacific, said AI applications showcased at the China International Fair for Trade in Services (Ciftis) in Beijing in September illustrated how the technology was spreading into industries beyond software and electronics, including healthcare, traditional medicine and elder care. “While not every company needs to become an AI developer, businesses must continue to evaluate where AI can enhance their existing services or add measurable value to the products they already export,” Wang said. The approach could offer Philippine exporters a way to expand their earnings beyond manufacturing, particularly as merchandise shipments remain concentrated in electronics. Data from the Philippine Statistics Authority showed exports reached $9.11 billion in August, up 27.8 percent year on year and the highest monthly value since the statistical series began in 1991. Electronic products accounted for $6.2 billion, or 68.1 percent of the total. Instead of relying solely on the sale of manufactured goods, com-

Lacson. . . Continued from A3

The controversy arose after Jing was asked to respond to Defense Secretary Gilberto Teodoro Jr.’s assertion that China is a “troublemaker” in the region. Jing said that if China had wanted to

Evidence. . . Continued from A3

The survey results do not capture subsequent developments in the proceedings. These include the start of testimony on bank transactions involving Duterte and her husband on October 5, as well as the prosecution’s October 13 decision to drop three of the four articles of impeachment and proceed solely on Article II. The trial is scheduled to resume on November 9. Octa’s non-commissioned Q3 2026 TNM

panies could use AI to provide services around those products, such as customer assistance, diagnostics and after-sales support, Wang said. This could also affect the country’s information technology and business process management (ITBPM) industry, which generated more than $40 billion in revenue in 2025, according to the IT and Business Process Association of the Philippines. The industry is already identifying higher-value capabilities, AI-enabled talent and workforce training as priorities as automation changes the services businesses can offer. Yet, the Philippines faces a constraint in turning AI adoption into commercial gains: the supply of workers with the necessary skills. A study by global professional services firm Aon found that 72 percent of surveyed Philippine organizations had deployed or were piloting AI initiatives. Only 17 percent said they could recruit and retain enough AI-skilled workers to support those efforts. The disparity points to a gap between companies’ willingness to adopt the technology and their capacity to implement it effectively. Wang said the broader shift in global services trade offered Philippine businesses examples of how technology could add value to existing industries. The WTCA operates a network of more than 300 World Trade Center businesses across nearly 100 countries and territories, including World Trade Center Metro Manila.

use force, it could “easily win.” Following criticism from several Philippine officials, he later claimed his remarks were taken out of context, insisting that China “[does not] have the intention to use force.” The Chinese Embassy in Manila subsequently published several social media messages criticizing Philippine officials who have openly questioned Jing’s remarks. survey was based on face-to-face interviews with 1,200 adults nationwide from September 28 to October 4. It has a margin of error of plus or minus three percentage points at the 95-percent confidence level, and plus or minus six percentage points for each of the four major geographic areas: NCR, Balance Luzon, the Visayas and Mindanao. While more Filipinos are starting to favor a particular outcome, Octa said the public remains far from reaching a consensus on Duterte’s political fate. With acquittal and conviction support both increasing, the evidence-first group remains the largest bloc in the country.

Thursday, October 22, 2026

Safeguard duties to intensify inflation—Mita By Ada Pelonia

@adapelonia

HE Meat Importers and Traders Association (Mita) called on the Department of Agriculture (DA) to cease its pork import safeguard probe due to “lack” of evidence that the arrival of foreign products injured the domestic hog industry. Mita President Emeritus Jesus Cham made the pronouncement after the DA initiated an investigation into preliminary safeguard measures on imported pork, which may result in additional tariffs or import restrictions to protect the domestic hog industry. In a letter to the DA dated October 16, Cham said the DA should terminate the investigation, noting the lack of prima facie evidence that pork imports caused injury to the hog sector. “While Mita supports the local swine industry’s long-term rehabilitation, the legal and

economic prerequisites mandated under RA [Republic Act] 8800 to establish prima facie evidence—specifically, a recent, sharp, and significant import surge directly causing serious injury—are absent,” his letter read. He added that imposing provisional safeguard duties would “unnecessarily reignite” consumer food inflation, destabilize raw material pipelines for local food manufacturers, and undermine the policy stability under Executive Order (EO) 62. The Philippine Statistics Authority reported recently that

BLOOMBERG

inflation rate in September surged to 7.2 percent from 1.7 percent a year ago. Its data showed that 11 of the 13 commodity groups monitored by the agency recorded faster price increases during the period led by food and non-alcoholic beverages, for which inflation accelerated to 6.7 percent from 4.6 percent and

accounted for 73.4 percent of the month’s increase. Further, Mita also called on the DA to refrain from recommending or applying provisional safeguard duties and maintain the existing tariff rates under EO 62. Cham added that this would protect consumer purchasing

power and maintain raw material security for food manufacturing. Meanwhile, Agriculture Secretary Tiu Laurel Jr. said in his October 19 letter to Department of Foreign Affairs (DOF) Secretary Ma. Theresa Lazaro that “the DA determined that prima facie evidence

exists to warrant initiating the preliminary safeguard measures investigation to establish the existence and extent of serious injury or threat thereof, and the causal link between increased imports and injury.” The investigation covers shipments of fresh, chilled and frozen pork, as well as offals and fats, under HS codes 0203, 0206, and 0209 from 2021 to August 2026. The agency said its initial assessment identified several indicators of potential harm to the local industry. This includes declining farmgate prices and producer income, shrinking market share and self-sufficiency, rising import penetration, and growing commercial inventories. “These findings could strengthen the case for safeguards, but the investigation must establish whether increased imports are sufficiently linked to the reported injury,” the DA said. “The initiation itself does not constitute a final determination that foreign shipments are responsible, nor does it automatically impose additional duties or other restrictions.”

Benguet farmers, BJMP DA: Foreign investors to make huge bets on 5 crops forge marketing deals T

OUR agrarian reform beneficiary organizations (ARBOs) from Benguet have formalized marketing agreements with the Bureau of Jail Management and Penology (BJMP), paving the way for wider market opportunities. The agreements involve the DAR Provincial Office of Benguet, four ARBOs, and eight BJMP offices in Baguio City and Benguet. They aim to establish a steady market for agricultural products while helping meet the nutritional needs of persons deprived of liberty (PDLs). Under the Partnership Against Hunger and Poverty (PHAP), participating farmer cooperatives will supply quality agricultural products to BJMP facilities at reasonable prices. The initiative seeks to address hunger and food security concerns while providing farmers with more reliable sources of income through government procurement. DAR-Cordillera Administrative Region (CAR) Regional Director Sheila B. Enciso thanked the BJMP-CAR for its continued partnership with the Department and reaffirmed DAR’s commitment to strengthening ARBOs through sustained support and market-linking initiatives. “Through partnerships like this, we are opening more market opportunities for our agrarian reform beneficiaries while helping provide nutritious food to persons deprived of liberty. DAR will continue to work with our partner agencies to strengthen our farmers’ cooperatives, improve their capacity to supply institutional buyers, and help them achieve a more stable and sustainable livelihood,” Enciso said. She also highlighted the Value Chain Innovation for Sustainable Transformation in Agrarian Reform Communities (VISTA) Project as one of DAR’s initiatives to help ARBOs improve their operations, strengthen their participation in agricultural value chains, and expand their market opportunities.

Through partnerships with government agencies and other institutions, DAR seeks to help farmers’ organizations become more competitive and financially sustainable. During the open forum, participants discussed government procurement requirements, including compliance with the Sagip Saka Act, which promotes direct market access for farmers and fisherfolk by enabling qualified farmer organizations to supply government agencies. DAR Provincial Agrarian Reform Program Officer Lailani A. Cortez assured the participating ARBOs of continued assistance in building their capacity to meet procurement requirements. She also emphasized the office’s readiness to provide training and guidance on government procurement platforms, particularly to help cooperatives overcome digital access and technical challenges when aThe four participating ARBOs are the Taba-ao Cuba Multipurpose Cooperative (TACUMPC) of Kapangan, Caliking Farmers Multipurpose Cooperative (CFMPC) of Atok, Bokod Sulfur Spring Multipurpose Cooperative (BSSMC) of Bokod, and Taloy Farmers Multipurpose Cooperative (TAFARMCO) of Tuba. The activity was also attended by BJMPCAR Regional Director JCSUPT Delvic L. Oreiro, together with BJMP-CAR Assistant Regional Director for Administration JSSUPT Atty. Reynaldo A. Paguirigan Jr. Also present were representatives of the Philippine National Police-Benguet, led by PMAJ Edwin Sergio, and Benguet Provincial Jail Administrative Officer Joice Miller. Through the PAHP, DAR and its partner agencies continue to promote stronger links between farmer cooperatives and institutional buyers, helping improve food security, expand market access, and create more sustainable livelihood opportunities for agrarian reform beneficiaries. Jonathan L. Mayuga

HE Philippines could fetch more than $100 million in investments for five major crops from international institutions, according to the Department of Agriculture (DA). Agriculture Assistant Secretary Arnel de Mesa said the agency presented 27 proposals during the recent Food and Agriculture Organization of the United Nations (FAO) Handin-Hand Investment (HIHI) forum, which was held in its headquarters in Rome. Officials made a pitch to international financial institutions and private investors, focusing on coffee, seaweed, mango, jackfruit, and cocoa. This aims to raise farmers’ incomes, generate economic opportunities in rural

communities, and enhance climate resilience. “We had about 12 bilateral [meetings], so we can expect big investment...the minimum we can expect is $100 million,” De Mesa recently told reporters. This figure exceeded the $57.4 million in investments that the DA initially sought prior to presenting the projects in the international forum. Of the five priority crops, De Mesa noted that projects on seaweed and coffee accounted for the lion’s share or more than 50 percent of the generated investments. Earlier, the FAO said coffee and seaweed account for the largest investment requirements, at roughly $26.4 million and $24.8 million, respectively. Additional proposals

lean towards processing, machiner y, and other value addition for mango, jackfruit, and cocoa. The international agency noted that the Philippines’ investment profile offers an average projected internal rate of return of 24.6 percent, and a total estimated net present value of $42.2 million. The proposals were developed through a collaboration between the DA, FAO, and the Asian Development Bank (ADB), which are part of a broader effort to mobilize public and private financing for Philippine agriculture. The agency said this moves beyond traditional development assistance towards investments that can deliver both financial returns and measurable

development benefits. FAO Representative in the Philippines Lionel Dabbadie said food security, rural prosperity, and climate resilience will not be achieved through isolated interventions. “They require investment at scale. The Hand-in-Hand Initiative brings together data, policy and finance to turn development priorities into investment opportunities,” Dabbadie said. “The portfolio presented by the Philippines illustrates how partnerships between government, the private sector and international organizations can help de-risk investments and generate economic returns, while improving farmers’ livelihoods and strengthening the resilience of agrifood systems.” Ada Pelonia

Govt wants MisOcc to produce cooking oil from copra By Bless Aubrey Ogerio

ISAMIS Occidental is setting up a P2.408million facility to process copra into cooking oil in its bid to establish local production in a province that generates an average of 41,093 metric tons (MT) of the raw material annually. The Department of Trade and Industry (DTI) launched the Shared Service Facility (SSF) in Tangub City on October 8, turning over

the equipment to the local government and the Misamis Occidental Coconut Farmers and Processors Association (MOCOFPA), its direct beneficiaries. The facility is equipped with a white copra drying system, hammer mill, copra expeller, two settling tanks, an oil pump, filter press, deodorizing system and storage tanks. The equipment is intended to process copra into finished cooking oil. Misamis Occidental has

about 97,631 hectares devoted to coconut farming and produces an average of 41,093 metric tons of copra annually. At the launch, DTI Region 10 Regional Director Ruel Paclipan said the project was part of the agency’s efforts to develop local processing. “This is one of the ways we can improve our industry sector,” Paclipan said in Cebuano. T hrough its SSF prog ra m, t he DT I prov ides sha red m ac h iner y a nd product ion

equ ipment to m icro, sm a l l a nd med iu m enter pr ises (MSMEs) to add ress gaps in processing tec hnolog y a nd equ ipment. The project is being launched as Philippine coconut-based exports post modest growth. Philippine Statistics Authority data showed exports of coconutbased products reached $2.36 billion from Januar y to August, up 2.8 percent from $2.3 billion in the same period last year

Indonesia haze threatens tiny bugs that power palm oil output

H E smog blanketing par ts of Southeast Asia is threatening an army of tiny-but-crucial workers in the region’s palm industry — beetles that pollinate the trees and help keep the world supplied with the most-consumed vegetable oil. Dense smoke and reduced sunlight due to Indonesia’s forest fires can disrupt the activity of weevils carrying pollen from male to female flowers of oil palms, according to the Indonesian Oil Palm Research Institute.

Such disturbances have previously been linked to a decline of as much as 20 percent in the share of flowers that grow into palm fruit, it said, and could once again shrink oil supplies. Indonesia is suffering its worst fire season in over a decade. The resulting haze has disrupted everyday life, agricultural activity and transport in the country. The crisis has been exacerbated by a powerful El Niño weather pattern that’s prolonged drought conditions and raised concerns

that adverse impacts on palm yields will start emerging next year. The threat of reduced pollination adds a layer of risk to an already grim supply outlook for the global palm market. On top of the El Niño impact, the world’s top grower Indonesia is channeling more vegetable oil into biofuels, tightening supplies available for food and other uses and potentially raising costs for consumers. The US Department of Agriculture has forecast palm oil stockpiles to fall to a nine-year

low in the 2026-27 season. The ongoing haze may reduce the weevils’ ability to pollinate effectively, said Agus Eko Prasetyo, a crop-protection researcher at IOPRI, who also studied the insects during Indonesia’s devastating fires and haze in 2015. At the time, visits by weevils to female flowers plunged, possibly because of dimmed sunlight and other environmental changes, he said. “A plantation may still have an adequate population of pollinating weevils,

but pollination efficiency can decline if the insects become less active in moving between flowers,” Prasetyo said, adding it was too soon to measure the impact of this year’s smog. During the regional haze crisis of 2015, IOPRI observed a 5 percent-20 percent reduction in the proportion of fruits that developed from flowers. Poorer so-called ‘fruit set’ can mean less oil-bearing growth. And because bunches take five to six months to mature after pollination, any impact

would only show up in harvests around March or April, Prasetyo said. Impaired pollination can also leave fruit underdeveloped and seedless, resulting in lighter bunches, or in severe cases, causing entire bunches to fail, according to researchers at the Malaysian Palm Oil Board. That could mean less oil extracted and potentially millions in lost revenue, they said, underscoring the critical role that the weevils play in boosting yields and productivity. Bloomberg News

Thursday, October 22, 2026

NSCR, MRT-3 bidding may stretch to Q2 2027—DOTr By Lorenz S. Marasigan

@lorenzmarasigan

HE Department of Transportation (DOTr) expects the bidding for the operations and maintenance (O&M) of the NorthSouth Commuter Railway (NSCR) and the privatization of Metro Rail Transit Line 3 (MRT 3) to be completed next year, with the timelines possibly extending into the second quarter of 2027. Tr a n s p o r t at io n S e c re t a r y Giovanni Lopez said the NSCR bidding is targeted for comple-

tion in the first quarter of 2027 based on the current schedule, but this could move to the sec-

No OFWs in France, Italy sought repatriation amid protests—DMW By Samuel P. Medenilla @sam_medenilla

HE Department of Migrant Workers (DMW) said no overseas Filipino workers (OFWs) in France and Italy have sought government assistance for repatriation, as the security situation in both European countries has calmed down. Both countries were hit by violent mass demonstrations in previous days as their citizens protested the rising cost of living. Citing their latest monitoring, DMW Secretary Hans J. Cacdac disclosed Filipinos in the two countries were not adversely affected by the said rallies. “So far, no Filipinos have been adversely affected by the incidents that have occurred over the past few days. The situation has since calmed down and is now under the control of local law enforcement,” he said in Filipino in a media forum last Wednesday.

The DMW chief maintained they are ready to bring home affected Filipinos in France and Italy if tensions in both countries escalate. “ The President himself ordered monitoring and the possibility of evacuation and repatriation. We will be here to help them and to guide them in coordination with our embassies and the Consulate General’s office,” Cacdac said. He noted Filipinos may request for repatriation aid by contacting the nearest embassy, consulate or Migrant Workers Office in their area. “We are closely monitoring the situation with our embassy in Paris and our Consulate General’s office in Milan and our embassy in Rome. So, we are engaging the Filipino community in discussions,” Cacdac said. “We’ve opened the lines of communication and helplines for anyone who needs help,” he added.

a similar track. “Same siguro, second quarter,” he said noting that bundling the MRT 3 with Light Rail Transit Line 2 (LRT 2) is not an option at this point, describing them as separate undertakings. In May, Lopez said the DOTr aimed to award the MRT 3 contract between June and July 2027, with the winning bidder taking over operations of the rail line by October 2027. The concession is expected to run for 20 to 25 years at an estimated project cost of $800 million, or around P48.22 billion, and the would-be operator will be tasked with raising the line’s ridership more than threefold to 1.3 million passengers per day. A market sounding held at the ADB headquarters drew interest from 74 local and international companies from 14 countries.

The MRT 3 has been under government control since the build-lease-transfer agreement with the Sobrepeña-led Metro R ail Transit Corp. expired in July 2025. Lopez noted that the schedules rest with the Bids and Awards Committee (BAC) and may shift if bidders raise questions or supplemental bid bulletins are needed. He added that foreign-funded projects require extra steps, such as securing a letter of no objection from the ADB. “Sometimes, even if you put a timeline, if there’s like a meritorious reason… not to push through with the date of opening of bid, because there are like bid questions, we need supplemental bid, the timeline adjusts,” he said. “It’s quite complicated, not the usual bidding that we know under the procurement law.”

SC voids 2024, 2025 budgets: VP Sara says Marcos must be held accountable

MMDA, LGUs strengthen preps for Undas 2026, Asean Summit

ond quarter depending on approvals. “Based on the timeline, first quarter next year,” Lopez told reporters on the sidelines of the Economic Journalists Association of the Philippines (EJAP) Infrastructure Forum. “If we can start this year… maybe, let’s say, second quarter next year.” In January, the DOTr said it expected to award the NSCR operations and maintenance (O&M) contract by the fourth quarter of 2026, with bidding set for July to August and a target contract award in October 2026. In July, Transportation Und e r s e c r e t a r y T i mo t h y Jo h n Batan said the bidding for the P229-billion concession would likely draw around 10 offers from Philippine, French and Japanese conglomerates, a nd t hat t he DOTr would close submissions

By Claudeth Mocon-Ciriaco @claudethmc3

ICE President Sara Duterte said President Ferdinand Marcos Jr. must be held accountable for passing a national budget she claimed clearly contradicts the National Expenditure Program (NEP), after the Supreme Court declared the 2024 General Appropriations Act (GAA) unconstitutional, invalidated the 2025 GAA, and struck down certain provisions of the 2026 national budget. “ He mu s t a n s we r w hy he signed a budget that does not even align with his own administration’s proposal. The national

OR years, Subanen families of a remote barangay in Bacungan, Zamboanga del Norte have needed to fetch water, requiring long walks every day to the nearest spring than would usually take 30 to 45 minutes every day. A 50-cubic-meter Small Water Impounding System (SWIS) established by the Department of Environment and Natural Resources (DENR) Region IX in barangay Sipakong, Bacngan town, last year changed that. The project now directly benefits 80 households, providing water for domestic and agricultural needs. With the ongoing El Niño, President Marcos has directed government agencies to expedite water projects across the country and prioritize areas that may be severely affected by this weather pattern. DENR Secretary Juan Miguel “Mitch” T. Cuna has emphasized the need for practical water interventions that help communities become more resilient. In Sipakong, that approach is evident in a simple yet important way—storing water closer to the people who need it while protecting the watershed that supplies it. For Barangay Kagawad Ramon Dampayla, the difference is simple: the water source is now nearby. “Before, we had to go far just to fetch water. Now, we have a water source nearby,” he said. With water now more accessible, the daily burden of fetching it has also eased. What once required a long trip can now be done closer to home, giving families more time and energy for other needs. SK Chairman Danilo Anticamara Jr. said the project has given young people one less

hardship to carry. “Before the SWIS, they had to walk long distances for drinking water because the streams near their homes were not considered safe for consumption. Now, water is more accessible, while the resource can also support household activities and farming,” he said. For residents like Ofelia Belhot, the project means something deeper: the community does not have to depend as heavily on distant springs in the forest. “If this project were discontinued, we would really have to go back to our previous water source in the forest,” she said. The project is part of the watershed management efforts of DENR IX and is located within the Palandok River Watershed in Zamboanga del Norte. Its continued benefits depend on the health of the forests, streams and water sources that sustain the community. DENR IX OIC Regional Executive Director Marie Angelique C. Go emphasized that watershed management must ultimately serve the people who depend on its resources. “Watershed management is not only about protecting the forest or managing water. It is about ensuring that the watershed’s resources continue to serve the people who depend on them. Projects like this make that connection clear—when we manage water wisely and protect its source, we also strengthen the community’s ability to sustain its livelihood,” she said. The DENR, together with the community and local government, hopes that interventions like SWIS will be sustained – not simply as completed projects, but as resources that continue serving families and farms for years to come. Jonathan L. Mayuga

budget belongs to the people; it is not a tool for politicking and the personal interests of those in power,” Duterte said in a statement released on Wednesday. In a decision issued on Tuesday, the SC declared 2024 and 2025 GAAs unconstitutional because Congress unlawfully increased spending limits beyond the President’s budget proposal—voiding a P449.5 billion increase in 2024 unprogrammed funds and a P17.99 billion Special Road Fund increase in 2025, alongside specific 2026 budget provisions. Duterte said that the SC has already defended the law. “Now it is time for Marcos and

the members of Congress—who violated the process and indulged in funds that should have gone toward improving the lives of Filipinos—to be held accountable to the public,” Duterte for upholding the Constitution and “ensuring that the rule of law prevails, based on its decision.” She also felt vindicated saying that her warning in 2024 was right after all, claiming that the Bicameral Conference Committee is “no longer doing its job.” “Instead of rev iew ing and debating, it has become a mere stamping pad and rubber stamp for Malacañang’s wishes regarding the national budget,” she said.

Comelec completes printing of ballots for Batanes special polls, Naga plebiscite By Mary Jade Jadormio

Clean water reaches isolated Subanen tribe in Zambo Norte

by the end of September and announce a winning bidder before the end of the year. Partial operations of the NSCR between Valenzuela and Malolos are targeted to begin in December 2027, with the Malolos-to-Clark segment expected to open by October 2028. Batan earlier explained that the DOTr needs the w inning contractor to prepare and mobilize in time for the target partial commencement of operations. The NSCR is co-financed under official development assistance by the Asian Development Bank ( A DB) a nd t he Japa n I nter nationa l Cooperation Agenc y (Jica). For MRT 3, whose privatization proposal has been submitted to the Public-Private Partnership (PPP) Center, Lopez said the O&M bidding would likely follow

HE Commission on Elections (Comelec) has completed pr i nt i ng a l l of ficial ballots for the Batanes special election and Naga City plebiscite. Comelec Spokesperson John Rex E. Laudiangco said the poll body’s Ballot Production Group had completed printing all official ballots for the Batanes special election on Wednesday. “Please be informed that the Ba llot Production Group had

completed the Printing of all the Official Ballots for the Batanes Special Election, and will now be subjected to the sheeting process,” Laudiangco said in a text message. The completion follows the printing of 120,720 official ballots for the Naga City plebiscite on Tuesday and 13,138 ballots for Batanes. Comelec suspended printing for both electoral exercises last week over separate pending requirements. For Batanes, the National Printing Office had yet to submit a

quotation in response to the poll body’s request for quotation, while the Naga plebiscite required a revision in ballot quantity following advice from Comelec’s Allocation Committee. The Batanes special election is scheduled for Nov. 28 to elect a representative for the province’s lone legislative district following the death of former Rep. Ciriaco Gato Jr. Meanwhile, the Nov. 21 Naga City plebiscite will ask voters to ratify the city’s proposed conversion into a highly urbanized city.

Manila Water keeps system losses below 15 percent to strengthen El Niño readiness

S Manila Water strengthens its preparations for the anticipated impacts of a looming strong El Niño, the company continues to maximize every available drop of treated water by keeping its non-revenue water (NRW), or system losses, below 15 percent, a performance level comparable to those achieved by many utilities in developed countries. In August 2026, Manila Water recorded an NRW level of 14.65 percent, while year-to-date NRW stood at 14.29 percent. A one percent reduction in NRW translates to an additional 15-16 million liters delivered to customers. NRW refers to treated water that is produced but does not get billed as water is lost due to leaks, pipe bursts, illegal connections, tampered meters, and other commercial losses. Keeping NRW at low levels allows more water to be delivered to customers without drawing additional supplies from existing water sources.

The sustained NRW performance reflects nearly three decades of investments in leak detection and repair, mainline extension and rehabilitation, district metering, meter replacement, pressure management, network monitoring, and preventive maintenance. From an NRW level of about 63 percent at the start of its concession in 1997, Manila Water has steadily reduced system losses to below 15 percent, making it one of the company’s most significant operational achievements. The company’s NRW performance remains among the best in Asia and at par with the standards achieved by many water utilities in developed countries, where low water losses are considered a key indicator of operational efficiency and water sustainability. As forecasts point to the possibility of a strong El Niño episode which may persist up to 2027, minimizing water losses has become even more critical. Every liter recovered from leaks and other losses translates into more

water being made available to households, businesses, and institutions across the East Zone. Supporting Manila Water’s NRW performance is its rapid response to pipe failures. In August 2026, the company repaired all 38 reported disruptive mainline pipe bursts measuring 300 millimeters and below within its 24-hour service commitment, achieving 100 percent compliance for the month. From January to August 2026, all 297 disruptive mains failures were likewise repaired within the prescribed response period. “Keeping system losses low is one of the most effective ways to stretch available water resources, especially as we prepare for the challenges posed by climate change and extreme weather events such as El Niño. Every drop recovered from our network is a drop that can be delivered to our customers,” said Dittie Galang, Manila Water Communication Affairs Department Head.

O ensure public safety and efficient traffic management across Metro Manila, the Metropolitan Manila Development Authority (MMDA), together with local government units (LGUs) and national government agencies, strengthened preparations for Undas 2026 and the upcoming 49th Association of Southeast Asian Nations (ASEAN) Summit. During a coordination meeting on Wednesday, the MMDA, LGUs and concerned government agencies discussed the safety and welfare of the public during major gatherings and the country’s hosting of the regional summit, following the directive of President Ferdinand R. Marcos Jr. “We are strengthening our preparations for Undas and the ASEAN Summit in coordination with our partner agencies and local government units to ensure public safety and the orderly movement of people and vehicles. We urge the public to cooperate with our traffic personnel, follow traffic advisories, and plan their trips accordingly,” said MMDA Chairman Romando Artes, adding that preparations are being undertaken early because Undas coincides with the ASEAN Summit, requiring closer coordination among agencies. For Oplan Undas 2026, the MMDA will deploy 2,419 personnel to manage traffic and provide public assistance around major cemeteries, including Manila North Cemetery, Manila South Cemetery, Loyola Memorial Park in Marikina City, San Juan Public Cemetery, and Bagbag Public Cemetery in Quezon City. MMDA Traffic Discipline Office Director Atty. Vic Nuñez discussed additional safety measures, including provision of medical assistance, traffic rerouting, and emergency response arrangements. Surprise drug testing among bus drivers and conductors will also be conducted at selected bus terminals, in coordination with the Philippine Drug Enforcement Agency (PDEA) and the Philippine National Police (PNP). “We are also coordinating with the PDEA and PNP for surprise drug testing at selected bus terminals to help ensure the safety of commuters,” Nuñez said. The MMDA’s Road Emergency Group (REG) will have ambulances and rescue vehicles on standby, while the Metro Parkways Clearing Group (MPCG) will conduct cleanup operations around cemeteries from October 25 to November 3. For the ASEAN Summit, MMDA Chairman Artes and Carlos Sabarre of the National Organizing Committee (NOC) discussed traffic management measures, including the temporary suspension of issuance of permits for fun runs, motorcades, processions, and similar public events from October 24 to November 20. The restrictions will cover Manila City, Pasay City, Parañaque City, Makati City, and Taguig City to support security and operational preparations for the summit. Claudeth Mocon-Ciriaco

TheWorld

Thursday, October 22, 2026

Japan records a trade deficit as prices of oil imports soar B

Congo’s Ebola outbreak leaves grieving families struggling with fear and stigma By Constant Same Bagalwa

By Yuri Kageyama The Associated Press

APAN’S trade deficit reached 2.81 trillion yen ($17.8 billion) for the first fiscal half, according to government data released Wednesday, as the war in Iran sent oil import prices soaring. The Finance Ministry’s preliminary data showed that Japan’s exports for the April-September period grew 18.4 percent from the same period the previous year to 63.5 trillion yen, while imports soared to 66.3 trillion yen, up 20.4 percent year-over-year. Both were record highs for Japan. The soaring price of oil affects a wide range of sectors, including plastic goods and shipping costs. Resource-poor Japan imports virtually all its oil and has relied on access to the Strait of Hormuz in the Middle East for its oil shipments. That’s now basically

blocked, and Japan has had to pay more to get shipments from other routes. Brent crude, the international standard, has soared from $70 a barrel in February to around $110 a barrel. Analysts say prices are unlikely to ease soon. For the month of September, Japan’s trade deficit totaled 536.6 billion yen, marking the fifth month of deficits, down from 1.1 trillion yen in August. Japan’s September imports grew 18.9 percent from the previous year, while exports rose 16.7 percent. One sore point is the weaken-

TOKYO Container Terminal is seen in Tokyo, February 19, 2025. AP/EUGENE HOSHIKO, FILE

ing yen, which drives up the cost of imports. The US dollar is lately trading at 150-yen levels. The central bank, which kept borrowing costs at below or near zero for years to help keep a shaky economy going, has been gradually raising interest rates, in part to prop up the yen. Last month, the Bank of Japan raised the benchmark interest rate to 1.25 percent from 1.0 percent, a 31-year high. Its monetary pol-

icy board meets again next week. The bank has an inflation target of about 2 percent. The Japanese government has repeatedly stressed it’s working closely with the Bank of Japan. The government of Prime Minister Sanae Takaichi is promising a tax cut on food to 1 percent from 8 percent to help lower-income families cope with soaring prices. That bill is now being debated in Parliament.

Malaysia expects tourism fallout from Indonesia haze By Kok Leong Chan Bloomberg News

USTRALIAN tourist Cathy Hamilton was experiencing pangs of regret about her visit to Malaysia as she struggled to take pictures of the hazeshrouded Petronas Twin Towers. “I tried to get some nice photos of the Twin Towers, Merdeka 118 and other scenery, but I couldn’t get good shots as they were all clouded by the haze,” said the Sydney native, who also struggled to breathe as smoke from Indonesia’s w ild fires choked the region. Had it not been for the ICU Asian Cheerleading Championships her daughters attended during the weekend, she probably would have canceled her trip, Hamilton said earlier this week. She’s not the only tourist reconsidering Malaysia as haze blankets the country. Tourism operators are experiencing fewer bookings for this time of year— and even cancellations—as smog disrupts f lights, obscures some of the country’s best-known attractions and threatens a key driver of the Southeast Asian economy. Kuala Lumpur, Singapore and Jakarta were listed among the world’s 10 most-polluted major

cities on Tuesday, according to live rankings from air-quality monitoring company IQAir. The bad air prompted schools to close in some parts of Malaysia. Inbound tour operators are reporting cancellations for November and fewer group bookings, while overseas travel agents are seeking updates on air quality, according to Malaysian Inbound Tourism Association President Mint Leong. The slowdown comes as Malaysia targets 47 million visitors this year under its extended Visit Malaysia 2026 campaign. The country recorded 28.8 million international visitors in the first eight months of 2026, according to Tourism Malaysia. The Ministry of Tourism didn’t respond to queries on the effect of the haze on the sector. “The loss of revenue could run into the millions” of ringgit, Leong said. International visitors spent 124.8 billion ringgit ($30.6 billion) in the country last year versus 112.1 billion ringgit by domestic tourists, Department of Statistics data show. Tour ism-related industr ies generated 323 billion ringgit in economic value in 2025, equivalent to 15.9 percent of gross domest ic produc t. Econom ic

activity directly attributable to tourism spending accounted for 6.8 percent of GDP. Despite the hazy conditions, some tourists on Monday were thronging Kuala Lumpur’s Chinatown in search of bargains, although vendor Wong Mei said there’d been a drop in customers this month. “Fewer people have come out in the last two weeks,” the 62-yearold handbag seller, said, blaming

the decline on the haze. James W heat ley, a tour ist from the UK, said the pollution wasn’t deterring his group’s visit to Malaysia. “We just arrived yesterday and will stay until October 27. The haze isn’t too bad and we’re adapting to it,” the 60-year-old said as he sampled local fruit at a roadside stall. “Had we known, we would have delayed our trip, but we’re already here.”

The Associated Press

UNIA, Congo – When a schoolteacher in eastern Congo learned that five of her family members had been diagnosed with Ebola, she was “deeply shaken,” fearing the worst from a disease that carries stigma and is seen by some in her community as evil. Two of her relatives—her brother and his wife—died of Ebola in July at a treatment center in Ituri province, the epicenter of the deadliest outbreak in Congo’s history. The 34-year-old teacher, who spoke to The Associated Press on condition of anonymity for fear of being stigmatized, said grief and stress over the loss of her relatives led her to seek treatment at a mental health clinic. After two months at the clinic, the teacher said she was feeling better but worried about her future. “Will these people still be there for me?” she said of her relatives in Bunia, capital of Ituri. Her experience highlights a burden rarely talked about in the fast-moving Ebola outbreak: the psychological toll on relatives coping with loss, fear and rejection in communities already scarred by years of rebel violence. The outbreak is spreading at an unprecedented rate under some of the most challenging conditions imaginable, fueled by mass population movements, violence, mistrust and poor working conditions for frontline health workers. Caused by the rare Bundibugyo virus for which there’s no approved vaccine or drug, the outbreak has killed at least 4,600 of the 9,500 people infected. The World Health Organization has said that it continues to outpace efforts to track and slow it.

Mental toll

LOSING relatives to disease outbreaks is always difficult, but responders say grief can be especially severe with Ebola in a country where the disease is viewed by many as evil due to rumors and misconceptions. The risk of transmission also limits contact with the patients even after death, depriving families of closure and the opportunity to observe their preferred burial rites.

The psychological effects of past Ebola outbreaks can persist long after the immediate crisis, according to WHO, often taking the form of anxiety and mood disorders, exacerbated by prolonged grief and discrimination. This is Congo’s 17th Ebola outbreak and has spread to eight provinces, coinciding with an escalation of decades-long conflict in the east between government forces and rebels. Exper ts say the outbreak has compounded the trauma for many across the region. The medical response has focused largely on treating and containing the disease, with little to no attention to the mental health of those affected. “There are so many areas (in eastern Congo) already devastated by war, crisis and severe malnutrition” and Ebola has worsened the condition of vulnerable populations and their mental health conditions, said Mirella Riccardi, a mental health specialist with Doctors Without Borders, known by its French name Médecins Sans Frontières. Th e Co n g o l e s e te a c h e r re c a l l e d t h at h e r f a m i l y f e l t a b a n d o n e d by neighbors when her relatives began showing symptoms consistent with Ebola, including fever, vomiting, diarrhea and muscle pain. Neighbors stayed away until Ebola responders came to take the sick to a clinic and disinfect their house afterward. “It felt as though we were living all alone because of the illness,” said the teacher, who did not contract the disease. “It has caused severe trauma within our family.” She also lost someone she had regarded as a father and said many others in their Bunia neighborhood have also died. “Many people initially assumed that their symptoms were due to poisoning or malaria. Only later did they realize that they could be Ebola,” she said. The Samelo mental health facility in Bunia, where she was admitted, said it had received up to 350 patients, a surge it attributed to the Ebola outbreak. “Grief, fear of infection, social isolation and a succession of deaths can leave families and communities lastingly vulnerable,” said Katembo Vyaluva Anicet, the head nurse at the facility.

Thursday, October 22, 2026

TheWorld

UN: World is losing ground in fight to curb climate change

By Seth Borenstein

ASHINGTON—Losing more ground in the fight against climate change, humanity is heading for a hotter world than experts projected last year—and the United States is a big reason for that, a new United Nations report says. If all the countries do what they promise to reduce heat-trapping emissions, Earth will likely still warm another 2.2 degrees Fahrenheit (1.2 degrees Celsius) above current temperatures, according to Wednesday’s update of climate calculations by the

United Nations Environment Programme. That’s about two-tenths of a degree Fahrenheit (0.1 degrees Celsius) more than last year’s projections by the same science team. “This is a worse outcome than expected last year, as a result of the for-

mal withdrawal of the United States of America from the Paris Agreement and revised estimates of historical emissions,” the report said. The report also blames the United States for increased emissions last year, saying all the other top 20 major economies reduced their carbon pollution or at least slowed the growth in how much carbon dioxide was spewed from the burning of coal, oil and gas. “ In ter ms of m ag n it ude, t he increase in the United States of A mer ica (133 megatons of CO2 equivalent) far exceeded that of all other countries and was driven by increased electricity demand and a rebound of coal power generation,” the report said. T he 124 countries t h at i n c re a s e d e m i s s io n s — not counting the 63 that decreased like most Eu ropea n n at ion s — added 189 million tons of carbon dioxide in 2025, and 70 percent of that increase came from the US, according to the report. The United States is going “ hellfor-leather trying to block renewables while actively promoting and subsidizing dirty coal—and its diplomacy is trying to make other countries also pull back on action. It is looking at the fire, denying there is a fire, and then pouring more petrol on it,” said Australian climate scientist Bill Hare, CEO of Climate Analytics that measures countries’ climate fighting plans. He wasn’t part of the U.N. report but like several other outside scientists said it was scientifically sound.

Shooting far past Paris climate goal THE new calculations say that if countries do all they promise in the climate fighting plans they submitted to the United Nations, by 2100 the globe will be 2.6 degrees Celsius (4.7 degrees Fahrenheit) hotter than

pre-industrial times. If the world continues on its current path—without national promises—it will be 2.8 degrees Celsius (5 degrees Fahrenheit) warmer than the last half of the 19th century, the same as last year’s projection. Both of those temperatures blow far past the goal of less than 2 degrees Celsius (3.6 degrees Fahrenheit) and preferably 1.5 degrees Celsius (2.7 degrees Fahrenheit) adopted by the 2015 Paris climate pact. The world is now at about 1.4 degrees Celsius (2.5 degrees Fahrenheit) above pre-industrial times and earlier this year—and again in this report—United Nations officials conceded that there is no way of limiting warming to the 1.5-degree goal that they had embraced. Instead, officials are pinning their hopes of limiting warming to about 1.8 degrees Celsius (3.2 degrees Fahrenheit) and then somehow pulling enough carbon dioxide out of the air to lower temperatures back down to 1.5 degrees. The world is falling “dangerously short” of even those goals, United Nations Secretary-General António Guterres said, “but we have the tools to change course and pull back from the brink.” Drastically cutting global carbon emissions—by 18 percent by 2030 and 69 percent by 2040—“is the only way that we can get back to a semblance of a reality that is still largely manageable without major impacts and therefore that makes every sense,” said UNEP Executive Director Inger Andersen. “The report’s message is clear,” said climate scientist Adelle Thomas, vice chair of a United Nations scientific assessment on climate impacts. She wasn’t part of this study. “We know what needs to be done. We have the tools to do it. And delay only makes the challenge more dangerous and more expensive for all.”

www.businessmirror.com.ph

Pakistan’s factory workers swelter in extreme heat as brands fail on safety pledges By Victoria Milko The Associated Press

A R AC H I, Pakistan—Machines whirred around Siddiqui as her vision blurred and her heart hammered. The garment factory on the outskirts of Karachi was sweltering. The room was packed with sweating fellow workers and huge industrial equipment that radiated heat. The air felt thick with the humidity of this summer’s monsoon. Siddiqui, who The Associated Press is identifying only by surname because she fears retaliation by her employer, felt like she was suffocating. Concerned co-workers called over her supervisor. “The supervisor said, ‘Just complete this work,’” Siddiqui, 28, told The Associated Press. “Suddenly darkness came before my eyes.” Exhausted by the heat, she collapsed. Extreme heat—intensified by climate change—is creating dangerous conditions for factory workers in Pakistan. From blue jeans to homeware, these factories produce goods for global companies that have pledged to protect workers’ safety. But experts and labor rights advocates say those promises remain unfulfilled, as temperatures rise and workers’ pay the price with their health and safety. The AP interviewed more than a dozen workers in Karachi, all of whom described scorching workplaces, absent heat protocols and negative health effects, including fainting. They spoke on the condition that their identities be protected out of fear of retaliation by their employers. All but one said they lost wages when heat-related illness forced them to miss work. Ten of the workers made goods for global brands sold in the United States and Europe. For workers like Siddiqui, extreme heat—temperatures at or above 32.2 C (90 F) combined with high humidity—isn’t just a workplace hazard. Living with her six children in a small room with no air conditioning on the outskirts of Karachi, temperatures routinely exceed 37.8 C (100 F) during heat waves. Inside the garment factory where she stitches clothes for Spanish brands like Zara and Mango, it’s even hotter. Huge machines churn heat into the air. There are fans, but they’re often broken or small. Windows are slitlike and set high, or even closed to deter theft, further trapping the heat, workers told AP.

Health issues, lost wages

EXTREME heat is a silent killer: It can show few outward symptoms while causing severe internal damage and worsening conditions, including cardiovascular disease, diabetes and asthma. Studies have linked it to dehydration, heatstroke, organ failure and death. “The longer you work in the heat, the less that you’re protected from it and the health risks rise,” said Andreas Flouris, the founder of FAME Lab, which researches heat’s impact on health. The number of people exposed to extreme heat is growing exponentially due to climate change. Heat stress is a leading cause of weather-related deaths, according to the World Health Organization. Studies by World Weather Attribution say that climate change has also drastically increased the frequency, intensity and risks of extreme heatwaves in Pakistan. Workers interviewed by AP described temporary muscle paralysis, swollen limbs, blood pressure swings, breathing problems, blurred vision and exhaustion that peaked in

the hottest months. One worker showed scaly skin rashes on her arms from routine chemical exposure, saying how the pain intensified during summer. All said they’d seen co-workers faint from the heat. Several said they’d fainted themselves, some multiple times. Those who fainted were often only offered a short break or sugary drink before being told to resume work. They said complaining to supervisors led to no changes.

Solutions exist but are often absent

THERE are simple, scalable and economically feasible measures factories can take to protect their workers from extreme heat, including accurately measuring temperature and humidity inside workplaces, providing cold drinking water and allowing workers breaks, said Flouris. Other solutions include installing barriers to block radiant heat from machinery, installing quality ventilation and cooling systems and painting rooftops white to deflect sunlight. “We’re talking about some very simple strategies,” he said. Factory workers told AP that almost none of these measures were taken in their workplaces. Several workers said their factories’ metal roofs make the summer heat unbearable, yet they receive no extra water or breaks. All the workers said there were no heat sensors installed. Only one worker said a ventilation system was installed at their workplace, but that it was only turned on when auditors visited the factory for inspection. The workers said water was provided by their employers, but that it was rarely cold and they weren’t sure if it was clean. “Sometimes it smells like dead rats,” said the 34-year-old male worker. Pakistan has national and provincial laws as well as constitutional protections meant to shield workers from such conditions, said Farhan Haider, a program manager at the Pakistan Institute of Labour Education and Research in Karachi. Some companies supplied by the factories, including Inditex—Zara’s parent company— and Mango have signed legally binding agreements to protect workers or have their own company safety pledges. The most concrete is the International Accord for Health and Safety in the Textile and Garment Industry, which in 2025 announced it would treat heat as a workplace safety risk and develop heat stress protocols, which are under review but not yet in effect. Representatives from the Pakistan Accord, a country-specific safety program that operates as an extension of the broader International Accord, did not reply to a request for interview or comment. Brands have a responsibility to ensure their suppliers are held accountable for worker safety, including extreme heat, said Cara Schulte, a researcher at Climate Rights International who published a report in 2025 about worker conditions in Pakistan. In an email to AP, a spokesperson from Inditex said the company is strengthening efforts to address heat stress in its supply chain through updated factory audits, guidance and training for suppliers and collaboration with industry initiatives. A spokesperson for Mango called worker health and safety a “non-negotiable priority,” citing their supplier code of conduct, which was “strengthened this year to explicitly address extreme temperatures and heat stress.”

www.businessmirror.com.ph

2nd Front Page BusinessMirror

‘LOCAL BPO WORKERS CAN DO MORE COMPLEX TASKS WITH AI’ By Bless Aubrey Ogerio

RTIFICIAL intelligence (AI) will enable business process outsourcing (BPO) workers to handle more complex tasks and serve more customers, as Philippine customer experience (CX) leaders turn to the technology to augment human employees, according to Genesys executives. Kulachart Ngernpermpoon, Genesys country manager for the Philippines, said AI could help companies scale workers’ expertise beyond the limits of conventional hiring. Outcomes, however, would depend on how employees apply the technology and their knowledge of the tasks they handle. “The presence of AI makes the jobs in the CX industry more valuable,” Ngernpermpoon said in a media briefing on Wednesday in the company’s Quezon City office, adding that employees with the right domain knowledge could become more productive with AI assistance. For his part, Mao Gen Foo, Genesys vice president for Asia, said the technology could raise the productivity of knowledge workers in the local BPO industry and allow them to deliver more value. Based on Genesys’ latest State of Customer Experience report, 62 percent of Philippine CX leaders intend to deploy AI-powered tools to assist human agents, supervisors and other employees over the next two years. It exceeded the Asia-Pacific average

of 55 percent and the global figure of 47 percent, the data showed. Further, Philippine CX leaders also expect to allocate an average of 32 percent of their customer service or experience budgets to AI-powered technologies over the next 12 months. The investment comes as consumers become more receptive to AI-assisted service. The report found that 64 percent of Filipino respondents felt more positive about AI-powered customer service than they did two years ago. This compared with 56 percent across Asia-Pacific and 50 percent globally. For 78 percent of Filipino respondents, whether a human or AI resolves an issue matters less than getting it resolved quickly and completely. Another 73 percent said virtual agents or chatbots had made it easier to resolve issues themselves. The executives, however, said companies must identify where AI can produce measurable results before expanding its use. Foo said many organizations had launched pilot projects but struggled to scale them because they could not establish a clear return on investment. He said businesses should start with specific use cases that deliver savings or other measurable outcomes, then use those gains to fund further AI projects. Genesys did not provide figures on how many local micro, small and medium enterprises currently use AI for customer service, or how much smaller businesses typically need to invest to deploy it.

Thursday, October 22, 2026 A9

Drop in approved building permits worries experts

By Justine Xyrah Garcia

HE sharp drop in approved building permits to a six-year low in August could pose another headwind to the country’s already fragile economic recovery, economists said. Data from the Philippine Statistics Authority’s (PSA) Construction Statistics from Approved Building Permits showed that 10,968 construction activities were approved in August 2026, down 31 percent from 15,888 in the same month last year. National Statistician Claire Dennis S. Mapa also confirmed to the BusinessMirror that the latest figure was the lowest since May 2020, when approved construction activities fell to 4,725 amid the Covid-19 pandemic. Philippine Institute for Development Studies (PIDS) Senior Research Fellow John Paolo R. Rivera said the decline could signal weaker construction demand as the industry grapples with elevated costs,

financing constraints, and cautious investor sentiment. A sustained decline in building permits could dampen economic growth, investment, and employment, given the sector’s strong linkages with other industries, Rivera said. “Fewer permits today may mean fewer projects and jobs in the coming months,” he told this newspaper. Ateneo de Manila University economist Ser K. Peña-Reyes also warned that a sustained drop could point to weaker construction investment, lower demand for building materials and labor, and softer business and investor confidence. “More broadly, this could signal slowing economic growth, weaker

business and investor confidence, and fewer employment opportunities, although other economic indicators would be needed to confirm a wider slowdown,” Peña-Reyes told the BusinessMirror. However, Peña-Reyes cautioned that the sharp decline could partly reflect seasonal factors, including weather conditions that disrupted working days in August. The Chinese Ghost Month may also have prompted some Chinese businessmen in the construction industry to temper their spending, he added. The economists’ concerns come as the Philippines’s economic recovery remains sluggish, with gross domestic product (GDP) growth slowing to 2.3 percent in the second quarter of 2026, its new weakest quarterly expansion in five years. Official data showed that gross fixed capital formation, which measures investment spending on fixed assets by the public and private sectors, contracted by 13.7 percent in the second quarter, extending its three-quarter decline. Construction investment further slumped by -14.8 percent in the second quarter, worse than the -4.3.5

percent recorded in the first quarter and -9.2 percent in the fourth quarter of 2025. Based on PSA data, residential buildings accounted for the largest share of approved construction activities in August, at 6,355 or 57.9 percent of the total. However, this was down 40.7 percent from 10,712 in the same month last year. The floor area of residential construction projects fell by 32.1 percent to 1.21 million square meters, while their estimated value declined by 23.7 percent to P16.86 billion. Non-residential buildings, meanwhile, accounted for 2,921 approved construction activities, down 6.2 percent from a year earlier. Their combined floor area contracted by 50.3 percent to 1.30 million square meters, while their estimated construction value fell by 35.2 percent to P19.35 billion. Meanwhile, additions to existing buildings accounted for 407 approved construction activities in August, down 12.8 percent, with their estimated value falling 24.8 percent to P466.73 million. Alterations and repairs recorded See “Permits,” A2

DOT says safeguards in place as Chinese tourists jump by 70% By Ma. Stella F. Arnaldo Special to the BusinessMirror

UNDAS RUSH: MORE BUSES HIT THE ROAD Passengers board a provincial bus at the Parañaque Integrated Terminal Exchange (PITX) in Parañaque City on October 21, 2026, ahead of the

Undas holiday. The Land Transportation Franchising and Regulatory Board (LTFRB) has approved 384 special permit applications covering 1,131 passenger buses to accommodate the expected increase in holiday travelers. The permits cover trips to provinces and major urban centers nationwide. The LTFRB said it is ensuring that buses granted special permits are roadworthy to help keep passengers safe during the holiday travel period. NONIE REYES

DTI to push zero banana tariffs under PJEPA By Bless Aubrey Ogerio

HE Philippines will push Japan to eliminate tariffs on local bananas during trade talks from October 23 to 26, as both countries work toward concluding a review of their economic partnership agreement by November. Department of Trade and Industry (DTI) Secretary Ma. Cristina A. Roque said the negotiating team, led by the agency’s Bureau of International Trade Relations (BITR), would travel to Japan for the discussions, which could be

the final round if both sides make sufficient progress. “Possibly, if all goes well, that will be the last,” Roque told reporters on the sidelines of the second Association of Southeast Asian Nations-Chinese Business Leaders Summit on Monday in Pasay. Another round may be needed depending on the outcome, she added. The trade chief said she had already spoken with Japan’s trade minister and other officials ahead of the talks. The Philippines is seeking to lower Japan’s seasonal duties on

bananas, which currently range from 8 percent to 18 percent under the Philippines-Japan Economic Partnership Agreement (PJEPA). The tariff is 18 percent from April to September and 8 percent from October to March. “Definitely bananas on our side,” Roque said, describing the fruit as one of the key Philippine industries the government wants to advance in the negotiations. “We’re hoping to bring it down...to zero, or at least lower than eight.” China and Japan remain major export markets for Philippine ba-

nanas, according to the Food and Agriculture Organization of the United Nations. The Philippines supplies about 75 percent to 80 percent of Japan’s banana imports, making access to the Japanese market a significant concern for local exporters. Signed in 2006 and effective since December 2008, the PJEPA was the Philippines’ first bilateral economic partnership agreement. Its current general review covers market-access concerns across a range of products, although bananas remain a key Philippine priority.

HE Department of Tourism (DOT) has assured that safeguards are in place to ensure the recent surge in Chinese tourists won’t lead to overstaying visitors. This developed as visitor arrivals in the Philippines reached some 4.7 million from January to October 12 this year, up by 3.43 percent, year on year (yoy). DOT data showed non-resident Filipinos, or Philippine passport holders permanently residing abroad, accounted for 400,376 or 8.6 percent of total arrivals, while the rest, at 4.3 million, were foreign tourists, who accounted for 91.4 percent. Except for a massive decline in visitors from South Korea, most major source markets for tourists recorded increases, giving the DOT hope of stable arrival numbers in 2026. Speaking with reporters recently, Acting Tourism Secretary Ma. Bernadita Angara-Mathay said, with the latest arrivals data, based on e-travel forms alone, “We’re on track [to meet last year’s 6.4 million arrivals]. The good months [for arrivals] are the last quarter, so I think it will even be higher, especially if we get the visa [for Chinese travelers in more destinations], because China is growing by 70 percent, so there’s a direct correlation of taking out the visa restriction,” she added. The has been working to expand the visa-free status of mainland Chinese tourists to allow them to arrive directly in select airports outside of Manila and Cebu. (See, “DOT seeks wider China visa-free entry as arrivals surge 69%,” in the BusinessMirror, Sept. 1, 2026.) “Hopefully, everyone’s onboard [with the move], but there’s one more agency that needs to be convinced,” she added. Pressed by reporters which is the lone holdout, she jested that they know which agency it is, by “process of elimination.”

Manila-Beijing word war worsens

TO concerns that the sudden increase in Chinese visitors could become a security issue, the DOT chief said, “Don’t throw the baby out with the bath water. What you do is to get the tourist,

but make sure there are safety nets.” She assured there were strict measures in place to ensure there won’t be overstaying Chinese tourists, but asked media to keep details off the record. Diplomatic tensions between the Philippines and China are currently in the hot zone with Philippine lawmakers now calling for the latter’s Ambassador in Manila to be declared persona non grata for his latest remarks, which were described by the Department of Foreign Affairs as “provocative and unacceptable.” Manila recently has had to deal with a number of criminal elements from China perpetuating human trafficking, kidnap-for-ransom, homicide, illegal detention and labor violations via outlawed Philippine offshore gaming operators, infiltrating the local political and business sectors, to name a few. Prior to the pandemic, China was the second largest source market of tourists for the Philippines reaching 1.74 million in 2019.

US tops source markets

MEANWHILE, Angara-Mathay expressed optimism that arrivals this year will further increase by yearend. “I was really anxious about [the arrivals] with the fuel crisis and the accompanying higher airline fees, and the lower sentiments for traveling. I was afraid it will go down, but I don’t think that’s going to happen. I think we’ll be able to match [arrivals last year], but if there’s a bigger amount, then I’m going to have a happy Christmas.” As of October 12, the United States topped the list of source markets for inbound tourists (both foreigners and non-resident Filipinos) with 915,635 arrivals, an increase of 6.4 percent. It was followed by South Korea with 824,142, which dropped by some 18.3 percent; Japan 405,952 (+1.3 percent); China 371,138 (+70.2 percent); Australia 270,440 (+8.5 percent); and Canada 259,380 (+12.4 percent). Arrivals from Taiwan reached 175,879 (+7.5 percent); followed by the United Kingdom at 147,257 (+0.35 percent); Singapore 146,422 (-2.9 percent); India 89,655 (+27.2 percent); Malaysia 82,615 (+6.9 percent); and Hong Kong 75,981 (+0.95 percent).

A10 Thursday, October 22, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Are we any closer to solving the food affordability puzzle?

HE figures represent more than just statistics. They are the arithmetic of a Filipino family deciding whether to buy a kilo of rice or pay for the jeepney fare to work. That 35 percent of Filipinos now name affordable food as their top demand of government—up from 30 percent just months ago—should end any debate about what Malacañang’s priority must be. (Read the BusinessMirror story: “Affordable food tops concerns people want govt to address,” October 17, 2026). The Pulse Asia survey commissioned by Stratbase Group delivers a blunt verdict. Among Class E households, 55 percent put food first—an 11-point leap since July. Low-income families spend the largest share of their income on food and transport, so when inflation reverses its easing and climbs to 7.2 percent in September, the poor feel it first and feel it hardest. Food inflation nearly doubled to 6.8 percent, driven by rice, fish, seafood, fruits, and vegetables. Food and non-alcoholic beverages alone account for 35.8 percent of overall inflation. The national statistics are, in effect, a portrait of the dinner table shrinking. Seventy-one percent want the administration to control inflation. That is a supermajority for one thing: relief. Yet the government has answered with pronouncements more than provisions. The predictable remedies—importation, price ceilings, subsidies—have been deployed as firefighting rather than strategy. The result is a public that measures policy not by speeches but by receipts. Geography sharpens the message. Metro Manila registers the highest anxiety at 43 percent, with Luzon at 36 percent, Mindanao at 34 percent, and the Visayas at 31 percent. Urban poor households, most dependent on purchased food, are most exposed. Job creation, at 26 percent, and corruption reduction, at 24 percent, follow—but neither outruns the pot of rice. The deeper failure is structural. The country has spent decades importing the very staple it can grow, while agrarian fragmentation, weak logistics, and costly fuel keep farm-gate prices disconnected from retail reality. Until productivity, irrigation, storage, and transport are fixed, affordability will remain a seasonal promise. What would genuine leadership look like? A concrete package: targeted rice subsidies for the poorest deciles, expanded direct cash transfers indexed to food inflation, fuel subsidies for small farmers and fisherfolk, and a credible anti-hoarding regime to discipline price manipulation. These are unglamorous but measurable—and the public is demanding measurable results. The warning from Stratbase Group President and CEO Victor Andres Manhit demands our attention. Trust is rebuilt not through reform slogans but through benefits citizens “can actually feel in their homes.” The survey is a mandate. Government has one clear instruction from the people: make food affordable, and start with those who can least afford to wait. The test is straightforward: when the next survey is conducted, will Class E still be struggling to rise above hardship, or will it finally receive the support it deserves? Since 2005

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A splendid little war, a long consequence John Mangun

OUTSIDE THE BOX

OHN HAY, soon to be United States Secretary of State, called the war with Spain a splendid little war, and by the scoreboard he was right. It lasted fewer than four months and ended with the US occupying Cuba, and owning Puerto Rico, Guam, and the Philippines, the last purchased from Spain for US$20 million. The crowd went home satisfied and Hay lives on in Baguio City as the name of Camp John Hay, an American military rest camp that became a mountain resort.

The crowd had been watching the wrong game. Within two months of the Treaty of Paris, American soldiers were fighting the Filipino forces that had been their allies against Spain. The Philippine War was declared over on July 4, 1902, and estimates of Filipino civilian deaths run well past 200,000. Cuba was the reason for the war. Manila was its consequence, and the consequence outlasted the victory by almost four years. In fact, by more than 120 years. Cheering for the winner of a war runs on the same instincts as cheering for a team. The result arrives quickly, it is easy to read, and the fan goes home with it. A game ends at the final whistle and a war does not. The result is recorded in the first months. The consequences are recorded over generations. Energy intelligence firm Vortexa

reports that Iranian seaborne crude exports fell from a 14-day average of 230,000 barrels per day at the start of September 2026 to zero by the second week of the month, and they had not recovered as of October 15. About 83 million barrels of Iranian crude sit aboard tankers, 43 million of them trapped west of the Strait of Hormuz. “The blockade is doing what years of sanctions never managed,” said Claire Jungman, Vortexa’s director of maritime risk and intelligence. The International Monetary Fund projects that Iran’s economy will shrink 7.6 percent this year. By the scoreboard, the US is winning. Spectators follow the score because spectators do not receive the bill. Russian crude now makes up 80 percent of the high-risk exports Vortexa tracks across Iran, Russia and Venezuela. China needs Iranian

In July 1898 the Philippines was a footnote to a victory. Footnotes are where a war files its long consequences, and the footnotes of the Hormuz blockade are being written in pump prices in Metro Manila, in BSP rate decisions, and in remittance corridors that run to Riyadh and Dubai.

crude less urgently now because Russian barrels have filled the gap. Oil flows from the rest of the Gulf have recovered to just over 81 percent of pre-war levels. In the US, gasoline prices rose 9.1 percent in September alone, the energy index rose 5.2 percent, and annual inflation reached 3.7 percent, against 2.4 percent in February. Diesel, which moves farms, freight and ships, is up 70 percent since then. Manila stands further down that line than Washington does. The Philippines draws between 95 and 98 percent of its crude from the Middle East, depending on the estimate, and September inflation reached 7.2 percent, the highest since March 2023 and well above the 1.7 percent of a year earlier. For the poorest 30 percent of households it reached 9 percent. The Bangko Sentral ng Pilipinas (BSP) has raised its policy rate three times this year to 5.0 percent, Brent crude trades around US$100 a barrel, and the peso sits above P62 per US dollar, weaker than the record low

Reports of scam losses topped $1 billion in North Carolina over five years By Estefanía Pinto Ruiz

CAM-RELATED losses reported by North Carolina consumers topped $1 billion over five years, according to an analysis of Federal Trade Commission data provided to Enlace Latino NC by The Associated Press. The amount of money reported as lost increased every year from 2021 through 2025. It rose from about $95 million in 2021 to just over $342 million in 2025. The number of reports did not grow at the same pace. There were 71,000 scam reports in 2021 and 74,000 in 2025, but the number dipped in the intervening years. Those numbers show only part of the problem. The data reflect what consumers reported both directly to the FTC as well as other scam-tracking institutions that share data with the federal agency. A report does not mean authorities verified that a scam occurred, and many people who experience a scam never file one. AP created an interactive tool that allows readers to explore scam

reports in North Carolina counties. Student journalists at Indiana University’s Arnolt Center for Investigative Journalism helped AP analyze the data.

What doesn’t appear in the reports

ONE category in particular illustrates the limits of what these data can tell us. In Durham County, where about 350,000 people live, just seven reports were classified as immigration services scams during the five years. Despite the small number, they were enough to give Durham the highest per-capita rate in North Carolina for that category. The FTC has been aware for years of concerns involving immigration services scams in North Carolina.

Scammers can construct a story around something a person wants, fears or expects. They can also use personal information to make the story more convincing and create urgency that gives someone less time to question what is happening.

In 2014, the FTC and U.S. Citizenship and Immigration Services held an event in Durham focused on consumer protection in immigrant communities that addressed, among other issues, immigration services and notario scams. The low number of reports raises a question: How many of the scams affecting immigrant communities are not reported? These data cannot answer that question. However, the FTC has previously acknowledged that it receives reports from Latino communities at a lower rate than from the general population and has identified potential barriers to reporting, including not knowing where to report, distrust of

it set in May. The same war threatens the remittance line as well. About 2.4 million Filipinos work in the Middle East, and they sent home roughly $6.5 billion in cash remittances in 2025, about 18 percent of the national total. Some estimates put potential job losses among those workers at 200,000 to 340,000 if the war continues. A country that buys its fuel from one region and sends its workers to the same region has made one bet twice. In July 1898 the Philippines was a footnote to a victory. Footnotes are where a war files its long consequences, and the footnotes of the Hormuz blockade are being written in pump prices in Metro Manila, in BSP rate decisions, and in remittance corridors that run to Riyadh and Dubai. How much of the bill Manila pays depends on four decisions Manila controls: where it buys crude, how much of its fuel it refines at home, how much of its electricity runs on imported fuel, and which countries it sends its workers to. None of them has to wait for a ceasefire, and none of the decisions can be handed to the winner. Hay was right about the scoreboard. The people who paid were never in the stadium. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

government and concerns related to immigration status.

‘Anyone can fall for a scam’

FOR Daniel Simons, understanding why people can be deceived requires moving away from the assumption that scams work simply because someone was careless. Simons, a psychology professor at the University of Illinois Urbana-Champaign and co-author of Nobody’s Fool, studies attention, perception, memory and thinking. “Anyone can fall for a scam,” he said. A scam works because it reaches the right person at the right moment, Simons explained. Scammers can construct a story around something a person wants, fears or expects. They can also use personal information to make the story more convincing and create urgency that gives someone less time to question what is happening. The details can also change depending on whom scammers are trying to deceive. Simons pointed to scams targetSee “Reports,” A11

www.news.businessmirror@gmail.com

Hungarian journalists feel the pressure lifting after Orbán’s defeat

Opinion BusinessMirror

Check the label: The hidden transfer pricing risk of mischaracterization

Entity characterization influences the selection of the appropriate transfer pricing method, comparable companies, and arm’s length remuneration. However, characterization should not begin and end with what’s written in an intercompany agreement or transfer pricing study.

By Justin Spike | The Associated Press

UDAPEST, Hungary—Just a few months ago, Hungarian investigative journalist Szabolcs Panyi faced smear campaigns in the pro-government media and accusations by top officials of spying for Ukraine. When the government filed a criminal complaint against him for espionage, he faced the prospect of years in prison, and left for Poland. Now, following an election in April that swept former Prime Minister Viktor Orbán out of office after 16 years in power, Panyi is again strolling the streets of the Hungarian capital, Budapest, and preparing to release his book, “Friends with Benefits,” which details Russian intelligence penetration and influence operations in Hungary. Orbán’s landslide loss in the election changed the fortunes of Panyi and many other journalists in the Central European country, where the populist leader had consolidated control over the media and cracked down on press freedoms. When Orbán returned to power in 2010, Hungary ranked 23rd on press watchdog Reporters Without Borders’ World Press Freedom Index. But by last year, it had dropped to 68th, and the group had put Orbán—an ally of both US President Donald Trump and Russian President Vladimir Putin—on its list of media “predators.” But now, under Hungary’s new center-right, pro-European government led by Prime Minister Péter Magyar, pressure on independent journalists has eased. Two weeks after the April election, police announced they’d dropped the Orbán government’s espionage complaint against Panyi, a fact he said showed that police and prosecutors had been under Orbán’s “tight political control.” “The political pressure is gone,” he said. “It’s not all happy and shiny yet. But I believe we’re in a much, much better place than we were before April.”

New government rolls back Orbán’s media dominance

FOR a decade and a half, Orbán and his far-right Fidesz party operated a sprawling pro-government media empire that bolstered their narratives, smeared opponents and controlled what an independent analysis found was around 80 percent of Hungary’s media market. On the campaign trail, Magyar vowed to end what he called “Orbán propaganda,” particularly that emanating from Hungary’s taxpayer-funded public media, which had served as a government mouthpiece. After taking office in May, Magyar’s administration suspended news programming on public radio and television. Viewers who tuned in saw only white text on a black screen which read: “Public media should not lie. We are sorry for doing it for so many years!” Since then, much of the public media’s leadership has been replaced and news broadcasts have resumed. Gábor Polyák, a media researcher and professor who took over as head of Hungary’s media authority last week, said that during Orbán’s rule the nine-member media council was composed exclusively of members nominated by Fidesz, who assisted in creating “an incredible concentration in the market, basically for political reasons.” Under the new government, half the media council Polyák leads is nominated by the governing party and half by opposition parties, with the president selected through an open application process and elected by lawmakers. “Legislative steps have been taken with the explicit aim of not creating a one-sided political authority,” Polyák said. Magyar’s government has taken other steps to dismantle Orbán’s media dominance, including shuttering Hungary’s Sovereignty Protection

Office—a Fidesz-era authority seen by opponents as a tool for intimidating critics and silencing independent media—and passing legislation prohibiting “political advertisements that incite hatred” that were a hallmark of campaign periods. Under Orbán, the government was the largest advertiser in Hungary, and a study by watchdog Mérték Media Monitor showed up to 90 percent of state advertising revenue was awarded to pro-Fidesz media outlets, keeping them financially afloat. Those revenue streams have since dried up, and scores of Fidesz-tied outlets and social media influencers have sharply cut back or closed.

Newspaper shuttered under Orbán returns after 10 years

IN October 2016, Hungary’s largest-circulation political daily, the left-leaning Népszabadság, was suddenly shut down after its parent company was acquired by an investor with ties to Orbán. The closure sparked large demonstrations, and Népszabadság’s journalists called the move a coup. It was one of several acquisitions by businesspeople with Fidesz ties which transformed well-established independent outlets into faithful communications assets for Orbán’s government. Now, Népszabadság has relaunched, and last week began distributing weekly print issues 10 years after its closure. Gábor Horváth, who has returned as deputy editor-in-chief of Népszabadság, said the paper’s 2016 closure was “for obviously political reasons,” and that Orbán’s government had been operating on the basic rules of a street fight: “Hit the strongest guy first.” He said the government tried to seize the totality of the media landscape, and that the paper’s reappearance signals a return to a time when media are “totally free in Hungary.”

Despite progress, some journalists press government for greater openness

SOME independent journalists still fault the government’s treatment of the media. On Thursday, news outlet Telex published an article criticizing Magyar’s government for not releasing the summaries or agendas of cabinet meetings, much as Orbán’s government had done. Magyar himself has received criticism for singling out independent news outlets on social media for coverage he didn’t like. Panyi, the investigative journalist, said that, like under Orbán, some freedom of information requests he and his colleagues send to the government are refused or ignored— though he attributed that largely to holdovers from the Fidesz government still working in the state bureaucracy. Still, the new government has taken steps to improve press access to public officials. Orbán’s government had banned numerous outlets from reporting from Hungary’s parliament, while those allowed inside were restricted to a narrow section of a hallway—easily avoided by officials—that some journalists described as a “cage.” Now, reporters may move freely through the parliament’s corridors and question officials. Horváth, with Népszabadság, said Hungary “is changing for the better, and the media needs to find new momentum within the society.” “We feel again the winds of changes and the optimism which we haven’t seen for so many years,” he said.

Thursday, October 22, 2026 A11

N transfer pricing, companies are often characterized as limitedrisk distributors, routine service providers, contract manufacturers, or entrepreneurial entities. However, these characterizations should not simply be labels assigned through intercompany agreements or transfer pricing documentation. They must reflect the actual functions performed, assets employed, and risks assumed and controlled by the entity.

This article challenges one fundamental assumption: Does calling a company a limited-risk entity automatically make it one? 1. The problem with labels If you’re one of those ‘90s or Gen Z kids who grew up watching TVCs and spent whole afternoons glued to the television screen, you’ve probably heard of Nido’s famous commercial, “Check the Label.” It was a powerful message promoting consumer vigilance. Although I wasn’t a fan of Nido growing up—I was more of a Bear Brand fan, especially when snacking on it straight from the packaging—the campaign stayed in my childhood memory. (Okay, I was probably already a grown adult then, but no one’s asking, so yeah, that “childhood” stays.) But no, I’m not here to debate which powdered milk brand is better. Apparently, checking the label doesn’t apply only to consumer choices. It applies to transfer pricing as well. In transfer pricing, we often encounter “labels” such as limited-risk distributor, routine service provider, contract manufacturer, and entrepreneurial entity. These labels describe companies’ roles within their groups. But have we ever stopped to ask whether they accurately reflect what the companies actually do? After all, calling a company a limited-risk entity does not automatically make it one. 2. Understanding entity characterization: More than just a label There’s a colder and much longer term for “labels” in transfer pricing: entity characterization. And no, this isn’t just a name without relevance. Just as we distinguish brands by their labels, we can gain an initial understanding of a company through its characterization. Unlike consumer labels, entity characterization is established through functional analysis, commonly referred to as functions, assets, and risks (FAR) analysis. This involves examining each entity’s responsibilities, resources contributed, and risks assumed in a controlled transaction. The analysis seeks to answer fundamental questions. Does the entity merely carry out orders from another entity that’s calling the shots, or is it

the other way around? Does it own valuable assets such as intellectual property, technology, or customer relationships? More importantly, who controls significant risks and bears the consequences when things go wrong? And who benefits when things go well? These considerations help determine whether an entity performs routine functions or undertakes more complex, entrepreneurial activities. A routine entity generally performs straightforward functions and assumes limited risks, while an entrepreneurial entity may perform more complex activities, control significant risks, and make unique or valuable contributions. Entity characterization also helps us see the bigger picture beyond the label itself, including which entity may be more appropriate to test (recall my article on selecting the tested party—the less complex entity is generally preferred). This is why assigning labels carelessly can be dangerous. It’s like passing judgment without due process. Under the OECD Transfer Pricing Guidelines, these characterizations are not rigid classifications; their appropriateness depends on the facts and circumstances of each transaction. Entity characterization should be the result of a functional analysis, not a predetermined conclusion that the analysis is expected to support. 3. The dilemma: A limited-risk distributor that isn’t so limited Consider a Philippine subsidiary of a Singapore-based multinational group. Under its intercompany agreement, the Philippine company is characterized as a limited-risk distributor, while its Singapore parent acts as the principal entity. T he a r ra ngement appea rs straightforward. The Singapore parent develops pricing strategies, determines marketing policies, manages inventory risks, and makes significant business decisions. Meanwhile, the Philippine subsidiary performs routine distribution activities and receives a relatively stable operating margin consistent with its limited functions and risks. On paper, everything appears reasonable. But what if reality tells a different story? Suppose the functional analysis

Reports. . .

mons explained, that scammers look for what could make a story appear credible to a particular person.

ing people of Chinese origin in which someone impersonates a Chinese government authority. The example shows how a scammer can draw on institutions, concerns or circumstances that are familiar to the person being targeted. That principle can be relevant to immigrant communities. Language, unfamiliarity with how certain institutions operate in the United States or concerns related to immigration can be among the circumstances a scammer attempts to exploit. That does not mean immigrants are easier to deceive. It means, Si-

Different reports across the state

continued from A10

THE types of scams that stand out in the data also vary depending on location. Mecklenburg County had the highest per-capita rate in the state in eight of 47 sub-categories of scams the FTC tracks, including those related to online shopping, diet products and debt counseling. In online shopping alone, Mecklenburg recorded nearly 7,000 reports during five years. In coastal Brunswick County, the sub-categories with the state’s highest rates were different. Brunswick led in six types of scams, including

reveals that the Philippine company independently negotiates prices and commercial terms, develops its own marketing initiatives, and makes significant inventory purchasing decisions. It also bears losses from unsold inventory, assumes customer credit risks, and exercises substantial discretion in managing collections. Over time, it has developed valuable customer relationships with limited involvement from its Singapore parent. Can we still characterize the Philippine company as a limited-risk distributor? The answer isn’t necessarily straightforward. A distributor may perform certain commercial functions without automatically becoming an entrepreneurial entity. For instance, negotiating discounts within parameters established by the parent company doesn’t necessarily mean the subsidiary controls the group’s overall pricing strategy. Similarly, managing inventory or collecting receivables doesn’t automatically establish that it controls the associated economically significant risks. What matters is the extent of the Philippine company’s decision-making authority, its actual control over those risks, and its financial capacity to assume them. However, if the Philippine company independently makes significant commercial decisions, controls economically significant risks, and performs functions beyond those contemplated under its agreement, its characterization may warrant reconsideration. The issue isn’t simply whether the Philippine company performs additional functions, but whether those functions and the risks it controls remain consistent with its assigned characterization. 4. When the label doesn’t match reality: Why mischaracterization matters Inaccurate labels can have serious implications, not just for milk choices but for transfer pricing as well. And mischaracterization should definitely not be on your bucket list when facing a BIR examiner during a tax audit. First, mischaracterization may lead to an inappropriate benchmarking analysis. If a Philippine company is characterized as a routine distributor, its financial results may be compared against independent companies performing similar functions and assuming limited risks. However, if it actually performs more complex activities or owns valuable marketing intangibles, those comparables may no longer be appropriate. It’s like comparing S&R membership shopping with your friendly neighborhood sari-sari stores. Their those targeting romance, tech support, and timeshares and vacations. The data do not establish why certain types of reports have higher rates in some counties than in others.

Slowing down before acting

ONE warning sign comes when someone asks for money or private information while also pressuring a person to act immediately, scam expert Simons explained. At that point, stopping the interaction before making a decision and consulting someone who is not involved can help. That person, Simons said, has not been subjected to the same pressure or story the scammer created. The North Carolina Department of Justice also recommends verifying that a website or business

business models and margins are definitely different. Consequently, even a properly computed arm’s length range may not provide a reliable basis for assessing the transaction. Second, mischaracterization may result in an inappropriate allocation of profits. A routine entity generally earns remuneration consistent with its functions, assets, and risks. However, if it performs significant value-creating activities or controls economically significant risks, its compensation may need reconsideration. This doesn’t automatically mean it should earn entrepreneurial profits. Rather, profit allocation should reflect the parties’ actual contributions. Third, mischaracterization may increase exposure during a BIR audit. Tax authorities may examine whether the company’s characterization is consistent with its agreements, actual operations, decision-making processes, and financial results. Material inconsistencies may raise questions about the reliability of the transfer pricing method, comparables, and ultimately, the arm’s length nature of the transaction. A company may fall comfortably within the established arm’s length range, but that conclusion becomes difficult to defend if the range itself is based on a characterization that doesn’t reflect economic reality. 5. Final thoughts: Characterization should follow reality, not the other way around Entity characterization influences the selection of the appropriate transfer pricing method, comparable companies, and arm’s length remuneration. However, characterization should not begin and end with what’s written in an intercompany agreement or transfer pricing study. Businesses evolve. Functions change, responsibilities expand, and risks may shift between entities. A characterization that was appropriate several years ago may no longer reflect the company’s actual operations. This underscores the importance of periodically revisiting the functional analysis, particularly when material changes occur in the company’s functions, assets, or risks. Ultimately, characterization should reflect economic reality rather than merely support a predetermined pricing arrangement. Perhaps before asking whether a company’s profits fall within the arm’s length range, we should first ask a more fundamental question: Have we characterized the company correctly? After all, in transfer pricing, the label should follow reality, not the other way around. The author is a Senior Manager of the International Tax & Transfer Pricing Unit of Du-Baladad and Associates (BDB Law) (www.bdblaw.com.ph). The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at joannelesley.padilla@bdblaw. com.ph or call 8403-2001 local 310.

is legitimate before providing money or private information. People who believe they may have been victims of a scam can file a complaint with the department. The office does not have criminal jurisdiction, but works with law enforcement agencies and other partners to try to prevent scams and assist authorities in their efforts, according to Ben Conroy, press secretary for Attorney General Jeff Jackson. The department also recommends submitting reports to the FBI’s Internet Crime Complaint Center (IC3) and the Federal Trade Commission. This story is supported by the AP Fund for Journalism and was produced in collaboration with The Associated Press’ Local Investigative Reporting Program, which is part of AP’s Local News Success initiative.

Sports BusinessMirror

A12 Thursday, October 22, 2026

Final round showdown in South Pacific

ANIELLE UY got her touch back, Tiffany Lee kept her momentum rolling and Chanelle Avaricio held her ground as the trio shared the penultimate round lead of the International Container Terminal Services Inc. South Pacific Classic on Wednesday in Davao City. Uy, Lee and Avaricio shared the lead at 140, while two more players stood just a stroke behind and another lurked two shots off heading into Thursday’s final round. Uy delivered the day’s most dramatic charge, uncorking five birdies over her last seven holes to fire a 67, erase a five-stroke deficit and vault from a tie for eighth into a share of the lead. Lee, meanwhile, produced a clutch finish of her own to card a 68 and strengthen her bid for back-to-back titles and Avaricio scrambled to salvage a 72 after a promising start gave way to a costly late fumble. But with Yvon Bisera and Rev Alcantara bunched at 141 and Martina Miñoza at 142, the trio’s grip on the lead remains shaky. Bisera carded a 69 to join Alcantara, who slipped to a 72 after opening with a 69, while Miñoza matched her first-round 71 to stay within striking distance. Harmie Constantino and Gretchen Villacencio stood at 144 after 70 and 71, respectively, while Chihiro Ikeda and amateur Brittany Tamayo matched 72s for joint ninth at 146. Uy has the most compelling storyline—after struggling to find consistency with her driving at Pueblo de Oro last week, she focused on keeping the ball in the fairway this time. “I’ve been working on my swing a lot,” Uy said. “My drives at Pueblo de Oro last week were like everywhere. So this week, I just wanted to place the ball in the fairway.” Lee, by contrast, heads into the final round riding the confidence of a player who has just rediscovered the winning touch. “I was playing really badly until I made two chip-ins, including one on No. 17,” said Lee, whose late flourish gave her a genuine chance to extend her winning streak heading into the final round.

Song surges ahead with 65

LEE SONG turned an early eagle and a blistering birdie run into a bogey-free 65, storming to the outright lead and edging Gab Manotoc by one stroke in the men’s championship. Recovering emphatically from a costly late-round mistake in his opening card, Song turned in a 34-31 for a 12-under-par 132 total, moving ahead of Manotoc, who carded a 67 to stay firmly in contention at 133. Sean Ramos likewise kept himself in the title hunt with a 66 for 134. With 36 holes remaining in the P2.5million championship, the leaderboard remained tightly bunched, promising a compelling battle over the final two rounds. Clyde Mondilla shot a 69 for 136, while Fidel Concepcion fought back with a 68 for 137. Angelo Que mounted a strong comeback with a 66 to join Guido van der Valk, Reymon Jaraula and Keanu Jahns, who matched 67s, amateur Jacob Rolida (71) and Russell Bautista (72) in a crowded group at 139, setting the stage for a wide-open fight for the crown.

DYSLEXIA AND ALL, ‘ARJAY’ DELIVERS N AGOYA—Ariel Joseph “Arjay” Alegarbes, who has attentiondeficit/ hyperactivity disorder, dyslexia and asthma, tried athletics, boccia and long jump before finding his lofy place in swimming. He took up the sport at 12. A decade later, he became an Asian Para Games champion. “I tried athletics, bocce, and long jump. But I chose swimming because I’m small and I have asthma,” he said. A person with dyslexia can find reading, writing, and spelling difficult, often involving challenges in connecting speech sounds with letters and letter combinations. In the pool, Alegarbes is an unstoppable force. On Tuesday night, the 22-year-old from Victorias City, Negros Occidental, captured the men’s 100-meter backstroke S14 title in his Games debut, delivering the Philippines’s second gold medal in Aichi-Nagoya. Alegarbes clocked one minute and 1.56 seconds at the Rainbow Pool of the Nagoya City General Gymnasium, edging South Korea’s Sungho Kang by just five hundredths of a second. Kang took silver in 1:01.61, while Thailand’s Natirat Meeprom claimed bronze in 1:02.08. His breakthrough followed Ernie Gawilan’s victory in the men’s 400-meter freestyle S7 on Monday, giving Philippine swimming both of the country’s gold medals so far. “I never expected this. Honestly, this is a dream come true,” Alegarbes said. “A few years ago, I promised my coach and my entire family that I would win a gold medal at the Asian Para Games, especially for my country. I did this for them and for all the people here.” That promise fueled months of demanding training at ULTRA, where Alegarbes worked with his coaches to prepare for Nagoya. “Honestly, over the last few months, I’ve been training very hard,” he said. “I’ve been working really hard because I need to push my limits. My coaches have helped me.” He entered the final with the second-fastest time in the morning heats before beating a field that included top qualifier Meeprom.

ARIEL JOSEPH “ARJAY” ALEGARBES (center) with Philippine Paralympics Committee president Mike Barredo (left) and coach Bryan Ong. PPC PHOTO

ALYANA NUNEZ finishes fourth in the women’s discus throw F11. PPC PHOTO

ROSALIE TORREFIEL settles for eight place after heaving the discus to 21.58 meters in women’s discus throw F11. PPC PHOTO

PHL taekwondo, athletics bets bow to tougher rivals in Para Games

WILSON SANTE JR. lands in fourth place in men’s high T64 final at 1.83 meters. PPC PHOTO The triumph also carried a personal dedication to a cousin whose memory he brought to the Games. “I dedicate this to my country, my team, my coaches, my fellow Filipinos, and especially my cousin, Manang Lenlen,” he said. “My cousin passed away this year, and we were very close.” With the 100-meter butterfly and 200-meter individual medley still on his schedule, Alegarbes hopes to build on his golden debut, drawing strength from his faith and the people behind him. “I just focus, concentrate, pray to God, and think about my team, coaches, and family.” Beyond Nagoya, he has another dream to pursue. “Honestly, it’s a simple one. I want to go to the Paralympics with my coaches and my team.”

ALLAIN GANAPIN yields to an Iranian and Uzbek in taekwondo’s men’s K44 under-80 kgs class. PPC PHOTO

AGOYA—Allain Ganapin of taekwondo and Alyana Nunez and Wilson Sante Jr. of athletics fell short in their medal bids on a quiet Wednesday for the Philippines at the 5th Asian Para Games. Ganapin bowed to Iranian Paralympic silver medalist Mahdi Pourrahnamaahmad in the quarterfinals of the men’s K44 under-80-kilogram division before losing to Uzbekistan’s Otabek Amatov in the repechage, ending his hopes of a bronze medal. Nunez, a double gold medalist at the ASEAN Para Games in Nakhon Ratchasima, Thailand last January, finished fourth in the women’s discus throw F11 with a heave of 28.77 meters at the Nagoya City Mizuho Park Athletic Stadium. Rosa l ie Tor ref iel pl aced eight h in t he sa me event w it h a t hrow of 21. 58 meters. Sante also narrowly missed the podium, finishing tied for fourth with Bangladesh’s Md Salem Reza in the men’s high jump after both cleared 1.83 meters. At press time, the

Philippines remained in 15th place with two gold medals, one silver and one bronze. In wheelchair fencing at the Nagoya City Inae Sports Center, Wilfredo Bungayong II lost to Indonesia’s Didit Diantoro, 9-15, in the men’s epee Category A round of 32. Marlyn Garrucho also bowed out early, falling to Uzbekistan’s Gulzorakhon Rakhmanova, 8-15, in the women’s epee Category A. In cycling, Nikko Peralta and Patrick Lee clocked 28:51.38 and 29:56.56 to finish 12th and 15th, respectively, in a field of 24 in the men’s C1-5 time trial in Izu. Peralta, Lee and Paralympian Arthus Bucay will have one final opportunity to deliver the country’s first cycling medal at these Games when they compete in the men’s C4-5 road race on Friday at the Cycle Sports Center on the Izu Peninsula. The trio is expected to have a stronger chance of reaching the podium in the road race. In the wheelchair basketball classification round for fifth to eighth places at the Aichi International Arena, the Filipinos pushed favored China to the limit before absorbing a heartbreaking 59-61 defeat.

Elite schools fight for bragging rights in Smart/MVP taekwondo league

FTER months of intense and exciting action, the Philippine Taekwondo Association (PTA) will conclude its 2026 Smart/MVP Sports Foundation Philippine Taekwondo League (PTL) this weekend with elite schools expectedly

battling for bragging rights across various divisions. Established in 2011, the PTL—through the able leadership of Grandmaster Hong Sung-chon—has continued to serve as a platform for student-athletes to develop their skills, showcase their talent, and demonstrate the values of discipline,

perseverance, and sportsmanship through competitive taekwondo. The event, which started last June 6, will stage its semis matches on Saturday at the Ayala Malls-Manila Bay, while the finals and the awarding ceremony will take place on Sunday at the PTA Taekwondo Gymnasium, Rizal Memorial Sports Complex.

Fluctuating fortunes

DANIELLE UY delivers the day’s most dramatic charge to erase a five-stroke deficit and a share of the lead. ROY DOMINGO

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

WHERE were we last year at this exact juncture of the men’s basketball tournament of the University Athletic Association (UAAP)? At the start of the second round in October 2025, the National University (NU) Bulldogs were top dogs with a 6-1 record. At their heels were the University of Santo Tomas (UST) Growling Tigers (5-2), followed by the University of the Philippines (UP) Fighting Maroons (4-3), Ateneo Blue Eagles (4-3), De La Salle Green Archers (4-3), Adamson University Soaring Falcons (3-4), Far Eastern University Tamaraws (2-5) and University of the East Red Warriors (0-7). In Season 88 the Bulldogs and Tigers lorded it over everybody else throughout the first round—NU, because of its balanced attack, formidable front line, capable shooters and on-point execution. Jake Figueroa was stellar in his last season and ably supported by Gelo Santiago, Paul Francisco and Jolo Manansala. Steve Nash Enriquez expertly orchestrated the offense while the NU “aparadors” PJ Palacielo and Kenshin Padrones made sure to plug the paint. The Bulldogs were hard to beat because they kept their poise in the end game—even

in overtime. They didn’t fold in high-pressure games. They knew what they were doing. And confidence was sky-high. The Tigers? The España squad flexed a new, big, powerful weapon in Collins Akowe—who became that season’s Rookie of the Year. Akowe made UST’s erstwhile vulnerability in the paint a thing of the past. He was a rebounding, scoring, defending monster. At the same time, UST’s traditional strength— long-range shooting—prospered with Nic Cabañero and Gelo Crisostomo unleashing ballistic missiles from out back. As Akowe attracted multiple defenders, the snipers went to work. Forthsky Padrigao and Kyle Paranada directed play and contributed more scoring. Thus, after the first round it looked like UST and NU would take their dominance all the way to the playoffs.

But guess what. The script changed in the second round. While NU continued to stay ahead of the pack with a dominant 11-3 record at the end of eliminations, UST experienced a roller coaster scenario where they lost to Adamson University, UP and Far FEU, giving them an 8-5 record. The Fighting Maroons went on to win more games and finish 10-4, thus clinching second seed and the twice to beat advantage behind NU. UST ended up third. The most amazing plot twist, however, was the De La Salle Green Archers. Almost given up for lost because of a slow 2-3 start, injuries suffered by Kean Baclaan and Mason Amos and several player suspensions, the Archers crawled out of that hole win by win till that decisive defeat of their arch rivals, Ateneo, that effectively kicked the Blue Eagles out of the Final Four picture. As fourth seed, the Taft boys faced league-leading NU in the Final Four. And for their part, the twice to beat Fighting Maroons outplayed the Growling Tigers in the 2 vs. 3 battle, beating them by just one point to land in the finals for the fifth straight time. De La Salle managed to send the Bulldogs to the doghouse in their 1 vs. 4 semis encounter by erasing NU’s twice to beat advantage in the first game, then upset them anew in the do-or-die with an effort that was all-heart. Eventually, the Green and White conquered Season 88 by winning

two games of the best-of-three finals, making bridesmaids of the Fighting Maroons one more time and edging them out 2-1 in their finals trilogy. What am I saying? It’s that the team standings in the first round are no indication of how the second round will be like. In a fluid, fickle UAAP basketball tournament, it’s best to wait for the last few days of the regular season before making any comments about the end game. The days when the handwriting was already on the wall even before the games were to be played are over. There’s a new wave of refreshing unpredictability in this UAAP sport that’s been there since Season 88. So now, as we start the second round, we find erstwhile Season 89 league leader FEU surprisingly sitting at No. 5, early season top pick UST at No. 4, the “unpicked” Adamson Falcons at No. 3, the hotand-cold Fighting Maroons at No. 2 and the under the radar NU Bulldogs at No. 1. Guys. This is only October. This saga will continue till December. Even if the defending champs the De La Salle Green Archers are No. 6 and the Ateneo Blue Eagles sit at No. 7, don’t count them out just yet. Even if the University of the East Red Warriors are in the cellar, the way they played against Adamson and UP shows they will break some hearts in the second round. Magic and miracles really happen in collegiate basketball. If you’re rooting for a team, just believe.

Companies BusinessMirror

Editor: Jennifer A. Ng

Thursday, October 22, 2026

GCASH slips on second day of trade as analysts pensive

By VG Cabuag

@villygc

HARES of Mynt Inc. (PSE: GCASH) slightly fell on its second day of trading on Wednesday at the Philippine Stock Exchange, closing at P6.59 from its offer price of P6.60 apiece. Abacus Securities Corp. said its opening day of trade being flat suggests active price stabilization by the offering’s underwriters. The broker said, however, selling pressure appeared limited, with total offer volumes staying below half of the total bid volume throughout most of the session. “Conversely, local buyers seemed willing to absorb whatever foreigners were selling. Then again this might be the stabilization fund; but our view is that there is evidence that the hype worked to some extent,” it said. Abacus warned that as Mynt pre-

pares to report earnings next month via parent company Globe Telecom Inc., the risk of a disappointment is higher not only because of the hype but also due to the precedent set in second quarter, which saw a decrease quarter-on-quarter. “For those who are looking to buy GCASH, therefore, it is probably best to wait until Globe’s third quarter earnings release and/or briefing, which will probably be in the second week of November,” added the trader. COL Financial Inc., meanwhile, said that the GCash e-wallet opera-

tor is primed to capitalize on the country’s surging adoption of digital finance. COL Financial projects Mynt’s revenues to expand by 15 percent this year to reach P91.7 billion. The online stockbrokerage firm also forecast another 24-percent growth to P113.6 billion in 2027, propelled by steady transaction volume gains and rapid growth within its “CreditTech” credit portfolio through subsidiary Fuse Financing Inc. Meanwhile, we expect net income to increase by 18 percent year-on-year to P20.4 billion in 2026 and 26.8 percent year-onyear to P25.8 billion in 2027, COL Financial said. The broker also expects Mynt’s credit arm to increase to P132.3 billion by 2028, a 40.2-percent threeyear compound growth rate from 2025, outperforming broader industry trends. Meanwhile, Eric Jurado, hedge fund manager at SeA (Southeast Asia) Focus Portfolio, said Mynt’s broader growth narrative will play out over the coming decade.

“The IPO does not automatically make these services better. That remains Mynt’s responsibility. But the capital raised and the company’s transition to public ownership can support its next phase of growth, including product development and business expansion,” Jurado said. “The ultimate measure of success for users will be whether Mynt continues to deliver useful, reliable services and expands access to financial opportunities,” he added. According to Jurado, Mynt’s debut gives investors a chance to hold a direct stake in a premier Philippine fintech enterprise, proving that a Philippine business can attract capital at scale and gives investors another opportunity to participate in the country’s corporate growth. “The real questions are whether [Mynt] can keep serving more customers, strengthen its competitive position, grow earnings per share and create lasting value for its owners. Today, the market gave GCASH its first public price. From here, the business must build its long-term value,” he said.

Nlex road repairs finished By Lorenz S. Marasigan @lorenzmarasigan

LEX Corp. announced last Wednesday it has finished pavement repairs on sections of the North Luzon Expressway (Nlex) in Marilao, Santa Rita, Balintawak, and Tabang. The work is part of the company’s continuing pavement repair and maintenance program along the Nlex and the Subic-Clark-Tarlac Expressway (Sctex). According to the firm, similar work is also being done in other parts of its network. The repairs use mill-and-pave work. Crews remove parts of the old pavement and lay new asphalt to restore the road surface. “Regular pavement maintenance is an important part of preserving the quality and durability of our expressways. By addressing pavement wear and tear and carrying out the necessary repairs, we help maintain reliable road conditions and support safer travel for our motorists,” Nlex President and General Manager Luis S. Reñon said. Repairs in Bocaue are still underway.

GUT CHECK

Meta Platforms Inc.’s earnings arrive as investors grow anxious about the state of the artificial intelligence trade, offering a chance to calm a few nerves—or exacerbate those fears. “A successful report from Meta would improve confidence in the market, and it could enliven the AI trade by easing concerns about demand across the industry,” said Andrew Wang, managing partner at Runnymede Capital Management, which owns the stock. JOSH EDELSON/BLOOMBERG

Chinese firm to develop ports T

HE Department of Energy (DOE) announced that a Chinese firm will undertake the development of one of the three proposed ports intended to cater to fixed-bottom offshore wind facilities, while the feasibility study for another port has already been completed. To support the implementation of the Green Energy Auction 5 (GEA-5), the DOE, in coordination with the Philippine Ports Authority (PPA) had previously identified PPA-administered ports intended for offshore wind development projects. These include: the Pambujan Port, in Camarines Norte; the Santa Clara

Port in Batangas; and, the Port of Curimao in Ilocos Norte. DOE Undersecretary Giovanni Carlo J. Bacordo said the Port of Pambujan , Camarines Norte has already been auctioned off. “That one in Pambujan has already been bid out. There’s already a winner, a company with a Chinese name,” Bacordo said. “For the Batangas project, the feasibility study is already complete. It’s now in the bidding phase, which is also set for this year.” These ports must be upgraded so that heavy machinery, such as wind turbines, can be accommodated. Aside from port infrastructure, the

DOE is also working on permitting and tenurial instruments, market support, and grid asset availability. The DOE emphasized the need for robust, transparent, and timely processes for leasing and permitting and a competitive market system solely for offshore wind. The agency also cited the need for suitably-sized and strategicallylocated ports essential for the storage, assembly, construction and operation of offshore wind farms. There are also required upgrades to the transmission network and interconnection facilities whenever and wherever they are needed, according to the DOE.

Earlier, the DOE said there were nine bids that initially passed the first stage of the GEA-5. These are currently being evaluated. The power generation capacity of the nine bids totals 9,256 megawatts (MW). The DOE has so far awarded 95 offshore wind energy service contracts. However, these 95 potential projects are not all qualified to join the GEA-5 because of different delivery schedules. Among the qualifications for offshore wind bids under GEA-5 are those that have already completed feasibility studies and system impact studies. The GEA-5 targets a capacity of 3,300MW for 2028-2030. Lenie Lectura

Not favoring any firm in coal auction—DOE By Lenie Lectura @llectura

HE Department of Energy (DOE) denied favoring a specific company, with its chief stating last Wednesday that changes in the new bidding rules for the upcoming coal auction are necessary. Energy Secretary Sharon S. Garin explained that while the guidelines for coal exploration bidding have recently changed, specifically for brownfield projects with proven and viable coal resources, the rules for greenfield projects remain unchanged. “I think what they mean is that the rules have changed compared to the previous ones. I guess what they’re saying is that the bidding rules for standard coal exploration have been modified recently,” Garin said. “This is true in brownfield projects, but for greenfield projects, they remain the same.” The DOE chief stressed that brownfield rules have been adjusted to maximize efficiency and secure resources. For example, for brownfield projects, the majority or 80 percent of the produced coal must be sold domestically. Right now, it’s the other way around, as I think 80 percent is being exported. “What we want is an indigenous source of fuel due to the threats in the Middle East; so there are changes,” said Garin. The DOE is determined to restart the bidding process next month. “The formal announcement to start the bidding process is expected a month prior, likely in October,” Garin said. “Bidders will then be given at least one month to prepare documents, with evaluation scheduled around November or December.” The Semirara Mining and Power Corp. (SMPC) currently holds coal operating contract (COC) No. 5, which is among the coal blocks on Semir-

ara Island that will be auctioned by the DOE. The COC is valid until July 14, 2027. The previous bidding for coal mining areas has been canceled to implement a new bidding process under updated rules, following the conclusion of the second public consultation. The DOE said this was meant to reassess the parameters of awarding coal operating contracts so that the next round can be conducted under this new set of rules. The coal bid round covered three pre-determined areas in Antique, Cagayan, and Isabela, offered for development and production coal operating contracts (DP COCs) under the Philippine Conventional Energy Contracting Program (PCEP). It was met with heavy resistance stemming from legal, technical, financial concerns. “The concerns raised by stakeholders during the pre-submission conferences, developments affecting Semirara Island–one of the offered areas–including continuing water seepage, and certain legal considerations warrant a reassessment of the evaluation criteria applicable to the award of DP COCs for the offered areas,” the DOE advisory stated. Garin clarified that the rules are uniform for all participants and are not targeting or excluding any specific company. “Anyone who qualifies under the established rules will be considered because it’s the same rules for everyone. Everyone is given a chance,” she said. Earlier, the Consunji-led SMPC claimed it had been kept in the dark about the ongoing coal bidding process, despite investing over P55billion in specialized deep-mining infrastructure. ”There was also no explanation why it suddenly flipped the sole ranking factor from technical capability early this year to the highest bidder,” SMPC had said in a statement.

Companies BusinessMirror

Thursday, October 22, 2026

PSE STOCK QUOTATIONS

October 21, 2026

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

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

43.9 117.8 10.3 98 47.6 9.81 61.1 6.85 75.8 49 20.05 62.35 20.8 1.22 0.475 3.7 7.74 6.59 2,530 1.25 205.2 4,760 1.25

44 117.9 10.5 98.35 47.75 9.93 61.2 7.01 75.95 50.85 20.5 62.4 20.9 1.25 0.5 4 7.78 6.6 2,650 1.27 205.6 4,800 1.29

44.6 118.5 10.36 99.25 48 9.97 61.95 6.94 73.25 47.1 20.15 62.5 20.9 1.28 0.475 4 7.7 6.61 2,530 1.26 205.2 4,800 1.29

45 118.6 10.5 99.9 48.5 9.97 61.95 6.95 75.95 49.5 20.15 62.75 21 1.28 0.475 4 7.78 6.62 2,530 1.28 205.6 4,800 1.29

43.9 117 10.06 97 47.6 9.5 60.95 6.85 73.25 47.1 20.05 62.3 20.85 1.21 0.475 3.6 7.7 6.59 2,530 1.23 205.2 4,800 1.29

43.9 117.8 10.5 98.35 47.6 9.81 61.1 6.95 75.95 49.5 20.05 62.35 20.85 1.25 0.475 3.7 7.78 6.59 2,530 1.27 205.2 4,800 1.29

191,600 1,406,730 67,300 1,601,130 282,700 338,500 2,055,740 29,400 469,990 2,000 17,200 49,650 34,900 387,000 10,000 13,000 400 196,184,500 30 898,000 2,250 10 5,000

8,597,880 165,765,644 700,002 157,399,711 13,511,990 3,311,368 125,896,981 202,108 35,214,278 98,180 345,935 3,100,237 730,935 479,550 4,750 48,110 3,088 1,294,110,916 75,900 1,123,320 461,704 48,000 6,450

17,670 -6,436,885 14,609,275 -6,903,005 1,321,661 -31,405,840 37,684 3,965,940 -64,190 -408,276 -778 83,762,339 75,900 -35,960 402,188 -

INDUSTRIAL ACEN CORP 2.63 2.65 2.63 2.66 2.63 2.63 1,902,000 5,020,140 -274,060 ALSONS CONS 0.94 0.97 0.94 0.98 0.93 0.97 1,583,000 1,515,400 326,390 0.6 0.61 0.61 0.63 0.61 0.61 1,272,000 788,300 387,500 ALTERNERGY HLDG ABOITIZ POWER 46.25 46.5 46.1 46.5 45.95 46.5 2,098,300 97,184,265 -8,552,765 1.11 1.14 1.13 1.14 1.09 1.13 220,000 245,690 RASLAG BASIC ENERGY 0.105 0.106 0.106 0.107 0.105 0.105 1,010,000 107,550 CITICORE RE 4.33 4.53 4.4 4.53 4.4 4.53 19,000 84,590 -18,080 20.25 20.3 20.35 20.5 20.2 20.25 327,500 6,637,825 4,332,335 FIRST GEN FIRST PHIL HLDG 86 86.05 86.05 86.05 86 86.05 19,420 1,670,226 -5,163 443.8 445.4 456 456.4 440.4 445.4 331,210 147,309,306 3,633,484 MERALCO 31.8 31.85 32.2 32.7 31.75 31.85 1,809,000 58,195,715 2,262,635 MANILA WATER MAYNILAD 16.98 17.1 17.02 17.46 16.98 16.98 2,840,100 48,656,164 29,301,990 2.23 2.26 2.22 2.27 2.2 2.23 302,000 671,440 -73,000 PETRON PETROENERGY 4.46 4.6 4.45 4.6 4.45 4.6 22,000 101,050 PRYCE CORP 16.5 16.6 16.6 16.6 16.5 16.5 5,300 87,960 -84,660 9.55 9.7 9.66 9.7 9.66 9.7 1,100 10,642 -2,898 REPOWER ENERGY SEMIRARA MINING 11.74 11.96 12.08 12.12 11.64 11.74 1,623,800 19,233,294 -8,605,034 24.85 24.95 25.15 25.25 23.75 24.95 2,150,500 52,688,125 -175,960 SYNERGY GRID SHELL PILIPINAS 7.96 8 7.9 8.1 7.9 8 5,770,200 46,651,966 -2,699,460 SPC POWER 8.75 8.77 8.74 8.8 8.74 8.77 10,000 87,462 1.23 1.24 1.24 1.24 1.22 1.24 3,252,000 3,998,130 -210,250 SP NEW ENERGY TOP LINE 1.72 1.73 1.72 1.73 1.72 1.73 372,000 641,610 -20,760 2.81 2.82 2.8 2.81 2.8 2.81 175,000 490,020 -128,800 AXELUM CNTRL AZUCARERA 8.55 9.15 9.15 9.15 9.15 9.15 200 1,830 CENTURY FOOD 29.3 29.45 30.3 30.3 29.05 29.3 1,509,200 44,446,945 -19,922,240 3.4 3.75 3.4 3.4 3.4 3.4 5,000 17,000 DEL MONTE DNL INDUS 3.41 3.42 3.4 3.43 3.37 3.41 555,000 1,889,410 -20,370 15.14 15.18 15.24 15.24 15.14 15.14 1,986,600 30,077,808 -2,246,516 EMPERADOR 44.45 44.5 45 45.2 44.45 44.5 397,900 17,756,030 -15,341,025 SMC FOODANDBEV FIGARO GROUP 0.78 0.79 0.78 0.79 0.78 0.78 1,349,000 1,052,660 0.475 0.49 0.47 0.495 0.47 0.49 90,000 43,900 ALLIANCE SELECT FRUITAS HLDG 0.66 0.67 0.66 0.67 0.66 0.66 9,000 5,990 220 220.4 222.6 222.6 218 220 19,440 4,275,934 -415,036 GINEBRA 146.2 146.4 145 147.5 145 146.4 310,450 45,408,428 13,822,239 JOLLIBEE KEEPERS HLDG 1.88 1.89 1.89 1.91 1.89 1.89 1,080,000 2,051,990 1,901,280 19.34 21 21 21 21 21 1,600 33,600 LIBERTY FLOUR MACAY HLDG 5.86 6.08 5.86 5.86 5.86 5.86 200 1,172 2.09 2.1 1.98 2.1 1.98 2.09 43,000 87,740 -7,950 MAXS GROUP 6.15 6.16 6.09 6.19 6.09 6.15 2,854,900 17,560,938 -11,625,248 MONDE NISSIN SHAKEYS PIZZA 5.15 5.19 5.1 5.19 5.1 5.19 19,300 99,324 5,190 2.45 2.54 2.45 2.58 2.38 2.45 156,000 376,450 -20 ROXAS AND CO RFM CORP 5.18 5.2 5.17 5.2 5.1 5.18 98,300 507,387 -177,818 UNIV ROBINA 59.25 60 59.75 60.7 59.2 59.25 623,270 37,293,933 1,433,254 0.475 0.49 0.49 0.49 0.485 0.49 40,000 19,500 -4,850 VITARICH ATN HLDG 0.4 0.43 0.435 0.435 0.4 0.43 510,000 205,450 52.55 58 58.3 58.3 52.9 58 330 17,673 CONCRETE CONCREAT HLDG 1.1 1.12 1.12 1.13 1.09 1.12 509,000 559,840 -28,490 EEI CORP 1.85 1.9 1.9 1.9 1.9 1.9 24,000 45,600 -36,100 5.23 5.29 5.33 5.35 5.21 5.29 1,007,300 5,314,138 14,824 MEGAWIDE PHINMA 14.5 14.56 14.5 14.5 14.5 14.5 9,000 130,500 -101,500 31.95 34.9 30.5 31.95 30.5 31.95 300 9,440 SUPERCITY CROWN ASIA 1.87 1.88 1.9 1.9 1.88 1.88 131,000 247,520 -104,500 EUROMED 1.13 1.17 1.13 1.13 1.13 1.13 8,000 9,040 10.7 11.04 10.88 11.04 10.88 11.04 1,100 12,120 CONCEPCION GREENERGY 0.13 0.131 0.131 0.131 0.131 0.131 80,000 10,480 5.69 5.7 5.49 5.75 5.39 5.69 2,797,300 15,830,506 -4,542,870 INTEGRATED MICR 2.97 2.98 2.8 3.02 2.78 2.97 4,157,000 12,121,430 -2,839,350 IONICS PANASONIC 7.02 7.43 7.43 7.43 7.43 7.43 100 743 1.25 1.26 1.12 1.26 1.12 1.25 7,366,000 8,858,400 83,440 CIRTEK HLDG

www.businessmirror.com.ph

Vingroup says to build $500M EV manufacturing hub in PHL

By Bless Aubrey Ogerio

@blessogerio

IETNAMESE conglomerate Vingroup JSC (Tập đoàn Vingroup-CTCP) plans to invest $500 million in an electric-vehicle (EV) manufacturing plant in the Philippines, the Department of Trade and Industry (DTI) announced recently.

The construction is targeted to begin in the first quarter of 2027 and initial production capacity set at 200,000 vehicles annually, according to the DTI. A statement issued by the DTI read that the facility is designed to serve both the domestic market and export destinations, while the group also plans to introduce electric scooters in the Philippines.

The project timeline calls for 12 months to 18 months of development, although the department did not identify the plant’s location or specify when production would begin. According to the DTI, the plan was discussed by Trade and Industry Secretary Ma. Cristina A. Roque and Vingroup Vice Chairman Nguyen Quoc Tuan. Key points in the discus-

sion included available investment incentives, including tax provisions under the Create More law (Republic Act 12066) and expedited regulatory processing through the government’s Green Lanes program. The announcement provides investment and production figures that had not been disclosed during earlier discussions between Roque and Vingroup representatives. Before the meeting, Roque said the government’s immediate focus was to discuss EV manufacturing, while the company’s other potential Philippine ventures remained preliminary. Vingroup had also expressed interest in entering the hospital and entertainment businesses, including possible theme park projects, Roque said previously. No investment amounts, locations or finalized projects for these sectors have been announced. The EV plant’s proposed capacity of 200,000 vehicles a year would

cover production for both Philippine buyers and overseas markets. However, the DTI statement did not specify how output would be divided between the two. The planned investment comes as the government develops its “electric vehicle incentive strategy” to support EV manufacturing. Roque had earlier said the program’s implementing rules were expected to be completed soon, although she could not confirm the status of all remaining requirements. The DTI has not disclosed the plant’s location, projected employment, local parts-sourcing targets or the specific export markets it intends to serve. Vingroup subsidiary VinFast Auto Ltd. has sold 115 vehicles in the Philippines in 2025, according to data from the Chamber of Automotive Manufacturers of the Philippines Inc. The company said it ranked as the country’s second-largest battery-electric vehicle brand that year.

HOLDING & FRIMS

ABACORE CAPITAL 0.3 0.31 0.31 0.31 0.31 0.31 40,000 12,400 ASIABEST GROUP 21.15 21.6 22.1 22.35 21.1 21.6 467,900 10,149,075 -6,372,275 548 549 545 549 542 549 247,190 135,393,215 3,856,990 AYALA CORP ABOITIZ EQUITY 40 40.05 39.95 40.05 39.65 40 2,209,900 88,404,285 9,371,705 8.92 8.99 9 9 8.89 8.99 477,300 4,251,026 -3,313,436 ALLIANCE GLOBAL 16.16 16.48 16.48 16.5 16.48 16.5 7,600 125,394 ANSCOR ANGLO PHIL HLDG 1.12 1.13 1.11 1.13 1.11 1.13 15,000 16,930 -6,780 7.31 7.37 7.36 7.4 7.31 7.31 368,000 2,708,007 352,947 COSCO CAPITAL DMCI HLDG 7.25 7.28 7.29 7.37 7.19 7.25 3,134,800 22,663,361 -7,752,313 3.83 4.09 4 4 4 4 1,000 4,000 FILINVEST DEV GT CAPITAL 438.2 438.4 443 443 435 438.2 65,730 28,771,396 11,899,982 HOUSE OF INV 4.81 5 4.99 4.99 4.99 4.99 1,000 4,990 17.18 17.2 17.4 17.6 17.18 17.2 877,000 15,202,152 1,257,344 JG SUMMIT LODESTAR 0.415 0.44 0.455 0.455 0.385 0.45 370,000 157,200 LOPEZ HLDG 4.75 4.8 4.75 4.75 4.75 4.75 400,000 1,900,000 14.94 14.98 15.16 15.2 14.94 14.94 3,237,600 48,633,682 -34,730,758 LT GROUP PACIFICA HLDG 1.06 1.26 1.06 1.06 1.06 1.06 4,000 4,240 0.83 0.89 0.83 0.84 0.83 0.84 11,000 9,230 PRIME MEDIA SOLID GROUP 1.15 1.2 1.17 1.21 1.17 1.21 137,000 164,680 -108,900 SM INVESTMENTS 546 550 555 557.5 545 550 210,300 115,575,185 17,465,000 66.4 66.75 66.7 67.1 66.5 66.7 231,300 15,429,472 8,640,762 SAN MIGUEL CORP TOP FRONTIER 51.8 53.8 53.85 53.85 51.8 51.8 230 12,354 -5,385 0.07 0.074 0.069 0.069 0.069 0.069 40,000 2,760 ZEUS HLDG PROPERTY AYALA LAND 15.98 16 15.52 16.12 15.52 16 16,538,800 264,195,888 55,937,900 AYALA LAND LOG 1.09 1.1 1.08 1.11 1.08 1.1 272,000 299,830 -113,160 11 11.46 11.46 11.46 11 11 300 3,392 ALTUS PROP ARANETA PROP 0.234 0.255 0.25 0.255 0.24 0.255 380,000 93,100 36.25 36.7 36.9 36.95 36.25 36.25 266,200 9,712,855 -2,627,850 AREIT RT 0.74 0.75 0.74 0.76 0.74 0.74 31,000 23,000 A BROWN CITYLAND DEVT 0.54 0.55 0.55 0.55 0.54 0.54 21,000 11,360 1.94 1.95 2 2 1.93 1.93 70,000 136,870 15,560 CEB LANDMASTERS CENTURY PROP 0.63 0.64 0.63 0.64 0.63 0.64 1,680,000 1,071,980 2.86 2.89 2.88 2.9 2.86 2.86 1,069,000 3,079,280 -2,379,500 CITICORE RT 11.7 11.74 11.56 11.74 11.56 11.7 177,300 2,076,384 46,442 DOUBLEDRAGON DDMP RT 1.03 1.04 1.04 1.04 1.03 1.03 1,357,000 1,399,560 -59,740 4.7 4.89 4.75 4.75 4.75 4.75 6,000 28,500 DM WENCESLAO EVERWOODS 0.024 0.026 0.026 0.026 0.026 0.026 300,000 7,800 EMPIRE EAST 0.101 0.104 0.104 0.104 0.104 0.104 20,000 2,080 2.91 2.92 2.91 2.93 2.91 2.92 363,000 1,056,640 -26,250 FILINVEST RT FILINVEST LAND 0.69 0.7 0.69 0.7 0.69 0.69 326,000 225,120 -11,040 0.61 0.62 0.62 0.62 0.61 0.62 200,000 123,500 GLOBAL ESTATE PNB HLDG 1.2 1.21 1.2 1.21 1.19 1.2 59,361,000 71,278,900 1,135,720 MEGAWORLD 2.25 2.27 2.26 2.28 2.25 2.27 6,217,000 14,089,950 -4,689,380 0.64 0.65 0.65 0.66 0.63 0.65 22,948,000 14,988,900 -653,600 MRC ALLIED MREIT RT 13.68 13.7 13.6 13.7 13.6 13.68 71,200 971,196 -416,658 0.101 0.107 0.107 0.107 0.107 0.107 80,000 8,560 OMICO CORP PRMIERE HORIZON 0.15 0.156 0.149 0.155 0.149 0.15 420,000 63,990 -13,950 PHIL ESTATES 0.4 0.42 0.4 0.405 0.4 0.405 180,000 72,100 0.92 0.93 0.9 0.93 0.9 0.93 34,000 31,320 -9,300 PREMIERE RT PRIMEX CORP 0.96 1.09 1 1.09 1 1.09 9,000 9,440 6.18 6.24 6.23 6.31 6.18 6.18 2,861,000 17,790,252 -2,925,245 RL COMM RT 15.9 16.12 16.02 16.12 15.88 15.9 848,700 13,508,860 -5,599,452 ROBINSONS LAND ROCKWELL 2.51 2.75 2.46 2.87 2.46 2.79 121,000 329,860 2.9 2.95 2.9 2.9 2.82 2.9 122,000 352,440 SHANG PROP STA LUCIA LAND 1.65 1.72 1.69 1.72 1.64 1.72 26,000 43,490 9,590 18.08 18.1 17.8 18.2 17.76 18.08 13,338,800 240,809,252 113,190,952 SM PRIME HLDG 50 50.05 50.05 50.05 50.05 50.05 30 1,502 PTFC REDEV CORP SERVICES ABS CBN 2.5 2.51 2.5 2.51 2.47 2.51 83,000 208,030 GMA NETWORK 3.34 3.35 3.34 3.35 3.32 3.34 126,000 420,850 5 5.48 5 5 5 5 1,000 5,000 MLA BRDCASTING DITO CME HLDG 0.58 0.59 0.58 0.59 0.57 0.59 2,776,000 1,613,490 7,560 1,545 1,549 1,540 1,550 1,531 1,545 34,255 52,868,825 5,059,835 GLOBE TELECOM 1,199 1,200 1,250 1,251 1,200 1,200 342,495 414,712,535 168,085,520 PLDT APOLLO GLOBAL 0.0055 0.0056 0.0056 0.0057 0.0054 0.0055 417,000,000 2,299,800 -49,500 9.5 9.58 9.35 9.64 9.35 9.58 3,916,800 37,383,356 1,300,177 CONVERGE DFNN INC 0.63 0.65 0.65 0.65 0.65 0.65 6,000 3,900 0.83 0.98 0.98 0.98 0.98 0.98 3,000 2,940 IMPERIAL ISLAND INFO 0.134 0.135 0.13 0.135 0.129 0.134 4,460,000 589,420 NOW CORP 0.355 0.365 0.365 0.375 0.35 0.35 830,000 303,700 -49,150 0.116 0.117 0.116 0.116 0.116 0.116 710,000 82,360 TRANSPACIFIC BR CHELSEA 1.07 1.08 1.01 1.08 1 1.08 991,000 1,047,190 CEBU AIR 23.4 23.9 23.05 23.9 23.05 23.9 330,700 7,784,710 -5,035,395 853 860 852 860 843.5 860 2,198,580 1,875,633,815 131,643,725 INTL CONTAINER LBC EXPRESS 10.2 10.5 10.68 10.68 10.2 10.2 2,100 22,050 0.65 0.71 0.71 0.71 0.71 0.71 2,000 1,420 LORENZO SHIPPNG MACROASIA 3.29 3.35 3.4 3.4 3.25 3.35 289,000 953,190 442,000 METRO ALLIANCE 0.59 0.62 0.65 0.71 0.58 0.62 159,000 100,450 3.67 3.74 3.75 3.75 3.71 3.73 1,018,000 3,817,280 -108,840 PAL HLDG HARBOR STAR 1.47 1.49 1.42 1.6 1.42 1.49 2,697,000 4,100,220 249,840 0.029 0.03 0.029 0.029 0.029 0.029 100,000 2,900 BOULEVARD HLDG DISCOVERY WORLD 1.01 1.02 0.94 1.01 0.94 1.01 9,262,000 8,718,410 -8,492,650 PH RESORTS GRP 0.405 0.41 0.4 0.415 0.345 0.405 28,110,000 10,784,550 185,250 13 13.38 13.42 13.44 13 13.38 9,800 129,006 CENTRO ESCOLAR FAR EASTERN U 755.5 790 790 790 790 790 20 15,800 -15,800 6.74 7.14 7.14 7.14 7.14 7.14 1,600 11,424 IPEOPLE STI HLDG 1.26 1.28 1.28 1.28 1.28 1.28 6,000 7,680 3,840 BELLE CORP 1.08 1.09 1.1 1.1 1.07 1.08 166,000 178,940 1.92 1.93 1.92 1.95 1.91 1.92 1,937,000 3,740,810 1,231,690 BLOOMBERRY PACIFIC ONLINE 1.61 1.7 1.7 1.7 1.7 1.7 30,000 51,000 7.24 7.25 7.34 7.4 7.24 7.25 3,424,600 25,001,056 2,248,404 DIGIPLUS 14.08 14.18 14.12 14.26 13.96 14.18 1,544,600 21,805,088 10,744,426 PHILWEB BERJAYA 7.7 8.39 8 8 8 8 600 4,800 1.02 1.04 1.04 1.04 1.02 1.04 11,000 11,260 1,040 METRO RETAIL PUREGOLD 40 40.3 40 40.5 39.85 40 416,300 16,651,060 3,818,440 31.65 32.5 32.85 32.85 31.8 32.05 4,400 141,655 -99,710 PHIL SEVEN CORP 1.95 1.96 2 2.05 1.94 1.95 147,000 291,980 -99,600 SSI GROUP UPSON INTL CORP 0.77 0.78 0.79 0.84 0.76 0.78 173,000 134,320 4,170 5.4 5.41 5.42 5.45 5.35 5.41 1,323,100 7,154,796 -2,653,441 WILCON DEPOT APC GROUP 0.101 0.102 0.104 0.104 0.104 0.104 10,000 1,040 MEDILINES 0.235 0.24 0.238 0.238 0.235 0.235 360,000 84,800 2.76 2.99 2.76 2.76 2.76 2.76 4,000 11,040 PAXYS PHILCOMSAT 1.62 1.64 1.62 1.62 1.62 1.62 7,000 11,340 MINING & OIL APEX MINING 16.68 16.7 16.9 16.98 16.66 16.7 1,681,400 28,139,602 8,769,290 18.56 18.6 18.56 18.74 18.4 18.6 900,400 16,680,428 -1,308,834 ATLAS MINING BENGUET 6.06 6.3 6.3 6.3 6.06 6.06 109,200 677,936 606 2.09 2.18 1.98 2.18 1.98 2.18 13,000 27,950 23,790 CENTURY PEAK 3.25 3.79 3.25 3.25 3.25 3.25 4,000 13,000 DIZON MINES FERRONICKEL 1.71 1.72 1.68 1.72 1.68 1.71 391,000 663,440 -59,190 0.22 0.222 0.22 0.22 0.22 0.22 1,590,000 349,800 LEPANTO A LEPANTO B 0.216 0.223 0.22 0.223 0.22 0.223 40,000 8,830 0.0083 0.0084 0.0083 0.0083 0.0083 0.0083 1,000,000 8,300 MANILA MINING A MARCVENTURES 0.75 0.77 0.77 0.77 0.75 0.76 494,000 374,990 NIHAO 0.5 0.52 0.495 0.5 0.49 0.5 392,000 192,580 3.72 3.78 3.72 3.83 3.66 3.78 1,620,000 6,032,010 -953,860 NICKEL ASIA OCEANAGOLD 34.45 34.5 34 34.6 34 34.5 535,000 18,449,000 -9,230,315 ORNTL PENINSULA 0.53 0.55 0.56 0.56 0.53 0.55 32,000 17,040 -5,300 10.56 10.62 10.52 10.68 10.52 10.56 1,546,600 16,308,844 -4,266,410 PX MINING UNITED PARAGON 0.0096 0.0097 0.0094 0.0096 0.0094 0.0096 10,000,000 95,800 3.18 3.4 3.25 3.25 3.25 3.25 4,000 13,000 -3,250 ENEX ENERGY ORNTL PETROL A 0.014 0.015 0.015 0.015 0.014 0.014 600,000 8,800 ORNTL PETROL B 0.014 0.015 0.014 0.014 0.014 0.014 100,000 1,400 0.01 0.011 0.011 0.011 0.01 0.01 49,600,000 538,300 PHILODRILL PXP ENERGY 3 3.03 3.08 3.08 2.99 3.03 158,000 480,800 -165,620 PREFFERED ACEN PREF B 1,023 1,028 1,030 1,030 1,026 1,026 425 436,210 AC PREF B3R 1,867 1,899 1,870 1,870 1,860 1,860 500 930,680 1,901 1,914 1,918 1,918 1,914 1,914 155 297,270 287,700 AC PREF B4R ALCO PREF F 460 489 490 490 489 489 820 401,000 480 495 495 496 495 495 730 361,550 ALCO PREF G ALCO PREF H 506 513 513 513 513 513 80 41,040 BRN PREF A 99.55 99.8 99.55 99.55 99.55 99.55 110 10,951 101 103.5 103.5 103.5 103.5 103.5 250 25,875 BRN PREF C CEB PREF 27 28.4 28 28 28 28 5,800 162,400 100.6 101.5 101.5 101.5 101.5 101.5 40 4,060 CPG PREF B DD PREF 89.85 89.9 90 90 89.85 89.9 50,640 4,553,749 FDC PREF A 901.5 1,000 990 990 990 990 90 89,100 950 1,010 1,030 1,030 1,010 1,010 25 25,650 FDC PREF B GLO PREF ANV 1,861 1,936 1,861 1,861 1,861 1,861 5 9,305 GLO PREF BNV 1,926 1,964 1,964 1,964 1,964 1,964 5 9,820 98.5 99 99 99 99 99 13,520 1,338,480 -1,338,480 MWIDE PREF 6B PCOR PREF 4A 990 998 995 998 990 990 940 934,000 945.5 992 982 982 982 982 700 687,400 PCOR PREF 4B PCOR PREF 4C 963 991 991 991 991 991 120 118,920 -69,370 PCOR PREF 4D 960 968.5 968.5 968.5 968 968.5 120 116,215 0.75 1.1 1.05 1.05 1.05 1.05 3,000 3,150 SFI PREF SMC PREF 2L 77.6 79.8 80.1 80.1 77.65 79.8 15,010 1,190,053 75.8 76.8 76.8 76.8 76.8 76.8 80 6,144 SMC PREF 2N SMC PREF 2O 77.9 78 77.9 78 77.9 78 8,560 667,653 779 SMC PREF 2P 72.05 74.2 72 72 72 72 8,000 576,000 73.6 74 74 74 74 74 10 740 SMC PREF 2S SMC PREF 2T 75.15 75.3 75.3 75.3 75.3 75.3 160 12,048 75 75.95 75 75 75 75 700 52,500 SMC PREF 2U SMC PREF 2V 76 76.5 76.5 76.5 76 76 13,790 1,048,804 SMC PREF 2X 78 78.9 77.7 78.9 77.7 78.9 1,220 95,018 6.36 7.38 6.35 6.35 6.35 6.35 100 635 TECH PREF B2D TOP PREF A1 99.9 100.9 99.9 99.95 99.9 99.9 310 30,974 100.6 101.9 101 101 101 101 10,000 1,010,000 TOP PREF A2

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

2.27 3 3.25 3.25 3.04 3.04 21,000 66,340 3.2 3.3 3.31 3.31 3.21 3.21 39,000 125,640 1.05

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

CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH LFM PROP XURPAS

0.32 1.34 0.57 1.34 0.02 0.236

1.1

1.05

1,000

1,050

-1,050

0.335 1.39 0.61 1.4 0.022 0.24

0.325 1.37 0.6 1.34 0.021 0.229

0.325 1.39 0.61 1.34 0.022 0.242

0.32 1.34 0.6 1.34 0.021 0.229

0.32 1.39 0.61 1.34 0.021 0.24

300,000 1,171,000 95,000 17,000 1,600,000 110,000

96,500 1,586,410 57,020 22,780 33,700 25,760

64,500 -51,300 2,100 -

EXHANGE TRADE FUNDS ATR FAMI ETF

97.5

97.6

97.5 97.8 97.5 97.6 2,060 201,159 6,825

Nido Petroleum drilling to cost $25M By Lenie Lectura @llectura

IDO Petroleum Philippines Pty. Ltd. and consortium partners will spend at least $25 million per well to pursue drilling activities in offshore Northwest Palawan. In a filing, Nido said the estimated expenditure for the drilling well activities in Service Contract (SC) 91 is at least $18 to $25 million per well. The SC91 will be developed by its operator, Nido Petroleum, and other consortium members including Alcorn Petroleum and Minierals Corp., Forum Energy Phillippines Corp., Oriental Petroleum and Minierals Corp., The Philodrill Corp. and PNOC Exploration Corp. The SC 91 covers an offshore area of about 103,034 hectares in the Northwest Palawan Basin and replaces the former SC 6B, which expired on Feb. 28, 2024. The new contract includes aims to re-evaluate and develop untapped oil reserves in the Cadlao Oil Field, which previously produced about 11.2 million barrels of oil between 1981 and 1991. The redevelopment plan for SC91 will consist of two phases. The first

will involve the drilling of one well with an upfront three to nine month extended well test in case drilling outcome favors commerciality. The second phase will involve adding one to three wells, with production restart estimated to commence in the second half of this year or first half of 2027. Exploration well drilling is conducted to establish the extent and size of a petroleum deposit that has already been discovered. Appraisal drilling is then carried out once oil or gas has been discovered in order to assess the extent of the field, the reserves, the possible rate of production, and the properties of the oil and gas. Production activities will commence following successful exploration and appraisal confirmation of the commercial viability of the discovered hydrocarbon resources. Production will involve the drilling and completion of production wells. Nido Petroleum was formally awarded the petroleum service contract in April this year by the Department of Energy. The SC91 is part of the government’s push to expand indigenous oil and gas exploration under Presidential Decree 87.

URC brands ranked among popular F&B

RANDS from Universal Robina Corp. ranked among the Philippines’s most chosen food and beverage brands, according to a new consumers study. “Great Taste” coffee, “C2” iced tea, “Piattos” snack and “Nissin” noodles earned places in the 2026 edition of the “Brand Footprint” report by Numerator LLC. The report measures how many households buy a brand and how often they choose it. The report is the annual ranking by Numerator’s “Worldpanel by Numerator” division of the world’s most chosen brands, based on a metric based on how many shoppers are buying the brand and how often. It essentially shows which brands are winning at the point of purchase. “When growth is harder to

find, penetration has been the key lever that got the brand winners through. To drive penetration, brands need a laser focus on recruitment to win more shoppers across more occasions. That means being top of mind and the brand of choice, being present where shoppers are, winning at the point of purchase, and capturing more usage occasions,” said Mieke Bartholomeus, Strategic Insights Director at Numerator (formerly Kantar Worldpanel). The “Great Taste” brand retained its position as the Philippines fourth-most chosen beverage brand, with 317 million consumer reach points. The coffee brand also ranked 14th across all fast-moving consumer goods brands and reached 66 percent of Philippine households.VG Cabuag

MUTUAL FUNDS

October 21, 2026

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A207.6 -2.75% 0.93% -2.15% -2.51% -3.03% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.2002 7.45% 15.09% 6.02% 4.63% 1.79% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.7461 -3.92% -0.45% -3.18% -4.37%-3.68% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7585 3.83% 3.95% 0.22% N.A3.31% FIRST METRO CONSUMER FUND, INC. -A 0.4974 -11.6% -7.58% -8.69% N.A -10.56% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.1861 -4.79% -2.18% -4.22% -2.46% -4.27% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6174 -4.53% -2.45% -4.63% N.A-3.92% MBG EQUITY INVESTMENT FUND, INC. -A 62.47 -26.24% -10.51% -9.23% N.A -30.17% PAMI EQUITY INDEX FUND, INC. -A 40.3821 -2.7% -0.71% -3.37% -2.4% -2.36% PHILAM STRATEGIC GROWTH FUND, INC. -A 434.56 -3.13% 0.48% -2.66% -2.34% -3.33% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.5249 2.24% 9.19% 3.55% 1.7% -2.33% PHILEQUITY FUND, INC. -A34.7828 1.21% 2.41% -0.82% -0.62% 1.02% N.A PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9114 3.25% 3.55% -0.67% 2.67% PHILEQUITY PSE INDEX FUND, INC. -A 4.3862 -1.67% 0.39% -2.33% -1.52% -1.87% PHILIPPINE STOCK INDEX FUND CORP. -A 720.77 -2.15% -0.03% -2.64% -1.71% -1.93% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6923 0.35% 2.19% -1.6% -2.71% -1.4% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.0465 -6.29% -1.85% -4.03% -3.13%-5.08% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8072 -2.32% -0.45% -3.01% -1.98%-2.04% UNITED FUND, INC. -A3.5519.78% 5.69% 0.54% 0.3% 8.02% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0123 -2.02% -0.11% N.A N.A -1.99% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0196 -2.44% 0.72% N.A N.A -2.29% PHILEQUITY ALPHA ONE FUND, INC. -A 0.8762 -7.05% -4.08% -5.29% N.A -7.21% PHILIPPINE STOCK INDEX FUND CORP. -A 869.92 -2.12% -0.21% N.A N.A -1.87% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,1 98.3634 -1.85% 0.16% -2.35% -1.31%-1.65% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.166 14.96% 13.98% -0.43% 2.56% 13.81% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.412 12.95% 16.87% 5.6% 8.79% 8.44% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A N.A N.A N.A PHILEQUITY GLOBAL FUND, INC. -A 1.0714 N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1504 0.81% 0.46% -0.88% -0.91% 0.47% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6945 4.9% 5.36% 0.03% -0.56%3.56% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4642 -0.22% 0.33% -1.81% -0.51%0.09% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2261 0.09% 6.38% 2.7% N.A -2.5% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.942 -1.75% 1.05% -0.69% 0.21% -3.02% PAMI HORIZON FUND, INC. -A3.6387 -2.67% 2.04% -0.64% -0.42% -3.99% PHILAM FUND, INC. -A15.3653-3.91% 0.78% -1.79% -1% -4.03% SOLIDARITAS FUND, INC. -A2.0532 -1.84% 1.29% -0.59% -0.3% -2.24% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.3142 -4.35% 0.27% -1.82% -1.34%-3.19% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8699 -5.38% 0.06% -1.38% -1.14% -4.48% 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 PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9772 0.43% 2.19% -0.28% N.A -0.16% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8258 -1.7% 0.53% -2.61% N.A -1.9% -1.88% -0.01% -3.2% N.A SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.7933 -2.21% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03234 -5.38% 1.16% -2.96% -1.01% -5.71% PAMI ASIA BALANCED FUND, INC. -B $1.1241 -7.5% 9.7% 0.71% 1.88% -7.1% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.5753 7.37% 12.6% 3.12% 5.73%4.44% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2064 3.24% 8.27% 0.45% 2.36%1.94% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 425.07 2% 3.18% 2.67% 2.56% 1.21% ATRAM CORPORATE BOND FUND, INC. -A 1.9919 2.22% 1.68% 0.7% 0.42% 1.71% COCOLIFE FIXED INCOME FUND, INC. -A 3.5975 0.87% 3.08% 2.1% 3.1% -0.06% EKKLESIA MUTUAL FUND, INC. -A 2.4275 -0.6% 2.82% 1.59% 1.41% -1.02% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.4806 -3.27% 0.9% 0.49% 1.07%-3.44% PHILAM BOND FUND, INC. -A4.4402 -3.36% 2.01% 0.16% 0.66% -3.68% PHILAM MANAGED INCOME FUND, INC. -A 1.5442 2.12% 4.44% 3.26% 2.92% 1.59% PHILEQUITY PESO BOND FUND, INC. -A 4.3218 0.57% 2.9% 1.77% 2.07% 0.2% SOLDIVO BOND FUND, INC. -A1.1277 1.02% 2.76% 1.97% 1.78% 0.64% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4324 -3.37% 2.03% 1.52% 2.1% -3.06% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8335 -2.54% 1.97% 1.17% 1.58% -2.7% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0041 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.31 1.22% 2.88% 1.75% 1.95% 0.61% ALFM EURO BOND FUND, INC. -A Є222 -0.64% 1.72% 0.19% 0.47% -0.8% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0428 -3.35% 1.38% -2.64% -0.73% -3% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0251 -4.92% 1.65% -0.63% 0.04%-5.28% PAMI GLOBAL BOND FUND, INC. -B $1.0474 -1.78% 8.2% 0.5% -0.47% -1.19% PHILAM DOLLAR BOND FUND, INC. -A $2.368 -4.4% 3.68% -0.9% 0.47% -4.52% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0628243 -2.31% 1.2% 0.1% 1.03% -2.52% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8685 -2.6% 4.35% -1.78% -0.53%-2.19% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1917 2.75% N.A N.A N.A 2.17% ALFM MONEY MARKET FUND, INC. -A 153.44 3.98% 4.12% 3.24% 2.89% 3.07% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2299 3.38% 3.77% 3.09% N.A2.69% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5214 3.45% 3.61% 3.01% 2.78% 2.69% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.55 3.96% 4.28% N.A N.A 3.16% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1992 2.47% 3.27% 2.52% N.A 1.95% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.2603 3.09% 4.75% N.A N.A 2.49% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.805 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5723 24.95% 23.57% 13.6% N.A18.53% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1771 8.09% 7.12% N.A N.A 5.5% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7806 -4.61% 1.55% -4.45% N.A -3.63% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - RENAMING WAS APPROVED BY THE SEC LAST AUGUST 27, 2026 (FORMERLY, FIRST METRO PHIL. EXCHANGE TRADED FUND, INC.)

“While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

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

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Teaching: A lifelong mission and legacy

AST October 5, we celebrated World Teachers Day. The day went unnoticed without much fanfare. Sadly, it is quotidian as that: teachers are ordinary “unsung” folks and, yet, they create all other professions, transforming and guiding those who choose the path to carry the torch of civilization forward. Teachers share the greatest gift of knowledge to empower students for the betterment of humanity. Such nobility is not for the ordinary: it is for those whose profound mission is shaping the future, one mind at a time, by constantly outpouring their own knowledge, experience, patience, and spirit into others. Teaching is not merely a job or a career path where competition for promotion, high recognition and huge wealth drives motivation. While many professions deal with tangible products or immediate results, teachers deal with the most precious human resources. The nobility of teaching is being selfless; giving one’s all without counting the cost. I am a proud teacher. Over five decades of active and stimulating engagements in various universities and corporations where I led and mentored thousands of students and employees to be the best of who they are and what they can do. I honed them to discover, invent and to grow. I did not envision to be a teacher. I discovered my passion as an insight from the journey I took from the start; willed myself into it so that I could share and engage others to rise above themselves. That journey is its own reward. From then on, I have not ceased to be a lifelong learner. My fruitful interactions with students made me whole. I was happy then and now. I do not only teach knowledge and skills; I share values that make life more meaningful for them. Knowledge and skills are easily learned especially at this time and age; but life’s choices are lived metaphysically and requires full integrity.

The nobility of teaching

AT its core, teaching is an act of hope. Every moment the teacher engages his students, they invest in their future that, alas, they may never see. They form character, not just teach facts and figures, but values, critical thinking, and sense of wonder. A great teacher creates an environment of mentoring, counseling, and cheerleading that make the unique sparks of students turn into flame. This requires an immense amount of empathy and resilience. A teacher’s influence doesn’t end when the bell rings or when the semester concludes. It lives on in the decisions their students make, the

careers they pursue, and the kindness they show others. In a constantly-changing world, the teacher remains a steady anchor, providing the foundation upon which all other professions are built. Doctors, engineers, and leaders all start in a classroom, guided by a teacher who believed in them. This is the enduring legacy of teaching. Ultimately, to teach is to love. It is to love the truth, to love the process of discovery, and most importantly, to love the students. It is this love that transforms a simple lesson into a life-changing experience. The nobility of the profession is not found in grand accolades or wealth, but in the quiet, transformative moments: a student finally understanding a difficult concept, a shy student finding their voice, or a graduate returning later to say: “Thank you for not giving up on me.” These words, uttered in complete humility and denouement are just rewards money cannot value. Let me share some more from my former students. A former MBA student, now based in Singapore, called me by phone and said: “Sir, I really appreciate the lessons of life you shared with us in MBA–to be the best of who I am and what I can do.” “I am sorry have somewhat forgotten the financial skills you expertly taught us, but these words of encouragement and hope are the most valuable and will stay forever. Thank you so much.” A former law school student wrote: “Sir, this semester has been an absolute pleasure. The way you teach, the way you are able to insert jokes and inspiring messages even as you talk about a subject most of us find intimidating, has been one of the better things of this semester.” “We will forever treasure the lessons you’ve taught us, and how, in a big way, you’ve helped us face our fears. No more fears, just understanding and appreciation. Thank you very much, Sir.” I had an accident that broke my right ankle four years ago. At midnight, I was wheeled into the emergency of a medical center in Pasig. The orthopedic surgeon came in. He introduced himself saying, “Sir, do you remember me? I was your MBA-MD student in Finance.” He lifted up my spirits and helped restore my walking ability. It was my turn to say “Thank you, doctor!” Dr Cesar Azurin Mansibang was a senior corporate executive, educator and Dean of the College of Accountancy of Dr. Yanga’s Colleges, Inc. and active officer and member of the Philippine Institute of Certified Public Accountants. The views and opinions he expressed herein do not necessarily represent the BusinessMirror.

Editor: Dennis D. Estopace • Thursday, October 22, 2026

‘BSP cannot afford to wait ‘til risks have materialized’

By Andrea E. San Juan

HE former deputy governor of the Bangko Sentral ng Pilipinas (BSP) said the central bank cannot afford to wait until all risks have materialized as doing so could confront a “more persistent inflation problem,” which would require a longer period of restrictive policy later.

As such, Diwa C. Guinigundo, also an analyst and principal advisor at GlobalSource Partners, said a 50-basis-point increase “would send a stronger signal that the [BSP] is determined to prevent temporary supply shocks from becoming a lasting feature of the inflation environment.” “Delaying an appropriate response could allow inflation to persist, eventually producing possible demand destruction as households cut consumption because their real incomes can no longer keep pace with prices,” Guinigundo explained in a commentary he published last Wednesday. The former BSP official said monetary policy works with a lag. With this, he said waiting until all the risks

have materialized could leave the BSP confronting a “more persistent inflation problem, requiring a longer period of restrictive policy later.” Guinigundo explained further that while a quarter-point increase would continue the tightening cycle, it “may not adequately reflect the scale of the deterioration in actual inflation and the outlook.”

Difficult trade-offs

WITH the BSP itself projecting above-target inflation through 2027, Guinigundo said that a “more decisive” initial response is “defensible.” “It would also help reinforce confidence that the [central bank] remains committed to its inflation target despite the difficult trade-offs,” added

Guinigundo. However, this does not mean interest rates can bring down global oil prices, increase agricultural output, or reverse peso depreciation “directly.” Instead, he explained that the purpose of tightening is to limit second-round effects: the possibility that higher food, fuel, and transport prices feed into wages, business pricing, and expectations of further inflation. “The challenge is to prevent an external price shock from becoming a more generalized and persistent domestic inflation problem,” added the former BSP deputy governor.

‘Cuts both ways’

GUINIGUNDO also argued that the negative output gap of the Philippine economy does not eliminate the need to tighten. “The strongest argument against a larger increase is the weakness of domestic economic activity,” he said. GDP grew by only 2.3 percent year-on-year in the second quarter of 2026, while gross capital formation contracted by 9.2 percent. “A sustained negative output gap suggests that actual output remains below potential, and further monetary tightening could weigh on borrowing, consumption, and investment,” Guinigundo opined. However, he pointed out that the

risk to demand “cuts both ways.” Higher interest rates can restrain spending, yet allowing inflation to continue surging can also destroy demand, he explained. “As food, fuel, electricity, and transportation absorb a growing share of household income, families have less to spend on other goods and services,” Guinigundo said. “They may initially draw on savings or borrow to maintain consumption, but these adjustments cannot continue indefinitely. Eventually, households cut back, businesses experience weaker sales, investment is postponed, and hiring becomes more cautious,” he added. Guinigundo emphasized that this is an “important distinction” as monetary tightening “deliberately restrains” demand to help restore price stability. Persistently high inflation, on the other hand, “erodes” real purchasing power and can weaken consumption even without further rate increases, he added. “If the BSP holds back while prices continue rising, it may find itself confronting both high inflation and an increasingly fragile recovery,” the former BSP official noted. The Monetary Board, the highest policy-making body of the central bank, is set to have its fifth scheduled monetary policy meeting for the year on Thursday.

More loans, high ROI key priorities of new SSS chief By Reine Juvierre Alberto @reine_alberto

XPANDING lending and improving investment returns are among the key priorities of newly-appointed Social Security System (SSS) President and CEO Victor Alfonso A. Limlingan. In a televised news program last Wednesday, Limlingan said his main priority is expanding SSS loans, followed by increasing portfolio returns. Our benefits depend on this because if we can increase our returns, we will be able to increase benefits. We need to maximize the earnings on the money you entrust to us to invest, he said in the vernacular. The SSS’s income from investments amounted to P27.157 billion in the first half and is expected to hit P71.412 billion by the end of

the year. Overall net income is also projected to reach more than P100 billion by year-end. Limlingan said he also wants the pension fund to offer more loans and make it easier for members to borrow from SSS. The SSS currently offers salary, pension, calamity and micro loans on top of the social security benefits it provides to its members. Moreover, Limlingan said he intends to focus on the SSS’s “pension booster” program, which is a voluntary savings scheme open to all members who seek to invest their excess income. The program yielded a 6.83 percent return in 2025, outperforming short-term government securities despite a challenging interest rate environment. Aside from investment performance and lending, Limlingan said

part of his priorities is improving service delivery, particularly by reducing long queues at SSS branches. About half of those waiting in a typical queue are updating their member records, an area where Limlingan said he hopes technology can help improve efficiency. Furthermore, Limlingan said he aims to strengthen contribution collections by maintaining relationships with large employers and exploring data-sharing arrangements with the Securities and Exchange Commission to help SSS track businesses with contribution obligations. The agency, likewise, intends to work with the Department of Information and Communications Technology to encourage gig-economy workers and virtual assistants to join the pension fund. Limlingan said he would revisit contribution payment schemes to ac-

commodate self-employed workers and others with irregular incomes, allowing them greater flexibility to contribute when they have earnings. In the first half of the year, SSS’s total assets reached P1.35 trillion, while its investment reserve fund stood at P1.31 trillion. The SSS released P173.45 billion in benefits in the same period, 19 percent higher than the P145.73 billion paid out in the same period last year. Contribution collections likewise rose by 6.9 percent to P200.32 billion in the first half from P187.44 billion in the comparable period a year ago. “We will continue to serve our members,” he said. “And we want to really improve our service.” Limlingan is also “asking for some patience while we try and improve the system; but rest assured, me and my fellow 8,000 colleagues here in SSS are dedicated to serving you.”

GSIS offers loans for dengue, El Niño-hit Bicol towns

HE Government Service Insurance System (GSIS) announced it has allocated P1.69 billion for emergency loans to members in Albay, Camarines Norte and Naga affected by the dengue outbreak and El Niño. A statement issued by GSIS last Wednesday read that 68,506 active members and pensioners in the three areas may access the loan offering. This comes after Albay and Naga were declared under a state of calamity due to an uptick in dengue cases and recent deaths, while Camarines

Norte was declared under the same state because of El Niño. Me mb e r s w it h a n e x i s t i n g emergency loan may borrow up to P40,000, but the balance of their previous loan will be deducted, leaving them with a maximum net amount of P20,000. Meanwhile, those without an existing emergency loan may apply for up to P20,000. The loan carries a 6-percent interest rate and is payable over three years. The monthly amortization is P655.56 for a P20,000 loan and P1,311.11 for a P40,000 loan.

It also has a redemption insurance feature that, if loan payments are made on time, the outstanding balance will be considered fully paid in the event of the borrower’s death. The GSIS said qualified members and pensioners may apply for the emergency loan through its mobile application until October 24 in Albay, October 27 in Camarines Norte and October 28 in Naga. Eligible active members must be residing or working in any of the areas affected, not on leave without pay and have no pending administrative

or criminal case. They must also have paid the required three-month premium contribution within the prescribed sixmonth period, must have no unpaid loans for more than six months and have a net take-home pay of at least P5,000 after deducting all mandatory monthly obligations. Old-age and disability pensioners residing in the affected areas may likewise avail themselves of the loan, as long as their resulting net monthly pension after loan availment is at least 25 percent of their basic monthly pension. Reine Juvierre S. Alberto

The US Treasury market’s new power brokers are now pickier than ever By Cameron Fozi, Greg Ritchie & Kyle Kim

ESET by a selloff in Treasuries that’s sent benchmark yields to multidecade highs, the US government is finding itself increasingly dependent on investors who only buy if the price is right. The evolution in who forms the world’s biggest bond market is underway after it swelled seven-fold to $32 trillion over the past two decades, powered by Uncle Sam’s rampant borrowing. Relatively less important than they once were are the foreign governments,

central banks and pension funds that display a less knee-jerk sensibility toward prices and hoover up traditionally risk-free securities—which pay predictable returns and are issued in dollars. Although some are flirting with winnowing their holdings, they are typically holding Treasuries for the long-run. Call them slow money. The footprint of private investors, meanwhile, is expanding. They own about 70 percent of federal debt, near the most since 1990. And almost a 10th of the Treasury market belongs to hedge funds, who have other assets to pick from and whose use of leverage to

exploit market dislocations has drawn the eyes of regulators concerned over risks to financial stability. In the hunt for returns, it doesn’t take much for such investors to turn away. They’re the fast money. For the likes of US Treasury Secretary Scott Bessent and Federal Reserve Chairman Kevin Warsh, the worry is that price-sensitive buyers now wield more power than ever if they suddenly take fright at monetary policy, the economic trajectory, widening US deficits or any presidential proclamation. Yes, the US government is still finding creditors to bankroll its spending,

but those investors are less reliable— and their fickleness is contributing to a rise in yields. To Anshul Pradhan, head of US rates strategy at Barclays Plc, it’s a behavior that reveals the true cost of money for the US. “The investor base has become more discerning,” he said. “A market with large price-insensitive buyers can absorb supply with relatively little adjustment. A market that relies on private capital may require a larger concession.” In the context of this year’s bond selloff, the transformation is taking on even bigger significance. While driven

largely by global factors such as a surge in oil prices as well as an improved economic growth outlook, the repricing has revived concerns over the US government’s fiscal policy. It’s also pushing up the cost of borrowing for companies and individuals. An Australian state-run fund last year said it was reducing its Treasury holdings on concern over US President Donald Trump’s tariff and tax plans. And this September, Norges Bank Investment Management, a unit of Norway’s central bank, proposed reducing its sovereign debt holdings, saying it could see better risk-adjusted returns from other fixed-

income assets. Companies, meanwhile, have been selling record amounts of debt to finance developments in artificial intelligence and the infrastructure to support it, a bet that’s helped drive a frenzy in the stock market. Unlike foreign central banks, who typically buy Treasuries to help manage national reserves and exchange rates, private investors have a greater ability to dump Treasuries in favor of corporate debt or stocks. The Fed, meanwhile, is no longer snapping up bonds as part of a quantitative-easing program designed to boost the economy. Bloomberg

Health&Fitness

B4 Thursday, October 22, 2026

BusinessMirror

Brain health across a lifetime: Why dementia prevention starts early

By Anne Ruth Dela Cruz

EMENTIA is often associated with old age, but protecting the brain is a lifelong undertaking that begins in childhood and continues well into adulthood. By the time memory problems become apparent, some of the processes contributing to cognitive decline may have been developing for years. According to Dr. Socorro Martinez, Head of the Institute for Neurosciences at St. Luke’s Medical Center-Quezon City, cognitive health is inf luenced by several factors throughout a person’s life, including education, lifestyle, cardiovascular health, and the management of coexisting chronic diseases. “Most of the studies have shown that dementia of the Alzheimer type really starts 15 to 20 years prior to the initial symptom of short-term memory lapses,” Dr. Martinez said, emphasizing the importance of prevention long before memory problems become apparent. Prevention has been categorized by the World Health Organization into: intervention promoting healthy behaviors and lifestyle; treatment or management of health condition or biological states that are associated with an increased risk of dementia; and interventions addressing environment risk factors. While dementia cannot always be prevented, addressing modifiable risk factors and adherence to healthy lifestyle practices may help reduce the risk of cognitive decline later in life.

Building cognitive health early ONE of the foundations of brain health, Dr. Martinez explained, is education. She identifies nurturing education from early childhood to adulthood is an important pillar of cognitive health, noting that studies have found a lower risk of dementia among individuals who spend more years in education than those who receive fewer years of schooling. Thus lifelong learning through early nurturing interactions, equitable access to quality education and cognitively stimulating school work and environment should be a priority of the government to optimize brain health of its citizens. The relationship between education and dementia risk highlights the importance of supporting learn-

ing and development early in life as part of a broader approach to longterm brain health. However, education does not guarantee protection against dementia, and other genetic, medical, and lifestyle factors also influence an individual’s risk. The work of protecting the brain continues beyond the classroom. As people move into adulthood, preventing head injuries and maintaining healthy habits become increasingly important. For teenage years to aged 20 to 35, Dr. Martinez identifies head trauma as a particular concern, including injuries resulting from sports and road accidents. Protecting the head from injury is one way to safeguard brain health over the long term.

The heart-brain connection AS people enter midlife, cardiovascular health becomes particularly important. Dr. Martinez identifies uncontrolled hypertension, diabetes, dyslipidemia, and obesity in midlife are among the factors that can contribute to cognitive decline. She specifically warns that high blood pressure during midlife may increase the risk of developing cognitive problems later in life. These medical health issues are also the risk factors for Stroke . Due to high societal stress levels among our young millennials, high blood pressure has be noted among them, increasing the risk for stroke among younger people. Stroke is of course a risk for dementia. These risks highlight why managing chronic conditions should not be viewed solely as a way to protect the heart or prevent other physical complications. It is also part of caring for the brain. Diet plays an important role in this effort. Dr. Martinez recommends healthy eating patterns, including the Mediterranean or DASH diet, and points to the Philippine government’s Pinggang Pinoy as a

DR. Socorro Martinez, Head of the Institute for Neurosciences at St. Luke’s Medical Center–Quezon City, guide to balanced nutrition. Not only is a healthy lifestyle practice for the heart, it also is a brain protector. Sleep is another essential component of brain health. Dr. Martinez emphasizes the importance of both sleep duration and quality, including identifying difficulties falling asleep or staying asleep and maintenance of the biological circadian rhythm of sleep and wakefulness . Exposure to sunlight while briskly walking in the morning for at least 30 minutes to an hour, helps in the regulation of the body’s circadian rhythm and help us sleep soundly at night. “Usually, you must have seven to 8 hours of good, uninterrupted sleep, It is during the phase of deep sleep, that the brain drains out toxic substances accumulated like beta amyloid and tau proteins through the g-lymphatic system. These proteins act in the cascade of Alzheimer’s disease.” Pillars of maintaining a healthy lifestyle include regular moderate exercise of 150 minutes per week, eating a well balanced diet, participating in engaging social activities, looking for novel things to do or exploring new travel destination, engaging in cognitive stimulating activities and refraining from excessive alcohol intake and smoking . Environmental factors may also matter. Dr. Martinez cites air pollution as a potential risk factor for dementia later in life, although the extent of its contribution to an individual’s risk requires further research.

Recognizing changes in cognition ALTHOUGH occasional forgetfulness can be part of everyday life, persistent changes in memory and other cognitive abilities should not be ignored. Dr. Martinez has observed complaints of memory lapses and other

cognitive difficulties among younger adults, particularly those aged 18 to 35. She noted that some experienced brain fog following COVID-19, while others struggled with attention and concentration. Depression, inadequate sleep, stress, and other factors may also contribute to these complaints. However, experiencing brain fog does not automatically mean a person has mild cognitive impairment or dementia. “When it becomes consistent, almost a daily event,” Dr. Martinez said, it warrants closer attention and assessment. Other warning signs include difficulty making appropriate judgments, forgetting information that has just been learned, becoming disoriented in familiar surroundings, and struggling to find the right words or losing track of an on going conversation. As cognitive problems progress to dementia, they may interfere with a person’s ability to carry out everyday activities independently. Emergence of behavioral and personality changes may herald progressive deterioration of the person’s dementia. For this reason, persistent symptoms merit professional evaluation rather than self-diagnosis. At St. Luke’s Medical Center, Dr. Martinez said, the Memory Center conducts comprehensive cognitive and behavioral assessments to help determine the nature of a patient’s difficulties and the appropriate next steps.

A lifelong commitment to brain health PROTECTING cognitive health requires attention to different risks at different stages of life. Education and nurturing during childhood, head injury prevention in young adulthood, preservation of good eyesight and hearing, adherence of healthy lifestyle practices and the management of chronic diseases in midlife all have a place in this effort. For people already experiencing persistent changes in memory or concentration, seeking professional advice is equally important. Some cognitive complaints may have causes that can be addressed, making proper evaluation essential. Ultimately, the goal is not simply to avoid forgetfulness in old age, but to preserve cognitive function and independence for as long as possible. As Dr. Martinez’s insights suggest, caring for the brain should not begin when memory starts to fade. It is a lifelong investment, one that starts in childhood and continues with the choices people make every day.

Advocates from various sectors urge Congress to expand smoke-free, vape-free spaces By Claudeth Mocon-Ciriaco

HE Department of Health (DOH) has warned that cadmium, a toxic metal found in some vape aerosols, can damage the kidneys and bones. Long-term exposure to the metal can also increase the risk of cancer. Cadmium is not the only potentially harmful substance found in vape aerosols. Other chemicals, including benzene, diacetyl, and acrolein, can also pose serious health risks. Amid these concerns, parents, schools, and members of the religious sector are urging Congress to prioritize the proposed Smoke-Free and Vape-Free Environment Bill (House Bill No. 9603) to strengthen protection against tobacco smoke and vape emissions, particularly for children and young people.

Parents call for safer learning environments AGNES ALIPARO, president of the SPTA District 2 Federation in Que-

zon City, called on parents to support the proposed measure and work with schools to protect students from exposure to tobacco smoke and vape emissions. “We support the Smoke-Free and Vape-Free Environment Bill because our children deserve to learn and grow in environments free from tobacco smoke and vape emissions. I encourage fellow parents to support HB 9603 and join efforts to protect the health and future of our children,” Aliparo said. In Cebu, Velez College underscored the role of educational institutions and future health professionals in advancing public health protection. Atty. Ebenezer Daryl P. Manzano, dean of medical technology at Velez College, emphasized the importance of combining education with effective policies. “Schools help shape the habits and values of young people. Educating students about the risks of tobacco and vaping must go hand in

hand with policies that protect them from exposure to smoke and vape emissions,” Manzano said.

Faith communities promote health protection MEMBERS of the religious sector also emphasize care for others, responsibility, and respect for life and health. Pastor Manuelito Lim, senior pastor of Blessed in Christ By Grace Church and a member of the Parents Against Vape (PAV) board, encouraged families and communities to work together to protect young people. “Our bodies are precious, and caring for them is part of honoring the life we have been given. Whatever our faith tradition, we share a responsibility to guide our young people toward healthy choices and protect them from harm,” Lim said.

Youth vaping and secondhand smoke exposure THE 2024 Global Youth Tobacco Sur-

vey (GYTS) found that 12.8 percent of Filipino students aged 13 to 15 currently use e-cigarettes. The survey also found that 61.1 percent of students were exposed to tobacco smoke in enclosed public places, while 42.5 percent were exposed at home. These findings highlight concerns about young people’s exposure to tobacco smoke and the need for effective protections.

Advocates urge Congress to act PARENTS Against Vape, together with the Philippine Smoke-Free Movement, is calling on Congress to prioritize HB 9603. The proposed measure seeks to strengthen smoke-free and vape-free protections, including expanding the areas where smoking and vaping are prohibited. PAV also continues to advocate for a total ban on vaping, calling for stronger government action to prevent young people from accessing and using vaping products.

Editor: Anne Ruth Dela Cruz

Wider HPV vaccination seen as key to accelerating cervical cancer elimination in PHL By Candy P. Dalizon Contributor

XPERTS from the European Parliamentary Forum for Sexual and Reproductive Rights (EPF) say that while the Philippines has laid much of the policy groundwork for human papillomavirus (HPV) prevention, eliminating cervical cancer will require broader vaccine coverage, including the eventual expansion of vaccination to boys, and stronger local implementation. The recent launch of the HPV Prevention Policy Atlas Asia-Pacific 2026 at the House of Representatives brought together lawmakers, health advocates, civil society groups, and cervical cancer survivors to address gaps in the country’s HPV policies and their implementation. The Atlas gave the Philippines an overall score of 71.6 percent, trailing several Southeast Asian neighbors, including Brunei Darussalam at 87.7 percent, Malaysia at 86 percent, Indonesia at 84.2 percent, Singapore at 79.7 percent, and Thailand at 78.9 percent. The results underscore the gap between established policy frameworks and their implementation on the ground. “The policies are there. Just implementation is lacking,” said Marina Davidashvili, head of policy and research at EPF. Designed as a policy benchmarking tool rather than an epidemiological survey, the Atlas evaluates national frameworks in three areas: HPV vaccination, cervical cancer screening, and public access to verified online health information. EPF identifies expanding vaccine coverage as the Philippines’ most urgent priority.

Closing gaps in vaccination coverage

THROUGH the Department of Health’s SchoolBased Immunization Program (SBIP), the government provides free, two-dose HPV vaccination to girls aged nine to 14 in public schools. Some local government units (LGUs) and public hospitals also conduct supplemental vaccination drives for indigent patients. However, EPF highlights significant gaps in the current strategy, emphasizing the need for robust catch-up programs, improved vaccination tracking systems, and the eventual inclusion of boys in the national vaccination program. “If a girl didn’t go to school on that day, she missed the vaccine. There is no opportunity for her to get the vaccine. So catch-up programs would be very important,” Davidashvili said. Expanding access beyond school-based vaccination would help ensure that girls who miss scheduled immunization activities are not left unprotected.

Extending protection to boys

TRANSITIONING to gender-neutral HPV vaccination is another important benchmark for strengthening prevention efforts.

Although cervical cancer remains a primary focus of HPV prevention, the virus can also cause several types of cancer in men. Vaccinating boys, therefore, could broaden protection against HPVrelated diseases and help reduce transmission across the population. “Gender-neutral [vaccination] has to be something envisaged at some point,” said Neil Datta, founder and executive director of EPF. “There’s a lack of awareness that this can affect men as well,” he added. Addressing practical barriers—including missed school-based vaccination schedules, limited public awareness, and inconsistent local implementation—is essential to translating policy commitments into effective immunization programs.

Mobilizing local GAD funds

ANOTHER strategy raised during the Atlas launch was the use of local Gender and Development (GAD) funds to support HPV vaccination and cervical cancer prevention programs. Datta said clear administrative guidelines on allocating GAD funds for HPV and cervical cancer initiatives would help LGUs address financing gaps and strengthen local prevention efforts. “Potential funding is there. It’s just a question of liberating it and really making it available for this issue,” he said. The Philippines’ decentralized health system could also enable LGUs that prioritize HPV prevention to move more quickly in implementing local programs. “Where there’s political will at the local level, they can move faster. They don’t need to wait for what’s coming from the capital,” Datta said.

Turning policy commitments into action

THE Atlas launch demonstrated strong legislative interest, drawing around 10 lawmakers, including senior congressional leaders, who participated in discussions on strengthening HPV prevention and cervical cancer elimination efforts. “The overall tone of the discussion was all very constructive. Everyone wanted to find solutions,” Datta said. Sustaining this momentum will require coordinated action across government. Congress must exercise oversight to help ensure that public resources reach intended beneficiaries, national agencies must provide clear financing and operational guidelines, and LGUs must strengthen local delivery mechanisms to bring vaccination and other preventive services closer to communities. A sustained national commitment across administrations will also be essential if the Philippines is to close the gap with regional leaders in cancer prevention. “If there is a national will to do this, then the Philippines can,” Datta said.

Giving baby’s skin the moisture it needs

By Patrick Villanueva

BABY’S skin may feel soft and smooth, but its natural protective barrier is still developing. For parents, keeping that delicate skin clean, comfortable, and moisturized means choosing products formulated specifically for an infant’s needs. Baby skin differs from adult skin in its structure and ability to retain moisture. This makes gentle cleansing and regular moisturization important in helping maintain its protective barrier and minimize dryness and irritation.

Why baby skin needs special care

PARENTS may be tempted to share their favorite soaps and lotions with their little ones, but adult products are not necessarily formulated for an infant’s more delicate skin. Some cleansers may strip away natural oils, potentially leaving the skin dry or irritated. Dr. Neha Sahapture, a scientist from Kenvue Research & Development, explained that family bar soaps may contain ingredients and have pH levels that are not ideal for baby skin. “The biggest difference is the cleanser formulation. Most of the family soap has contents that contain pH of 7, while babies only have pH of 5.5. Plus, family soap usually has ingredients that might not be as suitable for babies,” Dr. Sahapture said. Choosing products specifically formulated for babies can help parents establish a gentler cleansing routine while supporting their child’s skin moisture needs.

Moisture that lasts beyond bath time

BATH time is an opportunity not only to cleanse a baby’s skin but also to help maintain its mois-

ture. Following a gentle bath with an appropriate moisturizer can help reduce dryness and support the skin’s natural protective function. Designed with these needs in mind, Johnson’s Baby’s HaploScience line features the Milk+Rice Bath and Milk+Rice Lotion. The products contain milk proteins, rice extracts, aloe vera, and vitamin B5, ingredients included in the formulations to support skin nourishment and moisturization. According to company testing, the bathand-lotion regimen provides hydration for up to 72 hours with regular use. The formulation is also reported to be twice as moisturizing as a family bar soap. The products use surfactants designed to cleanse without excessively stripping the skin’s natural protective barrier, Sahapture said. “Johnson’s uses surfactants that do not strip off the natural barrier of the developing baby skin barrier. That is how we ensure that Johnson baby products are formulated right,” she added. The line is formulated without parabens, phthalates, and sulfates, according to the company.

Keeping skin-care simple

CARING for a baby’s skin does not require a complicated routine. Gentle cleansing, appropriate moisturization, and attention to signs of dryness or irritation can help support skin health. Parents can start by choosing products specifically formulated for infants and applying a suitable moisturizer after bathing. If persistent redness, itching, or scaling develops, consulting a pediatrician is advisable. Ultimately, the goal is to choose products that meet a baby’s developing needs. With informed choices and consistent care, parents can help maintain their little one’s skin moisture and support its natural protective barrier.

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Thursday, October 22, 2026

PHL included in Australia’s multiple-entry visa program T

EU, Philippines conduct second security and defense dialogue

By Malou Talosig-Bartolome

ILIPINOS can now visit the “Land Down Under” multiple times for up to 10 years.

According to Australia’s Department of Home Affairs, the Philippines is among 11 countries whose citizens are eligible for the Frequent Traveler stream under the Visitor visa (subclass 600), a category designed for frequent travelers visiting the Oceanic country for tourism and businessrelated activities. The program also covers citizens of China, Brunei Darussalam, Cam-

bodia, Lao PDR, Indonesia, Malaysia, Singapore, Thailand, Vietnam and Timor-Leste. The Australian government said it can grant the visa for up to 10 years and allows holders to enter Australia more than once during the visa’s validity period. Travelers may stay for up to three months on each visit and for a maximum of 12 months within two years. The visa may be used for tour-

ism, holidays, cruises, visiting family and friends, and business visitor activities. However, holders are not allowed to work in Australia, but may study or undergo training for no more than three months. Applicants must hold a valid Philippine passport and be outside Australia when they apply and when a decision is made on the visa. They must also provide biometrics through an Australian Biometric Collection Centre, as well as meet health and character requirements. The Department of Home Affairs said applicants must demonstrate they are genuine temporary visitors, have sufficient funds to support themselves during their stay, and will leave Australia at the end of their visit.

Visa holders must follow all visa conditions and Australian laws, including restrictions against overstaying their authorized period of stay. According to the department, the visa cannot be extended, and travelers seeking to remain longer in Australia must apply for another visa. Australia will issue the visa electronically and link it to the holder’s passport, eliminating the need for a visa label. Holders may travel in and out as often as they wish while the visa remains valid, although time spent outside Australia does not extend the visa’s validity. The Department of Home Affairs currently does not provide processing times for the Frequent Traveler stream.

HE European Union and the Philippines recently held their second Security and Defense Dialogue in Manila. During the dialogue on October 8, both parties reaffirmed their shared commitment to enhancing alignment on multilateral fora to uphold the rules-based international order. They held substantive discussions on regional security dynamics, focusing on maritime security, including critical maritime infrastructure and freedom of navigation, and emphasized the importance of the United Nations

Convention on the Law of the Sea or UNCLOS. The security and defense exchanges, along with the EU’s recent announcement of its first-ever European Peace Facility assistance measure in Asia—with a €15-million package for the Philippines— demonstrate the bloc’s strong commitment to promoting stability and security in the region. Managing Director for Peace, Security and Defence, and European External Action Service Benedikta von Seherr-Thoss, and Foreign Affairs Undersecretary for Policy Leo Herrera-Lim jointly chaired the dialogue.

Israel, DMW and OWWA honor Fil. victims of October 7 attacks

Convene the NSC before Beijing makes its next move

ALLS to declare China’s ambassador Jing Quan persona non grata deserve more than a shouting match—rather, a meeting of the National Security Council (NSC). The row began when Defense Secretary Gilberto Teodoro called Beijing a “regional troublemaker.” Jing hit back a day later, saying China could “easily win” if it chose to use force, but that it chooses peace. The latter also described relations between the two countries as “extremely sensitive.” Many lawmakers heard a threat veiled in a reassurance. Senator Risa Hontiveros said the Chinese envoy should be declared persona non grata unless he clarified, and by the weekend other legislators were demanding his expulsion. Whether that reading is fair hardly matters. What does is whether the government has measured what a further slide in relations with Beijing would cost. We have been here before. Earlier this year, when similar calls surfaced, Malacañang said the President’s answer was “no.” The Department of Foreign Af-

fairs described expulsion as a last resort with “tremendous implications,” and reciprocal action. Beijing has already signaled its own response: Its embassy said Jing would leave if Marcos asked, and that other Chinese diplomats would leave with him. The legal authority is clear. Article 9 of the Vienna Convention lets a host state expel any diplomat at any time without explaining itself. What follows is less clear. Manila should expect Beijing to expel our ambassador in return. Embassies would stay open, and relations would formally survive, but the channels between the two governments would narrow just when they are most needed. In a crisis, less direct contact means more room for misreading and escalation.

Possible aftereffects

THE diplomatic fallout may be the lesser problem. The bigger exposure is economic, and it sits on the import side. In 2025, the Philippines bought $38.22 billion worth of goods from China—28.6 percent of its total imports—and that

share has climbed in recent years. Our country sold China about $9.3 billion—roughly 11 percent of its exports. That left a bilateral gap of nearly $29 billion, more than half of the country’s entire $49.72 billion trade deficit. In this relationship, Manila needs Chinese supply far more than Beijing needs Philippine goods. Chinese capital is a thinner thread, but not a negligible one. Foreign investment approvals fell by half last year to P272.38 billion, with Singapore leading at P92.78 billion. Yet 189 Chinese firms operate inside the Philippine Economic Zone Authority areas, with cumulative investments of P47.3 billion and more than 46,000 jobs, according to the agency’s figures. Those are Filipino workers whose employers sit on the other side of this dispute. So the vulnerability is not mainly lost sales or lost capital. It is the factories, builders and retailers that depend on Chinese components, materials and goods, and the jobs tied to Chineseowned plants. Trade would not stop overnight, and the economy is more diversified than many assume. But a prolonged chill could delay orders, raise input costs, spook investors, and reduce Chinese tourism. The NSC should ask which supply lines have no ready substitute, how quickly options could be found, and how much disruption key sectors can absorb before jobs and growth suffer. These are national-security questions, as much as economic ones.

Rivalry ripples

SAME goes for Filipinos living and working in mainland China, Hong Kong and Macau—among them professionals,

teachers, domestic workers and business executives. No one is saying Beijing would target them, but responsible governments plan for contingencies, not just certainties. If the dispute drags on, will our consular posts have the people and resources to help a Filipino facing a legal, labor, or immigration problem? Then, there is critical infrastructure. Rivalry between states now reaches the systems that keep a country running: power grids, telecommunications, Internet networks, banks and government databases. Do utilities, telcos, banks and agencies work from a common contingency framework? Could the country ride out a serious disruption to electricity or communications? A failure in either would quickly spread to banking, transport, emergency services, and government. The information front deserves attention as well. Influence operations do not always try to persuade. Often the aim is simply to confuse, deepen divisions, and erode trust in institutions. None of this may happen. The NSC’s task is not to forecast Beijing’s next move. Its task is to find the weak points, quantify the risks, and have responses ready before events dictate the pace. The Philippines may well decide that defending its interests is worth the price. That is a legitimate choice. But statecraft takes more than resolve. If calls to expel Jing keep gaining ground, Filipinos are entitled to know the consequences to trade and investment, the exposure of our power and telecommunications networks, and the safety of our kababayans in China. That’s what the NSC is for. Not after Beijing makes its next move, but before it does.

SECRETARY Hans Leo Cacdac and Ambassador Dana Kursh view a photograph of one of the Filipino victims

HE Embassy of Israel in Manila, in partnership with the Department of Migrant Workers (DMW) and the Overseas Workers Welfare Administration (OWWA), commemorated the third anniversary of the October 7, 2023, Hamas-led attacks in Israel, honoring the Filipino and Israeli lives lost. Spearheaded by Ambassador Dana Kursh, the ceremony carried the theme “Three Years of Resilience Despite the Loss[es].” It brought together victims’ families, survivors, and Philippine government officials for a candle-lighting ceremony and a photo exhibit honoring the eight Filipino casualties and recognizing survivors’ experiences. In her remarks, Kursh expressed solidarity with the bereaved families and reaffirmed Israel’s support: “We will be standing together in times of sorrow, in hugging those eight families, and God willing, in times of many celebrations and times of peace in Israel.” Four Filipino nationals—Paul Vincent Castelvi, Loreta Alacre, Angelyn Aguirre, and Grace Cabrera—were killed in the October 7 attacks. Four others— Cydrick Garin, Leah Mosquera, Mary Ann de Vera, and Lucille Jean Gershovich—later

lost their lives amid the continuing conflict. The ceremony also recognized Filipino survivors, including Camille Jesalva, who protected the elderly woman under her care during the attacks, as well as Jimmy Pacheco and Noralyn Babadilla, who were taken hostage and later released. Jesalva shared how the events of October 7 changed the lives of Filipinos who experienced them firsthand. She also thanked the Israeli and Philippine governments for their support as survivors and bereaved families continue to cope with their loss. Secretary Hans Leo Cacdac of DMW and Administrator Patricia Yvonne Caunan of OWWA reaffirmed the Philippine government’s commitment to assisting the victims’ families and protecting the welfare of Filipino workers in Israel. They also emphasized the importance of continued coordination between the two governments. The ambassador reaffirmed her country’s commitment to supporting the affected families in coordination with the DMW and OWWA. She also recognized Filipino workers’ contributions to Israeli society and the close ties between the Philippines and Israel.

BCCP wary of pork tariff hike’s potential inflationary impact & highlights UK’s agri exports’ aid on supply Spain’s October cultural line-up:

HE British Chamber of Commerce Philippines (BCCP) expressed concerns about the proposed tariff hikes on pork, noting the commodity’s significant role for Filipino consumers and its potential implications for meat supply, consumer prices, and agricultural trade. Notwithstanding, it welcomed close discussions with the Department of Agriculture (DA) and related stakeholders. Executive Vice Chairman Chris Nelson said the chamber sees agricultural trade as an important component of efforts to support food security and address price pressures: “We continue to work hard to bring in British pork and beef, which helps…with food security and inflation—another key issue in the Philippines.” For Nelson, “strengthening those ties was also a key factor.” Previously, the government also increased the 2026 pork minimum access volume, or MAV, to 204,210

metric tons. At the same time, the DA is proposing a 10-percentage-point increase in pork tariffs in 2027, which would raise rates from the current 15 percent in-quota and 25 percent outquota to 25 percent and 35 percent, respectively.

Challenges, opportunities

THE BCCP official noted that the Philippines continues to face challenges in meat supply, prices, and domestic hog production. African swine fever (ASF) has further exacerbated these issues, while the country’s hog inventory declined to 8.70 million heads from January to March 2026—its lowest since 1994. Meanwhile, the second UK-Philippines Joint Economic and Trade Committee Ministerial Meeting on September 22 highlighted opportunities to strengthen bilateral agricultural trade and cooperation, with agriculture among the priority areas discussed.

The UK and the Philippines agreed to continue cooperation on agricultural market access, animal and plant health, food safety, aquaculture, biotechnology, and climate-resilient agriculture, while working toward an Agriculture Trade and Cooperation Memorandum of Understanding. Both sides are also advancing technical cooperation on ASF, precision breeding, and antimicrobial resistance, including developing ASF regionalization guidelines to support safe and predictable trade.

Trade mission

ADDITIONALLY, the British Chamber, in partnership with the Agriculture and Horticulture Development Board (AHDB), will hold its ninth UK agricultural trade mission to the Philippines on November 19 to 20, bringing British businesses together with local importers and industry stakeholders. Nelson said the repeated missions demonstrate the chamber’s focus on

building longer-term commercial relationships between UK exporters and Philippine businesses. “We have seen [significant growth. We work closely with the AHDB] and the trade board from the UK,” he said. “I’m pleased to say they’re coming out again in November and this will be their ninth trip, which shows we’re looking at long-term relations with Philippine companies and importers, and working forward.” The upcoming mission follows continued growth in UK meat exports to the Philippines. AHDB data for January to July 2026 showed British pig meat exports to the Philippines at 12,139 tons—an increase of nearly 4 percent year-on-year—while UK beef exports reached 382 tons—up 54 percent. As the Philippines continues to address food-supply and animal-health challenges, the chamber sees continued opportunities for UK companies to develop partnerships within the agricultural sector.

From the gallery to the classroom

HE Embassy of Spain in Manila—through Instituto Cer vantes and its Cultural and Education Offices— offers fresh ways to explore the many connections with the Philippines this month. Caza Azul in Intramuros is currently playing host to “Female Designers: (Re) designing the World,” a creative journey bringing together 12 Spanish designers. It is an invitation to contemplate the alliance between tradition and the future, between sustainability and imagination. Spanish language professors are encouraged to join the “VIII Jornadas de Español como Lengua Extranjera,” which will be held on October 23 and 24 at the Ateneo de Manila University. This year’s conference will focus on strategies for fostering oral and written in-

teraction in the classroom. After successful runs at the Instituto Cervantes and the University of Santo Tomas in 2024, the exhibit “Nebrija in the Philippines” is ongoing at the Lyceum of the Philippines, spotlighting Antonio de Nebrija’s legacy and its link to the first grammars of Philippine languages. Four exhibitions remain undiscovered, including two permanent displays: “Tagpuan” by Boa Mistura, a large-scale walland-floor mural at Fort Santiago, and “Four Centuries of Spanish Engineering” at the Centro de Turismo Intramuros—both available year-round. Meanwhile, take some time to visit “Buen Camino” at the San Agustin Museum and “Returning to Manila: The Galleon Trade in Maps” at the Museo del Galeón.

Thursday, October 22, 2026

CBTL creates opportunities to support, empower members of the deaf community

hrough Caring Cup, its communitybased advocacy arm, The Coffee Bean & Tea Leaf (CBTL) Philippines turns its commitment to inclusion and accessibility into meaningful action. By building partnerships and creating opportunities that empower members of the deaf and hard-of-hearing community, Caring Cup works to foster greater understanding, strengthen community connections, and make inclusion part of everyday life. To celebrate Deaf Awareness Month, Caring Cup presented Small Signs, Big Impact, a multiday Filipino Sign Language (FSL) workshop series that promotes inclusive communication and raises awareness about the deaf community. Through these sessions, CBTL aims to make learning FSL more accessible, equipping participants with practical skills to communicate more inclusively in their everyday interactions. Held throughout September 2026, the workshops welcomed over 100 participants and brought together CBTL team members and guests in support of the initiative’s advocacy. Turning awareness into action, CBTL partners with Hand & Heart, an organization dedicated to integrating

Leah Mae D. Dizon, RN

Elgie May F. Badbadon, RN.

Apex Mining’s scholarship program continues to make dreams come true

deaf individuals in the workplace through programs and services that promote accessibility and employment opportunities. With its FSL workshops and other initiatives, Hand & Heart helps bridge communication gaps and encourages more inclusive interactions between deaf and hearing individuals. CBTL supports efforts to build a more inclusive community, where understanding and communication can open doors to meaningful connections and opportunities. Deaf awareness and inclusion are causes close to CBTL’s heart. Beyond raising awareness through its Caring Cup initiatives, the organization fulfills its commitment by creating employment opportunities for the deaf and hard-ofhearing community. Currently, CBTL employs deaf team members who actively interact and communicate with colleagues across the

organization. By fostering an inclusive workplace where deaf individuals can contribute their skills, build connections, and grow professionally, CBTL continues to champion inclusion. At CBTL Philippines, we believe that a cup of good changes the brew. Beyond our passion for coffee and tea, we are committed to making a positive difference in the communities we serve. Through Caring Cup, we turn this commitment into action through initiatives that bring people together, encourage participation, and create opportunities for positive change and social impact. Caring Cup invites you to take part in upcoming community activities. Be part of the movement and sign up for future events. Follow The Coffee Bean & Tea Leaf Philippines on social media for updates on Caring Cup initiatives, sign-up details and more ways to get involved.

PEX Mining’s SDMP Scholars, Elgie May F. Badbadon, RN, and Leah Mae D. Dizon, RN, passed the recent Nursing Licensure Exam. Serving eight host and eight neighboring barangays in Maco, Davao de Oro, the gold producer helps dreams come true for many residents through a wide array of social development projects, among them the scholarship program that Badbadon and Dizon qualified for. Badbadon and Dizon are two of the 10 scholars that Apex Mining supported in 2025. Aside from providing college

scholarships, Apex Mining enhances access to education (or SDG 4) through the Apex Community Technological Training and Assessment Center, the AMCI-Monark Scholarship and supporting the annual Brigada Eskwela of the Department of Education. To ensure that the social development programs of mining companies contribute to the growth and development of their host communities, the DENR- Mines and Geosciences Bureau required that community programs be aligned with the UN-Sustainable Development Goals.

Chivas Regal unveils new blend co-created with Charles Leclerc

HIVAS Regal 16 Year Old, the brand’s first-ever 16-yearold expression and a limited-edition blend co-created with Global Brand Ambassador Charles Leclerc, officially arrives in the Philippines. The whisky made its local debut at Whisky Live Manila & Bar Show 2026, which happened on October 16 to 17, 2026, at Shangri-La The Fort, Bonifacio Global City. The timing could not be more fitting, as the Philippine launch coincided with Leclerc’s birthday on October 16, a date made even more significant by his iconic racing number for Scuderia Ferrari HP. That same number sits at the heart of Chivas Regal 16 Year Old, inspiring a whisky built on one guiding principle: every choice matters. The blend began with a challenge from Leclerc himself: to create

the first 16-year-old whisky in Chivas Regal’s history. Working alongside Master Blender Sandy Hyslop, Leclerc was involved in every stage of the process, from exploring maturation techniques to shaping the final blend. The result marks his first co-created whisky, reflecting the same pursuit of mastery that drives him on and off the track. Drawing on sixteen carefully selected whiskies, each aged at least sixteen years, Chivas Regal 16 is built from deliberate choices, including Charles’ selection of Longmorn Single Malt, matured in sherry casks, as the whisky’s signature component. The result is rich, velvety and opulent, with dark tones and warm, spicy notes. It is a living tribute to a belief Leclerc and Chivas Regal share: true mastery is never accidental. At the Ferrari-themed Chivas Regal booth at Whisky Live Manila, guests can be among the first in the country to taste Chivas Regal 16 Year Old, discover the craftmanship and personal story behind the blend, and celebrate the partnership between Chivas Regal and one of Formula 1’s most celebrated drivers. More than a new release, Chivas Regal 16 Year Old is a reflection of the man behind it. Co-created by Charles Leclerc and Master Blender Sandy Hyslop, the whisky draws inspiration from the number 16, which has defined Leclerc throughout his racing career. It also reflects a belief he shares with Chivas Regal: that true mastery comes from constantly pushing boundaries and setting new standards of excellence. “Whisky Live Manila is where the country’s whisky community comes together, so there is no better stage to introduce Chivas Regal 16 Year Old,” said Mary Jane Wong, Group Brand Manager for Pernod Ricard Philippines. “This blend was built on deliberate choices, from the number on the label to the Longmorn at its heart. We’re proud to bring Charles’ first co-created whisky to Filipino consumers, and to raise a glass to it on the very day the number 16 means the most to him.” Raise a glass to the pursuit of better. Chivas Regal 16 Year Old is available to taste and purchase at Whisky Live Manila 2026, and at Solid Wine Online. Please enjoy Chivas Regal responsibly and never drink and drive.

Heures d’Orange Afternoon Tea Set at C Lounge in collaboration with The Amenity Studio

Afternoon tea? Think fragrance, flavor, Hermès-inspired indulgence at Conrad

T C Lounge, Conrad Manila, Heures d’Orange, a collaboration with The Amenity Studio, offers a delicious exploration of fragrance translated into flavor. Inspired by the Hermès Hôtelier Collection and selected Hermès fragrances, the experience begins with thoughtful fragrance-and-tea pairings before each scent finds expression in savory and sweet creations. This season introduces Voyage d’Hermès, paired with cardamom tea and expressed through crab meat with cardamom brown butter and brioche, followed by a vanilla-cardamom dessert. Eau de Basilic Pourpre takes a more herbaceous turn with Moroccan peppermint tea, tomato, ricotta and basil tuile, and basil-lime crémeux. Returning favorites include creations inspired by Un Jardin en Méditerranée, Twilly d’Hermès Eau Ginger, Un Jardin sur le Nil and Eau de Pamplemousse Rose,

alongside freshly baked scones. “We want guests to discover fragrance differently— not simply as something to wear, but as an experience connecting scent, taste, and flavor,” shares Mitch GarciaArce, Managing Director of The Amenity Studio. Heures d’Orange is available daily from 12 noon to 6 pm at C Lounge, Conrad Manila, at P3,288++. Reservations: +63 2 8833 9999 or +63 917 650 3747. Located on the third floor of Conrad Manila, The Amenity Studio offers guests an intimate, sensory introduction to modern luxury. For updates on Amenity Studio exclusive offerings and upcoming collaborations, follow @amenitystudioph on Instagram and Facebook. For more information on Conrad Manila’s latest offerings, please contact +632 8833 9999 or email MNLMB.FB@ConradHotels.com.

Savoy Hotel Manila welcomes the season of giving with festive hampers

C Celebrate the season of giving with Savoy Hotel Manila’s Festive Christmas Hampers—a delightful selection of holiday treats and thoughtful surprises, perfect for expressing appreciation, sharing joy, and making every gift memorable.

HRISTMAS is made meaningful by the little things—a thoughtfully chosen gift, a favorite holiday treat shared with loved ones, or a simple gesture that reminds someone they are remembered. With reunions, office celebrations, and year-end commitments filling the calendar, planning ahead can make the season less hurried and leave more time for what truly matters: being together. With this in mind, Savoy Hotel Manila introduces its Festive Christmas Hampers, available in small, medium, and large sizes, offering thoughtful gifting options for family, friends, colleagues, and business partners. The large hamper brings together a delightful assortment of holiday treats, including Arbor Mist Peach Moscato, classic Italian Panettone, chocolate-coated breadsticks, red velvet cookies,

Christmas ginger cookies, colorful macarons, candied beer nuts, and praline bonbons. Completing the selection are Food for the Gods, Tablea Sabroso, and bibingka mix, bringing familiar Filipino flavors and Christmas traditions into the celebration. Adding a distinctly Filipino touch is Sparky, Savoy Hotel Manila’s beloved mascot, dressed in a charming Filipiniana costume in the medium and large hampers, while the small hamper includes a Sparky keychain. These keepsakes also celebrate the spirit of the Plant a Sampaguita Project, which promotes the preservation of Filipino heritage through the planting of the country’s national flower. More than a collection of treats, a Christmas hamper is a thoughtful way to express appreciation—to a colleague who made the year easier, a client who helped a business grow, or a loved one who deserves a little extra joy. Ordering early also gives

individuals and companies more time to prepare their gifts and arrange bulk orders before the holiday rush. The preparations can extend to the Christmas table, too. Savoy Hotel Manila offers Feast on the Go party trays for convenient family feasts, Christmas Bilao Specials made for sharing, and Yuletide Cakes and Bakes to sweeten holiday gatherings. Guests can also make advance reservations for the Christmas Eve Dinner Buffet, New Year’s Eve Dinner Buffet, and “Glitz & Glam into 2027,” the hotel’s New Year’s Eve countdown celebration. Ultimately, Christmas is not measured by the size of a gift or the grandness of a celebration, but by the thought behind each gesture and the time we make for one another. Sometimes, making room for these meaningful moments begins with preparing a little earlier.

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BEYOND LEGAL RECOGNITION: LONGSTANDING DEAF ADVOCACY FOR A DEAFINCLUSIVE 2027 NATIONAL BUDGET By Leonides D. Sulse, PhD THE call for a Deaf-inclusive 2027 national budget is more than a request for government support. It represents years of collective advocacy by Deaf Filipinos, hearing allies, civil society organizations, and policy advocates working to translate the recognition of linguistic rights into meaningful government action. The proposed General Provision on Filipino Sign Language (FSL) for the 2027 General Appropriations Act (GAA) is the product of sustained collaboration among the Filipino Sign Language National Network (FSLN2), the broader FSL National Network, and the Social Watch Philippines (SWP) Secretariat through its Alternative Budget Initiative (ABI). This partnership demonstrates how grassroots advocacy and organized civil society engagement can bring the concerns of marginalized communities into national budget deliberations. The proposed FSL General Provision has undergone annual revisions through the lobbying efforts of FSLN2 and SWP-ABI for the 2023–2026 GAAs, although it was not included in the 2024 GAA. These efforts have involved engagement with legislators in both the Senate and the House of Representatives who champion disabilityrelated legislative concerns. More recently, the campaign has gained urgency amid corruption controversies and legislative changes affecting transparency, civil society participation, and public accountability. At its core, the proposal seeks to strengthen the implementation of Republic Act 11106, or the Filipino Sign Language Act of 2018, which recognizes FSL as the national sign language of the Philippines and the official sign language of government. The proposed provisions emphasize interagency policy coordination, accessible public services, clearer budget reporting, auditing mechanisms, and implementation monitoring. Rather than focusing solely on securing substantial new appropriations, the initiative seeks to ensure that existing government systems explicitly recognize and address Deaf people’s accessibility needs. The broader principle is clear: legal recognition alone does not guarantee accessibility. Rights must be reflected in policies, budgets, institutional responsibilities, and measurable accountability. Deaf Filipinos must have equitable access to education, healthcare, justice, employment, information, and public services in their own language. As deliberations on the 2027 GAA continue, legislators, government agencies, civil society organizations, disability advocates, and institutional leaders are called upon to support the proposed General Provision on FSL. Policymakers must work toward its inclusion in the final national budget, while implementing agencies must commit to clear responsibilities, measurable timelines, transparent reporting, and effective monitoring. Deaf organizations and their allies are also urged to sustain collective advocacy and demand meaningful Deaf participation throughout implementation. n Dr. Leonides D. Sulse is a Filipino Deaf Full Professor and Research Coordinator at the De La Salle-College of Saint Benilde (DLS-CSB) School of Deaf Education and Applied Studies (SDEAS) with over 25 years of tertiary teaching experience, specializing in Deaf education, curriculum development, organizational leadership, and research.

Parentlife BusinessMirror

Editor: Gerard S. Ramos • Thursday, October 22, 2026

From healthy bodies to confident learners CLOCKWISE: The Little Fast Learners and their moms cap off the Abbott Fast Learners Field Day with smiles and shared memories; Pediatric Gastroenterologist Dr. Jennifer Olay (center) and Abbott head of medical affairs Dr. Gamaliel Tayao (right) discuss how a child’s ability to learn is shaped not only by cognitive development but also by the gutbrain connection, highlighting the role of nutrition containing Human Milk Oligosaccharides (HMOs) in supporting a healthy gut, strengthening immunity and creating a strong foundation for learning and development.

FTER my children passed their toddler years and entered school, I discovered an unexpected gap in my parenting journey, which was nutrition. There seemed to be plenty of advice about feeding babies and toddlers, but much less practical guidance about what growing school-age children needed to stay healthy, energetic and ready to learn. As a mother and licensed educator, I have always believed that learning begins long before a child opens a textbook. That is why Abbott’s recent Fast Learners Field Day caught my attention. This gathering, held in Manila, brought families together for interactive activities and an expert-led discussion on nutrition, child development and building strong foundations for learning. One insight worth exploring is the gut-brain connection. We often associate a healthy tummy with comfortable digestion. Gut health is one part of children’s overall well-being, although it would be too simple to say that one nutrient or product determines how quickly a child learns. “A healthy tummy does more than support digestion,” explained Dr. Gamaliel Tayao, head of medical affairs for Abbott’s nutrition business in the Philippines. “It also sends positive signals to the brain that can support mood, behavior, immunity and even learning.” He discussed Abbott’s research into human milk oligosaccharides, or HMOs, special prebiotics studied for their role in supporting beneficial gut bacteria and immune health. Abbott reported findings from research on an infant formula containing five HMOs: compared with children receiving formula without those added HMOs, participants had 40 percent fewer healthcare visits and an average of 3.4 fewer sick days. The company also reported differences in early languagerelated behaviors, including word imitation and understanding everyday phrases. These infant study findings do not guarantee better school performance. What I especially liked about the event was that learning was something children could experience, not merely hear about. Its Fast Learner Trails invited families to move through three stations, each highlighting a different aspect of growth. At the first station, children explored creative challenges designed to encourage imagination, problem-solving and confidence. Similac

GainSchool highlighted its formulation with added gangliosides, nutrients the brand associates with brain development. But the activity also illustrated something I often share in this column: Play gives children room to experiment, make mistakes and try again. The second station focused on digestive comfort and its relationship to children’s ability to participate in daily activities. It featured Similac TummiCare HW and its Triple Comfort Blend, including partially hydrolyzed whey protein. Parents should discuss persistent digestive symptoms or suspected allergies with their pediatrician rather than choose a formula solely on a promotional claim. The third station addressed differences in children’s earliest experiences. Babies born by Cesarean section may develop somewhat different early gut-microbe patterns from those born vaginally, although many factors shape the microbiome over time. Abbott introduced Similac Essencia+, formulated with five HMOs, BB-12 probiotics and nucleotides to support gut and immune health. For me, the larger message is that good parenting means looking at the whole child. We cannot separate physical comfort from emotional security, or curiosity from the confidence to explore. So what can we do at home? First, build regular meals around variety: vegetables, fruits, protein foods, whole grains and other nutrient-rich choices suited to a child’s age. Second, protect sleep and make

time for active play. Third, observe your child and understand that each child is born unique, instead of comparing milestones with classmates or siblings. Finally, ask what made your child curious and want to learn today. As parents, we can also invite children into the kitchen, and even in grocery shopping. Let them choose colorful vegetables, help prepare a simple baon or talk about how different foods help the body. Let nutrition be part of the bonding time with our child by searching healthy recipes online. Nutrition becomes less of a lecture and more of a shared family purpose. If a child has limited food preferences, recurring tummy discomfort or growth concerns, professional advice can help families identify what is needed. Supplements and specialized milk formulas may have a place for some children, but they are not substitutes for varied meals, responsive parenting, or appropriate medical guidance. As parents, we can ask more questions about nutrition when our children first enter school. We can stay curious, seek reliable guidance and observe. Our goal is not to raise children who learn the fastest. It is to nurture children who are healthy enough to explore, secure enough to ask, and confident enough to keep trying. When we nourish both their bodies and their curiosity, we help them discover a lifetime of joy and possibilities.

Top doctors offer updated flu and Covid vaccine recommendations, aiming to ease confusion By Lauran Neergaard The Associated Press LEADING US medical groups are urging people to get updated flu and Covid-19 vaccinations this fall, banding together Wednesday to issue shot guidelines—and highlight the science behind them— saying they hope to ease confusion caused by the Trump administration’s changing advice. Flu vaccinations are beginning and Covid-19 shots are starting to arrive after the Food and Drug Administration approved this year’s updated versions last week. Exactly who should get one or all of these vaccines, and when? That advice usually comes from the Centers for Disease Control and Prevention, with help from its independent advisers. But despite no new scientific evidence, Trump health officials last year began pulling back on some longstanding recommendations for fall virus protection and routine children’s vaccinations. Doctors’ groups are filling the gap: the American Academy of Pediatrics, American Academy of Family Physicians, American College of Obstetricians and Gynecologists, and the Infectious Diseases Society of America each released vaccination guidelines for their patient populations. “There’s been a lot of confusion and chaos regarding vaccine

Minnesota. Its analysis was published on Wednesday in the medical journal Jama.

HERE’S HOW TO PICK FROM THE MULTIPLE FLU VACCINE OPTIONS

recommendations,” said Dr. Sandra Fryhofer, of the American Medical Association. All the groups’ recommendations plus evidence on shot safety and effectiveness are being posted on websites so “the public has clear, consistent, science-based guidance even while the federal process is in flux,” Fryhofer said.

JUST ABOUT EVERYONE SHOULD GET VACCINATED AGAINST FLU

JUST about everybody starting at age 6 months needs flu vaccination, the medical societies agree. But flu is particularly

dangerous for people 65 and older, pregnant women, young children and people of any age who have chronic health problems, including asthma, diabetes, heart disease and weak immune systems. The last two flu seasons were especially harsh, with unusually high numbers of child deaths—the vast majority of them in unvaccinated kids. The vaccines don’t block all flu infections but they do help prevent the worst outcomes, decreasing older adults’ hospitalizations by 31 percent, according to the Vaccine Integrity Project, a public health group based at the University of

THREE “enhanced” flu vaccines are designed to better protect seniors. The American Academy of Family Physicians urges them to choose one—“but do not delay your vaccination if that one’s not available,” said AAFP’s Dr. Sarah Nosal. There’s a new choice this year for people ages 50 and older, the first flu vaccine made with the same mRNA technology that was key to ending the Covid-19 pandemic. One study found Moderna’s mFlusiva was 27 percent more effective against symptomatic illness among 50- to 64-year-olds than a standard shot. The FDA just approved the new option and the company expects some doses to be available soon at certain pharmacies. The shot-averse could choose a nasal spray, FluMist, if they’re ages 2 to 49 and meet other health criteria.

THE LATEST ON COVID-19 VACCINES

COVID-19 shots once were recommended for just about everyone by federal health agencies, but like last year, the FDA has only formally approved them for higherrisk people—those ages 65 and older or younger people with at least one health condition that increases their risk. Still, family physicians recommend

all adults get a Covid-19 vaccination, especially seniors and those with other risk factors. Adults 65 and older should get a fall dose and then a second dose six months later, as immunity wanes over time, Nosal said. The American Academy of Pediatrics recommends a Covid-19 shot for all children ages 6 months to 23 months, and for older kids with high-risk conditions. It also supports vaccination for any child whose parent wishes it. With millions of shots administered, there’s no evidence that coronavirus vaccination during pregnancy increases the risk of miscarriage or other problems, “so please get the vaccine,” said ACOG’s Dr. Christina Davidson. Depending on age, people can choose a shot from Moderna, Pfizer, or the only non-mRNA version from Novavax and Sanofi. Just like with flu vaccines, these shots are better at preventing severe disease than mild cases. The Vaccine Integrity Project said last fall’s Covid-19 shots cut the risk of hospitalization by 53 percent in seniors and slashed emergency room visits for very young children. Common side effects for flu and Covid-19 vaccines are mild and temporary, such as sore arms, fatigue, headaches, muscle aches, and mild fever. They occurred somewhat more often with the new mFlusiva than with standard flu shots.

Thursday, October 22, 2026

www.businessmirror.com.ph

Teodoro orders military to expand operational posture to deter threats

By Ashley J. Manabat

LARK AIR BASE, Pampanga— Defense Secretary Gilberto C. Teodoro Jr. has directed the Armed Forces (AFP) to expand its operational footprint across the Philippine archipelago, framing the move as an essential step toward deterring regional maritime threats and safeguarding national sovereignty.

Speaking on Tuesday during the first anniversary celebration of the AFP Strategic Command at Clark Air Base in Angeles City, Teodoro said that the military must preserve hard-won security gains while building a credible and sustainable external defense posture. Central to this effort is the

Comprehensive Archipelagic Defense Concept (CADC), a cornerstone strategy instituted by the Department of National Defense (DND). CADC aims to transform the nation’s defense apparatus from an internal security focus into a cohesive, outward-looking domain shield capable of protect-

ing vast territorial waters and exclusive economic zones. “We must preserve our security and stability gains while developing a credible and sustainable deterrent posture across our entire territory,” Teodoro stated, underscoring the necessity of seamless coordination across land, sea, air, and cyber domains.

Strategic hub

ACTIVATED in 2025 as a dedicated operational hub, the AFP Strategic Command plays a vital role in integrating intelligence, operations, and civil-military capabilities. The command is charged with uniting regional forces and accelerating command-and-control decisionmaking to stay ahead of fast-evolving security challenges. In addition to streamlining internal defense structures, the command oversees complex joint exercises and multilateral security activities with allied nations and like-minded international partners. Officials noted that these cooperative drills enhance tactical

interoperability, joint readiness, and regional coalition-building in key maritime corridors. The anniversary celebration, anchored on the theme “Strengthening the AFP’s Strategic Shield Across All Domains,” brought together senior defense leadership, military commanders, and foreign defense attachés. During the ceremony, Teodoro and Lt. Gen. Thad Rufino P. Candelario, commander of the AFP Strategic Command, presented awards to outstanding personnel, operational units, and key partner organizations. The awards recognized exceptional contributions to the command’s foundational growth, capability-building, and joint domain integration over the past year. As tension over critical maritime waterways persists, defense officials reaffirmed that the continued rollout of CADC – backed by a modernizing Strategic Command—will serve as the Philippines’ primar y shield against foreign intrusions and regional instability.

Palace cites need to ‘recalibrate’ border control, security By Samuel P. Medenilla

OLLOWING a series of high-profile escapes by fugit ives evading arrest—including businessman Charlie Ang alias Atong and Sen. Ronald dela Rosa alias Bato—Malacañang said on Wednesday that there is an urgent need to “recalibrate” government border control and security. “It should have been done a long time ago. Because the Philippines is surrounded by sea, one can slip through backdoor routes unnoticed,” Palace Press Officer Claire Castro said in Filipino during a press briefing. Castro added that authorities should initiate a crackdown on individuals colluding with fugitives. Her statement came after the Department of the Interior and Local Government (DILG) reported that Ang—who faces charges over the disappearance of several cockfighting enthusiasts (sabungeros)—had already left the

country through “backdoor” routes and was spotted in Cambodia. Castro noted that Interior Secretary Juanito Victor Remulla has already briefed the President on Ang’s status. “At this time, I cannot disclose what was discussed between Secretary Remulla and the President. Furthermore, any operations to be carried out by the DILG and our other law enforcement agencies cannot be revealed to the public,” Castro said. She stated that authorities are currently determining if Ang’s escape can be attributed to law enforcement lapses. “We cannot immediately conclude that there is a culprit or that someone was negligent. Let us allow the investigation to take its course so we can determine who is truly at fault,” Castro said. Despite the incident, Castro emphasized that Remulla continues to enjoy the full trust and confidence of the President. Aside from Ang, other high-profile figures who have managed to evade arrest

include former Party-list Rep. Elizaldy Co of Ako Bicol, who was implicated in the flood control controversy, and dela Rosa. Dela Rosa faces an arrest warrant from the International Criminal Court (ICC) for his role in the former Duterte administration’s drug war, which claimed over 6,000 lives. Co is currently applying for political asylum in France, while dela Rosa was reportedly spotted in Mindanao, according to Remulla. The DILG chief noted that authorities are trying to negotiate dela Rosa’s peaceful surrender, as the lawmaker is currently being protected by an armed group. Castro urged dela Rosa to surrender to prevent potential violence. “Just surrender so that no more blood is shed. And to those providing shelter: the law must be upheld, so do not serve as instruments for individuals who ought to be held accountable,” she said. However, Justice Secretary Fredderick Vida said on Wednesday that he could not

confirm reports that Ang had fled the country, noting that the Bureau of Immigration (BI) has no official exit record. “I cannot confirm that he is already out of the country because we rely on our immigration records, and based on those records, we have no entry that he left,” Vida said during an ambush interview. Vida added that he was unaware of the source of Remulla’s information. Despite the conflicting reports, Vida assured the public that the Department of Justice (DOJ) will continue prosecuting the murder cases tied to the missing sabungeros. “Because of the nature of these cases— these are murder charges—we will pursue our mandate. Our prosecutors will continue presenting relevant evidence before the court,” Vida said. “Although we see these developments as challenges, they are not fatal to the case. We will move forward with the prosecution.” With Joel R. San Juan

Officials advance Asean declaration vs Osaec By Jonathan L. Mayuga

S Association of Southeast Asian Nations Ministers and Leaders conclude the 20th Asean Ministerial Meeting on Transnational Crime (AMMTC) in Makati, Interior Secretary Juanito Victor C. Remulla is confident of a stronger, more effective, and regional response to combat evolving transnational crimes. On Wednesday, Asean leaders including Remulla, the AMMTC chairman; Goh Pei Ming (Singapore), Dato’ Seri Setia Awang Haji Sufian bin Haji Sabtu (Brunei Darussalam), and Maj. Gen. Kongsavat Boulnieng (Laos) concluded the meeting. Delegations and officials also represented Vietnam, Malaysia (led by Home Ministry Secretary-General Datuk Dr Awang Alik Jeman), Indonesia, Cambodia, Thailand, and Myanmar. Dato’ Astanah Abdul Aziz attended the meeting as the Deputy Secretary-General of the regional body for the Asean PoliticalSecurity Community. At a news briefing on Wednesday, Remulla enumerated three significant outcomes of the three-day meeting, which saw Asean Member State Ministers and Leaders actively taking part in the discussions.

Remulla said the AMMTC has advanced the Asean Declaration to Protect Children against Sexual Abuse and Exploitation, including material created with Artificial Intelligence; took up the first Asean Region Trafficking in Persons Report, providing the region an overview of the drive against trafficking in persons, and agreed to adopt a joint statement that sets the next steps in trafficking in persons, terrorism, and cybercrime. “In December 1997, Asean ministers met for the first time in Manila to discuss transnational crime. AMMTC has come home. All 11 ASEAN Member States sat for consultations with Japan, China and the Republic of Korea,” Remulla said. Much has changed since 1997, including online scams, trafficking, money laundering and drug trafficking; now they feed each other, and they move across borders, he added. The Philippines will soon turn over leadership to Singapore for the 21st AMMTC.

Border control

REMULLA said the DILG is coordinating with various law-enforcement agencies, including possible conduc t of joint operations with Asean neighbors to strengthen the Philippines’ capability to secure its borders.

“That is an internal security matter that we are taking up to strengthen our borders,” he said, admitting that it has been a point of concern for authorities. “We are upgrading our capacity, upgrading our technology, and upgrading our monitoring to better protect our borders,” he said. Internal security to protect the country’s border is ongoing to protect its borders and prevent trafficking in humans, particularly for those who make use of backdoor channels, admitting that it is a complicated matter that require close coordination between and among law-enforcdement agencies in the Philippines and its Asean neighbors. “Remember, we have the third largest coastline in the world. Thinking that there’s a simple solution to a complicated problem makes it a simplistic affair. But it is not. It is very complicated but we are focused and we are determined to protect our borders,” he said. Remulla underscored the strength of regional cooperation, citing the interception of 521 kilos of suspected shabu in Laos from Malaysia, which is bound for the Philippines. He said close coordination between and among agencies, including intelligence

sharing, proved effective in combating drug trafficking in this case.

Micro scam hubs

REMULLA also said that authorities are also closely looking into the operation of at least three micro scam hubs in Metro Manila following the successful raid of a scam hub in Zamboanga Sibugay early this month. The hub was dubbed as the largest Philippine Offshore Gaming Operator (Pogo) that continues to operate despite the ban by the Marcos administration more than two years ago. Authorities arrested 244 foreigners, mostly Chinese, during the operation. Remulla said the operation of micro scam hubs may proved difficult to track because of the size of the employees, which range between 10 to 20 people only. He said the Pogo operation is small and they would only rent a small house, instead of a big building or space. He said that these small micro hubs are operated both by foreigners with local contacts and partners. He also debunked the claim that the anti-Pogo campaign is ningas-kogon, saying there has been no let up in the operation, resulting in the dismantling of the hubs and arrest of employees.

Pampanga execs mull harvesting river water

ITY OF SAN FERNANDO —Pampanga of f icials are considering a long standing proposal by Manila Water Philippine Ventures Inc. to establish a bulk water facility that would draw water from the Pampanga River and other river systems, Public Works Secretary Vivencio Dizon said. The proposal aims to shift some water sourcing f rom groundwater to surface water, potentially easing pressure on underground reserves as the province prepares for possible shortages during El Niño, Dizon said in an interview following the meeting at the Capitol. “Matagal nang proposal ng Manila Water for a bulk water facility na kukuha ng tubig galing sa Pampanga R iver at iba pang river systems sa Pampanga para imbes na kumukuha ng tubig sa [ilalim ng] lupa, eh kukuha tayo sa ilog, iyong surface water na sinasabi nila,” Dizon said. He said the proposal reflects the challenge of dealing with flooding and water scarcity in the same areas, particularly during the dry season. “Nakakalungkot na ang Pampanga, Bulacan, at ibang lugar sa Pilipinas binabaha dahil sa mga ilog natin pero at the same time kulang din ang tubig lalo na sa tag-init. Baka maubusan

tayo ng tubig dahil sa El Niño,” he said. Dizon said the government was looking at surface water projects and bulk water facilities as part of efforts to address these concerns. He also cited detention basins, which he said could serve purposes beyond flood control. “Ang direktiba ng Pangulo ay hindi lang iyong sasalo ng tubig para bumawas ng baha pero ang sasaluhin na tubig ay magagamit din for irrigation and even household domestic water,” Dizon said. Gov. Lilia Pineda and Vice Gov. Dennis Pineda led Tuesday’s meeting with water agencies, utilities and other government offices to discuss water security. Attendees included Local Water Utilities Administration Administrator Jose Moises Salonga, Department of Public Works and Highways Central Luzon Director Arnold Ocampo and provincial environment and natural resources officer Arthur Punsalan. Representatives of 12 local water districts, environmental agencies and private water providers, including Clark Water Corp., also attended. The provincial information office did not provide details on the proposed facility’s location, capacity, cost, timeline or implementation status. Ashley J. Manabat

Revilla asks Sandiganbayan to dismiss malversation case By Joel R. San Juan

OR MER sen ator R a mon Revilla Jr. is seeking the i m med i ate d ism issa l of the malversation through falsification of public documents filed against him by the Office of the Ombudsman before the Sandiganbayan. Revilla, on Wednesday, asked the Sandiganbayan Third Division to allow him to file a demurrer to evidence on the ground that the prosecution’s evidence against him is weak. A demurrer to evidence is a motion filed by an accused in a case to dismiss the charges on allegation that the prosecution’s evidence is not sufficient to render a guilty verdict. Revilla, who is currently out on bail, is facing malversation of public funds through falsification of public documents filed against him by the Ombudsman over his alleged involvement in the P92.8million ghost flood control project in Pandi, Bulacan. In his 24-page motion for leave to file demurrer to evidence, Rev i l la pointed out that the prosecution’s own documentary evidence show that he did not participate in the preparation, processing, verification, approval or execution of the documents pertaining to the implementation of , and disbursement funds for, the Pandi project. In particular, Revilla said the prosecution failed to present evidence that would prove his involvement in the facilitation and inclusion of the project in the 2026 General Appropriations Act (GAA) and receiving kickbacks or advance commission.

“Clearly, accused Revilla cannot be held liable in any purported conspiracy to commit the crime charged. In the absence of proof that he facilitated or caused the inclusion of the Subject Project in the 025 GAA, and received kickbacks therefrom,” Revilla stressed. “Hence, if the prosecution’s evidence is insufficient to meet even the standard of strong evidence required to grant bail, it necessarily falls even further short of the higher standard standard of proof beyond reasonable doubt, required to convict.” The malversation case against Revilla pertains to the release of approximately P76 million for the supposed construction of a flood control project in Purok 5, barangay Bunsuran, Pandi, Bulacan, which turned out to be nonexistent. Public Works Undersecretary Roberto Bernardo, one of the state witnesses in the flood control scandal, claimed that he delivered P125 million to Revilla’s residence in 2024, and another P250 million delivered by his staff before the 2025 elections in exchange for facilitating or endorsing flood control projects. Revilla has since denied the allegations, claiming that he was just being used “to muddle the truth” in connection with the flood control mess. “Accused Revilla humbly submits that an examination of his Demurrer to Evidence shows that a verdict of acquittal is warranted in this case, without need for him to present his evidence, because of insufficiency of the prosecution’s evidence to prove his guilt beyond reasonable doubt,” the motion read.