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Saturday, September 6, 2025 Vol. 20 No. 328
LA NIÑA COULD LEAD TO FASTER INFLATION–PSA
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FROM COIN TOSS TO COMMAND:
WOMEN SEAFARERS NAVIGATE
AN OCEAN OF BARRIERS
PRICE PRESSURE Vendors at the Las Piñas Market arrange fresh produce as inflation climbed to 1.5% in August, with food prices driving the increase. Authorities warned La Niña conditions could push costs higher in the coming months. NONIE REYES
F
By Cai U. Ordinario
ILIPINOS may need to brace for higher prices in the coming months as La Niña conditions could lead to faster inflation for the rest of the year.
On Friday, the Philippine Statistics Authority (PSA) reported that commodity prices posted a 1.5 percent inflation in August. This is faster than the 0.9 percent posted in July but slower than the 3.3 percent posted in August 2024. Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio M. Balisacan said La Niña conditions, which may develop from September to December, could lead to flooding and crop damage in high-risk areas. “In anticipation of these weather shocks, we must ramp up preparatory activities and proactively ensure sufficient food supply to protect Filipino consumers from
price volatility,” Balisacan said. During the briefing, National Statistician Claire Dennis S. Mapa said the increase in inflation between the 0.9 percent in July and the 1.5 percent in August was substantial. Mapa explained that food items, specifically meat, fish and vegetables, significantly contributed to the increase in inflation. He added that when combined, these items have a significant weight in the basket of goods. In terms of weight in the Consumer Price Index (CPI), vegetables, tubers, cooking bananas and pulses was at 4.01 percent; fish and other seafood, 8.5 percent; and
DARYL SEVILLENO ENRIQUEZ MARINA FACEBOOK PAGE
By Malou Talosig-Bartolome
meat and other parts of slaughtered land animals, 6.15 percent. “When they are combined, their weight is quite substantial. So these are the risks we see even in the past months—the prices have been rising and contributing positively to the inflation rate; and this was just offset by the negative impact of the price of rice and other items,” he said, partly in Filipino. The data showed vegetables, tubers, etc., posted a 10-percent inflation in August, a substantial increase from a deflation of 4.7 percent. PSA data showed fish and other seafood posted an inflation of 9.5 percent in August from 6.3 percent in July 2025. Meat and other parts of slaughtered land animals, the data showed, posted an inflation rate of 7.1 percent. However, this was slower than the 8.8 percent posted in July 2025. “We might see the rise of inflation in the next coming months,” Mapa said.
Production support
TO support production and recov-
ery, the DEPDev said the Department of Agriculture’s (DA) Disaster Risk Reduction and Management Operations Center has allocated agricultural inputs to regional field offices. These include rice, corn, high-value crop seeds, drugs and biologics for livestock and poultry, and fish stocks with the necessary aquaculture equipment. Registered farmers affected by extreme weather may also access financial and insurance assistance through the Survival and Recovery Loan Program of the Agricultural Credit Policy Council, indemnification under the Philippine Crop Insurance Corporation, and rehabilitation funding through the Quick Response Fund. “We also welcome the Department of Agriculture’s upcoming soft launch of a command center in November that will enhance data-driven management of the food supply chain and improve supply-demand forecasting. Initially focused on the rice value chain, the system will eventually cover high-value crops, livestock, Continued on A2
Bank NPL ratio at highest level since Nov ’24; M3 grows 6.2%
B
AD loans booked by Philippine banks increased in July, marking the highest gross non-performing loan ratio since November 2024, according to the Bangko Sentral ng Pilipinas (BSP). Based on the data, the banking system’s gross NPL ratio averaged 3.4 percent, the highest since the 3.54 percent recorded in November 2024. The data showed gross NPL amounted to P535.45 billion in July 2025. The gross Total Loan Portfolio of the banking system amounted to P15.77 trillion. “NPLs may stay elevated in the short term as rate cuts take time to filter through. But if consumer confidence and job creation pick up, we could see stabilization by yearend,” Jonathan Ravelas, senior adviser at professional services firm Reyes Tacandong & Co. said. Based on BSP data, outstanding loans from universal and commercial banks (U/KBs) to businesses and indi-
vidual consumers rose in July. Preliminary data showed loans from universal commercial banks (UKBs) slowed to a growth of 11.8 percent yearon-year in July from 12.1 percent in June. Compared to the previous month and after adjusting for seasonal fluctuations, outstanding U/KB loans grew by 0.7 percent month-on-month in July. The BSP said outstanding loans to residents increased by 12.4 percent in July from 12.6 percent in June. Meanwhile, outstanding loans to non-residents decreased by 8.1 percent in July from a 6.4-percent decline in the previous month. The data showed loans for business activities slowed to 10.8 percent in July from 11.1 percent in June. Lending increased for real estate activities at 10.7 percent; electricity, gas, steam, and air-conditioning supply, 30.3 percent; wholesale and retail trade, repair of motor vehicles and motorcycles, 8.5 percent; financial and insurance activi-
ties, 13.1 percent; and information and communication, 8.5 percent. Meanwhile, consumer loans to residents—which include credit card, motor vehicle, and general-purpose salary loans— grew by 23.6 percent from 24 percent. It may be noted that credit card loans slowed to 29.2 percent in July compared to the 29.9 percent recorded in June this year. However, Motor Vehicle Loans increased 19.4 percent in July from 18.4 percent in June; while salary-based loans slowed to a growth of 6.4 percent in July from 8.3 percent in June. “The BSP monitors bank loans because they are a key transmission channel of monetary policy. Looking ahead, the BSP will ensure that domestic liquidity and bank lending conditions remain aligned with its price and financial stability objectives,” the BSP said.
M3 grows 6.2% MEANWHILE, with the amount of
loans, the BSP data showed M3 or domestic liquidity grew 6.2 percent to P18.6 trillion in July. Preliminary data showed the growth of M3 was faster than the revised 5.9-percent increase in June. On a seasonally adjusted basis, M3 grew 0.9 percent in July. “M3 is a broad measure of money supply that includes currencies in circulation, bank deposits, and other financial assets that are easily convertible to cash,” the BSP said. The data showed claims on the domestic sector, which includes private and government entities, rose by 10.5 percent year-on-year in July from the revised figure of 10.8 percent in June. Claims on the private sector alone grew by 11 percent in July from the revised figure of 11.4 percent in the previous month, driven by the continued expansion in bank lending to non-financial private corporations and households. Cai U. Ordinario
I
N the global maritime industry—long steered by tradition, hierarchy, and masculine norms—the presence of women has often been treated as an anomaly. Their stories, rarely reflected in policy briefs or industry forecasts, are marked by quiet perseverance, systemic exclusion, and moments of extraordinary courage. At the recent International Conference on Seafarers’ Human Rights, Safety and Well-Being held in Manila, these stories finally took center stage. Among them was the journey of Daryl Sevilleno Enriquez, whose rise from cadet to executive offers a stark portrait of the sacrifices required to break through in a maledominated sector.
A coin toss and a career
IN 2010, Enriquez was selected for a fully sponsored scholarship under the Norwegian Shipowners Association (NSA) Philippines Cadet Project. She graduated magna cum laude from the University of Cebu-Maritime Education and Training Center. Yet despite her academic promise, she and five other female cadets were denied placements by sponsor companies—while 72 male classmates were accepted without question. The NSA intervened, flying the women to Manila to advocate for their inclusion. What followed was a moment that would define Enriquez’s entry into the industry: a literal coin toss to determine which of the two remaining women would secure the final slot with OSM. Enriquez won the toss. Her career began not with certainty, but with chance. “It was surreal,” she recalled. “That coin decided whether I would sail or be left behind.”
Hostility on board
ONCE on board, Enriquez faced a culture that was not just indifferent—but openly hostile. She was betted upon by crewmates who predicted she would either fail or become pregnant within three months. She endured sexual harassment, including being cornered in an elevator and propositioned for “nasty personal favors” in the middle of the night. Her personal belongings were violated—her underwear went missing from her cabin. Despite receiving recommendations from captains, she was repeatedly denied shore-based promotions while male colleagues advanced. The message was clear: competence alone was not enough. Yet Enriquez persisted. A single mother who entered maritime for the promise of free education, she rose through the ranks to become a pioneering dynamic positioning operator at Solstad. Today, she serves as President and General Manager of Solstad Management Philippines, and was the first Filipino named among the “10 Women to Watch in Shipping” by YoungShip Oslo. Her ascent is not just a personal triumph—it is a rebuke to the structures that tried to keep her down.
The numbers behind the struggle
ENRIQUEZ’S experience is not an anomaly. It reflects a broader crisis of representation in maritime. Globally, women make up just 1 percent of the seafaring workforce. Of over 211,000 mariners surveyed, only 2,223 are women. The Philippines, despite being the world’s largest supplier of seafarers, accounts for the highest number of female mariners—but even here, their presence remains marginal. This underrepresentation is especially alarming given the projected shortfall of nearly 90,000 seafarers by 2026. Women represent an untapped reservoir of talent—yet systemic barriers continue to block their full participation. Continued on A2
PESO EXCHANGE RATES n US 57.2110 n JAPAN 0.3855 n UK 76.8630 n HK 7.3336 n CHINA 8.0126 n SINGAPORE 44.3634 n AUSTRALIA 37.2730 n EU 66.6508 n KOREA 0.0411 n SAUDI ARABIA 15.2494 Source: BSP (September 5, 2025)