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As peso dives, PHL eyes ‘greatest export year’ By Bless Aubrey Ogerio

FORTUNE LIFE GINTONG PARANGAL AWARDS: Eighteen outstanding members of the Department of Education (DepEd) will take center stage as Fortune Life Insurance Company confers the prestigious Amb. Antonio L. Cabangon Chua Gintong Parangal para sa Edukasyon on October 23, 2026, at Fairmont Makati. SEE “Fortune Life Gintong Parangal Awards” A3

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HE Philippines could record its biggest export year in history in 2026 as surging electronics shipments lift merchandise trade, even as the peso weakened to a record low of P63.361 against the dollar on Wednesday. For Trade Undersecretary and Board of Investments (BOI) Managing Head Ceferino S. Rodolfo, the country could exceed $100 billion in merchandise exports this year if the recent growth momentum continues, following August’s record monthly performance. “The best is still to come. August

was historic: $9.11 billion, the highest monthly export number we have ever recorded. But I believe our September numbers can even be more than double August,” Rodolfo said in a statement released by BOI. For September exports to more than double August’s $9.11 billion, shipments would have to exceed $18.22 billion. “If these trends continue through December, 2026 will be the greatest export year in Philippine history. We have the opportunity to surpass $100 billion in merchandise exports for the first time,” Rodolfo said. Philippine merchandise exports

reached a record $9.11 billion in August, up 27.8 percent from $7.13 billion a year earlier. Cumulative exports for January to August also hit a high of $64.04 billion, increasing 14.8 percent year on year. According to the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi), gains were largely driven by electronics shipments, which benefit from global investment in artificial intelligence (AI), data centers, and digital infrastructure. Electronic products generated $6.2 billion in August, accounting for 68.1 percent of total merchandise exports

based on the reported figures. The sector also posted the largest year-on-year increase among commodity groups, adding $2.32 billion. Seipi has raised its 2026 electronicsexport growth forecast to around 10 percent, equivalent to $54 billion to $55 billion. “AI is creating an extraordinary demand cycle, and it goes far beyond the AI processor itself. AI needs power electronics, storage, connectivity, semiconductors, and enormous data-center infrastructure,” Seipi President Danilo C. Lachica said in the same statement. The industry group also credited the See “Exports,” A2

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Friday, October 23, 2026 Vol. 22 No. 16

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A WORLD RUNNING DRY Clockwise from top left: Farmers harvest water spinach in Laguna de Bay in Cardona, Rizal, as water levels decline; a barge sits stranded on the drought-hit Kapuas River in West Kalimantan, Indonesia; volunteers distribute drinking water to drought-affected residents in

Medirigiriya, Sri Lanka; peasants carry World Food Program aid in Nueva Concepción, Honduras, where authorities declared a state of emergency over worsening El Niño-linked drought; Giovani Contreras shows the remains of a failed corn crop in Texiguat, Honduras; and Salvadoran farmer Raul Figueroa walks through a dried-up cornfield in Tecoluca, El Salvador. Across Asia and Central America, prolonged dry conditions are depleting water sources, damaging crops and threatening food security. In the Philippines, declining water levels in Laguna de Bay are raising concerns for agriculture and aquaculture, while PAGASA warns that a strong to very strong El Niño could peak before the end of 2026, increasing the risk of below-normal rainfall and drought in parts of the country. NONOY LACZA/AP PHOTOS

By Andrea E. San Juan @andreasanjuan

HE Monetary Board decided to raise the key interest rate for the fourth time in a row this year— opting, however, for a larger-thanusual increment this time as it saw the urgency to contain recent “unforeseen” developments on prices, with El Niño’s peak still to come. At its monetary policy meeting on Thursday, the Monetary Board, the highest policy-making body of the Bangko Sentral ng Pilipinas (BSP) decided to raise the central bank’s Target Reverse Repurchase (RRP) Rate by 50 basis points to 5.50 percent. The interest rates on the overnight deposit and lending facilities

were adjusted to 5 percent and 6 percent, respectively.

‘Sense of urgency’

BSP Governor and MB Chairman Eli M. Remolona, Jr. explained that worse-than-expected numbers prompted the MB to raise the key interest rate by 50 basis points at its See “rate hike,” A2

EL NIÑO’S DAMAGE TO FARMS BREACHES P8.57B IN 14 REGIONS By Ada Pelonia

@adapelonia

HE rapidly intensifying El Niño has battered more plantations, with damage climbing to over P8.5 billion, according to the Department of Agriculture (DA). The latest DA bulletin showed that agricultural damage brought by the strengthening dry spell has swelled to P8.57 billion, with losses recorded across 14 regions. This has so far affected 288,058 farmers with 291,154 hectares of agricultural areas. Also, the volume of losses has soared to 220,307 metric tons

(MT), severely hitting the corn sector which sustained most of the damage at 132,290 MT worth P5 billion. This was followed by rice, with losses pegged at 71,408 MT valued at P2.95 billion, based on the DA report. High-value crops were also struck by El Niño, damaging 16,450 MT of highland and lowland vegetables at P571.28 million. The livestock and poultry sector lost 6,690 animals from the climate pattern, which includes swine, carabao, duck, chicken, goat, cattle, turkey, and goose. The value of losses stood at See “Damage,” A2

Peza crosses ₧300-B mark 2 months earlier By Bless Aubrey Ogerio

@blessogerio

HE Philippine Economic Zone Authority (Peza) has exceeded its full-year investment target with two months left in 2026, but said sustaining the pace will depend on helping businesses navigate rising costs and economic uncertainty. Peza approved P309.629 billion in investments from January to October, up 76.56 percent from P175.365 billion in the same period last year and above its P300-billion target for the year. The agency is now poised to surpass its previous annual investment record of P311.9 billion, set in 2012, as it said it continues to receive inquiries from prospective investors.

“While we have exceeded our target, we recognize that businesses continue to face cost pressures and economic uncertainties,” Peza Director General Tereso Panga said in a statement. From January to October, Peza’s board approved 240 new and expansion projects expected to generate $9.124 billion in exports and create 38,815 direct jobs. The projects cover export manufacturing, information technology and business process management, facilities, economic zone development, logistics, domestic-market enterprises, utilities and tourism. Among the leading sources of foreign investment in Philippine economic zones were Taiwan, the See “Peza,” A17

PESO EXCHANGE RATES n US 63.2260 n JAPAN 0.4000 n UK 84.6975 n HK 8.0571 n CHINA 9.4706 n SINGAPORE 49.5075 n AUSTRALIA 44.4163 n EU 71.0218 n KOREA 0.0477 n SAUDI ARABIA 16.8558 Source: BSP (October 22, 2026)

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A2 Friday, October 23, 2026

SC guardrails on UA use may impact… Continued from A17

overreach in the SC ruling, Berberabe answered in the affirmative and said they will include it in their motion for reconsideration. “In effect, the Supreme Court interpreted a provision of law within the GAA, not a constitutional provision,” she said. “Regarding the OSG’s position on the case, we are simply operating within the constitutional framework—specifically, the principle of the separation of powers,” she added. Last Wednesday, Palace Press Officer Claire Castro stressed the importance of the Supreme Court amend its guardrails since its current version severely restricts the government from using unprogrammed appropriations in the 2027 GAA and the national budget in succeeding years. OSG, however, noted it agrees with the other provisions of the new SC ruling particularly in prohibiting the “Strengthening Assistance for Government Infrastructure and Social Programs (SAGIP)” item of the 2024 and 2025 GAA, which were removed from the national budget this year. “The executive branch and Congress have already anticipated many of the guardrails mentioned in the Supreme Court decision,” Berberabe said.

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Experts: Peso recovery lies more in restoring confidence

By Andrea E. San Juan

HE Philippine peso slumped to a new record low of P63.52 against the dollar on Thursday on the back of persistent dollar demand, elevated oil prices and pressures from the widening balance-of-payments deficit. On Thursday, data from the Bankers Association of the Philippines (BAP) showed the peso closed at a new historic low of P63.52 against the dollar, 15.9 centavos weaker than its P63.361 finish against the greenback on Wednesday. For John Paolo R. Rivera, Senior Research Fellow at Philippine Institute for Development Studies (PIDS), the recent depreciation of the peso “reflects persistent dollar demand, elevated oil prices/global uncertainty/pressures from the widening BOP deficit.” “They continue to weigh on investor

sentiment and the country’s external position,” Rivera said. He pointed out that an expected BSP rate hike could help stabilize the peso by supporting peso-denominated assets and narrowing interest differentials. “Its impact may be limited if external pressures persist,” added Rivera. While monetary tightening can help moderate depreciation, Rivera said it cannot fully offset global dollar strength and structural external imbalances. For her part, China Banking Corpo-

Rate hike…

October 22 rate-setting meeting—an increment that is larger than the quarter-point hike per meeting delivered by the MB in its first three scheduled

Continued from A1

ration’s (Chinabank) Group Chief Economist Domini S. Velasquez said the peso’s record low despite the BSP’s “surprise 50-bp rate hike” shows that “higher interest rates alone may not be enough to strengthen the currency.” While interest rate differentials with the US matter, Velasquez said: “We believe the peso’s sustained recovery will depend more on restoring confidence in the domestic economy.” Stronger economic fundamentals, faster growth, and greater business confidence will provide “more lasting support” for the peso, the group chief economist of Chinabank noted. At the monetary policy briefing on Thursday, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said “We’re not hiking the policy rate to defend the peso.” “We do intervene a little bit in the foreign exchange market, but that’s mainly to avoid the swings

in the exchange rate that tend to be inflationary. We have estimates of how much the peso has to move before it becomes inflationary, and that’s when we tend to intervene,” added the central bank governor. Within Thursday’s trading session, the peso hit a new record intraday low of P63.545 against the dollar while its strongest point was at P63.3 against the greenback. Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., noted that, “Despite the rate hike and the hawkish stance of the Bangko Sentral ng PIlipinas(BSP), the USD/PHP weakened to 63.520.” He added: “Sticky inflation in the US is testing the US Fed’s resolve causing the greenback to rise further. The last figures make it harder to justify holding the interest rate. The peso is likely to remain under pressure in the near term, with trading expected within the 63.500/63.750 levels in the nearterm.”

meetings for the year. “There was...because the numbers we were looking at, the forecasts, were worse than we thought. So there were surprising developments on prices. So there was a bit of a sense of urgency to try to dampen these inflationary pressures,” Remolona said. Explaining these “surprising developments” further, Zeno Ronald R. Abenoja, the central bank’s Deputy Governor of the Monetary and Economics Sector, revealed: “We have observed some unforeseen events that occurred in the third quarter of this year.” These events, he emphasized, “could be a manifestation of the beginning of the El Niño event.” Abenoja added: “And the peak is still to come.” “So to some extent we have considered those,” the BSP deputy governor said. While a “confluence of factors” were incorporated in the MB’s latest policy action, Remolona emphasized that “the biggest risk at the moment is El Niño.” Abenoja explained that there are several dimensions where El Niño can impact domestic inflation. “The loss in...or weaker domestic production of palay, for example, or higher international prices or extreme weather events that affect production. Although there will be dry conditions, it’s possible that there could be stronger typhoons that could affect food prices,” added the central bank deputy governor.

inflation returning to its target, as it expects inflation to settle at 3.3 percent.

Elevated inflation in 2027

THE central bank updated its inflation forecasts based on the actual developments in the market and in the economy, as well as new information that became available. For 2026, the forecast is still 6.1 percent average inflation. For 2027, however, the forecast had been revised upwards to 6 percent, from the 5.4-percent inflation forecast pegged during the August 27 rate-setting meeting. By 2028, the central bank sees

Inflation could rise further in Q4

WITH the average inflation forecast for 2026 at 6.1 percent and the actual numbers for the first nine months of the year at about 5.4 percent, Abenoja said this means the inflation rate “could continue to increase in the last quarter of 2026.” The central bank said inflation is seen to accelerate further in the coming months. “Average headline inflation is expected to remain high in 2027 and approach our 3.0-percent target in 2028. Core inflation is likewise projected to continue to rise, indicating underlying price pressures,” the BSP said. “Renewed tensions in the Middle East have driven global oil prices higher. Upside risks to inflation have materialized with the recent increase in transportation fares. El Niño conditions also continue to pose a risk to agricultural production and prices,” the central bank also noted in its statement. The Monetary Board recognized the need for a “strong” monetary policy response to broadening price pressures and further upside risks to inflation. Such a “decisive response,” it added, will make monetary policy “appropriately restrictive.” “This will contain secondround effects and firmly anchor inflation expectations,” added the BSP. The BSP said it stands ready to take further monetary policy action as necessary to “ensure the timely return of inflation to the target, in keeping with our price stability mandate.” The MB has raised the key interest rate by a total of 125 basis points since the start of the conflict in the Middle East on February 28, delivering three separate quarterpoint rate hikes at the Monetary Board’s rate-setting meetings held on April 23, June 18, and August 27; and a separate half-point rate hike on October 22.

Exports…

Continued from A1

CREATE MORE Act with strengthening registered export enterprises’ confidence to invest in expanded capacity and improve competitiveness. Meanwhile, the peso fell to P63.361 per dollar on Wednesday, 27.1 centavos weaker than its P63.09 close on Monday and Tuesday, data from the Bankers Association of the Philippines showed. While the weaker currency raises the peso cost of imports, it may also improve the peso value of dollar earnings for exporters. The Bangko Sentral ng Pilipinas has identified peso depreciation as one factor supporting export growth, alongside higher shipment volumes. Philippine Chamber of Commerce and Industry President Ferdinand A. Ferrer said exporters could benefit from the exchange rate, but the gains must translate into stronger productivity and greater technological capacity. “The important thing is to convert any exchange-rate advantage into something lasting: more investment, higher productivity and greater technological capability,” Ferrer said.

Damage… Continued from A1

P37.75 million. Citing Pagasa, the DA noted a “strong to very strong” presence in the tropical Pacific. Forecasts predict El Niño may peak before yearend and persist until the first half of 2027, according to the state weather bureau. While the latest water levels across major dams remain generally stable, Pagasa flagged the fact that Pantabangan Dam is below its target water level.

Mitigation measures

TO cushion the El Niño’s impact on farmers’ livelihood and production, the DA said it has rolled out an initial P11.34 billion worth of interventions to affected individuals. Broken down, P10.81 billion worth of assistance was given to provide farm inputs such as seeds, fertilizers, soil conditioner. The DA, through the Philippine Crop Insurance Corporation (PCIC), has also allocated P569.95 million in indemnification payments based on claims filed by 68,980 farmers. Further, 95,841 chickens, ducks, swine, goats, sheep, cattle, and rabbits were distributed to 92 groups of farmers and 306 farmer individuals through the Philippine Native Animal Development (PNAD) Program and Animal Production and Distribution (APAD). The DA also conducted cloud seeding operations in collaboration with Pagasa and the Philippine Air Force (PAF) in agricultural and watershed areas in Cagayan Valley and Western Visayas. It added that 338 water pumps were installed to enhance water supply in Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, Bicol Region, Western Visayas, and Zamboanga Peninsula.

Miners warn: JAO by DOE-DENR fraught with… Continued from A17

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 had said. 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.

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PHL exports coconuts to Liberia By Ada Pelonia @adapelonia

HE Department of Agriculture (DA) announced that the Philippines has exported young coconuts (buko) to Liberia, potentially opening new trade channels across West Africa. Davao City-based Abante Agri-Products Philippines Inc. shipped approximately 50 metric tons (MT) of whole young coconuts to Monrovia, Liberia, using two 40-foot refrigerated containers. Each container held 16,000 coconuts distributed across 800 sacks (20 pieces per sack), carrying a combined freeon-board (FOB) value of $22,400. The initiative supports the government’s broader strategy to diversify export destinations. Agriculture Secretary Francisco Tiu Laurel Jr. emphasized that market access and private-sector partnerships are essential to build a competitive agriculture sector and enhance farmers’ livelihoods. “Expanding into new international markets creates opportunities for our coconut farmers and exporters,” Tiu Laurel said. “The challenge is to turn these initial shipments into sustained demand that delivers better returns to our farmers and strengthens the Philippine coconut industry.” Facilitated through Liberia’s Ministry of Agriculture, the shipment will be donated to rural communities in the West African nation to support feeding programs and households— adding a humanitarian dimension to the commercial transaction. However, the DA noted that the long-term impact on farmers depends on whether these new channels can generate repeat orders, boost overall demand, and lift farmgate prices. The agency cautioned that higher export volumes alone do not guarantee increased incomes, as shipping costs, product quality, supply consistency, and revenue-sharing mechanisms will ultimately dictate the net benefits for local growers. “From Mindanao’s coconut-growing communities to rural Liberia, the initiative demonstrates how Philippine agricultural products can serve international needs while opening new possibilities for farmers and the domestic coconut industry,” the DA added.

Economy

Friday, October 23, 2026

Group urges Asean to invest in green jobs

By Mary Jade Jadormio

HE governments of countries belonging to the Association of Southeast Asian Nations must directly invest in green industries and expand domestic productive capacity rather than training workers for jobs that may never exist, a regional labor group warned during a green jobs forum in the Philippines.

The Sentro ng mga Nagkakaisa at Progresibong Manggagawa (Sentro) urged governments to align workforce development with concrete investments in renewable energy, green technology, sustainable infrastructure, public transport, agriculture, and fisheries. “Asean cannot train its way to a just transition. Governments must invest in green industries, build productive capacity, and create decent jobs—not simply prepare workers for jobs that may never materialize,” Sentro Secretary General Josua Mata said in a statement. Mata acknowledged that the Asean Framework and Action Plan

for a Just and Inclusive Transition to Green Jobs 2025–2030 creates a foundation for regional cooperation, but emphasized that implementation must address the systemic lack of industries and productive capacity required to generate large-scale employment. To bridge the gap between training and hiring, the group advocated linking skill programs and apprenticeships directly to funded projects in renewable energy, ecological restoration, low-carbon infrastructure, and essential public services. See “Jobs,” A5

DA, BOC partner to destroy smuggled goods

HE Department of Agriculture (DA) has forged an agreement w ith the Bureau of Customs (BOC) to ensure the complete destruction of condemned farm goods, helping curb agricultural smuggling. A g r icu lture Secretar y Francisco Tiu Laurel Jr. said the department signed a memorandum of ag reement (MOA) w it h t he BOC last week, which outlines the roles of the respective agencies regarding condemned goods. “ The MOA defines the roles of

each agency when a container is seized or needs to be opened—the protocols up until its release,” Tiu Laurel told reporters on the sidelines of a Senate hearing on the DA’s proposed 2027 budget. Related story on page B8 “If it’s smuggled, it goes all the way to rendering [facilities]. If there’s no issue upon opening, then it will be released immediately,” he added. Tiu Laurel said the agreement means DA officials, particularly the DA Inspectorate and Enforcement

Unit, as well as those from other government agencies, are present to ensure that condemned farm goods are properly destroyed. This, following reports that condemned agricultural shipments bound to be destroyed in rendering facilities were allegedly sold to the market, despite being deemed unfit for human consumption. “It’s a matter of food safety. It’s a matter of eliminating smuggling,” Tiu Laurel said. Under the rules, the National Meat Inspection Services (NMIS)

issues a certification stating that the condemned agricultural products are not fit for human consumption prior to disposal in recognized rendering facilities. Fu r t her, t he DA c h ief s a id t he MOA wou ld a l so help ea se t he movement of ag r ic u lt u ra l produc ts. “It’s also more efficient for everyone. Whether they are importers or exporters, they can have a better flow of their goods. See “Smuggled,” A5

News

Friday, October 23, 2026

DFA rebukes Chinese Embassy again

By Malou Talosig-Bartolome

Resolution 746 filed by Sen. Anna Theresia “Risa” Hontiveros, which urged President Marcos to declare Jing persona non grata or request his recall. The embassy accompanied the resolution with the caption: “Since you don’t welcome us, we don’t welcome you, either. Fair enough.” The post quickly drew attention as one of the sharpest public responses yet by the embassy to calls for the envoy’s expulsion. The embassy’s online campaign came after several lawmakers criticized Jing for warning that ChinaPhilippines relations had reached an “extremely sensitive and critical juncture,” remarks that some officials interpreted as a threat. The DFA’s latest statement appeared aimed directly at the embassy’s continuing online attacks. “All diplomats are expected to conduct and express themselves in a manner befitting diplomatic envoys, especially on social media,” the department said. It added that the embassy’s recent statements did not reflect the “longstanding spirit of constructive engagement” between Manila and Beijing. “Such statements are not conducive to good relations nor to the

@joveemarie

effective discharge of diplomatic functions,” it said. At the same time, the DFA reiterated that the Philippines remains committed to the One China Policy, which is anchored on the 1975 Philippines-China Joint Communique. “The People’s Republic of China is the sole legal government of China,” the DFA said, adding that the Philippines fully understands and respects Beijing’s position that there is only one China and that Taiwan is an integral part of Chinese territory. The statement also appeared intended to dispel Beijing’s serious concern that the “Philippine side continued to make negative moves on Taiwan-related issues.”

Despite mounting calls from lawmakers for stronger action against Jing, the DFA stopped short of announcing any punitive measure. Instead, it left open the possibility of future steps. “ T he DFA l i kew ise reiter ates t hat it reser ves t he r ight to t a ke f u r t her d iplom at ic action as it deems necessar y,” the depa r t ment sa id. The latest exchange underscores the increasingly contentious tone of diplomatic engagement between Manila and Beijing, with disputes over the West Philippine Sea now spilling into public exchanges between Chinese diplomats and Philippine officials on social media.

Teodoro slams China ‘interference’ in local politics

EFENSE Secretary Gilberto Teodoro Jr. on Thursday accused China of meddling in Philippine politics as internal divisions among Filipinos widen. “They accused me of personal political motives. They are interfering in our politics—this is no longer diplomacy. They are wading into Philippine internal affairs, and this should not pass,” Teodoro said in a radio interview. Asked if China was attempting to divide and conquer, Teodoro replied, “definitely.” “De-escalation will happen if

Filipinos stand united against them. It is obvious they are fooling and dividing us. The escalation does not come from us—we are simply stating facts against them,” he added. Chinese Ambassador Jing Quan has drawn sharp criticism after claiming last week that China would win “easily” if it used force in the West Philippine Sea, though he maintained Beijing would not do so. While several government officials defended Jing—including Sen. Robinhood Padilla, who called the envoy a gentleman.

House probes PHL connection in ₧3.5-billion Laos drug bust By Jovee Marie N. dela Cruz

HE Department of Foreign Affairs (DFA) on Thursday again called out the Chinese Embassy in Manila over its latest social media posts, saying their “escalatory and undiplomatic” tone has undermined efforts to stabilize bilateral relations, but stopped short of declaring Chinese Ambassador Jing Quan persona non grata. In a strongly worded statement, the DFA reaffirmed the Philippines’ adherence to the One China Policy while reminding all diplomats accredited to the country to observe restraint and responsibility in their public statements. “The escalatory and undiplomatic tone and language used in the latest social media statements of the Chinese Embassy erode mutual trust and confidence, and severely undermines the efforts to stabilize and improve bilateral relations,” the DFA said. The latest rebuke came just three days after Jing was summoned by the DFA over remarks that triggered criticism from lawmakers and security officials, who viewed them as an attempt to pressure Manila over its policies toward Taiwan, the West Philippine Sea, and its growing security cooperation with allies. Instead of easing tensions following the October 19 summons, the Chinese Embassy launched a series of social media posts defending the ambassador and taking aim at Filipino lawmakers who had called for diplomatic action against him. Among the most controversial was a post featuring Senate

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“That is Senator Robin’s opinion, but the majority disagrees,” Teodoro said. Lawmakers from both houses of Congress have filed resolutions urging President Marcos Jr. to declare Jing persona non grata. In response, the Chinese Embassy targeted several Filipino personalities and went so far as to “ban” the House lawmakers behind the resolution from entering China. Teodoro noted that while Jing’s conduct is unacceptable, President Marcos must weigh multiple factors before deciding on expulsion,

noting that the envoy merely acts on instructions from Beijing. “Even if you replace him, what is the point if his successor does the exact same thing? The real solution is to halt their actions and clarify that there are limits to what they can do here. It is not about the individual,” Teodoro explained. Malacañan previously said that Marcos is not inclined to expel Jing, emphasizing that this decision does not mean the Philippines is relinquishing its claims in the West Philippine Sea. Rex Anthony Naval

HE Philippine Drug Enforcement Agency (PDEA) has identified a former Bangsamoro lawmaker as one of the suspected masterminds behind an alleged attempt to smuggle P3.5 billion worth of illegal drugs from Laos to the Philippines, prompting the House of Representatives to seek answers on the shipment’s possible links to the country. In a briefing, PDEA Director General Isagani Nerez told the House Committee on Dangerous Drugs on Thursday that evidence gathered by investigators pointed to former Bangsamoro Parliament member Edriezan Hadji Nasser Rimbang, also known as “Sultan,” as a key player in the operation, citing affidavits obtained by the National Police–Criminal Investigation and Detection Group (PNP-CIDG). “Not as a mere financier, but among the key players, the mastermind,” Nerez said in response to a question from Party-list Rep. Leila de Lima of Mamamayang Liberal on whether Rimbang had emerged as the main person of interest in the investigation. Nerez said authorities had yet to interview Rimbang or obtain his affidavit, as investigators were still gathering statements from other individuals before approaching him. Rimbang was appointed to the Bangsamoro Transition Authority Parliament by former President Rodrigo Duterte in 2019. He later ran under PDP-Laban, the political party associated with the Duterte family, in the 2026 Bangsamoro parliamentary elections but lost. Interior Secretary Juanito Victor Remulla previously acknowledged Rimbang’s longstanding political ties to the Duterte family but stressed that investigators had found no evidence linking the family to the drug shipment. Nerez said investigators had gathered evidence indicating the alleged involvement of Rimbang and Abdulkarim Macalatas, identified as the intended recipient of the shipment in Manila. However, authorities still need transaction records involving Police MSgt. Aileen Jayne Manalo Mendoza, former airline pilot Rioklyn Pizarras Toledo and the Malaysian company that provided the chartered aircraft. Investigators are also seeking information to support cyber warrant applications and official investigation records from Laos. Nerez said the documents must be transmitted through official government channels to ensure

they can be used as evidence in Philippine courts. He welcomed the Department of Justice’s offer to help secure the records through the Office of the State Counsel. The case stemmed from the October 1 seizure of 521 kilograms of suspected methamphetamine hydrochloride or shabu worth some P3.5 billion at Luang Prabang International Airport in Laos. The drugs were allegedly bound for Manila aboard a chartered private jet. The PNP-CIDG has invited at least 21 individuals to provide statements, while Philippine authorities continue to establish the shipment’s possible local connections. Amid the investigation, the House Committee on Dangerous Drugs chairperson, Las Piñas Rep. Mark Anthony G. Santos called for a coordinated inquiry into the reported drug seizures and arrests in Laos and Thailand, including allegations that the intercepted shipments were intended for the Philippines. Santos said the committee would first conduct a preliminary briefing before proceeding with an inquiry in aid of legislation, allowing concerned agencies to finalize their reports without compromising ongoing investigations. The panel is seeking to establish whether the incidents involved Filipino nationals and possible connections to local drug trafficking networks. “We must act with urgency but also with care and responsibility,” Santos said during the briefing, emphasizing the need to distinguish verified facts from information supplied by foreign counterparts, analytical assessments and allegations still under investigation. “We should neither dismiss a serious report nor treat an allegation as an established fact,” he said, urging authorities to clearly identify what had been confirmed and what still required verification. Santos said the committee would examine whether existing laws, border safeguards, intelligencesharing arrangements and interagency coordination mechanisms were sufficient to prevent illegal drugs from entering the country. The inquiry will look into possible gaps in intelligence-sharing, air and maritime border monitoring, investigative follow-ups and cooperation with foreign authorities. He stressed that the committee’s oversight role was not to replace law enforcement investigations or determine the guilt of individual suspects, but to identify weaknesses in the government’s See “Laos ,” A5

Solon pushes PhilHealth postpartum mental care Stop Pogo cash in 2028 polls–Barbers

LEGISL ATOR has filed a bill seeking to require t he Phi l ippine Hea lt h Insurance Corp. (PhilHealth) to

develop a dedicated benefit package for the screening, diagnosis and treatment of postpartum mental health conditions.

Under House Bill 8617, Parañaque Rep. Brian Yamsuan aims to address the mental health challenges women face after childbirth, which are often overlooked or dismissed as a normal part of motherhood. Yamsuan said his proposed legislation under House Bill 8617 addresses the mental health struggles of women after pregnancy, which are often neglected or dismissed as a natural occurrence of childbirth. “Postpartum depression, anxiety or stress should not simply be ignored. This is a vulnerable stage in a mother’s life. It is essential that they are not left to face these cha l lenges a lone,” Yamsuan said. He noted t hat whi le Phi lHealth offers benefit packages See “Postpartum,” A5

HE head of the House of R e p re s e nt at i v e s Q u a d Committee in the previous Congress whose investigation led to the ban on Philippine Of fshor te Gaming Operators (Pogo) on Thursday urged law enforcement and intelligence agencies to investigate reports that remnants of Pogos are preparing to bankroll candidates in the 2028 elections in exchange for political protection. “If these reports are true, we must act now. Trace the money, identify the financiers, expose their political contacts and build airtight cases against anyone involved,” former Surigao del Norte Rep. Robert Ace Barbers said, citing warnings by Philippine Anti-Organized Crime Commission (Paocc) spokesperson Winston Casio that illicit Pogo

funds could be used to inf luence the May 2028 polls. Barbers, the House prosecution adviser and trial spokesperson in the impeachment trial of Vice President Sara Duterte, cited recent raids highlighting the persistence of suspected illegal Pogo-linked operations despite the nationwide ban. On October 2, authorities arrested 244 foreign nationals, mostly Chinese, in Siay, and Alicia, Zamboanga Sibugay, seizing about 3,000 mobile phones and other electronic equipment. Investigators are also looking into possible human trafficking violations. On October 12, authorities captured 76 foreigners—74 Chinese and two Myanmarese—at a suspected online scam facility in barangay Socorro, Cubao, Quezon City. T he militar y is

examining potential national secur it y concer ns because of the facility’s proximity to Camp General Emilio Aguinaldo, where the General Headquarters of the Armed Forces (AFP) and the Department of National Defense offices are co-located. “These operations show why we cannot afford to be complacent. We must determine who finances these operations, who protects them and whether their resources are being diverted to influence our elections,” Barbers said. As chairman of the QuadCom, Barbers led inquiries into alleged crimes linked to Pogo operat ions, inc lud ing money laundering, human trafficking, kidnapping, online scams and corruption. T he panel ’s June See “Pogo,” A5

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Smuggled. . . Continued from A3

Earlier, Tiu Laurel noted that the DA will start the bidding for the construction of Cold Examination Facilities for Agriculture (Cefas) when it receives the special allotment release order (Saro) under its 2026 budget. “Three Cefas will be built at the [Ports of] Manila, Subic, and

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Additionally, the group urged governments to make public subsidies and corporate incentives conditional on strict labor standards, including fair wages, secure employment, safe conditions, social protection, freedom of association, and collective bargaining. “A just transition is not simply about preparing workers for a changing economy. It is about transforming the economy so that it can deliver decent work, social protection, and a sustainable future for workers and their communities,” Mata added. The demand came at the conclusion of the two-day 2026 Asean Green Jobs Forum, where delegates highlighted investment, skills training, and adequate funding as vital to executing the regional framework. Labor Undersecretary Carmela I. Torres affirmed that the economic shift must generate quality employment while safeguarding vulnerable workers.

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response. Any proposed legislation, Santos said, must address deficiencies established by evidence, whether these stem from inadequate laws, unclear procedures, insufficient resources or coordination failures. Deputy Customs Commissioner for Intelligence Emmanuel Luis Licup told the committee that Lao authorities had intercepted the suspected shabu and seized the aircraft used to transport it. Several Malaysian, Filipino, Singaporean and Laotian nationals were reportedly detained. Licup said Philippine agencies were still assessing whether the incident was connected to individuals or entities in the country. He stressed that the reported Philippine destination remained unverified pending documentary evidence from foreign counterparts. The shipment did not reach

Postpartum. . . Continued from A4

for general and specialized mental health services, it does not have a dedicated package specifically covering the screening and diagnosis of postpartum mental health conditions. To address this gap, HB 8617 proposes PhilHealth coverage for routine screening, diagnosis and treatment of postpartum mental health disorders, including postpartum blues, depression and psychosis. The measure also directs the Department of Health (DOH) and PhilHealth to conduct a nationwide information campaign to raise public awareness of postpartum mental health concerns and promote access to available government support services. “We recently marked National Mental Health Week, but we hard ly heard any thing about p o s t p a r t u m m e nt a l h e a lt h , which also deserves attention,” Yamsuan said.

Davao. The actual bidding can start as soon as we get the Saro. So, technically we’re ready to implement the three [sites],” he said. The DA earlier allocated around P1.2 billion or P313 million each to build the three Cefas this year. He noted that once these were bid out, construction could take 12 months, with the DA’s deadline to complete the three Cefas set at end-2027. This means it could be operational in 2028. “Our core responsibility is to ensure that this transition creates decent work opportunities for our people, while providing a social protection floor to those whose jobs and livelihoods may be affected,” Torres said. She added that Asean must show measurable progress by 2030 in expanding green jobs, ad apt ing work force sk i l ls to shifting labor markets, and distributing the economic benefits more equitably. Torres outlined three main takeaways from the forum: funneling investments into job-generating green industries, matching skills development with actual market demand, and securing the financing and technical assistance required to carry out the regional action plan. The Philippines also endorsed technical cooperation—such as mutual recognition of green skills and a proposed Asean Green Jobs Center of Excellence—to guarantee that environmental progress goes hand in hand with decent working conditions across the region. the Philippines, and no notice of arrival was filed with the Bureau of Customs. Authorities are also investigating possible local recipients, financiers, facilitators and contacts. Separately, Nerez reported that a vessel originating from Thailand was intercepted in the West Philippine Sea in September by personnel from PDEA, the Navy (PN) and the Coast Guard (PCG). The vessel reportedly returned to Thailand, where authorities subsequently seized it along with its illegal drug cargo. Santos urged participating agencies to present their verified findings, actions taken and pending investigative matters while protecting sensitive information and the rights of those concerned. He also called for timely intelligence sharing, coordinated border protection and financial investigations, along with the immediate implementation of preventive measures already authorized under existing laws. He said the proposed information campaign would educate mothers on the importance of postpartum care and inform them where to seek assistance, including through the PhilHealth benefit package envisioned under the bill. Yamsuan said fear of stigma, judgment and expectations that mothers should remain strong and resilient often discourages women from seeking help for postpartum depression, anxiety and stress. A study cited in the proposal found that at least three in five pregnant or postpartum Filipino women experienced clinically significant depressive symptoms. The study also indicated that younger women and single mothers face a higher risk of postpartum depression. Meanwhile, surveys conducted among mothers in several government hospitals in the Philippines found varying rates of postpartum depression, ranging from 14.5 percent to 22.61 percent and as high as 32.8 percent. Jovee Marie N. dela Cruz

Friday, October 23, 2026

Housing licenses hit 5-year high

By Justine Xyrah Garcia

HE number of housing units licensed for sale this year is expected to reach a five-year high as the government expands its housing assistance programs, the Department of Human Settlements and Urban Development (DHSUD) said. Housing Secretary Jose Ramon Aliling said the projection was based on the monthly average of housing units that applied for and received licenses to sell (LTS) in 2026.

“If we base our projection on the monthly average of housing units that have applied for and been issued licenses to sell, this year will record the highest number of units issued licenses

to sell since 2022,” A liling said du r i n g t he s e cond Nat ion a l Housing Expo. Data from DHSUD showed that the agency was processing applications covering about 197,000 housing units as of September 28. Of these, around 117,000 units had qualified following evaluation. Another 34,000 units were still under evaluation within the agency’s 15-day review period, while applications covering 31,000 units had been issued notices of deficiencies for compliance by developers. The agency had denied applications covering about 13,000 units, equivalent to a denial rate of 6.7 percent. Based on the applications being processed and the denial rate, the DHSUD expects to issue licenses covering more than 200,000 housing units by year-end, which

Ombudsman targets red tape to boost investment By Carmel Pedroza

EBU CITY—The Office of the Ombudsman is ramping up efforts to dismantle bureaucratic roadblocks, cut burdensome permit requirements, and curb corruption to improve the country’s investment climate. Speaking at a dialogue with Cebu’s business community, Ombudsman Jesus Crispin Remulla said the agency aims to prosecute erring public officials while collaborating with businesses and regulators to streamline public services. “Government should actually help businessmen—make their lives easier,” Remulla said, highlighting widespread abuse in business licensing offices and Fire Bureau clearances. He noted that the Ombudsman has already ousted a Bureau of Fire Protection (BFP) chief and plans to charge more implicated officials. However, Remulla emphasized that prosecution alone will not solve the problem. “We cannot just be all prosecution and be angry every day, all

the time. We have to keep living as a country,” he said, advocating for systemic reforms to eliminate corruption at its root. To address these issues, the Ombudsman plans to convene a regulator y summit in 2027 to boost transparency and accelerate digitalization. Remulla pointed out that online systems eliminate face-to-face contact, cutting off opportunities for fixers and briber y. He cited ongoing efforts to fully operationalize the Land Transportation Office’s (LTO) Land Transportation Management System for online renewals as a model. Remulla also stressed the need for evidence-based investigations rather than rushing to prosecute based on public pressure. The Cebu dialogue brought together key business groups, including the Cebu Chamber of Commerce and Industry (CCCI), Mandaue Chamber of Commerce and Industry, and Lapu-Lapu Chamber of Commerce. Assistant Ombudsman Jose Dominic Clavano IV explained that the meeting aimed to build a

Pogo. . . Continued from A4

2025 report recommended measures addressing illegal Pogos, unlawfully acquired properties, fraudulent birth registrations and espionage-related offenses. Barbers called on the National Police, National Bureau of Investigation, AFP intelligence units, Paocc, Anti-Money Laundering Council and Commission on Elec-

charged against Special Provisions 1(a) and 1(b) of the 2026 General Appropriations Act (GAA). “So far, we haven’t charged anything against 1(a) and 1(b) for 2026,” de Leon said, adding that only foreignassisted projects under unprogrammed funds have seen releases. The Supreme Court recently invalidated key portions of the 2024 and 2025 national budgets

tions to coordinate efforts to trace suspicious funds and determine whether criminal proceeds are linked to political financing. Authorities must cross-check suspicious transactions against campaign contributions and pursue cases where evidence warrants, he said, stressing that alleged links to politicians must be established through evidence rather than assumptions based on nationality or association. “An arrest is only the beginning.

Nartatez eyes airtight shabu smuggling case

The bigger task is to dismantle the entire network—its money, its operators, its protectors and its connections,” Barbers said, urging candidates to reject campaign funding linked to criminal activities. “Filipinos deserve elections decided by voters, not by criminal money. Follow the money before it reaches the ballot box and prevent criminal syndicates from using the 2028 elections to regain influence in government,” he said.

HE National Police (PNP) Chief, Gen. Jose Melencio C. Nartatez Jr., on Thursd ay e x pressed conf idence in building an airtight case against suspects behind the foiled smuggling of 521 kilograms of methamphetamine hydrochloride or shabu. Presenting a link diagram of individuals involved in the illegal drug shipment seized in Laos—which was bound for the Philippines—Nartatez expressed satisfaction on the progress of the investigation. “I am satisfied with the progress of the investigation and the diligence shown by our investigators. The evidence gathered reflects a thorough, evidence-based approach aimed at establishing the truth and ensuring accountability,” Nartatez said. The Criminal Investigation and Detection Group (CIDG) expects to wrap up its investigation by Friday, before submitting its final findings to Nartatez. Maj. Gen. R ober t A le x a nder Morico II, CIDG director, disclosed that four summoned individuals skipped the invest igat ion, i nc lud i ng a for mer Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) parliament member accused of financing the operation. T he i nvest i g at ion fol low s months of reviewing CCTV footage, gathering testimonies, examining documentary evidence, and issuing over 40 subpoenas regarding the attempt to traffic the illicit cargo via a chartered aircraft. “The CIDG and our partner agencies have worked methodically to piece together the facts. W hat matters is that the investigation remains objective, comprehensive, and anchored on credible evidence,” Nartatez added. Nartatez ordered police units to locate unaccounted persons of interest, emphasizing that their cooperation is vital to uncovering the full details of the smuggling attempt. “The strength of any case will ultimately be determined in court, but our objective is to build the strongest possible case based on facts, evidence, and due process,” Nartatez added. “We remain focused on ensuring that every piece of evidence is carefully validated so that those responsible, regardless of status or position, can be held accountable under the law,” he also said.

Jovee Marie N. dela Cruz

Rex Anthony Naval

direct line with enterprises to address regulatory friction before it escalates into formal complaints. Clavano noted that small entrepreneurs often bear the heaviest burden of redundant compliance rules. CCCI President Regan Rex King welcomed the initiative, suggesting a formal partnership among the Ombudsman, the Anti-Red Tape Authority (ARTA), and local business chambers to rebuild public trust. King highlighted fire safety inspections, business permits, and slow digital adoption as major hurdles. Echoing K ing’s sentiments, Mandaue Chamber representative Barbara Gothong Tan and Lapu-Lapu Chamber representative Anthony Noel praised the agency’s commitment to ease of doing business, noting that digital automation and interagency cooperation are crucial as enterprises navigate economic headwinds. Remulla pledged to maintain open lines with the private sector to ensure meaningful, long-term reforms.

No voided funds released yet

HE Department of Budget and Management (DBM) confirmed Thursday that zero funds have been released under the 2026 budget provisions recently struck down by the Supreme Court. Budget Secretary Kim Robert de Leon assured lawmakers during Senate Finance subcommittee hearings on DBM’s proposed P3.1-billion budget for 2027 that no disbursements were

would be the highest annual total since 2022. Aliling attributed the outlook partly to the Expanded Pambansang Pabahay para sa Pilipino (4PH) Program, which provides housing options for Filipinos across different income levels. Under the expanded program, households that cannot yet afford to buy their own homes may access the Enhanced Community Mortgage Program, rental housing, and temporary shelter for families affected by disasters. “Since we expanded the housing options under the 4PH program, more Filipinos have benefited from it. The program’s name, Pambansang Pabahay para sa Pilipino, has become more fitting because we now have programs for every Filipino who aspires to live in a decent and safe home,” Aliling said.

after Congress added funds beyond the President’s recommended National Expenditure Program— including a P449.5-billion hike in 2024 unprogrammed funds and P17.99 billion for DPWH’s Special Road Fund in 2025. In the same decision, the High Court declared Special Provisions 1(a) and (b) of the 2026 GAA unconstitutional, while setting clearer ground rules for future compliance.

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Very strong El Niño tests PHL preparedness as officials plan for worst-case scenarios

By Malou Talosig-Bartolome

VERY strong El Niño could unleash a chain of food, water, health and livelihood crises through 2027, prompting authorities to step up early interventions and contingency planning to prevent severe shortages from triggering broader social disruptions in drought-hit communities.

agricultural losses could reach P20 billion, potentially affecting between 2.8 million and 4.6 million farmers, fisherfolk and other food producers. Dulce Carandang, assistant representative for programme of the Food and Agriculture Organization Philippines, said preparations need to begin long before drought conditions intensify. Drawing lessons from a droughtresponse project in Isabela during the 2023-2024 El Niño, Carandang said every dollar invested in anticipator y action generated roughly seven dollars in avoided losses. Government agencies and development partners are promoting climate-smart agriculture, crop diversification, solar-powered irrigation systems and localized climate advisories to help farmers adapt to increasingly unpredictable weather patterns. Health officials warned that the consequences extend well beyond farms and reservoirs. Olivia Lawe Davies, deputy representative of the World Health Organization in the Philippines, said prolonged drought and extreme heat could increase cases of heat exhaustion, heat stroke, malnutrition, dengue and water-borne diseases while straining health-care facilities. “We’re really talking about preparedness and not alarm,” she said. “When we have early warning, the key is to use it.” Children are expected to be among the most vulnerable. Andreas Wuestenberg, officer-incharge representative of UNICEF Philippines, noted that more than 97 percent of Filipino children are exposed to multiple climate-related hazards. He said particular attention should be given to the estimated 5.9 million children already living in poverty, whose families have fewer resources to cope with prolonged drought and rising food insecurity. The United Nations also highlighted another consequence of worsening climate shocks: displacement. Tristan Burnett, chief of mission of the International Organization for Migration in the Philippines, said climate-related disasters and livelihood

losses are increasingly influencing migration and displacement decisions. “The Philippines remains one of the countries most affected by disaster displacement globally,” Burnett said. He stressed that resilience measures should allow families to remain safely in their communities rather than being forced to relocate because of climate-related pressures. The issue of social tensions surfaced during the briefing when reporters asked officials about worst-case scenarios should drought conditions worsen significantly. Jose Harr y Barber, officer-incharge of the Office of Civil Defense’s Disaster Resilience Service, said scenarios such as civil unrest are part of standard contingency planning but emphasized that authorities are not seeing warning signs of such developments. “I saw that in my crystal ball, which is lowbatt [low battery],” Barber joked. “It is template planning. No red flag yet.” Solis noted though that severe drought conditions during the 20152016 El Niño contributed to unrest in Kidapawan, underscoring the importance of acting early before shortages become acute. For officials, the lesson from previous El Niño events is not to wait until reservoirs run low, crops fail and communities begin to feel the full impact. Instead, the focus is on translating forecasts into action. The government has activated a nationwide response involving agencies responsible for agriculture, water management, disaster preparedness and social protection, while UN agencies are supporting anticipatory action programs, climate-risk forecasting, cash assistance and resilience-building initiatives. Officials repeatedly stressed that while the forecasts are concerning, the goal is to prevent a climate shock from evolving into a humanitarian crisis. “Climate shocks do not have to become a humanitarian crisis,” Burnett said. “We have the science, we have the forecasts, we have the knowledge, and we have the tools to act early.”

Government agencies and United Nations organizations on Thursday warned that the looming climate phenomenon could set off cascading impacts across food production, water supply, public health, energy security and livelihoods, particularly in vulnerable communities already coping with poverty and recurring disasters. The warning comes as the Niño-3.4 index, a key indicator of warming in the tropical Pacific Ocean, surged to an unprecedented 3.7 degrees Celsius above average, according to the Department of Science and TechnologyPhilippine Atmospheric, Geophysical and Astronomical Services Administration (DOST-PAGASA). While the term “super El Niño” is widely used, PAGASA said the official classification remains a “very strong El Niño.” For the Philippines, the climate event is expected to unfold in two stages. According to Ana Liza Solis, chief of PAGASA’s Climate Monitoring and Prediction Section, the country has already experienced the first phase through enhanced southwest monsoon rains that brought flooding and heavy rainfall in several areas during recent months. The next phase is expected to be more prolonged, marked by suppressed rainfall, extreme heat and worsening drought conditions that could persist into 2027. “In the Philippines, a very strong

El Niño means facing a severe twophase climate crisis, with heavy rains followed by intense drought and extreme hot temperatures through 2027,” Solis said. PAGASA forecasts below-normal rainfall in most parts of the country until at least May next year, with western sections of Luzon, Mimaropa, Panay, parts of the Visayas and Mindanao among the areas most exposed to prolonged dry spells. As of October 19, the weather bureau had recorded nine provinces under meteorological drought, 30 under dry-spell conditions and 14 under dry conditions. Areas already experiencing drought include Albay, Camarines Sur, Camarines Norte, Eastern Samar, Siquijor and Misamis Oriental. The effects are already beginning to emerge. Solis said reports from local stakeholders indicate that parts of Siquijor and Camarines Norte are experiencing water stress and water scarcity. Water regulators have likewise reduced allocations from Angat Dam as part of efforts to stretch supplies serving Metro Manila. “We still have rain, so we need to catch the rain using our balde. But once we don’t have rain, we need to use tabo,” she said, urging households to conserve water while supplies remain stable. Agriculture is ex pected to be among the hardest-hit sectors. Officials cited Department of Agriculture (DA) projections showing

DMW aid reaches 2K OFWs affected by Riyadh airport closure

Marina rolls out green ferry pilot to cut emissions, costs

ROUND 2,000 overseas Filipino workers (OFWs) affected by the temporary closure of Riyadh airport in the Kingdom of Saudi Arabia (KSA) received government assistance from the Department of Migrant Workers (DMW). In a radio interview last Thursday, DMW Secretary Hans J. Cacdac announced that 200 of the affected OFWs were already repatriated. He said they are part of the 500 affected OFWs, who are scheduled to return home in the next 5 to 6 days. The DMW chief said they also provided financial aid to 1,700 of the said OFWs, who opted to remain in the KSA after the airport attack. “We gave financial assistance to 1,000 [OFWs], who worked in the airport. These are the ones, who were not able to return home and got financial assistance for their basic needs,” Cacdac said. He said they will continue to monitor the situation in the KSA to determine if there will be more OFWs, who will receive government aid. On Thursday, Saudi authorities reported the King Fahd International Airport in Dammam was hit by an attack from an unidentified group, which killed a Saudi national and injured eight others. As of press time, Cacdac said they have not received any report of OFW, who was hurt in the latest airport attack. The Iran-backed Houthi rebels attacked airports in various parts of KSA in retaliation to the Saudi government’s interventions in Yemen. Samuel P. Medenilla

By Lorenz S. Marasigan @lorenzmarasigan

HE Maritime Industry Authority (Marina) will pilot pure electric ferries on the Iloilo-Bacolod route and hybrid vessels on the Batangas-Calapan route, aiming to cut carbon emissions and reduce operating costs for shipowners. The Department of Transportation (DOTr), which oversees Marina, said the agency is studying how the technologies can be adapted to local routes, in line with President Ferdinand Marcos Jr.’s push for cleaner public transportation. “What we want is to see how we can use this technology in the Philippines and how passengers, shipowners, and even our environment and health can benefit. It can reduce fuel consumption, carbon emissions, and the operating costs of vessels. Ultimately, it is our passengers who will benefit,” Transportation Secretary Giovanni Lopez said in Filipino. Marina Overseas Shipping Service Director Ramon Hernandez said pure electric vessels are being considered for shorter routes, while hybrid ships, which run on both a conventional diesel engine and an electric motor with rechargeable batteries, may be more practical for medium-distance trips. “These e-ferries will solve some of the issues and concerns regarding, first, the environment. It will reduce the emission of carbon dioxide from ships. It will also address the high cost of fuel oil. When you shift to electric, the power consumption cost will go down. And it will also have an effect on the fare for our commuters, for the public using water transportation,” Hernandez said. The pilot follows an earlier International

Maritime Organization (IMO)-World Bank study on improving the safety and energy efficiency of domestic passenger ferries. Based on the World Bank’s assessment, an electric ferry could cost about $10 million more than a conventional vessel, but could still yield returns of more than 8 percent. A conventional ferry, by comparison, could spend between $25 million and $50 million on fuel alone over 15 years, depending on oil prices. The lender said the shift need not burden passengers. “If you extend the life cycle time for a 15-year operating cycle, you don’t need to increase the fares. The model has ensured that you can recover the cost without increasing the fares,” World Bank Senior Port and Maritime Transport Specialist Ninan Biju Oommen said. Routes carrying at least 500,000 passengers a year were identified as particularly suitable for electric ferry operations. Oommen added that the bank is prepared to support such projects. “The World Bank is providing financing to developing countries, and one of the key areas that we focus is sustainable development. Also reducing greenhouse gas emissions, carbon emissions. So this is one area the Bank is willing to work together with developing countries,” he said. Data from Marina showed that Philippine maritime transport logged around 69 million passenger trips in 2025. Of the country’s roughly 4,000 domestic passenger ships, about 300 inter-island ferries account for some 86 percent of carbon dioxide emissions from domestic ferries. Aside from new vessels, Marina is also looking at retrofitting existing ferries with electric or hybrid systems. Archipelago

Philippine Ferries Corp. President Christopher Pastrana, whose company operates about 20 FastCat vessels, has expressed willingness to convert one of its ships to electric power as part of the pilot. Pastrana was part of a Philippine delegation that visited Norway in September to inspect electric ferries, battery and charging systems, propulsion technologies and shipbuilding facilities. Norway put the world’s first all-electric car ferry into service in 2015. “The national government created an environment where the private sector and the government work together to come up with a national program that will promote the development of the transportation system, the entire ecosystem,” Pastrana said. “They showed it to us and showed that it can be done and it can be replicated.” The program could also open opportunities for local shipyards, as Oommen said Norwegian vessel designers have signaled willingness to work with Philippine builders. “You don’t want to get your ships back here in Europe, but you want to build your ship in the Philippines, and we have so many, so many people there, and technology and resources for shipbuilding,” Philippine Ambassador to Norway Enrico Fos said. “So maybe what we would be importing in terms of e-ferries would be the technology.” The DOTr and Marina will convene government agencies, development partners, shipowners and other stakeholders on November 4 in Iloilo for a consultation on the Interisland Ferry Decarbonization Pilot Project, where vessel technology, charging infrastructure, financing and retrofitting requirements for the pilot will be discussed.

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Leonen to JBC: I won’t compromise principles for Chief Justice post By Joel R. San Juan

@jrsanjuan1573

ENIOR Associate Justice Marvic Leonen on Thursday told the Judicial and Bar Council (JBC) that he would not compromise his principles just to secure the Chief Justice (CJ) position. Leonen is one of the five incumbent justices of the Supreme Court (SC) applying for the CJ post that will be vacated by Chief Justice Alexander Gesmundo upon his compulsory retirement at age 70 on November 6. In his opening statement during the start of the JBC’s public interview of the candidates, Leonen said the country needs a CJ who is “independent, principled, and willing to make

hard decisions” considering the current political and economic challenges being experienced by the people. Leonen noted that he had previously voted on principle against the legal positions of the late President Benigno “Noynoy” Aquino Jr., who appointed him to the High Tribunal, and other presidents that came after him. “I have accepted the nomination, but also know that leadership gained

50 party-list organizations lose Comelec registration

IFTY party-list organizations have lost their registration with the Commission on Elections (Comelec) after failing to meet the participation or electoral requirements under the party-list system. These party-list groups either failed to participate in the last two elections or meet the electoral requirements set by the poll body. Under Resolution No. 11281, the poll body identified 10 groups that did not participate in the last two elections and 40 others that failed to meet the prescribed vote and seat-allocation requirements in both polls. The 10 party-list groups that failed to participate in the last two preceding elections: 1 lAAAP 1, (Alliance Advocating Autonomy Party), 1-UTAK (1-United Transport Koalisyon), AGBIAG (Agbiag Timpuyog llocano, Inc.), AKO (Ako Ayoko Sa Bawal Na Droga), FFP (Filipino Family Party), GRECON (Grains Retailers’ Confederation of the Philippines, Inc.), INANGMAHAL (Ina Na Nagmamahal Sa Anak), 1-LAMBAT (Isang Lapian ng Mangingisda at Bayan Tungo sa Kaunlaran), LUNTIAN (Luntiang Pilipinas Partylist), and 1P (One Philippines). Comelec based the cancellations on Section 6(8) of Republic Act No. 7941, or the Party-List System Act, which provides grounds for delisting groups that fail to participate in the last two elections or meet the law’s electoral requirements. For the 40 groups, the resolution cited failure to obtain at least 2 percent of party-list votes and secure a seat in the second round of allocation in the last two elections. The resolution also referenced a 2010 Supreme Court ruling clarifying that the grounds for delisting are separate and cannot be combined to justify cancelling a group’s registration. Comelec issued a notice identifying the affected organizations on October 8, according to the resolution. The cancellation takes effect upon publication, the poll body said. However, the ruling does not preclude separate proceedings involving groups retained on the registry, including petitions seeking the cancellation or disqualification of party-list organizations and their nominees for the 2028 national and local elections. Previously delisted groups may file a new verified petition for registration, subject to applicable rules. The resolution covers groups representing workers, teachers, farmers, transport operators,

indigenous peoples and other sectors. The 40 partylist groups that failed to obtain at least 2% of the votes cast for the partylist system and failed to obtain a seat in the second round of seat allocation for the party-list system in the last two preceding elections: A TEACHER (Advocacy for Teacher E-powerment Through Action Cooperation and HarmonyTowards Educational Reform), AKO-OFW (Advocates & Keepers Organization of OFWS, Inc.), ARTE (Advocates For Retail, Fashion, Textile, Tradition, Events & Creative Services Sector), AHONMAHIRAP, (Formerly Partido COCOMAN), AKO PADAYON (Ako Padayon Pilipino), AKTIBONG KAAGAPAY (Aktibong Kaagapay ng mga Manggagawa), ARISE (Alliance for Resilience, Sustainability and Empowerment), ASAPNA (Alyansa Laban Sa Substance Abuse Para Sa Bagong Pilipinas Natin), ANG KOMADRONA, APAT-DAPAT (Ang Programang Aasenso Taumbayan- Dream, Act, Participate and Advocate for Sustainable Transformation), ABP Arg Bumbero Ng Pilipinas, PAMILYAMUNA (Ang Pamilya Muna), BABAE AKO (Babae Ako Para Sa Bayan Inc.), BANAT (Banat Barangay Natin), BAYANMUNA (Bayan Muna), BTSBAYANING TSUPER, BG PARTY-LIST (Bisaya Gyud Party- List), BOSES (Formerly MOCHA) BOSES Party-List (Formerly Mothers For Change), BUHAY (Buhay Hayaan Yumabong), BUNYOG Bunyog (Pagkakaisa), CLICK PARTY (Computer Literacy, Innovation Connectivity And Knowledge, Inc.), DIWA Democratic Independent Workers’ Association, FRONTLINERS ANGBIDA Filipino Rights Protection Advocates of Manila Movement, H.E.L.P. PILIPINAS Health, Education, Livelihood Program of the Philippines, HUGPONG FEDERAL Hugpong Federal Movement of the Philippines, Inc., IPATUPAD Ipatupad for Workers, Inc., LUNAS Lungsod Aasenso Inc., MAGDALO Magdalo Para Sa Pilipino, MAHARLIKA Maharlikang Pilipino Party, EPANAW SAMBAYANAN (Formerly IPEACE EPANAW) Mindanao Indigenous Peoples Conference for Peace and Development, MAAGAP Movement of Active Apostolic Guardians Association of the Philippines, PAMILYANG MAGSASAKA Pamilyang Magsasaka, PINOY AKO (Formerly AKO I.P.) Pinoy Ako (Formerly ANG KOALISYON NG INDIGENOUS PEOPLE), RAM Rebolusyonaryong Alyansang Makabansa, TODAAKSYON (Formerly TODA) Towards Development And Action, TICTOK (formerly ALSA BISAYA) Tulong Ipamahagi sa Communidad Tungo sa Kaunlaran, TULUNGAN TAYO Tulungan Tayo, TURISMO Turismo Isulong Mo, UNITED FRONTLINERS United Frontliners Of The Philippines, WIFI Walang Iwanan Sa Free Internet, Inc. Mary Jade Jadormio

by compromising principle is not worth it. If that what is demanded, leadership does not always require entitlement,” Leonen stressed. Leonen recently came out with a ruling declaring the 2024 and 2025 national budgets signed by President Marcos Jr. as unconstitutional as well as key provisions in the 2026 national budget. With less than two years in office, Marcos will get the chance to appoint the next CJ upon Gesmundo’s retirement. Under the Constitution, the President is mandated to make appointments in the judiciary within 90 days from the occurrence of the Former Vice President Leni Robredo is pushing for Leonen’s appointment as chief magistrates, underscoring his “competence, independence, probity, and integrity.”

Inventory of corruption cases DURING his interview, Leonen dis-

closed his nine commitments if ever he gets appointed as the head of the judiciary, which includes the conduct of an independent inventory of major corruption cases that have been filed before the courts since 1986 to determine the reasons for their dismissal or conviction. Leonen said he has started negotiations for the resources from the Official Development Assistance for the project. “A corruption case that is allowed to age becomes unwinnable by operation of a constitutional right, and no one has to be bribed for that to happen,” Leonen stressed. He added that cases filed by the Office of the Ombudsman arising from large-scale corruption be decided at first instance before the end of 2027. “The commitment is to decide, never to convict,” he pointed out. He added that courts, including the SC, should commit to a timetable for every case, saying that a delay in the

overall network efficiency, Maynilad said. The upgrades have improved water pressure in the project areas, increasing water pressure from around 4 pounds per square inch (psi) to 16 psi. At this pressure, water can reach up to the third storey of a structure without the need for a booster pump, depending on the building’s elevation and internal plumbing conditions. The project benefits customers in barangays Manuyo Dos, Talon Singko, Talon Uno, Talon Tres, and Pulang Lupa Dos. The Las Piñas pipe replacement project forms part of Maynilad’s Non-Revenue Water (NRW) Management Program, which focuses

Judicial review of regulatory actions LEONEN also committed to consult with the members of the business sector about examining the rules on judicial review of regulatory actions. He disclosed that a private organization has already held focus group

discussion on its members’ perception of the judiciary and their principal concerns. “We are studying the results, unfortunately it is undergoing deliberations with the Court and I cannot share them,” Leonen told the JBC. Leonen also vowed to come up with a mechanism for business organizations to report illegal exaction made by any court of court employee. “We will tell them what we did with each report, with an indicative timetable of the results we expect,” Leonen said. Aside from Leonen, other candidates for the post are A ssociate Justices A lfredo Benjamin S. Caguioa, Rodil V. Zalameda, Japar B. Dimaampao, and Jose Midas P. Marquez. Leonen and Caguioa were both scheduled for a public interview Thursday while the interview of Zalameda, Dimaampao, and Marquez will be done on Monday, October 26.

DTI locks in price freeze through year-end, eyes El Niño risks By Bless Aubrey Ogerio

HE Department of Trade and Industry (DTI) has secured manufacturers’ commitment to keep prices unchanged on 204 stock-keeping units (SKUs) of basic necessities and prime commodities (BNPC) through December, while preparing financing support for businesses and farmers facing possible El Niño disruptions. Trade Secretary Ma. Cristina A. Roque said manufacturers covered by the Department’s monitoring list had agreed to maintain current

prices until December 31 following consultations with industry players. The commitment covers selected goods sold in groceries and supermarkets. Roque said the DTI would continue meeting with manufacturers and retailers to assess whether the price freeze could be extended beyond year-end. Earlier, the department said it had scheduled a meeting with BNPC manufacturers this week to review supply conditions and inventory levels, as officials monitored prices and anticipated changes in demand ahead of

Property developer asks Napolcom: Probe Calatagan cop chief for role in private row

ROPERTY developer City State Properties Management Corporation (CPMC) has asked the Philippine National Police and the National Police Commission (Napolcom) to mount a fair investigation into the case of the Calatagan, Batangas police chief and other officers involved in the forcible retrieval of construction equipment from Sandari Calatagan. The case filed with Napolcom comes on the heels of an earlier complaint filed with the Office of the Ombudsman earlier, where CPMC assailed the acts of PMajor Julius Almeda,, several of his men, and the RDBT Construction Corp., led by architect Rafael Tecson, in swooping down on two occasions, in late September and early October, at Sandari Calatagan in order to retrieve equipment amid a contractual dispute between Sandari and RDBT. In the complaint before the Ombudsman and Napolcom, CPMC accused Almeda of using state assets in a purely private dispute. In an interview with TV5, Napolcom’s chief, Atty. Rafael Calinisan, said the police should not get involved in corporate matters or private matters, unless ordered by the courts to preserve the peace: “Corporate matters or private matters, hindi naman dapat pakikialaman na [ng mga pulis]. We will get to it, hindi natin hahayaan.” He said the agency will investigate the matter right away.

CPMC complained that the combined team of the Almeda-led police force and security forces brought in by RDBT had no legal documents to take out the equipment, and they even allegedly threatened the employees and the guards in the wellness community. CPMC explained that while it had terminated its contract with Tecson’s group on September 25, 2026 following two years of delays in the project, it still had the right to temporarily hold on to the construction equipment to ensure completion of some works and answer for the liabilities arising from such delay. A dump truck and crane truck were among the equipment being used in the project, and which the Almeda-Tecson group took in two incidents on September 28 and October 4, 2026. Per the complaint, at close to midnight of September 28, security guards at the site tried to stop their team from seizing the equipment, because they had gotten no instructions from management for this. Almeda, however, then allegedly threatened to arrest and disarm the guards. CPMC asked PNP chief Gen. Jose Melencio Nartatez Jr. and Napolcom Commissioner Calinisan to investigate for possible abuse of authority the accused policemen, and possible violations of the Anti-graft and Corrupt Practices Act and grave coercion under the Revised Penal Code.

Maynilad’s ₧200-M pipe upgrade in Las Piñas benefits 50K customers AYNILAD Water Services, Inc. (Maynilad), the private water concessionaire for the West Zone, announced the completion of a P200-million pipe replacement project in Las Piñas City, upgrading more than 23 kilometers of aging pipelines to improve water pressure for around 50,000 customers. The project replaced 23.11 kilometers of old, leaky, and undersized pipes ranging from 75mm to 300mm in diameter. These upgrades enabled the recovery of about 3.73 million liters per day (MLD) of water, supporting Maynilad’s ongoing efforts to reduce system water losses and improve

resolution of a case can be considered “a denial and a betrayal.” “When a case before us is submitted for decision, the party should be told the date by which we expect to decide it, and if the date will not be met, told why before it passes,” Leonen said. Likewise, Leonen said he would push for the conduct of a comprehensive review of admission to the Bar and the recognition of Shari’a counselors as special members of the Integrated Bar and to open paths for more people to become Shari’ah lawyers. He noted that at present there are only 1,612 Shari’ah counselors.

on reducing water losses and improving system efficiency through the establishment of District Metered Areas (DMAs), advanced network diagnostics, active leak detection and repair, pipe replacement initiatives, and strict meter management. “By replacing aging, leaky, and undersized pipelines, we are strengthening our distribution network to better accommodate growing demand while ensuring the continued delivery of safe, reliable, and sustainable water services,” said Maynilad President and CEO Ramoncito S. Fernandez. “These investments are essential to improving system efficiency and reducing water losses across

our service area.” Maynilad operates the largest water concession by population served within a single concession area in the Philippines. It is a concessionaire of the Metropolitan Waterworks and Sewerage System (MWSS) for the West Zone of the Greater Manila Area, which is composed of the cities of Manila (certain portions), Quezon City (certain portions), Makati (west of South Super Highway), Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon, all in Metro Manila; the cities of Cavite, Bacoor and Imus, and the municipalities of Kawit, Noveleta and Rosario, all in Cavite Province. Jonathan L. Mayuga

Undas, or the observance of All Saints’ Day and All Souls’ Day. Consumers were told by the trade chief not to panic-buy, saying manufacturers had assured the department that supplies of the covered products were sufficient. Noche Bueña products, however, were not yet covered in the price commitment, which the DTI plans to discuss separately with manufacturers. Roque also added that she could not guarantee price stability for holiday goods before those consultations.

Beyond price monitoring, the DTI is also relying on existing financing programs to help businesses and farmers prepare for El Niño. Estimates from the Department of Agriculture showed that El Niño could cause about P20 billion in agricultural losses and affect the livelihoods of up to 4.6 million farmers and fisherfolk. Small Business Corp. (SB Corp.), the DTI’s financing arm, would continue offering loans under its existing programs, per Roque, which eligible farmers may access.

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A14 Friday, October 23, 2026

www.businessmirror.com.ph | Editor: Jeniifer A. Ng

Price of physical oil barrels slides just as futures rally By Alex Longley, Shariq Khan & Yongchang Chin

Bloomberg News

HE oil market is suddenly being gripped by a divergence between futures and physical prices, something that’s playing out in two closely watched versions of Brent crude. In the last couple of weeks, Brent futures—where billions of dollars of contracts change hands every day— climbed about $10 a barrel to a fivemonth high near $112. The rally has been driven by traders trying to gauge whether the US will escalate the Iran war after the midterm elections, and as Saudi Arabia faced Houthi attacks

after the Yemeni militant group briefly shut down the kingdom’s key western export pipeline. Yet there has been a plunge in Dated Brent, a marker that assesses the value of barrels in the real world and which matters to physical commodity traders across the globe. It’s near $120, down roughly $15 in less than

two weeks. Similar benchmarks in the Middle East have also slid. There are a number of factors dragging down prices in those markets for physical supplies, albeit from extremely high levels. Shipments through the Strait of Hormuz are holding near pre-war levels, with some cargo trackers even seeing f lows above that rate, even as Iranian attacks in the crucial waterway have become more frequent and damaging. The cost to hire tankers has also cooled a bit, making it less expensive to deliver barrels across the world than it was earlier this month. The costs have been so high this year that they’ve kept more oil close to where it’s produced, with Asian buyers shunning American crude, in turn bolstering the amount available in Europe over the coming weeks, weighing on the region’s prices. If supplies are sustained and freight keeps sliding, it could leave oil futures susceptible to a fall in the coming weeks. Still, some traders say it’s brave to wager against fresh supply disruptions, especially as this year has seen major Middle East oil producers come under attack, stockpiles tumble and an unprecedented shortage of tankers. “There’s still plenty of headline risk at play. Oil stocks are quite low and it’s difficult to see them rebuilding given current dynamic,” said Ryan Fitzmaurice a senior commodity analyst at Marex. “At the same time, there are ways the market can find an out: Hormuz flows are strong and El Niño could weigh on heating demand this winter.” The price of Dated Brent and futures are different because they reflect prices over different time periods. Traders use the spread between the two as a gauge of how strong or weak oil markets are in general. While Dated’s premium has fallen significantly recently, it remains much higher than it would be in normal times relative to futures.

Prospects for flows TRADERS have good reason to be wary about whether a surge in Middle East flows can be sustained. For example, shipments jumped after the US and Iran agreed an interim peace deal in late June that allowed vessels to escape Hormuz. That extra supply hitting the global market

caused prices to crater and sent the regional Dubai market into a bearish contango structure that indicates oversupply. But within weeks, hostilities resumed and shipments through the vital waterway suffered more disruption. Since then, flows through Hormuz have jumped. Though estimates vary, most trackers see crude shipments either close to or above pre-war levels. That rebound, along with the drop in shipping costs, has weighed on Middle Eastern crude prices in recent weeks. Price differentials for various crude grades from Oman to Iraq have all been coming off, with barrels delivered to Asia recently sold at an above-$10-abarrel premium to the Dubai benchmark. While still elevated, that’s down massively from premiums of roughly $35 seen last month, said traders familiar with the matter, who aren’t authorized to speak to the media. Derivatives linked to the Middle East’s Dubai benchmark have also weakened alongside the prices of real-world barrels from the region. Prompt timespreads for the oil—the difference between this and next months’ contracts—weakened to under a dollar a barrel in backwardation this week, versus a gap of around $15 a month ago, traders and brokers said. “Middle Eastern producers have sold huge volumes for autumn loadings via tenders,” said Ed Hayden-Briffett, a research analyst at The Officials, an arm of Onyx Capital Group. In contrast, benchmark Brent crude futures “are more susceptible to headline noise and the grind is naturally upwards.”

Options markets THE split between bulls and bears is also showing up in the options market. In recent days, hundreds of thousands of bearish put options that would profit from a drop in Brent back below $100 have changed hands, pushing options volumes to a record. However, people involved in options markets said that they’ve also seen interest in buying bullish call options over recent weeks. They said the split in trading activity reflects a mix of positions, with some expecting a fresh escalation in the Iran war in the coming weeks, and others expecting a retreat in oil prices.

Africa CDC calls Ebola crisis summit as Nigeria records its first case By Ope Adetayo

The Associated Press

AGOS, Nigeria—African health ministers were invited Wednesday to an “extraordinary virtual meeting” to discuss the spread of Ebola after Nigeria reported its first case of the disease that has claimed thousands of lives and has spread rapidly since an outbreak began in Congo in May. Dr. Jean Kaseya, director general of the Africa Centers for Disease Control and Prevention, said the Oct. 28 meeting would “strengthen our collective response.” On Tuesday, Nigeria reported its first case, linked to a traveler from Uganda who arrived in the country earlier this month. Uganda, which declared itself Ebola-free in July after recording 20 cases, has denied claims that Nigeria’s first case originated there. Nigerian authorities said they were tracing 44 contacts. The patient, a foreign national who entered Nigeria on Oct. 5, was initially treated for malaria symptoms but failed to recover, arousing suspicions in the attending physicians, Odianosen Ehiakhamen, an assistant director at the Nigeria Center for Disease Control, told a local media outlet late Tuesday. He said the 44 contacts are mostly healthcare workers but also the patient’s spouse, a Swiss national. Nigeria and Kenya, which has recorded nine cases, are the latest countries to report cases linked to travelers who passed through Uganda. The latest outbreak was first detected in Congo in May after spreading undetected for months, according to the World Health Organization. It has since infected more than 9,500 people and killed nearly half of them, making it the fastest-spreading Ebola outbreak in history. “Ebola is now affecting three regions of Africa. The situation demands urgent action and political leadership at the highest level,” Kaseya said in a post on X. The WHO said on Wednesday that it had advised “all countries in the region to sustain a high level of readiness as the DRC outbreak continues to evolve.” In parts of Congo, including North Kivu, health authorities say the disease is out of control, with most recorded deaths occurring in the community and contact tracing struggling to keep pace with the virus’s spread. The outbreak involves the rare Bundibugyo virus, for which there is no approved vaccine or treatment. France has also recorded a case.

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Truckers’ protest halts production of Italy’s buffalo mozzarella By Giada Zampano The Associated Press

OME—A truckers’ protest in southern Italy has halted the making of the famed buffalo mozzarella, blocking an estimated 3 million euros in production in just 24 hours as the milk cannot reach dairies in the Naples region and the finished cheese cannot reach customers, an official said. The weeklong strike by the truck drivers over the high cost of diesel driven up by the Iran war has also blocked deliveries of other basic goods to supermarkets and left gas pumps empty in much of southern Italy. The disruption is particularly damaging to buffalo mozzarella because the production of the protected cheese brand depends on a tightly timed supply chain. Buffaloes have to be milked regardless of whether dairies are operating, while production rules require that the milk of the water buffalos be turned into mozzarella within 60 hours of milking. Pier Maria Saccani, director of the Consortium for the Protection of Mozzarella di Bufala Campana DOP, said that about 1 million liters of buffalo milk produced in a single day couldn’t be turned into mozzarella because of the transport blockade. The consortium oversees production standards and protects the designation of origin of the cheese in Italy and abroad. “Yesterday, no mozzarella was produced,” Saccani said, explaining it was a “3 million-euro block in 24 hours” — a loss of about 3.4 million dollars. Farmers typically have only enough capacity to hold the fresh milk until dairy trucks collect it and cannot store large quantities for extended periods. “So this blockade has obviously

caused panic among farmers, who say, ‘Where are we going to put it?’” Saccani added. The dairies making mozzarella face a similar problem—they cannot afford to accumulate a highly perishable product if trucks are unable to deliver it to customers. Several dairies have remained closed as a result, Saccani said, describing the situation as a “complete production blockade.” Some farmers have resorted to feeding part of the unused milk to their animals because they have nowhere to send it, Saccani said, adding that the transport disruption is also threatening supplies of animal feed and diesel needed to keep farms operating. “It’s a very, very complex and delicate situation,” he said. The blockade comes as milk producers and dairies are already confronting higher costs. Saccani said the consortium estimates production costs have risen about 30 percent, driven by increases in animal feed, diesel, energy, plastic packaging and transportation. The increases have not been fully passed on to customers, he said, leaving producers to absorb much of the additional expense and cutting into profitability across the supply chain. Buffalo mozzarella is an important industry in the Campania region, where the city of Naples is located, and neighboring areas of southern Italy. Saccani said that in 2025, the production of Mozzarella di Bufala Campana DOP totaled just under 58,000 metric tons, with about 37 percent of production exported. France is its largest foreign market. The Italian government led by Giorgia Meloni has called an extraordinary Cabinet meeting on Thursday to discuss possible aid measures for the transportation and agriculture sectors.

Taiwan indicts 5 accused of trying to injure comedian who mocks Xi

The Associated Press

AIPEI, Taiwan—Five people have been indicted in Taiwan on charges they tried to injure a comedian who mocks the Chinese President Xi Jinping and the Communist Party in his performances. Comedian Huang Yihao told Taiwan’s Central News Agency that he had parked his scooter in an alley last month when a car suddenly swerved toward him, striking him and his scooter. He escaped severe injury, but said his initial thought was “could this be the CCP coming after me?” Then, he said, the people in the car got out and apologized, and invited him to sit in their vehicle, which he turned down. The five suspects, who are all Taiwanese, are accused of accepting 450,000 New Taiwan dollars (US$13,900) to “break arms and legs” of Huang so he couldn’t perform on stage, New Taipei District prosecutors said Wednesday. The five suspects, identified only by their surnames Zheng, You, Huang, Fan and Liao, received directions and funding from someone nicknamed “K” from mainland China, the prosecutors’ statement said. “K” asked Zheng to collect the comedian’s personal information and to injure him badly enough to require hospitalization and prevent him from performing as scheduled on September 20. Zheng installed a tracking device on the comedian’s scooter and followed him during July and August. He received NT$250,000 ($7,700) after passing the information to “K.” Zheng and You then planned to a staged car crash to injure the comedian, assigning the task to another man surnamed Huang, who recruited Fan and Liao to help, according to the statement. On the afternoon of September 11, the suspect Huang drove the car while Liao filmed from the passenger seat and Fan watched in an alley. Huang stopped the car after hearing the comedian scream, but the comedian was not seriously injured. Dissatisfied with the outcome, “K” refused to pay the remaining NT$200,000 ($6,200), the statement said.

Prosecutors are seeking prison terms ranging from two years and seven months to five years and six months. China’s Taiwan Affairs Office did not immediately respond to a request for comment. Before the alleged attempt in September, charges of intimidation endangering public safety and property damage were filed against two other people who allegedly spread paint and human waste in May outside a comedy club in Taipei where Huang performed, according to local media reports. China claims Taiwan, an island about 160 kilometers (100 miles) off its east coast, as its territory. The two split during the civil war that brought the Communists to power in China in 1949, with the losing Nationalists setting up their own government in Taiwan. In one video clip that Huang shared on his YouTube channel, he compares Xi to Winnie the Pooh and criticizes the CCP for imposing Hong Kong’s national security law and Covid-19 lockdowns across China. “If people are already being treated this way for criticizing the CCP even before it has come to rule Taiwan, how can we possibly expect to retain our current freedom of speech should the CCP ever gain control over Taiwan?” Huang said in a post on Wednesday on his Facebook page, commenting on the case. Taiwan’s Ministry of Foreign Affairs called such violence “a malicious attempt to enforce political silence” which meant to “create a chilling effect” to “erode the space for free expression and public discourse.” Taiwan’s Mainland Affairs Council “strongly condemned” the use of “transnational repression” to harm people in Taiwan and warned there would be “absolutely no leniency” for those who participate in such acts. In 2022, five men accused of acting on behalf of the Chinese government have been charged with brazen and wide-ranging schemes to stalk and harass Chinese dissidents in the United States, including by seeking to derail the election bid of a little-known congressional candidate, according to the US Justice Department.

Friday, October 23, 2026 A15

French presidential hopefuls jockey to succeed Macron By Sylvie Corbet The Associated Press

ARIS— Emmanuel Macron, a centrist, has entered the final stretch of his decade-long presidency as France faces a wave of intense protests, with little sign he can prevent a candidate from the political extremes from succeeding him.

On the eve of a major protest planned for October 17, he was photographed at a Celine Dion concert. Early Monday morning, with French cities still smoldering and littered with wreckage from the riots, Macron was flying abroad to secure a favorable fuel supply deal.Presidential contenders on the far right and far left seized on the unrest to attack him. Macron himself acknowledged “failures” in planning and intelligence gathering. Constitutionally barred from seeking a third consecutive term, the center-right president entered the crisis with his popularity at its lowest since he took office in 2017—below even the levels recorded during the “yellow vest” protests against social injustice and inequality that began in 2018. He has yet to endorse a candidate, and it is unclear how much influence his backing would carry. Polls show moderates trailing far-right and far-left contenders. With further protests planned for Thursday and Saturday, here is a look at France’s political landscape and how candidates are positioning themselves to succeed Macron.

Support for Le Pen’s bid

FAR-RIGHT leader Marine Le Pen, seen as the favorite in next year’s election, has sought to turn anger over the riots into support for her presidential bid, presenting herself as the alternative to a government she described as powerless. “We are facing a state that is collapsing,” Le Pen told broadcaster FranceInfo on Wednesday. “We are facing a government in its final days that has, in reality, lost its grip and can no longer maintain control,” she said, blaming the violence on “far-left rioters” and “looters from the suburbs.” Earlier this year, a Paris appeals court cleared a path for Le Pen to run by shortening a ban on seeking public office that had threatened her presidential ambitions. And now she is “the only candidate to capitalize on this event,” according to Frédéric Dabi, director general of Ifop, a pollster. That makes it hard to imagine her failing to reach the election’s runoff, he added. Jordan Bardella, president of

A PROTESTER holds a placard with a photo of French president Emmanuel Macron and a guillotine in front of a burning tourism office during a demonstration against rising living costs and in solidarity with students' grievances in Lyon, France, Saturday, October 17, 2026. AP PHOTO/LAURENT CIPRIANI

Le Pen’s National Rally party, has urged citizens to channel their anger into votes and promised, if she is elected, “to reestablish security.” He and Le Pen have called for more police equipment and personnel and tougher sentences for rioters. Authorities have repeatedly blamed “far-left radicals” and opportunistic criminals for the violence. Far-left presidential contender Jean-Luc Mélenchon has backed the protest movement while condemning looting and vandalism. He has accused the government of inflaming tensions through its policing and failure to address demonstrators’ demands. Protesters are calling for higher wages and pensions, better healthcare and other public services, and more funding for education. Mélenchon, who joined Saturday’s peaceful march through Paris, has faced accusations from opponents that his criticism of police excuses violence. His party, France Unbowed, has also backed student protests and high school blockades that began in mid-September, supporting demands for more teachers, better facilities and changes to university admissions. Observers said it was too early to tell whether Mélenchon would gain or lose support. Violence attributed to radical far-left activists could deepen reservations among moderate voters, while his prominent support for protesters’ demands could strengthen his appeal on the left.

Wide field of candidates

POLITICAL analysts also stress that electoral effects from events like last weekend’s violence must be measured over time. Polls before Saturday’s violence and the only one conducted afterward show Le Pen as the clear front-runner, while placing Mélenchon in second position, though he remained in a close contest with more moderate contenders. “Behind her, nothing is set in stone, nothing is guaranteed,” Dabi said on Sud Radio, stressing that three candidates appear in a position to reach the runoff. The broad field of candidates features several centrists, including two former prime ministers appointed by Macron. Earlier this month, socialists and their allies chose a center-left European Parliament lawmaker as their presidential candidate. None has managed to gain traction in opinion polls. The first round of the presidential election is scheduled for April 18 and a runoff on May 2.

A16 Friday, October 23, 2026

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Money managers: Nowhere to hide as Super El Niño forms By Ishika Mookerjee Bloomberg News

The climate phenomenon associated with warming across the equatorial Pacific Ocean is fanning cropdamaging droughts and floods. Food commodity prices are rising, and economists are revising estimates for inflation and deficits. These impacts are now feeding into markets already stressed by high debt levels and rising borrowing costs. No corner of global asset markets will be fully shielded from the current El Niño cycle, says Katie Self, a portfolio manager at Pictet Asset Management. “It’s become almost a full-on certainty that this is going to be the most extreme El Niño we’ve had in history,” and figuring out how to navigate the disruptions ahead is now “definitely” a priority, Self said in an interview. Man Group, the world’s largest publicly traded hedge fund firm, warned in July that everything from grid infrastructure to metals and fertilizer could be in El Niño’s crosshairs. T. Rowe Price says it has turned to custom-made models to protect its $165 billion portfolio of emerging-market debt and equities from El Niño. And a number of boutique hedge funds are now building entire investment cases around the weather cycle as it

By Dasha Litvinova and Eric Trucker

DRY, cracked rice fields caused by the prolonged drought in Lombok, Indonesia on October 13. ROBERTUS PUDYANTO/GETTY IMAGES/BLOOMBERG intensifies, Bloomberg has previously reported. A major concern is that El Niño will impact markets already struggling with a number of stresses, including growing debt reliance, rising interest rates and sudden investor selloffs. “The current macro backdrop differs” compared with previous El Niño phases, “with higher rates, debt and volatility,” analysts Kamesh Korangi and Rose Choy wrote in a note this week by the Anthropocene Fixed Income Institute. The duo identified Indonesia, Brazil and Colombia as the most vulnerable sovereigns, and highlighted the possibility of “spillover effects globally.” Though El Niño is associated with the Pacific, investors need to understand that “the knock-on effects are fully global,” says Self, who co-manages the $5.1 billion Pictet Global Environmental Opportunities fund. “There is not a single place in the world that will not feel some kind of a knock-on effect from El Niño.” Strategies to navigate the shocks ahead span bets on interest rates tied to an El Niño-fueled bump in inflation. The weather phenomenon’s impact on energy markets is also emerging as a key trade for the coming months.

“Winter is the season when these forces—climatic, geopolitical, and structural—are likely to converge most intensely,” Zulfiqar Ali, founder and chief investment officer of energy commodities trading hedge fund ZAMS Asset Management, said in an interview last month. That creates an “unusually alpha-rich environment” for managers “with the analytical edge and risk discipline to navigate it.” At Pictet, Self says she and her team are looking for companies designing technologies that will help cope with the extreme weather patterns fanned by El Niño. Examples include smartirrigation equipment providers and solutions that lengthen the roots of plants that help in drought conditions, as well as storm-water drainage and flood protection systems, she says. “El Niño is a compounding factor,” Self said. The weather cycle itself isn’t new, but “it’s now happening on this much warmer baseline.” Those two forces “are going to interact, interplay and make things substantially worse.” The physical fallout of El Niño is already dominating headlines. Southeast Asian countries have been battling extreme air pollution from forest fires, India faced its weakest monsoon in more than a decade, and across South America people now face

both severe floods and a lack of rain, upending their ability to farm. For investors whose strategies are exposed to land, agriculture or forests in developing countries, the risks are particularly pronounced. Jonathan Dean, who leads BNP Paribas Asset Management’s natural capital strategy, says he’s closely monitoring carbon-credit projects as El Niño fans forest fires such as those raging in Indonesia. “It’s always been a fundamental part of our underwriting to understand the potential loss rates from a project, doing the climate research before to be able to identify risk factors within a project region,” he said. The private equity strategy Dean oversees, which has more than $560 million in commitments from International Finance Corporation and other development finance institutions, has been working with a project developer in Indonesia to “maximize the opportunity,” he said. Insurance and remote-sensing technologies are part of a package of tools fund managers can consider to help assess risks in nature-based projects, he added. The types of resilience or adaptation needed “are very broad ranging,” Pictet’s Self said. “It’s a really full, global phenomenon.”

Central Park’s drivers fear for their livelihoods By Anthony Izaguirre The Associated Press

EW York—The horse-drawn carriages that have cruised through Central Park for more than 150 years are set to be banished soon from New York City, ending an iconic tradition beloved by tourists but long opposed by animal welfare activists. For the carriage drivers, it’s unclear what comes next. “No one can come up with an appropriate answer because there is none,” said Alexus Lawson, a 28-year-old carriage driver from Queens who grew up with horses and has worked as a riding instructor. Now, she worries about what would become of 7-year-old Starlight and her other horses. “Without a job, how can I take care of my horses?” The New York City Council is expected to pass a bill Thursday that would ban horse-drawn carriage rides by June 2028, pulling back the reins after the death of a teenage tourist last spring spurred the latest call to end the rides after decades of opposition from activists. But the one question that has come up time and again—what to do with drivers whose jobs would be eliminated—remains largely unanswered. The legislation requires Mayor Zohran Mamdani’s office to develop a plan by next April to help the more than 150 remaining drivers find other

Russia frees American Stephen Hubbard after over 4 years behind bars The Associated Press

HE prospect of the world’s strongest ever El Niño cycle has a growing number of money managers racing to prepare their portfolios for the disruption they say is coming.

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A CARRIAGE horse stands at an entrance to Central Park, Wednesday, October 14, 2026, in New York. AP PHOTO/YUKI IWAMURA work. That would include referrals for job openings in the city’s transit, hospitality and taxi industries, as well as career counseling. It also would anticipate the administration considering some form of compensation for industry workers. City Hall is working on a detailed plan for the transition of the workforce and has started discussions on potential compensation, a spokesperson for the mayor said. And Mamdani himself has said government has a “civic responsibility to ensure that we are not leaving anybody out to dry.” Medet Fidan, a former cab driver who traded his steering wheel for a set of reins after ride sharing apps upended the taxi industry, said he felt

like he was being targeted. “I think the city is leaving us a big mess,” said Fidan, 56, who has been driving a carriage for 15 years. “We’re going to lose our businesses, we’re going to lose our jobs, we’re going to lose our livelihoods.” Council Speaker Julie Menin “will remain engaged in the transition process,” a spokesperson said, adding that the legislation seeks to address the longstanding question of what happens to displaced carriage drivers by setting a firm deadline for City Hall to act. The union representing the drivers has vowed to file a legal challenge “the minute the ink dries” on the legislation.

Mamdani’s two immediate predecessors as mayor had both called to end the industry, but neither succeeded. Former Mayor Bill de Blasio campaigned on ending the rides on day one of his administration but the effort wilted amid a backlash from unions and a big media blitz involving action Liam Neeson. Eric Adams, the mayor just before Mamdani, floated a ban late in his term but the proposal went nowhere. The latest push began in June after an 18-year-old Indian tourist, Romanch Mahajan, died after jumping from a runaway carriage during a ride. That appeared to be the first fatality involving a horse carriage in Central Park since the rides began. Mahajan’s family has personally appealed to the city to end the rides, offering tearful testimony that they thought the rides were safe. His father, Deepak Mahajan, told lawmakers that his son jumped from the carriage to help his mother after she was thrown out of her seat after the horse suddenly bolted. Carriage drivers have express sympathy for Mahajan and his family but argue that they are being unfairly targeted because of a single accident. “It does nothing for alternate employment, for the continuation of our businesses,” said Christina Hansen, a longtime carriage driver and industry spokesperson. “Who’s going to pay my rent while I’m looking for a job.”

USSIA on Wednesday freed an American who had been jailed for more than four years on charges of fighting as a mercenary in Ukraine, a deal completed during a visit by a top U.S. envoy and at a time when President Donald Trump has taken a series of actions meant to benefit Moscow. Trump told reporters at the White House that he had asked Russian President Vladimir Putin during a recent call to free Stephen Hubbard and that, unlike previous releases, the U.S. did not have to give up anyone in return. “He is the happiest man around,” Trump said of Hubbard, describing the 74-year-old retired teacher from Michigan as a “very high-quality, innocent man.” Hubbard’s legal team denied the Russian accusations, saying he was not involved in any military activity. The release occurred during a visit to St. Petersburg by US envoy Steve Witkoff, who in a face-to-face interaction with Putin praised the Russian leader as a “humanitarian” as the men held talks about Moscow’s full-scale invasion of Ukraine and as Trump simultaneously pushes Kyiv to make a deal that stops the fighting. Hubbard, who before his arrest had lived in Ukraine for years, was sentenced in 2024 to nearly seven years in prison during closed court proceedings. Prosecutors said he had signed a contract with the Ukrainian military after Russia’s invasion in 2022, and that he fought alongside Kyiv’s forces until being captured two months later. The US government under President Joe Biden’s administration designated Hubbard as wrongfully detained. His family also disputed the Russian allegations. “He was just for bait. It was all about bait. And that’s why they kidnap Americans,” his sister, Patricia Hubbard Fox, said in an interview with The Associated Press. She said she expected Hubbard to stay with her in Colorado. “Steven James Hubbard is the face of America,” she said. “They could do that to anybody. They just happened to see him. ‘Oh, that’s an American, let’s go get him.’”

‘Putin a humanitarian’

WITKOFF, a key Trump administration figure who has tried without success to steer Russia and Ukraine toward a settlement to end a war that will hit the five-year mark in February 2027, thanked Putin for releasing Hubbard, telling him, “Because of you, he’s going home to his family.” “You talk so much about my president, President Trump, being a humanitarian. You are a humanitarian also, sir,” Witkoff said. Kremlin spokesman Dmitry Peskov told Russian media Wednesday that Hubbard’s release was “raised by the American side for a certain time,” and Putin decided to free the man out of “humanitarian considerations.” Speaking to reporters after the talks, Putin aide Yuri Ushakov said the Kremlin leader had pardoned Hubbard, who upon his release was taken to St. Petersburg’s Pulkovo airport for Witkoff to bring him home to the United States. Video showed Witkoff and Hubbard shaking hands, with the newly released American thanking the envoy. Witkoff introduced Putin envoy Kirill Dmitriev to Hubbard and described him as someone “who had a lot to do with this happening.” “We just met President Putin, he sends you blessings and wishes you good things,” Witkoff added. Hubbard, a US Air Force veteran, taught English overseas and had by 2012 retired to Cyprus, where one of his sons is a priest. He later moved to Ukraine to be with a woman he had met, his lawyers said, remaining in the country after the relationship ended and living there at the time of Russia’s 2022 invasion. He was detained in April of that year after Russian forces took control of the area where he was living. His case was taken up by lawyers at the US-based law firm of Boies Schiller Flexner and the Russian firm of EPAM Law, which together had represented Marc Fogel, the American teacher freed from Russian custody last year, and worked for his release. “They thought they weren’t going to see him again alive, and Stephen didn’t think he was going to come out of there alive,” one of Hubbard’s lawyers at Boies Schiller, Martin De Luca, said in an interview of Hubbard’s family. “Obviously, they’re overjoyed, but they feel very much like it’s a miracle.”

A SpaceX-Tesla megamerger could benefit both companies By Bernard Condon The Associated Press

EW York—The history of corporate mergers is littered with failure but investors in Tesla and SpaceX seem to believe Elon Musk can pull off the biggest tie-up of all time. Stocks of both companies rose sharply Wednesday after Musk said that each had formed “special committees” to discuss a possible combination. The deal would be worth trillions of dollars, a massive melding of the world’s biggest provider of rocket launches and satellite internet service with the second largest electric vehicle maker. Musk says a deal makes sense given the future of both companies relies heavily on artificial intelligence. The two have already combined forces in AI chip production and a possible—perhaps impossible—project to make flying cars. In early afternoon trading, SpaceX shot up 8 percent and Tesla 3.5 percent.

Deal for the world’s richest man

AT current market values, the combination would create a $3.5 trillion behemoth. The biggest company now on the market, chipmaker Nvidia, is valued at $5.2 trillion. The combination had been rumored for months before Musk told financial analysts on a Tuesday conference call that dual committees of directors had been assembled to discuss the issue. He added that, as the biggest owner of both companies, he cannot interact with the committees, and isn’t even privy to their discussions. Musk owns 11 percent of SpaceX, though he holds a majority of the voting control, and

19 percent of Tesla. If the deal goes through, it would almost certainly top the current record holder, Vodaphone AirTouch’s deal for Germany’s Mannesmann to create a mobile giant back more than a quarter of a century ago. In today’s dollars, that deal was worth $354 billion. Musk said in the conference call that there’s “lots to be gained from cooperating on developing super intelligence,” the new term for artificial intelligence he adopted after President Donald Trump last month ordered US officials to use it to remove any negative connotations. Specifically, Musk pointed to the companies’ combined efforts to make AI chips at their Terafab factory in Texas and the need for AI to make Tesla’s humanoid robots work. Tesla also needs AI for its vehicles to operate without drivers, a challenge that could be met more easily with a SpaceX satellite hookup. And Tesla could benefit if SpaceX’s project called Starmind is successful in putting massive data centers in orbit. Another possible reason Musk likes a combination: It will make him richer. A change-in-control provision in a hotly debated, potential trillion-dollar Tesla compensation plan approved last year, says many of the performance targets would be considered automatically met in certain kinds of mergers, including requirements that Tesla deliver 20 million vehicles, put million self-driving Tesla robotaxis on the streets and deploy a million robots. With Wednesday’s gains in Tesla and SpaceX, Musk regained the status of the world’s first and only trillionaire. Forbes estimates his net worth at $1.004 trillion, up $80 billion after a few hours of trading.

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VALUE OF PHL COMMERCIALLY RECOVERABLE ENERGY UP 3.25% By Justine Xyrah Garcia

HE total monetary value of the Philippines’s commercially recoverable energy reserves rose by 3.2 percent last year, data released by the Philippine Statistics Authority (PSA) on Thursday showed. Based on the PSA’s Energy Asset Accounts, the combined value of the country’s Class A coal, oil, natural gas and condensate reserves reached P295.04 billion in 2025, up from P285.80 billion in 2024. The PSA defines Class A reserves as “commercially recoverable energy resources confirmed to be economically viable under a defined development project or operation.” Despite the increase in their total value, the four non-renewable energy resources accounted for a smaller share of gross domestic product (GDP), at 0.15 percent or P42.92 billion in 2025, down from 0.16 percent a year earlier. Coal accounted for the largest share of the total monetary value of energy reserves, with Class A coal reserves valued at P253.31 billion in 2025, up by 2.3 percent from P246.79 billion in 2024. The value of Class A natural gas reserves rose by 38.5 percent to P27.04 billion in 2025 from P19.53 billion a year earlier. Class

A oil reserves also increased by 38.5 percent to P1.80 billion from P1.30 billion. In contrast, the value of Class A condensate reserves fell by 25.4 percent to P12.89 billion in 2025 from P17.29 billion in 2024. In terms of physical stock, Class A coal reserves increased by 15.1 percent to 445.73 million metric tons (MT) in 2025 from 387.17 million MT a year earlier. Coal extraction, however, also increased, rising by 22.8 percent to 21.68 million MT in 2025 from 17.66 million MT in 2024. Meanwhile, Class A natural gas reserves declined by 15.9 percent to 195 billion standard cubic feet (scf) in 2025 from 232 billion scf in 2024. Natural gas extraction also fell by 9.6 percent to 63.56 billion scf from 70.34 billion scf. Class A condensate reserves dropped by 16.7 percent to 5 million barrels in 2025 from 6 million barrels a year earlier. Its extraction likewise declined by 8.4 percent to 1.59 million barrels from 1.73 million barrels. In contrast, Class A oil reserves increased by 4.6 percent to 434,000 barrels in 2025 from 415,000 barrels in 2024, which the PSA attributed to upward reappraisals. Oil extraction, however, decreased by 10.9 percent to 399,010 barrels from 447,860 barrels.

Friday, October 23, 2026 A17

SC guardrails on UA use may impact ’26 GAA items

By Samuel P. Medenilla

HE restrictive guardrails set by the Supreme Court on the utilization of unprogrammed funds in the last three years on its new ruling— which the Marcos administration will appeal—can derail the implementation of some provisions of the 2026 General Appropriations Act (GAA). This is the view of the Office of the Solicitor General (OSG) which, however, allayed concerns that the ruling will paralyze the operations of the government since it will still exempt some provisions of the national budget this year. Solicitor General Darlene Marie B. Berberabe is set to meet with the Department of Budget and Management (DBM) next Monday to determine which programs of the Marcos administration will be affected by the ruling. “Our advice to the DBM and the executive branch is to adopt a ‘wait-andsee’ approach for now, especially since

a decision on this [motion for reconsideration] is expected to be reached soon,” Berberabe said in a press briefing in Malacañang on Thursday. OSG is targeting to submit its motion for reconsideration on the Supreme Court (SC) ruling before 4 November 2026.

Unprogrammed appropriations

UNDER its new ruling announced Tuesday, the High Court declared unconstitutional the Special Provisions 1(a) and (b), Chapter XLIII of the 2026 GAA which authorizes unprogrammed appropriations. Also flagged as unconstitutional

were the 2024 and the 2025 GAAs, which were passed by Congress with a higher amount than the President’s proposed budget due to unprogrammed appropriations. Programmed appropriations are items in the national budget with definite sources of funds, while unprogrammed appropriations are items, which can be funded if the government is able to secure excess revenue. OSG pointed out that there were similar cases wherein the approved GAA was higher than the National Expenditure Program endorsed by the President in 2000, 2004, 2008, 2010, and 2022.

Exempted provisions

BERBERABE said based on her initial discussion with DBM Secretary Kim Robert C. De Leon on the matter last Wednesday, several provisions of the 2026 GAA will require guidance from the SC to be utilized. However, she noted the SC decision will not cover ongoing programs, which were started before the new ruling was released. “Unless it is explicitly stated that a specific [budget provision] must be stopped, then that is what should be discontinued. However,

regarding other matters...which fall outside the scope of the decision, those certain activities will be implemented,” Berberabe said. “So, our main concern is ensuring that the impact on the execution of projects—up until December— does not become too significant,” she added. The government’s top lawyer said their motion for reconsideration will focus on the guardrail set by the Supreme Court that unprogrammed appropriations can be funded only if the government will exceed its target overall revenues. The OSG said it contradicted the rules implemented by Congress, which allowed the release of funds for unprogrammed appropriations in case the government exceeds its target revenue collection from nontax sources. It maintained that it is Congress’ rules which should be followed, since it has the power of the purse allowing it to determine the form, content and manner of preparation of the budget through legislation under the Constitution.

Judicial overreach

WHEN asked if there might be judicial See “SC guardrails,” A2

Miners warn: JAO by DOE-DENR fraught with investment risks

SAN JUAN CEMETERY PREPARES FOR UNDAS Mayor Francis Zamora inspects the San Juan City Cemetery on Thursday, October 22, 2026, to assess preparations for the observance of All Saints’ Day and All Souls’ Day. The inspection covers sanitation, security, traffic management, public safety and emergency response readiness ahead of the expected influx of visitors from October 30 to November 2. NONOY LACZA

Peza…

Continued from A1

Netherlands, South Korea, Singapore and Indonesia. On the other hand, in October alone, Peza approved 18 new and expansion projects worth P12.487 billion. These are expected to generate $178.203 million in exports and create 5,484 direct jobs. Of the projects approved that month, 15 are located in Luzon: six in the National Capital Region, eight in Calabarzon and one in Central Luzon. The remaining three are in the Visayas, with two in Cebu and one in Iloilo. “Our priority now is to sustain this momentum and help translate these investment commitments into actual operations, more exports, and high-value employment for Filipinos,” Panga said.

DBM reminds agencies of Nov. 3 deadline By Reine Juvierre S. Alberto

OVERNMENT agencies may request additional fund releases until November 3 to prioritize allocations before the fiscal year ends, the Department of Budget and Management (DBM) said. The DBM issued a circular, signed by Budget Secretary Kim Robert C. De Leon, moving up the deadline for submitting agency requests for the release of additional funds needing the issuance of obligational and disbursement authorities and other similar approvals and authority. “In order to maximize the use of available funds, and considering the limited validity period for release, obligation and utilization

of all budget authorization, agencies are enjoined to submit to the [DBM] their requests,” it said. The DBM said the earlier deadline would enable the agency to timely assess and prioritize budgetary requests, given that this year’s budget is almost released. As of October 15, a total of P6.596 trillion has been released from this year’s P6.793-trillion expenditure program. Meanwhile, the DBM exempts some mandatory or urgent purposes from the November 3 cut-off date, although subject to the availability of funds. These include additional personnel services requirements, including government share contributions for Retirement and Life

Insurance Premium, terminal leave benefits of national government personnel devolved to LGUs, among others. Requests for the issuance of non-cash availment authorities to enable the proper recording of loan disbursements, as well as for emergency responses stemming from extraordinary or prevailing circumstances are also exempted from the earlier deadline. The DBM said requests must be complete and in order, accompanied by all documentary requirements prescribed in the DBM Citizen’s Charter. Submissions must be coursed directly through the DBM Central Records Division on or before the deadline.

By Lenie Lectura

HE Chamber of Mines of the Philippines (COMP) and the Philippine Nickel Industry Association (PNIA) are opposing the Department of Energy (DOE)– Department of Environment and Natural Resources (DENR) Joint Administrative Order (JAO) No. 2026-01, arguing that it introduces severe regulatory uncertainty and investment risks. While the groups expressed support for the government’s goal of ensuring national energy security, they cited questionable provisions in the JAO. These include requiring incumbent operators to surrender privately-owned operational assets upon contract expiry, disadvantageous new bidding criteria, and biased evaluation process. “Policy stability and adherence to the rule of law are the bedrock for business and investment growth. If new and questionable provisions create uncertainty and fear, and make investing costlier in terms of involving project financing and asset valuations, among other things, then the government’s efforts to attract investors and President Ferdinand Marcos Jr.’s Ease of Doing Business agenda and his push to make the minerals industry as a stronger pillar of economic development would be for naught,” they said. They urged the government to ensure that the JAO is consistent with existing laws and contractual rights, promotes fair and transparent competition, and supports the country’s efforts to attract longterm investments. “We remain committed to constructive engagement with the DOE and the DENR to help achieve the government’s policy objectives,” they added. The DOE, however, said the new bidding rules for the upcoming coal auction are necessary. DOE Secretary Sharon 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. This is true in brownfield projects, but for greenfield projects, they remain the same,” Garin had said. The energy 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. Semirara Mining and Power Corp. (SMPC) currently holds coal operating contract (COC) No. 5, which is among the coal blocks on Semirara 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 predetermined 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 presubmission conferences, developments affecting Semirara Island—one of the offered areas—including continuing See “Miners,” A2

A18 Friday, October 23, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Can we expect real accountability after the SC decision?

OR decades, the national budget has been the country’s most efficient instrument of legalized plunder. This week, the Supreme Court finally said it out loud. (Read the BusinessMirror story: SC tags ’24, ’25 budgets as unconstitutional, October 20, 2026). In a sweeping decision penned by Associate Justice Marvic Leonen, the SC struck down the 2024 and 2025 General Appropriations Acts as unconstitutional and gutted key provisions of the 2026 GAA. The reasoning is as simple as it is damning: Congress has been padding the President’s budget, and the padding has a price—P449.5 billion in 2024 alone, plus P17.99 billion more for the DPWH’s Special Road Fund in 2025. The Court’s core holding is clean. Article VI, Section 25(1) forbids Congress from increasing the total appropriations the President recommends in the Budget of Expenditures and Sources of Financing. That ceiling covers programmed and unprogrammed appropriations combined. Congress blew straight through it. But the ruling’s real contribution is not arithmetic. It is diagnosis. Unprogrammed appropriations were meant to be a modest contingency— six to 12 purposes between 1989 and 2018. By 2024, the Bicameral Conference Committee had stuffed them with 43 new programs and projects worth P303.11 billion, ballooning UAs from P282 billion in the President’s proposal to P732 billion. That is not budgeting. That is a slush fund in legal costume. The Court’s phrase—that Congress “severely distorted the budget” to create “artificial fiscal space”—belongs in every future hearing. Worse, the Court found that “Strengthening Assistance for Government Infrastructure and Social Programs” (SAGIP) was a prohibited lump-sum appropriation, a “covert repository” for DPWH flood control projects, because it handed the Executive post-enactment power to decide where money goes—a power the Constitution vests in Congress. This is a familiar disease. Each time one pork barrel falls, another rises wearing a new acronym. The Priority Development Assistance Fund was struck down. The Disbursement Acceleration Program was struck down. Now SAGIP. The mechanism mutates; the appetite never does. The Court also indicted the process itself. The Bicameral Conference Committee kept no records, explained no increases or decreases, and submitted no supporting documents—in violation of its own rules. A body that rewrites a multi-trillion-peso law behind closed doors, then explains nothing, is not legislating. It is dividing the spoils. So what now? The Court applied the doctrine of operative fact to the 2024 and 2025 budgets, meaning money already spent stays spent. Convenient for the spenders. P449.5 billion flowed through channels now declared unconstitutional, and beneficiaries keep their windfall if they acted in good faith. That is the ruling’s soft spot—and its largest one. But here is the opening. The doctrine, the SC stressed, “does not shield authors, proponents, or implementors from criminal, civil, or administrative liability.” Read carefully, that is an invitation. The justices have handed the Ombudsman and the Commission on Audit a map. The question is whether they will follow it, or whether the political departments will do what they always do—shrug, rename the fund, and move on. The permanent injunction against the 2026 GAA’s Special Provisions 1(a) and (b) is a start. But injunctions fade from public memory long before the next election. The petitioners—the late Edcel Lagman, Koko Pimentel, Edgar Erice, Leila de Lima—spent years being dismissed as noisy. They were right. The Court’s closing words deserve to be carved above every budget deliberation: the GAA “has never been a catalogue of licenses to abuse or to steal.” For too long, it has been exactly that. The justices have now drawn a line. The rest of us—voters, auditors, prosecutors—must hold it, or watch Congress redraw it with a new acronym.

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Dennis Gorecho

Kuwentong Peyups

‘A

NG paglaban ng sigaw ‘UP Fight’ ay bibigyan sigla ng pagkapwa ng sambayanan. Sugod mga kapatid!” That’s the handwritten personalized message by National Artist for Film Kidlat Tahimik in the book “Kapwa: The Self in the Other. Worldviews and Lifestyles of Filipino Cultural Bearers” (2005) by his late wife German-born ethnographer and author Dr. Katrin de Guia.

Kidlat Tahimik is widely celebrated as the “Father of Philippine Independent Cinema” and was awarded National Artist for Film and Broadcast Arts in 2018. Born Eric Oteyza de Guia, Kidlat Tahimik (meaning “Silent Lightning”) emphatically shared the “kapwa” concept during the closing ceremonies the 30th Word Cup conference in Baguio City. Katrin’s book defined “kapwa” as the Filipino core value of shared identity and interconnectedness, not merely as an abstract concept, but as a living philosophy that could heal both individuals and nations. “Kapwa” teaches that the self is inherently intertwined with others and the natural world. Kidlat considers culture as more than heritage. It is a source of identity, creativity, kapwa, and knowl-

edge that can shape how we understand development and our place in the world. “Kapwa is an embracing culture—one where we include others in our sense of self, help one another and move toward a shared destination.” Kidlat fondly shared with this author how the “kapwa” concept helped UP players to land in the University Athletic Association of the Philippines (UAAP) finals in 1962. Kidlat served as the president the University Student Union (now the University Student Council) from 1962 to 1963 while completing his AB Speech and Drama degree at UP Diliman. There was no USC from 19581960 due to a legal battle on student leadership. On June 24, 1958, then UP

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Kidlat Tahimik is widely celebrated as the “Father of Philippine Independent Cinema” and was awarded National Artist for Film and Broadcast Arts in 2018.

President Vicente Sinco issued Administrative Circular no. 1, which limited the representation of any student organization to one representative only in each of the student councils, to counter the dominance of the UP Student Catholic Action (UPSCA). UPSCA said the circular was “illegal, discriminatory, unreasonable, undemocratic and arbitrary,” and filed a case in court. The Supreme Court dismissed the petition on technical grounds, saying that UPSCA should have exhausted administrative remedies within the university. The decision came only in 1960. In January 1961, the BOR approved Article 448, the Circular no. 1 of Pres. Sinco. It also approved Article 437, which provided for a Student Union that would take charge of cultural and social programs and activities of the student body. The Student Union is essentially like Congress, wherein the leaders from each college will assemble as a collegiate body and will elect among themselves who would be the president. Kidlat said that he became the “accidental student leader” after he was chosen to head the student union.

Aside from political activities, Kidlat fondly narrated how the Student Union under his term lifted the performance of the UP athletes at the UAAP. At the time, the UP team went by the moniker “Parrots” rather than the modern “Fighting Maroons.” UP’s teams were initially called Maroon and Greens in the 1920s when UP was still a member of the National Collegiate Athletic Association (NCAA), then it became UP Parrots due to its mascot. Sometime in the 1990s, the new moniker revived the old name Maroons, and the adjective “fighting” was added to describe the kind of spirit that the varsity teams of UP have when they participate in the arena of competitive sports. Kidlat chartered 20 buses from Diliman to Rizal Coliseum to boost fan turnout for UP games, rallying crowds with the classic cheer “UP rah! UP rah! UP sis-boom-bah!” He said that the UP Parrots were always at the end tail of the league. Under coach Leoncio S. Duran, the UP Parrots reached the UAAP Men’s Basketball Finals against the University of the East (UE) Red Warriors in a single-game championship match on October 6, 1962 before a crowd of 5,000 at the Rizal Memorial Coliseum. UE won with a score of 70-55. Kidlat said that the games galvanized an extraordinary sense of solidarity for UP constituents See “Gorecho,” A19

Just getting by: The Philippine economy and the road to 2028

Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Chairman of the Board Advertising Sales Manager Group Circulation Manager

Kidlat Tahimik’s ‘kapwa’ values energize the UP crowd at UAAP games

Alvin Ang

EAGLE WATCH

READ a post from Filipino-Chinese restaurant owners group asking if their fellow restaurant owners are experiencing the slowing down of sales despite the onset of the “ber” months. Last Sunday, I observed it myself when I went to a popular mall at lunchtime to find a restaurant totally empty as if I have reserved it for myself. What is happening to the Philippine economy?

Based on observable and recently available data, the Philippine economy is not collapsing. But neither is it delivering. The phrase that best captures our condition is “just getting by.” Businesses remain open, overseas workers continue sending money, and families find ways to stretch their budgets. However, surviving another month is not the same as moving forward. The numbers are reflecting this

reality: GDP growth slowed from 2.8 percent in the first quarter to 2.3 percent in the second quarter of 2026 and most likely continued at this level for the rest of the year. Household consumption grew just 2.8 percent, while capital formation fell 9.2 percent. These are challenging signals which are saying that consumers are cautious and investment is retreating. Meanwhile, inflation reached

Beyond the current political and security stresses, the 2028 election should answer this question: did everyday life become more affordable, secure and hopeful? Voters will look at wages after inflation, job opportunities for their children, electricity bills, commute times and whether taxes produced real services. The Philippines still has capable workers, entrepreneurs and considerable economic potential. But potential is not performance. The current administration has less than two years to show that it can move beyond crisis management toward disciplined execution. “Just getting by” may describe the economy today. It must not become the country’s permanent ambition.

7.2 percent in September, with rice prices rising 20.3 percent from a year earlier. For the poorest 30 percent of households, inflation was an even

harsher 9 percent. Unemployment stood at 5.3 percent in August, representing 2.77 million people, while nearly 5.9 million workers are underemployed. These are describing the difficult choices that households need to make between day-to-day groceries, transport, medicines and school expenses. While this is not stagflation, the country faces an uncomfortable combination of weak growth and high inflation. The average estimate shows that full growth for 2026 will only be 3 percent. How to break this “getting by situation” requires key policy actions some of which are already being done but needs more emphasis, effort, and proper communication sans politics by the government. First, make food affordability the immediate economic priority. Rice is both an economic staple and a political barometer. Announcing lower prices is easier than ensuring that rice reaches markets at those prices. More actions are needed to See “Eagle Watch,” A19

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The frantic 24 hours before Saudi Arabia pulled plug on FII By Christine Burke & Adveith Nair

FTER a spate of deadly Houthi attacks, Saudi officials faced a stark choice over the weekend: move the kingdom’s flagship investment conference online and risk diminishing an event that had become a showpiece for Crown Prince Mohammed bin Salman, or postpone it altogether.

The dilemma underscored how important the Future Investment Initiative had become to the kingdom’s courtship of global finance. The question was whether a virtual gathering could deliver the dealmaking and high-level networking that had helped FII generate agreements worth more than $50 billion last year alone. Over a whirlwind 24 hours, the answer became clear. On Sunday, organizers were signaling a shift to a hybrid or virtual format. By Monday, it was clear the conference could not proceed in person and around 6:00 p.m. local time organizers confirmed it would be postponed until 2027. The annual event was due to start October 26 and slated to feature the likes of Citigroup Inc. Chief Executive Officer Jane Fraser, Goldman Sachs Group Inc.’s David Solomon and BlackRock Inc.’s Larry Fink. Last year’s opening panels alone featured finance and tech executives leading firms with nearly $3 trillion in combined market value. Such firms are key to the crown prince’s attempts to diversify the Saudi economy. The conference counts the kingdom’s $905 billion sovereign wealth fund as its founding partner and is ultimately overseen by the de facto ruler, meaning the final decisions involved some of the highest levels of Saudi leadership. At stake was not just the format, but whether the event could deliver what organizers and participants expected of it. That thinking eventually sealed the decision. In a short statement announcing the postponement, officials said they wanted the milestone edition to deliver the full scale, quality and impact that speakers and delegates had come to expect. “A decade of partnership and shared vision deserves nothing less than our absolute best,” Maha bint Mishari Al Saud, chief executive officer of the FII Institute, which organizes the event, said in a statement. Even as news of the postponement emerged, the security risks facing Saudi Arabia were on display, with air-raid sirens sounding in Riyadh. King Khalid International Airport curtailed flights until further notice, effectively restricting the main air gateway into the kingdom. The Houthis, part of Tehran’s socalled axis of resistance, have been in conflict with Riyadh since well before the Iran war began in February. They stepped up their attacks in October after Saudi-backed Yemeni forces launched an offensive to recapture Houthi-held areas. Multiple governments have since added travel restrictions, meaning many attendees would have to look at alternative routes into Riyadh, including flying to Doha or Bahrain and driving more than five hours to the Saudi capital. From Dubai or Abu Dhabi, the journey would take at least 10 hours.

Gorecho. . .

continued from A18

often described as the microcosm of a highly diverse nation. An academic community all too easily fractured by politics and personal interest, the cheer reverberated during the past UAAP games as the athletes fought UP style—“may giting at tapang.” The cheers resonated in every game as men and women who solidly believed in the team stood by their side in their journey. UP won its first basketball title

Over a whirlwind 24 hours, the answer became clear. On Sunday, organizers were signaling a shift to a hybrid or virtual format. By Monday, it was clear the conference could not proceed in person and around 6:00 p.m. local time organizers confirmed it would be postponed until 2027. The annual event was due to start October 26 and slated to feature the likes of Citigroup Inc. Chief Executive Officer Jane Fraser, Goldman Sachs Group Inc.’s David Solomon and BlackRock Inc.’s Larry Fink. That added to the unease among executives at some of Wall Street’s biggest firms. Even before the war began, some were already questioning whether there was enough money to be made in Saudi Arabia. Many were reluctant to withdraw, wary of jeopardizing relationships with a country that, despite its strains, retained the ability to occasionally pull off blockbuster deals. Other business and entertainment events in Saudi Arabia have also been disrupted by the Houthi strikes, including a summit between the European Union and Gulf Cooperation Council, the inaugural MIPIM Middle East real estate investment event and the “Six Kings Slam” tennis tournament. The Capital Markets Forum Select in London, organized by the Saudi and London stock exchanges, has also been postponed amid air travel restrictions, according to a person familiar with the matter, showing the disruption is spreading beyond the kingdom. The FII Institute has said its flagship gathering will be pushed to an unspecified date in 2027, when it will have to navigate an already crowded international calendar. Besides the Riyadh event, FII hosts summits around the world, including in Miami, where US President Donald Trump has delivered special addresses. Still, Riyadh’s decision to delay FII underscores officials’ willingness to make difficult decisions— as showcased by an ability to pivot from projects like Neom to sectors like artificial intelligence. At the same time, analysts say the fallout from the war will hurt the kingdom’s attractiveness. “I think Saudi Arabia has been damaged by this conflict with the Houthis,” Matthew Mullman, senior analyst for global macro at Signum Global Advisors, told Bloomberg Television on Monday. Firms could now question the case for building critical infrastructure in the kingdom, he added. “The image of Saudi Arabia as the premier investment destination within the Gulf has taken a hit.” Bloomberg in 1939 (Season 2) then followed it up 47 years later in 1986 (Season 49). Then there was the 36 years of championship drought until its third title in 2022 (Season 84). Two years later (2024), it reclaimed the title in Season 87. In 1986, the UPMBT also faced the UE Red Warriors in the championship round where UP won the Finals Game 2 (89–98). Peyups is the moniker of the University of the Philippines. Atty. Dennis R. Gorecho is the Junior Partner of the Sapalo Velez Bundang Bulilan Law Offices. For comments, e-mail info@sapalovelez. com, or call 0908-8665786.

Opinion BusinessMirror

Friday, October 23, 2026 A19

Finance leaders spar over AI bubble after Griffin warning By Francine Lacqua, Arno Schütze & Leonard Kehnscherper

OP finance and investing executives pushed back against suggestions of a bubble in artificial intelligence, after billionaire Ken Griffin warned that investors in the industry should be prepared for setbacks.

Deutsche Bank AG Chief Executive Officer Christian Sewing, speaking in an interview at the Berlin Global Dialogue, said he sees no reason to worry about a sharp reversal in asset prices any time soon. BlackRock Inc. Chief Executive Officer Larry Fink argued in favor of pushing ahead with the rapid build-out of AI data centers, saying any delays could threaten economic growth and stoke inflation by driving up computing costs. “Overall, I don’t think that we are living in a bubble which is bursting,” Sewing said on Bloomberg Television Wednesday. “Do we see the one or the other setback, also with individual companies? That can happen.” Investor anxiety over the durability of the AI boom surged in recent weeks amid fears that the substantial upfront capital spending the technology needs will take longer than expected to translate into profits and productivity gains. Anthropic PBC, one of the leading AI developers, could spend $750 billion on additional computing power in the coming years, according to a Wall Street Journal report. Griffin, whose empire includes hedge fund Citadel and market-

maker Citadel Securities, warned on Tuesday that investors are “almost certainly” in a bubble as corporations are grappling with how much they want to spend on the technology. Griffin has previously been critical of AI, even calling it garbage. He has since taken a more constructive view. “Any radical transformation of our economy is generally intertwined with a bubble,” Griffin said Tuesday. “These bubbles, if we want to use that word, often coincide with these giant technological transformations.” Fink has waved off concerns about an AI bubble before, pointing instead to supply shortages and saying demand growth has exceeded expectations. He has also warned delays in the technology’s build-out could ultimately limit access. “If we don’t build out these data centers, it is actually more inflationary because the cost of compute is so high right now,” he said on Wednesday. “And the faster we can build out more data centers, the more compute we have, the faster we can bring down the cost.” Sewing, who has emerged as one

Ken Griffin, whose empire includes hedge fund Citadel and market-maker Citadel Securities, warned on Tuesday that investors are “almost certainly” in a bubble as corporations are grappling with how much they want to spend on the technology. Griffin has previously been critical of AI, even calling it garbage. He has since taken a more constructive view.

of the most influential business leaders in Germany, said the industrial application of AI is “the chance of the century” for his home country, if it gets the regulatory framework right. Deutsche Bank itself uses the technology to increase efficiency but also to improve controls, he said. “The fear that we are in front of a bubble is not a justified one,” Sewing said. “But what is different from a bubble is ongoing volatility,” he said, pointing to continued geopolitical tensions. The CEO, who has turned around Germany’s largest lender since taking over eight years ago, is one of a handful of top executives who regularly speak with Chancellor Friedrich Merz, people familiar with the matter have said. Merz hosted the German government’s first investor conference in Berlin this week, a fresh push by the embattled chancellor to revive growth in Europe’s

El Niño stresses China’s power market with return to costly gas

HINA’S industrial heartland of Guangdong is being forced to turn back to costlier natural gas to meet rising electricity demand, after the El Niño weather pattern curtailed hydropower and wind output.

The southern province, with an economy roughly the size of Spain, is hurrying to rebuild fuel stocks, while utilities are left with few options but to restart idled gas units to plug the hole left by weaker clean energy generation. The dry spell and altered wind conditions brought by El Niño are also a test of Guangdong’s partially liberalized power trading regime, which has been designed to stabilize electricity prices and protect consumers from inflation. The province is an early adopter of a market system being pushed by Beijing, but now finds itself in a bind due to shortages of fuel from all sources. The electricity-hungry province reported a 7.7 percent increase in usage in the first nine months of 2026, according to the local grid, after hitting a record in August as air-conditioners were cranked up to deal with the summer heat. The end of the year should bring even more demand for power from industry.

Eagle Watch. . . continued from A18

make this happen, such as publishing transparent weekly information on stocks, farmgate prices, imports and retail margins. Second, cushion the energy shock through an institutionalized, systematic, time-bound, properly targeted assistance to public transport operators, farmers and low-income commuters not a reactive response optics. A government assisted accelerated renewable energy connections devoid of red-tape can reshape household energy behaviors. Third, restart credible public investment. Reviews of questionable infrastructure contracts are necessary, particularly after the floodcontrol controversy. But indefinitely freezing legitimate projects also destroys jobs and delays critical government infrastructure particularly with the onset of El Nino. It must be clear to government that accountability and economic recovery are not competing goals.

The upshot is that spot electricity prices have more than tripled this month from a year earlier, climbing to about 810 yuan ($121) a megawatt-hour on October 18, according to Rystad Energy AS. Rystad said Guangdong’s hydropower imports fell sharply in October to 26 gigawatts, a drop of 19 percent from September and 28 percent below August’s level, while wind output also declined. El Niño isn’t the only constraint on power supplies. Seasonal maintenance at coal-fired and nuclear plants has also had an impact. The availability of coal generally has been hampered by the fallout from the Shanxi mine disaster in May. Liquefied natural gas, always a pricier option, isn’t flowing freely because of the war in the Persian Gulf where so much production is based. Guangdong is particularly vulnerable to global supply disruptions because its power plants consume more Fourth, protect the remaining fiscal space. The deficit had reached about P1.05 trillion by August, while outstanding national government debt stood near P19.61 trillion. Borrowing is not inherently irresponsible, but it must be for projects that work. The 2027 budget should distinguish high-impact investments from politically attractive but unproductive spending. Cutting waste and improving tax administration should precede new promises of blanket subsidies. These steps can help ease today’s pressure. But other choices, postponed again and again, could become decisive in the 2028 elections. Medium term policy should focus on the following: job quality—a still expanding labor force cannot depend indefinitely on low-productivity services, informal work and overseas employment. We need a credible investment pipeline in manufacturing, agribusiness, logistics and tradable digital services, supported by dependable power, faster permits and practical skills training. Investment approvals must be judged by factories

The dry spell and altered wind conditions brought by El Niño are also a test of Guangdong’s partially liberalized power trading regime, which has been designed to stabilize electricity prices and protect consumers from inflation. The province is an early adopter of a market system being pushed by Beijing, but now finds itself in a bind due to shortages of fuel from all sources. gas than other regions, a legacy of its coastal location. While coal leads with around 30 percent of the province’s power mix, natural gas isn’t far behind at about 20 percent. Still, gas is now among the better options for power suppliers.

Market rules

WHILE coal generators are being used to deliver baseload power, gas plants are increasingly setting the market price by meeting demand during peak hours, said Rystad analyst Deng Simeng. Those elevated prices are likely to persist in the fourth quarter as the province’s high-tech exporters gear built and decent jobs created, not announcements. Second, address learning losses, weak foundational skills and mismatches between training and available jobs compound over years. They cannot be corrected by a campaign slogan in 2028. Measurable improvements in reading, numeracy, technical education and employer-linked apprenticeships must begin now. Third, repeated floods, droughts and rising temperatures are no longer exceptional disruptions. With El Niño, agriculture, water management and disaster preparation require sustained investment, not emergency spending after each calamity. Finally, there is trust. Corruption allegations surrounding infrastructure damage more than the government’s reputation. There is erosion of taxpayer willingness, discourage investors and make public spending less effective. Institutionalizing transparent procurement, credible prosecutions and visible project completion are

biggest economy. Steve Chiavarone, chief investment officer for global equities at Federated Hermes, said investors worried that the AI boom is turning into a bubble may be right—just several years too early, because the infrastructure build-out still has years to run before the risk of a hangover becomes more pressing. For now, markets are being discerning about which companies receive capital at what rates—the opposite of bubble behavior, he said. Rather than AI, Fink and Sewing both pointed to fiscal deficits as a more immediate area of concern, particularly as the AI industry competes with governments for investor money. US Treasury yields have hit multi-decade highs as markets grapple with a nearly $2 trillion US fiscal deficit. “We’re at a time now where we’re finally unlocking private capital, and so the competition for capital is as large as I’ve ever seen in my professional career,” Fink said. In France, months of debate over the budget have pushed the extra yield investors demand to hold French government debt over German bonds into territory associated with the euro-area debt crisis. “I wouldn’t call it a debt crisis at this point in time, but I think it’s a wakeup call in particular for all public financing that budget disciplinary is key,” Sewing said. With assistance from Nick Heubeck/Bloomberg

up to fill Christmas orders, Galaxy Futures Co. said in a note. Conditions in Guangdong could also prompt a rethink of the rules governing market-based pricing. Local regulators have shielded households and industry from higher electricity costs by locking in most supply through bilateral annual contracts. However, traders buying power to meet those contracts have been left heavily exposed to the surge in prices. While Guangdong’s tight supply situation is manageable, regulators may have to revise the rules by reducing the share of mandatory fixed-rate contracts and allowing retail prices to reflect market fundamentals, said Sharon Feng, an energy consultant with E&C Group. About 60 percent of the province’s 500 or so power retailers incurred losses from trading in the first half of the year, according to the Guangdong Power Exchange. In neighboring Guangxi, which supplies much of the hydropower in southern China, a group of stateowned retailers banded together last month to petition the government to suspend contracts that had become uneconomic, according to Caixin. Bloomberg economic reforms, not merely political housekeeping. Beyond the current political and security stresses, the 2028 election should answer this question: did everyday life become more affordable, secure and hopeful? Voters will look at wages after inflation, job opportunities for their children, electricity bills, commute times and whether taxes produced real services. The Philippines still has capable workers, entrepreneurs and considerable economic potential. But potential is not performance. The current administration has less than two years to show that it can move beyond crisis management toward disciplined execution. “Just getting by” may describe the economy today. It must not become the country’s permanent ambition. ACERD will hold its year-end Economic Briefing entitled Navigating 2027 on December 3, 2026 at the Ateneo Rockwell Campus featuring speakers from government, bank, think tank, multilateral and academe. For more details, please check https://www.facebook.com/admueaglewatch.

A20

CHANELLE AVARICIO caps a gutsy performance in a fiercely contested 54-hole championship. ROY DOMINGO

Avaricio bags South Pacific ladies crown

HANELLE AVARICIO silenced a crowded title chase with an early eagle before leaning on her precision, patience and strong resolve to thwart Tiffany Lee’s blistering backside charge and capture the International Container Terminal Services Inc. South Pacific Classic by one in Davao City on Thursday. In sweltering conditions at the South Pacific Golf Club, Avaricio delivered a closing three-under 69 for an eight-under 209 total, capping a gutsy performance in a fiercely contested 54-hole championship that demanded as much mental toughness as shot-making brilliance. Avaricio’s early four-shot cushion evaporated with a costly miscue and Lee’s relentless charge and the two traded blows in a gripping finish that once again underscored the Ladies Philippine Golf Tour’s penchant for last-hole drama. They each missed the green on the closing par-five 18th and settled for bogeys, allowing Avaricio to clinch a onestroke victory worth P142,250. Lee misjudged her pitch, sending the ball past the cup, then failed to get up and down from 12 feet—that effectively eased the pressure on Avaricio, who also missed her par putt from eight feet. After winning by two strokes over Yvon Bisera at Pueblo de Oro last week, Lee settled for runner-up honors with a 70 for a 210 total worth P102,500. “I really played well at the front—one eagle and three birdies,” said Avaricio, who had trouble recovering from the bunker on her first bogey and then missed the green on the final hole, leaving her pitch shot short before missing the putt. “But at the back, I didn’t make any birdies and instead bogeyed two of the par-5s. Overall, though, I think I played well,” she added. With the Apo Classic set to take center stage next week, Avaricio is already looking ahead to another opportunity to extend her winning run and claim the 11th victory of her career.

Mondilla storms ahead after firing 64

CLYDE MONDILLA is back where he has been so many times before—on top of the leaderboard and within reach of another Philippine Golf Tour title and in control of his own destiny. Mondilla fired an eight-under 64 under preferred lies to storm from four shots down into the outright lead after the third round of the ICTSI South Pacific Classic also on Thursday, putting himself in prime position to end a title drought that has lingered since 2024. “I’ve been working on my iron and wedge play this week, making a few adjustments to fix the mistakes I made at Pueblo,” said Mondilla in Filipino, one of the winningest players on the PGT whose last victory came two years ago at Caliraya Springs, when he defeated Angelo Que by three strokes. The Bukidnon ace opened with four straight birdies, erased his deficit to catch halfway leader Lee Song at 13-under, then sustained the charge over the remaining holes to seize the solo lead at 16-under 200.

CLYDE MONDILLA is back where he has been so many times before. ROY DOMINGO

Friday, October 23, 2026

Sports BusinessMirror

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

SILVER FOR LHEY-WILFRED TANDEM IN TABLE TENNIS

AGOYA—Lhey Manginsay and Wilfred Redulla delivered a table tennis silver medal for the Philippines, easing the heartbreak of visually impaired runner Cyril Cloyd Ongcoy’s lost bronze at the 5th Asian Para Games here Thursday. The gutsy Manginsay-Redulla pair pushed for gold but bowed to the powerhouse Chinese duo of Paralympic champion Zhao Shuai and Asian Para Games silver medalist Xiong Guiyan, 7-11, 11-9, 4-11, 6-11, settling for silver in the mixed doubles Class XD17 at Sky Hall Toyota. It was the country’s first medal in the sport since the late Paralympic bronze medalist Josephine Medina captured silver in the Jakarta edition eight years ago. The feat raised the Filipinos’ medal haul to two golds, two silvers and a bronze, placing them 16th overall before sundown on Thursday. The podium finish provided consolation after Ongcoy was relegated to fourth in the men’s 1,500-meter T12/T13 early Thursday, following his initial third-place listing with a time of four minutes and 23.19 seconds Wednesday night. Uzbekistan’s Fakhriddin Khamraev, who had initially been disqualified, was reinstated as the gold medalist with a time of 4:07.47. Jordan’s Nabeel Maqableh and India’s Sharath Makanahalli, initially

THE Philippines’s Lhey Manginsay (left) and Wilfred Redulla in action. PSC-PPC MEDIA POOL awarded gold and silver, dropped to silver and bronze with times of 4:07.97 and 4:11.01, respectively. Despite the heartbreaking reversal, the 23-year-old Ongcoy remained proud of his Asian Para Games debut.

“Proud pa rin ako kasi first time kong maglaro sa Asian Para Games dahil mga kalaban ko, beterano na,” he said. At the Rainbow Pool of the Nagoya City General Gymnasium, Arjay Alegarbes fell short in his bid for a second

gold medal, finishing fifth in the men’s 100-meter butterfly S14 in 58.93 seconds. The event was among seven swimming finals in which the Filipinos were seeking to boost their medal haul, with fellow gold medalist

Ernie Gawilan entered in the men’s 100-meter backstroke S7. Also in the finals were Edwin Villanueva in the men’s 100-meter breaststroke SB7 and 100-meter backstroke S8, Muhaimin Ulag in the men’s 100-meter butterfly S14, Raemund Adefuin in the men’s 100-meter backstroke S6 and the mixed 4x50-meter freestyle relay squad. Swimming had accounted for all of the Philippines’s two golds, one silver and one bronze before the table tennis breakthrough. On the track, Arman Dino, who lost his right hand in an accident involving a “Super Lolo” firecracker when he was seven, finished fifth in the first of two morning heats in the men’s 400-meter T47 in 56.67 seconds and failed to advance to the final. In cycling, Filipinos Patrick Lee, Arthus Bucay and Nikko Peralta will have one final chance at a medal when they compete in the men’s C4-5 road race Friday at the Cycle Sports Center on the Izu Peninsula. In wheelchair basketball at the Aichi International Arena, the Nationals bowed to Kuwait, 53-61, to finish eighth and last. Despite the loss, it was the Philippines’s best finish in the event, improving on its 10th-place showing in Hangzhou three years ago.

Pickleball league Season 2 up

PHILIPPINE Olympic Committee president Abraham Tolentino with officials and national sports association heads and the medalists in the Aichi-Nagoya 20th Asian Games. POC PHOTO

Brand new iPhones for Asian Games medalists

By Josef Ramos

XCITEMENT filled the Philippine Olympic Committee (POC) General Assembly on Thursday as medalists in last month’s Aichi-Nagoya 20th Asian Games were rewarded with the latest iPhone 18 models at the East Ocean Palace in Parañaque City. “I’m very thankful I have a new iPhone that I can use...but I will keep my old phone,” said Jeus Yape in taekwondo, one of the country’s three gold medalists in Nagoya in virtual taekwondo. “I will give this iPhone Pro Max to my wife when I come home to Kalinga,” said MMA silver medalist Jean Claude Saclag, referring to his nurse wife Rochelle. POC President Abraham “Bambol” Tolentino thanked SportsPlus for providing

a total of 49 of the 53 iPhones 18 512gbs— three iPhone Duo for the three gold medalists, 11 iPhone Pro Max for the silver winners and 35 iPhone Pro for bronze medalists—as reward for their valuable effort. “All the athletes that won a medal here are so happy to get a new iPhone 18 model through the help of SportsPlus, and we are all thankful for their generosity,” Tolentino said. “That is a total of P7 million because even all members of team sports that won a medal have an iPhone each.” The Philippine delegation harvested a total of 29 medals—two golds from Paris Olympics double gold medalist Carlos Yulo of gymnastics and one gold from EJ Obiena in pole vault, and nine silvers and 16 bronze medals in Nagoya. Except for Yulo and younger brother Karl

Eldrew who are presently competing in the World Artistic Gymnastics Championships in The Netherlands, and Obiena, who’s back training in Athens, and Alex Eala, who’s competing in the WTA500 Ningbo Open in China, all medalists got their iPhones. The gold medalists will also receive P2 million cash incentives each from the government through the Philippine Sports Commission (PSC). The nine silver winners will have P1 million each while the bronze medalists will get P400,000 each. “Feeling so blessed with this reward.” The Genaral Assembly, meanwhile, granted regular POC membership to Pilipinas Climbing, Philippine Kabaddi Federation and Philippine Mixed Martial Arts Federation.

Love affair with volleyball: First seduction from Brazil VOLLEYBALL’S love affair began with its first seduction from Brazil, the land of samba and carnival. At the dawn of the millennium, Brazilian Leila Barros arrived in Manila with the beauty of a queen, the brains of a champion, and the charm of a star. The gorgeous and elegantly alluring Brazilian hitter and attacker came to play top caliber volleyball. She instantly became a timeless icon for her Filipino fans and when she went home, she left a nation that had fallen in love with her in tears. Barros made volleyball hard to ignore. She brought world class pedigree, feminine allure, and magnetic presence that turned the game into an event. Leila Mania was more than a passing fascination. Seduction can open the door; but only substance can keep it wide open. Philippine volleyball needed its own heroes, rivalries, and unforgettable moments to transform curiosity into devotion. The defunct Philippine Super Liga and now the Premier Volleyball League helped deliver the next two emphatic acts. Corporate-backed teams like Foton, Petron, Creamline, PLDT and F2 Logistics gave the sport stronger identities and a more competitive stage. Foreign imports brought power and experience, challenging local players to raise the bar of their game. Then the Filipinas took command of the spotlight. Michele Gumabao, Alyssa Valdez, Jia

Morado, Jaja Santiago, Jema Galanza, Tots Carlos, Myla Pablo, Mylene Paat and Vanie Gandler became part of a constellation of stars who gave the game its own heroines. Gandler brought her own brand of allure to a sport already rich in talent and personality. But they were more than pretty faces and crowd favorites. They delivered thunderous spikes, deft sets, towering blocks, and the courage to seize a match. They didn’t merely win points. They won hearts— and helped turn volleyball into a national obsession. Soon, women’s volleyball was filling the Araneta Coliseum and Mall of Asia Arena with a roar that rivaled the excitement of other big events. The spectacle was irresistible: booming serves, thunderous spikes, improbable saves, ingenious setters and hitters. The crowd came for the athleticism, and

HE Pickle Yard Conference League (PYCL) hopes to play a much bigger role in the rapidly growing sport of pickleball in the country, with the Season 2 kicking off on Saturday at The Pickle Yard SOMO in Bacoor City, Cavite. With a good mix of Filipino and international players bannering the rosters of the eight participating teams, the league is aiming to provide local talents with regular competition and consistent exposure to different playing styles as the sport continues to gain a strong following in the country. PYCL commissioner John Regison Talusan said the second season will focus on raising the level of competition while giving Filipino players opportunities to learn from their international counterparts.

MILDWATERS and ZOLETA-MANALAC

stayed for the stories. Club rivalries became personal. Players became household names. Every match offered a fresh contest of nerve, talent, and temperament. Volleyball had become a sporting culture to belong to. Yet popularity brings obligations. Sponsors invest, fans spend and athletes sacrifice because they believe in the game and the promise it holds. But those governing the game must be worthy of the trust placed in them. That is the troubling turn in volleyball’s otherwise exhilarating story. Last May, the Fédération Internationale de Volleyball suspended the Philippine National Volleyball Federation (PNVF) amid serious governance issues and alleged ethical violations. An ad hoc committee was appointed as the international body sought to address the situation. The PNVF subsequently underwent a leadership transition, with Frank Lao elected president in August. A new name at the top. But what matters now is whether the PNVF can establish transparent governance and a credible plan. The urgency became painfully clear during the recent Asian Games, when men’s national team captain Bryan Bagunas spoke publicly about unpaid allowances and teammates borrowing money to sustain their training. The federation apologized, explaining that

VIVAMAXERS

“Season 2 is about raising the level of competition,” Talusan said. “We want our Filipino players to be tested by international athletes, different playing styles and different competitive backgrounds, while giving overseas players a chance to experience the energy and talent of Philippine pickleball.” Season 2 runs until November 27, with matches scheduled on Sundays, Tuesdays, Thursdays and Fridays. The league also hopes to strengthen the exchange between local and foreign players, allowing both sides to gain experience in a competitive environment like the PYCL. Among the featured players for the new season are Filipino-British Mikar Fisher and Filipina-Australian Crystal Mildwaters, who will join international players Amore Cook, Cody Temple and Nico Almeida in the tournament. Also worth watching is local ace Bien Zoleta-Manalac, who just a month ago helped power PH soft tennis to historic bronze medal finish in the women’s event at the 20th Asian Games in Nagoya, Japan. The eight franchises that will be competing for the Season 2 title are the Thrifty Drivers, Dentacare Pearly Whites, Cartivo Movers, Konjac Zero Phoenix Force, GFOXX Paragon, Black Mamba Aces, Cebuana Lhuillier Gems and DreamSkin Radiants.

the new leadership had inherited substantial liabilities and was reviewing the organization’s financial records. This is no minor administrative quarrel. It concerns the dignity of the athletes who give the sport its value. Players cannot be expected to prepare when basic support is uncertain. Nor can sponsors be asked to sustain their enthusiasm indefinitely without accountability. The way forward is not to diminish the women’s success or pit it against the men’s difficulties. Both deserve competent leadership, dependable support, stronger grassroots development. The popularity of the professional leagues must become a foundation for lasting progress—not a glittering distraction from the work still undone. Leila Barros helped spark the romance. And Filipino players, ambitious clubs, and a generation of passionate fans turned that first seduction into a national sporting spectacle. The next chapter must be written by more than fearless spikers, inventive setters, and booming servers. It must also be written by sports officials who understand that public affection is earned, never owned. Philippine volleyball has found its voice, its stars, and its crowd. The game has given the country every reason to fall in love. Now its leaders must prove themselves worthy of that love.

Editor: Jennifer A. Ng

Companies BusinessMirror

Friday, October 23, 2026

PSALM to hold another auction for prime property in QC By Lenie Lectura @llectura

HE Power Sector Assets and Liabilities Management Corp. (PSALM) has declared a failed bidding for its prime property in Diliman, Quezon City. The state firm received no offers during the bidding held last October 20, according to PSALM President Dennis Edward Dela Serna. “The three bidders who initially

showed interest did not appear.” PSALM will conduct another bidding, added Dela Serna. The minimum bid price for the property is P11.09 billion. It consists of two lots covered by Title No. N-326294, with a total land area of 51,948 square meters. Of the property’s total 51,948-square-meter land area, an estimated 12,250 square meters have been excluded from the sale, leaving a net salable area of 39,698 square meters, together with

the buildings, structures, and improvements located within such area. The excluded areas include an estimated 5,000 square meters reserved for PSALM’s use and around 7,250 square meters occupied by the Systems Operation (SO) and National Control Center (NCC) facilities. Under its existing agreement with PSALM, the National Grid Corporation of the Philippines (NGCP) will continue using the NCC and SO buildings for transmission

operations until January 15, 2034. The bidding is open to qualified individuals, sole proprietors, cooperatives, corporations, partnerships, joint ventures, consortiums, government-owned entities, and local government units authorized to acquire and develop real property in the Philippines. Private entities must be at least 60 percent Filipino-owned. PSALM is in charge of liquidating the National Power Corp.’s (NPC)

financial obligations, including stranded debts and stranded contract costs, by implementing an efficient liability management program that conforms to the provisions of Republic Act 9136, or the Electric Power Industry Reform Act. Last June, the state-run firm said its financial obligations at end-March this year went up to P297.64 billion from P260.6 billion at end-2025. The 13-percent increase, accord-

ing to Dela Serna, was primarily due to a P37-billion draw down in February in preparation for debt servicing requirements, particularly principal payments due in May and June amounting to approximately P168 billion. Moreover, foreign exchange rate adjustments also contributed to the rise in the outstanding balance. “These factors temporarily elevated the reported debt level,” said Dela Serna.

STUDY: MORE PINOYS TAPPING AI PLATFORMS TO FIND BRANDS By Lorenz S. Marasigan @lorenzmarasigan

ENTIONSofPhilippine brands in Google AI Overviews rose more than twentyfold in 2025, a sign that artificial intelligence (AI) is fast becoming a gateway through which Filipino consumers find businesses online, according to a year-long study by digital marketing firm Truelogic. Over the same period, organic branded traffic across 80 Philippine websites fell by 3 to 8 percent. The study, however, noted that while the two trends happened in parallel, it did not establish a direct cause-and-effect relationship between them. The study tracked 80 brands across seven sectors. Retail, ecommerce, and real estate posted the strongest growth in AI visibility. Brands that performed better in AI results generally shared three traits, the study found: high brand search interest, clearly structured content, and well-optimized websites. “Being found is no longer just about ranking for the right keywords,” said Bernard San Juan III, managing partner of Truelogic. “AI is more likely to surface brands it can understand and trust.” San Juan said this means businesses “need to make their expertise easy to verify, organize their content around the questions customers ask, and remain consistently present across credible sources—from news coverage and reviews to social media.” Traditional search engines give users a list of links they must sift through to find an answer. AI search, by contrast, lets consumers ask conversational questions

and receive curated answers, comparisons, and recommendations in a single response. Filipinos have been quick to adopt these tools. The Digital 2026 report by We Are Social, Meltwater, and GWI showed that 42.4 percent of Filipino internet users surveyed had used ChatGPT in the previous month, ranking the Philippines sixth globally. San Juan said the shift is pushing brands beyond traditional search engine optimization (SEO). While ranking well in search results still matters, brands must also ensure that AI platforms can understand their content, verify their expertise, and recognize them as credible sources. He noted that the firm’s own client data mirrored the trend. Across 40 projects, Truelogic clients recorded a 750-percent increase in AI visibility from January to July 2025, against the 400-percent average across Philippine websites during the same period. One of these clients, described as a leading Philippine bank, achieved the highest AI share of voice in its peer group at 38.1 percent. A major property developer, meanwhile, captured a 53.38-percent AI share of voice across Google AI Overviews, ChatGPT, and Perplexity—3.8 times that of its closest competitor. The study concluded that neither size nor legacy guarantees leadership in AI search. As AI platforms mature, Philippine brands that build authority, structure their content for AI, and keep a consistent presence across credible channels will be better positioned to appear in AI-generated answers and recommendations.

Southstar Drug, DSWD to expand partnership

OUTHSTAR Drug on Thursday said it is expanding the access of beneficiaries of the government’s medical assistance program to its selected branches in Quezon City where they can claim approved medicines without upfront payment. Through the initiative, beneficiaries of Department of Social Welfare’s (DSWD) assistance to individuals in crisis situations program may present guarantee letters issued by the department at participating Southstar Drug stores and immediately receive covered medicines and healthcare products, with Southstar Drug coordinating directly with DSWD for reimbursement. The drugstore brand of delisted firm Robinsons Retail Holdings Inc. (RRHI) said the arrangement gives beneficiaries more convenient and accessible pharmacy options within their communities.

The agreement was signed last October 20 at the Robinsons Retail head office in Quezon City. “I would like to thank Robina (Gokongwei-Pe, RRHI chairman) and of course the entire Robinsons Retail group for the partnership. Long time in the making but we’re finally here,” DSWD Secretary Rex Gatchalian said. Southstar Drug general manager Thaddeus Sanchez said the drugstore brand is honored to support DSWD’s medical assistance program through its network of pharmacies, reinforcing the drugstore chain’s commitment to helping improve access to essential healthcare services for Filipinos. “For beneficiaries, this means more places to use their approved assistance and get the medicines they need without having to raise the covered amount themselves.” VG Cabiag

FLAT SALES

Hermès reported no sales growth in the region that includes China last quarter, a sign the Birkin bag maker isn’t immune to the spending curbs affecting Chinese shoppers. Revenue in Asia-Pacific excluding Japan—the luxury group’s biggest market—was flat at constant exchange rates in the third quarter, Hermès International SCA said Thursday. That lagged analyst expectations for 1.55 percent growth. The region generates around 42 percent of Hermès’ total revenue. The results “will likely make for a very painful day,” James Grzinic, analyst at Jefferies wrote in a note. The shares dropped as much as 7 percent in early Paris trading and are down about 40 percent this year, putting them on track for the worst annual performance since the company listed in 1993. The macroeconomic context in China is difficult, with a property crisis and struggling financial markets on top of a recent move by authorities to tax offshore wealth, which is hurting the richest clientele, Chief Financial Officer Eric du Halgouët told reporters on a call. Photo shows an Hermes store in Beijing. BLOOMBERG

‘Auto makers need quality parts, aside from EV perks’

By Bless Aubrey Ogerio

@blessogerio

NCENTIVES offered by the government may help accelerate the growth of electric vehicle (EV) manufacturing, but Toyota Motor Philippines Corp. (TMP) said local suppliers must first be ready to deliver cost-efficient and quality parts that would enable auto makers to benefit from the EV shift. At the 27th Toyota Special Economic Zone (TSEZ) Update Meeting with the Philippine Economic Zone Authority (Peza), the government’s Electric Vehicle Incentive Strategy (Evis) was identified by TMP and Toyota Group suppliers as a potential source of business for domestic manufacturers, provided they can meet the demands of the EV supply chain. TMP said the Philippines needs

to strengthen local supplier capabilities as the government pursues a dual strategy of sustaining conventional vehicle manufacturing while building capacity for EVs and their components. The company said local manufacturers must be equipped to supply auto makers competitively and participate in regional and global value chains, underscoring that incentives alone would not be enough

to bring them into the EV industry. TMP also reiterated its willingness to participate in the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) program, pending the government’s completion of a joint administrative order and implementing guidelines. The company intends to register its locally manufactured Tamaraw under the program.

CARS commitments

ALONGSIDE efforts to prepare suppliers for EV production, TMP said there is a need for government to fulfill existing commitments under the Comprehensive Automotive Resurgence Strategy (CARS) program, which supports local vehicle assembly and parts manufacturing. The CARS program supports local vehicle assembly and parts manufacturing. Last August, Trade Secretary Ma. Cristina A. Roque said the government had released more than P4 billion in payments owed under the program to participating auto makers and small and medium-sized parts manufacturers.

The statement followed questions during congressional budget deliberations about a reported P1.5-billion government obligation to TMP. TMP, however, did not specify which outstanding commitments it was referring to during the recent meeting. Meanwhile, Toyota Group export suppliers are projected to generate $1.06 billion in export sales in 2026, down slightly from the $1.09 billion recorded in 2025, amid softer demand and global trade uncertainties. Peza said Toyota’s 13 export suppliers have generated more than P34 billion in cumulative investments and created over 45,000 direct jobs. Five companies operating within the TSEZ employ more than 7,000 Filipinos. Toyota Group companies and zone locators also raised operational concerns involving customs processing, electricity costs, regulatory requirements and tax assessments. They called for continued coordination between Peza and other government agencies to address these issues and sustain a competitive environment for manufacturers.

Friday, October 23, 2026

Companies BusinessMirror

Nestlé sees strong Q3 sales growth on pet food demand

ESTLÉ SA posted strong thirdquarter sales growth, driven by emerging-market demand for snacks and pet food, in a sign its turnaround under Chief Executive Officer Philipp Navratil is gathering pace. The maker of products including Nespresso coffee capsules and KitKat candy bars said organic revenue climbed 4 percent, above the 3.42 percent average estimate of analysts surveyed by Bloomberg. The company reaffirmed its sales-growth target for the full year, and reported real internal growth, a closely tracked measure of volumes, that topped expectations. “We shouldn’t be grumpy,” RBC analyst James Edwardes Jones wrote in a research note. “This is Nestlé’s best RIG performance since 2021.” Navratil, who has been in the role for just over a year, is working to restore growth at the world’s big-

gest food company following years of price hikes, weak volumes and execution problems. His next test is getting consumers to finally buy more Nestlé products, rather than simply paying more. Thursday’s results offered signs that efforts to revive demand are gaining traction. The shares advanced as much as 2.5 percent Thursday morning in Zurich. They have increased 4.2 percent in the past 12 months, about half as much as the rise in Europe’s Stoxx 600 index. Cat food was one of the strongest performers across regions in the third quarter, while coffee

sales grew in North America after earlier price hikes at brands including Starbucks and Nescafe. Frozen foods like Hot Pockets also saw an improvement in the US, while Maggi instant noodles helped drive strong sales in Asia. Analysts noted, however, that pricing growth slowed, and RBC’s Edwardes Jones said a significant amount of the company’s sales growth came from its beverages business, which is being spun off into a joint venture. The company said it still sees organic sales growing 3 percent to 4 percent for the full year, with RIG, which reached 2.8 percent during the third quarter, accelerating. Prices grew 1.1 percent, versus the ex pectation for a 1.74-percent rise. “Pricing missed both in Americas and Europe, which may require some clarification,” Citi analyst Cedric Besnard wrote.

Leadership challenges

NAVRATIL took over in September 2025, after Laurent Freixe was oust-

ed over an undisclosed relationship with a subordinate. The leadership shake-up also saw Pablo Isla become Nestlé’s first independent chairman, six months earlier than planned. The new leadership duo has had to contend with cost-of-living pressures weighing on discretionary spending, as well as an infant-formula recall spanning more than 60 countries earlier this year after a toxin was detected in some products. Nestlé has also continued efforts to simplify its sprawling portfolio. The company recently agreed to sell its vitamins business, including brands such as Nature’s Bounty, to US private equity firm Yellow Wood Partners for $1 billion. The company separately outlined the financial fallout from Russia’s move last month to place its local assets under temporary administration. The action will remove 1.6 billion Swiss francs (around $2 billion) in assets from the company’s balance sheet, and will add 0.9 billion francs to its endof-year net debt. Russia accounts for about 2 percent of sales.

Naia Terminal 2 adds dining options P ASSENGERS at Ninoy Aquino International Airport’s (Naia) Terminal 2 now have more reasons to explore the departure area before boarding, with new restaurants, cafés and shops offering more places to dine, relax and pick up last-minute purchases. Five dining and retail establishments were formally launched at the terminal’s North Wing departure airside, bringing together familiar food brands and a travel retail store across two levels. The establish-

ments include Kenny Rogers Roasters and Seattle’s Best Coffee on the second floor, and Paris Baguette, General’s Lechon and Travel Hub on the mezzanine level. One of the area’s attractions is its cozy mezzanine dining space, with large glass windows overlooking the passenger waiting area below. Travelers can enjoy a meal or coffee, see the movement downstairs, and keep track of their flights through a nearby flight information display.

MUTUAL FUNDS

October 22, 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. -A207.27 -3.18% 0.88% -2.28% -2.53% -3.19% ATRAM ALPHA OPPORTUNIT Y FUND, INC. -A 2.2181 9.03% 15.4% 6.46% 4.72% 2.62% ATRAM PHILIPPINE EQUIT Y OPPORTUNIT Y FUND, INC. -A 2.7553 -3.6% -0.34% -3.16% -4.34%-3.36% CLIMBS SHARE CAPITAL EQUIT Y INVESTMENT FUND CORP. -A 0.7566 3.52% 3.86% 0.16% N.A3.05% FIRST METRO CONSUMER FUND, INC. -A 0.498 -11.12% -7.54% -8.79% N.A -10.45% FIRST METRO SAVE AND LEARN EQUIT Y FUND, INC. -A 4.1997 -4.58% -2.08% -4.24% -2.43% -3.96% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6189 -4.43% -2.37% -4.62% N.A-3.69% MBG EQUIT Y INVESTMENT FUND, INC. -A 61.52 -27.39% -10.97% -9.7% N.A -31.23% PAMI EQUIT Y INDEX FUND, INC. -A 40.485 -2.6% -0.63% -3.36% -2.38% -2.12% PHILAM STRATEGIC GROWTH FUND, INC. -A 434 -3.55% 0.43% -2.78% -2.35% -3.45% PHILEQUIT Y DIVIDEND YIELD FUND, INC. -A 1.5269 1.83% 9.23% 3.57% 1.72% -2.2% PHILEQUIT Y FUND, INC. -A34.872 1.06% 2.49% -0.86% -0.59% 1.28% PHILEQUIT Y MSCI PHILIPPINE INDEX FUND, INC. -A 0.9168 3.21% 3.75% -0.62% N.A 3.28% PHILEQUIT Y PSE INDEX FUND, INC. -A 4.3976 -1.63% 0.48% -2.32% -1.5% -1.61% PHILIPPINE STOCK INDEX FUND CORP. -A 722.63 -2.05% 0.06% -2.63% -1.68% -1.68% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6953 0.91% 2.33% -1.55% -2.67% -0.97% SUN LIFE PROSPERIT Y PHILIPPINE EQUIT Y FUND, INC. -A 3.0471 -6.4% -1.84% -4.09% -3.13%-5.06% SUN LIFE PROSPERIT Y PHILIPPINE STOCK INDEX FUND, INC. -A 0.8093 -2.21% -0.37% -3% -1.95% -1.78% UNITED FUND, INC. -A3.573710.57% 5.91% 0.63% 0.36% 8.71% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUIT Y INDEX UNITIZED MUTUAL FUND, INC. -A 1.015 -1.9% -0.02% N.A N.A -1.73% COL STRATEGIC GROWTH EQUIT Y UNITIZED MUTUAL FUND, INC. -A 1.0179 -2.89% 0.66% N.A N.A -2.45% PHILEQUIT Y ALPHA ONE FUND, INC. -A 0.878 -7.03% -4.01% -5.37% N.A -7.02% PHILIPPINE STOCK INDEX FUND CORP. -A 872.16 -2.01% -0.13% N.A N.A -1.61% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUIT Y EXCHANGE TRADED FUND, INC. -A,C,1 98.6199 -1.74% 0.24% -2.34% -1.29%-1.39% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ATRAM ASIAPLUS EQUIT Y FUND, INC. -B $1.1603 12.53% 13.79% -0.5% 2.5% 13.26% SUN LIFE PROSPERIT Y WORLD VOYAGER FUND, INC. -A $2.4069 11.19% 16.79% 5.51% 8.77% 8.21% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS) N.A PHILEQUIT Y GLOBAL FUND, INC. -A 1.0748 N.A N.A N.A N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1588 1.21% 0.59% -0.85% -0.87% 0.86% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7016 4.99% 5.51% 0.04% -0.52%3.99% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4724 0.02% 0.44% -1.8% -0.48%0.42% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2268 0.53% 6.49% 2.73% N.A-2.2% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9426 -1.79% 1.06% -0.7% 0.21% -2.99% PAMI HORIZON FUND, INC. -A3.645 -2.61% 2.1% -0.66% -0.4% -3.83% PHILAM FUND, INC. -A15.3957-3.74% 0.84% -1.8% -0.98% -3.84% SOLIDARITAS FUND, INC. -A2.0555 -1.9% 1.33% -0.61% -0.29% -2.13% SUN LIFE OF CANADA PROSPERIT Y BALANCED FUND, INC. -A 3.3198 -4.32% 0.33% -1.83% -1.33%-3.03% SUN LIFE PROSPERIT Y DYNAMIC FUND, INC. -A 0.8711 -5.34% 0.1% -1.43% -1.13% -4.35% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A 10.73 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y ACHIEVER FUND 2028, INC. -A 0.9772 0.41% 2.19% -0.3% N.A -0.16% SUN LIFE PROSPERIT Y ACHIEVER FUND 2038, INC. -A 0.8258 -1.82% 0.53% -2.64% N.A -1.9% SUN LIFE PROSPERIT Y ACHIEVER FUND 2048, INC. -A 0.7933 -0.01% -3.23% N.A -1.92% -2.21% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03242 -5.51% 1.24% -2.88% -0.98% -5.48% PAMI ASIA BALANCED FUND, INC. -B $1.1226 -8.52% 9.66% 0.59% 1.87% -7.22% SUN LIFE PROSPERIT Y DOLLAR ADVANTAGE FUND, INC. -A $5.5676 6.23% 12.55% 3.06% 5.72%4.3% SUN LIFE PROSPERIT Y DOLLAR WELLSPRING FUND, INC. -A $1.2064 2.72% 8.27% 0.43% 2.36%1.94% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 425.22 2.03% 3.2% 2.68% 2.57% 1.25% ATRAM CORPORATE BOND FUND, INC. -A 1.992 2.21% 1.69% 0.7% 0.42% 1.71% COCOLIFE FIXED INCOME FUND, INC. -A 3.598 0.91% 3.08% 2.1% 3.1% -0.05% EKKLESIA MUTUAL FUND, INC. -A 2.4315 -0.43% 2.88% 1.63% 1.43% -0.86% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.4834 -3.09% 0.93% 0.51% 1.08%-3.33% PHILAM BOND FUND, INC. -A4.458 -2.92% 2.15% 0.25% 0.7% -3.3% PHILAM MANAGED INCOME FUND, INC. -A 1.5442 2.1% 4.44% 3.26% 2.92% 1.59% PHILEQUIT Y PESO BOND FUND, INC. -A 4.3249 0.62% 2.92% 1.78% 2.08% 0.27% SOLDIVO BOND FUND, INC. -A1.1278 1.05% 2.76% 1.97% 1.79% 0.65% SUN LIFE OF CANADA PROSPERIT Y BOND FUND, INC. -A 3.4329 -3.36% 2.04% 1.53% 2.1% -3.04% SUN LIFE PROSPERIT Y GS FUND, INC. -A 1.8335 -2.54% 1.97% 1.16% 1.58% -2.7% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A 1.0043 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.33 1.2% 2.88% 1.76% 1.95% 0.62% ALFM EURO BOND FUND, INC. -A Є222 -0.67% 1.72% 0.19% 0.47% -0.8% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0421 -3.42% 1.36% -2.63% -0.74% -3.06% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0251 -5.28% 1.65% -0.63% 0.04%-5.28% PAMI GLOBAL BOND FUND, INC. -B $1.0469 -1.84% 8.19% 0.52% -0.48% -1.24% PHILAM DOLLAR BOND FUND, INC. -A $2.3672 -4.61% 3.66% -0.87% 0.47% -4.55% PHILEQUIT Y DOLLAR INCOME FUND, INC. -A $0.0628143 -2.38% 1.19% 0.1% 1.03% -2.54% SUN LIFE PROSPERIT Y DOLLAR ABUNDANCE FUND, INC. -A $2.8686 -2.96% 4.35% -1.74% -0.53%-2.18% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1918 2.75% N.A N.A N.A 2.18% ALFM MONEY MARKET FUND, INC. -A 153.46 3.98% 4.13% 3.24% 2.89% 3.08% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2299 3.37% 3.77% 3.09% N.A2.69% SUN LIFE PROSPERIT Y PESO STARTER FUND, INC. -A 1.5215 3.44% 3.61% 3.01% 2.78% 2.7% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.57 3.96% 4.28% N.A N.A 3.18% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (SHARES) SUN LIFE PROSPERIT Y DOLLAR STARTER FUND, INC. -A $1.1992 2.46% 3.27% 2.51% N.A 1.95% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.6139 3.55% 5.01% N.A N.A 3.26% MBG ASIA FRONTIER FEEDER UMF, INC. -B 1.8112 N.A N.A N.A N.A N.A SUN LIFE PROSPERIT Y WORLD EQUIT Y INDEX FEEDER FUND, INC. -A 2.5794 23.16% 23.69% 13.56% N.A18.86% SUN LIFE PROSPERIT Y WORLD INCOME FUND, INC. -A 1.1806 7.59% 7.23% N.A N.A 5.82% PRIMARILY INVESTED IN FOREIGN CURRENC Y SECURITIES (UNITS)

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

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

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

44.05 115.8 10.2 96.2 47.95 12.42 9.77 61.65 6.86 76 49 19.96 62.25 20.85 1.19 7.7 6.56 2,530 1.26 205 4,802 1.25

43.9 117.8 10.5 98.35 47.65 12.42 9.81 61.25 6.95 75.95 50.85 20.1 62.35 20.9 1.25 7.78 6.59 2,650 1.27 205.2 4,800 1.29

ACEN CORP 2.65 2.66 2.65 ALSONS CONS 0.98 0.99 0.97 ALTERNERGY HLDG 0.61 0.62 0.61 ABOITIZ POWER 46.25 46.5 46.25 RASLAG 1.11 1.14 1.13 BASIC ENERGY 0.103 0.105 0.106 CITICORE RE 4.41 4.46 4.54 FIRST GEN 19.88 20.1 20.25 FIRST PHIL HLDG 86 86.9 86.05 MERALCO 439.8 440 445.4 MANILA WATER 31.45 31.65 31.85 MAYNILAD 16.98 17 17 PETRON 2.21 2.24 2.23 4.47 4.59 4.6 PETROENERGY PRYCE CORP 16.52 16.58 16.32 SEMIRARA MINING 11.74 11.78 11.74 24.75 24.8 24.9 SYNERGY GRID 7.9 7.95 8 SHELL PILIPINAS 8.78 8.98 8.81 SPC POWER 1.21 1.24 1.24 SP NEW ENERGY 1.69 1.7 1.72 TOP LINE 2.79 2.8 2.79 AXELUM CENTURY FOOD 28.05 28.85 29.3 3.46 3.75 3.75 DEL MONTE 3.4 3.41 3.41 DNL INDUS EMPERADOR 15.14 15.16 15.14 SMC FOODANDBEV 43.95 44.5 44.5 FIGARO GROUP 0.78 0.79 0.78 ALLIANCE SELECT 0.52 0.54 0.49 FRUITAS HLDG 0.66 0.67 0.66 GINEBRA 219 220.2 220 JOLLIBEE 145.8 145.9 146.4 KEEPERS HLDG 1.86 1.9 1.88 LIBERTY FLOUR 20.9 20.95 21 MAXS GROUP 1.96 2.03 2.09 MG HLDG 0.071 0.072 0.07 MONDE NISSIN 6.14 6.15 6.16 SHAKEYS PIZZA 5.15 5.17 5.19 2.42 2.49 2.4 ROXAS AND CO RFM CORP 5.35 5.36 5.3 57.9 57.95 59.25 UNIV ROBINA 0.485 0.49 0.485 VITARICH ATN HLDG 0.4 0.41 0.405 CONCRETE 52.55 58 57 CONCREAT HLDG 1.11 1.13 1.12 EEI CORP 1.84 1.85 1.85 5.2 5.29 5.28 MEGAWIDE 14.02 14.5 14.5 PHINMA 30.5 33.9 31.95 SUPERCITY CROWN ASIA 1.89 1.91 1.88 EUROMED 1.14 1.18 1.14 MABUHAY VINYL 4.9 5.22 5.22 CONCEPCION 10.7 11.04 10.9 GREENERGY 0.129 0.13 0.13 INTEGRATED MICR 5.65 5.67 5.71 IONICS 2.91 2.97 2.97 PANASONIC 7.05 7.42 7.43 CIRTEK HLDG 1.23 1.24 1.25 STENIEL 1.86 1.98 1.9

45 119 10.5 98.35 48.5 12.42 9.95 61.95 6.95 76.5 50.85 20.9 62.55 20.9 1.26 7.78 6.6 2,650 1.3 205.6 4,800 1.29

43.9 115.3 10.44 95.75 47.65 12.42 9.7 61.1 6.95 74.9 49 20 62 20.85 1.2 7.78 6.55 2,650 1.25 205 4,800 1.29

44.05 116.1 10.5 97 47.95 12.42 9.77 61.7 6.95 76.45 49 20 62.25 20.9 1.22 7.78 6.56 2,650 1.26 205 4,800 1.29

5,000 1,311,650 60,300 1,205,510 63,000 100 226,600 2,364,800 100 748,940 700 23,400 110,300 11,200 246,000 100 574,376,600 430 2,328,000 7,530 95 8,000

223,255 152,291,063 632,382 116,479,877 3,028,995 1,242 2,228,850 145,642,399 695 57,006,888 34,670 470,425 6,879,281 233,995 297,300 778 3,780,199,786 1,139,500 2,987,380 1,543,860 456,000 10,320

18,839,280 13,773,837 981,680 -878,985 56,078,004 22,890,554 -5,085 -1,347,713 -778 1,058,397,096 1,113,000 -1,228,150 456,000 -

2.71 1.05 0.63 46.55 1.13 0.106 4.54 20.6 86.05 445.6 32.6 17.22 2.26 4.6 16.58 11.96 25.15 8.03 9 1.24 1.72 2.8 29.5 3.75 3.43 15.22 44.6 0.79 0.55 0.66 223.4 146.9 1.9 21 2.09 0.072 6.23 5.19 2.51 5.4 59.75 0.485 0.41 57 1.13 1.88 5.3 14.5 31.95 1.91 1.14 5.22 11.04 0.13 5.75 2.99 7.43 1.25 1.9

2.65 0.96 0.61 45.9 1.11 0.103 4.46 19.9 86 435.4 31.4 16.94 2.2 4.59 16.32 11.66 24.35 7.9 8.77 1.21 1.7 2.79 28.05 3.74 3.39 15.12 43.8 0.78 0.49 0.66 218.4 145.2 1.86 20.9 1.95 0.07 6.11 5.15 2.4 5.3 57.9 0.485 0.405 57 1.11 1.85 5.18 14.5 31.95 1.87 1.14 5.22 10.7 0.13 5.55 2.85 7.43 1.18 1.9

2.65 0.98 0.61 46.5 1.11 0.105 4.46 19.9 86 440 31.65 17 2.21 4.59 16.5 11.74 24.8 7.95 8.99 1.24 1.7 2.79 28.05 3.75 3.41 15.14 43.8 0.78 0.55 0.66 220 145.9 1.9 20.9 2.04 0.072 6.15 5.15 2.45 5.35 57.95 0.485 0.41 57 1.11 1.85 5.29 14.5 31.95 1.91 1.14 5.22 10.7 0.13 5.67 2.91 7.43 1.23 1.9

1,552,000 5,712,000 91,000 1,160,800 99,000 590,000 8,000 155,800 38,600 424,570 970,900 1,999,800 321,000 51,000 32,700 864,600 1,299,500 362,500 9,900 5,644,000 503,000 910,000 981,900 24,000 2,730,000 194,100 36,500 503,000 970,000 7,000 8,680 99,670 228,000 1,100 16,000 150,000 6,521,100 446,300 5,000 725,500 744,100 10,000 110,000 10 432,000 88,000 610,000 20,000 100 765,000 1,000 400 34,400 130,000 2,051,300 1,364,000 500 3,157,000 1,000

4,147,420 5,773,360 56,700 53,716,535 109,910 61,860 36,070 3,115,272 3,319,604 186,990,256 30,992,750 34,072,506 712,730 234,570 539,276 10,158,332 32,125,010 2,887,259 88,519 6,908,530 859,590 2,543,910 28,094,675 89,960 9,285,310 2,938,722 1,617,530 392,720 498,500 4,620 1,908,628 14,528,395 426,440 23,060 31,790 10,780 40,318,310 2,298,507 12,360 3,881,321 43,329,792 4,850 44,600 570 482,230 163,370 3,205,407 290,000 3,195 1,446,600 1,140 2,088 372,218 16,900 11,628,753 3,970,630 3,715 3,811,800 1,900

582,070 328,270 -2,976,790 -10,500 -4,530 -955,993 -815,283 30,891,592 7,583,030 16,703,452 -11,150 -6,591,546 155,625 -1,970,487 -1,790 -1,475,970 -46,440 -6,882,290 -11,220 -1,482,500 43,888 -106,650 -913,762 -3,811,245 -187,090 -6,270 -1,960 -6,638,559 33,714 -14,079,329 -94,870 -63,847 -290,000 -1,323,000 288,190 -1,073,399 -831,350 620,090 -

HOLDING & FRIMS

ABACORE CAPITAL 0.3 0.31 0.305 0.31 0.3 0.3 910,000 274,150 ASIABEST GROUP 21.5 21.7 21.55 22.5 20.5 21.7 767,300 16,574,305 5,232,455 AYALA CORP 536.5 541 548 548 536 541 177,340 95,909,975 -15,686,490 ABOITIZ EQUITY 40.1 40.55 40.05 41.4 40 40.1 3,786,900 152,490,880 -5,284,485 ALLIANCE GLOBAL 8.9 8.91 8.92 8.99 8.89 8.91 326,900 2,910,175 -2,121,710 ANSCOR 16.16 16.22 16.5 16.5 16.08 16.08 2,800 45,144 ANGLO PHIL HLDG 1.13 1.15 1.13 1.15 1.13 1.13 204,000 230,540 146,900 COSCO CAPITAL 7.32 7.4 7.31 7.38 7.3 7.32 1,464,400 10,698,437 7,171,221 DMCI HLDG 7.27 7.3 7.25 7.3 7.22 7.3 890,900 6,468,072 -1,770,356 FILINVEST DEV 3.85 4.04 3.79 3.85 3.79 3.85 6,000 23,010 FJ PRINCE A 2.6 2.95 2.57 2.57 2.57 2.57 2,000 5,140 GT CAPITAL 438 439.2 438.4 440.2 429.2 438 43,290 18,881,502 -2,381,532 JG SUMMIT 16.98 17.1 17.2 17.4 16.8 16.98 1,525,900 26,330,854 -1,599,048 0.415 0.445 0.43 0.45 0.4 0.425 1,900,000 801,200 85,850 LODESTAR 14.92 14.96 14.94 14.98 14.9 14.92 2,655,100 39,609,118 -20,932,028 LT GROUP 1.26 1.27 1.06 1.27 1.06 1.27 60,000 74,760 PACIFICA HLDG PRIME MEDIA 0.85 0.9 0.89 0.9 0.89 0.9 4,000 3,590 REPUBLIC GLASS 2.51 3.1 3 3 3 3 2,000 6,000 SOLID GROUP 1.16 1.17 1.21 1.21 1.17 1.17 30,000 35,290 -4,830 544 549.5 550 550 533 549.5 313,270 170,186,800 38,773,680 SM INVESTMENTS 66.1 66.15 66.7 67 66 66.15 230,070 15,224,500 12,885,934 SAN MIGUEL CORP 51.75 53.55 53.75 53.75 51.75 51.75 420 21,755 TOP FRONTIER PROPERTY ANCHOR LAND 2.53 3.54 3.05 3.05 3.05 3.05 25,000 76,250 AYALA LAND 15.64 15.66 16 16.08 15.6 15.64 5,314,900 84,115,320 2,044,942 AYALA LAND LOG 1.08 1.1 1.1 1.12 1.07 1.1 205,000 223,450 AREIT RT 36.55 36.9 36.3 36.95 36.25 36.9 1,884,200 69,021,465 2,476,965 A BROWN 0.75 0.8 0.76 0.8 0.76 0.77 108,000 85,120 CITYLAND DEVT 0.54 0.56 0.54 0.56 0.54 0.56 77,000 42,780 CROWN EQUITIES 0.088 0.092 0.088 0.088 0.088 0.088 30,000 2,640 CEB LANDMASTERS 1.94 1.98 1.94 1.98 1.93 1.96 32,000 62,130 9,700 CENTURY PROP 0.62 0.64 0.63 0.64 0.62 0.64 508,000 321,110 630 CITICORE RT 2.86 2.87 2.88 2.88 2.85 2.87 1,214,000 3,479,620 -2,448,040 DOUBLEDRAGON 11.78 11.8 11.7 11.78 11.62 11.78 492,800 5,794,132 1,081,106 DDMP RT 1.03 1.04 1.03 1.04 1.03 1.04 2,314,000 2,385,280 DM WENCESLAO 4.7 4.75 4.75 4.75 4.75 4.75 6,000 28,500 0.024 0.026 0.026 0.026 0.026 0.026 200,000 5,200 EVERWOODS EMPIRE EAST 0.099 0.104 0.102 0.102 0.099 0.099 300,000 30,100 FILINVEST RT 2.91 2.92 2.92 2.92 2.91 2.91 258,000 751,050 -29,100 0.7 0.71 0.7 0.71 0.7 0.7 487,000 342,360 -9,110 FILINVEST LAND 0.61 0.65 0.61 0.62 0.61 0.62 427,000 264,470 GLOBAL ESTATE KEPPEL PROP 2.51 2.59 2.51 2.51 2.5 2.5 10,000 25,030 PNB HLDG 1.2 1.21 1.2 1.21 1.19 1.2 26,272,000 31,519,470 -8,122,190 2.26 2.27 2.27 2.28 2.25 2.26 5,494,000 12,424,510 -1,922,200 MEGAWORLD 0.64 0.66 0.64 0.66 0.64 0.66 7,927,000 5,152,400 -200,850 MRC ALLIED 13.62 13.64 13.7 13.7 13.6 13.64 203,700 2,780,796 -609,920 MREIT RT 0.15 0.156 0.149 0.156 0.149 0.156 280,000 41,850 PRMIERE HORIZON PREMIERE RT 0.92 0.93 0.93 0.93 0.92 0.92 75,000 69,550 -19,530 0.96 1.08 1.09 1.09 1.09 1.09 2,000 2,180 PRIMEX CORP RL COMM RT 6.18 6.25 6.17 6.25 6.16 6.25 2,411,100 14,944,583 -1,523,444 ROBINSONS LAND 15.78 16 15.92 16.2 15.62 15.78 540,600 8,557,516 -4,071,204 ROCKWELL 2.59 2.8 2.8 2.8 2.59 2.8 205,000 572,740 SHANG PROP 2.88 2.93 2.9 2.95 2.9 2.94 3,000 8,790 STA LUCIA LAND 1.68 1.72 1.71 1.72 1.68 1.72 25,000 42,560 -8,600 SM PRIME HLDG 17.82 17.9 18.1 18.1 17.74 17.9 3,286,500 58,781,888 -454,242 SUNTRUST RESORT 0.385 0.415 0.415 0.415 0.415 0.415 10,000 4,150 PTFC REDEV CORP 50.1 61.85 50.05 50.05 50.05 50.05 50 2,503 SERVICES ABS CBN 2.52 2.57 2.59 2.6 2.51 2.56 57,000 146,010 GMA NETWORK 3.32 3.33 3.34 3.36 3.32 3.33 161,000 537,570 MANILA BULLETIN 0.156 0.162 0.162 0.162 0.162 0.162 20,000 3,240 DITO CME HLDG 0.61 0.62 0.59 0.63 0.58 0.62 55,863,000 32,991,120 359,980 GLOBE TELECOM 1,550 1,551 1,545 1,556 1,539 1,550 40,205 62,266,065 -13,130,000 PLDT 1,189 1,190 1,200 1,210 1,190 1,190 162,890 194,931,065 90,158,325 APOLLO GLOBAL 0.0055 0.0056 0.0056 0.0056 0.0055 0.0056 226,000,000 1,244,600 -55,000 CONVERGE 9.55 9.56 9.58 9.6 9.46 9.55 2,609,600 24,937,137 10,853,159 DFNN INC 0.63 0.65 0.64 0.65 0.63 0.63 36,000 23,190 1,900 IMPERIAL 0.86 0.98 1 1 0.98 0.98 14,000 13,740 ISLAND INFO 0.13 0.133 0.134 0.135 0.13 0.13 1,330,000 176,790 NOW CORP 0.35 0.36 0.365 0.365 0.34 0.36 2,110,000 729,400 -22,900 TRANSPACIFIC BR 0.116 0.117 0.116 0.117 0.116 0.117 20,000 2,330 1.07 1.13 1.08 1.16 1.08 1.13 1,527,000 1,712,540 -510 CHELSEA 23.65 24 23.9 24 23.2 24 246,400 5,880,245 -2,316,450 CEBU AIR 850 854 850 862 832.5 852 1,348,900 1,143,798,155 -30,823,720 INTL CONTAINER 10.16 10.2 10.2 10.2 10.2 10.2 4,700 47,940 LBC EXPRESS MACROASIA 3.31 3.4 3.35 3.35 3.31 3.31 52,000 173,880 METRO ALLIANCE 0.61 0.63 0.62 0.64 0.62 0.63 7,000 4,390 PAL HLDG 3.74 3.75 3.73 3.75 3.73 3.74 45,000 168,160 33,610 1.45 1.48 1.52 1.52 1.43 1.48 1,103,000 1,616,430 -113,570 HARBOR STAR 0.029 0.03 0.03 0.03 0.029 0.029 12,200,000 355,600 BOULEVARD HLDG DISCOVERY WORLD 0.89 1.01 1.01 1.01 1.01 1.01 5,000 5,050 PH RESORTS GRP 0.425 0.43 0.415 0.455 0.405 0.43 98,650,000 42,557,950 -284,200 12.88 13 13.38 13.38 13 13 8,400 109,864 CENTRO ESCOLAR IPEOPLE 6.74 7.13 7.14 7.14 6.73 6.74 6,500 44,261 STI HLDG 1.26 1.27 1.27 1.27 1.26 1.26 6,000 7,580 BELLE CORP 1.04 1.09 1.07 1.08 1.01 1.04 531,000 559,240 -235,590 BLOOMBERRY 1.9 1.91 1.92 1.94 1.9 1.91 3,182,000 6,105,160 465,480 DIGIPLUS 7.2 7.26 7.26 7.28 7.09 7.2 3,460,100 24,785,979 6,671,452 PHILWEB 14 14.04 14.1 14.16 13.98 14.04 2,062,200 28,983,752 -1,351,552 METRO RETAIL 1.04 1.05 1.04 1.04 1.04 1.04 33,000 34,320 PUREGOLD 40 40.4 40 40.4 39.85 40 843,500 33,759,215 18,746,205 PHIL SEVEN CORP 31.5 31.7 32.05 32.8 31.2 31.5 9,800 313,590 -214,410 SSI GROUP 1.95 1.97 1.95 1.97 1.95 1.97 68,000 133,440 -51,540 UPSON INTL CORP 0.76 0.8 0.78 0.8 0.75 0.8 16,000 12,320 WILCON DEPOT 5.37 5.39 5.41 5.45 5.37 5.39 1,463,300 7,897,808 -370,044 MEDILINES 0.238 0.239 0.235 0.238 0.235 0.238 680,000 160,330 2.62 2.99 2.75 2.75 2.73 2.73 19,000 52,150 PAXYS PHILCOMSAT 1.62 1.64 1.62 1.62 1.61 1.61 50,000 80,930 SBS PHIL CORP 2.98 3.03 2.98 2.98 2.98 2.98 1,000 2,980 MINING & OIL APEX MINING 16.5 16.68 16.7 16.94 16.26 16.68 2,034,900 33,747,724 1,935,286 ATLAS MINING 18.48 18.5 18.6 19.3 18.28 18.48 4,266,000 79,898,698 8,871,364 BENGUET 6.08 6.28 6.08 6.08 6.08 6.08 4,200 25,536 CENTURY PEAK 1.9 1.95 2 2 1.9 1.95 296,000 566,160 221,640 EC VULCAN 0.29 0.3 0.3 0.3 0.3 0.3 30,000 9,000 FERRONICKEL 1.7 1.73 1.73 1.87 1.7 1.7 3,513,000 6,141,580 -2,462,770 LEPANTO A 0.222 0.223 0.22 0.222 0.216 0.222 3,700,000 810,760 LEPANTO B 0.217 0.223 0.223 0.223 0.223 0.223 20,000 4,460 MANILA MINING A 0.0082 0.0084 0.0082 0.0082 0.0082 0.0082 6,000,000 49,200 MARCVENTURES 0.76 0.77 0.75 0.78 0.75 0.77 1,870,000 1,434,720 73,150 NIHAO 0.58 0.59 0.55 0.6 0.55 0.59 403,000 236,680 NICKEL ASIA 3.95 3.96 3.78 4.05 3.78 3.96 8,482,000 33,363,070 1,777,700 34.3 34.5 34.5 34.75 33.8 34.5 557,500 19,098,415 -4,845,950 OCEANAGOLD 0.54 0.56 0.55 0.57 0.54 0.54 113,000 61,870 ORNTL PENINSULA PX MINING 10.38 10.4 10.54 10.78 10.08 10.38 4,589,600 47,839,708 -19,053,796 0.0095 0.0097 0.01 0.01 0.0096 0.0097 21,000,000 206,800 UNITED PARAGON ENEX ENERGY 3.49 3.5 3.16 3.6 3.16 3.49 24,000 83,150 -13,870 0.014 0.015 0.014 0.015 0.014 0.014 3,800,000 53,500 ORNTL PETROL A PHILODRILL 0.01 0.011 0.01 0.01 0.01 0.01 19,700,000 197,000 PXP ENERGY 2.99 3 3.04 3.08 3 3 169,000 512,730 -69,130 PREFFERED ACEN PREF A 980 999 977 977 977 977 20 19,540 ACEN PREF B 1,027 1,028 1,027 1,027 1,027 1,027 5 5,135 AC PREF AR 2,410 2,488 2,408 2,408 2,408 2,408 180 433,440 AC PREF B3R 1,897 1,900 1,900 1,900 1,900 1,900 500 950,000 AC PREF B4R 1,912 1,918 1,915 1,918 1,900 1,900 255 488,700 ALCO PREF F 475 488 488 488 488 488 140 68,320 ALCO PREF G 490 495 495 495 495 495 420 207,900 BRN PREF A 99.25 99.8 99.8 99.8 99.5 99.5 2,910 289,575 BRN PREF B 101 102.9 101 101 101 101 1,740 175,740 BRN PREF C 101 103.5 103.5 103.5 103 103 700 72,200 CEB PREF 26.8 29.85 26.5 30 26.5 30 134,700 3,938,150 CPG PREF B 98.2 101.5 101.5 101.5 101.5 101.5 330 33,495 DD PREF 89.75 89.85 89.9 89.9 89.8 89.85 32,060 2,879,729 1,861 1,936 1,861 1,861 1,861 1,861 5 9,305 GLO PREF ANV MWIDE PREF 6B 98.5 99 99 99 99 99 2,000 198,000 -198,000 99.4 100.8 99.4 99.4 99.4 99.4 100 9,940 MWIDE PREF 7A PCOR PREF 4D 960 964.5 965 965 965 965 90 86,850 PCOR PREF 4E 977 987 987 987 980 980 170 166,950 SMC PREF 2N 75.8 76.8 76.8 76.8 76.8 76.8 80 6,144 SMC PREF 2O 77.7 78 78 78 78 78 3,750 292,500 SMC PREF 2S 73.5 75 74 74 73.5 73.5 27,000 1,985,755 SMC PREF 2V 76 76.8 76 76 76 76 120 9,120 SMC PREF 2W 77 78 77 77 77 77 560 43,120 SMC PREF 2X 77.5 78.8 78.9 78.9 77.5 77.5 28,700 2,229,248 TECH PREF B2D 6.17 7.38 6.35 6.35 6.35 6.35 300 1,905 TOP PREF A1 99.9 100.9 99.9 99.9 99.9 99.9 30 2,997 TOP PREF A2 100.6 101 101 101 101 101 1,000 101,000 -

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

2.5 2.88 3.1 3.1 2.91 2.91 31,000 94,270 3.21 3.47 1.05

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

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

44.5 116.1 10.5 97 48 12.94 9.8 61.7 7.01 76.45 50.7 20 62.75 20.9 1.2 7.78 6.57 2,700 1.3 207.8 4,900 1.28

INDUSTRIAL

ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7831 -4.5% 1.65% -4.39% N.A -3.32% CTS GLOBAL HAUS TALK A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. ITALPINAS 1 - RENAMING WAS APPROVED BY THE SEC LAST AUGUST 27, 2026 (FORMERLY, FIRST METRO PHIL. EXCHANGE TRADED LFM PROP FUND, INC.) XURPAS

“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.

October 22, 2026

NEXGEN ENERGY

0.33 1.34 0.57 0.02 0.232 2.54

1.1

1.05

7,000

7,350

-1,050

0.335 1.38 0.61 0.021 0.236 2.68

0.33 1.36 0.61 0.021 0.24 2.7

0.335 1.38 0.61 0.021 0.24 2.7

0.33 1.34 0.61 0.021 0.233 2.68

0.33 1.38 0.61 0.021 0.233 2.68

450,000 487,000 11,000 200,000 120,000 8,000

149,550 660,730 6,710 4,200 28,320 21,460

-66,500 -10,720

EXHANGE TRADE FUNDS ATR FAMI ETF

97.5

97.6

97.6 97.6 97.5 97.5 1,690 164,889 -31,198

www.businessmirror.com.ph

Banking&Finance

New BPI prex to steer lender amid volatility By Andrea E. San Juan

HE chairman of the Bank of the Philippine Islands (BPI) has expressed “excitement” over the leadership of Maria Cristina “Ginbee” L. Go as the lender’s next President and CEO succeeding Jose Teodoro K. Limcaoco by late-April next year. “I am excited for the new prospects ahead under Ginbee’s stewardship,” BPI Chairman Jaime Augusto Zobel de Ayala said in a statement last Thursday. “Amidst some volatility in the global and domestic environment, there are notable opportunities, particularly as the Filipino consumer sector grows, becomes more sophisticated, and seeks a trusted partner in achieving financial stability and success.” Go, a 23-year BPI veteran, currently leads the Ayala-led bank’s consumer banking business. According to the BPI, she previously served as President of BPI Family Savings Bank, where she successfully led the institution’s transformation and integration into BPI. Prior to joining BPI, Go held leadership positions at Citibank’s Manila branch, Ayala Land Inc., and Procter & Gamble Philippines Inc. A Certified Public Accountant, she graduated magna cum laude from the University of the PhilippinesDiliman campus, placed first in the 1991 CPA licensure examination, and earned her MBA with honors from the Harvard Business School. She currently serves on the boards of TransUnion Information Solutions Inc. and BPI subsidiaries Ayala Foundation Inc., BPI Direct BanKo Inc. and BPI MS Insurance Corp. “Throughout her career, Go has played a pivotal role in modernizing BPI’s consumer banking franchise, deepening customer relationships, expanding the bank’s retail footprint, and strengthening the integration of physical and digital banking capabilities,” the bank said. The lender added that it was able to “strengthen its market position across key products, expanded its customer base, enhanced customer experience, modernized BPI’s nationwide distribution network, and accelerated digital innovation, including the adoption of artificial intelligence-enabled capabilities” under Go’s leadership of BPI’s consumer banking business.

Net income

THE day the lender announced lead-

ership changes was also the day it reported a net income of P48.9 billion in the first nine months of the year. In a separate statement BPI issued also last Thursday, the lender said total revenues for the first nine months reached P156.3 billion, up 9.8 percent year-on-year. Meanwhile, net interest income increased by 11 percent to P121.1 billion, driven by a 10.7 percent increase in the average earning asset base and a resilient net interest margin of 4.6 percent. Non-interest income grew to P35.2 billion, up 5.8 percent, bolstered by strong fee income, up 15.5 percent on higher contributions from credit cards, wealth management and insurance. Operating expenses increased 12.5 percent year-on-year to P73.7 billion, driven by manpower, technology, and business volume-related costs, leading to a cost-to-income ratio of 47.1 percent. The bank said it booked provisions of P19.9 billion, up 69.2 percent from the previous year, while third quarter provisioning eased 16.5 percent from the preceding quarter. Asset quality saw “modest changes” with the [non-performing loans] NPL ratio rising quarter-on-quarter to 2.50 percent, BPI’s statement read. It added that its return on equity was 13.6 percent and return on assets was 1.8 percent. The bank said it continued to maintain “adequate” reserves for “expected credit losses,” resulting in an NPL coverage ratio of 89.6 percent. Total assets stood at P3.9 trillion, up 10.8 percent year-on-year, according to the country’s second-largest commercial bank in terms of assets. Total loans expanded 13.6 percent year-on-year to P2.7 trillion on sustained lending momentum across all customer segments. Institutional loans rose by 11.3 percent while non-institutional loans expanded by 18.9 percent. The latter growth was led by SMEs (up 46.7 percent), credit cards (up 27.2 percent) and personal loans (up 21.7 percent). Total deposits grew 11 percent year-on-year to P3 trillion, with the loan-to-deposit ratio at 92.4 percent. Total equity stood at P488.6 billion, up 2.9 percent year-on-year, with an indicative Common Equity Tier 1 Ratio of 13.9 percent while the capital adequacy ratio remained stable at 14.7 percent. Both are well above regulatory requirements, BPI said.

Low trust of crypto opens opportunities—Visa exec By Reine Juvierre Alberto @reine_alberto

HE Philippines could see wider adoption of stablecoins as the trust gap among Filipinos presents opportunities to boost consumer awareness and understanding of cryptocurrencies, according to an executive of Visa Inc. In a news briefing last Thursday, Visa’s Direct Head for Regional Southeast Asia Qinwen Xiao said the low level of awareness or trust in stablecoins provides an opportunity for market practitioners, government, the central bank, payment networks and banks to improve the usage of this type of cryptocurrency. Xiao explained that stablecoins are designed to keep a steady value by being pegged to a fiat currency such as the US dollar. These tokens have increasingly been used by fintechs and remittance providers to lower the cost and shorten settlement time of crossborder transfers, documents provided by Visa read. “We do see, globally, financial institutions are seeing the benefit. They are discussing and exploring a stablecoin initiative with Visa,” Xiao said. According to Visa’s “Money Travels: 2026 Digital Remittances Adoption” report, 42 percent of Filipino

respondents have little awareness of stablecoins. Trust in stablecoin transfers is also lower at 38 percent compared to cash remittances at 81 percent, as well as digital remittances at 79 percent. Visa said this trust gap could expand consumer awareness of stablecoins and digital currencies, as 79 percent of Filipinos said they want more education around stablecoins and how they work. “This really opens up an opportunity for the market practitioners to really help educate and increase their awareness of what a stablecoin is in the Philippines,” Xiao said. Citing Visa’s report, 72 percent of Filipinos send or receive money multiple times a year while about 35 percent send or receive money once a month. The Philippines emerged as the top receiver-led market among key markets surveyed, including Australia, Mainland China, Japan, India and Singapore. Digital transfers are seen as the fastest remittance options, with mobile wallets identified as the top transfer method for speed when using this channel. Digital transfers directly to a bank account come second (31 percent) followed by debit or credit cards on apps or websites (20 percent).

BusinessMirror

Editor: Dennis D. Estopace • Friday, October 23, 2026

ADB offers $500-million loan for SM Prime’s Pasay project

By Justine Xyrah Garcia

LAGGING the risks in the 360-hectare “Smart City” development project by SM Prime Holdings Inc. in Pasay City, the Asian Development Bank (ADB) is proposing a $500-million loan to the listed firm’s subsidiary.

The proposed corporate loan will be extended to SM Smart City Infrastructure and Development Corp. to support the development of roads, bridges, water and power infrastructure, wastewater facilities and stormwater, and flood manage-

ment systems. The financing will also cover coastal protection structures, including revetments and wave walls, as well as public open spaces, landscaping, smart city provisions, naturebased solutions, and working capital.

The infrastructure will be built on reclaimed land along Manila Bay, which the ADB noted is an “environmentally-sensitive coastal area where reclamation activities are subject to heightened regulatory scrutiny and stakeholder attention.” The lender classified the project as having “substantial” environmental and social risks, citing potential impacts involving labor and working conditions, pollution prevention, community health and safety, biodiversity, climate change, and stakeholder engagement. While the project has secured environmental approvals under Philippine requirements, the ADB said the existing environmental assessments do not fully address all requirements of its Environmental and Social Framework.

To address these gaps, the ADB said the borrower agreed to strengthen its environmental and social management system, prepare supplementary environmental and social impact assessments and management plans, update existing plans covering remaining reclamation and coastal protection works, and develop a land acquisition plan. It also committed to enhancing the firm’s “Stakeholder Engagement Plan.” The project is expected to generate employment during land development, as well as improve access to urban infrastructure and essential services for future workers, residents, entrepreneurs, and the general public. The ADB has set November 25, 2026, as the target approval date for the proposed financing.

Ways to align industry, govt for MICE success

TEACHER WINS

This October 9, 2026, photo courtesy of China Bank Savings Inc. shows Ivan S. Hernandez, a teacher from Bayuin National High School in Socorro, Oriental Mindoro, posing with the grand raffle prize of a brand-new SUV during the recently-concluded National Teachers’ Day Celebration held at the Araneta Coliseum in Cubao, Quezon City. Aside from the grand prize SUV that Hernandez won, two sedans, 14 motorcycles, 10 large-screen televisions, 14 laptops, and 20 savings accounts worth P50,000 each were donated by China Bank Savings as raffle prizes during the celebration. CREDIT: CHINA BANK SAVINGS INC.

SEC warns public against online lending platforms By VG Cabuag

@villygc

HE Securities and Exchange Commission (SEC) has warned the public against four online lending platforms, which is engaged in financing activities without the necessary license. The SEC said online platforms operating under the names Cashai, Cashay Plus: Fast Cash Loan (Early Access), Cash-X: Easy Online Loan App, and Cash A: Easy Online Loan App are engaging without the necessary authority from the agency. These firms claim affiliation with or using the corporate identity of G. A. Orobia Lending Corp. Orobia is a registered corporate entity with the SEC but, based on the document submitted by the corporation, it does not maintain, own, operate or authorize any online lending platform, mobile application, or similar digital facility for lending transactions. The SEC said the platforms are un-

authorized and the public is strongly advised to avoid any transaction with the entities. “The public is cautioned that the mere display or use of a corporation’s name, SEC Registration Number, Certificate of Authority, address, logo, or other information pertaining to a registered financing or lending company does not, by itself, establish that an online lending platform is owned, operated or authorized by that company,” the regulator said in a statement. The SEC also cautioned against against downloading unverified lending applications, as unauthorized platforms frequently engage in unfair debt collection practices, unlawful contact access, and data privacy violations. “As a matter of precaution, the public is encouraged to always check whether a lending platform is legitimate by consulting the official list on the Commission’s website,” the regulator added.

HAT if the biggest barrier to a country’s MICE success is not a lack of resources, but a lack of alignment between government and industry? This question stayed with me after a panel discussion on “Goyang Destination Week” (GDW) 2026 in Goyang, South Korea, where I represented the Philippine Council of Associations and Association Executives (PCAAE) as its founding president. Guided by the theme, “Linking Government and Industry Support for MICE Success,” the session examined how government and industry can work together to make meetings, incentive travel, conferences, and exhibitions (MICE) more successful. Joining me on the panel were Peter Lee, executive director of the Goyang Convention and Visitors Bureau (CVB), and GainingEdge’s Gary Grimmer and Thomas Reiser. During the session, moderated by Gary, I was asked how we could build a stronger and more strategic working relationship between government and the MICE industry. My answer was one word: “Align.” It is more than a convenient acronym. It is a practical framework for rethinking how government and industry can work together to create lasting economic and social value: A: Agree on a national MICE agenda. Government and industry must first agree on what MICE success looks like. Is it simply the number of events hosted and visitors welcomed? Or should success also include investments attracted, businesses supported, jobs created, knowledge exchanged, and communities that benefit? A shared agenda gives everyone a common destination and a clearer basis for measuring progress. L: Link MICE to broader government priorities. MICE should not be treated solely as a tourism concern. Its value extends to trade, investment, infrastructure, education, innovation, employment, sustainability, and regional development. When MICE is connected to these wider priorities, it becomes easier to build cross-government support and demonstrate why business events deserve strategic attention. I: Institutionalize public-private dialogue. Partnerships cannot depend solely on personal relationships or occasional meetings. Government and industry need regular platforms for consultation, collaboration, and problem-solving, not just when a major event is being bid for

Association World Octavio Peralta or a crisis demands urgent action. Consistent dialogue builds trust, encourages continuity, and allows both sides to anticipate challenges rather than merely react to them. G: Generate and share better data. Good intentions are not enough; decisions need evidence. Government needs credible data on MICE’s economic contribution and broader impact, while industry needs reliable information to make a compelling case for investment and policy support. Better data helps both sides set priorities, justify resources, and evaluate results. N: Navigate from support to strategic partnership. Government should not be seen merely as a source of funding, permits, and approvals. Neither should industry be viewed simply as a beneficiary of public assistance. Each brings distinct resources, expertise, networks, and capabilities to the table. The opportunity is to move beyond transactions toward a relationship built on shared goals, mutual accountability, and measurable outcomes. These five principles point to a larger lesson: the future of MICE will not be built by government alone, nor by industry alone. It will be built when both sit on the same side of the table, defining problems together, designing solutions together, and measuring results together. This, for me, is what a mature MICE ecosystem should look like. And it is how we move beyond hosting successful events toward creating a meaningful legacy for people, businesses, and regions. When government and industry “Align,” MICE becomes more than an event business. It becomes an instrument of national and regional development. Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives, the “association of associations.” The PCAAE will hold its 14th Annual Associations Summit (AS14) on November 24, 2026 at the Asian Institute of Management. The views he expressed herein do not necessarily reflect those of the BusinessMirror. E-mail bobby@pcaae.org

DOF seeks amnesty for those with unpaid tax liabilities

HE Department of Finance (DOF) is seeking to file a bill with Congress this year to grant a general tax amnesty to taxpayers with unpaid tax liabilities. On the sidelines of the recent “SGV Tax Symposium 2026,” Finance Undersecretary for Revenue Operations Group Rolando U. Ligon Jr. told reporters that the DOF is currently fine-tuning the draft bill. “We still need more information to make sure that the amnesty will be successful. We need to address the additional taxes that we need to collect,” Ligon said.

“Hopefully, we will be able to file it within a year. So that at least, it’s filed already. Then, next year, the hearings will start,” he added. The general amnesty is part of tax reform measures that President Ferdinand R. Marcos Jr. announced in his recent State of the Nation Address. Marcos said the amnesty will cover unpaid estate taxes, income taxes, donor’s taxes and value-added taxes (VAT). It will also include the penalties and surcharges associated with outstanding tax obligations. The government’s previous estatetax amnesty covered the estates of

people who died on or before May 31, 2022. Its availment period ended in June 2025. Last year, the DOF proposed a GTA to the House Committee on Ways and Means. Delinquent taxpayers would be allowed to choose between the two computation methods, subject to minimum payment amounts depending on their taxpayer classification. For individuals, the minimum payment would be 5 percent or P75,000, whichever is higher. Corporations would pay minimum amounts ranging from P100,000 to P1 million, depend-

ing on subscribed capital. Meanwhile, Ligon said the DOF is also open to establishing a voluntary disclosure program for imported automobiles for which importers underpaid or failed to pay the required taxes. Ligon said there are no guidelines yet for that, but the DOF is studying the plan at the moment. “Right now, it’s a very rough draft.” The DOF has proposed before the inclusion of VAT and excise taxes on importation, with or without assessments duly issued, collected by the Bureau of Customs. Reine Juvierre S. Alberto

Relationships BusinessMirror

Friday, October 23, 2026 • Editor: Gerard S. Ramos

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

Why airline passengers should pay for comfort PHOTO BY HANSON LU ON UNSPLASH

RAVELING is a joy for most people, except perhaps the packing and unpacking of the luggage part. Despite the higher jet fuel costs that result into higher airfares, people apparently are still touring the country or going abroad. According to the latest press statement from Cebu Pacific Airways, it flew 15.7 million passengers on its domestic routes from January to August this year, up 5.5 percent from the same period last year. But even before most of us get to our destinations, like it or not, there may be complaints and issues that arise in the course of our trip. From the passenger services such as the check-in and bag inspections, to the exchanges with Immigration officers, or even the kind of food served at the restaurants at the terminals. Try as I might, I don’t remember a trip, domestic or international, that transpired without a hiccup. Now, I recently read about Cardinal Pablo Virgilio David criticizing the flag carrier Philippine

Airlines (PAL) for its “cramped legroom” on his recent trips to and from Cebu. And with this discomfort experienced, he wondered whatever happened to the “Heart of the Filipino” slogan of the carrier. I get the good Cardinal’s points. He is a tall man, close to 6 feet, and needs enough legroom for his rather long frame. And apparently he suffers from osteoarthritis that gives his knees some trouble. Perhaps the Cardinal isn’t a frequent traveler, so he didn’t know that most carriers, regardless of the brand, have less legroom these days. All of them are suffering from reduced profits that, yes, they try to squeeze in more people per inch of the plane, to get better economies of scale per trip. This isn’t necessarily a bad thing. A profitable airline ensures they continue servicing their routes here and abroad. Otherwise, we’ll all be stuck on road trips or traveling by sea, which may be cheaper, but are much longer routes to other destinations in the country. That is why I always ask for premium seating, and am willing to pay for it. “Aisle seat, exit row” is my preferred location on the plane, not because I’m tall, but because I acknowledge my aging existence and like to stretch out comfortably on the plane. (The Cardinal is actually fortunate that he didn’t choose a certain carrier that absolutely prohibits seniors to sit in an exit row, even if they are still ablebodied. Its booking page will automatically remove those seat choices, because it already has registered the senior’s birth date.) So in the future, Cardinal Ambo’s assistant should

book him an aisle, exit-row seat, or a front-row seat. Better yet, the Cardinal deserves the Business Class section; next time, his assistant should encourage him to book a seat there so he can travel comfortably. On the other hand, PAL may have missed a great marketing opportunity in this situation. Its flight crew could have offered a Business Class seat to the Cardinal as a gesture of goodwill on his flights, if the exit rows were unavailable. Surely, the Heart of the Filipino is best served with the Comfort of a Higher Power. In a related development, an American travel blogger, Tomiko Harvey, narrated a trip from hell. As per her post on social media, she said the female passenger beside her asked if she (Harvey) could switch seats with her husband, so that her husband could sit beside her. And of course, Harvey said “no”, which led to the female passenger crying and sobbing the entire 10hour flight because she couldn’t “lay her head on his shoulder.” Harvey hilariously captured this sobbing on video, hour on the hour, and posted it on social media. By the way, the woman’s husband was seated just a few rows ahead, but in the uncomfortable middle seat, a reason Harvey didn’t want to give up her own aisle seat. In addition, Harvey noted the husband didn’t seem to care about the seating situation, as he had his headphones on and slept peacefully. Which has led many to suspect that the husband

SEE “PASSENGERS,” B5

for commissaries and food industry businesses. MIDNIGHT HAUNTED DRIP CAKE BY CHEF CHRISTENE SAN PEDRO For the Dark Chocolate Cake Ingredients: 126g butter 225g sugar 2 pcs eggs 1 tsp vanilla extract 190g all-purpose flour 1 tsp baking powder 1 tsp baking soda 75ml cream 150ml fresh milk 50g dark chocolate compound 55g cocoa powder 8g coffee powder 55g sugar Pan size: 3 pieces round 6-inch pans Baking time: 30 to 35 minutes Baking temperature: 350°F Procedure: 1. Cream butter and sugar together for 3 to 5 minutes until light and creamy. 2. Add eggs one at a time, then add vanilla. 3. Combine dry ingredients: all-purpose flour, baking powder, and baking soda. 4. Combine liquid: In a saucepan, heat cream, milk, and dark chocolate. Once warm, add cocoa powder, coffee powder, and sugar. 5. Add flour mixture alternately with warm cocoa liquid mixture. Beginning and ending with the flour mixture. Stir well.

HAPPY BIRTHDAY: Follow your intuition when dealing with professional, financial or minor medical issues, but research will serve you better when it comes to domestic matters, helping others or taking care of situations that concern you, like the equality of your relationships. You mustn’t procrastinate. Discover what’s best for you, and take the necessary steps. Engage in affordable moves that help eliminate what’s no longer working for you, and initiate new beginnings. Your numbers are 4, 11, 23, 27, 35, 41, 48.

ARIES (March 21-April 19): Keep the momentum flowing. Start conversations, share your thoughts and recognize who and what will help you reach your goal. Transitions can be favorable if cultivated properly. Be the bright light and the star in the room; become the go-to person. You have plenty to gain if you are entertaining, factual and able to finish what you start. ★★★

TAURUS (April 20-May 20): Slow down, be methodical and press forward with questions, adjustments and caution when agreeing to requests. Focus on quality, content and separating yourself from any competition you encounter. Treat social events with care. Having a networking mentality will help you establish your reputation, build worthwhile connections and forge ahead with confidence. ★★★

GEMINI (May 21-June 20): Raise questions, embrace change and align yourself with those who have something of interest to share. Put your energy into emerging as the best version of yourself and offering what you can to those in need of clarity and confirmation. Look at the big picture, and turn your surroundings into a place of comfort and peace. ★★★★

CANCER (June 21-July 22): Don’t waste your time and energy on situations you have no control over. Concentrate on what makes you happy, creative pursuits that soothe your soul and spending time with those who enrich your life. Focus on personal growth, selfimprovement and activities that help you look and feel your best. Embrace love. ★★

LEO (July 23-Aug. 22): Keep life simple, conversations factual and offers doable. Refuse to let ego or power plays put you in a vulnerable position. Domestic problems will surface if you don’t hold up your end of a bargain. Direct your energy toward learning, engaging and using wisdom to carry you forward with dignity and grace. Avoid arguments and risky situations. ★★★

LIBRA (Sept. 23-Oct. 22): You are stepping into new territory. Keep your eyes wide open and your money and possessions in a safe place. Focus on what’s possible, and ditch pie-in-the-sky ideas that offer little gain and take up plenty of your valuable time. Speak to the issues that bother you, and adjust what used to feel natural but now feels foreign. ★★★

For the Strawberry Filling Ingredients: 50g cream 20g strawberry compote 100g white chocolate compound

For the Dark Chocolate Ganache Ingredients: 250g heavy cream 250g dark chocolate compound

CELEBRITIES BORN ON THIS DAY: Ryan Reynolds, 50; Cat Deeley, 50; Weird Al Yankovic, 67; Dwight Yoakam, 70.

VIRGO (Aug. 23-Sept. 22): Thinking ahead and talking to experts will point you in the right direction. Avoid snap decisions. Protect your reputation. Offer only what’s feasible. Having a heart-to-heart talk with someone you love will lead to alternatives. Make personal gains and growth your objectives, and make your choices clear to those asking for too much. ★★★

Scrape sides and bottom of bowl. 6. Pour into the prepared pan. Bake for 30 to 35 minutes. 7. Test for doneness using the toothpick method or bounce technique.

Procedure: 1. In a saucepan, heat cream and strawberry compote. 2. Add chopped white chocolate. Keep on stirring until melted. 3. Strain the mixture. Chill for 2 hours 4. Spread an even layer of filling over the cake layer.

By Eugenia Last

Halloween Recipe: Midnight dark chocolate cake FOR Halloween, Dessert Draft co-owner and instructor chef Christene San Pedro blends eerie elegance with sweet indulgence in the Midnight Haunted Drip Cake, a decadent serving of rich dark chocolate layered with luscious strawberry filling and dark chocolate ganache. “The dark chocolate cake symbolizes the darkness and mystery of midnight, while the strawberry filling represents a hidden burst of sweet and tangy flavor beneath the dark exterior,” she explained. “The dark chocolate ganache adds richness and depth, while the red drip, inspired by blood, brings a dramatic and spooky Halloween element,” she added. The homegrown talent, now a part-time faculty member of the De La Salle-College of Saint Benilde (DLS-CSB) Culinary Arts Management Program, adorned the decadent layers with handcrafted toothsome sweets and treats in the shape of iconic Halloween symbols and figures, motivated by the witching hour. “The meringue ghosts represent playful spirits which come out at midnight,” Chef Christene said. “The hand-shaped fondant jack-o’-lanterns symbolize traditional Halloween, and the fondant spiders and delicate webs create an eerie haunted atmosphere.” The pastry chef completed the party with white chocolate bats and skulls to bring a touch of elegant gothic to the masterpiece. Chef Christene is a technical chef for Dawn Foods Philippines, a demonstrator and brand ambassador for various baking brands, events, and provincial baking workshops, and a consultant

TODAY’S HOROSCOPE

SCORPIO (Oct. 23-Nov. 21): Doing too much too fast will backfire. Slow down; refuse to get wrapped up in someone else’s ideas, problems or scams. Distance yourself from negativity, and cling to people and projects that help you grow. Explore your feelings, and choose what makes you feel good about yourself and what you achieve. Be a leader, not a follower. ★★★★★

DESSERT Draft co-owner and chef instructor and Benilde Culinary Arts Management Program parttime faculty member Chef Christene San Pedro

Procedure: 1. In a saucepan, heat cream.

Procedure: 1. In a saucepan, heat the cream. 2. Add chopped dark chocolate. Keep on stirring until melted. 3. Strain the mixture. Chill for 2 hours. 4. Coat the entire cake evenly with the icing.

2. Add chopped white chocolate. Keep on stirring until melted. Add a few drops of red food color gel as needed. Strain the mixture. 3. Cool the mixture to 30°C before dripping onto the coated and chilled chocolate cake. 4. Slowly drip over the top edge of the cake, allowing it to gently flow down the sides.

For the Red Chocolate Drip: Ingredients: 40g heavy cream 100g white chocolate compound Red food color gel

For the decorations: ■ Fondant: Jack-o’-lanterns and spiders ■ Dry meringue: Ghosts ■ White chocolwate: Spider web, bats, and skulls

SAGITTARIUS (Nov. 22-Dec. 21): Let the creative juices flow, and start building the life you want to live. Separate yourself from those heading in a different direction, and align yourself with those who share your vision. Invest time and money into research, development and broadening your sense of what’s doable, and refuse to let anyone veer you off course. Trust your instincts. ★★

CAPRICORN (Dec. 22-Jan. 19): You have more maneuverability than you realize. Don’t sit tight when you can reach out and communicate with people who have traveled the path you want to take. Make your life easier and your expectations clear. Travel, connect with the right people and revise your plans to suit your demands. ★★★★

AQUARIUS (Jan. 20-Feb. 18): You are overdue for a change of pace. Gear up and get ready to engage in what’s available, and discover what works best for you. Don’t sit back when action is necessary. Stop chasing and start doing. Use your skills appropriately, and you’ll find your bliss lies in self-satisfaction and doing things your way. ★★★

PISCES (Feb. 19-March 20): Invest in and take better care of yourself. Let go of whatever is holding you back, and head in a direction that offers hope for a better future. Avoid financial and health issues tied to stress by taking control and reaching out for help if necessary. Contracts, solutions and surrounding yourself with the right people are your tickets forward. ★★★ BIRTHDAY BABY: You are adaptable, curious and orderly. You are passionate and protective.

‘jump ahead’ BY DYLAN SCHIFF AND KYLE DOLAN

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Protein with a silken variety 5 Targets of GPS scavenger hunts 11 Ingredient in a Denver omelet 14 Home of the Iowa State Cyclones 15 Like a tough battle 16 Lumberjack’s tool 17 *Fallout on the subway 19 Goss 20 Appetizer follower 21 Suggestion, for short 22 Basic unit of life 23 Letters for hobbyists 24 Signed by reality show contestants 26 Defrost 28 Metrical foot 29 Fawns’ dads 32 Cloud environment 38 “Woe is me!” 39 Ed who voiced Carl in “Up” 40 Slushy treat 41 Jealousy 44 Weighed down 45 Takes in with a fork lift? 46 “u r 2 funny”

48 3-year-old, e.g. 49 Computer brain, for short 52 Leaves 54 GPS course 56 Mario Kart competitors 58 “Chocolate” pooch 59 American folk song ... or an instruction about where you should start reading each starred clue? 61 “Bingo!” 62 Roman statesman who opposed Mark Antony 63 Actress and entrepreneur Jessica 64 Face, in drag lingo 65 Pants measurement 66 “The Great British Bake Off” presenter Fielding DOWN 1 Brought under control 2 Saudi’s neighbor 3 ___ Beauty by Rihanna 4 It launched Sputnik: Abbr. 5 Charcuterie board offering 6 Human, for one 7 Burns on the grill

8 ___-and-seek 9 Vote into office 10 Pro camera 11 View with distaste 12 Skater’s jump 13 Lunch, for one 18 Word with “code” or “colony” 22 Plays with a Ragdoll for a bit, perhaps 25 Embarrass 27 Stephanie of “Everything Everywhere All at Once” 28 “If you ask me” 30 ___ club (singing group) 31 Forward thinker? 32 Lug 33 Lower arm bone 34 Motorcyclist’s pouch 35 180 degrees from SSW 36 “___ Defeats Truman” 37 Water cooler spot 42 Part of molecular biology’s central dogma 43 Starting squad 47 Pest control company

48 Portable Plains Cree dwelling 49 Big stringed instrument 50 Exploratory spacecraft 51 Regular order, with “the” 52 Flashy kind of rock 53 Iolani Palace’s Hawaiian island 55 Behavioral quirks 57 Greenish blue 59 Part of STEM: Abbr. 60 ___-la-la Solution to today’s puzzle:

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Show BusinessMirror

Editor: Gerard S. Ramos • Friday, October 23, 2026

The exceedingly unparalleled passion of Mon Confiado MON CONFIADO in a scene in The Fisher.

SHUVEE ETRATA and Anthony Constantino

Shuvee, Anthony bring hit digital series ‘From Vlog to Love’ to free TV GMA Network’s romantic comedy mini-series From Vlog to Love, headlined by Sparkle stars Shuvee Etrata and Anthony Constantino, is making its broadcast premiere on free TV this October 25. From a digital series that won the hearts of viewers to a full-length special, Shuvee and Anthony bring humor and heartwarming moments as Angge and Bullet. Shuvee shares her feelings about her first solo starring project: “Sobrang grateful lang talaga to GMA for giving us the platform to test our skills at ipakita kung meron ba talaga kaming chemistry ni Anthony.” Anthony also expresses how they brought their real-life connection to this project: “Bringing the kilig to the screen was super easy. You could say it is very natural when it comes to working with Shuvee.” Joining Shuvee and Anthony in From Vlog to Love are Sparkle artists Caitlyn Stave and Kiel Gueco, along with Christian Antolin, Marnie Lapus, Che Ramos-Cosio, and Ruby Ruiz. The story centers on the whirlwind romance of a hardworking college intern, who catches the eye of a bossy Fil-Am resort owner, unaware that his efforts to win her heart are part of his online comeback plan. Reflecting their real-life dynamic, an “Afam meets Bisdak” trope anchors the story while exploring modern love in the age of social media, viral content, and complicated relationships. From Vlog to Love features a feel-good story that blends effortless delight and comedy into an engaging and heartwarming viewing experience. From Vlog to Love airs this Sunday, October 25, at 2:55 pm on GMA Network.

HERE are a lot of talented actors in the entertainment business, but it takes more than talent to become a truly effective actor—passion is essential. It enables an actor to become truly connected with the roles he takes on and commits to, and this often results in an unforgettable performance that never fails to leave an impression on the audience. Mon Confiado’s passion as an actor is truly unparalleled. He goes through great lengths just to become his character right after he commits to a project. Many of those who know Confiado, and those who have worked with him attest that he has the uncanny ability to transport himself to another world by becoming the character he portrays. It took many years for Confiado to become that actor that he is—well-loved, highly-esteemed, even secretly envied. After four decades, he remains grateful for the many opportunities to work with production companies, actors, filmmakers and directors. One big realization for Confiado through his evolution as an actor is that he can transform into an actor with a purpose: “Many actors I’ve worked with, especially the younger ones, set out to become professional actors with a common goal: get paid to act. Many newbies feel that acting can be a very lucrative career, and glamor and privileges come with it. That’s not entirely wrong. But many forget that acting involves hard work, dedication and commitment. “As I continue to mature in this business, I realized that being an actor can be a force for the greater good. The public is not aware that most actors are plagued with insecurities. And for good reason—we have little to no control over the practices and traditions of the larger system we are part of, our schedules, and sometimes even when we will be fully paid for our hard work. But we can be powerful when we learn to connect our work with a personal vision. Because we can shape and reshape mindsets. In a way, I believe that involvement in the arts can be a subversive way to effect social change and awareness.” Confiado is also very aware of the power of real emotions in his chosen craft: “It may look easy for some but acting is more than just delivering your lines and hitting your marks. I always tell the younger generation of actors that it is a difficult art form that requires the ability to tap into one’s emotions and connect these with the character on a deeper level. You should always strive for authenticity, because it is what your audience most deeply and accurately resonates with. Whatever emotions your character is expected to show, it’s the depth and sincerity in

these emotions that will ultimately translate to the audience.” Research is also key in Confiado’s characterization process. He said, “You can’t act out something you do not know or understand. Whatever the character I’m playing has been through or is going through, it’s my job to get into his experiences as closely as I can.” For his titular role in Paul Soriano’s The Fisher, which is currently on a nationwide theatrical release after it premiered at the Tokyo International Film Festival, Confiado spent a significant amount of time in a fishing village before the actual shoot. He lived with the fishermen, he talked to them, shared meals with them, asked questions and experienced living their lives on a daily basis. He went out to the sea to catch fish with them. “I always tell myself that I am portraying reality in every role I accept, and while that exists in the safe structure of make believe, it can be very real from the perspective of your audience,” he shared. Blessings continue to pour in for Confiado, who has never been busier. He is included in two entries for the Metro Manila Film Festival by year’s end: GMA Pictures’ Amir and Viva Entertainment’s 2nd Miracle

in Cell #7. He was just declared national winner in the best supporting actor category at the Asian Academy Creative Awards for his wonderful performance in Lino Cayetano’s Salvageland. He continues to get acting nods for his role as Emilio Aguinaldo in Jerrold Tarrog’s Quezon. He is scheduled to shoot a film for a Japanese production next month. He is studying an offer for a new TV series while preparing for another dream role intended for an international streaming platform before the end of the year. Mon Confiado is used to living in two realities— that of himself and those of his characters. He has mastered the art of temporarily letting go of his own personality, thoughts and emotional patterns to adopt those of the characters that he gives life to onscreen. Yet, as powerful as his many transformations can be, Confiado knows the importance of staying rooted in who he is. And that’s what makes him a truly great actor. Indeed, the strongest performances come from those who understand that acting is not about escaping reality—it is about enlightening it. And the inimitable Mon Confiado certainly illuminates every performance he delivers, unfailingly and consistently.

AL PACINO TO GET LIFETIME ACHIEVEMENT AWARD FROM THE SCREEN ACTORS GUILD

Passengers...

LOS ANGELES—Al Pacino has been named the next recipient of the SAG-AFTRA Life Achievement Award. The 86-year-old star of Dog Day Afternoon, Scent of a Woman and a trilogy of Godfather films is the 62nd actor to receive the highest honor handed out by the Screen Actors Guild-American Federation of Television and Radio Artists. “I wondered and wandered most of my life but have always felt at home with a script and my fellow actors. It’s the work and the actors along the way that have been among the greatest joys of my life,” Pacino said in a statement on Thursday. “It’s an honor to be recognized by SAG-AFTRA in celebrating the journey.” He’ll pick up the prize on February 28 at the 33rd annual Actor Awards at the Shrine Auditorium in Los Angeles. The show will stream live on Netflix. The award also honors humanitarian work, and the guild cited Pacino’s charitable efforts for disaster relief, fighting hunger and poverty and his support for local theater companies, including the Shakespeare Center of Los Angeles. The native New Yorker was a young actor best known for his stage work when director Francis Ford Coppola tapped him to play Michael Corleone in 1972’s The Godfather against the wishes of a studio that wanted an established star in the coveted part. He would be nominated for an Oscar for the role

actually paid for those tickets, and was chill with the separate seats. Besides, who would want to sit beside that kind of crazy—wife or otherwise—for 10 hours anyway? Certainly not Harvey. Sure, there were a handful who commented that Harvey was rude. But unsurprisingly, there were more people who supported Harvey staying in her seat. I too thought she rightly stayed put, especially if she paid for her seat. That’s why it’s annoying to read about these emotional upsets by families, who all want to fly together, but are not willing to pay to sit together. They end up bothering other passengers to switch seats, and then complain loudly on the flight, or later through social media, that they felt their needs were disregarded. In the first place, if you are flying with small children, then it’s wise to book seats together. Yes, it may cost more to do so, but why are you scrimping on your child, whom you obviously care enough to bring on your trip? In my family’s case, we try to book separate flights, and if we are on the same flight, we usually won’t sit together, except in the case of certain family members, who have to sit with their small children. It’s mainly safety consideration. God forbid the plane crashes and we’re all in it—that means the wipeout of the entire family, right? And if we are on the same flight, seating in different sections of the plane may ensure more of us survive the crash. It’s just practical and the smarter way to travel. So, getting that part of the trip down pat, i.e., the flight, will ensure less stress and arriving at our destination in a better frame of mind.

AL PACINO

and become regarded as one of the finest actors of his generation. He got annual Academy Award nominations for the next three years, for Serpico, The Godfather Part II and Dog Day Afternoon. He would not win until he took best actor for Scent of a Woman in 1993, a year when he was also nominated for supporting actor for Glengarry Glen Ross. He’s been nominated nine times overall, most recently in 2020 for The Irishman. Pacino has also won two competitive Actor Awards from SAG-AFTRA, two Emmys, four Golden Globes and the Globes’ lifetime achievement honor, the Cecil B. DeMille Award. “I have spent my life in awe and appreciation of the force of nature that is Al Pacino,” SAG-AFTRA president Sean Astin said in a statement. “When you watch him perform, you are witnessing a student and a master. Al Pacino is an artist of extraordinary courage, intensity and heart whose work has always set an exceptional standard of skill and talent. All of that and he’s just plain fun to watch.” The SAG-AFTRA Life Achievement Award dates to 1962. Previous winners include Barbara Stanwyck, James Stewart, Pearl Bailey, Frank Sinatra, James Cagney, Katharine Hepburn, Audrey Hepburn, Paul Newman, James Earl Jones, Jane Fonda and Harrison Ford. AP

Continued from B4

Friday, October 23, 2026

Pru Life UK wins Gold Stevie® Award for climate, health resilience programs

ru Life UK has won a Gold Stevie® Award under the Most Impactful Sustainability Partnership category at the 23rd Annual International Business Awards®. The award recognizes Pru Life UK’s climate and health resilience programs, which help communities build their knowledge and capacity to prepare for the health and financial impacts of climate change. The winning entry, Building ClimateReady Communities Through Health, Education, and Resilience, brings together initiatives focused on climate and health education, disease prevention, financial literacy and community resilience. Among these is the Sustainable Health Interventions to Eradicate Leptospirosis and Dengue (SHIELD) Project, a PHP 10 million climate resilience program implemented in Malabon and Caloocan with CARE Philippines and funded by Prudence Foundation’s Climate and Health Resilience Fund. In 2025, SHIELD trained 199 barangay health workers and reached approximately 18,800 community beneficiaries. The program provided training on dengue and leptospirosis prevention, supported by barangay clean-up drives, water, sanitation and hygiene capacity-building sessions, and

Pru Life UK turned over two rainwater harvesting systems to adopted communities in Barangays Sulangan and Maricaban in Bantayan Island, Cebu as part of the Ulan Alang sa Bantayan (Rain for Bantayan) program. the distribution of hygiene kits and cleaning supplies. Pru Life UK has also conducted climate and health education sessions using Maging Handa (Be Ready): A Story of Adaptation and Resilience Amid Climate Change, a comic-based learning tool that makes climate and health concepts more accessible to communities. More than 1,000 youth and adult participants have taken part in sessions across schools and communities. On Bantayan Island in Cebu, Ulan Alang sa Bantayan (Rain for Bantayan) 2.0 combines climate and health education with water, sanitation and hygiene training, financial literacy and community support. In December 2025, 50 participants completed WASH and financial literacy training, while 550 families received Noche Buena food packs. “This recognition reflects our commitment to helping protect Filipino families not only through financial solutions, but also by supporting programs that strengthen the

communities they are part of,” said Atty. Calvin Kochet-Chua, Chief Legal, Government Relations, and Sustainability Officer of Pru Life UK. “Through our partnerships, we are helping communities gain the knowledge and practical tools they need to prepare for climate and health risks.” The programs build on Pru Life UK’s work with partners to strengthen climate and health resilience through education, capacity building and community-based action. By supporting health workers, young people, families and local communities, Pru Life UK continues to help make its customers’ promises to their loved ones real in ways that go beyond financial protection. The Gold Stevie® Award is Pru Life UK’s latest recognition from the International Business Awards®. In 2025, the company received a Bronze Stevie® Award for its Takaful journey and its efforts to help advance inclusive financial protection for Muslim Filipinos.

Okada Manila introduces exclusive airport lounge for Reward Circle members

Cushioned seating and complimentary refreshments give eligible members a comfortable place to unwind in the 70-square-meter lounge before their transfer to Okada Manila.

OR international travelers visiting Manila, a rewarding stay now begins at the airport. Okada Manila has introduced a new benefit for eligible Reward Circle members: access to its exclusive airport lounge at Ninoy Aquino International Airport (NAIA) Terminal 3, offering a welcoming space to refresh and unwind before continuing to the resort. Opened on October 10, 2026, the lounge extends the Forbes 5-Star integrated resort’s signature hospitality beyond its doors. Members can relax in comfortable seating, enjoy complimentary refreshments, and receive personalized assistance with

onward transfers, bringing greater ease and comfort to their arrival in the Philippine capital. “Membership should make every visit feel more rewarding, from the moment our guests arrive,” said Shirley Tam, Chief Marketing Officer of Okada Manila. “Our new airport lounge gives eligible Reward Circle members a warm welcome to Manila, with a comfortable place to recharge and personal assistance before their resort experience begins. It is another way we recognize our members and bring together Japanese excellence and Filipino warmth throughout their journey.” Situated beside Arrival Bay Gate 5, at the center of Terminal 3’s Arrival Hall, the lounge offers an easy-to-find meeting point for arriving members and their companions. Its convenient location makes it a natural first stop before their transfer to Okada Manila. The lounge features cushioned seats and couches, a selection of refreshing drinks, and dedicated airport representatives to assist with transfer arrangements. Whether arriving for a holiday, a special celebration, or a return visit, eligible members can enjoy a relaxed start to their stay. Elite, Premium, Supreme, and Maharlika members receive complimentary lounge access and refreshments upon presentation of their membership card and a valid ID. Elite, Premium, and Supreme members may bring one companion, while Maharlika members may welcome up to three companions. The lounge is open daily from 7 am to 11 pm. The new lounge expands the travel privileges of Reward Circle by Okada Manila, giving eligible members another reason to look forward to their next Manila getaway. Reward Circle By Okada Manila Membership is free. Guests can register at the Membership & Rewards Counter or online at membership.okadamanila.com/signup to begin exploring the program’s rewards and privileges. Airport lounge access is reserved for qualifying membership tiers and is subject to applicable terms and conditions. Plan your next Manila getaway at www.okadamanila.com. For room reservations, airport transfer arrangements, and lounge eligibility inquiries, contact roomreservations@ okadamanila.com or +63 2 8888 0777.

IPAP strengthens interchurch ties, launches Bible Exchange Program at Pasig forum

HE International Pastors Association for Peace (IPAP) is strengthening collaboration among Christian leaders through an inter-church peace partnership and a Bible Exchange Program formalized at an interdenominational Bible forum in Pasig City recently. The forum, titled “Are You Ready for the Bridegroom? What Every Believer Must Prepare Before Jesus Comes,” gathered 353 bishops, pastors, church and ministry leaders, and congregants at the Pamantasan ng Lungsod ng Pasig Auditorium to examine biblical teachings on spiritual readiness and Christ’s coming. As part of the gathering, the Seventh-day Adventist Church, Jesus Thy Kingdom Come International Church, and Shincheonji Church of Jesus (New Heaven New Earth), entered into a Memorandum of Understanding (MOU), with IPAP serving as mediator and convener. The partnership aims to promote mutual understanding, respect, friendship, and practical cooperation among the churches while respecting their distinct doctrines and religious identities. A key initiative under the agreement is the Bible Exchange Program, which will provide pastors, church leaders, Bible teachers, and willing congregation members opportunities to learn about each participating church’s teachings directly from its authorized representatives. Planned activities include Bible learning sessions, interchurch dialogue, questionand-answer forums, and fellowship gatherings to encourage informed discussion and peaceful coexistence despite theological differences. “Through this partnership and the Bible Exchange Program, we hope to strengthen mutual understanding among Christian churches through respectful dialogue and direct learning, showing that differences in belief need not hinder peace and cooperation,” said Harold Recio, IPAP representative. The forum’s central theme drew from Matthew 25:1–13 and Jesus’ Parable of the Ten Virgins, which highlights the importance of being prepared for the bridegroom’s arrival. The passage prompted reflection on spiritual readiness and the need to live out one’s faith. Speakers included Sherwin Villarica of the Seventh-day Adventist Church, Sherwin Serrano of Jesus Thy Kingdom Come International

Church, and Anna Factor of New Heaven New Earth, who shared perspectives on the forum’s theme. Among the guests were Nicolas Racuma Amatorio, founder and director general of the Values Formation and Spiritual Transformation Council of the Philippines International Incorporated (VFSTCPIIICMO), which works with the Philippine National Police on values formation, chaplaincy, and moral recovery programs; and Leonilo Aguja, executive vice president of the National Auxiliary Chaplaincy Philippines (NACPHIL). Delegates from Japan, Vietnam, Indonesia, and Cameroon also attended. Looking ahead, IPAP will hold Bible Forums on October 16 in Baguio City, October 19 in Rosario, Batangas, November 24, 2026, in Bacoor, Cavite, and November 28 in Davao City to promote biblical learning, strengthen interchurch relationships, and foster peace and cooperation among Christian communities. Established on August 3, 2024, IPAP is a Philippines-based interdenominational initiative that promotes peace, unity, and spiritual growth among pastors and Christian leaders through Bible forums, leadership seminars, theological education, and inter-church collaboration. For updates on IPAP’s activities and partnerships, visit bit.ly/ IPAPevents or fb.com/InternationalPastorsAssociationforPeace.

Megaworld Global Hotels & Resorts brings the tricks and treats to PHL destinations

OT sure where to go for Halloween? From the bustling streets of Metro Manila to the cool highlands of Batangas, the beaches of Boracay, and the vibrant township in Cebu, and the gastronomic city of Iloilo, Megaworld Global Hotels & Resorts (MGHR) invites families, friends, and travelers to celebrate the spooky season with exciting Halloween experiences across its key Philippine destinations. Whether it is an afternoon of trick-or-treating with the kids, a themed party with friends, or a weekend getaway filled with music, food, and festive surprises, MGHR’s participating properties offer different ways to make the most of the Halloween season. Guests can look forward to imaginative themes, interactive games, costume contests, special treats, and overnight packages that turn a Halloween celebration into a memorable holiday escape. Metro Manila: From enchanted forests to after-dark parties IN Metro Manila, Halloween takes on many personalities, with themed celebrations for families, children, and partygoers alike. Hotel Lucky Chinatown AT Hotel Lucky Chinatown, little guests can enter a whimsical world at “Hokee in Wonderland” on October 24, 2026, from 2 pm to 5 pm. The celebration features a magical Halloween adventure inspired by the beloved panda mascot Hokee, with tickets priced at P1,088 for children ages three to 10 and P1,288 for adults. For inquiries and reservations, contact stay@ hotelluckychinatown.com, 0917 805 6062, or (02) 5318 8188. Grand Westside Hotel FAMILIES can also discover a sweeter side of Halloween at Grand Westside Hotel’s “Into the Enchanted Chocolate Forest” on October 24, from 1:30 pm to 5:30 pm The afternoon brings together trick-or-treating, chocolate treats, arts and crafts, games, a mini chocolate museum, costume activities, and prizes. Event tickets are priced at P2,888 net for one adult and one child, while a Halloween room package starts at P9,388 net. The package includes an overnight stay, breakfast, family access to the Halloween event, and a 15 percent discount at the hotel’s dining outlets. To register, contact Grand Westside Hotel through stay@ grandwestsidemanila.com | +63 917 123 3974for room bookings and dine@grandwestsidemanila.com | +63 917 120 2815for the Halloween event. Kingsford Hotel Manila FOR families who love a little Hollywood-inspired mystery, Kingsford Hotel Manila presents HARRIWOOD: The Thriller on Set on October 24, from 3 pm to 5 pm. The event invites guests to enjoy a Halloween celebration with a cinematic twist. Standalone tickets cost P1,600 for adults and P900 for children ages two to 11, while toddlers ages zero to one enter for free. Guests can also book the Harriwood Stay Package for P7,999 net, inclusive of an overnight stay in a Deluxe Room, breakfast buffet for two, and two event tickets. To save your slot for the Halloween party, contact banquet@ kingsfordmanila.com or +63917 805 3585. Meanwhile, contact stay@kingsfordmanila.com or 8888 6388 or +63 917 859 5307 for room reservations. Savoy Hotel Manila YOUNG adventurers can set sail for “Little Pirates, Big Adventures” at Savoy Hotel Manila on October 25. Starting at 2 pm at Connect Lounge, the party features face painting, a trickor-treat adventure, exciting games, and a best-costume contest for boys and girls. Children can join the celebration for free when accompanied by adults who avail of the hotel’s Halloween Lunch Buffet Feast at Savoy Cafe, priced at P1,788 net per adult and P1,088 net per child ages six to 12. Families may also opt for the hotel’s staycation package, with rates starting at P7,800 net and complimentary party access for kids. For inquiries, contact stay@savoymanila.com / dine@ savoymanila.com or +63 917 843 8379 / +63 917 850 5310. Belmont Hotel Manila AT Belmont Hotel Manila, families can explore the magical world of Filipino folklore through Sitio Hiwaga on October 25 at 12 noon at Café Belmont. The celebration combines fun and games, trick-or-treating, face painting, loot bags, and a lunch buffet for P1,600 net per person. Those who want to extend the adventure can book a room package starting at Php6,999, inclusive of two event tickets, an overnight stay, breakfast for two, access to hotel facilities, and parking. For inquiries, contact Belmont Hotel Manila at dine@ belmontmanila.com or at +632 5318 8888. Eastwood Richmonde Hotel MEANWHILE, Eastwood Richmonde Hotel invites children to unleash their imaginations at Twisted Playroom: Kiddie Halloween Party on October 31, from 1 pm to 5 pm at the Grand Ballroom. The celebration promises spooky games, magical surprises, entertainment, costume fun, crafts, and prizes, with tickets priced at P1,899 per person. For inquiries and reservations, contact Eastwood Richmonde Hotel at fb@eastwoodrichmonde.com or at +632 8570 7777 | +63917 821 0333 Richmonde Hotel Ortigas FOR adults who prefer a nostalgic night out, Richmonde Hotel Ortigas turns back the clock with The Vamps After Dark: A Pre-Halloween ‘80s Party. From 7 pm to midnight, guests can enjoy a live performance by the Big Bash Band, bottomless drinks, a pica-pica buffet, and raffle prizes that include overnight accommodations, breakfast for two, and happy-hour vouchers. Tickets are priced at P1,285 per person. For inquiries and table reservations, contact +632 8638 7777 | +63917 5534 4352. Batangas: Get spooked by Filipino folklore FAMILIES looking for a change of scenery can head to Twin Lakes Hotel for Hiwaga: An Enchanted Folklore Adventure on October 31, from 2 pm to 5 pm at the hotel’s Grand Ballroom. Drawing inspiration from Philippine mythology and folklore, the celebration offers an opportunity for parents to revisit the mysterious characters and stories they grew up with while introducing younger generations to the country’s rich storytelling traditions. Tickets are priced at P1,300 for children ages two to 12 and P1,850 for adults. Families can make the most of the long weekend with overnight room packages starting at P10,800 and two-night stays starting at P19,600. Packages include two event tickets for Mountain View, Lake View, and Pet-Friendly Rooms, and four

Visit any Megaworld Global Hotels & Resorts property for some Halloween fun. tickets for the two-bedroom suite. For inquiries and reservations, contact Twin Lakes Hotel thru reservations@twinlakeshotel.com.ph or at +63917 853 7468. Boracay: Frights, flights, and beachfront nights FOR travelers who want their Halloween celebration with a view of the sea, Boracay Newcoast brings together music, costumes, food, and coastal entertainment through Hallowave 2026. Headlined by OPM favorites Parokya ni Edgar and Sponge Cola, with DJ sets by Sofia Miguel and Tom Tuason, the event offers a lively island celebration for music lovers and groups of friends. Guests can also turn the occasion into a full island getaway through Hallowave 2026 stay packages available at Belmont Hotel Boracay, Savoy Hotel Boracay, and Chancellor Hotel Boracay. Room packages starts at P3,800 inclusive of a sunrise big breakfast buffet on October 31, regular breakfast on other stay dates, priority access to the Hallowave concert, complimentary admission to Hallowave events and activities, and access to hotel facilities. For room reservations and more information, guests may connect directly with their preferred Boracay Newcoast hotel. Savoy Hotel Boracay - reserve@savoyboracay.com and +63917 828 4663 Belmont Hotel Boracay - stay@belmontboracay.com.ph and +63917 867 3019 Chancellor Hotel Boracay -stay@chancellorboracay.com and +63917 134 0221 Cebu: Pumpkin-themed fun by day, Halloween parties by night Savoy Hotel Mactan Newtown AT Savoy Hotel Mactan Newtown, Halloween celebrations begin with a family-friendly afternoon at Into the Pumpkinverse on October 31, from 3 pm to 6 pm Children can enjoy games, snacks, treats, prizes, and other Halloween surprises for P1,200 per child, inclusive of a dinner buffet for one accompanying adult at Street Eats and Beats. Families planning a longer escape can book the Boo & Breakfast room package, starting at P3,800. It includes an overnight stay for two, breakfast for two, pumpkin-themed welcome treats, and access to the swimming pool, gym, and Mactan Newtown Beach. The first 20 confirmed bookings also receive complimentary late checkout until 2 pm. As evening sets in, the celebration continues at Savoy Yardstop with After Dark: The Pre-game Purge, from 6:30 pm to 10 pm. For a P1,000 door fee, guests can enjoy unlimited bar chow and one welcome drink while exploring the venue’s three concepts: Bike and Brew, The Yard, and Stack & Sip. Guests are encouraged to dress for the occasion, with prizes such as overnight stays and food-and-beverage gift certificates up for grabs for the best-dressed partygoers. Book your Halloweekend escape today by contacting reserve@savoymactan.com and +63917 871 8007. Mercure Mactan Cebu MEANWHILE, at Mercure Mactan Cebu, families can catch a different kind of Halloween spectacle at Monsters on Main Screen, happening on October 31, from 4 pm to 6 pm. The celebration features an inflatable play zone, monster-themed games, a trickor-treat trail, a Best in Costume showcase, and a delightful dinner buffet at Pulô. Families can extend the fun with the Room Package at P4,800 net, inclusive of an overnight stay, buffet breakfast for two, two event passes, and the Historias de Cocina Dinner Buffet for two. For day guests, the Halloween Event Package is available at P1,599 net, with a 25 percent Early Bird Discount for the first 30 registrants until October 20, 2026. As night falls, the Halloween festivities continue with “Monsters Unplugged” at Timo from October 30 to November 1, featuring spooky beats, monstrous mixes, and unlimited selected drinks for P688 net per person from 5 pm to 7 pm. For inquiries and reservations, contact HC586@accor.com and +63 917 861 1019. Iloilo: Magical adventures for little monsters Richmonde Hotel Iloilo RICHMONDE Hotel Iloilo brings a touch of enchantment to the season with Enchanted Casita on October 30 at 2 pm at BizBar. The celebration features games, treats, food, and playful Halloween surprises. Tickets cost P750 net for children ages four to 12 and P500 net for accompanying adults, while children ages three and below may enter for free when accompanied by a paying adult. Call +633 328 7888 or +63917 580 9642 to secure your tickets. Belmont Hotel Iloilo THE Halloween fun continues at Belmont Hotel Iloilo with Monsters and Magic: Trick or Treat on October 31. For P699 nett, kids can enjoy a trick-or-treat adventure, a magic show, snack and dessert stations, a movie screening, an inflatable funhouse, and a claw machine, plus popcorn, cotton candy, and a Yakult station. Children are encouraged to come in their most imaginative costumes, with prizes awaiting the bestdressed participants. Adults can join for P450 nett, inclusive of the trick-or-treat adventure and access to the snack and dessert stations. Halloween buffet packages with access to Monsters and Magic are also available at P1,450 nett for lunch and P1,750 nett for dinner. Purchase tickets today by filling out this form or contacting these numbers +6333 500 0840 |+63917 328 9328. Beyond the costumes and spooky surprises, these celebrations offer another reason to spend time together, explore new destinations, and create holiday memories along the way. For event details, room packages, and reservations, guests may contact their preferred MGHR property directly. Availability, rates, and package inclusions are subject to the respective property’s terms and conditions.

Friday, October 23, 2026

www.businessmirror.com.ph

Gatchalian nixes negotiation over fugitive senator

ENATE President Sherwin Gatchalian has firmly rejected negotiations with the armed group allegedly harboring Sen. Ronald dela Rosa in Mindanao, insisting the government must not yield to unauthorized force. Gatchalian made the statements after Interior Secretary Juanito Victor Remulla said that law enforcement authorities are seeking to negotiate the turnover

of dela Rosa—the subject of an International Criminal Court (ICC) arrest warrant—to avoid a violent clash. Remulla warned that a direct confrontation could

cost “up to 10,000 potentia l deaths,” though he did not provide a basis for that figure. “If this is an armed group, they are not authorized to possess weapons,” Gatchalian said. “We should not be negotiating with them, because they certainly should not be more heavily armed than the government.” While cautioning against negotiating with unauthorized groups, Gatchalian acknowledged the delicate nature of the situation and deferred to the DILG chief ’s tactical judgment. “The most important thing is for the situation to remain peaceful and orderly. We want to avoid

any incidents or accidents,” Gatchalian added, steering clear of explicitly echoing Malacañang’s call for dela Rosa to surrender. Dela Rosa is wanted by the ICC over alleged crimes against humanity linked to former President Rodrigo Duterte’s deadly anti-drug campaign. Duterte is currently detained at The Hague, the Netherlands, awaiting trial. As Duterte’s first National Police (PNP) chief, dela Rosa implemented t he “ dr ug” war that resulted in the killing of some 3,000 to 30,000 suspected drug traffickers, almost all of them mere users and small time pushers.

Zubiri demands action vs pork smugglers

E N AT E M a j o r i t y Le a d e r J u a n Miguel F. Zubiri has called on the Department of Agriculture (DA) to take decisive action against excessive meat importations, predatory pricing, and agricultural smuggling, warning that local hog farmers are selling livestock at severe losses while consumer retail prices remain high. Speaking during a Senate hearing on the DA’s proposed 2027 budget, Zubiri directly challenged Agriculture Secretary Francisco Tiu Laurel Jr. to adopt an aggressive stance

against traders and importers exploiting the domestic pork industry. “ Ilabas mo iyong galit mo sa mga predatory pricing, pati iyong mga smugglers. Labanan mo, huwag ka matakot. [Show your anger toward those engaged in predatory pricing and smugglers. Fight them. Don’t be afraid],” Zubiri urged Laurel. In response to the growing pressure, Laurel disclosed during the hearing that the government is considering temporary trade restrictions to stabilize the local market. “I can suspend imports of kasim [pork

shoulder], pigue [ham], and belly for 60 days or stop the issuance of new SPSICs [Sanitary and Phytosanitary Import Clearances],” Laurel said. SPSICs are required health and safety permits issued for agricultural imports. Zubiri welcomed the prospective freeze, saying it would provide much-needed breathing room for local raisers overwhelmed by cheap imports and mounting feed and fuel expenses. The call for intervention follows mounting distress among hog raisers in Bukidnon

and other key agricultural provinces. According to figures presented by Zubiri, live hog farmgate prices have plummeted from P185 per kilogram in 2024 to between P90 and P120 per kilogram—well below the estimated average production cost of P130 to P140 per kilo. Zubiri highlighted that small-scale backyard farmers—who make up 80 percent of the country’s pork producers—are bearing the brunt of the crisis. “Only 20 percent are large -scale producers, and these big companies can survive even if they incur some losses,” Zubiri lamented. “But our farmers, who make up 80 percent of the sector, are really suffering.” Zubiri raised questions regarding the steep gap between the prices paid to local farmers and the cost of pork in public markets. While live hogs in Mindanao yield as little as P100 per kilogram to farmers, retail prices for cuts like pork belly (liempo) reach as high as P380 per kilo in urban centers. “They don’t understand why market prices are so high when they are receiving very low farmgate prices. It really blows the mind,” Zubiri said, calling on trade and agriculture inspectors to return to public markets to crack down on middleman markups and price manipulation. Beyond temporary import curbs, Zubiri stressed that visible government enforcement is critical to ensure backyard raisers survive the prolonged downturn.

PNP to beef up intel, surveillance efforts against micro-scam hubs By Rex Anthony Naval

EN. Jose Melencio Nartatez Jr., National Police (PNP) chief, on Thursday said that the service will recalibrate its intelligence and surveillance strategies to detect and dismantle smaller scam operations. Nartatez ordered this shift in strategy following reports that illegal Philippines offshore gaming operators (Pogo) were shifting to rented houses in Metro Manila to evade authorities. “We are recalibrating our police strategy from broad-scale raids to surgical, intelligence-driven operations utilizing cyber-surveillance, high-bandwidth usage tracking, and community-level monitoring,” Nartatez said in a statement. The PNP chief said this is in-line with President Marcos Jr.’s orders to enforce the total ban on offshore gaming operations and prevent their resurgence under new disguises. Earlier reports said law enforcement authorities are now tracking three active micro-scam hubs in Metro Manila. These operations reportedly use small rented houses accommodating 10 to 20 people, a departure from the large compounds previously used to house thousands of workers. Nartatez said the PNP was taking the evolving threat seriously and would work closely with other law enforcement agencies to prevent illegal operators from reestablishing their activities despite the nationwide ban on Pogos. “We take this evolving threat with absolute seriousness, and the PNP is working hand-in-hand with our law enforcement partners to dismantle these clandestine operations,” he added. “While the total ban on Pogos neutralized massive compounds, these micro hubs represent desperate attempts to evade detection—attempts that our intelligence networks will aggressively hunt down and neutralize,” the PNP chief said. The reported emergence of smaller operations came after the October 2 raid on a suspected scam hub in Zamboanga Sibugay, which resulted in the arrest and rescue of 244 foreigners, mostly Chinese. Nartatez also stressed that the PNP would pursue accountability for any personnel found to be involved in or providing protection to illegal scam operations after reports surfaced that dismissed police officers and military personnel were being used as henchmen in the operation of micro-scam hubs.

Marcos to local govts: Don’t stop innovations

R E SI DEN T M a rcos h a s called on local governments nationwide to pioneer fresh ideas and continually refine existing programs to tackle pressing community challenges. Speaking at the 2026 Galing Pook Awards ceremony held at Malacañan, the President emphasized that evolving community needs demand adaptive and progressive governance. “ We must continue to encourage new ideas and build on the solutions that have already been made and that now feeling the difference in our communities,” Marcos said in his address, urging officials to use current milestones as springboards for greater feats. “Let us ensure that the progress we achieve today becomes the foundation for even greater accomplishments.” Ten local government programs were honored during the ceremony for their remarkable responsiveness to constituents’ needs and commitment to public service. This year’s secretariat evaluated 208 program submissions originating from 148 LGUs. The 2026 Galing Pook awardees

span across diverse regions and initiatives: n Bataan E-Mobility (Bataan) n Building Spaces in a Spaceless City (Valenzuela City) n Del Carmen Farm-to-Spoon (Surigao del Norte) n Iloilo City Action and Resilience (ICARe) Center: Decentralizing Risk Governance (Iloilo City) n KABAHAGI: QC’s FamilyGoverned Care for Children with Disabilities (Quezon City) n Kawsa sa Agrikultura ug Panginabuhian sa Barangay (KAAGAPAY) (Davao del Norte) n North Manila Bay Naturebased Solutions Pilot Project: Community-led Coastal Resilience through Building with Nature (barangay Pamarawan, City of Malolos, Bulacan) n One Name, One Identity: Walang Maiiwan Pagayawan (Pagayawan, Lanao del Sur) n Project Denguerra—War on Dengue (Baguio City) n Zero Illiteracy and Innumeracy Program for Mangyans (ZIP) (Oriental Mindoro) Reiterating that innovation is a continuous journey, Marcos

pointed out that technology and modern governance approaches offer endless opportunities for growth. “ T he beaut y of innovation is that there is always room for improvement. Whether through technology or better approaches to governance, we can always build on what we have achieved,” he told local officials, challenging them to let their successes inspire peer municipalities. Winners received plaques of recognition, special Risk to Resilience Governance trophies, Galing Pook markers, and cash prizes amounting to 300,000 pesos each, courtesy of the Department of the Interior and Local Government (DILG) and the Local Government Academy. Established on October 21, 1993, the Galing Pook Awards serves as a pioneering institution identifying and celebrating local governance excellence. The initiative operates with backing from the Department of the Interior and Local Government, the Local Government Academy, SM Prime Holdings, Inc., and the Land Bank of the Philippines. Samuel Medenilla