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Energy woes, policy gaps seen to limit PHL growth By Justine Xyrah Garcia

IMPEACHMENT WATCH: ‘FRIENDS OF THE COURT’ ENTER SARA TRIAL Retired

Supreme Court Chief Justices Artemio Panganiban and Reynato Puno, along with retired Supreme Court Associate Justice Adolfo Azcuna, appear before the Senate impeachment court during the impeachment trial of Vice President Sara Duterte in Pasay City on Wednesday, September 16, 2026. The three former magistrates are serving as amici curiae, or “friends of the court,” and are providing legal views on the constitutional voting threshold required for conviction. Former Chief Justice Hilario Davide Jr. is also participating as an amicus curiae through a legal memorandum. Story in A3 Nation. ROY DOMINGO—SPPA POOL

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HE Philippine economy could emerge as one of Southeast Asia’s fastest-growing economies over the next decade, but its growth potential could be held back by heavy dependence on imported energy and weak policy implementation, according to global consultancy Bain & Company. In its Southeast Asia Outlook 2026-2035, prepared with DBS Bank and Vriens & Partners, Bain & Company projected the Philippine economy to grow by an average 5.8 percent annually from 2026 to 2035. This would make the Philippines the second-fastest growing economy among the six Southeast Asian countries covered by the

report, next to Vietnam at 6.2 percent. The Philippines’s projected growth is also above the 4.8-percent average annual growth forecast for the SEA-6 economies, which also include Indonesia, Malaysia, Singapore, and Thailand. Bain & Company said the country’s favorable demographics, steady remittance inflows and consumption-led economy provide a degree of insulation from global trade disruptions. Its large and relatively young population provides a demographic tailwind, while remittances and household consumption continue to support domestic demand, the firm said. The report said the country could sustain stronger growth as consumption, infrastruc-

ture, and governance reforms help unlock investment. However, the report cautioned that the country’s “growth architecture is vulnerable,” adding that “dependence on imported energy quickly turns external price shocks into household inflation, while weak policy implementation hinders the conversion of investment commitment into actual deployment.” The consultancy also noted that the Philippines had fallen short of its previous growth projection. Its earlier forecast put Philippine growth at 6.1 percent for 2024 to 2034, but actual growth averaged 5.1 percent in 2024 and 2025. Bain & Company attributed the shortfall to weaker investment and public-sector execu-

tion, highlighting the challenge of converting planned investments into actual economic activity. Energy security is another concern as imported energy exposes households and businesses to external price shocks. The report said energy systems have become a binding growth constraint in many Southeast Asian economies, with power reliability and grid capacity increasingly important to industrial expansion and powerintensive artificial intelligence infrastructure. For the Philippines, Bain & Company also identified the immediate challenge as managing the transition toward higher-value services as artificial intelligence reshapes the business-process outsourcing sector. See “Growth,” A2

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2ND-ROUND EFFECTS MAY SPUR FASTER INFLATION www.businessmirror.com.ph

Thursday, September 17, 2026 Vol. 21 No. 338

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By Andrea E. San Juan

HE Philippines may post one of the fastest average inflation rates in Asia this year as it is likely to bear the brunt of “more persistent” second-round effects from higher energy prices, latest estimates of Japan-based Nomura Global Markets Research showed. “We now forecast average headline [Consumer Price Index] CPI inflation and core inflation in 2026 at a higher 5.8 percent [was: 5.1 percent] and 4.0 percent [was: 3.9 percent], respectively,” Nomura said in its latest economic outlook. The Japan-based research institution said it raised its inflation forecast for the Philippines due to its higher oil price assumption.

“We also expect more persistent second-round effects from higher energy prices,” Nomura pointed out. Based on the revised average inflation estimates of Nomura, the 5.8 percent average inflation rate pegged for the Philippines is the fastest rate compared to other countries in Asia which are under Nomura’s watch. See “Inflation,” A2

AI COULD ‘CREATE HAVOC’ IN DISASTER RESPONSE–TEODORO By Mary Jade Jadormio

RTIFICIAL intelligence (AI) could worsen disaster response if unreliable or manipulated information gets into systems used to warn and guide communities, Defense Secretary Gilberto Teodoro Jr. said. “Because if it’s manipulated or if it’s not trustworthy, then you can create havoc rather than save lives,” Teodoro said during a press briefing after the Association of Southeast Asian Nations (Asean) Ministerial Conference on Disaster Resilience.

He made the warning as Asean countries discussed emerging technologies, including AI, as tools for predicting and anticipating disasters. Reliable information is becoming more critical as disaster response increasingly involves the rapid transmission of warnings to communities, he said. “Given the merging of security to natural disasters and calamities, particularly in anticipation and particularly in information dissemination where trustworthy information needs to be disSee “AI,” A2

PADILLA FACES DOJ SUBPOENA OVER ‘BATO’ DEPARTURE Senator Robin

Padilla holds a press conference at the Senate of the Philippines in Pasay City on Wednesday, September 16, 2026, following the Department of Justice’s issuance of a subpoena in connection with a complaint for alleged obstruction of justice arising from Senator Ronald “Bato” dela Rosa’s departure from the Senate in May. Padilla said he will face the complaint and respond through the proper legal process. He has maintained that Dela Rosa merely hitched a ride in his vehicle when leaving the Senate. ROY DOMINGO—SPPA POOL

HELLO FROM THE HAGUE Former President Rodrigo Duterte, with slightly longer hair and visible gray stubble along his chin and jawline, appears in person before the International Criminal Court (ICC) in The Hague, marking his first courtroom appearance since he was surrendered to the tribunal in March 2025. A delayed livestream of the third status conference proceedings showed the 81-year-old Duterte seated behind his defense team during the hearing before ICC Trial Chamber III. Presiding Judge Joanna Korner formally acknowledged the presence of Duterte, who did not speak during the hearing. He is facing charges of crimes against humanity in connection with killings linked to the anti-drug campaign carried out during his tenure as Davao City mayor and later as president. He has repeatedly denied the allegations. Story in Second Front Page, A13. SCREENSHOT VIA ICC

Poor recovery to limit fiscal space–House think tank By Justine Xyrah Garcia

WEAKER economic recovery this year could leave the government with less room to absorb additional spending and economic shocks as it implements the proposed P7.2-trillion national budget in 2027, according to the Congressional Policy and Budget Research Department (CPBRD). The budget may still be financeable, but the CPBRD said fiscal space would become increasingly limited if economic growth falls short of the government’s expectations. “Fiscal constraints are expected to be even tighter under more adverse conditions such as those implied in the moderate and severe downside scenarios,” the CPBRD said. The Development Budget Coordination Committee (DBCC) expects

the economy to grow by 3.5 percent to 4.5 percent in 2026, before recovering to 5 percent to 6 percent annually from 2027 to 2030. The CPBRD, however, said the government’s projections would require the economy to reverse its recent slowdown despite high inflation, elevated oil prices, and uncertainty in global markets. For its analysis, the CPBRD used nominal GDP growth, which measures the increase in the value of economic output before adjusting for inflation. The DBCC’s fiscal projections imply nominal GDP growth of 8.6 percent in 2026 and 9 percent in 2027, compared with just 5.9 percent in 2025. The CPBRD said these assumptions are relatively optimistic given recent economic performance and current conditions. The CPBRD then tested what would happen if the economy grew

more slowly. Under its moderate downside scenario, nominal GDP growth would be 5.9 percent in both 2026 and 2027. Under the severe downside scenario, growth would slow to 3.2 percent in 2026 and 2.9 percent in 2027. “This scenario essentially ascribes a larger weight to the adverse conditions facing the Philippine economy and maintains the growth trajectory observed in recent quarters. It is worthwhile to emphasize that the recent reignition and escalation of conflict in the Middle East may increase the likelihood of the emergence of a more adverse scenario,” the CPBRD said. If the severe scenario materializes, the government’s debt-to-GDP ratio could reach 70.7 percent in 2027, compared with 63.5 percent

under the DBCC baseline. The deficit would also rise to 5.7 percent of GDP, from 5.1 percent under the baseline. Under the moderate downside scenario, debt-to-GDP ratio would reach 67 percent and the deficit would be 5.4 percent of GDP. The analysis also assumes that government revenues and spending remain at the levels projected by the DBCC. In reality, weaker economic growth could also reduce tax collections, which means the fiscal position could deteriorate further. The paper estimated that a P100billion revenue shortfall alone could push the 2026 deficit-to-GDP ratio to 5.95 percent under the moderate downside scenario. The CPBRD said the P7.2-trillion budget may still be financeable, but warned that weaker growth would See “CPBRD,” A2

PESO EXCHANGE RATES n US 62.8500 n JAPAN 0.4054 n UK 84.6967 n HK 8.0123 n CHINA 9.3650 n SINGAPORE 49.3910 n AUSTRALIA 44.7932 n EU 72.5478 n KOREA 0.0461 n SAUDI ARABIA 16.7332 Source: BSP (September 16, 2026)

News

BusinessMirror

A2 Thursday, September 17, 2026

CPBRD…

Continued from A1

leave the government with less room to respond to future shocks or accommodate additional spending. It urged Congress to give greater scrutiny to proposed programs based on their implementation capacity, budget utilization, and demonstrated results, while preparing contingencies in case revenues fall or economic conditions worsen. “The 2027 national budget should therefore be viewed not simply as an expenditure program but as an important instrument for strengthening fiscal resilience, protecting essential public services, and supporting sustainable and inclusive economic growth,” it also said.

Energy woes, policy gaps seen to limit PHL growth Continued from A1

It said the country needs to upgrade its BPO industry to mitigate automation pressures and move toward higher-value services while sustaining reform momentum. “The next few years will be critical; the Philippines must move into higher-value services while sustaining reform momentum through its next leadership transition,” the report also stated.

www.businessmirror.com.ph

Metro Mla subway project more than halfway finished

By Samuel P. Medenilla

RESIDENT Ferdinand Marcos Jr. said the construction of the 33-kilometer Metro Manila Subway Project is now more than halfway done with the ground breaking of its Ninoy Aquino International Airport (NAIA) Terminal 3 Station on Wednesday.

“The whole Metro Manila Subway project has achieved nearly 60 percent overall progress, with construction activities underway across much of its alignment,” the chief executive said in his speech at the groundbreaking. The terminal is under Contract Package (CP) 109 of the subway project, which also covers connecting tunnels between Taguig and Pasay. Once completed, it will reduce the travel time from Valenzuela to Naia, the country’s international gateway for air travelers, from one hour and 30 minutes to just 40 minutes. Marcos said the project has achieved two important milestones, which will ensure its swift and effi-

cient completion. He said it includes securing rightof-way for the entire station-area of the project, and it will be the first to make use of underpinning technology from Japan to ensure its construction can proceed safely beneath existing infrastructure, while also maintaining structural integrity. “This progress reflects the cooperation of the government, the private sector, and all our other development partners,” Marcos said. He urged the contractors, engineers, and workers involved in the said project to finish it on time. “I ask that you carry out this project safely, efficiently, and on time, with

the quality that generations of Filipinos deserve,” Marcos said.

Right on track

DEPARTMENT of Transportation (DOTr) acting secretary Giovanni Z. Lopez said it is right on track to being completed by 2031 and is expected to start its operation the following year. The Japan International Cooperation Agency (JICA)-funded project will have around 17 stations and accommodate between 400,000 to 800,000 riders daily upon its completion. Lopez said only CP 108 of the subway project is still under procurement. The contract will connect the new Senate building to Lawton in Taguig. The subway project was initially expected to be completed in 2027, but was reset to 2029, and then

Inflation… Continued from A1

The forecast summary table of Nomura revealed these average inflation estimates this year for the following countries: Philippines, 5.8 percent; India, 4.5 percent; Australia, 3.8 percent; New Zealand, 3.6 percent; Indonesia, 3.3 percent; South Korea, 2.6 percent; Malaysia, 2 percent; Singapore, 2 percent; Japan, 1.9 percent; Thailand, 1.8 percent; Hong Kong, 1.7 percent and China, 0.9 percent. Nomura said the Philippines’s headline CPI inflation moderated to a “still-elevated” 6.1 percent year-on-year in August from 6.2 percent in July, driven by lower food prices, while core inflation also eased slightly due to items such as recreational services and education. However, it emphasized: “Items sensitive to high energy costs are still adjusting higher, including personal care and other services.” As such, it expects the Bangko Sentral ng Pilipinas (BSP) to hike policy rates by another 25 basis points in October, but continued to flag some risks it could deliver more thereafter. “We believe BSP remains concerned about rising core inflation and emerging upside risks due to a combination of stillhigh uncertainty over oil prices and prospects of a strong El Niño,” Nomura said. The Japan-based research institution said, however, that the Philippines’ central bank will likely stick to a “measured approach” in its hiking cycle.

Experts’ take

IN a message sent to the BusinessMirror, Socioeconomic Planning Secretary Dante B. Canlas explained that the high estimate assigned to the Philippines relative to its Asian peers signifies the Philippines’ heavy reliance on imported oil. “The Nomura inflation estimate assigns the highest estimate to the Philippines in the given array of Asian countries. The Nomura estimate is driven by the Philippines’s heavy dependence on imported oil,” Canlas told this newspaper on Wednesday. “The price of the latter just got a fresh shock from the Iran war and the resumption of oil-transport disruption in the Strait

AI…

Continued from A1

seminated as quickly as possible to communities,” Teodoro said. Pax Silica could help address part of the technology challenge by creating a separate supply chain for hardware inputs needed for AI systems, according to the defense chief. “With Pax Silica, it’s to provide a separate supply chain for a reliable source of inputs in hardware for artificial intelligence,” he said. That effort would require investments in hardware and part-

2032 due to right-of-way issues. Lopez said among the most challenging right-of-way issue DOTr faced related to the subway project . The Transportation official noted the most challenging roadblock they faced in the subway project was the right-of-way issue in the Corinthian Gardens Subdivision in Quezon City. He said the issue was finally resolved with the passage of Republic Act No. 12289 or the Accelerated and Reformed Right-of-Way (ARROW) Act last year. “We no longer have a problem with that; the private owners have indeed agreed to a negotiated sale of their property,” Lopez said in Filipino in an interview with reporters at the sidelines of the groundbreaking ceremony of Naia Terminal 3 subway station.

of Hormuz,” he also noted. The sentiment of the country’s former chief economist was shared by John Paolo R. Rivera, Senior Research Fellow at Philippine Institute for Development Studies (PIDS), who explained further that the Philippines is particularly vulnerable to higher oil prices because these feed into transport, electricity, food, and logistics costs—creating broader second-round inflation effects. In addition, Canlas said the flooding brought on by natural disasters in Central Luzon is “bound to exacerbate rising food prices.”

Govt should complement BSP efforts

AS such, he pointed out the need for the government to “concentrate on supplyside measures, such as raising agricultural production and restoring damaged supply lines for food.” Rivera said the government should “complement” the BSP with targeted fuel and transport assistance, measures to “stabilize” food supply and logistics and timely imports where necessary. However, the state think tank’s senior research fellow emphasized that the government should “avoid broad subsidies that could strain fiscal space.” “Priority is to prevent an external oil shock from becoming a generalized inflation problem,” Rivera also told this newspaper. On raising interest rates to combat inflation, Canlas said: “Interest rate hikes will not help much at this point in view of serious supply disruptions from imported oil and domestic food prices.” Nomura earlier warned that a resurgence of inflation may occur towards the latter part of the year in the Philippines with upside risks seen building up such as the renewed spike in Brent crude oil prices. Nomura said Brent crude oil price has been averaging $95.4 per barrel in September, way above its assumption of $72 per barrel in the second half of 2026. Average headline inflation for the first eight months of 2026 settled at 5.2 percent, still above the BSP’s full-year target of 3 percent and the tolerance range of plus or minus 1 percentage point. Global oil prices recently moved past the $100-per-barrel level anew.

nerships with sources that governments can trust. “You need credible partners and trustworthy partners,” Teodoro said, noting that these provide the capacity needed to build AI systems. However, for disaster management, AI would remain a support mechanism rather than the final authority. “At the end of the day, it’s a human decision that must be made by competent authorities,” he said. “It is a guide and it is a tool for us to make better decisions quicker and disseminate the information faster.”

BSP rules… Continued from A13

Respondent’s sworn answer

WITHIN 30 calendar days from receipt of the order to file an answer and a copy of the complaint, the circular noted that the respondent shall file a sworn answer, together with the evidence in support thereof, a copy of which shall be furnished to the complainant. “In the sworn answer, the respondent shall specifically admit or deny all the charges specified in the complaint, including the evidence presented by the complainant.” According to the proposed circular of the Monetary Board, the failure of the respondent to file a sworn answer within the prescribed period shall be considered as a “waiver” of the respondent’s right to file the same, and the Hearing Officer may proceed to render a decision based solely on the evidence presented by the complainant.

Classification of offenses

THE circular noted that serious offense refers to “unsafe or unsound acts or omissions” as defined under Section 56 of Republic Act No. 8791 and the applicable provisions of Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI). Serious offense may also refer to any serious acts or omissions defined as failure to comply with the requirements of banking laws, rules and regulations, as well as Monetary Board directives/instructions, which have or may have a material adverse risk or impact on the BSI or on the BSI’s depositors, or any of its stakeholders. Meanwhile, the BSP noted that minor offense refers to acts or omissions which are only “procedural” in nature and can be corrected immediately. Examples of acts or omissions that may be considered minor offenses are: non-compliance with the BSI’s internal standard operating procedures, provided that such did not result in any “material harm or risk” to the BSI, its depositors, or any of its stakeholders.

Penalties

BASED on the schedule of penalties, a director, trustee, officer or employee of any institution supervised by the BSP may face suspension of six months and one day to one year with stern warning, with the duration of the suspension depending on the existence of aggravating and/or mitigating factors. If a serious offense is committed for the second time and subsequent offenses thereafter, the central bank emphasized that a director, trustee, officer or employee of a bank or any BSP-supervised institution may be removed from office and/or disqualified. “For the penalty of removal, the CCRO-IPG III shall recommend to the Monetary Board the disqualification of the concerned director, trustee, officer, or employee, pursuant to Section 138 of the MORB, Section 137-Q of the MORNBFI and Section 401.8 of the MORPS,” the circular noted.

ILO: Hidden forced labor… Continued from A13

DMW, and said government agencies cannot address the problem alone. The new project will also examine forced-labor risks in business supply chains, as employers face growing pressure from trade partners and investors to demonstrate responsible business practices and protect workers’ rights. Employers’ groups said companies should strengthen due diligence across their supply chains, including by ensuring workers do not pay recruitment fees, keeping identity documents in their possession and providing clear contracts, timely wages and grievance mechanisms. Meanwhile, trade unions called for stronger worker protections and greater freedom of association, arguing that organized workers can help identify and report labor abuses that may not be detected through formal inspections.

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Thursday, September 17, 2026

Retired SC chiefs: 16-vote conviction threshold in impeach cases not fixed By Jovee Marie N. Dela Cruz

@joveemarie

LL three retired Chief Justices who appeared before the Senate Impeachment Court on Wednesday maintained that the 16-vote threshold currently required to convict Vice President Sara Z. Duterte is not fixed, while retired Supreme Court Associate Justice Adolfo Azcuna insisted that the constitutionally mandated twothirds vote must be computed on the basis of all 24 senators. Retired Chief Justices Hilario G. Davide Jr., Artemio V. Panganiban and Reynato S. Puno, through using different constitutional approaches, agreed that the number required for conviction could change depending on which senators should legally be counted. Azcuna took the

contrary view, saying the threshold must be “fixed, not variable” and that all sitting senators form part of the denominator. The four former magistrates were invited as friends of the court as the senator-judges reconsider Presiding Officer Sen. Francis Escudero’s earlier

House welcomes SC order to enact anti-dynasty law

HE House of Representatives on Wednesday welcomed the Supreme Court’s directive for Congress to enact an anti-political dynasty law “at the earliest possible time,” calling the ruling “a longoverdue constitutional wake-up call.” T he Hou s e Com m it te e on Suffrage and Electoral Reforms chairman, Lanao del Sur Rep. Ziaur Rahman Alonto Adiong, said the Court’s finding that Congress’ prolonged failure to pass such a law constitutes grave abuse of discretion underscores the need for immediate legislative action. The Supreme Court announced on Wednesday that it has directed the Congress to comply with its mandator y constitutional duty under Article II, Section 26 of the 1987 Constitution. The provision states that the State “shall guarantee equal access to opportunities for public service and prohibit political dynasties as may be defined by law.” The Court emphasized that Congress must define what constitutes a political dynasty and determine the scope of the prohibition, though no specific deadline was set. “That finding is a constitutional wake-up call,” Adiong said. “For nearly four decades, Article II, Section 26 of the 1987 Constitution has directed the State to guarantee equal access to public service and prohibit political dynasties as may be defined by law. The duty to define and prohibit belongs to Congress. Inaction is no longer defensible.” The House of Representatives has already approved its version of the Anti-Political Dynasty Bill on third and final reading. The measure, principally authored by Speaker Faustino Dy III and House Majority Leader Ferdinand Alexander Marcos, was passed with strong support earlier this year. As committee chairman, Adiong reaffirmed the House’s readiness to proceed to the bicameral conference committee. “We will work to reconcile the disagreeing provisions of the House and Senate versions so that the country finally has a clear definition, specific prohibitions, and an enforceable law,” he said. A d io n g s t re s s e d t h at t he Supreme Court has spoken on the constitutional duty, and Congress must now respond through legislation. “Public office is a public trust, not a

hereditary entitlement. We intend to finish the work,” he added. The ruling stemmed from petitions filed in recent years seeking to compel Congress to implement the constitutional ban on political dynasties, a provision that has remained unenforced since the 1987 Charter took effect.

SC to Congress: Do your job

THE Supreme Court (SC) has issued a writ of mandamus directing the Senate and the House of Representatives to immediately comply with the Congress’s constitutional duty to pass a law that will put an end to political dynasties. At a press briefing, SC spokesman Camille Sue Mae Ting said the failure of the Congress to abide by of Article II, Section 26 the 1987 Constitution after 39 years constitutes grave abuse of discretion. The said provision specifically states: “The State shall guarantee equal access to opportunities for public service and prohibit political dynasties as may be defined by law.” “This provision is not merely an aspiration but a constitutional command. The use of the word ‘shall’ makes clear that the State has a mandatory duty both to guarantee equal access to public service and to prohibit political dynasties,” The Court stressed. In addition, Ting said the phrase “as may be defined by law” does not give Congress the choice whether to prohibit political dynasties, rather, the authority to define what constitutes a political dynasty and determine the scope of the prohibition. The Court’s ruling unanimously granted the consolidated petitions filed before it seeking to compel the Congress to enact an anti-political dynasty law as mandated by the Constitution. T h e C o u r t ’s d e c i s i o n w a s w r it te n b y A s so c i ate Ju st ice Ramon Paul Hernando. “Respondent Congress of the Philippines is declared to have mandatory constitutional duty to enact a law on the constitutional prohibition against political dynasties, as expressly provided for in Article 2, Section 26 of the Constitution,” the SC ruled. See “House,” A10

ruling that 16 votes—two-thirds of the full 24-member Senate—are required to convict Duterte. The court asked them to address three questions: who should be counted among “all the Members of the Senate” in computing the two-thirds vote; whether the 1949 Supreme Court ruling in Avelino v Cuenco applies; and whether a senator-judge who did not attend or substantially participate in the trial may still cast a final vote. Dav ide a r g ue d t h at “a l l members” cannot include those legally or physically unable to exercise the office. “It was presumed and assumed that when the Constitution mentioned ‘two-thirds’ of all the Members of the Senate… the word ‘members’ refers to living persons who are not suffering from any mental, physical or health conditions which render them incapable of exercising their powers or performing their duties as senators, or who are prohibited to do so by reason of some legal restraints or impediments. This is the spirit of the provision,” he said. He listed categories that should be excluded, including those who have resigned or been expelled, those with mental or physical incapacity, those outside the country’s jurisdiction or

whose whereabouts are unknown, and those facing legal impediments such as criminal charges. “Clearly then, the basis of computing the two-thirds must be the number of senators who are qualified to vote. Not the 24 in the present Senate,” he said. The 1949 case of Avelino v Cuenco, Davide said it is “not directly applicable in impeachment cases” because it concerned quorum for ordinary legislative business, yet “by analogy, it may only provide some guiding light.” He concluded that detained, abroad, suspended or missing senators “cannot be included, or must be excluded, from the phrase ‘all the Members of the Senate.’” Pa nga n iba n desc r ibed t he impeachment trial as sui generis, possessing both legal and political character.HenotedthattheConstitution requires the concurrence of two-thirds of all the members of the Senate and that a purely mathematical reading yields 16 votes out of 24. He said, however, that constitutional interpretation must also consider intent, purpose and the standards of truth and fairness. “ Mat hem at ic s…i s a n e x ac t science in the abstract….But not always in reality.” Reality, he said, ca n c ha nge t he denom inator;

constitutional interpretation must look to intent, purpose and the demands of truth and fairness. “Is it truthful and fair to allow Senators to cast their votes despite being absent from the proceedings?… those looking at the pyramids along the Nile or shopping in the fashion houses of Paris…while everyone here…is sweating it out,” he said. Panganiban insisted the Senate’s judgement is final and unappealable except for grave abuse of discretion. Meaningful adjudication, he argued, “requires active participation in the search for truth and fairness.” Only then can the verdict be “fair to the parties, fair to your honors’ peers, and ultimately fair to our sovereign people.” Puno said the Senate, as an Impeachment Court, possesses the power to interpret the constitutional provision because it holds the “sole power to try and decide all cases of impeachment.” He rejected a strict literal reading that would fix the threshold permanently at 16. “I do not subscribe to the first school of thought in interpreting Article 11, Section 3(6) of the Constitution. This school of thought espouses the textualist approach.” See “Chiefs,” A4

Romualdez pleads ‘not guilty’ By Joel R. San Juan @jrsanjuan1573

ORMER Speaker and incumbent Leyte Rep. Martin Romualdez on Wednesday pleaded “not guilty” during his arraignment on the P7.4 billion plunder charge filed against him by the Office of the Ombudsman before the Sandinganbayan. The arraignment and pre-trial of the case was conducted through videoconferencing upon the request of Romualdez’s camp which was granted by the Sandiganbayan Third Division in a resolution issued on Tuesday. Romualdez, who is currently detained at the Quezon City Jail Male Dormitory in Payatas, was brought to the designated area while on a wheelchair for the online court proceedings. He was assisted by his law yer Jose Roy III during his arraignment while select mediamen were also allowed inside the room to cover the proceedings. T he plunder charge against Romualdez will now move for trial following his arraignment, with the pre-marking of evidence set on September 18, 21, 22, 23, and 24. Romualdez’s camp, however, said they will still file a petition for bail to seek the legislator’s temporary liberty. “If the evidence of guilt is strong, the Sandiganbayan can deny the petition for bail. That’s why we are proceeding to the petition for bail so that the prosecution can finally present to the court what their evidence is,” lawyer Ade Fajardo, one of Romualdez’ counsels, said. Fajardo also explained that they

sought the conduct of yesterday’s proceedings via videoconference to prevent “contracting an emergency situation” owing to Romualdez’ current health condition. The lawyer said they will also d isc uss whet her to wa ive his appearance during the trial. Romualdez was ordered arrested by the Sandiganbayan on September 7 along with his personal aide Joselyn Tragua Serenio, former Party-list Rep. Elizaldy Co of Ako Bicol, and Felicito Guevarra, president of Samchan Foreign Exchange Corporation. Romua ldez and his corespondents are being accused of manipulating and pocketing funds intended for flood control projects of the government from 2022 to 2025. Meanwhile, the Sandiganbayan denied the plea of Romualdez to be transferred to a tertiary government hospital such as the Veterans Memorial Medical Center in Quezon City for medical supervision. The Third Division chairman, Associate Justice Karl Miranda, said the legislator’s motion for hospital confinement was “denied for lack of merit.” Miranda noted that there is no necessity for Romualdez’s transfer to a tertiary government hospital in light of the findings of a team of physicians at the Philippine General Hospital (PGH) that declared him “clinically stable.” “It must be emphasized that a mere invocation of ill health is not sufficient for the accused’s continued confinement in the hospital,” Miranda said. Miranda also pointed out that there

are persons deprived of liberty (PDLs) who are suffering from more serious medical conditions than Romualdez. “The court recognizes that the accused is entitled to proper medical attention and that the state has the duty to safeguard the health of all persons. Remember that, not just the so-called high-profile inmates, but all inmates—even the poorest or the richest are all entitled to the same medical care and attention. In filing the plunder charges, the Ombudsman gave weight to Romualdez “institutional influence” in the House as Speaker which allegedly enabled him to commit plunder. Based on its investigation, Romualdez “directly or indirectly received money from Co’s security escorts on at least 15 occasions as commissions, shares, percentages, kickbacks, commitments and/or other pecuniary benefits” amounting to P7.44 billion. The money were allegedly delivered to properties owned or associated with Romualdez and received by Serenio and other persons acting on his behalf. These deliveries, according to the Ombudsman, were part of the P2 billion monthly quota or collection that Romualdez imposed on Co. Out of the P7.4 billion illegally a m a ssed by R omu a lde z , t he Ombudsman said P5 billion was used to form shell or dummy companies such as Golden Pheasant Holdings Corporation and Bravos Holdings OPC of Valiant Consolidated Resources Inc. To conceal the trail, the money was exchanged into foreign currencies with the help of Guevarra’s foreign exchange company.

House prosecution panel vows to present ‘solid case’ regardless of threshold

HE House of Representatives prosecution panel affirmed on Wednesday that it would focus entirely on producing a solid case to secure a conviction in the Senate impeachment trial of Vice President Sara Z. Duterte, regardless of the numerical threshold set by the Senate Impeachment Court. House prosecutor and Bukidnon Rep. Jonathan Keith Flores emphasized at a press briefing that the prosecution team would abide by whatever calculation the senator-judges adopt. “For our part, we stick to the principle that we will sink or swim

with the evidence that we will be presenting before the Impeachment Court,” Flores said. The prosecution clarified its position after the Senate impeachment court heard conflicting testimony from four retired Supreme Court justices acting as amici curiae regarding the mandatory two-thirds conviction rule. Flores noted that the presentations from the legal experts provided no sense of vindication for the prosecution team, even after three of the retired justices offered interpretations under which the required total vote could be lowered. Retired Chief Justices Hilario

Davide Jr., Artemio Panganiban, and Reynato Puno argued that the voting threshold should adjust based on the number of senators legally qualified to sit as judges. Conversely, retired A ssociate Justice Adolfo Azcuna maintained that the denominator for calculating two-thirds must strictly consist of all 24 sitting senators. “For me, there was no validation there,” Flores said, noting that the prosecution has continuously deferred to the Senate’s authority over the matter. See “Prosecution,” A10

Air Force gets more choppers

HE ongoing modernization of the Air Force (PAF) got a further boost with the delivery of two brand-new Bell 412EPX on Tuesday A short ceremony the Col. Jesus Villamor Air Base, Pasay City, marked the delivery of the new air assets, the service said on Wednesday. “The PAF continues to advance its modernization efforts with the formal acceptance and blessing of two newly acquired Bell 412EPX aircraft on September 15, 2026. The ceremony, held at Colonel Jesus Villamor Air Base, marks the formal acceptance of the second batch of aircraft under the PAF’s Additional Utility Helicopter Project,” it added. T he projec t i nvolves t he procurement of eight Bell 412EPX helicopters from Bell Textron Inc. The first batch of two Bell 412EPX were delivered last May 19. “The event was organized by the Systems Engineering and Modernization Office and presided over by Lt. Gen. Arthur M. Cordura, commanding general of theAir Force, who served as the Guest of Honor,” the PAF said. These newly acquired assets are expected to significantly enhance the PAF’s operational capabilities, specifically in the areas of air mobility and humanitarian assistance and disaster relief operations. In the same statement, Cordura stressed the necessity of diligent care and strategic employment of the helicopters. He urged all personnel involved in the operation and maintenance of the aircraft to embody professionalism, competence, and accountability, ensuring that these assets are maximized to fulfill the PAF’s organizational mandate. The Bell 412EPX belongs to the “Huey” series manufactured by the US company Bell Textron. Unlike the original UH-1H “Huey” that was heavily used during the Vietnam War, the Bell 412EPX has four rotor blades and is powered by twin turbines.

Roque accuses DILG chief of spreading ‘fake news’ By Jonathan L. Mayuga @jonlmayuga

ARRY ROQUE, former spokesperson of now-jailed former President Rodrigo R. Duterte, and who is on the lam in Europe owing to the criminal cases he faces in the Philippines, belied reports that his petition for asylum was denied by the government of Austria, describing claims made by Interior and Local Government Secretary Juanito Victor Remulla as “fake news.” In a Facebook post, Roque said his bid for asylum remains active, and there’s no truth that it has already lapsed or expired. Roque made the denial after Remulla told reporters at a news conference that his asylum has expired, and thus denied, adding that the government is now awaiting Roque’s red ribbon order to be released to bring him home. “Harry Roque’s asylum application has been denied. His five months are up. Once there’s an Interpol [International Criminal Police Organization] red notice against him, I’ll get him,” Remulla said. Roque is facing multiple criminal cases linked to Philippine Offshore Gaming Operations (Pogo). An Angeles City court ordered his arrest in May 2025 on qualified human trafficking charges over his alleged ties to a Philippine offshore gaming operator hub in Pampanga that was shuttered for illegal activities. He is also facing a land-grabbing investigation after 77 agrarian reform beneficiaries (ARBs) in Mariveles, Bataan, filed a complaint against him. Roque remains in Austria, where he is reportedly waiting for his asylum to be approved.

A4 Thursday, September 17, 2026

Economy BusinessMirror

ERC lauds BIR for waiving VAT on systems-loss charge By Lenie Lectura

@llectura

HE Energy Regulatory Commission (ERC) has welcomed the decision of the Bureau of Internal Revenue (BIR) to remove the 12-percent value-added tax (VAT) from the allowable system loss charge within the cap approved by the regulators. “ T he ERC recog n i zes t h is development as a step forward in easing electricity costs for consumers. By removing VAT on the allowable system loss component of electricity charges, consumers may see a corresponding reduction in the amount passed on to them in

covered billings and transactions,” the agency said. System loss refers to electricity that has been generated and paid for but is physically lost during the distribution of electricity before reaching end-users. Under the existing regulatory

framework, only allowable system losses within the ERC-prescribed caps may be recovered through the system loss charge reflected in electricity bills. System losses incurred in excess of the approved caps remain non-recoverable from consumers and must be borne exclusively by the concerned distribution utilities (DUs). T he ERC ea rl ier i ssued a resolution stating that allowable system loss charge will not form part of the gross sales subject to the 12 percent VAT under the National Internal Revenue Code (NIRC) of 1997, as amended. With the issuance of BIR Memorandum Circular 097-2026, which formally recognizes the allowable system loss charge within the ERC-approved cap as a governmentmandated charge excluded from gross sales for VAT purposes. The ERC will now require all distribution utilities (DUs) to modify their billing formats to

separately and distinctively the system loss charge a governmentmandated line item that is not subject to VAT. It emphasized the importance of the proper billing, accounting, reporting, and separate identification of the allowable system loss charge in electricity bills. “By clarifying the regulatory nature of the charge, the ERC emph a si zes t h at t he s ystem l o s s c h a r g e r e p r e s e nt s t h e recovery of costs associated with allowable system losses under the regulatory framework, rather than revenue earned from the sale of electricity of the provision of services,” the agency said. The ERC, it stressed, remains com m it ted to i mplement i ng measures within its mandate that promote transparency, fairness, and consumer protection while ensuring that electricity charges are imposed in accordance with law applicable regulations.

Demographic intel gets boost with UP, UNFA partnership

HE United Nations Population Fund (UNFPA) and the University of the Philippines Diliman (UP Diliman) have formalized a partnership to strengthen the Philippines’ capacity to generate and use demographic intelligence as the country navigates major population changes. UNFPA in the Philippines Country Representative Neus Bernabeu and UP Diliman Chancellor Edgardo Vistan II signed the Implementing Partner Agreement at Quezon Hall, building on decades of collaboration between UNFPA and the University of the Philippines, particularly the UP Population Institute (UPPI). Under the partnership, UPPI w il l work w ith key gover nment agencies to strengthen their ability to collect, understand and use population data. The collaboration will also help the government anticipate population changes and better prepare for their long-term impact on the country’s development. “Demographic change is already reshaping the Philippines, and we need to better understand what these changes mean for people and for the country’s future,” said Bernabeu. “Our partnership with UP, particularly UPPI, will help us strengthen our ability to understand these changes, learn from the data, and work with the

UNFPA Country representative Neus Bernabeu and UP Diliman Chancellor Edgardo Vistan II Vistan sign the partnership agreement to work on ensuring demographic intelligence in the Philippines. UNFPA PHILIPPINES PHOTO/KISHA BERINGUELA

government to plan ahead and make better decisions for the future.” Vistan expressed gratitude for the partnership, highlighting the university’s role in supporting evidencebased policymaking and nationbuilding. Looking ahead, he underscored the importance of developing the next generation of Filipino experts, including economists, statisticians and demographers, to help address the country’s evolving needs. “We are grateful to UNFPA for its

support and for the opportunity to work together. We look forward to what we can achieve by bringing our expertise together, generating evidence that can inform better policies and contribute to nation-building,” Vistan said. T he partnership w ill further advance demographic intelligence through research and analysis by UPPI to deepen understanding of the country’s demographic transitions and prov ide ev idence to inform policies and decisions.

It will also invest in the next generation of demographers through research programmes, grants, academic fellowships and mentorships, helping build the country’s pool of expertise in population and development. The agreement provides a framework for UNFPA and UP Diliman to deepen their longstanding collaboration and support the Philippines in strengthening its demographic intelligence, evidencebased policymaking and resilience in the face of population change.

LOWER price increases for miscellaneous items tempered the overall rise in retail prices of construction materials in Metro Manila last month, new data from the Philippine Statistics Authority (PSA) indicate. Data from the PSA showed that the Construction Materials Retail Price Index (CMRPI) eased slightly

to 2 percent in August, slightly slower than the 2.1-percent increase recorded in July. In August 2025, the index rose 1.1 percent. The latest reading brought the CMRPI’s year-to-date growth to 1.6 percent, the PSA said. The statistics agency noted that the slowdown was mainly driven by miscellaneous construction materials, whose prices increased 1.1 percent in August from 1.8 percent in July.

Price increases in other indices also slowed, with carpentry materials easing to 0.6 percent from 0.9 percent, while masonry materials decreased to 2.3 percent from 2.4 percent. Despite this, the PSA said several commodity groups still posted faster price increases in August. Electr ica l mater ia ls rose 2.2 percent from 1.9 percent, while pa i nt i ng m ater i a l s a nd re l ated compounds increased 2.8 percent

Chiefs…

Continued from A3

He f av ore d a cont e x t u a l and functional approach that considers related constitutional provisions and allows exclusion of senators who are dead, resigned, expelled, charged with plunder or under preventive suspension. On Avel i no, P u no sa id it is not a perfect precedent, but its treatment of members beyond the Senate’s coercive jurisdiction “can be used as one of the tests.” Regarding non-participating

Unctad tells PHL: Watch closely for SME exclusion By Bless Aubrey Ogerio

HE Philippines still lacks enough firm-level evidence to determine whether rising energy, freight and financing costs are pushing small businesses out of markets and supply chains, but the United Nations Conference on Trade and Development (Unctad) said closer monitoring could flag small and medium-sized enterprise (SME) exclusion. An Unctad official told the BusinessMirror that it is too early to conclude that SME exclusion is already materializing in the country, despite the pressures businesses face from higher operating and financing costs. “Strong aggregate trade figures should not lead us to overlook the pressures that smaller firms may be facing beneath the surface,” Unctad Ent re preneu rsh ip De ve lopment Head Arlette Verploegh told this newspaper in an email. For Verploegh, the shock could become a business-viability problem when higher input and financing costs could no longer be absorbed through higher prices, productivity gains, working-capital adjustments or lower margins. Possible warning signs include higher rejection rates for SME borrowers, rising arrears, bankruptcies and business exits, Verploegh said. “However, it would be important to distinguish between temporary stress from structural exclusion,” she added. Based on Unctad’s latest report, SMEs face a greater risk of exclusion from value chains even when global trade recovers from disruptions, partly because smaller firms generally have fewer financial and operational buf fers than larger companies. (See: https://businessmirror.com. ph/2026/09/11/trade-reboundmay-leave-smaller-firms-behind/) The agency said the available d at a do not yet show whet her Philippine SMEs are being systematically excluded from value chains, markets or financing. Philippine trade remains strong at t he ag g regate level. Ex por ts increased by about 13 percent in the first seven months of 2026 from the same period last year, while

imports grew by about 19 percent. Both reached record highs for the period, with electronic products accounting for a significant share of trade. However, Unctad said stronger trade figures do not necessarily mean that smaller firms are benefiting equally. More g ranu lar f ir m-level information would be needed to est abl i sh whet her e xc lu sion i s occurring, including data on SME participation in trade, access to finance, business closures, market exits and value-chain participation. The Philippines already collects related information through the Philippine Statistics Authority (PSA) and Bangko Sentral ng Pilipinas (BSP), but the data are spread across different surveys and administrative datasets. The PSA’s 2022 Annual Survey of Philippine Business and Industry, the latest publicly available establishment data by employment grouping, counted 281,825 formal establishments. Micro firms accounted for 196,607, or 69.8 percent, while small firms accounted for 77,857, or 27.6 percent. The PSA’s 2023 Updating of the List of Establishments, meanwhile, counted 1.105 million establishments operating nationwide, including about 1.1 million micro establishments employing 3.2 million workers. On financing, BSP data showed that bank loans to micro, small and medium enterprises grew 11.2 percent to P544.8 billion in the first half of 2025. Further, the BSP’s quarterly Senior Bank Loan Officers’ Survey also tracks whether banks are tightening or easing credit standards for businesses, providing an existing measure of lending conditions. However, the survey does not show how many individual SMEs are being denied credit, falling into arrears, suspending operations or exiting the market. The BSP’s 2023 National Strategy for Financial Inclusion annual report itself cited “prevailing data gaps in MSME finance in the country.” Unctad, therefore, said strengthening data collection and ana lysis would be important in determining whether businesses are experiencing temporary stress or a more lasting loss of market access.

BCDA, Standard Chartered size up Clark opportunities

f r o m 2 .7 p e rc e nt . T i n s m it h r y materials also accelerated to 3.6 percent from 3.1 percent. Meanwhile, the index for plumbing materials held its growth rate at 0.9 percent. The CMRPI tracks the retail prices of construction materials typically purchased by households and smallscale builders, ser v ing as a key indicator of trends in the residential construction sector.

HE Bases Conversion and Development Authority (BCDA) and Standard Chartered Bank are joining forces to assess potential urban development and investment projects in the Clark Freeport and Special Economic Zone in Pampanga. The two parties signed an agreement on September 3 covering joint studies and feasibility evaluations for potential projects in the Clark Freeport Zone in Pampanga and New Clark City in Tarlac. Under the agreement, BCDA and Standard Chartered will share knowledge, conduct regular quarterly discussions and jointly evaluate prospective projects as they develop. The partnership will allow the parties to assess potential projects before determining the appropriate form of collaboration, including possible financing arrangements. At the conclusion of the feasibility studies, StandardChartered,whichhasoperatedinthePhilippines for more than 150 years, may recommend financing solutions and other forms of support for projects that it considers feasible and viable.

The bank may subsequently negotiate with BCDA on the appropriate agreement and mode of collaboration for individual projects, according to the agreement. BCDA President and Chief Executive Officer Joshua Bingcang said the partnership would add an international banking perspective to the agency’s project development work. “Having the backing of a leading international bank like Standard Chartered adds credibility to BCDA’s projects and marks a strong vote of confidence for Clark,” Bingcang said. For BCDA, the arrangement provides a mechanism to study projects jointly with a prospective financial partner before moving toward specific financing or development agreements. The partnership does not automatically commit either party to finance or undertake any particular project. Individual opportunities will first undergo feasibility evaluation before the parties determine whether and how to proceed.

sen ator - judges, P u no l i n ked the issue to the due process requirement of an independent and impartial tribunal under the Constitution and international instruments. He warned that allowing members who are not fair and impartial could result in the nullity of the proceedings. Azcuna took the position that the reference is to all members of the Senate. “As long as they are members of the Senate, they constitute the denominator in computing the threshold of twothirds because all means all.” He said the fixed supermajority protects against factional abuse

and reflects the gravity of removing a popularly elected official. He stated that Avelino v Cuenco is not applicable because it was decided under the differently worded quorum provision of the 1935 Constitution. On the question of a senatorjud ge who m i sse d he a r i ng s, A zcuna said it is an internal matter for the Senate. In case of doubt, he would allow the vote because t he tr ibuna l is one of record and transcripts and documents are available. He noted that a senator-judge takes an oath to render impartial jud ge me nt accord i n g to t he

Constitution and the laws. Puno, meanwhile, said that the Senate Impeachment Court has the authority to interpret the constitutional two-thirds vote requirement in Duterte’s trial, rejecting the view that this task belongs exclusively to the Supreme Court. “In discharging this judicial power, the Senate Impeachment Court is not under the Supreme Court,” Puno told the senatorjudges. He traced that authority to Article XI, Section 3(6) of the Constitution, which gives the Senate the sole power to try and decide all cases of impeachment.

PSA reports slight hike in prices of building materials By Justine Xyrah Garcia

www.businessmirror.com.ph

Bless Aubrey Ogerio

Thursday, September 17, 2026

Pooled buying may halve medicine costs–PPPI By Bless Aubrey Ogerio

ONSOLIDATING orders for medicines and medical equipment could lower procurement costs by as much as 50 percent, as the Philippine Pharma Procurement Inc. (PPPI) seeks to expand pooled procurement among government and private buyers. PPPI president and chief executive officer Maria Blanca Kim Lokin said PPPI’s Central Medical Store (CMS) allows the government-owned and -controlled corporation to receive orders from government agencies, local government units (LGUs), hospitals and private entities and combine them into larger purchases. The approach allows buyers to benefit from economies of scale, with larger orders translating into lower prices from suppliers. “If we have economies of scale, or if we combine a large volume of orders, we are able to bring down the cost of medicines and even medical equipment by as much as 40 percent to 50 percent,” Lokin said in a media forum on Tuesday. She likened the model to wholesale buying, where purchasing in larger quantities results in a lower unit price than buying individually. PPPI is among the government-owned and -controlled corporations allowed to undertake pooled procurement and direct importation, according to Lokin. The company plans to build on this function as it seeks to become the preferred procurement channel for pharmaceuticals among other national government agencies, government-owned and controlled corporations and LGUs. Lokin said PPPI also plans to expand its network of pharmaceutical hubs across the country, which could serve both manufacturers and distributors while supporting the government’s efforts to improve access

to medicines. The proposed hubs are being patterned after the pharmaceutical hub at Brussels Airport, which Lokin described as a reference model for the initiative. The hubs would be strategically located in partnership with existing economic and freeport zones in Luzon, the Visayas and Mindanao. They are also envisioned as part of a hub-and-spoke system supporting PPPI’s planned Pambansang Botika network. Under the model, the hubs would serve as resupply points for community drugstores and Pambansang Botika outlets in nearby areas. Lokin said PPPI is preparing to expand beyond Luzon into Mindanao with assistance from the Department of Trade and Industry.

Focus on generics

PPPI’S Pambansang Botika program, meanwhile, will focus primarily on generic medicines, including branded generics from local manufacturers and imported generic products. Lokin cited local branded generics such as RiteMED of Unilab and Rhea of Mercury Drug as examples of products that could be included in the program. Imported generic medicines are also sourced from countries including India, China, Pakistan, Bangladesh and the United States, she said. PPPI plans to institutionalize Pambansang Botika as a livelihood program for small and medium enterprises while expanding access to lower-cost medicines. The agency currently has a proof-ofconcept outlet in Quezon City established in partnership with the Social Security System. The outlet also operates as a one-stop shop with the Philippine Health Insurance Corp.’s YAKAP program, in partnership with the Department of Health.

Cotabato town residents turn over 12 rescued animals to DENR

WO residents of Barangay Sinkatulan, Makilala, Cotabato voluntarily turned over 12 rescued wildlife species to the Department of Environment and Natural Resources-Provincial Environment and Natural Resources Office (DENR-PENRO) The animals were turned over for assessment, care, and disposition, including the immediate return of fit animals to their natural habitat. The DENR said recovery highlights growing community initiative and adherence to Republic Act No. 9147, also known as the Wildlife Resources Conservation and Protection Act, and its implementing rules and regulations. After learning that the collection, possession, transport, and keeping of wildlife are strictly regulated, the residents coordinated directly with environmental authorities. Joel Gastones rescued one Philippine Palm Civet from a rubber farm, while another civet was turned over after being kept under the care of Isagani Bagyo.

The turnover and retrieval operation was facilitated team from DENR-PENRO Cotabato’s Monitoring and Enforcement Section (MES) and Conservation and Development Section (CDS), alongside Community Environment and Natural Resources Office (CENRO) Matalam and the Municipality of Makilala. Upon recovery, all 12 animals were safely transported to the Kidapawan City Veterinary Office for thorough medical examination, where all species were officially certified fit for release. The 12 recovered species comprise two Philippine Palm Civets (Paradoxurus philippinensis); two Philippine Ducks (Anas luzonica); four Brown Doves (Phapitreron leucotis), locally known as Alimokon; three Spotted Doves (Spilopelia chinensis), locally known as Tukmo; and one juvenile White-breasted Waterhen (Amaurornis phoenicurus). After veterinary evaluation, the four White-eared Brown Doves, three Spotted Doves, and the juvenile White-breasted Waterhen were immediately released into their natural habitat. Jonathan L. Mayuga

House mourns passing of Quirino Gov. Dax Cua

HE House of Representatives joined the nation in mourning the passing of Quirino governor and former lawmaker Dakila Carlo “Dax” Cua. He was 48. Cua served as the representative for the lone district of Quirino during the 15th, 16th, and 17th Congresses. At the time of his death, he held key leadership roles in local government organizations, serving as president of both the Union of Local Authorities of the Philippines (ULAP) and the United Cities and Local Governments Asia Pacific (UCLG ASPAC). As of press time, the official cause of death has not yet been disclosed. In an official statement, the House of Representatives recognized Cua’s years of public service, highlighting his commitment to his constituents in Quirino and his efforts to strengthen local governance both nationally and across the Asia-Pacific region. Speaker Bojie Dy expressed personal grief over the loss of his fellow Cagayan Valley leader and Ilokano public servant. “Gov. Dax was not only an excellent and dedicated public servant. As a fellow

Ilokano and colleague serving Cagayan Valley, I saw his deep care for Quirino and his effort to improve the lives of the families he served,” Dy said. Dy also commended Cua’s leadership in championing local government units through ULAP, describing him as a steadfast voice for local authorities who believed in their capacity to drive national development. “For those of us who knew and worked with Dax, we mourn more than the loss of a leader. We mourn a colleague and a kailian [fellow province-mate] whose commitment to public service touched so many lives,» Dy added. The Speaker extended his condolences to Cua’s family, including his father, former Quirino Rep. Junie Cua, his wife, Rep. Midy Cua, and the residents of Quirino Province. “Words are not enough for this kind of loss. We are with you in grieving and honoring the life of a good son, husband, father, friend, and public servant,” Dy stated, concluding with a message of gratitude: “Thank you, Gov. Dax. Your work is done, but your service will not be forgotten.” Jovee Marie N. Dela Cruz

Marcos, economic team push to end blanket class and work suspensions By Samuel P. Medenilla

@sam_medenilla

O reduce potential economic disruptions during calamities, President Ferdinand Marcos Jr. and his economic managers discussed the proposal to end the blanket suspension of classes and onsite government work during extreme weather disturbances. On Wednesday, the chief executive met with members of the 11th Economy and Development (ED) Council Meeting in Malacañang to discuss measures to discuss the disasterresilience of the schools and the economy.

The Presidential Communications Office (PCO) said that among the highlights of the meeting was the proposed guidelines for the suspension and resumption of classes and on-site work.

The measure aims to make the said suspension and resumptions localized, evidencebased, and responsive to various hazards, “in order to safeguard the welfare of students and teachers while protecting learning and instructional time.” The Department of Education (DepEd) made the proposal after the national government suspended classes for several weeks last month due to the heavy rainfall from typhoons and the Southwest monsoon, which caused severe flooding in parts of Luzon. Other issues, which were tackled in the meeting were on infrastructure for transportation, particularly trains, food security and workforce. “The agenda includes modifications to certain PPP (public private partnerships) and Official Development Assistance projects for these purposes,” PCO said. As of press time, Malacañang has yet to disclose details of the said approved modifications. The 11th Economy and Development (ED) Council Meeting was held amid escalating

tensions in the Middle East, which triggered a spike in oil prices. The Department of Energy has formally certified that the one-month average price of Dubai crude oil has reached the US$80per-barrel threshold under the Republic Act No. 12316. It noted the government can now consider suspending or reducing excise taxes on petroleum products. In a press briefing last Wednesday, Palace Press Officer Claire Castro said economic managers has yet to decide on the matter. “As of now, the DBCC (Development Budget Coordination Committee) has not yet provided a final evaluation or recommendation [on the suspension or reduction of oil excise tax on oil],” Castro said. Pending the said decision, she said the government will continue the implementation of its Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) to provide support to sectors, which were affected by the high oil prices.

Weather disruptions push back PHL economic rebound to Q4–Balisacan By Justine Xyrah Garcia

ONTINUED weather disruptions could further delay the recovery of the Philippine economy, with Socioeconomic Planning Secretary Arsenio M. Balisacan now expecting a stronger rebound to take hold only in the fourth quarter. The latest disruptions add to the challenges facing an economy that has struggled to regain momentum after a sharp slowdown in the first half of the year. “We are a bit more optimistic for the fourth quarter and the third quarter,” Balisacan told reporters on the sidelines of the budget hearing at the House of Representatives. “[However,] this month and the previous three weeks there is a lot of suspension [of classes and work] because of Habagat. Of course that affected our economic activity,”

he added. Asked whether he expects the fourth quarter to perform better than the third, Balisacan said he “thinks so.” The Philippine economy has yet to regain momentum after growth slowed to 2.8 percent in the first quarter and further to 2.3 percent in the second quarter. This brought first-half growth to just 2.6 percent, significantly below the 5.4 percent recorded in the same period last year. The slowdown extends a weakening trend that began in the third quarter of 2025, when growth eased to 3.9 percent, before slowing further to 3 percent in the fourth quarter amid the fallout from the flood-control corruption scandal. Balisacan had earlier stressed the need for national and local governments to improve their response to weather-related

disruptions, which also contributed to weaker economic activity in the fourth quarter of 2025 (See: https://businessmirror.com.

ph/2026/02/02/government-response-todisaster-needs-improvement/).

He pointed to repeated suspensions of classes and work in Metro Manila and neighboring regions over the last two quarters of 2025, noting that these areas account for about two-thirds of the economy. The chief economist said the government needs to improve the protocols used in deciding when to suspend classes and work, as well as strengthen weather forecasting and the availability of data, to limit the economic costs of disruptions.

El Niño poses additional risk

BEYOND disruptions from the Habagat season, Balisacan said the expected Super

‘Even ex-critics may work for Marcos administration’

RESIDENT Ferdinand Marcos Jr. is open to accept even former critics like ex-Duterte blogger Rey Joseph “RJ” Nieto, who is popularly known for his Thinking Pinoy blog if they will be an “asset of the government,” according to Malacañang. Palace Press Officer Claire Castro made the announcement after Nieto posted in his social media page last Tuesday that he was appointed as Assistant Secretary of Cabinet Secretary Benjamin “Benhur” Abalos, Jr. “If you are seen as an asset to the government who can improve an agency’s service, the President would not hesitate to recruit you—provided that your heart, regardless of your political affiliation, is dedicated to the people and the country, rather than to a specific individual or a

former ally,” Castro said in Filipino in a press briefing last Wednesday. The Office of the Cabinet Secretary confirmed Nieto’s appointment paper was issued on 1 September 2026. Nieto said he has yet to take his oath of office and receive his exact portfolio in the Office of the Cabinet Secretary, but he said it will not likely be related to communications. “From what I understand, much of the work will be closer to my academic training. That suits me,” he said. Nieto said he is waiting to take his oath of office before he can start his task in the Office of the Cabinet Secretary. The former blogger, who previously drew controversy for his false claims and inflammatory political commentaries, became “boring” and “calmer” over the years.

After starting his Bachelor of Science in Mathematics in the University of Bristol in the United Kingdom in 2023, Nieto ceased publishing his Thinking Pinoy blog. He also became an Editorial columnist for Manila Bulletin and an instructor at the Bulacan State University. Nieto is currently pursuing his master’s degree at the University of College London. At the peak of his Thinking Pinoy blog, which has over 2 million followers, Nieto received several charges including a libel complaint from former Senator Antonio F. Trillanes IV in 2018, which was later dismissed. He was also convicted of violating the Data Privacy Act in 2023, when he published the personal information of another blogger Jover Laurio. Samuel P. Medenilla

‘Handog ng Pangulo’ reaches Pangasinan

HOUSANDS of agrarian reform beneficiaries (ARBs) in Pangasinan gained stronger land tenure security and expanded access to agricultural support as the Department of Agrarian Reform (DAR) delivered land titles, farm-to-market roads, credit, and other assistance during the“Handog ng Pangulo: Serbisyong Sapat para sa Lahat” on September 14 at the Robert B. Estrella Sr. Memorial Stadium in Rosales town. Led by DAR Secretary Conrado M. Estrella III, the Department distributed 1,133 electronic land titles (e-Titles) under Project SPLIT and 58 regular land titles, covering a total of 1,446 hectares and benefiting 1,147 ARBs. The land titles provide farmers with greater security over the land they till and strengthen their opportunities to access government programs, credit and other support services. “Land ownership gives our farmers more than a piece of paper—it gives them security, dignity, and greater opportunities to build a better future for their families. The Marcos administration remains committed to bringing these services closer to our farmers and ensuring that agrarian reform

goes beyond land distribution and leads to improved lives and stronger communities,” the DAR chief said. The DAR also turned over 87 farm-to-market roads (FMRs) worth P601.5 million, benefiting 31,480 ARBs. The roads were constructed under the Department’s Sustainable and Resilient Agrarian Reform Communities (SuRe ARCs) project to improve farmers’ access to markets, transportation, and essential services. To further strengthen agricultural production, the DAR turned over LandBank checks amounting to P6.9 million to nine Agrarian Reform Beneficiaries Organizations (ARBOs) under the Agrarian Production Credit Program (APCP), benefiting 239 ARBs. The APCP is jointly implemented by the Department of Agriculture, DAR, and LandBank to provide financing to ARBs whose organizations are not yet eligible for regular loans. The ARBOs, in turn, re-lend the funds to qualified ARBs for their agricultural production activities. The DAR also provided P12.2 million worth of support services to the Bantog Samahang Nayon Multi-Purpose Cooperative, benefiting 295 ARBs, under the Climate Resilient Farm

Productivity Support (CRFPS) program. Meanwhile, the DAR, in partnership with other government agencies, delivered additional livelihood and agricultural assistance during the event. These included the turnover of 1,675 tool kits worth P479,500 to 25 ARBs through a special project with the Technical Education and Skills Development Authority (TESDA); 35 solar irrigation pumps worth P134.4 million benefiting 27,800 ARBs; and fingerlings to an ARBO benefiting 12 ARBs through the Bureau of Fisheries and Aquatic Resources (BFAR). The DAR also partnered with the Philippine Coconut Authority (PCA) in distributing coconut seedlings to one ARBO benefiting 20 ARBs, and with the Land Transportation Office (LTO) in awarding certificates of completion to 200 ARBs who finished the technical driving course. Kathrine Kelm, Land Administration Specialist of the World Bank for the DAR’s Support to Parcelization of Lands for Individual Titling (SPLIT), also joined the event and congratulated the farmers who received their individual land titles. Jonathan L. Mayuga

El Niño could pose another risk to the economy’s recovery. He said the government is doing its “best” to prepare, including through a newly created task force that will assess El Niño and its expected impact on the country. Meanwhile, Philippine Institute for Development Studies (PIDS) President Philip Arnold P. Tuaño said the government should establish early warning systems that can identify the impact of El Niño across the country. “We need an early warning system in place so we can know ahead of time what the effects of El Niño will be in each province and assess what preparations are needed,” Tuaño said in a chance interview. He also called for assistance programs that go beyond social protection, including cash aid as well as productivity support for affected sectors, particularly agriculture.

Hamilo Coast developer renews tie up with WWF-PHL

M Prime Holdings Inc. on Wednesday said its leisure resort residences developer Costa Del Hamilo Inc. renewed its partnership with World Wide Fund for Nature (WWF)-Philippines to strengthen marine conservation and sustainable coastal resource management at Hamilo Coast in Nasugbu, Batangas. The renewed partnership, which started in 2007, marks the fifth phase of the Hamilo Coast Sustainable Development Project. The initiative will focus on marine conservation and generate updated environmental data to support science-based decisions on the long-term management of Hamilo Coast’s marine ecosystems, particularly within its marine protected areas. The project will include a site selection survey to assess the ecological suitability of Pico de Loro Cove for a potential artificial coral reef initiative, marine assessment surveys at Etayo Cove, Pico Cove and Santelmo Cove and Education for Sustainable Development sessions on marine conservation and solid waste management for the property’s personnel, guests, owners and members. “Our renewed partnership with WWFPhilippines builds on nearly two decades of collaboration and a shared commitment to long-term environmental stewardship,” Harvey T. Sy, head of planning and design of SM Leisure Resort Residences, said. “We intend to deepen this work through more integrated conservation efforts that strengthen biodiversity, support ecosystem resilience and create lasting value for the communities and environment around us.” The said property is right in the Coral Triangle—the world’s center of marine biodiversity, home to more than three-quarters of the world’s coral species, hundreds of reef fish species and iconic marine life including tuna, sharks, whales and sea turtles. This region covers 5.7 million square kilometers, including the waters of the Philippines, Indonesia, Malaysia, Papua New Guinea, the Solomon Islands and Timor-Leste. VG Cabuag

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Comelec proclaims all BARMM parliamentary poll winners

By Mary Jade Jadormio & Rex Anthony Naval

ll winning candidates in the first Bangsamoro Parliamentary Elections were proclaimed on Tuesday, just a day after voting ended across the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

Comelec Chairman George Erwin M. Garcia said the poll body completed the proclamation of all winners on Monday. “All winning candidates were proclaimed yesterday, a day after the election,” Garcia said. The Philippine National Police (PNP) on Wednesday said that it has intensified the conduct of investigation and case buildup against all those involved in incidents before and during the conduct of the first Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) parliamentary elections. In a statement, PNP chief Gen. Jose Melencio Nartatez Jr. said the police service is committed on tracking down and making accountable those behind the gun attack and other incidents that disrupted the peace and order in a few areas in the region Likewise, he said that the PNP is equally determined to secure BARMM until the election period on Sept. 29. “There are still a handful of individuals in the region who think the old ways still work, we proved them wrong. Now, they have to face the consequences of their actions as a strong message that such a violent mindset has no place in a democratic society which the people in BARMM upheld through the successful parliamentary elections,” Nartatez noted. Gun attacks and explosions were reported in Basilan, Cotabato City, and Maguindanao del Sur during the elections. An improvised explosive device was also recovered in Basilan. Police and military forces immediately responded to each of the incidents in order to ensure that the security situation would not worsen. The United Bangsamoro Justice Party

(UBJP) secured 15 party-representation seats, while the Bangsamoro Federalist Party (BFP) won 16. BARMM Grand Coalition (BGC) took eight party-representation seats, while the Bangsamoro Peoples’ Democratic Party secured one. UBJP’s winning slate includes Chief Minister Ahod “Al Haj Murad” B. Ebrahim and Education Minister Datucan “Mohagher Iqbal” M. Abas. BGC’s proclaimed representatives include Mamintal Raki-in Adiong III, Amer Zaakaria Adiong Rakim, Abdulrahman Rubbil S. Mangudadatu and Datu Bimbo Q. Sinsuat. Jose I. Lorena will serve as the lone representative of the Bangsamoro Peoples’ Democratic Party. Six sectoral groups will also have seats in the new Parliament: settler community, women, youth, ulama, traditional leaders and Non-Moro Indigenous Peoples. Yul Adelfo Olaya and Mary Ann Arnado secured the two settler community seats, while Aida Silongan won the women’s seat. Sulffy Abbas will represent the youth sector, Muhammad Nadzir Ebil the ulama sector and Marjanie Macasalong the traditional leaders. Leticio L. Datuwata of the Lambangian Tribe and Jo Genna M. Jover of the Teduray Tribe won the two Non-Moro Indigenous Peoples seats. The proclamations complete the lineup of representatives for the first elected Bangsamoro Parliament. The new lawmakers will take their seats following the region’s first regular parliamentary elections. Nartatez said there were already good

leads in the identification of some of those involved, adding that he expects that cases will be filed in the soonest possible time. Attempts in some areas to undermine the election process were also foiled with police visibility, quick response and strategic deployment which have been part of the security measures under the Enhanced Managing Police Operations that the PNP implements in the region. Even the anticipated emergency situation of the board of inspectors withdrawing from election duty was also addressed with the deployment of policemen trained in election process.

BARMM records 84% turnout 1st parliamentary polls

A TOTAL of 2,018,478 registered voters cast their ballots in the first Bangsamoro Parliamentary Elections (BPE), based on the final tally of the Comelec. The number accounted for 84.34 percent, the highest voter turnout in all previous polls. Maluso, Basilan was among the areas that delayed the completion of the canvass after voting was held back in 36 precincts. Maluso’s Municipal Board of Canvassers finished canvassing all 68 precincts at around 10 p.m. on Monday, according to Comelec Chairman George Erwin M. Garcia. “Maluso MBOC had just finished the canvass of the 68 precincts,” Garcia said. Transmission of Maluso’s certificates of canvass to the Basilan Provincial Board of Canvassers was set to proceed immediately. Comelec had earlier ordered the reprinting of ballots for the affected precincts after discovering pre-shaded ballots. Garcia also confirmed that all winning candidates had been proclaimed Tuesday, a day after the September 14 elections. “All winning candidates were proclaimed yesterday, a day after the election,” Garcia said. For succeeding elections, Garcia cited enhanced voting experience and broader, more inclusive voter education as areas that need to be pursued. He also pointed to greater collaboration with civil society organizations and, more importantly, transparency. “Enhanced voting experience, broader and inclusive voters education and greater collaboration with civil society organizations and more importantly, transparency,” Garcia said.

Davao Mayor Baste Duterte named among witnesses for VP Sara’s impeachment trial By Jovee Marie N. Dela Cruz @joveemarie

AVAO City Mayor Sebastian“Baste” Duterte is among the witnesses the House prosecution intends to summon in the impeachment trial of Vice President Sara Z. Duterte next week. Prosecutors included him in their list of witnesses in a request for subpoenas before the Senate Impeachment Court. The move relates to evidence involving Gencorp, a company listed among the vice president’s declared business interests. House trial spokesperson Zia Alonto Adiong said Mayor Duterte is being called for his potential relevant knowledge, not solely because of his family relationship with the

vice president. “He is not being called because he is the brother of VP Sara. He is being called because he may have relevant personal and official knowledge concerning matters that form part of the prosecution’s Article II presentation,” Alonto Adiong said. Gencorp is relevant because Vice President Duterte herself declared an interest in the company in her SALNs. The prosecution has already presented those SALNs and is set to present SEC records on September 21 and 22. Mayor Duterte’s inclusion in the prosecution witness list comes after reports claimed that Gencorp allegedly obtained millions of pesos worth of food and catering contracts from the Davao City government while he was mayor.

According to the report, Gencorp received about P14.32 million in transactions allegedly from the Davao City government from 2022 to 2025, part of approximately P15.02 million in reported government transactions that also included P696,829 from the PhilHealth regional office in Davao. The reported transactions occurred during the period when Sara Duterte was vice president and Sebastian Duterte was mayor of Davao City. Alonto Adiong stressed that Mayor Duterte is a witness, not a respondent. “Mayor Baste is a witness, not a respondent. We are not asking him to implicate his sister. What we are asking is for him to tell the truth about the things he personally knows,” he said.

PPA boosts port fire, rescue capability with 15 new ERVs

HE Philippine Ports Authority (PPA) said on Wednesday it has deployed 15 emergency response vehicles (ERVs) to select port management offices (PMOs) and terminal management offices (TMOs) nationwide, expanding the agency’s fire suppression and rescue capability within port premises. Each vehicle carries a 2,000-liter water tank, a 100-liter foam tank, and a pump control system that allows easier operation while continuously monitoring the vehicle’s systems. The units are designed to support fire suppression, rescue operations, and other emergency response activities inside the ports. “In an emergency, every minute matters. These emergency response vehicles give

our port personnel another important layer of protection and response capability,” PPA General Manager Jay Santiago said. “We want our ports to be prepared to act immediately while coordinating with the proper emergency response agencies.” The ERVs will be stationed at TMO Matnog, PMO Batangas, PMO Mindoro, PMO NCR-South, PMO NCR-North, PMO Misamis Oriental/Cagayan de Oro, PMO Davao, PMO Zamboanga, PMO Surigao, PMO MarQuez, TMO Iloilo, PMO Bohol, PMO General Santos, PMO Bataan/Aurora, and the Port of Currimao. PPA facilities are currently equipped with fire safety systems such as fire alarms and other protective equipment, while individual

port management offices conduct preventive maintenance and emergency drills to strengthen preparedness. Some PMOs already maintain fire-rescue resources, including rescue boats and other emergency equipment. Santiago said the new vehicles will augment the capabilities of offices with existing resources, while giving those with limited assets a dedicated unit that can be mobilized immediately during emergencies. With the ERVs positioned in strategic ports across the country, the PPA said it is further enhancing its capacity to respond to fire-related incidents and other emergencies to help ensure safer port operations. Lorenz S. Marasigan

A10 Thursday, September 17, 2026

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NAPOCOR ensures uninterrupted power for BARMM’s first parliamentary polls By Lenie Lectura

@llectura

HE National Power Corporation (NAPOCOR) reported sufficient power supply for the first parliamentary elections in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). In a statement, the state firm said all active voting centers in off-grid areas of its responsibility had adequate power, with personnel and generating units on high alert.

“The important point for us is that all active voting centers under our coverage have enough power supply. Our job is to keep the power available until the remaining voting activities are completed and the results are

transmitted,” NAPOCOR President and CEO Jericho Jonas Nograles said. Eighteen voting centers in Maluso began polling on September 15. Ten were powered by the Basilan grid, while eight were supplied by NAPOCOR Power Barge 109 in island mode, with seven completing voting by 8:30 a.m. Despite localized line faults in the Lamitan feeder, which affected Colonia, Tipo-Tipo, Tuburan, and Mohammad Ajul, all NAPOCOR-Small Power Utilities Group (SPUG) plants remained ready. NAPOCOR also reported that prolonged disruptions to vote counting were avoided through the use of solar power systems and back-up generators from local government units (LGUs). NAPOCOR’s Mindanao Generation (MinGen) group, likewise, implemented

necessary preparatory measures to ensure the safe, secure, and reliable operation of its facilities and continued support to the Mindanao grid. As of September 15, all seven dams remain at normal water levels, with 18 out of 20 grid-connected units operational. The remaining two units are on planned maintenance outages unrelated to the elections. NAPOCOR said it mobilized its relevant functional groups and placed its operations on heightened alert from September 12 to 16 , covering its plants, New Power Providers (NPPs), and associated delivery systems to support continuous electricity supply throughout the election period. “We will continue to keep our personnel and generating assets on standby until the election-related activities are completed,” Nograles added.

DILG kicks off 3-party monitoring activities for 50 completed LGSF-funded projects

HE Department of the Interior and Local Government (DILG) in Negros Island Region (NIR), through its Project Development and Management Unit (PDMU) and in partnership with the Gawad Kalinga Community Development Foundation Inc. (GKCDFI), has commenced the FY 2026 Third-Party Monitoring (TPM) of 50 completed Local Government Support Fund (LGSF) infrastructure projects across the Region. The initial field monitoring activities were conducted in Bacolod City on August 27–28, 2026, followed by Isabela, Negros Occidental from September 1–3, 2026, and

Enrique B. Magalona, Negros Occidental on September 4, 2026. These activities mark the start of the region-wide monitoring and validation of completed LGSF projects, which will continue across Negros Occidental, Negros Oriental, and Siquijor until October 2026, the DILG said in a statement. Through TPM, DILG NIR and GKCDFI undertake an independent assessment and validation of reported project accomplishments against actual site conditions, complemented by interviews with project implementers and community beneficiaries. This process helps the DILG gather commu-

nity feedback and assess whether completed projects remain functional, sustainable, and responsive to the needs of their intended beneficiaries. TPM strengthens transparency, accountability, citizen participation, and good local governance by offering an independent, community-centered view of how government-funded projects are implemented and their outcomes Through its continuing partnership with GKCDFI, DILG NIR remains committed to ensuring that public investments translate into meaningful, sustainable, and tangible benefits for the communities they are in-

tended to serve. In defending the proposed P58.53 billion LGSF for 2027, Secretary Jonvic Remulla said the allocation will strengthen national government support for local government units (LGUs) and help align local development projects with national priorities. Remulla said the enhanced LGSF gives LGUs greater access to resources needed to address development gaps and respond to the priorities of their communities. “Enhancing the LGSF has helped a great deal with the equalization of opportunities for the local government units,” he said. Jonathan L. Mayuga

Sandiganbayan to continue hearing on Marcoleta, et al’s bail petition

HE Sandiganbayan is set to continue today its hearing on the bail petition filed by detained Senator Rodante Marcoleta and his co-respondents in the plunder case filed against them. The Sandiganbayan Third Division has set the hearing at around 8:30 a.m. Marcoleta, along with businessmen Mike Defensor, Joseph Espiritu and Aristotle Viray, were ordered arrested by the Sandiganbayan following the filing of plunder charges by the Office of the Ombudsman in connection

with the P75 million campaign donations he received for his 2025 senatorial bid. The Ombudsman also filed three counts of violation of Presidential Decree No. 46, which prohibits public officials from receiving, directly or indirectly, and for private persons to give, or offer to give, any gift, present or other valuable thing on any occasion, against the respondents. The case stemmed from his admission that he received campaign contributions from Defensor, Espiritu and Viray donated

P30 million, P25 million and P20 million, respectively, in various dates last January 2025. The Ombudsman noted that Marcoleta failed to declare the amount in his statement of Contributions and Expenditures (SOCE) or in his Statement of Assets, Liabilities and Networth (SALN), which is tantamount to “unjust enrichment.” Based on the notarized deeds of donation and on the testimonies of witnesses during the previous bail hearings, the amount

of P75 million was intended to bankroll Marcoleta’s 2025 senatorial bid and not for his personal use. The deed covering Defensor’s P30million, Espiritu’s P25-million, and Viray’s P20-million donation, executed on January 6, 2025, January 8, 2025, and January 9, 2025 respectively, state that the money was given in consideration of the donor’s support for Marcoleta’s possible senatorial candidacy in the May 2025 elections. Joel R. San Juan

House. . . Continued from A3

“The Congress of the Philippines must henceforth and with utmost urgency enact the appropriate anti-political dynasty law at the earliest opportunity,” it added. A law is necessary to define and determine the scope of the constitutional prohibition on political dynasties.

‘Writ of mandamus proper’

WHILE recognizing the fact that it cannot order Congress to perform a discretionary act owing to the principle of separation of powers, the Court stressed that “mandamus is proper in this highly-exceptional case because of the clear showing of grave abuse of discretion and manifest injustice.” The Court took judicial notice of the numerous anti-political dynasty bills filed but left unacted upon since the ratification of the 1987 Constitution. It also considered studies on the prevalence of political dynasties and their relationship with socio-economic conditions in the country. The SC noted that political dynasties have remained widespread and have extended even into the party-list system. “Despite changes in the composition of Congress over the years, no comprehensive anti-political dynasty law has been enacted, implying either a lack of interest, avoidance for convenience, or service of self-interest,” the SC pointed out. The SC also ruled that existing laws containing restrictions on political dynasties, such as the Sangguniang Kabataan Reform Act, the Bangsamoro Electoral Code, and the Bangsamoro Local Governance Code, do not fully satisfy Article II, Section 26 of the Constitution. It noted that the prohibition envisioned by the Constitution applies broadly to opportunities for public service and not merely to narrow sectors. The Court’s ruling stemmed from the petitions filed by Kapatiran Party (Alliance for the Common Good) et al v Congress of the Philippines; Wilfredo M. Trinidad et al v Congress of the Philippines; Bishop Gerardo A. Alminaza et al v Commission on Elections; and 1Sambayan Coalition et al v Senate of the Philippines.

Prosecution. . . Continued from A3

“Ever since, we have always relied on the Senate regarding whatever decision they make in terms of the threshold,” he added, recalling that prosecutors raised no objections when Senate President Francis Escudero initially set the baseline at 16 votes. The House prosecution spokesperson Rep. Zia-ur Rahman Alonto Adiong of Lanao del Sur reiterated that the panel would comply with whatever ruling the impeachment court hands down. “We will again rely on the Senate’s decision, and we will comply with the Senate’s decision as far as how they would go about the requirement of the two-thirds vote,” Alonto Adiong said. Flores explained that prosecutors are drafting their presentation without tailor-

While the Court granted the petitions of Kapatiran Party et al, Trinidad et al an 1Sambayanan et al, it denied the petition filed by Alminaza et al which sought to declare certain candidates covered by the constitutional prohibition on political dynasties and to require Comelec to issue implementing rules. The SC held that Comelec cannot be ordered to issue rules disqualifying candidates or cancelling their certificates of candidacy on the ground that they belong to political dynasties because there is currently no law defining the prohibition. Although the Constitution does not set a deadline for Congress to enact the law, the SC held that this does not allow Congress to postpone its constitutional duty indefinitely. “Congress’ continued inaction therefore constitutes a continuing violation of its constitutional duty,” the Court said. The magistrates also abandoned its pronouncements in Biraogo v. Comelec and Guingona, Jr. v. House of Congress issued on January 8, 2013 and February 5, 2013, respectively. The said rulings held that the Constitution’s provision against political dynasties is not self-executing and must have an enabling law passed by Congress to support it. The Court held that their pronouncements no longer reflect the intent of the Constitution’s framers and the realities of how political dynasties derail national development. In his concurring opinion, Senior Associate Justice Marvic M.V.F. Leonen stressed that political dynasties could “entrench inequality, weaken accountability, limit electoral competition and voter choice, and foster patronage, impunity, and corruption.” He said that for an anti-dynasty law to be meaningful, it must cover both simultaneous family occupation of public office and immediate familial succession, as well as the broader configurations of political dynasties, so that “new blood and a new brand of leadership may genuinely enter the government.” Associate Justice Henri Jean Paul B. Inting concurred with the ruling, and stressed that Congress has a clear constitutional duty to enact a law prohibiting political dynasties, and that this obligation is mandatory and may be enforced by the courts through a writ of mandamus Joel R. San Juan & Jovee Marie N. dela Cruz

ing their evidence to any specific voting count, whether the required total ends up at 16, 14, or 13. “In the end, if your evidence is good enough, whether or not the threshold is 16, 15, 14, or 13, that should be able to convince that number of people,” Flores said. Alonto Adiong observed that the amici curiae presentations were educational, noting that the experts treated the question of voting rules as an exclusive political matter left to the sole discretion of the Senate. “The House prosecution panel’s role really is to make sure that we are allowed to present our witnesses and provide the evidentiary documents and testimonies, Alonto Adiong added. The House prosecution and Duterte’s defense panel are scheduled to present their official oral arguments on the threshold question before the impeachment court on September 23. Jovee Marie N. dela Cruz

TheWorld

Editor: Lyn Resurreccion

Thursday, September 17, 2026 A11

Iran war pushes cost of shipping US crude oil to Asia to record $44.8M; tankers earn $1M daily By Christopher Charleston & Alex Longley

crude from the US Gulf Coast for Asia in October.

Bloomberg News

Meanwhile, oil tankers earn $1M a day as war causes ship shortage

HE cost of shipping US crude to Asia has surged to a fresh record as buyers are desperate to secure energy shipments amid escalating disruptions to supplies in the Middle East. AN oil tanker at US Gulf Coast BLOOMBERG

As of Tuesday, it cost about about $44.8 million to hire a very large crude carrier (VLCC) to take 2 million barrels of crude from the US Gulf Coast to China, according to Baltic Exchange data. That’s an all-time high and up sharply from $39 million just a day prior. Before the break out of the war in Iran in late February, the cost was about $17.8 million. US oil continues to backstop the supply gaps left by the war. This week, Saudi Arabia closed the East-

West pipeline, the primary link that helped the country circumvent the Iran war-induced turmoil in the Strait of Hormuz. T he situation has made American supplies even more critical, with record shipping costs doing little to deter buyers in Asia as the conf lict reshapes global energ y f lows. The trade remains viable because West Texas Intermediate, the benchmark US crude grade, delivered into Asia is still cheap-

US-China discuss cutting tariffs as leaders set to meet By Bloomberg News

ROSPECTS for an extension to the US-China trade truce are solidifying as the two sides discuss slashing tariffs on goods including American energy and agricultural products ahead of the leaders’ summit next week. Treasury Secretary Scott Bessent said Tuesday he’ll meet this weekend with his Chinese counterpart, He Lifeng, ahead of the summit between President Donald Trump and Xi Jinping set for September 24 in Washington. Earlier, Bloomberg News reported the US and China are discussing lowering tariffs on certain goods. Next week’s meetings are also likely to result in an agreement to cut duties on Chinese inputs for manufacturers, according to people familiar with the matter. The moves are expected to be carried out under an earlier plan for reciprocal tariff cuts on roughly $30 billion in trade. Most-favored-nation rates would be applied to some items from China, said the people, who requested anonymity in order to discuss private conversations. An extension of the one-year trade truce would remove one potential stumbling block for a world economy grappling with wars in Iran and Ukraine, elevated oil prices and rekindling inflation concerns that are pushing up global borrowing costs. Still, expectations for the summit remain tempered by China’s relations with Iran and Russia as well as competition over leadingedge technologies such as artificial intelligence. Bessent, speaking before the House Financial Services Committee, said he looked forward to speaking with the Chinese vice premier about sanctions related to the war in Iran as the US increases economic pressure on the Islamic Republic. Echoing Trump, the Treasury secretary has consistently emphasized the importance of maintaining the US lead over China in artificial intelligence (AI), an area where Chinese firms have been gaining ground on their Silicon Valley rivals. “It does matter whether the good guys or the bad guys have this,” Bessent said. “As a person who manages the relationship with China on AI, it matters

a great deal.” Competition over AI has emerged as a key source of friction. Last week, three US national security agencies accused Chinese AI firms including DeepSeek and Moonshot AI—the maker of the breakthrough Kimi K3 model—of systematically extracting proprietary knowledge from American firms. While the Chinese companies have refrained from commenting on the US allegations, China’s government has pushed back forcefully on the claims. Authorities in Beijing similarly have criticized calls from leading US AI developers Anthropic PBC and OpenAI for a slowdown in work on advanced models as “fearmongering,” signaling their concern that American firms could be pressuring the Trump administration to further restrict China’s access to advanced chips and other hardware. The high-level talks are the latest signal that the meeting between the leaders of the world’s two largest economies remains on track. Trump has said Xi would visit the White House on September 24, an event that would also include a state dinner. China hasn’t confirmed dates for Xi’s travel yet, something it tends to do only days in advance. Bessent didn’t specify the date or location of his meeting with He. The Financial Times reported they’ll meet in New York on Sunday. The two men have typically met before each of the US-China leaders’ summits to lay the groundwork for the talks. Highlighting the central role that agriculture is likely to play in discussions, representatives from state-owned food trading firm Cofco may join Xi when he travels to the US, according to two people familiar with the matter. More than a dozen firms are also being considered for a CEO delegation, though a final decision hasn’t been reached, according to the people. For his state visit in May, Trump brought more than a dozen CEOs to China, including Nvidia Corp.’s Jensen Huang and Tesla Inc.’s Elon Musk. The executives met with Premier Li Qiang, and Xi told them that US enterprises “are deeply involved in China’s reform and opening up, a process from which both sides have benefited.”

er than competing cargoes, such as Murban from the United Arab Emirates. As long as that price advantage remains, buyers are likely to absorb the higher-than-usual shipping costs. The jump in the Gulf Coast shipping costs comes as global tanker freight rates are also rising, and there is little sign of that momentum changing. There are fewer ships willing to

transit routes that carry the risk of attack, including through the critical Strait of Hormuz. And meanwhile, robust fuel demand means that refiners to keep purchasing and shipping whatever barrels they can get because it’s still profitable for them to process the oil into finished fuels like diesel and gasoline. Data from research firm Kpler already show six VLCCs set to load

THE cost of hiring an oil tanker on the industr y’s benchmark trade route topped $1 million a day for the first time, as the Iran war leaves too few ships willing to cross the Strait of Hormuz to collect cargoes. Vessels hauling oil from inside the Persian Gulf to China were being hired at $1.035 million a day, according to data from the Baltic Exchange in London on Monday. The benchmark route has become less relevant during the war because the main means of exporting Persian Gulf oil has shifted to shuttling barrels through Hormuz for collection just outside by tankers that don’t want to navigate the strait. Even so, transporting crude to China from the Gulf of Oman, which doesn’t require transit through the chokepoint, costs the

equivalent of about $644,000 a day. In bad markets in the past, the same ships sometimes barely covered their running costs. Shipping costs have been propelled higher by a combination of factors, many of which center around the Iran war and a giant bet by a secretive Korean tycoon. The supersized earnings also partly reflect oil-refining margins that have spiraled out of control because wars in Iran and Ukraine mean world isn’t making enough fuel to meet demand. That’s spurring refiners to keep purchasing and shipping whatever barrels they can get because it’s still profitable for them to process the oil into finished fuels like diesel and gasoline. At the same time, the number of vessels shuttling cargoes out of the Hormuz is adding time to each tanker journey, sucking up vessel supply. That comes alongside disruptions to Saudi oil flows from Yemen’s Houthi rebels, which has forced some ships to sail a voyage that’s 30 days longer around Africa.

US-Canada trade war further taxes small businesses as costs rise during the Iran war By Mae Anderson AP Business Writer

EW YORK—A trade war between the United States and Canada is making it more difficult and expensive for small businesses in the economically entwined countries to operate, according to business owners caught in the crossfire. Canada imposed reciprocal tariffs on about $20 billion (CA$27.6 billion) worth of US goods last week after President Donald Trump placed import taxes on Canadian goods worth the same amount. In response to Canada’s action, Trump said the US also would ban imports of wine, whiskey, selected motorcycles and the dairy ingredient whey from Canada. The tariffs so far involve about 5.5 percent of the neighboring nations’ bilateral trade in goods. Analysts say the overall economic impact therefore will be muted. But small business owners who depend on cross-border sales say a tax of up to 50 on their products and created by the conflict have an outsize effect on them, especially when higher energy costs stemming from the Iran war are eroding their balance sheets.

The owners of four small businesses, two in the US and two in Canada, spoke with The Associated Press about the ways the trade war is affecting their companies. At Jasper Hill Farm, an artisan cheesemaker in Greensboro, Vermont, co-founder Mateo Kehler said Trump’s opening salvo produced an immediate effect: canceled holiday orders from wholesale customers in Canada, whose border is only about 40 miles away. Cheese wasn’t among the products made subject to new US tariffs last month. Kehler suspects his hopes for expanding business in Canada are stalling because residents there resent the way the president and members of his Cabinet treat their country, a longtime ally. “The backlash on the market side is actually what’s affecting us the most,” Kehler said. “It’s the rhetoric that has inspired a boycott.” Trump has needled America’s northern neighbor repeatedly since he returned to the White House. First, it was comments last year about wanting to absorb Canada as the 51st state. After trade negotiations broke down in August, he taunted Prime Minister Mark Carney and signed an executive order

to change the name of Lake Ontario to Lake America. The lost sales and higher prices for materials and equipment that Kehler buys from Canada are tough to swallow when the war with Iran has made fuel for Jasper Hill Farm’s trucks and machinery more expensive too, he said. Some of his suppliers and distributors are adding surcharges to cover their costs, he said. “It’s like death by a thousand cuts, because between the rising cost of energy and the tariffs, the inflationary pressure on the inputs across almost every aspect of our business—from the farming side all the way through to finished goods—is just being ratcheted up,” Kehler said. Meanwhile, a Vancouver Island company that serves craft distillers expects cost-prohibitive duties to put off US clients. Revival Stillworks makes equipment for distilling liquor like vodka, agave and whisky and helps design spaces for producing craft spirits from the company’s base on Vancouver Island, less than 20 miles from Washington state’s San Juan Island. Until last month, the equipment could enter the US tariff-free

under the United States-MexicoCanada Agreement, a trade pact Trump negotiated during his first presidency. Now, the company’s stills, fermenters and other products incur a 50 percent tax for crossing the border, co-founder Darcy Lane said. The customs charges are considerable because the equipment costs $250,000 to $2 million, Lane said. “We’ve got millions of dollars worth of orders that are supposed to be happening over the next four to six months, and then all of a sudden this happens again,” he said, recalling how a US customer called off a project last year when Trump threatened to put tariffs on some Canadian products. Clients in the US make up about half of Revival Stillworks’ business. With rising oil prices during the war driving up shipping costs, many already were evaluating whether they should move forward with projects that involve imported equipment, Lane said. He and his partner are looking into other kinds of work. Since they employ engineers, welders and fabricators, their business could service the local marine industry, Lane said.

A12 Thursday, September 17, 2026

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S. Korean court to N. Korea: Pay $32.5M for blowing up joint liaison office in 2020 By Kim Tong-Hyung The Associated Press

EOUL, South Korea—A South Korean court has ruled that North Korea should pay the South 44.6 billion won ($32.5 million) for blowing up a joint liaison office between the countries in 2020 as their relations deteriorated following the collapse of nuclear negotiations between Pyongyang and Washington.

Wednesday’s ruling by the Seoul Central District Court was symbolic as South Korea has no clear way to force the North to pay amid a diplomatic breakdown. North Korean leader Kim Jong Un in recent years has suspended all meaningful diplomacy with the South and declared it his most hostile enemy while advancing his nuclear weapons program and pursuing closer ties with Moscow and Beijing as part of what he has

described as a “new Cold War.” While there have been cases of individuals suing the North Korean government over human rights abuses and other issues, the liaison office case was the first time the South Korean government sued Pyongyang. South Korea’s Unification Ministry, which handles affairs related to North Korea, said it respects the court’s ruling and called for a resumption of inter-Korean

THIS photo provided by the North Korean government shows the demolition of an inter-Korean liaison office building in Kaesong, North Korea, on June 16, 2020. Independent journalists were not given access to cover the event depicted in this image distributed by the North Korean government. KOREAN CENTRAL NEWS AGENCY/KOREA NEWS SERVICE VIA AP

diplomacy so that “all issues between the South and North can be resolved through dialogue and cooperation.” Nor th Korean state media didn’t immediately comment on the ruling. South Korea filed the suit in 2023, descr ibing the North ’s detonation of the building in the North Korean border town of Kae-

song as an unlawful and violent act that breached previous agreements between the countries and severely damaged “mutual respect and trust.” Seoul was then ruled by a conservative government that took a hard line on North Korea’s nuclear and missile development and its military support for Russia’s invasion of Ukraine, while strengthen-

ing security cooperation with the United States and Japan to counter the North Korean threat. S out h K ore a sh i f te d to a softer tone under current liberal President Lee Jae Myung, who took office last year after his conser vat ive predecessor Yoon Suk Yeol was ousted over his brief imposition of martial law in December 2024. But North Korea has so far ignored Lee’s calls to resume diplomacy. In June 2020, North Korea used explosives to blow up the South Korean-built liaison office in Kaesong after criticizing Seoul’s failure to stop North Korean defectors from flying anti-Pyongyang propaganda leaflets across the border using balloons. North Korea shut down the of f ice in Januar y 2020 as it closed its borders over coronavirus concerns, and the building was empty at the time of the detonation. The building’s destruction was then seen as a calculated display of anger to pressure Seoul over deadlocked nuclear negotiations with Washington. Former liberal South Korean

President Moon Jae-in met Kim three times in 2018 while helping set up Kim’s first summit with US President Donald Trump in June that year. However, the diplomacy derailed after the second Kim-Trump summit in 2019 at which the Americans rejected North Korea’s demand for major sanctions relief in exchange for a partial surrender of its nuclear capabilities. Kim has accelerated the expansion of his nuclear weapons and missile arsenal in recent years while strengthening his ties with Russia, sending thousands of troops and large quantities of weapons to support Russian President Vladimir Putin’s war in Ukraine. Trump has expressed interest in reviving diplomacy with Kim entering his second term and last month ordered the Pentagon to “substantially reduce” a major military exercise with South Korea, citing what he called a “good relationship” with Kim. But Kim’s government has so far dismissed Trump’s dialogue offers and called for Washington to discard its demands for the North’s denuclearization as a precondition for reviving talks.

Saudi crown prince seeks Egypt’s support as Houthi attacks rattle Red Sea oil routes By Lee Keath, Fatma Khaled & Samy Magdy The Associated Press

AIRO—Saudi Arabia’s crown prince sought backing Tuesday from the president of Egypt, his ally across the Red Sea, as the kingdom faces increased attacks by Yemen’s Houthi rebels on Saudi shipping and infrastructure that have helped drive a surge in global oil prices. Saudi Arabia has largely been on its own in confronting the Iranian-backed rebels, who rapidly captured more territory in Yemen over the past week and strengthened their ability to choke off Saudi oil exports out of the Red Sea. The vulnerability of the kingdom’s oil production was further underscored by an attack days ago that damaged its biggest pipeline. The strike was reportedly carried out by Iran’s allied militias in Iraq. It means the East-West Pipeline will be largely shut down for weeks as it is repaired, regional officials say, likely taking several million barrels of oil a day off the market. The Houthi offensive has opened up a new front in the Mideast’s war and boosted the hand of Iran, Saudi Arabia’s traditional archrival in the region, which has attacked shipping through the region’s other major maritime route, the Strait of Hormuz in the Persian Gulf.

Crown Prince Mohammed bin Salman met in Cairo with Egyptian President AbdelFattah el-Sissi. The crown prince said in a statement that they both confirmed “their shared commitment to ensuring freedom and security of maritime navigation” in the Red Sea and the Bab el-Mandeb Strait, the choke point at the sea’s southern end. El-Sissi’s office put out a statement expressing “Egypt’s unwavering position in supporting Saudi Arabia.” Neither side gave firm details on any future steps. While Egypt is unlikely to offer military help to Saudi Arabia, the country is influential in the Arab world and can help

rally support. Egypt has been at the center of mediation efforts in the last three years of turmoil in the region, keeping open relations with all parties, including Iran and its allies. In recent days, Houthi fighters made dramatic advances, seizing the Red Sea port of Mokha and three strategic islands in and near the Bab el-Mandeb Strait. The gains have further improved the Houthis’ position to seal off the strait to Saudi shipping, which they have been attacking since late July. Bab el-Mandeb connects the Red Sea to the open ocean and, from there, to Saudi Arabia’s biggest

SAUDI Crown Prince Mohammed bin Salman (left) and Egyptian President Abdel-Fattah el-Sissi shake hands at the Presidential Palace in Cairo, Egypt, on September 15. EGYPTIAN PRESIDENTIAL PRESS OFFICE VIA AP

oil customers in Asia. Saudi Arabia has so far seemed reluctant to unleash a major military campaign against the Houthis, wary of bringing greater Houthi attacks on its oil infrastructure and being dragged back into an all-out civil war in Yemen, its southern neighbor. But as Houthi attacks continue, the kingdom faces a potential decision about whether to step up its military response or seek a diplomatic solution. Saudi military spokesperson Maj. Gen. Turki al-Malki said its air defense forces intercepted and destroyed a drone Tuesday evening before it entered the airspace over Mecca, Islam’s holiest city and a focal point for followers of the faith. The security of the holy city is “a red line,” he said, adding that Saudi forces will not hesitate to act against “hostile and terrorist behavior.” The Houthis denied firing drones toward Mecca. The Saudis’ most essential ally, the United States, has been unpredictable and sometimes unreliable. US President Donald Trump seems reluctant to widen an already unpopular and stalemated Mideast war ahead of congressional elections. The United Arab Emirates, previously a partner in the Saudi-led coalition against the Houthis, has withdrawn from the war after conflicts between its allies in Yemen and Saudi Arabia’s.

China defense minister urges nations to step up AI oversight By Josh Xiao Bloomberg

HINA’S top military diplomat used a defense forum in Beijing to call on countries around the world to step up artificial intelligence (AI) oversight, just as the new tech exacerbates a rivalry with the US. Defense Minister Dong Jun said that worries such as misuse by militaries should spur officials to “consult with one another on governance, and actively engage in security dialogues in areas such as artificial intelligence, outer space and the deep sea.” In a speech at the opening of the Xiangshan Forum on Wednesday, Dong also urged nations to “strengthen risk assessment,

experience sharing, and the establishment of rules and governance.” The pitch comes as the US and China jockey to lead not only in the tech itself, but in setting the rules of the road globally. Beijing has promoted an open-source approach that gives countries access to cheaper but slightly less advanced models. While the Trump administration is pushing deregulation and a quick buildout of infrastructure, some American AI leaders are voicing concerns about the possible risks associated with rapid advances. Underscoring the tensions, last month a social media account affiliated with Chinese state broadcaster China Central Television accused the American AI company Anthropic PBC of bad behavior.

It singled out the firm’s Claude model, saying it overstepped user data boundaries, engaged in covert monitoring and sent website domains without authorization. Negotiators from the two countries are set to meet this weekend in New York to talk about issues including AI, the Financial Times reported earlier, citing a US official whom it didn’t name. It is unclear what AI models the People’s Liberation Army uses, but the high priority it places on the tech is clear. At least seven university labs that support China’s armed forces have been trying to obtain advanced Nvidia Corp.’s AI chips. China has also become a leader in labgrown diamonds, seen as a key cooling material for the complex processors.

Dong also pledged to expand cooperation on equipment and other tech with countries that needed it. Chinese weaponry has gained international attention since the Pakistan-India conflict in May last year. Pakistan’s armed forces recently showcased an air defense system in a promotional video that resembles a Chinese platform, potentially signaling cooperation on that front. The Xiangshan Forum hosts military officials from around the world but is usually attended by only a lower-level US delegation. This year the US sent Cynthia Carras, principal director for China, Taiwan and Mongolia at the Department of Defense.

THE milestone reinforces Japan’s status as a global leader in lifespans, reflecting advances in public health and medical care as well as relatively healthy diets and active lifestyles. NORIKO HAYASHI/BLOOMBERG

Japan’s centenarians reach 100,000 as welfare costs rise By Erica Yokoyama Bloomberg

HE number of centenarians in Japan now exceeds 100,000 for the first time, a milestone that highlights the country’s remarkable longevity as well as the mounting costs of caring for its rapidly aging population. The number of people who are 100 years old or older climbed to a record 107,677 as of September 15, according to a Health Ministry report released Tuesday. The tally has risen sharply over the decades, from just 153 centenarians when records began in 1963 and around 10,000 in 1998. The milestone reinforces Japan’s status as a global leader in lifespans, reflecting advances in public health and medical care as well as relatively healthy diets and active lifestyles. Separate United Nations estimates put the global centenarian population at about 672,000, with Japan having the most of any country by far. Japanese women are particularly longlived, comprising about 88 percent of the country’s centenarians. Research has linked their longer lives in part to historically lower exposure to smoking, heavy drinking and fatal accidents. The rising number of elderly also highlights the fiscal strain created by Japan’s rapidly aging population. Roughly one in three residents, or around 40 million people, now receive public pensions, while a shrinking pool of

workers must finance rising spending on pensions, healthcare and elderly care—at a time when the government is also seeking funds for priorities ranging from defense to its growth strategy. T h e m i n i s t r y ’s r e p o r t o f f e r e d snapshots of life beyond 100. Some centenarians enjoy hobbies, such as karaoke and ground golf, a spor t somewhere between golf and croquet, while others help preserve memories of World War II by sharing their experiences with younger generations. A few remain at work, including some who still tend fields in rural areas. When Fukuko Ishii turned 100 this month, TV Asahi described her as the world’s oldest TV producer. The nation’s oldest person is a 114-yearold woman living in Kyoto, the report showed. The number of babies born has been on a seemingly irreversible downtrend. Japan’s fertility rate declined in 2025 for a 10th consecutive year to the lowest level in records going back to 1947, according to the Health Ministry. The number of births totaled about 671,000 last year, while deaths came to roughly 1.59 million. To meet the needs of the aging population, the health ministry sought around ¥33.7 trillion ($218 billion) for pensions and medical care in next fiscal year’s budget, accounting for nearly a quarter of the ¥143 trillion in overall requests from ministries.

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ICTSI, PAL, 6 OTHERS JOIN NET ZERO CARBON ALLIANCE By Lenie Lectura

HE Net Zero Carbon Alliance (NZCA) has signed up eight more companies, bringing to 50 its multisectoral partner-members and partnerenabler organizations. The new members are Enderun Colleges, Eton Properties Philippines Inc., International Container Terminal Services Inc. (ICTSI) , Instep Carbon and Sustainability, MacroAsia Corp., Philippine Airlines (PAL), Philippine Trade Training Center, and Universidad de Zamboanga. They were formally introduced during the Philippine Net Zero Conference 2026, organized by the NZCA. The two-day conference held at the Philippine Trade Training Center in Pasay City aims to move closer to an “actionable net zero platform” for Philippine enterprises focused on aspects of energy financing, policy, technology and supply chain that will translate into tangible benefits for the bottom line, the country and the planet. During the conference, NZCA reported 45.1 million kgCO₂e in total reductions across 16 partners, with average reductions of 16 percent in Scope 1, 42 percent in Scope 2, and 52 percent in Scope 3 emissions. “The numbers tell a powerful story: collective action works. With significant reductions across Scopes 1, 2 and 3, NZCA partners are proving that collaboration can translate netzero ambition into measurable impact,” said Allan Barcena, executive director of NZCA. Barcena is also the assistant vice president, head of Corporate Relations and Communications, and head of the Corporate Support Group of the Energy Development

Corp. (EDC)., which founded NZCA in 2021. During his talk, Barcena said climate risk is now an immediate reality rather than a future challenge, requiring urgent and aggressive “radical collaboration” across all sectors—including government, private businesses, and academia. He said efforts to reduce carbon emissions must be accelerated immediately because the compounding positive impacts of these actions take time to materialize. “We are becoming more aggressive in terms of collaboration. The theme of this conference is radical collaboration. We need to accelerate, not just commit, but to transform the commitment into concrete and actual solutions. So, I think it’s becoming more of a reality than a future challenge, a future risk. And it requires every sector of society, and not just government, private businesses, even academia. You can see that there are members and partners who are now members of the academia in NZCA, so we’re happy to see them,” he said. While the NZCA has grown to 50 members to drive concrete solutions, the Philippines remains the only country in Southeast Asia without an official national net-zero target. “We hope that the 50 members now will continue to expand. In fact, we’ll also continue to become greater,” Barcena added. For a highly climate-vulnerable nation like the Philippines, Barcena said achieving net zero emissions remains an indispensable shield. “It is no longer just an environmental ideal, but a structural economic blueprint that ensures independent clean energy, long-term enterprise survival and protection from volatile global fossil fuel prices.”

Thursday, September 17, 2026 A13

Updated BSP rules on cases vs BSI execs, staff out soon By Andrea E. San Juan

HE central bank, through the Monetary Board, said it is set to approve a set of updated rules of procedure on administrative cases filed against BSP-Supervised Institutions and their directors, trustees, officers, and employees. In a draft circular, Bangko Sentral ng Pilipinas (BSP) said these rules shall apply to administrative cases filed with Consumer Complaints Resolution Office-Investigation and Prosecution Group III of the BSP against BSIs and/or their directors, trustees, officers and employee, pursuant to Section 37 of Republic Act No. 7653 or the New Central Bank Act. “These rules shall also apply to administrative cases arising out of the fact-finding investigation conducted by the BSP,” the proposed circular also noted. However, the central bank said these shall not be covered by these Rules: a. Prayer for payment or reimbursement of a sum of money and/ or damages against BSIs and/or their directors, trustees, officers, and employees; b. Prayer, or application, for pro-

visional remedies under the Revised Rules of Court; c. Disputes over BSI policies and procedures which are not covered by banking and related laws or BSP rules and regulations, such as, but not limited to, administrative policies or labor/employment issues, and intra-corporate disputes; d. Cases that are pending with, or already decided by, any court or quasi-judicial body, involving the same or similar parties, facts and issues; e. Cases where the resolution of CCRO-IPGIII will depend on the prior resolution of issues by the courts or other government offices or agencies; f. Matters involving institutions not under the jurisdiction of the BSP and/or their directors, trustees, officers, and employees; g. Cases against BSIs and/or their directors, trustees, officers, and employees where such cases do not involve violations of banking and related laws or BSP rules and regulations; h. Counterclaims, crossclaims and third (fourth, etc.)-party complaints; i. Prayer or request for production of documents and/or BSI records relating to internal policies such as financial statements or hiring policies; and

j. Supervisory and enforcement actions by the BSP’s Financial Supervision Sector (FSS) and/or Payments and Currency Management Sector (PCMS) against BSIs and/or their directors, trustees, officers, and employees. k. Cases where the respondent is a closed BSI, which is no longer under the jurisdiction of the BSP. l. Other matters analogous to the foregoing.

Complaint requirements

THE central bank said the complaint must be under oath and shall include the affidavits of witnesses and documentary evidence in support thereof. Further, the draft circular said no anonymous complaint shall be entertained. Contents of the complaint shall include the following: full name and complete address of both the complainant and respondent; the position of the respondent director, trustee, officer, or employee in the BSI, if known; a specification of the charge/s against the respondent and a chronological narrative/ statement of the relevant and material facts which provides the acts or omissions allegedly committed by the respondent.

The central bank said the complaint shall also contain a statement as to whether a similar complaint has been filed with the other offices within the central bank, the Supreme Court, the Court of Appeals, or any other court or government agency and the status thereof. Moreover, the complaint shall include documentary evidence and/ or sworn statements of witnesses, if any, in support of the complaint. Lastly, it shall contain the reliefs prayed for. Upon determination that the complaint is sufficient in form and substance, the Consumer Complaints Resolution Office-Investigation and Prosecution Group III (CCRO-IPG III) shall issue an order attaching a copy of the complaint and requiring the respondent BSI and/or its director, trustee, officer, or employee to file a sworn answer to the complaint. “If the complaint is found to be insufficient in form or substance, or fails to comply with the preceding section, the CCRO-IPG III may dismiss the complaint, with or without prejudice, or take such appropriate action as may be warranted,” the draft circular read. See “BSP rules,” A2

Duterte appears before ICC in person for the first time By Malou Talosig-Bartolome

TITLES TO CALL THEIR OWN President Ferdinand R. Marcos Jr. leads the awarding of land titles to 110 families under the Enhanced Community Mortgage Program of the Social Housing Finance Corp. (SHFC), an initiative under the government’s expanded Pambansang Pabahay Para sa Pilipino (4PH) Program, at the Barangay 167 Gymnasium in Llano, Caloocan City, on Tuesday, September 15, 2026. With Marcos are SHFC President and CEO Federico Laxa, Department of Human Settlements and Urban Development Secretary Jose Ramon Aliling, and Caloocan City 1st District Rep. Oscar Malapitan. The beneficiaries are members of homeowners associations under the Llano Homeowners Association Federation. NONIE REYES

ILO: Hidden forced labor puts PHL workers at risk By Mary Jade Jadormio

ORCED labor remains difficult to detect in the Philippines as workers in vulnerable and informal sectors may not recognize that they are already being exploited, according to the International Labour Organization (ILO). The ILO and the Canadian government launched a four-year project aimed at strengthening the country’s institutions, policies and mechanisms for preventing forced labor and protecting affected workers. The Promoting Responsive Institutions and Mechanisms to Eliminate Forced Labour in the Philippines (PRIME PH) project will run until February 2030 and focus on strengthening enforcement, access to justice and responsible business

practices. Philippine government, workers’ and employers’ organizations and other partners will work together for this initiative, with agriculture and manufacturing among its targeted tradable sectors. ILO Country Office for the Philippines Director Khalid Hassan said forced labor remains a serious concern because it is often hidden from authorities and difficult to measure. “Forced labour has no place in our societies,” Hassan said, stressing that eliminating the practice is essential to decent work, social justice and human dignity. Director of the Bureau of Working Conditions (BWC) Alvin Curada said one of the biggest challenges is that workers and community members may not realize that the

conditions they are experiencing constitute forced labor. Workers may consider excessive overtime or salary advances normal because of economic pressures, even when these practices contribute to a cycle of exploitation, Curada said. Limitations are also seen in detecting forced labor because cases often occur outside formal employment arrangements, particularly in the informal sector and in agriculture, fisheries and mining. “It’s really difficult to determine forced labor by relying solely on the Labor Inspectorate because forced labor often occurs beyond the formal employment arrangements,” the BWC director said. The problem also extends to Filipino migrant workers, who may face vulnerabilities at different

stages of migration, from recruitment and deployment to employment abroad. The Department of Migrant Workers (DMW) cited cases in which applicants waiting for overseas deployment were made to perform unpaid work, including cleaning recruitment-agency accommodation facilities, while others may later face contract substitution or abusive employment conditions. Online recruitment has added another layer of risk, with authorities warning jobseekers against fraudulent offers that promise high salaries and other benefits. From 2022 to 2026, Meta Philippines and TikTok Philippines removed a total of 292,000 paid illegal-recruitment posts, according to See “Labor,” A2

ORMER President Rodrigo Duterte on Wednesday attended in person the third status conference of the International Criminal Court (ICC) in The Hague, the Netherlands, marking his first courtroom appearance since he was surrendered to the tribunal in March 2025. A delayed livestream of the proceedings showed the 81-year-old Duterte seated behind his defense team during the hearing before ICC Trial Chamber III. Presiding Judge Joanna Korner formally acknowledged Duterte’s presence, noting that because it was his first appearance in the courtroom, he could leave the proceedings at any time without first seeking the chamber’s permission. Duterte did not speak during the roughly hour-long hearing. Prosecutors, defense lawyers and legal representatives of victims discussed witness schedules, evidence disclosures and trial logistics ahead of the start of trial on November 30. Duterte previously appeared before the ICC only through a video link during the confirmation of charges hearing on March 14, 2025. He later waived his right to attend succeeding status conferences, with his lawyers citing medical reasons. Photographs released by the court showed Duterte with slightly longer hair than in earlier public appearances, visible gray stubble along his chin and jawline, and more pronounced facial lines around his eyes and cheeks. Duterte faces charges of crimes against humanity in connection with killings linked to the antidrug campaign carried out during his tenure as Davao City mayor and later as president. He has repeatedly denied the allegations.

Defense, prosecutors clash over evidence

THE chamber confirmed it intends to keep the November 30,

2026 trial date, running through Christmas, and resuming from January through Easter. Considering the seven-hour time difference between Manila and The Hague, the chamber is also considering earlier daily sessions to accommodate witnesses testifying remotely from the Philippines. However, much of the third status conference focused on disputes over evidence disclosure and trial preparations. Presiding Judge Korner described the evidentiary dispute as “clearly something that is a major topic.” Defense counsel Peter Haynes accused prosecutors of overwhelming the defense with nearly 20,000 evidence items, saying the volume made it impossible to prepare adequately for the November 30 trial. “We haven’t got a prayer of reading 20,000 items of evidence by a trial date that starts at the end of November,” Haynes told the chamber. Haynes also criticized the quality of disclosures, citing fragmented witness statements, duplicated files, incomplete documents and more than 62,500 background exhibits totaling 324,000 pages and over 1,000 audio and video files. Prosecutors rejected allegations of “evidence dumping.” Senior Trial Lawyer Julian Nicholls said the material stemmed from a review of records linked to 3,422 deaths reported during anti-drug operations and that only evidence relevant to the 57 incidents in the case had been disclosed. He added that prosecutors had provided searchable indexes and AI-generated summaries to help the defense navigate the records. Korner declined to rule immediately on the dispute but ordered the defense to file a formal motion within seven days, with prosecutors given another seven days to respond.

A14 Thursday, September 17, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Social protection that arrives late is not protection

ENATOR Chiz Escudero’s push to expand the definition of “indigency”—adding categories like “cancer-indigent” and “litigationindigent”—addresses a critical gap in Philippine policy. The current system conflates poverty with vulnerability, leaving many Filipinos without aid despite their genuine inability to cope with crushing medical or legal costs. (Read the BusinessMirror story: “Broader, uniform definition of indigency pushed,” September 9, 2026). The senator’s observation highlights how 4Ps has inadvertently become the gatekeeper for government services—a “tyranny of the single metric.” When agencies use disparate definitions of need, families can be “poor enough” for one service but “too wealthy” for another, despite facing catastrophic circumstances that render their income meaningless. Escudero’s examples expose the gap between theory and reality. A teacher earning above minimum wage but facing P500,000 in annulment costs is practically indigent, yet technically disqualified from legal aid. A family with income too high for 4Ps benefits may see that same income obliterated by leukemia treatment. These are not isolated cases—they represent millions of Filipinos whose crises the state fails to recognize as poverty. The senator’s proposed classifications—indigency defined by circumstance, not just income—align with a reality that social policy experts have long recognized: poverty is multidimensional. The United Nations Development Programme’s Multidimensional Poverty Index considers health, education, and living standards alongside income. The government has committed to the Sustainable Development Goals, which acknowledge that poverty encompasses lack of access to justice, healthcare, and social protection. Escudero’s proposal merely asks that our laws catch up to this understanding. Litigation lawyer Maggie Garduque’s point about the equal protection clause is particularly salient. When the law recognizes only one form of indigency— income-based—it effectively creates a hierarchy of suffering where those facing extraordinary medical or legal costs receive less protection than those whose poverty is more visible but no more severe. This is not rational classification; it is arbitrary exclusion dressed up as fiscal prudence. Critics will argue that broadening indigency definitions risks diluting limited resources. This is a false economy. The cost of excluding a family from legal aid may result in unjust incarceration or unresolved domestic disputes that burden social services further. The cost of denying medical assistance to a “cancer-indigent” patient may result in emergency hospitalizations that are far more expensive than preventive care. Narrow definitions do not save money; they merely shift costs to other parts of the system, often at greater human and financial expense. Escudero’s proposal is not radical but rational: just as the state already supports seniors, the disabled, and single parents, it should recognize catastrophic illness and prohibitive legal costs as structural vulnerabilities it has a duty to address. The challenge, of course, lies in implementation. A broader definition of indigency requires better data, clearer guidelines, and robust safeguards against abuse. But these are technical problems with technical solutions. The first step is acknowledging that the current framework is broken, that it excludes the vulnerable while it includes only the most destitute. Senator Escudero has done the essential work of naming the problem. Indigency is not a static condition measured solely by what’s in one’s wallet. Disaster does not discriminate—it can sweep any family into an unstable freefall. A government that waits for its citizens to become destitute before offering help is not providing social protection—it is administering last rites. The law must learn to see what Escudero sees: a teacher drowning in legal fees, a family consumed by medical debt, a household teetering on the edge not because they don’t earn enough, but because life has demanded too much. These citizens are indigent—not in the narrow, statistical sense, but in the only sense that should matter to a compassionate state. They cannot afford the costs of being human in an unjust world. It is time our definition of poverty caught up to that reality.

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A record low next to a record high John Mangun

OUTSIDE THE BOX

CELEBRITY can improve body fat percentage while the numbers on the weight scale keep climbing, both figures accurate, and choose only one for the press release.

Finance Secretary Frederick Go told a congressional budget hearing last month that the budget deficit-togross domestic product (GDP) ratio will land at 5.45 percent by the end of 2026, the lowest recorded under this administration. In the same season of briefings, Bureau of the Treasury data showed the government’s outstanding debt reaching P19.39 trillion at the end of July, a fresh record within two percent of the administration’s revised yearend ceiling of P19.77 trillion. Both figures, total debt and budget deficitto-GDP ratio, are accurate but only one made the headline. The budget deficit is the peso gap between what government spends and what it collects in a year. When spending exceeds revenue, the shortage has to be borrowed. The budget

deficit-to-GDP ratio divides that peso gap by the country’s economic output for the same period, expressing the shortfall as a share of the whole economy. A falling ratio reads as improving fiscal health because the deficit looks smaller against the economy’s capacity to carry it. The ratio can fall for two reasons, and only one involves the deficit itself shrinking. Rome ran the same trick for two centuries and called it currency management. The denarius kept its stamped face value across the reigns of a dozen emperors while its silver content quietly shrank, coin by coin. By the middle of the third century the same denomination held barely five percent silver from an original 95 to 98 percent. Merchants who trusted the number on the coin rather than

A ratio behaves the same way a face value does. The budget deficit-to-GDP ratio narrowed to 5.46 percent in the first half of 2026 from 5.65 percent a year earlier, an improvement the Department of Finance is right to report. What sits underneath the ratio is less flattering.

the metal in it paid for that trust whenever they spent one abroad. The face value was real but it was also the least important fact about the coin. A ratio behaves the same way a face value does. The budget deficitto-GDP ratio narrowed to 5.46 percent in the first half of 2026 from 5.65 percent a year earlier, an improvement the Department of Finance is right to report. What sits underneath the ratio is less flattering. The national government’s fiscal deficit for the first half of the year still widened in peso terms, to P786.8 billion from P765.5 billion, because spending kept outrunning revenue even as revenue itself grew a healthy 5.7 percent. The ratio improved because the denominator, the GDP, grew faster than the gap did. The gap did not shrink. It grew more slowly than the economy around it, which is not the same accomplish-

German far right expects power in eastern state sooner or later By Kamil Kowalcze

ERMANY’S far-right party is counting on surging support among voters to help it break through the firewall that the country’s established parties still hope will prevent it from taking power at state level for the first time since World War II.

The Alternative for Germany’s stunning election victory in SaxonyAnhalt this month put it just short of an outright majority to govern the eastern state on its own. But AfD party leaders are moving ahead with a bid to govern with backing from rival parties. If they fail, they’re confident that a repeat election would deliver an outright majority, according to a person familiar with the party’s planning. The German establishment has been left reeling after the far-right movement took 44 percent of the vote in the state, trouncing Chancellor Friedrich Merz’s Christian Democrats, which have dominated the region for over two decades. The AfD’s next move is to translate that backing into power, enabling the party to try to implement a program of large-scale deportations, opposition to military aid to Ukraine and overhauling the education system to root out what it calls left-wing “propaganda.”

The anti-immigrant party, elements of which have been deemed a threat to Germany’s constitutional order by domestic intelligence, is set to post further gains in two more regional elections on Sunday—in the eastern state of MecklenburgWestern Pomerania and in Berlin. But polls show them far less likely to gain a government toehold in those regions. In Saxony-Anhalt, the AfD expects to gain enough support to install party candidate Ulrich Siegmund as state premier in a vote soon after the regional assembly convenes on October 6, according to the person, who spoke on condition of anonymity as deliberations take place behind closed doors. The real test will come afterward, when the new government seeks to pass a budget with the help of other parties. Success in approving a budget would build trust the AfD would need to prove itself a reliable governing force and potential partner, the per-

The AfD’s next move is to translate that backing into power, enabling the party to try to implement a program of largescale deportations, opposition to military aid to Ukraine and overhauling the education system to root out what it calls left-wing “propaganda.” son said. But failure could also yield political capital—by giving the AfD an opening to accuse other parties of rejecting Siegmund’s open hand, the person added. The party would then make the case that it needs an absolute majority to implement the will of voters, according to the person, signaling a move to a new election. The view reflects pre-election comments by Siegmund, who said that the AfD would simply gain more in a new vote until it secures an absolute majority to govern. “We can only win,” Siegmund told Bloomberg News in an interview at the end of August, comments he repeated on election night. The AfD didn’t respond to a request for comment. Before that happens, however, Siegmund will try to secure the pre-

ment, though it produces the same headline. You can lower your BMI while still gaining weight. The Development Budget Coordination Committee’s revised program for 2026 puts revenue at nearly P5 trillion against a spending program of P6.5 trillion, a planned gap of around P1.5 trillion that has to be borrowed regardless of what any ratio says next year. Debt service alone is projected at P2 trillion for the year, split between interest payments and principal amortization. That obligation reads a repayment schedule, and a repayment schedule does not shrink because the ratio used to describe it does. None of this makes the Philippines a victim of arithmetic it cannot control. The government chose which number to lead with. National government debt relative to GDP reached 66 percent in the second quarter of 2026, the highest level in 22 years, a figure that sits uneasily beside talk of a record low budget deficit-to-GDP ratio. The two describe the same government at the same moment, one shrinking against a growing economy, the other climbing against every measure a creditor watches. Choosing the flattering ratio over the climbing debt stock is a communications strategy, and a defensible one, See “Mangun,” A15

miership in a secret ballot in parliament next month, even though he’s three seats short of a majority. Before the election, AfD leaders had signaled that they could win over disaffected legislators from Merz’s CDU. But in the fallout from a bruising political loss, the CDU’s parliamentary caucus will shrink to 15 seats from 40. That makes the group more disciplined, with members hewing closer to leadership—and less likely to cast a ballot handing the premiership to Siegmund, according to party officials in Saxony-Anhalt. Instead, the AfD is banking on votes from BSW, a breakaway party founded by former Left party leader Sahra Wagenknecht, which last week became the only faction in the state assembly to offer to work with the far right. Wagenknecht has taken aim at the political establishment— particularly Merz—and pointed to areas where her party and the AfD could work together, such as energy prices and rejection of support for Ukraine. But some of the far-right’s more strident positions on migration may make any cooperation more difficult. Siegmund triggered an uproar last week when asked about the presence of an Israeli arms firm in SaxonySee “German,” A15

www.news.businessmirror@gmail.com

Traders brace for prolonged India bond slump as RBI mops up cash By Subhadip Sircar & Bhaskar Dutta

SENSE of unease is gripping India’s bond traders as they fear the central bank’s push to drain excess cash from the financial system, just as inflation picks up and a global debt selloff intensifies, will spark an extended slump.

ICICI Securities Primary Dealership Ltd., one of the nation’s largest underwriters of government debt, and IDFC First Bank Ltd. are among those predicting the benchmark 10year yield to potentially surpass the 2026 peak hit in May and climb as high as 7.25 percent by December 31. That would be the highest level in three years. Citigroup Inc. has brought forward its expectation for an interest-rate hike by the Reserve Bank of India to October from December. It’s a sharp reversal in sentiment. Just last month, the central bank drew a record $127 billion from India’s diaspora through special deposits as it sought to bolster its foreignexchange reserves and defend the rupee. The inflows, which surpassed even the RBI’s own estimates, pushed the banking system’s cash surplus to an all-time high of about 11 trillion rupees ($115 billion), helping cushion local bonds as yields in major markets surged to multiyear highs. But with the liquidity glut and a renewed surge in oil prices intensifying inflation risks, the RBI has sprung into action. Its plan to drain 1 trillion rupees from lenders through open-market bond sales sent yields surging across the curve on Tuesday, with the 10-year rate now at 7.08 percent. Markets are bracing for more such measures in the weeks and months ahead. “The outlook is messy and it’s tough to call a peak for yields,” said Ashhish Vaidya, head of treasury at DBS Bank Ltd. in Mumbai. “The situation has clearly changed, traders are now repositioning for a more challenging supply situation as well as higher inflation.” The RBI’s move came after the excess cash caused interbank borrowing rates to fall well below its policy benchmark. The easing of financial conditions appeared to be at odds with policymakers’ latest signals that rates may need to rise to contain inflation. For bond traders, the timing is particularly painful. The central bank is emerging as a seller just as government borrowing for the second half of the fiscal year gets underway, adding to an already-heavy supply of debt in the market. “The dictum that too much of a good thing may well be a problematic issue could certainly apply to the situation that India is facing right now,” Michael Wan, senior currency analyst at MUFG Bank Ltd., wrote in a note. “RBI’s most immediate challenge is to deploy its suite of tools to mop up this excess liquidity.” The central bank will need to quickly drain another 2 trillion rupees of excess liquidity from the

German. . .

continued from A14

Anhalt. The AfD doesn’t “categorically” oppose weapons production, Siegmund responded, because authorities will need equipment as part of a planned deportation offensive. “That applies, of course, to internal security, our own stability and national defense as well,” Siegmund told reporters. The candidate and other AfD members later said the position is valid for non-military equipment, such as buses and aircraft. But the comments were pilloried across the political spectrum, including from the BSW. BSW co-leader Fabio de Masi laced into an attempt to tie weapons production to the AfD’s aims for “remigration,” or the mass deportation of foreigners supported by many in

The RBI’s move came after the excess cash caused interbank borrowing rates to fall well below its policy benchmark. The easing of financial conditions appeared to be at odds with policymakers’ latest signals that rates may need to rise to contain inflation. banking system, which could potentially be through short-term foreignexchange swaps or the issuance of Market Stabilization Scheme securities and cash-management bills, according to QuantEco Research. The RBI didn’t immediately respond to an email seeking comments on its plans. Chandresh Jain, EM Asia rates and FX strategist at BNP Paribas SA, expects bonds with maturities of three to 10 years to come under further selling pressure. Local banks have been holding three- to five-year bonds due to excessive cash, and as the glut eases, yields on those bonds could rise faster than those on 10year debt, he said.

Opinion BusinessMirror

Hong Kong sets five-year tech goals, expands baby bonus By Alan Wong

ONG Kong Chief Executive John Lee set out plans to almost double the city’s spending on innovation in coming years and offered greater financial support for new parents, as his government seeks to build new growth engines growth and arrest a decline in births. The innovation target was announced Wednesday as Lee unveiled Hong Kong’s first five-year development plan. The city will strive to make total domestic expenditure on innovation activities account for 3 percent of gross domestic product after 2030, up from 1.63 percent in 2024. “We will closely align with our country’s strategic technology areas,” Lee said in a speech, naming life and health technology, artificial intelligence and robotics, and microelectronics among focus areas. China’s research and development expenditure accounted for 2.8 percent of GDP last year. Lee followed the five-year plan with his annual policy address, which set out measures for putting the longer-term blueprint into effect and offered more immediate support to households. The government will extend the one-time newborn baby bonus of HK$20,000 ($2,550) for three years through October 2029 and raise the payment for second and subsequent children to HK$30,000. Homebuy-

the far right. “This just shows that they don’t want to govern at all and are looking desperately for an exit through provocation,” De Masi said in a statement. Wagenknecht has so far stood by her plan to pave the way for an AfD government. Rather than outright support for the far-right, the BSW founder said that if the other parties don’tbacka non-partisan state premier who governs with shifting majorities, the party’s five lawmakers will abstain in a third premiership ballot. That would leave the remaining non-AfD factions in Saxony-Anhalt—the CDU, Social Democrats, Greens and Left party—having to oppose Siegmund as a united block. If one other lawmaker breaks rank, Siegmund will become the first farright state premier since the fall of the Nazi dictatorship in 1945. With assistance from Arne Delfs and Michael Nienabe /Bloomberg

ers who buy an apartment within one year before or two years after the birth of a child will also receive a HK$20,000 reduction in stamp duty. The existing newborn bonus was first announced in the 2023 policy speech for an initial three-year period. Lee emphasized national security in the policy address, calling it a “never-ending process” that must not be overlooked in the pursuit of development. The government will continue to strengthen the legal system and enforcement mechanisms for safeguarding national security. To promote patriotic education, the city will establish a museum to showcase China’s achievements in areas such as technology, sports and culture. The emphasis continues a central theme of the Hong Kong government since Beijing imposed a National Security Law in 2020 that has silenced dissent and led to the imprisonment of dozens of critics, including former media mogul Jimmy Lai. Lee, a former security chief, said the enforcement of security laws has provided the stability and predictability needed for economic growth, describing

the former British colony as a “safe harbor” for development. The new five-year plan calls for AI to become a core industry for Hong Kong and be applied more widely across finance, trade, logistics, professional services and healthcare. The government will expand computing infrastructure through a Sandy Ridge data facility due to start operating by 2029 and review legislation to support wider AI use. A key part of Lee’s technology drive is the Northern Metropolis project bordering the mainland city of Shenzhen. That development is intended to provide land, infrastructure and talent for tech and emerging industries. He set a binding goal of increasing “spade-ready sites”—plots that can be readily used for development—to 900 hectares by 2031 from 120 this year. The Hang Seng Property Index advanced as Lee highlighted crossborder initiatives and progress on the future tech hub. Developers with ample liquidity stood out, with Longfor Group, Hang Lung Properties and Sun Hung Kai Properties among the biggest gainers. The longer-term plan also seeks to enhance Hong Kong’s traditional roles as a center for finance and trade. The government plans to expand offshore yuan products, promote the currency’s use in settling public expenditure and develop a commodi-

ty-trading ecosystem with gold as an entry point. Hong Kong will seek to attract more global companies and talent, targeting annual growth of 4 percent to 5 percent in the number of businesses with parent companies located outside the city. Three university towns planned for the Northern Metropolis will combine education, research and industry, with student housing and other services designed to attract international talent. Lee did not set a hard target for GDP growth, saying only that the economy should expand at a pace “within a reasonable range” through 2030. The innovation goal aligns Hong Kong with China’s 15th Five-Year Plan, which puts technological selfreliance at the center of the country’s strategy. Beijing is seeking breakthroughs in fields including advanced chips, quantum computing and robotics as competition with the US intensifies and American export controls expose China’s dependence on foreign technology. Artificial intelligence is a particular focus. China’s national plan calls for AI to be deployed across the economy, including in manufacturing and other industries, as Beijing seeks to raise productivity and compete with the US for leadership in the technology. With assistance from Kiuyan

Wong, Shirley Zhao, Sangmi Cha and Nikita Koirala/Bloomberg

The bitter truth behind the Philippines’ palm oil push MAIL

‘Cannot afford’

DATA on Monday showed India’s inflation accelerated in August, moving closer to the top of the RBI’s 2 percent to 6 percent target range and potentially narrowing the scope for it to remain on hold for long. Market watchers now increasingly expect the central bank to raise the benchmark rate by 25 basis points at its policy decision on October 7, adding to the upward pressure on yields. “The next natural step will be to hike the policy rate in the October policy by 25bps, followed by another 25bps rate hike in December,” according to Kaushik Das, chief India economist at Deutsche Bank AG. As markets reacted to the RBI’s announcement of open-market bond sales, the selloff in shorter debt was more pronounced. Yields on five-year notes jumped 21 basis points on Tuesday, the most since May 2022, outpacing a 6-basis-point increase in 10-year yields. Similar-maturity US Treasury yields rose to the highest since 2007 later the same day. Foreign investors cut their holdings of index-eligible Indian bonds by 24.7 billion rupees on Tuesday. That followed an outflow of 47.3 billion rupees on Friday, which was the biggest since April last year. Indian markets were shut on Monday. “The bond market is bearing the immediate fallout” of the RBI’s aggressive pivot toward outright OMO sales, said Naveen Ramnani, chief dealer of treasury and investment at UCO Bank. Bloomberg

Thursday, September 17, 2026 A15

HIS is in response to your editorial on September 16, 2026, entitled “Palm oil volatility: Time to bet on local production.” Essentially, you are supporting the Department of Agriculture’s (DA) plan to expand palm oil plantations in the Philippines. And you cite as an example DMCI tycoon Consunji’s venture into the cultivation of palm oil via Sirawai Palm and Rubber Corp. (SPRC) in Mindanao, which has a plant now, pay later scheme. Admittedly, we do not have data on how much the outgrowers of the company cultivating around 2,500 hectares of oil palm in Mindanao are earning. We know though how Consunji’s oil palm plantation in Candoni, Ne-

gros Occidental, called HAPI Inc. is affecting more than 1,000 families in the 6,652 hectares targeted for the plantation under an Integrated Forest Management Agreement (IFMA). It was allowed to operate by the DENR without an Environmental Compliance Certificate (ECC) and a Free, Prior and Informed Consent (FPIC) from the indigenous communities residing there. Some 4,000 hectares are part of the ancestral domain of the Magahat and Bukidnon tribes. Other than that, HAPI Inc. had already completed extensive terracing of over 1,000 hectares in the IFMA area. Locals reported that the terracing has led to soil erosion and the drying up of rivers, affecting nearby flora and fauna. Other than that, it had bulldozed sugarcane fields and subsistence crops, polluted streams, and families displaced with neither relocation nor due process. Because of the opposition of the residents there, the military has deployed the 15th and 47th Infantry Battalions and Special Civilian Armed Auxiliary (SCAA) forces, who patrol the plantation. In addition

to this, approximately 200 armed guards, some with shotguns, have been deployed. Some threaten them with “trespassing” on land they have long farmed. As such, the indigenous communities face threats and surveillance, farmers are intimidated during supposed “consultations” and cases of military tagging of activists as armed rebels have sown fear and restricted organizing in the area. Other than that, in other areas of the country, the palm oil industry only benefits corporations and not farmers as the DA wants to project. In the most recent research of UMA on oil palm expansion in Palawan, farmers cooperatives who have growership agreements with Agumil are only paid often as low as P2.70 to P3.00 ($.04-.047) per kilogram of fresh fruit bunches (ffbs) of palm oil. This is way below said cooperatives agreement with Agumil for a floor price of P6.00 (US$.095) per kilogram of ffbs. This is still way below the price in Sambas, Kalimantan in Indonesia, where the price of ffbs in the field is IDR2,400 or P8.40, while if it is brought to the mill it is IDR 3,200 or P11.21 or almost double the P6 per

kilo that Agumil dictated in the contract with cooperatives in Palawan. In 2021, data from UMA’s network in Bohol, called WDC/KINABUHI Network reported that they only bought the ffbs of the palm oil farmers from P2.00-P3.80 per kilo by Palm Inc., which is also owned by Agumil. Other than that, Agumil leases the land of farmers in both Palawan and Bohol at very low prices. For the 1st five years it is only P1,000 ($15.99) per hectare per year; for the next 6 to 10 years, it is only P2,000 ($31.98) per hectare per year; and on the 10th year up, it is only P3,000 ($47.97) per hectare per year. The first five years yearly lease is only equivalent to P83 (US$1.33) per month, which is a cruel joke to say the least. In conclusion, palm oil expansion only benefits corporations to the detriment of the farmers who are paid measly sums for their fresh fruit bunches and if their lands are leased to corporations for palm oil production. Aurelio Estrada Media Officer Unyon ng mga Manggagawa sa Agrikultura

EU calls for closer alliance with Canada to aid trade, security By Andrea Palasciano and Jorge Valero

“We want to bring the relationship with Canada to the highest level possible,” von der Leyen will say in Strasbourg, France, according to a draft of the speech seen by Bloomberg. Canadian Prime Minister Mark Carney will be in attendance and will make his own speech Thursday. Carney warned earlier this year that the “rules-based international order” was effectively dead and has made repeated calls for so-called

middle powers to band together to oppose the pressure tactics and intimidation of the world’s dominant economies. Bloomberg reported earlier that the transatlantic allies were in talks to forge a new alliance to ensure their security. A spokesperson from the commission didn’t immediately reply to a request for comment. Carney’s government, economically shaken by a trade war with the US, has made a deeper EU partner-

ship a top priority and is actively looking at everything short of actual membership. Canada’s priority list includes concluding the ratification of CETA, the EU-Canada Comprehensive Economic and Trade Agreement, an accord that was negotiated a decade ago but that still hasn’t been formally approved by 10 European countries, according to people familiar with the discussions. “In this new world, we must urgently re-imagine our partnerships,” von der Leyen will say. “And build global coalitions for our resilience and democracies.” Von der Leyen will also discuss manufacturing, tech, defense and energy cooperation, and citing the Arctic as a “flagship joint project.”

Mangun. . .

fundamentals and fiscal consolidation, which suggests the strategy works on the audience it was built for. The market for Philippine sovereign debt will eventually do what merchants did with the late Roman denarius. It will weigh the coin rather than read the face value stamp.

A narrowing deficit financed by a widening debt stock is the same fiscal position, described from its better angle and held up a little longer by an audience still willing to trust the number on the face. But it is not free money bought with good management. The peso does not know

HE European Union and Canada are planning to form a new type of alliance, based on trade and security, European Commission President Ursula von der Leyen will say in her state of the union address Wednesday.

continued from A14

since investors respond to trend lines and comparative regional standing. Moody’s affirmed the country’s Baa2 rating late last month, citing resilient

Outstanding issues would also include ironing out differences over EU’s carbon pricing tool on imported goods, its deforestation and pesticides rules. Canada, unlike the UK, has been granted access to SAFE, the bloc’s €150 billion ($173 billion) loan program for defense procurement. Canada and the EU will be expected to make progress ahead of their summit in Montreal in October, at which they could sign a digital trade agreement that it’s been in the works, said the people, who spoke on the condition of anonymity. “Europe and Canada believe in democracy,” von der Leyen will say. “That power does not belong to the strongest, the richest or the loudest.” Bloomberg which number was on the press release. The bond market, eventually, does the arithmetic itself. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

A16 Thursday, September 17, 2026

Sports BusinessMirror

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

YULO BROS FOCUSED; ALAS YIELDS TO CHINA

T CARLOS YULO (second from left) strike a pose during a break in training in Tokushukai Gymnastics Club in Kanagawa, Japan, with (from left) coach Aldrin Castañeda, Bethel Solano, brother Karl Eldrew Yulo and Josh Garcia. CARLOS YULO PHOTO

Lanao del Norte all set to host first-ever Mindanao Youth Games

By Josef Ramos

HE Philippines has never won a medal of any color in the Asian Games and that’s what brothers Carlos and Karl Eldrew Yulo are locked in five days ahead of the men’s gymnastics competition of the games’ 20th edition in Nagoya. They’re not 100 percent locked and loaded just yet, but come the qualifications on Monday at the Nagoya General Gymnasium Rainbow Hall, they’ll peak in time. “They’re 70 percent ready in all aspects—physically and mentally,” Carlos Yulo’s personal trainer and coach Aldrin Castañeda told the BusinessMirror upon their arrival in Nagoya on Wednesday. “In fact, they’re happy.” The closest the Philippines got to the Asian Games podium in men’s gymnastics was in Jakarta 2018, when an inexperienced Carlos Yulo, then 18, wound up fourth in vault. With two gold medals from the Paris Olympics and a three-time world champion, Carlos Yulo brings to Nagoya the elite aura of a global icon that many expect to be complimented by Karl Eldrew, younger at 18 but already packing two world championships bronze medals and one gold, two silver and one bronze medals from the Asian championships. The Yulos—with Castañeda and physiotherapists Bethel Solano and Josh Garcia—were in their final training camp at the Tokushukai Gymnastics Club in Kanagawa, Japan, since September 2. The team had as company who could perhaps be the Yulo’s fiercest rival—Paris 2024 individual all-around gold medalist Shinnosuke Oka of Japan—in Kanagawa. “So far so good, his strength stays on the floor exercise and vault,” said Castañeda of the elder Yulo, who won both apparatus in Paris. “The brothers are really working so hard to upgrade and improve their routines in all apparatus.”

Carlos Yulo will compete in all six apparatus in Nagoya—floor exercise, vault, rings, parallel bars, pommel horse and horizontal bar.

Alas Women praised despite loss to China IN Okazaki, the Alas Pilipinas Women gave China a big scare, but ran out of steam and absorbed an 1825, 22-25, 8-25 defeat on opening of the volleyball competition at the Okazaki Sogo Park. Despite the straight-set defeat, Alas Japanese coach Taka Minowa was satisfied with team’s performance. “I’m happy,” he said. The game only served as a warm-up for the National as they need only to beat the Kazakhstan on Thursday to advance to the knockout stage. “Good warm-up for us,” added Minowa, husband of Filipino star Jaja Santiago. Drawing inspiration from the support of a small group Filipinos, chanting “Pilipinas! Pilipinas!,” the Nationals fought the Chinese tooth and nail in the second set, but the reigning champions were simply too strong. The second set was the most exciting part of the game as the Nationals tied the game at 20-all, but Xin Teng joined forces with Zhuang Yushan and 19-year-old Wang Aoqian to end Alas’s spirited comeback. Tang led China’s assault with 19, including 8 in the second frame while Zhuang and Wang combined for 30 points. Even local fans cheered for Alas, which got 14 points from Angel Canino and 10 from Eya Laure. Alyssa Solomon added 9 points while Bella Belen and Shai Nitura were held to one point each, but their efforts did not go to naught as they were wildly applauded. Even Asian Volleyball Federation President Ramon Suzara was elated with how the Nationals played, describing their performance as “Impressive.” With POC Media Pool

THE Italian cruise ship Costa Serena arrives at a port in Nagoya on Tuesday. AP

No athletes’ village, but a seaside stay

AGOYA, Japan—All Aboard. The Italian cruise ship Costa Serena that will house up to 5,000 officials and athletes for the Asian Games in Nagoya, Japan, received its official welcome on Tuesday at Kinjo Pier in the host city. The 16-day games open Saturday and run through October 4. Without a dedicated athletes village, officials are using the cruise ship, hotels and converted containers to house more than 11,000 athletes—that’s more than the 10,700 athletes who attended the Paris Olympics in 2024. “So, today our ship becomes more than a destination,” ship Captain Federico Sias said at the Tuesday ceremony. “It becomes home where athletes and guests from across Asia can come together in the spirit of friendship, mutual respect and unity.” Officials have not released an official count of athletes, but the number could match the 12,000 that participated three years ago in the games in Hangzhou, China. The Asian Games, first held in 1951 in New Delhi, includes 45 countries and regions and 43 sports—many Olympic disciplines and a few regional specialties. To adjust to the limited space, many teams are expected to stagger arrivals of athletes and officials. Athletes in early events will leave and make way for others.

All eyes on Lady Bulldogs as SSL Unity Cup gets going at Rizal Memorial PHILIPPINE Sports Commission chairman Patrick Gregorio (third from left) with (from left) Rep. Sittie Aminah Dimaporo, Governor Mohamad Khalid Dimaporo and PSC Commissioner Matthew “Fritz” Gaston. PSC PHOTO

ANAO Del Norte is set to make history as it hosts the first-ever Mindanao Youth Games (MYG) from April 11 to 1 next year in partnership with the Philippine Sports Commission (PSC), signaling the transformation of the province into a premier sports destination. At the heart of the MYG is the Mindanao Civic Center (MCC), a sprawling 70-hectare sports complex in Tubod where thousands of athletes aged 18 and under from 33 cities across six Mindanao regions will gather and compete, with Timor Leste joining as a guest team. “When I went there last month, I was really impressed and awed by the facilities. It’s really world-class,’’ said PSC Chairman Patrick Gregorio during Tuesday’s launch at the PSC Media Room at the Rizal Memorial Sports Complex in Manila. “We will raise the level of the Games here so that new athletes and future national athletes from Mindanao can be discovered,” Gregorio added. Competitions will span 12 to 15 sports, including football, athletics, swimming, basketball, volleyball, archery, tennis, combat sports, and weightlifting. The MCC boasts a FIFA-certified football pitch, a World Athletics-standard track and field oval, an Olympic-size swimming pool, a 5,000-seater gymnasium, venues for archery, tennis, combat sports, and weightlifting and a 5-star hotel. “We’re very happy to host the Mindanao Youth Games. And we’re very happy to work together with the PSC to bring in better sports experiences for our athletes,” said Lanao Del Norte Governor Mohamad Khalid Dimaporo, who was accompanied by his sister Lanao Del Norte Second District Rep. Sittie Aminah Dimaporo in the launch. Aside from the existing facilities, a baseball/softball diamond will soon rise with support from the PSC and the Philippine Amateur Baseball Association. The MCC is no stranger to history, having hosted the 2003 Palarong Pambansa. With upgraded facilities, it is now poised for even bigger events, including Batang Pinoy in 2028 and potentially another Palarong Pambansa. It will host the MYG for three consecutive years until 2029. “We want every tournament we host to be sustainable. As Chairman Pato said, how will the kids get to their dreams if they’re not even given the chance to compete?” Rep. Dimaporo said. “This MYG hosting is a dream that will become a reality for our province,” said Lanao Del Norte First District Rep. Imelda “Angging” Quibranza-Dimaporo, who hosted Gregorio and the PSC team when they visited the MCC during the Lanao del Norte Sports and Youth Summit last month.

Alas an ace of a rookie

Kieffer Alas—seen here escaping past Toper Lagat—scores 24 points in his University Athletic Association of the Philippines (UAAP) debut as Ateneo de Manila routs University of the East, 101-74, in men’s basketball action on Wednesday at the SM Mall of Asia. Alas’s output is the second most by a league rookie since Jerrick Ahanmisi’s 28 points in Adamson University’s 104-85 win over University of the Philippines on September 4, 2016. It also marks the first time that Ateneo breaks the 100-point mark since the Season 84 bubble on April 21, 2022, in a 101-51 victory over University of Santo Tomas. UAAP PHOTO

ATIONAL University puts its dynasty on the line against 16 other teams itching to end its four-year reign and bag the hefty cash incentive as the 2026 Shakey’s Super League (SSL) Unity Cup takes center stage on September 25 at the Rizal Memorial Coliseum. The Lady Bulldogs brace for another tough competition from six University Athletic Association of the Philippines squads and 10 National Collegiate Athletic Association teams in the league’s much-anticipated centerpiece tournament backed by Shakey’s Pizza Parlor, Peri-Peri Charcoal Chicken, Potato Corner and R and B Milk Tea. This year, SSL, through its main backer

Shakey’s Pizza Asia Ventures Inc. (SPAVI), is adding cash prizes for podium finishers, with the champion bagging P1 million, P600,000 for the runner-up and P300,000 for the third placer. Individual award winners get P10,000 each while the tournament Most Valuable Player will be given P30,000 cash. “After our successful staging of the Shakey’s Girls Volleyball Invitational League and the

Recah ON my very first day to sit at press row, back in the days when the basketball universe revolved around the Rizal Memorial Coliseum and the MICAA (Manila Industrial and Commercial Athletic Association) was the big league and not the PBA (Philippine Basketball Association), my noobie soul was rocked by an excited cry behind me. “May sinuntok si Recah sa labas! May sinuntok si Recah!” (Recah punched someone outside. Recah hit someone.) A sports scribe announced the news with great urgency as he climbed atop the barrier between box audiences and the hardcourt to ease himself into his media seat (“box” was how the ringside (VIP) section was called back in the day). I forget now which sportswriter it was who delivered that message. But the row of all-male sportswriters seated beside me at the press table merely gave a “what else is new” shrug or laughed out loud while savoring the info. As for me who was there on my first official use of my press card, squeezed in between the male of the species, I was stumped. Who in heaven’s name was Recah? Who is this female so tough in this Vito Cruz-Leveriza

neighborhood that socks people and nobody finds it surprising? Eventually, Recah herself—nay, himself— came in, murmuring something. A bit red in the face because he was buoyed up by spirits, he did not look at all female to me. With wavy, brownish hair and a face I would even describe as angelic, he nonetheless emitted an aura of toughness, coated by a street-wise veneer. Much like how the action star Rudy Fernandez came across during his heyday. Back then I already knew Recah was one of the heavies of the sports journalism profession I had bravely invaded. He was the quintessential sports scribe who always got the stories, dissected issues clinically, and expressed his opinions with unflinching honesty. He wasn’t just throwing punches at bullies with his bare fists, as he did at Rizal Memorial,

National Invitationals to start the season, of course, we want this year’s Unity Cup to be bigger, thrilling, and explosive,” said Dr. Ian Laurel, president and chairman of SSL organizer Athletic Events and Sports Management Inc. during the competition’s press conference on Wednesday at the Shakey’s Quezon Avenue branch. Also present during the press launch were SPAVI President and

CEO Vic Gregorio, SPAVI General Manager Oliver Sicam and SPAVI Marketing Head Regina Asa, as well as coaches and key players from participating teams. “Since 2004, Shakey’s has been there supporting the growth and development of the sport here in the country,” Gregorio said. “And Shakey’s continues that commitment through the staging of the SSL.” Intense volleyball action remains the same despite reigning UAAP champion De La Salle University taking another leave of absence due to injuries to some of its key players. THEY’RE all ready to dig in the giant pizza— Adamson University’s Maria Ysabella Sapienza, Arellano University’s Keisha Alexa Abitira, Ateneo’s Donna Mae De Leon, Saint Benilde’s Zen Basillo, Emilio Aguinado College’s Cara Dayanan, Far Eastern University’s Jazz Ellarina, Jose Rizal University’s Patricia Del Pilar, Letran’s Leonilyn Padilla, Lyceum’ Roxie Dela Cruz, Mapua’s Juliana Estudio, National University’s Arah Panique, San Beda’s Angel Habacon, San Sebastian’s Kleineross Abraham, University of Perpetual Help’s Caitlin Howard, University of Santo Tomas’s Nina Robles, University of the East’s Cheska Penol and University of the Philippines’ Yesha Noceja. BERNARD TESTA

he did so too with his hard-hitting column in the Philippine Daily Inquirer called “Bare Eye.” He was respected, admired, feared, cherished. If Recah approved of something, though a certain way or leaned towards a certain direction, that was more often than not, the right way. But he was more than just a sports journo. Recah’s fame and talents went beyond the playing field, the greens, the Olympic-sized pools or the boxing rings. Deep inside his tough exterior was a deeply sensitive core. He had a soft heart, but a fighting one. He wove magic with his pen. His columns were not just prose, but literary treasures. He wrote poetry. In fact, he won a Palanca Award for Literature for his poem, “Acrobat from Planet F,” a rich allegory about the delicate, perilous and high-stakes performance of maintaining artistic integrity and delivering truth in a heavily restricted world.” Written in 1978, Recah’s work was an indirect but passionate critique about the restrictions imposed by martial law. Recah was a dear friend and associate of national artist Nick Joaquin. In 2013, Recah’s alma mater, University of Santo Tomas, published “Tales From My Lost River,” an illustrated novella that recalls his youth spent near the Pasig River in Mandaluyong, where his family is legend in

their home turf, Barangay Vergara. Besides being just a writer, columnist and poet, Recah was also a great organizer. He was the founding editor of Tempo, the tabloid that still continues to sell in the streets today. He also founded Sports Flash, one of two pioneering sports magazines that came out during martial law, the other being Sports World, to which I owe my first press card. He was editor of the outspoken newspaper, WE Forum, home to many dissenting voices during those dark days, and Malaya. But Recah was not all seriousness and gravity. He was a regular guy, a joker, a drinking buddy, a friend. As his Inquirer comrade Al Mendoza can attest to, Recah Trinidad’s one-liners and sardonic quips were the life of the party. Recah’s wife, Fe Lacsamana, was his soulmate and workmate—a talented and devoted photo journalist who provided the images to complement his prose. Their son Chino, the broadcast journalist and producer, who passed away suddenly in 2024, inherited his father’s clarity of thinking, strong principles, sense of humor and pakikisama. Two other sons, Paolo and Baste, and six grandchildren will carry on Recah’s legacy into the future. So long, Recah. Idol kita, Ser. Salute. We will miss you.

Companies BusinessMirror

Editor: Jennifer A. Ng

Thursday, September 17, 2026

MALL, MOVEM TEAM Toyota PHL seeks clarity on FESTIVAL UP FOR EV CHARGING STATION LTFRB rules for TNVS slots M

By Bless Aubrey Ogerio

@blessogerio

OYOTA Motor Philippines Corp. (TMP) is asking the Land Transportation Franchising and Regulatory Board (LTFRB) to clarify its new rules limiting 7,500 TNVS slots for the National Capital Region (NCR) to battery electric and plug-in hybrid vehicles. The company raised the issue following the LTFRB’s issuance of Memorandum Circular (MC) opening 7,500 Transport Network Vehicle Service (TNVS) slots in Metro Manila, including the Metro Manila Urban Transportation Integration Study Update and Capacity Augmentation Project (MUCEP) area. The circular, which took effect last August 27, limits eligible vehicles to battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), excluding conventional internal-combustion engine (ICE) vehicles, non-plug-in

hybrids and other vehicle technologies. TMP Senior Vice President for Marketing Division Sherwin T. Chua Lim said the circular did not state the basis for restricting eligible vehicles to the two drivetrain types. “In the memorandum, there’s no explanation or basis for choosing the specific drivetrain that’s included in the TNVS,” Chua Lim said during a media roundtable in Makati on Tuesday. TMP said it has formally communicated its concerns to the LTFRB, including the treatment

of hybr id vehicles under the country’s electric-vehicle policy framework. The automaker cited Republic Act 11697, or the Electric Vehicle Industry Development Act (EVIDA), which includes hybrid electric vehicles (HEVs) in its classification of electric vehicles. TMP also pointed to the government’s Electric Vehicle Incentive Strategy (EVIS), which includes HEVs in its vehicle-electrification framework. Beyond hybrids, the company is asking the LTFRB to consider modern ICE vehicles for TNVS operations, citing improvements in fuel efficiency and emissions performance.

“We also believe modern lowdisplacement engine technologies in today’s compact ICE vehicles have significantly improved in terms of fuel efficiency and reducing emissions. Including these vehicles in the options can benefit both the operators and the riding public,” TMP said in its letter. Chua Lim said LTFRB officials have indicated that the company’s concerns could be considered, although the agency has yet to revise the eligibility rules. “They’re open. When we met with the executive director, he said, we already talked about it. So we’ll consider it,” he said. “But nothing’s happening right now. Of course, until they change it, that’s the only time we will be quiet about it.” The LTFRB has separately adopted different vehicle eligibility rules for TNVS slots in other regions. In a September 6 announcement, the agency said half of the 650 TNVS slots in the Ilocos Region and half of the 600 slots in the Bicol Region were allocated for electric vehicles, while the remaining slots remained available to conventional vehicles.

OVEM Electric Inc. (Movem), the wholly ow ned end-to-end electric mobility solutions provider of the Manila Electric Co. (Meralco), and Filinvest Malls have partnered to deploy an electric vehicle (EV) charging station at Festival Mall in Muntinlupa City. Located at the Alabang-Zapote (A-Z) parking area of Festival Mall, the facility integrates EV charging infrastructure with a digital advertising platform. The charging station is supported by ChargeM, Movem’s mobile application that gives EV users a seamless way to access and manage their sessions. Through the platform, users can access Movem chargers and manage their sessions. “This integration brings together sustainability, technology, and everyday convenience, helping make electric mobility more accessible and practical for users.” The project also marks a strategic collaboration between Movem and Filinvest Malls as both organizations work toward making communities and properties more prepared for the continued growth of EV adoption. Beyond Festival Mall, Movem

is set to support Filinvest’s broader EV requirements across its portfolio, including commercial, residential, and office developments, helping future-proof its properties and contribute to the country’s growing electric mobility ecosystem. “Our partnership with Filinvest at Festival Mall brings reliable and convenient charging closer to where people live, work, and spend their time. As a destination where people come together for their everyday activities, Festival Mall provides a natural setting for EV charging to be part of the customer experience. Through the ChargeM app, we complement the physical charging infrastructure with a seamless and user-friendly digital experience, making EV charging easier and more accessible while supporting the continued growth of electric mobility in the Philippines,” said Movem President Ralph Menchavez. Meanwhile, Filinvest Development Corp., through its joint venture with ENGIE called Philippine DCS Development Corp. (PDDC), is expanding centralized cooling solutions to help commercial and mixed-use developments to reduce electricity and water use. Lenie Lectura

Thursday, September 17, 2026

Companies BusinessMirror

Alternergy board gives nod to ₧2-B green bond offering

By Lenie Lectura

@llectura

HE board of Alternergy Holdings Corp. has approved the issuance of P2 billion in green fixed-rate notes, marking its entry into the Philippine debt capital markets. In a statement, the company said on Wednesday the notes will be offered to qualified institutional buyers (QIBs) and will have a tenor of 1.5 years. The proceeds will primarily support the pre-development requirements of Alternergy’s projects awarded under the Department of Energy’s (DOE) Fourth Green Energy Auction (GEA 4), as well as other projects in the company’s development pipeline.

Further, the company may utilize it for general corporate purposes, including the full payment of existing loans. “This maiden issuance in the Philippine debt capital markets marks an important milestone for Alternergy as we position the company for its next phase of growth,” said Gerry Magbanua, president of Alternergy. “It will strengthen our financial flexibility and provide

additional resources to advance our expanding portfolio of renewable energy projects, particularly those awarded under GEA 4.” The issuance has received investment grade rating of PRS Aa Minus with a Stable Outlook. The notes will bear an interest of 7.75 percent per annum. Interest will be paid quarterly, while the principal will be repaid in full upon maturity. BDO Capital & Investment Corp. has been appointed as the sole issue manager and arranger for the transaction. The notes will be listed on the Philippine Dealing & Exchange Corp. (PDEx). Alternergy continues to advance its “Triple Play Portfolio” strategy through a diversified renewable energy platform spanning wind, solar, and run-of-river hydro. This integrated mix is designed to build

a balanced portfolio of complementary power generation and diversified revenue streams across varying seasonal conditions. To date, the company has 119 megawatts (MW) of operating portfolio across the Philippines and the Republic of Palau. The company expects its operating capacity to increase to approximately 311 MW by end-2026, as its 128 MW Tanay Wind and 64 MW Alabat Wind projects advance toward commercial operations. Both projects were awarded under the DOE’s GEA 2. Meanwhile, the projects awarded include Liberty Solar, Kalandagan Solar, Alegria Wind and Tayabas North Wind, with a combined potential capacity of approximately 762 MW. The proceeds of the issuance will primarily be utilized to support these projects.

ACE Medical Center DPO gets SEC nod

HE Secur ities and Exchange Commission (SEC) has approved the direct public offering (DPO) of Allied Care Experts (ACE) Medical Cen-

ter-Pateros Inc. and the rental pool program of Po-led property firm Arthaland Corp. ACE Pateros will offer 15,000 common shares, divided into 1,500

blocks with 10 shares each. The shares will be priced at up to P1,000 apiece. The DPO was registered under the Securing and Expanding Capital for

MUTUAL FUNDS

Hospital Entrepreneurs program, or SEC HOPES, the agency’s program that streamlines the registration process for public offerings intended to finance hospital projects. VG Cabuag

September 16, 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. -A209.87 -1.92% 1.38% -1.05% -2.42% -1.97% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.3809 14.34% 17.68% 9.2% 5.5% 10.15% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.8209 -1.32% 0.25% -1.43% -4.11%-1.06% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7562 0.85% 4.19% 0.49% N.A 3% FIRST METRO CONSUMER FUND, INC. -A 0.4997 -13.37% -8.03% -8.3% N.A -10.14% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.2803 -4.08% -1.5% -2.94% -2.29% -2.12% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6399 -1.14% -1.34% -2.86% N.A-0.42% MBG EQUITY INVESTMENT FUND, INC. -A 69.93 -17.95% -7.34% -6.51% N.A -21.83% PAMI EQUITY INDEX FUND, INC. -A 41.8643 1.14% 0.47% -1.56% -1.97% 1.22% PHILAM STRATEGIC GROWTH FUND, INC. -A 440.05 -2.11% 1% -1.55% -2.16% -2.11% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6016 5.36% 11.64% 5.73% 2.18% 2.58% PHILEQUITY FUND, INC. -A35.6254 3.96% 3.27% 0.62% -0.4% 3.47% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9536 9.02% 5.28% 1.58% N.A 7.42% PHILEQUITY PSE INDEX FUND, INC. -A 4.5352 1.87% 1.51% -0.51% -1.19% 1.47% PHILIPPINE STOCK INDEX FUND CORP. -A 746.16 1.62% 1.13% -0.83% -1.37% 1.52% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7105 2.82% 2.85% 0.2% -2.4% 1.2% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.099 -6.29% -1.32% -2.91% -2.95%-3.44% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8361 1.46% 0.71% -1.2% -1.63%1.47% UNITED FUND, INC. -A3.61610.38% 6.47% 2.1% 0.55% 9.99% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0479 1.74% 1.15% N.A N.A 1.45% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0354 -1.18% N.A N.A N.A -0.78% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9058 -3.77% -2.62% -3.66% N.A -4.08% PHILIPPINE STOCK INDEX FUND CORP. -A 900.39 1.62% 0.92% N.A N.A 1.57% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 101.8227 1.94% 1.35% -0.51% -0.97%1.81% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.2296 23.98% 14.35% 0.63% 3.22% 20.02% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4318 14.01% 15.7% 5.78% 8.99% 9.33% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A N.A N.A N.A PHILEQUITY GLOBAL FUND, INC. -A,2 1.0615 N.A BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1786 2.11% 0.84% -0.26% -0.83% 1.79% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7142 6.91% 5.56% 0.46% -0.54%4.76% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4961 0.82% 0.74% -0.99% -0.51%1.39% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2292 -1.38% 6.58% 3.34% N.A-1.16% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 1.9773 2.21% 0.96% 0.19% 0.34% -1.26% PAMI HORIZON FUND, INC. -A3.7114 -0.04% 2.73% 0.17% -0.27% -2.07% PHILAM FUND, INC. -A15.6855-2.14% 1.45% -0.97% -0.83% -2.03% SOLIDARITAS FUND, INC. -A2.0982 0.69% 2.13% 0.41% -0.09% -0.1% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.3731 -2.88% 0.83% -1.07% -1.23%-1.47% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8831 -4.25% 0.53% -0.31% -1.03% -3.03% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.75 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9762 0.6% 1.98% -0.19% N.A -0.27% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8252 -2.11% 0.4% -1.8% N.A -1.97% -2.51% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.7928 -0.14% -2.3% N.A -2.27% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03259 -3.52% 0.47% -3.27% -0.98% -4.99% PAMI ASIA BALANCED FUND, INC. -B $1.1491 -5.31% 9.46% 0.9% 2.23% -5.03% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.6239 8.36% 11.45% 3.18% 5.92%5.35% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.2049 3.19% 6.81% 0.2% 2.43% 1.82% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 424.56 2.25% 3.21% 2.61% 2.51% 1.09% ATRAM CORPORATE BOND FUND, INC. -A 1.9891 2.3% 1.29% 0.61% 0.39% 1.56% COCOLIFE FIXED INCOME FUND, INC. -A 3.6025 1.28% 2.93% 2.14% 3.16% 0.08% EKKLESIA MUTUAL FUND, INC. -A 2.435 0.14% 2.88% 1.47% 1.36% -0.72% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.4971 -2.3% 1.08% 0.46% 1.08%-2.8% PHILAM BOND FUND, INC. -A4.4927 -1.77% 2.31% 0.06% 0.62% -2.54% PHILAM MANAGED INCOME FUND, INC. -A 1.5434 2.74% 4.47% 3.19% 2.94% 1.54% PHILEQUITY PESO BOND FUND, INC. -A 4.3246 1.18% 2.92% 1.67% 1.88% 0.27% SOLDIVO BOND FUND, INC. -A1.1295 1.73% 2.83% 1.69% 1.68% 0.8% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4405 -2.57% 2.09% 1.34% 1.94% -2.83% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8303 -2.22% 1.83% 0.89% 1.37% -2.87% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0145 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.46 1.6% 2.8% 1.73% 1.95% 0.64% ALFM EURO BOND FUND, INC. -A Є222.18 -0.33% 1.67% 0.13% 0.48% -0.71% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0479 -2.97% 0.4% -2.83% -0.72% -2.52% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0254 -3.79% 1.49% -0.62% 0.16%-4.15% PAMI GLOBAL BOND FUND, INC. -B $1.0467 -1.85% 7.8% -0.1% -0.52% -1.25% PHILAM DOLLAR BOND FUND, INC. -A $2.3946 -2.94% 2.73% -1.14% 0.54% -3.44% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0629781 -1.78% 1.29% -0.03% 1.04% -2.28% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8635 -2.54% 2.21% -2.27% -0.62%-2.36% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1882 2.72% N.A N.A N.A 1.87% ALFM MONEY MARKET FUND, INC. -A 152.95 4.11% 4.1% 3.2% 2.87% 2.74% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2258 3.43% 3.78% 3.04% N.A2.35% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5167 3.51% 3.59% 2.98% 2.77% 2.38% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.19 4.09% 4.31% N.A N.A 2.84% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1963 2.49% 3.31% 2.48% N.A 1.7% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.8862 5.9% 3.76% N.A N.A 3.85% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.8241 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5654 27.8% 22.1% 14.06% N.A18.22% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1933 10.61% 6.55% N.A N.A 6.96% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS)

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PSE STOCK QUOTATIONS

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

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG LMG CORP MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

49.2 114.1 10.58 100.6 51.25 13.04 10.06 62.15 6.92 78.4 50.6 22.95 63.85 21.65 0.48 1.39 4.01 0.355 0.098 2,600 1.42 208 4,800 1.23

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

50 114.9 10.68 101.9 51.9 14.28 10.08 62.3 6.93 78.5 51.3 23.05 64 21.8 0.51 1.4 4.15 0.385 0.105 2,650 1.43 209 4,900 1.26

49 115.8 10.4 102 52.1 14.6 10.08 63.2 6.92 78.75 52.5 22.95 64.5 21.95 0.495 1.42 4.15 0.42 0.1 2,600 1.43 212.8 4,800 1.28

49.5 115.8 10.7 102.3 52.1 14.6 10.08 63.5 6.92 79 52.5 22.95 64.5 22.1 0.495 1.42 4.15 0.42 0.105 2,600 1.45 213 4,800 1.3

48.8 113.2 10.4 99.8 51 14.3 10 62.05 6.92 77.4 50 22.95 63.5 21.6 0.465 1.4 4.12 0.42 0.1 2,600 1.42 208 4,800 1.21

49 114.9 10.58 101.9 51.9 14.3 10.08 62.15 6.92 78.5 51.3 22.95 63.85 21.8 0.48 1.4 4.15 0.42 0.105 2,600 1.42 208.2 4,800 1.26

10,900 2,489,550 4,700 1,293,960 378,750 800 804,400 4,956,680 4,200 536,090 6,050 29,500 103,860 76,200 39,000 152,000 12,000 10,000 310,000 65 2,924,000 7,500 315 2,175,000

533,890 284,337,008 49,622 130,616,455 19,494,941 11,482 8,079,884 309,310,424 29,064 41,940,689 306,372 677,025 6,664,481 1,662,370 18,470 212,870 49,770 4,200 31,050 169,000 4,152,430 1,581,868 1,512,000 2,718,600

-67,613,206 12,500,062 -8,780,878 1,382,314 -191,916,593 28,573,541 208,914 86,969 920,120 310 143,000 4,108,060 894,808 1,488,000 -

INDUSTRIAL ACEN CORP 2.55 2.6 2.62 2.63 2.51 2.6 6,396,000 16,323,720 1,175,150 1.33 1.34 1.38 1.39 1.3 1.34 7,496,000 9,986,890 -446,070 ALSONS CONS ALTERNERGY HLDG 0.7 0.71 0.72 0.72 0.7 0.71 629,000 442,120 45.2 45.3 45.4 45.45 44.85 45.2 1,623,800 73,500,745 -5,621,645 ABOITIZ POWER 1.08 1.1 1.08 1.07 1.08 70,000 75,250 RASLAG 1.08 0.106 0.107 0.107 0.107 0.105 0.106 4,160,000 439,680 21,400 BASIC ENERGY CITICORE RE 4.84 4.95 5 5 4.95 4.95 4,700 23,275 22.05 22.2 23.7 23.7 21.8 22.2 1,794,200 40,114,495 2,806,050 FIRST GEN 95.05 95.85 97.2 97.6 95.05 95.85 152,490 14,650,468 54,685 FIRST PHIL HLDG MERALCO 486.8 481.6 486 486 474.2 486 125,430 60,075,858 1,178,398 MANILA WATER 34.3 34.65 35.05 35.05 34.3 34.3 567,700 19,648,300 -7,706,890 17.2 17.7 17.8 17 17.2 4,511,100 77,735,826 1,979,326 MAYNILAD 17.26 2.28 2.35 2.4 2.28 2.28 1,682,000 3,878,180 120,670 PETRON 2.29 PETROENERGY 4.99 4.94 4.82 5.08 4.82 4.99 1,746,000 8,685,650 -54,800 PRYCE CORP 15.6 15.8 15.5 15.86 15.4 15.8 51,900 812,730 9.69 9.7 9.45 9.71 2,400 22,992 9.71 9.71 REPOWER ENERGY 16.7 16.76 17.58 17.58 16.68 16.7 1,344,100 22,794,738 -5,864,574 SEMIRARA MINING SYNERGY GRID 23.5 23.6 24.1 24.1 23 23.5 2,177,500 51,219,495 182,930 7.9 7.99 8 8 7.81 7.98 1,238,600 9,800,827 -2,733,669 SHELL PILIPINAS 9.32 9.4 9.31 9.31 16,400 152,947 SPC POWER 9.5 9.5 SP NEW ENERGY 1.2 1.21 1.22 1.23 1.2 1.21 5,492,000 6,641,240 43,560 TOP LINE 1.66 1.68 1.69 1.69 1.64 1.66 485,000 802,880 19 19 19 18.6 18.6 1,300 24,580 3,720 20.4 VIVANT 2.76 2.78 2.78 2.76 2.76 650,000 1,798,740 AXELUM 2.77 BALAI FRUITAS 0.31 0.31 0.305 0.31 0.31 0.31 10,000 3,100 -3,100 CENTURY FOOD 32.45 32.5 32.85 32.85 32.2 32.5 199,100 6,468,100 -1,357,415 3.47 3.5 3.5 3.56 3.5 3.5 25,000 87,760 -10,640 DEL MONTE DNL INDUS 3.4 3.41 3.42 3.42 3.37 3.4 4,052,000 13,783,970 -4,859,210 EMPERADOR 15.14 15.2 15.32 15.32 15.12 15.14 2,188,600 33,165,492 -8,456,732 44.9 45.6 45.9 45.9 44.8 44.9 170,500 7,671,675 -7,327,205 SMC FOODANDBEV 0.62 0.63 0.64 0.65 0.62 0.62 1,941,000 1,221,660 FIGARO GROUP ALLIANCE SELECT 0.395 0.43 0.395 0.45 0.395 0.43 1,080,000 443,500 0.64 0.65 0.64 0.64 0.64 0.64 57,000 36,480 FRUITAS HLDG 209.6 211 200 211.2 200 209.6 121,400 24,721,064 4,627,426 GINEBRA 142.1 147.3 147.6 142 142.1 769,630 110,567,931 -25,434,242 JOLLIBEE 142.2 KEEPERS HLDG 1.81 1.84 1.84 1.85 1.81 1.81 1,072,000 1,959,970 381,170 2.09 2.12 2.19 2.19 2.09 2.12 112,000 234,390 43,890 MAXS GROUP 0.071 0.073 0.075 0.075 0.073 0.073 70,000 5,230 MG HLDG MONDE NISSIN 6.65 6.75 6.7 6.85 6.63 6.75 919,100 6,163,929 1,071,225 ROXAS AND CO 2.47 2.49 2.5 2.57 2.49 2.49 55,000 139,680 5.23 5.25 5.26 5.26 5.2 5.23 974,700 5,095,334 -1,856,132 RFM CORP 0.053 0.055 0.055 0.057 0.055 0.055 300,000 16,660 SWIFT FOODS UNIV ROBINA 57.55 57.7 58.7 58.7 57.45 57.55 3,986,010 229,715,085 -32,044,228 VITARICH 0.49 0.51 0.51 0.51 0.51 0.51 10,000 5,100 0.4 0.405 0.395 0.41 0.395 0.41 130,000 51,800 ATN HLDG A ATN HLDG B 0.4 0.41 0.39 0.41 0.39 0.41 300,000 119,000 1.21 1.22 1.33 1.34 1.2 1.22 7,020,000 8,700,870 413,020 CONCREAT HLDG 2.05 2.08 2.05 2.15 2.05 2.08 171,000 356,110 EEI CORP 5.12 5.18 5.2 4.92 5.18 1,985,800 10,114,570 -223,753 MEGAWIDE 5.25 PHINMA 14.58 14.1 14.12 14.12 14.12 14.12 100 1,412 -1,412 SUPERCITY 22.5 19.22 22.3 16.5 16.5 19.22 13,500 298,753 1.84 1.85 1.87 1.87 1.83 1.84 154,000 284,900 CROWN ASIA 1.15 1.19 1.19 1.19 1.19 1.19 3,000 3,570 EUROMED MABUHAY VINYL 5.25 5.25 5.1 5.1 5.1 5.25 1,100 5,745 10.6 10.66 10.52 10.52 2,600 27,644 10.66 10.68 CONCEPCION 0.148 0.15 0.151 0.148 0.151 210,000 31,430 GREENERGY 0.151 INTEGRATED MICR 7.97 7.98 8.19 8.19 7.77 7.97 3,966,700 31,284,956 5,460,287 IONICS 3.29 3.23 3.2 3.45 3.18 3.3 7,115,000 23,587,690 -455,470 7.03 7.26 7.26 7.26 7.26 7.26 2,700 19,602 PANASONIC 1.36 1.38 1.34 1.41 1.31 1.38 3,219,000 4,406,240 740,810 CIRTEK HLDG STENIEL 2 2 1.98 2 2 2 18,000 36,000

HOLDING & FRIMS

ABACORE CAPITAL 0.335 0.34 0.34 0.345 0.335 0.34 4,010,000 1,364,100 -30,700 63 63.2 62.3 63.5 62.05 63 319,180 20,030,055 9,307,830 ASIABEST GROUP AYALA CORP 482.2 483.6 477 487.4 473.2 483.6 475,700 229,214,534 -122,836,270 ABOITIZ EQUITY 37 37.4 37.6 37.6 36.95 37.4 1,931,400 71,886,120 23,596,985 9 9.08 9 9.09 8.91 9 2,327,500 20,752,340 -19,104,143 ALLIANCE GLOBAL 16.6 16.62 16.62 16.54 16.54 12,900 213,500 ANSCOR 16.96 ANGLO PHIL HLDG 1.48 1.5 1.5 1.5 1.45 1.5 740,000 1,105,680 43,210 COSCO CAPITAL 8.01 8.1 8.25 8.25 7.97 8.1 2,856,600 23,030,234 -1,178,058 8.01 8.05 8.29 7.93 8.01 1,766,400 -2,312,326 DMCI HLDG 8.29 14,212,860 FILINVEST DEV 3.7 3.76 3.7 3.71 3.7 3.7 14,000 51,900 14,800 FJ PRINCE A 2.39 2.66 2.66 2.66 2.66 2.66 1,000 2,660 2.09 2.88 2.88 2.88 2.88 2.88 1,000 2,880 FJ PRINCE B 0.285 0.315 0.31 0.33 0.31 0.315 40,000 12,850 FORUM PACIFIC GT CAPITAL 432 435 442 443.8 431.6 432 64,280 28,000,660 -2,661,108 HOUSE OF INV 3.65 4.95 5 5 5 5 900 4,500 19.24 19.5 19.2 19.7 441,900 8,661,378 696,452 19.7 19.7 JG SUMMIT 0.485 0.49 0.52 0.49 0.49 6,770,000 3,387,400 -227,250 LODESTAR 0.495 LOPEZ HLDG 5.71 5.76 5.74 5.76 5.7 5.71 493,100 2,830,532 -23,043 15.1 15.2 15.38 15.38 15.08 15.2 974,900 14,796,156 1,432,324 LT GROUP 0.145 0.15 0.158 0.158 0.145 0.145 60,000 8,830 MABUHAY HLDG PACIFICA HLDG 0.86 0.89 0.88 0.88 0.88 0.88 33,000 29,040 1.01 1.16 1.16 1.16 1.16 1.16 1,000 1,160 PRIME MEDIA 1.17 1.19 1.2 1.2 1.14 1.17 252,000 296,950 74,930 SOLID GROUP 520 522.5 515 523.5 434,220 225,809,430 -79,592,420 SM INVESTMENTS 523.5 523.5 SAN MIGUEL CORP 62 62.6 62.65 62.65 61.8 62.6 230,080 14,379,948 -1,866,291 TOP FRONTIER 51.5 54.5 55.45 55.45 51.35 51.55 1,830 95,284 -5,545 PROPERTY AYALA LAND 15.18 15.2 15.48 15.48 15 15.18 11,794,500 178,873,070 22,127,224 1.18 1.19 1.2 1.2 1.15 1.19 173,000 201,400 32,870 AYALA LAND LOG ALTUS PROP 10.7 11.4 11.82 11.82 10.5 10.68 85,300 911,390 -31,760 ARANETA PROP 0.26 0.265 0.26 0.26 0.26 0.26 10,000 2,600 37.3 37.35 37.45 37.5 36.95 37.35 1,081,700 40,260,860 8,382,400 AREIT RT 0.82 0.83 0.8 0.86 0.8 0.82 470,000 394,130 A BROWN CITYLAND DEVT 0.6 0.6 0.57 0.6 0.56 0.59 769,000 441,450 -2,610 CROWN EQUITIES 0.089 0.091 0.089 0.089 0.089 0.089 620,000 55,180 2 2.04 2.01 2.01 2 2 248,000 496,400 42,240 CEB LANDMASTERS CENTURY PROP 0.62 0.62 0.6 0.6 0.6 0.62 4,097,000 2,518,440 -75,350 CITICORE RT 3.03 3.04 3.11 3.11 3.02 3.04 2,493,000 7,614,350 -1,962,650 11.9 12 12 11.9 11.9 108,800 1,300,858 14,304 DOUBLEDRAGON 11.98 1.02 1.03 1.03 1.04 1.02 1.03 5,812,000 5,984,290 -4,861,600 DDMP RT DM WENCESLAO 4.75 4.8 4.8 4.8 4.8 4.8 5,000 24,000 0.025 0.027 0.026 0.027 0.026 0.027 2,600,000 67,700 65,000 EVERWOODS 0.098 0.101 0.101 0.101 510,000 51,510 EMPIRE EAST 0.101 0.101 2.86 2.87 2.89 2.89 2.87 2.87 1,859,000 5,336,480 2,870 FILINVEST RT FILINVEST LAND 0.68 0.69 0.68 0.69 0.68 0.68 51,000 34,760 680 0.6 0.61 0.6 0.61 354,000 213,290 GLOBAL ESTATE 0.61 0.61 2.36 2.46 2.35 2.46 2.35 2.46 22,000 51,920 9,290 KEPPEL PROP MEGAWORLD 2.2 2.22 2.24 2.24 2.19 2.2 3,538,000 7,824,890 -3,810,620 MRC ALLIED 0.65 0.66 0.68 0.68 0.64 0.66 15,945,000 10,494,970 -653,840 13.78 13.86 13.7 13.9 13.7 13.86 1,632,400 22,530,946 19,123,218 MREIT RT 0.102 0.103 0.102 0.102 0.102 0.102 30,000 3,060 OMICO CORP PRMIERE HORIZON 0.174 0.178 0.167 0.18 0.167 0.179 80,000 13,970 -1,790 PREMIERE RT 1.03 1.03 1 1.03 1 1.03 260,000 262,530 1,010 6.77 6.8 6.73 6.8 6.69 6.8 2,655,300 17,909,381 1,409,685 RL COMM RT ROBINSONS LAND 16.72 16.8 17.04 17.04 16.68 16.74 105,700 1,769,510 -562,360 PHIL REALTY 0.106 0.112 0.112 0.112 0.112 0.112 10,000 1,120 2.87 2.96 2.96 2.8 2.87 243,000 690,270 60,070 2.88 ROCKWELL 3.09 3.1 3.15 3.15 3.09 3.09 83,000 259,040 SHANG PROP STA LUCIA LAND 1.79 1.81 1.84 1.86 1.79 1.79 18,000 32,440 -70 SM PRIME HLDG 17.32 17.36 17.6 17.6 17.26 17.36 13,237,400 229,205,046 -98,057,474 0.285 0.345 0.285 0.285 0.285 0.285 30,000 8,550 WELLEX INDUS SERVICES ABS CBN 3.21 3.24 3.25 3.25 3.21 3.24 156,000 503,480 3.86 3.87 3.89 3.89 3.85 3.87 197,000 762,060 GMA NETWORK DITO CME HLDG 0.62 0.63 0.65 0.65 0.62 0.62 10,324,000 6,510,060 821,870 GLOBE TELECOM 1,569 1,570 1,612 1,614 1,566 1,570 43,465 68,753,340 -28,993,120 1,139 1,148 1,148 1,124 1,139 64,800 73,376,245 -10,511,250 PLDT 1,140 0.006 0.0059 0.0059 0.006 135,000,000 810,600 APOLLO GLOBAL 0.0061 0.0061 CONVERGE 18,831,514 9.16 9.2 9.45 9.45 9.15 9.16 2,047,100 -12,063,659 ISLAND INFO 0.128 0.128 0.124 0.128 0.124 0.124 1,210,000 153,280 0.39 0.4 0.41 0.445 0.365 0.4 3,690,000 1,509,500 192,200 NOW CORP TRANSPACIFIC BR 0.116 0.119 0.116 0.12 0.116 0.12 610,000 72,400 -2,400 CHELSEA 0.87 0.87 0.83 0.84 0.83 0.87 274,000 235,600 25.05 25.15 25.25 25.25 25.05 25.05 88,600 2,228,520 97,655 CEBU AIR 922 927 951 952 922 922 1,917,450 1,783,763,370 -397,797,990 INTL CONTAINER LBC EXPRESS 7.03 8.01 8.02 8.02 8.01 8.01 400 3,207 0.64 0.66 0.64 0.64 0.64 0.64 1,000 640 LORENZO SHIPPNG 3.52 3.55 3.58 3.6 3.5 3.55 322,000 1,134,980 -295,060 MACROASIA 3.22 3.23 3.19 3.22 3.13 3.22 4,422,000 14,045,650 -586,550 PAL HLDG HARBOR STAR 1.8 1.81 1.81 1.84 1.74 1.8 3,324,000 5,942,160 181,980 0.03 0.031 0.031 0.032 0.03 0.03 11,700,000 352,800 6,200 BOULEVARD HLDG 0.95 1 0.95 0.99 0.95 0.99 3,000 2,890 -40 DISCOVERY WORLD PH RESORTS GRP 0.177 0.18 0.182 0.189 0.176 0.18 3,170,000 580,720 -117,170 CENTRO ESCOLAR 14.8 15 15.14 15.14 15.14 15.14 1,000 15,140 800 823 800 800 800 800 1,020 816,000 FAR EASTERN U 6.92 7.17 7.13 6.92 6.92 6,900 47,837 -1,426 IPEOPLE 7.18 STI HLDG 1.3 1.32 1.3 1.3 1.3 1.3 1,609,000 2,091,700 841,100 BELLE CORP 1.11 1.11 1.09 1.1 1.09 1.09 853,000 940,280 -115,620 2.08 2.1 2.17 2.18 2.05 2.1 10,231,000 1,166,510 BLOOMBERRY 21,377,680 PACIFIC ONLINE 1.45 1.49 1.46 1.46 1.46 1.46 10,000 14,600 1,460 DIGIPLUS 8.77 8.73 8.6 8.79 8.58 8.73 2,449,800 21,302,142 1,499,651 14.9 15.1 15.1 14.64 14.92 1,511,300 22,331,130 8,984,716 PHILWEB 14.92 1.08 1.09 1.08 1.08 1.06 1.08 70,000 75,520 METRO RETAIL PUREGOLD 40.05 39.75 39.8 40 39.5 39.8 1,422,000 56,764,995 1,405,060 PHIL SEVEN CORP 30.85 31.1 31.1 31.1 31 31.1 106,600 3,313,290 891,825 2.09 2.02 2.02 2.11 45,000 94,370 10,450 SSI GROUP 2.11 2.11 0.79 0.81 0.82 0.83 0.79 0.79 190,000 152,320 31,280 UPSON INTL CORP WILCON DEPOT 5.49 5.5 5.6 5.6 5.48 5.49 2,112,500 11,647,997 -565,247 1.96 2.05 1.96 1.96 1.96 1.96 2,000 3,920 IPM HLDG 3.23 3.42 3.42 3.4 3.42 28,000 95,420 PAXYS 3.43 PHILCOMSAT 1.64 1.62 1.65 1.64 1.64 1.64 1,000 1,640 2.96 3.09 3.05 3.05 3.05 3.05 1,000 3,050 SBS PHIL CORP MINING & OIL ATOK 2.02 2.12 2.05 2.01 2.12 29,000 60,670 2.14 APEX MINING 18.14 18.16 17.98 18.36 17.86 18.16 10,414,700 188,679,778 12,644,934 ATLAS MINING 20.8 20.85 21.1 21.35 20.8 20.8 1,671,300 35,287,565 5,782,980 7.4 7.49 7.5 7 7.4 508,700 3,737,779 BENGUET 7.42 2 2 2 2.08 6,000 12,080 12,080 CENTURY PEAK 2.08 2.08 EC VULCAN 0.38 0.38 0.36 0.36 0.36 0.38 350,000 126,200 2.23 2.22 2.33 2.39 2.17 2.22 12,529,000 28,667,680 -1,373,340 FERRONICKEL 0.101 0.103 0.105 0.102 0.102 310,000 31,750 GEOGRACE 0.105 LEPANTO A 0.255 0.255 0.25 0.248 0.246 0.25 25,890,000 6,451,840 0.25 0.25 0.244 0.243 0.243 0.25 290,000 70,930 LEPANTO B 0.009 0.0092 0.009 0.0092 0.009 0.0092 15,000,000 136,800 MANILA MINING A 0.78 0.78 0.78 0.79 3,169,000 2,489,030 265,250 MARCVENTURES 0.8 0.8 NIHAO 0.59 0.59 0.6 0.59 0.56 0.59 138,000 78,820 4.19 4.2 4.44 4.45 4.16 4.19 8,124,000 34,395,040 -5,255,760 NICKEL ASIA 36.85 37.45 37.45 36.1 36.85 969,000 35,467,025 5,687,085 OCEANAGOLD 37.25 0.59 0.6 0.6 0.61 0.59 0.59 297,000 177,300 ORNTL PENINSULA PX MINING 12.68 12.7 12.4 12.96 12.18 12.7 11,649,500 146,794,830 44,745,880 0.0087 0.009 0.0091 0.0091 0.0087 0.0087 4,000,000 35,200 UNITED PARAGON 3.03 3.26 3.04 3.04 3.04 3.04 2,000 6,080 6,080 ENEX ENERGY ORNTL PETROL A 0.014 0.015 0.015 0.015 0.014 0.015 2,400,000 35,000 0.014 0.015 0.014 0.014 0.014 0.014 1,400,000 19,600 ORNTL PETROL B 0.0095 0.0097 0.0095 0.0095 0.0096 103,000,000 994,900 0.0099 PHILODRILL 3.01 3.02 3.12 3.15 3 3.02 787,000 2,392,090 6,060 PXP ENERGY PREFFERED ACEN PREF A 976 1,010 986 986 976 976 1,600 1,567,600 1,035 1,039 1,028 1,035 1,027 1,035 4,040 4,149,225 ACEN PREF B AC PREF AR 2,464 2,496 2,496 2,500 2,472 2,472 1,000 2,482,010 1,881 1,900 1,915 1,915 1,900 1,900 1,360 2,588,435 AC PREF B4R 101.5 102 102 102 102 102 3,550 362,100 BRN PREF C 27.05 28 28.7 28.7 27.05 27.05 3,100 84,350 CEB PREF CLI PREF A1 970 990 990 990 990 990 20 19,800 990 1,000 1,000 1,000 1,000 1,000 830 830,000 CLI PREF A2 98.5 99 98.5 98.5 98.5 98.5 10 985 CPG PREF B DD PREF 94.2 94.2 94 94.2 94 94 1,720 161,840 93.8 96.45 96.5 96.5 95 96.45 590 56,106 EEI PREF B 1,975 1,980 1,975 1,975 1,975 1,975 125 246,875 GLO PREF BNV 991 998.5 998.5 998.5 998.5 998.5 500 499,250 GTCAP PREF B JFC PREF B 990.5 999 995 995 995 995 1,580 1,572,100 103.2 106 103.3 103.3 103.2 103.2 700 72,260 MWIDE PREF 6C 99 100.6 100.6 100.6 100.6 100.6 20 2,012 MWIDE PREF 7A 956.5 985 952 984.5 952 984.5 30 28,885 PCOR PREF 4A PCOR PREF 4C 970 984 984 984 984 984 100 98,400 960 965 965 965 965 965 160 154,400 PCOR PREF 4D 983 988 988 988 988 988 10 9,880 PCOR PREF 4E SMC PREF 2L 78.1 89 78 82 78 82 110,600 9,049,400 78.65 79 79.9 79.9 78.7 79 31,730 2,510,660 SMC PREF 2O 72.5 74.5 74.5 74.5 74.5 74.5 50 3,725 SMC PREF 2P 73.2 74.5 74.5 74.5 74.5 74.5 230 17,135 SMC PREF 2Q SMC PREF 2S 74.5 75 75 75 75 75 40 3,000 -3,000 SMC PREF 2T 74.25 76.5 77.95 78 76.5 76.5 250 19,185 75 76.85 76.8 76.85 76.8 76.85 160 12,293 SMC PREF 2U SMC PREF 2V 78.2 78.3 78.3 78.3 78.3 78.3 60 4,698 78.5 79 78.5 78.5 78.5 78.5 80 6,280 SMC PREF 2W 79.8 79.9 79.9 79.9 79.9 79.9 12,710 1,015,529 SMC PREF 2X 101 101.4 101 101.1 101 101.1 300 30,301 TOP PREF A1 TOP PREF A2 102.5 103 102.5 103 102.5 103 680 70,025 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

2.63 3.95

3.75 2.38 2.38 2.38 2.38 2,000 4,760 4.14 3.95 3.95 3.95 3.95 15,000 59,250

ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7941 -3.28% 0.65% -4.31% N.A -1.96% WARRANTS AGI WARRANT 1.06 A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. 2 - LAUNCH DATE IS FEBRUARY 2, SM A L L, M ED I U M & EM E R G IN G 2026. CTS GLOBAL 0.335 3 - LAUNCH DATE IS DECEMBER 18, 2024. MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON SEPTEMBER 12, 1.31 HAUS TALK 2025. ITALPINAS 0.64 4 - MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON MARCH 26, 2026. KEPWEALTH 1.4 5 - LAUNCH DATE IS APRIL 17, 2026, AND IT REPRESENTS THE SECOND TRANCHE OF THE ATRAM UNITIZED CORPORATE 0.018 LFM PROP DEBT VEHICLE, INC. 1.84 MAKATI FINANCE XURPAS 0.208 “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.

September 16, 2026

1.15

1.07

1.16

1.05

1.15

131,000

147,570

0.35 1.34 0.68 1.5 0.02 2.13 0.22

0.34 1.34 0.64 1.5 0.018 2.17 0.225

0.34 1.35 0.68 1.5 0.018 2.17 0.226

0.34 1.32 0.64 1.5 0.018 2.17 0.205

0.34 1.34 0.68 1.5 0.018 2.17 0.205

400,000 456,000 15,000 6,000 100,000 2,000 400,000

136,000 606,600 9,900 9,000 1,800 4,340 84,350

68,000 -1,370 2,080

EXHANGE TRADE FUNDS FIRST METRO ETF

101

59,250

101.1

102 102 100.4 101 3,910 395,079 50,250

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Evap sees missing lane for 2-, 3-wheelers in EV incentives By Bless Aubrey Ogerio

HE government’s electricvehicle incentives may be missing a large part of the Philippine market, with the Electric Vehicle Association of the Philippines (Evap) calling for the inclusion of electric motorcycles and three-wheelers in its incentive framework. Evap President Willy Q. Tee Ten said the group supports the government’s effort to encourage local electric-vehicle manufacturing ,but questioned why the current Evis (Electric Vehicle Incentive Strategy) framework is focused exclusively on four-wheeled vehicles. “Why is the EV only four wheels? Isn’t it included three-wheeled and two-wheeled?” Tee Ten told reporters on Tuesday in Makati. The Evis executive order provides up to P60 billion in fiscal support for four-wheeled electric-vehicle manufacturing projects. Participating companies may register up to two EV models, with support capped at P15 billion per model. Eligible projects must invest at least P5 billion, target production of 10,000 units per model and bring their products to the domestic or export market within three years of registration. Its implementing rules and regulations have been signed and are undergoing final interagency review, with applications potentially opening as early as October. For Tee Ten, these requirements may not fit manufacturers of electric motorcycles and tricycles, which typically require smaller investments than four-wheeled vehicle production. He added that the government should consider a separate or adjusted framework that would allow two- and three-wheel manufacturers to qualify for incentives without having to meet requirements designed for car production. The Evap head also pointed to the size of the country’s motorcycle

market, saying two-wheelers cannot be left out if the government wants to significantly increase EV adoption. “There are more motorcycles than cars, so why not?” Tee Ten said. “And the President will not hit [its target of 50 percent EV by 2040] if the motorcycle will not convert.” Evap is also seeking greater clarity on the conditions attached to the P15-billion incentive per model. Tee Ten said that the P5-billion minimum investment and other requirements could limit participation if they prove difficult for manufacturers to meet. “But again, the incentives of the P15 billion [have] conditions. The question is, will you do the conditions?” If the conditions are easily met, then fine. But what if they’re so difficult to get? Then it’s also a waste of the incentives,” he added. The effectiveness of the program, Tee Ten said, should ultimately be measured by whether it attracts manufacturers and results in actual production. In addition, he added that Evap supports local production because it could generate business activity and employment, but said the government may need to reassess where its support is directed. “The question is, is the Evis enough support? Maybe the support is being placed in the wrong area, so it’s a waste. If we can readjust it, there should be more consultation,” Tee Ten explained. On EV adoption through 2028, Tee Ten said the two- and threewheel segment faces greater challenges because electric models remain more expensive and incentives do not currently address their production needs. For four-wheelers, he said adoption is currently gaining ground, but 2027 will be important in determining the market’s direction as existing incentives change. “2028 is a big, big, big challenge. That’s the last year of incentives.”

DBM releases 94.1% of ₧6.793-T ’26 budget By Reine Juvierre Alberto @reine_alberto

HE Department of Budget and Management (DBM) has released 94.1 percent of this year’s national budget as of the end of August to ramp up state agencies’ spending. Latest DBM data showed that P6.391 trillion of the P6.793-trillion full-year budget has been disbursed as of August 31, leaving P401.376 billion in the balance. The eight-month allotment releases were higher than the P6.041 trillion, or 95.5 percent of the 2025 national budget, released in the same period a year earlier. As of end-August, 94.5 percent, equivalent to P3.471 trillion, of the P3.671-trillion set aside for line departments, including agencies in the Executive branch, Congress, the Judiciary and other constitutional offices, were allocated. Some P518.516 billion, or 72.1 percent, of the P719.074-billion program for special purpose funds (SPFs) was also distributed. SPFs are budgetary allocations meant for specific socioeconomic purposes, such as Budgetary Support to Government Corporations, Allocation to Local Government Units, Contingent Fund, Miscellaneous Personnel Benefits Fund, National Disaster Risk Reduction and Management Fund and Pension and Gratuity Fund. Moreover, allotment releases for automatic appropriations amounted to P2.158 trillion, or 89.9 percent of the P2.402-trillion allocation for the year. These include 100 percent of

the National Tax Allotment worth P1.190 trillion, P93.982 billion in Block Grant, P480,000 in pensions for former presidents or their widows, P42.229 billion for the Special Account in the General Fund and P14.5 billion for the Tax Expenditures Fund/Customs Duties and Taxes. About 75 percent, or P21.525 billion, of the P28.7 billion earmarked for net lending was released, as well as P712.5 billion, or 75 percent, of the P950 billion apportioned for interest payments was likewise freed up. As for other releases, the DBM disbursed P66.442 billion to line departments and SPFs lodged under 2025 continuing appropriations. Other automatic appropriations, which include grants, special accounts in the general fund, the Armed Forces of the Philippines’ Modernization Program and the tax expenditures fund, released totaled P56.577 billion. Furthermore, unprogrammed appropriations reached P120.110 billion, after some P32.393 billion were allocated to the Department of Transportation as support to foreign-assisted projects. Unprogrammed appropriations are standby appropriations that authorize additional agency expenditures for priority programs and projects when revenue collections exceed the resource targets or when additional grants or foreign funds become available. Next year, the national budget is proposed at P7.2 trillion, 6 percent higher than this year’s allocation and equivalent to 21.7 percent of gross domestic product.

Editor: Dennis D. Estopace • Thursday, September 17, 2026

With 49-M Pinoy users, GCash growth potential seen as big

By VG Cabuag

@villygc

INTECH behemoth GCash, used daily by about 49 million Filipinos or 42 percent of the country’s population, is still in its early stages of development as it has big potential to expand into new areas such as banking.

Jonathan Ravelas, senior adviser at Reyes Tacandong and Co., sees diversification driving further GCash parent Mynt Inc.’s growth into the next few years. “They’re already a wallet, very generic. The only thing that they need to do is add more products to sell. Because they already have the ecosystem,” said Ravelas, speaking at the Kapihan sa Manila Bay forum on Wednesday. “Right now, GCash appears to be the financial supermarket. The more people understand what it is to invest, receive passive income, definitely people will start using Gcash, so more transactions,” he said. The company is in the last leg of

regulatory approval to sell 9.23 billion common shares, to be listed at the Philippine Stock Exchange at an indicative price of up to P10 each, divided into an initial tranche of 8.02 billion shares and another 1.2 billion secondary shares to cover an oversubscription option. The proceeds of the primary shares portion of the sale will be used to fund continued business expansion, digital financial product development, among others. Ravelas likened Mynt’s IPO to investors buying the stocks at that price of a fried chicken while potentially savoring a peking duck dish, which is much costly. “To me, whether it’s P8 or P10,

the price of GCash (Mynt) now is like fried chicken—fried chicken is around P450. But the actual value in the next three to five years is like a peking duck. Over time, more users, more people will put money into it,” he said. Ravelas said Mynt’s strength lies in its ability to provide financial services to the unbanked. “We trust the system that is already there. That’s why even BSP (Bangko Sentral ng Pilipinas) is pushing for things like digital payments. That is why the digital landscape is an undiscovered country that offers great potential,” he said. If completed, Mynt is expected to become the country’s first listed fintech company. The second player—Maya Philippines—may follow suit, probably by next year. Mynt’s IPO comes at a time when the Philippine Stock Exchange is facing a downturn—with no new listings for several months now and continued delistings, making the transaction a potential test of investor appetite for companies linked to the digital economy. Ravelas said investors should consequently look beyond the headline maximum price and examine the valuation that ultimately emerges

from the bookbuilding process. “The P10 is a ceiling, not a promise, and certainly not a measure of whether the IPO succeeds or fails. Price discovery is precisely what bookbuilding is for. The market will tell you where demand is, what valuation investors are prepared to accept, and ultimately where the appropriate clearing price should be,” Ravelas said. “What matters is the quality of that demand. You want an offer that is properly priced, supported by investors who understand the business and its risks, and capable of sustaining liquidity after listing. Pricing below the ceiling can actually be healthy if it leaves room for long-term value creation,” Ravelas said. Mynt’s offer represent 12 percent to 13.8 percent of its post-IPO shares and comprise both primary and secondary shares. Existing shareholders would retain about 88 percent after the base offer, or about 86.2 percent if the over-allotment option is fully exercised. Primary shares would provide fresh capital to the company, while secondary shares would allow existing shareholders to sell part of their holdings, but do not represent a wholesale exit by existing investors.

Treasury cancels jumbo issuance of new 5-year bonds

HE Bureau of the Treasury (BTr) cancelled its planned jumbo issuance of new 5-year fixed-rate Treasury notes (FXTN) next week as rising US and local yields make borrowing conditions less favorable for the government. “Given where the rates are and the developments in the US market, we decided to postpone the issuance of a new 5-year bond,” National Treasurer Sharon P. Almanza told BusinessMirror in a Viber message on Wednesday. The government was supposed to offer the 5-year FXTN to institutional investors through a jumbo issuance on September 22 as part of its regular fundraising activity for the government. A jumbo issue raises a large amount at once, minimizing issuance costs and increasing the liquidity of the security. The Treasury generated P235 billion through its issuance of 10-year FXTN last February 2026, and P300 billion last April 2025. “Over the past two days, we have seen US Treasury yields rise sharply as investors anticipate a [US Federal Reserve] rate hike. This has spilled over into the domestic market, pushing Philippine

government bond yields higher,” said Domini S.D. Velasquez, chief economist at Chinabank. The benchmark US 10-year yield rose to 5.04 percent, its highest level since 2007, on Tuesday as traders braced for the Fed to hike interest rates in response to inflation worries, Bloomberg reported. Bond yields have been increasing since the US and Israel attacked Iran in late February, disrupting the supply of Middle Eastern oil and gas. Calling off the bond issuance reflects the Treasury’s decision to avoid locking in funding at elevated yields amid weak auction demand, higher US rates, and persistent oil-driven inflation concerns, said Jean Olivia De Castro, head of fixed income at Manulife Investments Philippines. “Rather than signaling funding pressure, it underscores the government’s flexibility and discipline in managing its borrowing program, especially when investors are demanding a higher risk premium,” De Castro added. The Treasury has been partially awarding bids in its bond auctions recently as investors continued to demand

a higher risk premium amid higher oil prices, US Treasury yields and geopolitical uncertainty. “If market conditions remain unfavorable, the BTr may still have some room to wait, particularly if it is not comfortable locking in longer-term funding at current yield levels,” Velasquez said. A potential improvement in market conditions could come from developments that ease pressure on global yields or a pause in monetary tightening by the Bangko Sentral ng Pilipinas (BSP), she added. The BSP could hold interest rates in October, Velasquez said, as the central bank can only hike so much to anchor inflation expectations. “Once the supply shock fades, we expect underlying price pressures to remain subdued, given continued weakness in domestic demand and the broader economy,” she said. “This should limit the need for further monetary tightening once the temporary inflationary effects of the supply shock have passed.” The Treasury may not need to rush into issuing more long-term bonds as it has already exceeded the P402.91 billion program for net Treasury bills and cash

management bills. Year-to-date financing data showed the Treasury has about P470 billion in remaining space under its bond issuance program for the rest of the year. After accounting for additional funds raised through Treasury bills and cash management bills, the government’s effective remaining requirement for bond financing is estimated at only nearly P180 billion. “This suggests that the BTr has some flexibility in the timing of its bond issuance, particularly if market conditions remain unfavorable and it does not want to lock in elevated borrowing costs,” Velasquez said. “The BTr can rely on alternative funding sources and opportunistic issuance windows, while the reduced supply of medium-term bonds could provide some technical support to the local fixed income market,” De Castro added. The government plans to raise a total of P2.733 trillion this year, of which P1.919 trillion will come from the domestic market while P815.51 billion will be sourced externally. Reine Juvierre S. Alberto

‘PHL gaming sector won't imperil bid to avoid FATF list’

HE Philippine gaming sector is unlikely to be a threat to the country’s efforts to stay off the Financial Action Task Force’s (FATF) grey list, according to the Philippine Amusement and Gaming Corp. (Pagcor), despite the watchdog sounding the alarm over the rising use of gambling platforms for money laundering and terrorist financing. Asked about the upcoming FATF mutual evaluation next year, Pagcor Chairman and Chief Executive Officer Alejandro H. Tengco said the regulator does not currently see major issues in the gaming sector that could be the source of increased risk for returning to

the grey list. Tengco said gaming activity has weakened after the Middle East crisis tempered discretionary spending and caused players to wager less, as well as the delinking of e-wallets from gambling sites and platforms. “There are regular meetings with the Anti-Money Laundering Council (AMLC) to address the issues. They look at where we are weak and where we should change,” Tengco said. Still, transaction reporting remains an area where the gaming sector needs to improve, he said, adding that bets worth more than P500,000 should be reported.

Junket operators are also being closely monitored for their money-laundering risks, although activity in the segment became minimal, he added. “The rules and regulations are already very, very stringent,” Tengco said. “Even the operators are afraid because they don’t want their licenses to operate to be suspended.” In a recent report, FATF flagged that certain payment methods associated with gaming and gambling activity, such as cash, e-wallets, mobile money and virtual assets, are vulnerable to a range of money laundering risks. Various payment methods accepted

by online gaming and gambling operators increasingly enable rapid, anonymous, cross-border transactions, and the conversion of value into different forms, FATF said. Illegal and unlicensed offshore gambling was also noted as a “significant” risk, rivaling or even exceeding the legal market in some countries and continues to proliferate. Tengco estimated that legal and illegal gambling account for half of the country’s gaming market each. “It remains a constant problem, and I believe that we just have to be very persistent [with enforcement],” he added. Reine Juvierre S. Alberto

Carriers may get excise, VAT exemptions on aviation fuel

NTERNATIONAL carriers may now obtain excise and value-added tax (VAT) exemptions on aviation fuel after the Bureau of Customs (BOC) established a dedicated bonded Jet A-1 Fuel Facility for international air transport operations. Customs Commissioner Ariel F. Nepomuceno issued Customs Administrative Order No. 03-2026 to establish a specialized non-manufacturing bonded facility for international fuel imports and prevent illegal diversion into the domestic market. For international carriers acting as direct importers of Jet A-1 fuel to be tax-exempt, they must present proof of actual use outside the country.

Qualified petroleum suppliers catering to international transport operators will also be exempt from VAT and may apply for an excise tax refund from the Bureau of Internal Revenue once sales and international consumption are verified. To protect government revenues and prevent illegal diversion, the order requires operators and suppliers to maintain dedicated storage tanks at the port of discharge exclusively for tax-exempt Jet A-1 fuel. “Only Jet A-1 fuel duly discharged into the dedicated storage tank at the port of discharge shall qualify for exemption from the payment of VAT and/ or excise tax,” the order read. “The mixing or commingling of Jet

A-1 fuel intended for domestic consumption with Jet A-1 fuel intended for use in International Air Transport Operations is strictly prohibited and shall subject the entire quantity to applicable duties and taxes,” it added. Meanwhile, facility operators are required to post financial security guarantees, including a P10-million Performance Bond to cover potential administrative penalties and regulatory violations. Participating entities must also post General Warehousing Bonds covering a minimum of three months of projected or historical duties and taxes, alongside a General Transport Security Bond for cargo movements. Fuel transfers between discharge

ports and airport facilities are subject to continuous physical customs under guarding by the BOC. Any unauthorized release of taxexempt fuel for domestic use will incur full VAT, excise taxes, interest and surcharges, with the client and supplier held jointly and severally liable, the order read. A penalty system is also established for violations, levying an additional 10 percent penalty for a first offense, 30 percent for a second offense, 100 percent plus a three-month operational suspension for a third offense, and 100 percent plus permanent revocation of the facility’s Authority to Operate for a fourth offense. Reine Juvierre S. Alberto

Thursday, September 17, 2026

‘Sisig’ key ingredient is still offal, Mita tells DA

By Ada Pelonia

@adapelonia

HE Meat Importers and Traders Association (Mita) bucked the government’s bid to reclassify and slap higher tariffs on frozen pork jowl—a key ingredient in making the popular dish “sisig,” citing “misinterpretation” of international customs rules. In a letter to the Tariff Commission (TC) dated September 15, Mita President Emeritus Jesus Cham opposed the Department of Agriculture’s (DA) proposal to reclassify frozen pork jowl so that these could be levied with higher duties. He said pork jowl is “part and parcel of the swine head,” and should be classified as edible offal under established customs principles. “The DA’s proposal rests on flawed premises that misinterpret international customs rules, disregard

established domestic standards, and confuse commercial application with tariff classification law.” He said severing the jowl from the head would not change its anatomical origin as head offal, citing World Customs Organization (WCO) notes for Harmonized System (HS) code 02.06, which states that edible offal includes “heads and cuts thereof.” Cham also noted that reclassifying standalone pork jowl as swine meat under HS code 02.03 would necessitate altering the national tariff

schedule (AHTN) structure for swine products. “Unilaterally altering tariff codes and shifting a product from an offal line to a meat line creates severe international trade complications.” He added that such a move would affect the concessions granted by the country under Free Trade Agreements (FTAs) and Regional Comprehensive Economic Partnership (RCEP) commitments. Cham warned that this could expose the Philippines to trade disputes, compensatory claims, and retaliatory measures. “We respectfully request the Tariff Commission to reject the DA’s proposal to reclassify standalone pork jowl under Chapter 0203 and maintain their proper, lawful classification under Chapter 0206.” He also called on the Bureau of Agriculture and Fisheries Standards (BAFS) to restore and “explicitly” reinclude extremities like trotters and heads as well as their cuts under the scope of PNS/BAFS 261 or Edible Offals of Swine. This would align domestic standards with international WCO classifications and eliminate regulatory ambiguity,

Cham added. The TC will conduct a public hearing on the DA’s petition seeking to modify the tariffs levied on frozen pork jowl on September 21. Earlier, the agency noted that pork jowl entering the Philippines has been detached from the pig’s head, prompting them to push for its reclassification. The DA is banking on the TC’s favorable decision as the livestock industry could also receive an additional P4 billion in revenues if it would allow the imposition of a higher tariff rate for pork jowl. The additional tariff collection would bankroll the annual P20-billion Animal Competitiveness Enhancement Fund which aims to revitalize the domestic livestock and poultry sectors. Data from the Bureau of Animal Industry (BAI) showed that the Philippines imported 267,744 metric tons of offal last year. Imported offal was the second most bought pork part in 2025, according to BAI figures. Available data from the attached agency of the DA, however, did not specify the pork cuts that were classified as offal.

Rice output during lean season to drop by 15%–PSA

ADDY rice production could fall by double digits in the third quarter, despite a slight uptick in yield due to the contraction in harvest area, according to the Philippine Statistics Authority (PSA). The country’s palay production from July to September could tumble 15 percent to 3.19 million metric tons (MMT) from 3.75 MMT in the same period last year. The latest forecast is also 2.2 percent lower than the agency’s initial estimate of 3.26 MMT. Despite the expected increase in yield per hectare to 4.13 metric tons (MT) from last year’s 4.09 MT, the PSA said the contraction in harvest area could pull down production in the third quarter—considered the lean season for rice in the Philippines as strong typhoons usually strike major production areas during this period. Rice harvest area could shrink by 15.8 percent to 771,790 hectares, from the 916,770 hectares recorded in the previous year. As of August 1, the PSA noted that about 113,790 hectares

THIS BusinessMirror file photo shows a farmer in Pangasinan displaying threshed rice.

or 14.7 percent of the 771,790 hectares have been harvested, which yielded 455,250 MT Of the total area of 1.55 million hectares of standing palay as of August 1, the agency said 60.1 percent were at the vegetative stage, 26.1 percent were at the reproductive stage, and 13.8 percent were at the maturing stage. “Of the farmer’s planting

intentions for July to September 2026 at 1.58 million hectares perceived area, 892.32 thousand hectares or 56.4 percent have been actually planted.” In the same report, the PSA said corn production in the third quarter could slide by 14.4 percent to 2.08 MMT, from last year’s 2.43 MMT. The updated outlook was also lower by 1.5 percent than the

recorded output of 2.11 MMT as of July 1. The PSA expects the drop in harvest area and per-hectare yield to cut corn output during the period. The harvest area for corn could fall by 12.8 percent to 688,030 hectares from the 789,240 hectares in the same period last year. The agency also said yield per hectare of corn could slide by 1.6 percent to 3.02 MT, from the previous year’s 3.07 MT. As of August 1, some 129,950 hectares or 18.9 percent of the 688,030 hectares have been harvested. This translated to 366,790 MT of corn output. Of the total 798,370 hectares of standing corn as of August 1, the PSA said 39.2 percent were at the reproductive stage, 31.2 percent were at the maturing stage, and 29.6 percent were at the vegetative stage “As for the farmer’s planting intentions for July to September 2026, 240.28 thousand hectares or 38.0 percent of the 632.42 thousand hectares perceived area have been actually planted.” Ada Pelonia

Govt extends loans to disaster-stricken farmers in Pampanga

HE Department of Agriculture (DA) provided P1.75 million in calamity loans to farmers affected by the recent weather disturbances in Pampanga. The Agri-RECOVER program under the agency’s Agricultural Credit Policy Council (ACPC) initially extended a loan of P35,000 each to 50 affected farmers during its launch in Angeles City last September 14. Agriculture Secretary Francisco Tiu Laurel Jr. said speed is crucial since farmers need working capital to rehabilitate damaged farms and proceed with production before the next planting cycle. “When farmers can borrow quickly to rehabilitate their farms, they can plant again

sooner, recover their income faster and help keep food moving to consumers,” he said. “Helping farmers recover quickly is also an investment in food security.” The DA noted that rollout follows severe flooding and weather disturbances that caused P4.38 billion in agricultural and fisheries damage. This affected about 99,000 farmers and fisherfolk and 81,000 hectares of farmland. “The damage should not materially threaten overall rice availability, but localized production losses, transport disruptions, and damage to highvalue crops could temporarily affect supplies and prices.” For farmers, the DA chief said

the immediate problem lies in cash flow, since floods can wipe out standing crops. This would leave producers with expenses for land preparation, seeds, fertilizer and other inputs before the next harvest even generates revenue. The DA said its AgriRECOVER program aims to bridge that financing gap, allowing affected producers to restart sooner rather than delay planting while waiting to rebuild their capital. The agency said Pangasinan is slated to host the next program launch on October 16. The DA noted that the ACPC would move to other areas declared under a State of Calamity, subject to validation of affected farmers,

financing demand, and local implementation readiness. These include Benguet, Bataan, Bulacan, Zambales, Tarlac, Cavite, Rizal, Batangas, as well as parts of Occidental Mindoro. The agency said the phased rollout allows ACPC to direct credit toward areas with validated agricultural losses and financing needs, rather than relying only on broad damage estimates. For the DA chief, the program’s reach goes beyond helping individual borrowers repair their farms. “Every farmer who is able to plant again is not only rebuilding his livelihood. He is helping secure the next food supply.” Ada Pelonia

AN animal broker feeds his donkeys at the Sunday animal market in Karachi. ASIF HASSAN/AFP/GETTY IMAGES/BLOOMBERG

China’s taste for donkey spurs an unlikely trade with Pakistan

HINA’S taste for an exotic meat and a prized collagen is helping seed an unusual business hundreds of kilometers away in Pakistan’s arid southwest. A slaughterhouse in Pakistan’s Balochistan province is processing hundreds of donkeys for customers in the world’s second-biggest economy. While the meat isn’t consumed locally because of religious beliefs, it’s considered a delicacy in parts of China. But more importantly, the hides are used to make ejiao, a highly valued ingredient in traditional Chinese medicine. Hangeng Group, which runs the abattoir and processing plants near Gwadar, is betting on growing overseas demand to quadruple daily slaughter to 800 donkeys within months. “There is massive potential for the donkey meat and hide industry,” Pakistan’s food minister Rana Tanveer Hussain told Bloomberg News in an interview in Islamabad. “This is why we have given permission to 2-3 more Chinese companies to set up breeding farms and slaughterhouses in Gwadar.” The business could generate about $5 million a month in foreign-exchange earnings within six months, rising to $7 million within two years, Chief Executive Officer Andy Liao said in an interview in Islamabad. That’s still a fraction of the estimated 2.3 million to 4.8 million donkeys slaughtered annually for their hides to make ejiao, according to a 2023 US Congressional Research Service report, which pegged the Chinese market for the traditional medicine at about $7.8 billion in 2021. Ejiao is made from collagen extracted by boiling donkey skin. It is commonly used as a blood tonic to treat anemia, as well as to boost immunity and improve sleep. It is also used in cosmetics and is believed to have anti-ageing benefits. Demand for the gelatin compound is booming in China, but the supply of donkey hides needed to make it is dwindling. China’s donkey population has plunged as millions of the animals are slaughtered each year, driving buyers to seek supplies from Africa and elsewhere. In 2024, the African Union endorsed a continent-wide moratorium on the slaughter of donkeys for their skins and related exports after an alarming decline in their population. In a June 2025 report, animal welfare organization Brooke estimated that Africa’s donkey population could halve to about 14 million by 2040, if the continent-wide ban on the donkey skin trade isn’t enforced. Chinese buyers are now seeking newer sources, including Pakistan, Brazil and Australia. The Islamic Republic had also previously restricted donkey hides exports after authorities found the animal’s meat was being passed off as beef and mutton in some cities. However, the moratorium was lifted a decade later, according to a commerce ministry notification, opening the way for the country to tap into China’s growing demand. The donkey population in the South Asian nation is growing and exceeded 6 million in 2025, according to the Pakistan Economic Survey, giving entrepreneurs such as Liao an opportunity to build the industry around an animal that has traditionally been used for transport and farm work. Liao’s company started building the Pakistan facility six years ago and has invested about $50 million so far. It employs nine Chinese managers and roughly 500 local workers, who handle everything from slaughter and packaging to transport. The company briefly halted operations in May, citing bureaucratic hurdles, before resuming business after government approvals. Hangeng is a strategic partner of China’s biggest ejiao producer Dong-E-E-Jiao Co., according to its posts on social media platform X. The company sources donkeys from 11 suppliers, with each animal tagged for traceability, and aims to expand to 50 farms eventually. It has so far exported five containers of meat and hides, with its first shipment reaching China’s Tianjin port in June after the government greenlit exports. Liao plans to expand into breeding and set up a laboratory, before eventually branching into seafood exports. Bloomberg News

Health&Fitness BusinessMirror

Editor: Anne Ruth Dela Cruz

Thursday, September 17, 2026 B5

AI may help ease pressure on PHL healthcare workforce By Rizal Raoul S. Reyes Contributor

HE Philippines’ widening shortage of healthcare professionals is putting greater pressure on hospitals and clinicians, creating a potential role for artificial intelligence (AI) in helping doctors make faster, evidence-based decisions. However, healthcare leaders caution that such technology must be grounded in reliable medical evidence and used with strong safeguards. Hong Nguy ễ n, regional director for Asia-Pacific at Wolters Kluwer, said the country faces a particularly difficult challenge because its limited pool of medical professionals is unevenly distributed across its thousands of islands. Nguy ễ n cited figures indicating that the Philippines has about four doctors for every 10,000 people, below the World Health Organization’s benchmark of about 10 doctors per 10,000. Only two of the country’s regions, he said, meet the recommended doctor-to-population ratio.

Healthcare worker shortage THE broader healthcare workforce

gap is even more pronounced. The Second Congressional Commission on Education (EDCOM II) estimates that the Philippines has only 21.2 healthcare workers per 10,000 people, compared with the WHO benchmark of 44.5. This translates to an estimated shortage of about 290,000 healthcare professionals. For Nguy ễn, the shortage can mean longer waiting times, heavier workloads and clinician burnout. It also raises concerns about the consistency of care available to patients in different parts of the country. This is particularly relevant in a geographically dispersed country such as the Philippines, where patients in Metro Manila may have access to different specialists, resources and clinical tools than those in provincial or geographically isolated communities. “The ideal holistic solution is that there is no care variability,” Nguy ễ n said. He explained that differences in clinical decision-making do not necessarily mean that one doctor is providing good care while another is providing poor care. Rather, patients with similar conditions may receive different treatments because of differences in available information,

experience, resources and clinical judgment. T his is where ev idence-based medicine, and increasingly, AI, can play a role.

Putting evidence at the point of care WOLTERS Kluwer is a global provider of information solutions, software and services for professionals, including healthcare. Its Health division provides clinical technology and evidence-based information designed to support healthcare decision-making. Nguy ễ n said the company has spent more than three decades developing systems that synthesize medical evidence and make it accessible to clinicians at the point of care. The need for such tools is becoming more pressing as doctors deal with increasingly complex patients, including those with multiple chronic conditions, while managing heavy caseloads. A doctor, Nguy ễ n said, can see anywhere from 20 to 80 patients a day. During consultations, clinicians may encounter questions for which they do not immediately have an answer. Providing reliable information at that precise point, he said, can poten-

Batangas hospital performs province’s first neuroendoscopic procedure for adult hydrocephalus

OR patients facing serious neurological conditions, finding the right treatment can be challenging—not only because of the complexity of the disease, but also because specialized neurosurgeons and advanced facilities remain unevenly distributed across the Philippines. Mary Mediatrix Medical Center in Lipa City, Batangas has taken a step toward bringing advanced neurosurgical care closer to patients after successfully performing its first minimally invasive neuroendoscopic procedure for an adult patient with hydrocephalus. The hospital said the procedure was the first of its kind performed by a private hospital in Batangas province. The milestone expands the range of specialized neurosurgical procedures available at the Batangas-based tertiary hospital and could reduce the need for patients to travel outside the province for complex brain surgery. A 2024 study on the Philippine neurosurgical workforce found that only 174 neurosurgeons were practicing in the country, or approximately one neurosurgeon for every 600,000 Filipinos. Thirty-five provinces had no neurosurgeons, leaving an estimated 24 million people underserved. The study also estimated that nearly 93,500 cases requiring essential neurosurgery occur in the Philippines each year. As of 2026, the Academy of Filipino Neurosurgeons puts the number of practicing neurosurgeons at about 185. While this reflects continued growth in the country’s neurosurgical workforce, access to specialists remains uneven across the country.

Addressing a dangerous buildup of fluid THE patient, a middle-aged woman, was diagnosed with hydrocephalus after imaging revealed a tumor in the third ventricle of the brain that was obstructing the normal flow of cerebrospinal fluid. Hydrocephalus occurs when cerebrospinal fluid accumulates in the brain, increasing pressure inside the skull. If left untreated, the condition can become life-threatening, potentially affecting consciousness, breathing, heart rate and other brain functions. Neurosurgeon Dr. Asis Jr. Encarnacion, who performed the procedure, said neuroendoscopy allowed the surgical team to reach the deepseated lesion through a smaller surgical pathway. “Neuroendoscopy allows us to see structures deep inside the brain through a much smaller surgical pathway. In this case, we were able to directly visualize the tumor and obtain a biopsy while minimizing the amount

MARY Mediatrix Medical Center Neurosurgeon Dr. Asis Jr. Encarnacion led a medical team to successfully perform its first minimally invasive neuroendoscopic procedure for an adult patient with hydrocephalus. of normal brain tissue that had to be disturbed,” Encarnacion said. CT scans and magnetic resonance imaging (MRI) showed that the patient had a non-malignant craniopharyngioma. Because of the tumor’s deep and critical location, the surgical team determined that attempting to remove it completely could cause greater injury to the surrounding brain tissue. Instead, the team performed an endoscopic biopsy to establish the diagnosis while addressing the hydrocephalus. An endoscopically assisted ventriculoperitoneal (VP) shunt with septostomy was subsequently performed to restore the drainage of cerebrospinal fluid. Unlike conventional approaches that may require a larger opening to access the brain, neuroendoscopy uses a small access pathway and a specialized endoscope equipped with a camera and surgical instruments. This allows the neurosurgeon to directly visualize and work on areas deep within the brain while minimizing disruption to surrounding tissue.

Bringing advanced care closer to home FOR Mary Mediatrix, the procedure is part of its continuing effort to expand the availability of specialized neurosurgical care in Batangas. The hospital has maintained a neurosurgical service since the 1990s and has invested in advanced technology and training to strengthen its capabilities, including a neurosurgical microscope and equipment needed for endoscopic procedures. The development is significant in a country where geographic access to neurosurgical care remains a challenge. The Philippine neurosurgical workforce study found that about one in five Filipinos did not have access to a full-time neurosurgeon and emphasized that the geographic distribution of specialists is as important as their overall number.

For patients with brain tumors, hydrocephalus, stroke and other conditions requiring neurosurgical intervention, timely access to specialists, appropriate facilities and trained support teams can be critical. “In neurosurgery, having the specialist is only one part of the equation,” Encarnacion said. “You also need the hospital infrastructure, the technology, the instruments, the trained support team and the ability to manage the patient before, during and after surgery.” “Developing all of these capabilities in Batangas means that more patients can have access to specialized neurosurgical care without having to leave the province,” he added. The hospital’s neurosurgical residency program also provides trainees with exposure to neurosurgical procedures, while continuing investments in advanced equipment are intended to expand the capabilities available to specialists and patients.

Closing the access gap THE need to strengthen neurological healthcare capacity in the Philippines is increasingly recognized. Researchers from the University of the Philippines Manila’s Department of Neurosciences have noted that neurological disorders represent a major publichealth challenge, particularly in lowand middle-income countries, while comprehensive data on the prevalence of neurological diseases in the Philippines remain limited. For Encarnacion, however, the significance of the procedure goes beyond being the first. “The real significance of this milestone is not that we performed the first procedure. It is that we are building the capability to offer patients in Batangas more options for the treatment of serious neurological conditions,” he said. “Every time we add a new capability, we close the access gap between a patient and the specialized care they need.”

tially influence clinical decisions and patient outcomes. He cited studies from different markets that illustrate the potential impact. A study in Singapore found that clinicians changed their treatment decision 37 percent of the time after consulting an evidence-based clinical information tool at the point of care.

Diagnostic error rates A SEPARATE study in Japan found a substantial difference in diagnostic error rates between doctors who had access to such information and those who did not. Wolters K luwer’s clinical decision-support platform, according to Nguy ễn, is used by more than 3 million doctors globally each month. The company is now incorporating AI into its evidence base. But Nguy ễ n stressed that healthcare AI cannot simply operate like a conventional large language model (LLM) that generates the most plausible response to a user’s question. “In healthcare, you can’t be wrong,” he said. The distinction is critical. An AI-generated response can sound convincing while still being inac-

curate. In medicine, such an error could have consequences far more serious than an incorrect answer to a routine question. Nguy ễ n said the company’s approach is therefore to place AI on top of a controlled and continually updated medical content base rather than allowing the system to generate answers from an unrestricted pool of information. The system is designed to function more like a senior clinician guiding a junior doctor. Instead of simply providing an answer, it can prompt physicians to consider other relevant factors, challenge assumptions and suggest additional clinical considerations. It also allows clinicians to trace statements in an AI-generated response back to the underlying medical content from which the information was derived. “Just because an answer is plausible, it doesn’t necessarily mean it’s correct,” Nguy ễ n said.

AI as support, not replacement FOR the Philippines, the potential value of such technology goes beyond helping individual doctors work faster.

EDCOM II has warned that the country’s healthcare workforce pipeline itself is struggling. Around 56 percent of students entering healthcare degree programs are estimated not to reach the workforce, while migration and attrition continue to offset the number of new licensed professionals entering the system. The government has also sought to address geographic gaps through initiatives such as Doctors to the Barrios, which deployed physicians to geographically isolated and disadvantaged areas. Technology, Nguy ễ n suggested, can provide another layer of support, particularly in communities where access to specialists and experienced clinicians is limited. The objective, however, is not to replace doctors. Rather, AI can help clinicians find relevant evidence faster, validate their thinking and consider issues they may otherwise overlook. For a country where healthcare resources remain unevenly distributed, the promise of AI may therefore lie less in replacing human expertise than in extending the reach of that expertise to more healthcare professionals and, ultimately, more patients.

Multi-dose maternal RSV vaccine vial now prequalified by WHO By Patrick Villanueva

MATERNAL vaccine designed to help protect infants from respiratory syncytial virus (RSV), a major cause of severe respiratory infections and pneumonia in young children, has been prequalified by the World Health Organization (WHO). The WHO prequalification of RSVpreF (ABRYSVO®), manufactured by Pfizer Europe MA EEIG and developed with support from the Gates Foundation, means the vaccine can now be procured by United Nations agencies, governments and other global health partners. Unlike vaccines given directly to infants, RSVpreF is administered to pregnant women. The vaccine stimulates the mother’s immune system to produce antibodies against RSV. These antibodies can then cross the placenta and provide the baby with passive protection during the first months of life. WHO recommends giving RSVpreF during the third trimester of pregnancy, beginning at 28 weeks, to allow enough time for protective antibodies to be transferred from mother to baby.

This is particularly important because newborns and young infants are more vulnerable to serious infections while their immune systems are still developing.

The burden of RSV RSV is a common respiratory virus that can spread through infectious particles released when an infected person coughs or sneezes. It can also spread through direct contact with an infected person or contaminated surfaces. While RSV infection often causes mild, cold-like symptoms, it can lead to serious illness, particularly among infants and young children. According to WHO, RSV causes more than 3.6 million hospitalizations and approximately 100,000 deaths each year among children aged five years and below. More than half of these deaths occur among infants six months and younger. The burden is particularly heavy in low- and middle-income countries, which account for about 97 percent of RSV-related deaths, WHO reported. In some cases, children may not reach a health facility in time to receive the care they need.

The Philippines is also seeing significant RSV activity. The Research Institute for Tropical Medicine (RITM), through its Virology Department Head Dr. Carren Anne Bocaling, reported an RSV positivity rate of 20 percent from January 2024 to May 2025, with the rate reaching as high as 66.7 percent, according to an RITM article published in September 2025.

Expanding access THE WHO prequalification is expected to help countries access the maternal RSV vaccine as they consider introducing it into their national immunization programs. For families, broader availability could eventually mean another option for protecting infants during the first and most vulnerable months of life. WHO said the prequalification is an important step toward enabling countries to “deliver large-scale introductions of the vaccine into their national immunization programs.” As countries work to reduce the toll of severe respiratory infections among infants, maternal vaccination is emerging as one approach to providing protection even before a baby is born.

Parents’ group brings tobacco, vape prevention efforts to Sorsogon By Claudeth Mocon-Ciriaco

ARENTS Against Vape (PAV) has brought its tobacco and vape prevention campaign closer to communities in Sorsogon, engaging students, parents, educators, barangay officials, and local leaders in efforts to protect children and young people from nicotine exposure. Through its Community MPOWERment Sessions in Magallanes and Casiguran, PAV reached about 300 students while engaging local stakeholders on the health risks of tobacco and vape products, nicotine addiction, and ways communities can strengthen prevention efforts. In Magallanes, students from Caditaan Elementary School and Caditaan National High School took part in discussions on smoking and vaping, nicotine addiction, and healthier choices. The sessions were conducted with the support of barangay officials, school personnel, and the Parents-Teachers Association (PTA). PAV also engaged barangay leaders on possible measures to advocate for a smoke-free and vape-free barangay ordinance, extending the discussion from schools to the wider community. In Casiguran, Junior and Senior High School students of Estenias Science School Foundation participated in a Community MPOWERment Session, with parents and members of the school community also joining

the discussions. Mely Alerta, a parent-member of PAV, said access to accurate information can help young people better understand the risks associated with tobacco and vape products. “Our students need to be informed about the effects of smoking and vaping. When young people have the right information, they can better understand the risks and have a better opportunity to make healthier choices for themselves,” Alerta said. Judy Delos Reyes, project leader of Parents Against Vape and Youth Against Vape, meanwhile, emphasized that vaping should not be presented as a safe or harmless alternative to cigarettes. “We should not frame vaping as a safe or harmless alternative. Vapes, heated tobacco products, nicotine pouches, and other tobacco products are harmful to health. For young people, it can become an entry point to nicotine addiction. When these products become normalized and accessible, more young people can be exposed to and become addicted to nicotine,” Delos Reyes said.

Taxation as a health measure

PAV is also calling on lawmakers to strengthen taxation on tobacco and vape products, saying higher taxes can form part of broader public-health measures to discourage tobacco and nicotine use.

For parents and advocates, taxation is not simply about revenue. Keeping tobacco and vape products from becoming cheaper and more accessible, they said, can help prevent early nicotine exposure and addiction among young people. “We call on our legislators to strengthen taxation on tobacco and vape products as a public health measure to protect the lives and health of Filipinos, especially our children and young people. Hindi dapat gawing mas mura at mas accessible ang products na maaaring magdulot ng nicotine addiction. Kailangan natin ng policies that put public health and the protection of our children first [We should not make products that can lad to nicotine addiction cheaper and more accessible. We need policies that put public health and the protection of our children first],” Rebie Relator, president of PAV, said. PAV is also advocating stronger protections for children and young people, including amendments to Republic Act 11900, or the Vape Law; support for the proposed Smoke-Free and Vape-Free Environment Bill (HB 9603); and its Total Vape Ban campaign. The Sorsogon activities were held in connection with National Lung Month and International Youth Day and form part of PAV’s continuing engagement with schools, parents, communities, and local governments on tobacco and vape prevention.

Thursday, September 17, 2026

Country of Honor Philippines brings nation’s largest trade delegation to CAEXPO 2026

he Center for International Trade Expositions and Missions (CITEM), the export promotion arm of the Department of Trade and Industry (DTI), officially brings the Philippines to the 23rd China-ASEAN Expo (CAEXPO) at the Nanning International Convention and Exhibition Center (NICEC) in Guangxi, China. Happening from September 17 to 21, 2026, the country’s delegation is set to prove the theme, “The Philippines is Programmed for Business and Growth.” Serving as the designated “Country of Honor” for the second time since 2013, the Philippines presents its largest commercial participation in CAEXPO history. Anchored by a 313-strong national delegation, including 73 high-value export enterprises in the Commodity Pavilion and a strategic National Pavilion featuring Cebu Province as the official “Province of Charm,” the country presents a multi-sectoral showcase under the national banner PARTNERPhilippines. “CITEM did not build this milestone alone; it was forged by the ambition and product innovation of our 73-strong exhibitors, backed by a whole-ofgovernment ecosystem,” according to CITEM. “Every deal closed and every partnership forged on this floor directly feeds into the country’s overall economic growth, elevating the Philippine export nation on the global stage.” The Philippine presence is anchored by two distinct showcases: National Pavilion: Serves as

Programmed for business and growth, the Philippines positions itself as a capable investment hub for technological agility, resilient supply chain, and green economy. the macro-strategic platform where policy, institutional capability, regional development, and investment opportunities converge. Central to the National Pavilion is Cebu Province, CAEXPO’s official Province of Charm. Posting consecutive 7.3 percent annual economic growth, Cebu highlights its world-class air and maritime logistics infrastructure, led by the MactanCebu International Airport and strategic deepwater ports, positioning the region as a high-yield destination for investment, industrial manufacturing, and creative industries. Commodity Pavilion: Acts as the commercial hub translating highlevel policy into concrete trade transactions. The 73 exhibitors represent CITEM’s flagship export banners— FOODPhilippines, FASHIONPhilippines, DESIGNPhilippines, CREATEPhilippines, and PARTNERPhilippines. Participating enterprises cover agrifood, lifestyle, home and fashion, personal care, and allied services, including tourism, banking, and pharmaceuticals. The PARTNERPhilippines delegation features high-yield investment and trade opportunities across Philippine sectors, such as home, fashion, and lifestyle (HFL), tropical agrifood, financial services, and world-class tourism, among others. Beyond product sourcing, the twin pavilions offer international delegates a complete narrative of the Philippines as a premier sourcing hub and world-class travel destination, celebrated for its rich cultural heritage, natural beauty, and

tropical agriculture. Driven by the strategic regional integration enabled by the China-ASEAN Free Trade Area (CAFTA 3.0) Upgrade Protocol and the Regional Comprehensive Economic Partnership (RCEP), local Micro, Small, and Medium Enterprises (MSMEs) gain direct pathways into digital commerce, green technology, and integrated supply chains across a 15-nation economic network representing nearly 30 percent of global GDP. CITEM’s organization of this year’s participation is in partnership with the key public and private entities: Department of Agriculture (DA), Department of Foreign Affairs (DFA), Coconut Farmers and Industry Development Plan (CFIDP), Philippine Exporters Confederation, Inc. (PHILEXPORT), Tourism Promotions Board Philippines (TPB PHL), Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII), Liwayway Marketing Corporation, and Metropolitan Bank (China) Ltd. CITEM will next travel to France to bring a FOODPhilippines delegation to SIAL Paris 2026 happening on October 17 to 21, and will then return to China for its next food trade fair participation in the China International Import Expo that will run from November 5 to 10, 2026 in Shanghai. Visit citem.gov.ph to learn more about CITEM’s participation in CAEXPO 2026, and ifexconnect.com for other organized overseas trade fair participation in the food sector.

Humanizing insurance through action: How Etiqa Philippines delivered P3.8B in trust

HEN illness strikes, an accident happens, or a loved one is lost, what matters most is knowing help will be there. For Etiqa Philippines, that promise is fulfilled through one simple measure: paying claims quickly and reliably when customers need help the most. In 2025 alone, Etiqa paid over P3.8 billion in claims, delivering tangible financial relief and safeguarding policyholders, families, and businesses nationwide. Every claim paid reflects our ongoing commitment to helping customers through life’s unexpected moments, reinforcing the trust they place in us when protection matters most. Behind the P3.8 billion in claims paid in 2025 were thousands of individuals and families who received financial support during some of their

most difficult moments, from medical treatments and hospitalizations to life and motor insurance claims. For companies, it also meant providing support to employees and their families in case of the unforeseen, helping ease financial pressures and, in some cases, giving children the chance to continue their education. These payouts also helped customers access healthcare through Etiqa’s nationwide network of more than 1,200 hospitals and clinics, and 30,000 accredited physicians. For someone facing an illness or recovering from an accident, having access to the right care can make an already difficult situation a little easier. It is in these moments that insurance moves beyond a policy and becomes a source of support. “Insurance is ultimately about helping people through some of the most important moments in their lives. Every improvement we make, whether in claims, technology, or customer service, is aimed at making that experience easier and more reassuring for our customers. It’s about helping our customers claim faster and easier,” said Anthony Lou Bernabe, President & CEO of Etiqa Philippines. “Trust is earned through action. Every claim paid reflects our commitment to stand by our customers during life’s critical

moments.” Bernabe said. For Raul De Luna, Chief Financial Officer of Etiqa Philippines, the ability to provide that support also depends on having the financial discipline to fulfill commitments when they fall due. “Our ability to pay billions in claims reflects not only financial strength but also disciplined risk management. It is proof that Etiqa delivers on its promises and remains resilient for the future,” De Luna said. As Etiqa moves forward, its focus remains on making insurance easier to experience, not just easier to buy. Guided by its commitment to Humanizing Insurance, the company continues to enhance claims processing, expand healthcare access, and strengthen customer care to better serve the evolving needs of its customers. Backed by nearly seven decades of serving Filipinos, together with the regional strength of Etiqa and the Maybank Group across Southeast Asia, Etiqa combines deep local understanding with the stability, expertise, and resources of a leading regional financial services network. More than providing protection, Etiqa strives to give customers confidence and peace of mind, knowing they have a trusted partner ready to support them when life’s unexpected moments arise.

Sheraton Manila Bay partners with The Farm at San Benito for wellness dining experience

HERATON Manila Bay proudly announces its partnership with The Farm at San Benito, Autograph Collection, a renowned wellness destination in Batangas, for a unique culinary collaboration titled “The Harvest Table” on September 30, 2026. Designed to bring fresh, nourishing cuisine closer to the urban community, The Harvest Table showcases thoughtfully curated dishes that highlight wholesome ingredients, balanced nutrition, and exceptional flavors. Through this collaboration, guests can experience wellness-focused dining in the heart of Manila. The event will feature Chef Rose Marie from The Farm at San Benito, Autograph Collection, who will share her culinary expertise and personally prepare select dishes from the menu alongside Sheraton Manila Bay’s Chef Gilbert. Together, they will offer guests a firsthand taste of The Farm’s renowned approach to healthy and mindful dining. The Harvest Table celebrates the connection between food, wellness, and community, creating a memorable dining experience that nourishes both body and mind.

Back-to-back wins underscore SM Hotels’commitment to inclusion, engagement, growth of its people

M Hotels and Conventions Corporation (SMHCC) has earned consecutive recognition from two distinguished award-giving bodies, affirming the company’s continued dedication in creating a workplace where people are empowered to grow, connect, and go beyond. SMHCC was named Diversity & Inclusion Champion at the 2026 Altaris Business Awards – Human Resources Awards, a global awards program recognizing business innovation and success across industries. The company also emerged as a finalist for Learning & Development Excellence and Talent Acquisition Excellence, making SMHCC the only company to appear three times among the seven organizations named to the finalists and winners list. The recognition highlights SMHCC’s approach to fostering an inclusive workplace where employees across generations, abilities, backgrounds, and identities are given equitable opportunities to contribute and advance. Its entry showcased initiatives developing and celebrating women in traditionally male-dominated roles, LGBTQ+ inclusion, and forging partnerships with organizations that advocate for persons with disabilities and senior citizens, as well as community-based programs, which extend the principles of inclusion beyond the workplace. SMHCC’s Learning & Development Excellence finalist recognition further underscores its structured learning culture, with programs such as We Go Beyond, leadership and capability-building initiatives like R.I.S.E. and L.E.A.D. Beyond, and specialized training that support employees across technical, service, leadership, and personal competencies. Meanwhile, its Talent Acquisition Excellence finalist recognition reflects a talent strategy that goes beyond filling vacancies by building sustainable talent pipelines through strategic sourcing, school and institutional partnerships, internships, inclusive recruitment, and employer branding. Adding to this momentum, SMHCC was also named a winner of the Best Employee Engagement Program at the

Pillars of growth: The value drivers of the Vista Commercial Assets landscape, VCA provides the foundational infrastructure that enables local businesses to optimize operations.

Size: Configurable assets

Business viability is propelled by proximity to people, movement, and market activity. With presence in 45 provinces and 115 cities and municipalities, Vista Commercial Assets (VCA) provides partners with pathways to wellpositioned properties nationwide.

OMMERCIAL parcels function as strategic assets that shape community movement and transform raw landbanks into vibrant financial centers. As the commercial arm of Vista Land, Vista Commercial Assets (VCA) consolidates corporate capabilities to offer flexible property sales and leases nationwide. Embedded within Camella, Vista Residences, Vista Manors, and Vista Estates developments, these assets align with the Philippine Development Plan 2023–2028— connecting institutional partners to stable consumer markets to drive local employment and long-term land appreciation.

Scale: Nationwide reach

Commercial viability relies heavily on immediate proximity to active residential developments and daily transit routes. Spanning 45 provinces and 115 cities, VCA offers approximately 995 hectares of saleable and leasable lots, providing corporate partners with pathways to high-traffic consumer markets nationwide.

Scope: Flexible formats Chef Rose Marie from The Farm at San Benito will share her culinary expertise alongside Sheraton Manila Bay’s Chef Gilbert.

TalentView People Insights Awards 2026, which recognizes organizations transforming the future of work through meaningful workplace and people initiatives. The award recognizes SMHCC’s deliberate efforts to strengthen employee connection, belonging, and engagement through a culture of listening, meaningful experiences, growth, recognition, and open communication. Programs such as We Go Beyond Pocket Sessions, HR Hour, Wednesday Wisdom, Kapihan, Stay Interviews, HAY Sessions, and the President’s Go Beyond Awards create regular opportunities for employees to engage with leaders, share their voices, learn, receive recognition, and build stronger relationships across the organization. “These recognitions affirm that our people strategies are not simply programs on paper. They are reflected in the experiences of our employees every day,” said Charmagne Adonis, SMHCC Vice President for Human Resources and Organizational Development. “For us, going beyond means creating an environment where every person feels heard, valued, connected, and empowered to contribute. Whether through inclusion, learning, talent development, or engagement, we remain committed to building a culture where our people can grow with the organization and, in turn, help us go beyond what is expected.” The back-to-back recognitions reinforce SMHCC’s belief that organizational excellence begins with investing in people. By bringing together inclusive opportunities, continuous learning, strategic talent development, and meaningful employee engagement, SMHCC continues to strengthen a people culture that supports both individual potential and the organization’s goals in the hospitality and conventions industry. For SMHCC, these awards are more than external validation. They are a reflection of a workplace culture built with its people, sustained by its people, and driven by their collective commitment to go beyond.

Managing a footprint of nearly 37,000 sqm., VCA offers flexible formats from 25 to 1,000 sqm. to support both micro-businesses and large enterprises. Aligned with DTI data showing MSMEs comprise 99.63 percent of the economic

VCA lots offer versatile configurations for offices, campuses, institutional developments, and essential retail hubs, while commercial spaces activate communities with bookstores, daycare centers, laundromats, water-refilling stations, restaurants, spas, and pet care stores that meet routine needs. These flexible commercial parcels seamlessly address diverse investor requirements, routine neighborhood demands, and recurring patronage.

Synergy: Coordinating catchments with commerce

Commercial assets thrive when population density, mobility corridors, and institutional centers converge. For Vista Land, integrating education, essentials, dining, and wellness creates a complete ecosystem. This synergy optimizes operator spending, grants residents lifestyle convenience, and secures high-performing assets for investors through active consumer catchments and longterm land appreciation.

Sustainability: Resilient returns

Commercial real estate sustainability relies on community relevance and aligns with regional market confidence, as CBRE and Reuters report that Asia-Pacific net buying intentions reached a four-year high of 17 percent in 2026. For VCA, this approach supports adaptive development. Its commercial rows scale with the neighborhood—introducing daily essentials before expanding into specialized concepts to deliver resilient returns through progressive leasing. Through this framework, VCA supports locators and investors, serves households, strengthens land value, and sustains scalable growth in Vista Land developments. To explore sale and lease opportunities in commercial land and spaces nationwide, visit www.vistaland.com.ph/ commercial-assets, follow @vistalandcommercialassets, or call 0927 505 6421 and 0919 081 2810.

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

Parentlife BusinessMirror

Editor: Gerard S. Ramos • Thursday, September 17, 2026

HAPPY for Marcus and me to have been at the Happy Mamas Kidpreneur Event at Edades with organizers Candy Pacla and Tracy Prado, her daughter and my personal favorite kidpreneur stalls— Squish and Chew by Kina & Alexa, stella & sim, Little Makers and Gabby’s Grills

When the kids are at school, a mom’s multiple hats come RAISING FUTURE-READY KIDS: out to play; which one are you? THREE months into the school year, morning routines now look like waking your little ones up early, making sure their backpacks are ready to go, and dropping them off at their classrooms. But little do your kids know that when they’re at school, a whole new side of you comes out to play. After all, you can’t be strictly only “mom” mode 24/7. But what you choose to do during classes doesn’t just open new possibilities; it also makes you find new ways to make them happen. Ever wondered about the mommy personalities you can unlock while your kids are busy hitting the books? Let’s find out! n The Locked-in Career Woman. You may be called “mom” at home, but at work you’re a certified boss. So whether you have a corporate job, work as a freelancer, or own a small business, you maximize your time commuting to the office or nearest co-working cafe. This is where you can get things done—from meeting strict deadlines to leading long meetings and locking in major deals. n The Private. Chef Cooking delicious, nutritious meals doesn’t just start in the kitchen. It begins at your nearest palengke or supermarket, where you inspect each item before you check out. This attention to detail makes its way back home, where you carefully plan your weekly menu and buy last-minute groceries online for ingredients you forgot to get in person. n The Fitness Fanatic. There’s no denying moms are always on the move, but you always take this up a notch. The moment the bell rings, you take this as a signal to get your steps in, hit the gym for a quick workout, or head out to your favorite yoga or Pilates studio. After all, nothing beats getting a good sweat in before picking up your kids at the end of the day. n The Hobby Pro-Maxxer. Whether you’re rediscovering an old passion or learning a new skill, you use school hours to explore your creative side. With the house a little quieter this time of day, you can take your sweet time with your paintbrush, camera, or whatever tool is in your arsenal. The best part? You can lock up the house to try the art workshop or dance class you’ve been eyeing for months. Whatever your inner personality may be, school hours give you the freedom to step out of mommy mode. And with places to be and things to do, getting around should ideally be the least of your worries. So whether you’re heading to the office, supermarket, gym, or workshop, you can count on inDrive (www.indrive.com) for convenient, secure rides and fares that allow passengers and drivers to meet in the middle, even during rush hour. Best of all, inDrive, a global mobility and delivery platform, gives you full control over your trip, allowing you to book the best driver for you based on their vehicle type and passenger ratings. With your weekdays looking extra busy this school year, the last thing you need is a complicated commute to ruin your day. Regardless of what your mommy side quest may look like, inDrive can help get you there no matter what.

Why entrepreneurship can start young

HEN we think of entrepreneurship, we often picture adults building companies or selling products. But after years of working with early child education and our family growing up in a family business environment, I have come to see entrepreneurship differently. When I was sent to a multinational company’s warehouse at around age 10 to put stickers on toys of a shipment, we directly delivered to their warehouse, it was less about being a businesswoman but more about asking: “How can I do things faster given the heat and the seemingly unending master cartons?” In the beginning, I would take out all the four pieces from each master carton, then do the stickering each. Towards the end of the first week, I figured out I just had to open the master carton from one side, then do the stickering. The Organization for Economic Co-operation and Development (OECD) similarly identifies creativity, initiative, problem-solving, perseverance, financial literacy, working with others and learning through experience as entrepreneurial competencies. In the rapidly changing world of AI, knowing facts remains important, but children also need to know what to do when there is no single correct answer. This is why I believe entrepreneurship can benefit children even if

they never become entrepreneurs. I was so lucky to recently see these skills come alive through the Happy Mamas Kidpreneur Events. This year’s Rockwell Kidpreneur Event Series brings children together across four Rockwell communities. What I particularly appreciate is that the awards do not simply celebrate who sells the most. Children are recognized for creative products, branding, customer engagement, positive attitude, booth and packaging design, imaginative ways of attracting customers, and creative digital communication. The event felt warm seeing the community supporting the children. From parents, grandparents, relatives, and brands like Globe at Home, Bert Lozada, Mamou, Ogalala, Playscapes, and many more. So how young can entrepreneurship begin? I believe much earlier than we think. n Ages 3–5: Curiosity and Creativity. Start with pretend play. Create a little store using toys, play food or their own artwork. Let children decide what to “sell,” exchange play money and talk to their customers. At this age, entrepreneurship is really imagination, communication, decision-making and problem-solving. n Ages 6–8: Value and Responsibility. Children can create bookmarks, drawings, simple crafts or snacks for a family market. Let them think of a name, decide on a price, and practice greeting customers. Give them a small budget for materials and introduce simple ideas of cost, selling price, saving and spending. The bigger lesson is responsibility: prepare, finish what you started, present it proudly, and clean up afterward. n Ages 9–12: Ideas Meet the Real World. This is a wonderful age to let children identify a need and create a product or service around it. They can develop a name and logo, calculate basic costs, set prices and prepare a sales pitch. Afterwards, ask: What worked?

What didn’t? What did customers tell you? What would you change next time? Here, even failure becomes valuable. n Ages 13–18: Real-World Entrepreneurship. Teenagers can research potential customers, create budgets, develop prototypes, use digital tools responsibly, test marketing ideas, and track income and expenses. We can also introduce ethical questions: Is your product useful? Is your price fair? Entrepreneurship should develop judgment and responsibility, not merely the desire to earn. Parents play an important role throughout these stages. We can provide tools, encouragement and a safe space to experiment, but we must resist taking over. Our communities are equally important. Schools, malls, neighborhoods and businesses can provide safe environments where young people meet customers and receive authentic feedback. Imagine what a child learns behind one little booth: mathematics when computing costs and change; language when explaining a product; art when creating packaging; psychology when understanding customers; digital skills when designing a poster; and perhaps most importantly, resilience when someone walks away without buying. That is 21st century learning brought to life. When we give children room to turn ideas into action, and praise the process more than the outcome, we are not merely teaching them how to build a business. We are raising children who will notice problems and opportunities, not complain, and pick appropriate skills to make things better. We are nurturing future-ready children who can confidently say, “I can create something of value. I can solve a problem. I can recover from setbacks.” And ultimately say, “I can make a difference!” And that is an entrepreneurial mindset worth starting early.

Bayan Family of Foundations, Benilde advance opportunities for the Deaf TO empower Deaf individuals, provide opportunities to enhance their entrepreneurial competencies, and create pathways for sustainable employment, the Bayan Family of Foundations (BFF) and De La Salle-College of Saint Benilde (DLS-CSB) entered a strategic partnership geared toward inclusive education. BFF is an ecosystem of development institutions committed to build positive social change by supporting social enterprises. Bayan Academy, one of its four core foundations, offers comprehensive entrepreneurship, management, and education training programs. The mutual pursuit was formalized through the signing of a Memorandum of Understanding (MOU) between BFF and DLS-CSB. It seeks to foster entrepreneurship training and capacitybuilding programs for the School of Deaf Education and Applied Studies (SDEAS) students, faculty, alumni, and associates. BFF president and chief executive officer (CEO) Prof. Carlo Sagun and Bayan Academy executive director Vivienne Leigh

➊

➋

➊ BFF president

and chief executive officer Prof. Carlo Sagun

➋ FROM left:

De Guzman represented the organization. DLS-CSB vice chancellor for academics Angelo Marco Lacson and SDEAS dean Dr. Marian Patricia Bea Francisco inked the deal for the college. “There is a saying that ‘Give man a fish and you feed him for a day. Teach him how to fish and you feed him for a lifetime,’” Francisco shared in her closing remarks. “This is the same principle why we are pushing for this partnership: to ensure we cultivate an environment where Deaf students and graduates are equipped with the knowledge, skills and confidence to

become entrepreneurs, professionals and leaders who contribute meaningfully to society,” she explained. The initiative will explore enterprise prospects for both parties through experiential learning activities and immersion. BFF and Benilde likewise look forward to holding entrepreneurship and skills development workshops and seminars. Knowledge exchange, cooperative research, institutional learning, joint project developments, and community programs for the Deaf are among the other areas

of collaboration considered by the two institutions. “By bridging the worlds of inclusive education, entrepreneurship, and social development, we are contributing to the Sustainable Development Goal 8 Decent Work & Economic Growth for Deaf people,” Francisco noted. “As we leave this room, let us remember that this partnership is not merely the end goal. It is a means to an end—that is, a society where equity, dignity and respect are afforded to all regardless of ability, race and social class,” she ended.

Benilde SDEAS dean Dr. Marian Patricia Bea Francisco, Sagun, Benilde vice chancellor for academics Angelo Marco Lacson, and Bayan Academy executive director Vivienne Leigh De Guzman

Thursday, September 17, 2026

www.businessmirror.com.ph

CIW execs, others on carpet over loss of ₧6-M prisoners’ trust fund

By Joel R. San Juan

@jrsanjuan1573

ORRECTIONS Director General Gregorio Pio P. Catapang Jr. has ordered the filing of administrative, criminal, and civil cases against two former superintendents of the Correctional Institution for Women (CIW) and five other personnel in connection with the P6 million missing trust fund of prisoners or persons of deprived of liberty (PDLs).

Recommended to be charged were Corrections Senior Supt. Daisy Sevilla-Castillote, Corrections Technical Senior Supt. Marjorie Ann Sanidad, and Corrections Officers Bianca Flor C. Ramos, Maryrose Y. Abucay, Madel C. Figuerres, Gloria N. Lakisa, and Charlot Jennifer L. Carreon. The filing of charges stemmed from the investigation report and recommendation submitted by the Bureau of Corrections Directorate

for Intelligence and Investigation (DII) which was approved by Catapang. Based on its report dated August 30, 2026, the DII found that Ramos, who served as CIW Trust Fund Officer, was unable to account for P5,153,375 inthe PDL Trust Fund. The amount on the final audit report of the parallel investigation conducted by the BuCor Internal Audit Service Unit on August 25,

2026, however, reflected unaccounted amount of P6.4 million without deducting the more than P1.2 million accounted amount yet to be collected or listed as receivables. Catapang said that a second review will be conducted to reconcile the difference. The report said Castillote failed to exercise the required diligence in supervising, monitoring, reconciling, and maintaining institutional control over the PDL Trust Fund. “She was also found to have failed to comply with the BuCor PDL Trust Fund Policy, the primary guideline governing the m a n agement , res pon sibi l it y, monitoring, and supervision of the fund,” Catapang said. The investigation also showed that Castillote expressly authorized the use of PDL Trust Fund money for the renovation and improvement of the Multipurpose Hall, Overseer’s Office, and Investigation and Verification Section Unit (Ivsu), in violation of restrictions on the administration, use, and disposition of trust fund resources. Sanidad, who served as acting CIW superintendent before Castillote’s appointment, was also cited for authorizing the advancement

of P300,000 from the Trust Fund to cover an LBC remittance intended for PDLs that reportedly had not been properly transmitted. The transaction, according to the DII, violates policies governing the use and disposition of PDL Trust Fund resources. On the other hand, the report said Ramos was unable to satisfactorily explain the whereabouts, disposition, or utilization of the P5,153,375 deficiency. Abucay, who was designated as the incoming CIW Trust Fund Officer, was cited for deficiencies related to the turnover of duties. These included the absence of a formal turnover document, the lack of independent witnesses during the turnover of cash and other accountabilities, and her failure to ensure the adequate documentation and verification of funds subsequently discovered after the turnover. The investigation also ident i f ied l apses on t he pa r t of Figuerres, Lakisa, and Carreon in performing their duties as Trust Fund staff particularly on the recording, documentation, monitoring, reconciliation, maintenance, and verification of Trust Fund transactions and related records.

India puts $66.8M more on PHL table By Bless Aubrey Ogerio

NDIAN companies are putting an estimated $66.78 million in potential new and expansion investments on the table in the Philippines, spanning technology, artificial intelligence, cybersecurity and electronics manufacturing. The potential investments were discussed during a September 12 executive roundtable in India, which became the opportunity to follow up on commitments made during President Marcos’ visit to India last year. The participating Indian companies have a combined market capitalization of about $65.55 billion and an existing investment footprint in the Philippines worth $84.7 million, according to the government. The discussions centered on expanding activities in information technology-business process management (IT-BPM), artificial intelligence, cybersecurity, digital

engineering and electronics manufacturing services. Four companies, namely Cognizant, VVDN Technologies, Hinduja Group and HCLTech, have indicated plans to expand their Philippine operations, Trade Secretary Ma. Cristina A. Roque said. “In fact, they’ve said that the Philippines is really the best destination for trade and for business for them,” Roque said in an interview. Cognizant plans to expand beyond its existing Philippine operations into higher-value technology services, including AI, cybersecurity and digital engineering, as well as global capability centers. The company expects the expansion to create 3,000 to 5,000 additional jobs over the next three years and is evaluating potential sites in Tarlac, Clark, Cagayan de Oro, Dumaguete and Urdaneta. HCLTech, meanwhile, plans to sustain about $10 million in investments while expanding its

technology and digital services operations. It currently supports more than 70 global clients from the Philippines and is looking to strengthen workforce training in AI and cybersecurity while exploring opportunities outside Metro Manila. For electronics manufacturing, VVDN Technologies is finalizing plans for a Philippine facility for electronics assembly and testing, with a projected investment of $10 million to $50 million and about 500 manufacturing jobs. Possible locations include Subic, First Philippine Industrial Park and Laguna. Hinduja Group also outlined a $6-million investment through Hinduja Global Solutions to establish digitally enabled staffing solutions centers in Metro Manila, which are expected to create 1,200 skilled jobs. Its automotive arm, Ashok Leyland, also presented a commercial vehicle assembly project intended

to supply units for the Metropolitan Cebu Water District. For his part, Finance Secretary Frederick Go said the interest from Indian companies reflects the response to the government’s efforts to improve the investment environment. “The interest we are seeing is a strong indication that our investment reforms are working,” Go said. The latest commitments come as the Philippines and India deepen economic ties following the elevation of their bilateral relationship to a Strategic Partnership last year, when the two countries marked 75 years of diplomatic relations. Both sides have also been seeking to expand trade and investment and accelerate negotiations for a Preferential Trade Agreement. Trade between the Philippines and India reached $3.55 billion in 2025, according to the Philippine Statistics Authority.

Asean eyes lower cost in disaster financing By Mary Jade Jadormio

HE Association of Southeast Asian Nations (Asean) is looking to negotiate lower-cost financing for disaster-resilient infrastructure as member states face mounting pressure on their public finances, Defense Secretary Gilberto Teodoro Jr. said. Under the bloc’s “one Asean, one response” framework, member states can jointly work with extra-regional partners and multilateral financing institutions to make disaster-risk investments more affordable. “One Asean, one response is aspirational in the sense that it seeks to lessen damage to people and lessen the damage

caused by disasters by anticipation,” Teodoro said. But regional cooperation should go beyond a common response framework and translate into practical arrangements, he said. “Within that framework too, it provides a forum for Asean as a region to negotiate and to advocate with extra regional partners,” Teodoro said. One priority is reducing the financing burden for infrastructure designed to limit disaster losses. “For example, in lowering the cost of funds that multilateral financing institutions will provide for disaster risk reduction infrastructure that you need in order to mitigate the effects of the

damages,” he said. Disaster-risk financing has become more urgent as governments contend with tighter fiscal space, according to Teodoro. “Disaster risk financing under this umbrella becomes really important at this time when your balance sheets of a country are strained,” he said. A regional negotiating position could give Asean countries another channel to seek support from financing institutions and partners outside Southeast Asia. Teodoro also stressed that anticipation should be treated as part of disaster response, rather than as a separate concern. “Response here should also be read in the context of anticipation,” he said.

Without adequate preparation, governments could face larger rebuilding costs after disasters, Teodoro said. “Without anticipation, your response will be ineffective and you have to rebuild more, which is more costly in the end,” he said. The financing discussion came as Asean adopted the Manila Declaration following its two-day Ministerial Conference on Disaster Resilience hosted by the Philippines. The declaration calls for faster implementation of the Asean Agreement on Disaster Management and Emergency Response work program for 2026–2030, with resilience efforts aimed at the 2030 horizon and beyond.

DFA to China: What agreement to remove BRP ‘Sierra Madre’?

HE government on Tuesday night said no agreement was ever made between Beijing and Manila, obligating the latter to remove the BRP Sierra Madre that is beached at the Ayungin Shoal in the West Philippine Sea. Department of Foreign Affairs Spokesperson for Maritime Affairs Rogelio Villanueva Jr. made the statement in belying the Chinese Embassy in Manila’s claim that the Philippines has made a “repeated promise to remove” the warship from the feature. “The Philippine Government categorically rejects the assertion that the Philippines has repeatedly promised to tow away or remove the BRP Sierra Madre from Ayungin Shoal,” he said. “There is no agreement between the Philippines and China obligating the Philippines to remove the BRP Sierra Madre , a commissioned Philippine naval vessel permanently stationed in Ayungin Shoal,” he added. Villanueva pointed out that Ayungin Shoal forms part of the exclusive economic zone (EEZ) and continental shelf of the Philippines, and that as a low-tide elevation “is not capable of generating maritime entitlements of its own and can neither be the subject of a sovereignty claim” by another country.

“Accordingly, China’s exercise of maritime law enforcement powers infringes on Philippines’ sovereign rights and jurisdiction in Ayungin Shoal and are violations of international law,” he said. The claim was made by Chinese Embassy Deputy Spokesperson Guo Wei in a lengthy statement posted on the embassy’s Facebook page on September 12. The DFA also rejected China’s “misc h a r a c t e r i z at i o n o f t h e P h i l i p p i n e Maritime Zones Act,” noting that the passage of the law is an “exercise of the Philippines’ sovereign prerogative to define and establish its maritime zones consistent with United Nations Convention on the Law of the Sea [Unclos] and international law.” “The 2016 Arbitral Award is final and binding on the Philippines and China. It was rendered by an arbitral tribunal constituted under Annex VII of Unclos—to which both the Philippines and China are States Parties. The Philippines calls on China to respect and fulfill its obligations under international law,” Villanueva said. The diplomat said Manila remains open to dialogue and peaceful settlement of disputes, but will continue to exercise its rights and undertake lawful activities “to uphold its sovereignty, sovereign rights, and jurisdiction. PNA

Group welcomes Pakistan’s move to tighten regulations on cosmetic products By Jonathan L. Mayuga @jonlmayuga

PHILIPPINES-based waste and pollution and environmental watchdog on Wednesday welcomed the recent decision by Pakistan’s Senate Standing Committee on Science and Technology approving the Pakistan General Cosmetics Bill of 2026 with certain amendments. “The proposed policy measures strengthening cosmetic regulations in Pakistan are a welcome development, and we hope these get enacted soon,” Aileen Lucero, EcoWaste Coalition national coordinator said. The group has so far exposed 45 Pakistanmade skin lightening products with outrageous levels of mercury. “Effec tive enforcement of these measures will be a major win for local and global consumers alike, and will help advance the ban on mercury-added cosmetics under the Minamata Convention on Mercury,” she said. Lucero urged authorities in Pakistan to conduct a comprehensive inquiry into the proliferation of mercury-containing skin lightening products despite Standard PS: 3228-2017—set by the Pakistan Standards and Quality Control Authority (PSQCA) in 2017—which caps mercury at one part per million, pointing out that at least 20 of the toxic creams discovered by the EcoWaste Coalition improperly display the Pakistan Standard Quality Mark. On September 9, the committee, under the chairmanship of Sen. Kamil Ali Agha, met at the Parliament House in Islamabad to consider the cosmetics bill introduced on August 25 “to establish a regulatory framework for general cosmetics to ensure standardization, certification, labeling, [and] marking to ensure suitability for human use.” The meeting, attended by Sens. Muhammad Aslam Abro, Husna Bano, and Afnan Ullah Khan, Federal Ministers Khalid Hussain Magsi (Science and Technology) and Muhammad Raza Hayat Harraj (Defence Production), and senior officials from the relevant departments and ministries, discussed the need for an effective regulatory framework to protect the public from unregulated and potentially harmful products.

Following the Federal Cabinet’s January 2025 decision to dissolve the Pakistan General Cosmetics Regulatory Authority (PGCRA), established under the Pakistan General Cosmetics Act of 2023, the Senate is advancing a new regulatory framework to govern the country’s cosmetics industry and stop unsafe products from reaching the market. Under the Pakistan General Cosmetics Bill of 2026, the strengthened PGCRA is tasked, among other things, to regulate and monitor all matters relating to the manufacture, import, export, sale and quality of general cosmetics and facilitate the research and development for advancement, modernization and upgradation of the general cosmetics sector to meet national and international standards, among others. Unlike the Pakistan General Cosmetics Act of 2023, the 2026 bill includes provisions for registering general cosmetics, granting or refusing certificates of registration, and procedures for inspection, sampling, and seizure. The 2026 bill also explicitly prohibits the manufacture, distribution, sale, import, or export of any unregistered general cosmetics, the manufacture or sale of sub-standard, spurious, or counterfeit general cosmetics, and the false labeling or misbranding of registered general cosmetics. Under the bill, violators shall be liable to imprisonment for up to seven years, a fine of up to five million rupees, or both. The premises where violative products are produced, handled, or stored shall be sealed, and the machinery shall also be confiscated. EcoWaste Coalition started tracking mercury in skin lightening products in 2011, conducting market investigations, screening products for mercury using its handheld X-Ray Fluorescence (XRF) analyzer, raising awareness of the hazards of mercury in cosmetics to health and the ecosystems, and reporting its findings to national and local authorities for action. A participating organization of the International Pollutants Elimination Network (Ipen), EcoWaste Coalition advocates for a zero-waste and toxics-free society.

Envoys&Expats BusinessMirror

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The technocrat in the Vatican Amb. Raphael Lotilla navigates climate, energy, and AI

By Malou Talosig-Bartolome

HEN Ambassador Raphael Lotilla logged in for a video conference from Rome on August 10 to discuss his new posting at the Holy See, the contrast in weather was stark: Luzon was getting battered by heavy monsoon rains, while Italy was sweltering under a 40°C heatwave. Yet Lotilla saw the silver lining in the downpours: “We are in a way a monsoon-dependent country in terms of replenishing our water supply, especially on the western side of the country,” he told BusinessMirror. He pointed to a solution: build upstream detention ponds to manage the flooding. It’s not the usual small talk one would expect from a freshly installed diplomat in Rome, but it offered an early look at how his technocratic background will shape his new role. After presenting his credentials to Pope Leo XIV on July 1, Lotilla immediately zeroed in on climate

action and technological ethics as top priorities. Just five weeks earlier, the Pope released Magnifica Humanitas: a major encyclical on artificial intelligence published for the 135th anniversary of Rerum Novarum. Drawing from his years in energy and environmental law, Lotilla connected the dots between high-tech AI and low-tech supply chains. “The focus [of the encyclical was on AI] and its effects on humanity,” the ambassador noted, explaining that the technology relies heavily on critical minerals, massive energy, and water resources.

From technocrat to envoy

LOTILLA’S public service track record spans nearly three decades across several presidential administrations. He served as undersecretary at the National Economic and Development Authority—now the Department of Economy, Planning, and Development or DepDev, CEO of the Power Sector Assets and Liabilities Management Corporation or PSALM, secretary of Energy across two separate terms (2005–2007 and 2022–2025), and Secretary of Environment and Natural Resources until early 2026. Heading to Rome offered a chance to pull back from the grueling pace of Cabinet life while managing pressing health concerns, including atrial fibrillation and acid reflux. Coincidence or not, Lotilla says President Ferdinand R. Marcos Jr. gave him a crystal-clear mandate: “to maximize our use of the diplomatic reach of the Holy See. Because the Holy See has diplomatic relations with 184 countries throughout the world—much more than the Philippines has.” Beyond standard church affairs, the ambassador plans to tap the Vatican’s extensive diplomatic network— which maintains full relations with nations like Morocco, Turkey, Azer-

baijan, Iran, and Libya—to press core Philippine interests. “What’s more important is that we use the extensive network of the Holy See to promote and advance the national interest of the country,” particularly on maritime security and freedom of navigation for global Filipino seafarers. While Malacañang framed his appointment as a lighter posting, the sheer scope of Lotilla’s agenda looks more like a mission to the United Nations. “Part of my instruction from the President is to deepen our coordination... and our cooperation and our dialogue with the Holy See on matters of common concern,” he shared. “And this includes, among others, promotion of peace, the protection of migrants, of the rights of migrant workers and displaced persons, the ethical use of artificial intelligence, social justice, and development issues as well.” He takes over from Ambassador Myla Grace Ragenia Macahilig, who moved on to represent Manila in South Africa.

50 years on borrowed ground

THE posting comes at a landmark moment: the 75th anniversary of formal diplomatic relations between

the Philippines and the Holy See, established in 1951. Archival digs into the Vatican show deep historic ties, including Emilio Aguinaldo’s revolutionary government attempting to claim the patronato real right to nominate Catholic clergy. Even the embassy building itself has roots in Rome’s religious institutions, leasing its property from the Augustinians for 50 years, while the Pontificio Collegio Filippino continues to house Filipino priests completing advanced studies. Lotilla wants to push for broader academic recognition in ethics and theology so these scholars can advise Manila’s leaders on modern problems like AI governance. “If we have experts that can help advise and then train other people in the country to address ethical issues...then we can multiply our people who can advise us on these things,” he explained.

Pope’s reckoning with AI

IN Magnifica Humanitas, Pope Leo XIV shines a direct spotlight on the full AI supply chain—exposing everything from underpaid data labelers to harsh mining conditions and algorithmic bias. Filipinos are already at the center

of these global conversations; Nobel laureate Maria Ressa, for example, chaired a Vatican assembly committee tackling the intersection of AI and nuclear risks. For Lotilla, these concerns hit close to home. Bringing his background in energy and environmental law to the table, he looks at AI’s appetite for critical minerals through a moral lens. He cautions against letting developing nations get stuck in raw extraction roles: “If the role of developing countries like the Philippines will always be relegated to just exporters of raw ore, then we will be forever confined to the lower-value activities.” His vision for bridging ethics with economics? The Philippines could balance development and sustainability by processing those minerals locally using clean energy—a practical step that fits neatly into papal teachings on environmental stewardship.

Manila’s circle in Rome

THE Philippines carries substantial weight within the Vatican system, with five cardinal electors alongside figures like SVD General Councilor Fr. Jerome Marquez and De La Salle Superior General Bro. Armin Luistro heading global orders. Continued on C2

Envoys&

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C2 Thursday, September 17, 2026

Egyptian envoy leaves with promotion— and a family changed by the Philippines

By Malou Talosig-Bartolome

use and reduce production of waterintensive agricultural products. Cooperation has since expanded to fertilizers, with Egyptian and Filipino companies discussing longer-term arrangements. Zaki also cited potential cooperation involving medicines and food supplements. Another area being explored is energy. An Egyptian oil company has held discussions in the Philippines on a possible project to expand the country’s oil and gas storage capabilities, either through floating or fixed storage facilities. The project is still under discussion, Zaki said, but reflects the wider potential for economic cooperation between the two countries.

FTER just two years in the country, former Egyptian envoy Nader Zaki left Manila earlier than expected. But the country that became his first ambassadorial posting has also become, in his words, one of the “luckiest chapters” of his diplomatic career.

Zaki has been appointed spokesperson for Egypt’s Ministry of Foreign Affairs, which requires him to return to Cairo and cut his posting short. Yet he said his experience in the Philippines had given both his career and his family reasons to remember the country fondly. “I consider this the best luck I had in my career,” Zaki said of his first posting as chief of mission. The Philippines, he said, offered a particularly meaningful start to his ambassadorial career—not only because of its size and potential for cooperation with Egypt, but also because of the welcome he and his family received. “We didn’t feel strangers at all,” he said, describing Filipinos as among the friendliest people he had met. Before Manila, Zaki’s diplomatic career had taken him to Panama, Sweden, Lebanon and Sudan, giving him postings across Latin America, Europe, the Middle East and Africa. His assignment to the Philippines completed what he described as his journey across the world’s regions.

Tested by crises

HIS posting also coincided with some

of the Middle East’s most difficult recent crises, underscoring the importance of cooperation between Egypt and the Philippines. Egypt helped facilitate the safe passage of Filipinos evacuated from Sudan following the outbreak of civil war there, then later assisted Filipino nationals who had to pass through Egypt amid the conflict involving Gaza. Zaki said such operations were never easy. Ensuring evacuees’ safety involved families, senior citizens, children, and workers. In Sudan, some had to travel more than 1,000 kilometers from Khartoum to the Egyptian border under conditions made dangerous by the civil war. The operation also required coordination on medical assistance, communication with families and embassies, and arrangements for onward travel. “Thank God we managed to do it…they are back safe in their country,” he said. Egypt itself has had extensive experience dealing with displacement and regional crises, sharing borders with Libya, Gaza and Sudan. Zaki said his country had received millions of people fleeing conflicts in neighbor-

EGYPT’S former ambassador to the Philippines Nader Zaki BERNARD TESTA

ing areas and referred to them as “guests,” reflecting what he described as the country’s historical ties with its neighbors. For him, the evacuations demonstrated how diplomatic relations could take on practical importance during emergencies.

‘Back in business’ ZAKI left Manila with the belief that relations between Egypt and the Philippines are entering a more active phase. The two countries have had diplomatic and official relations for about 80 years, he noted, but he said new mechanisms were being developed to give the partnership greater momentum. One significant development was the resumption of bilateral political consultations after an 11-year pause. Meetings were held in Manila, with the next round expected in Cairo. Egypt and the Philippines are also working toward an economic program involving trade officials, while efforts are underway to establish a business

council that could provide companies in both countries with a more formal platform for engagement. To that, he said: “We are back in business.” The council, he explained, could help address a basic problem: business communities in Egypt and the Philippines still know relatively little about one another. The idea is to create channels that would give companies greater confidence in finding partners and pursuing opportunities. “We are trying to create all the possible assurances for businessmen from both countries,” he said. Agriculture has emerged as a promising area of cooperation. Both countries have worked on market access for agricultural products, opening opportunities that Zaki said could also help both countries meet their respective needs. A major exporter of onions and garlic, Egypt could help address shortages of these commodities in the Philippines. Meanwhile, the former has been importing more Filipino bananas as it seeks to rationalize water

Phil. ambassador witnesses new Norwegian king’s oath of allegiance

Beyond ‘G2G’

FOR Zaki, however, one of the strongest foundations of Egypt-Philippines relations lies beyond official diplomacy. He believes “cultural exchange is our best success story between both countries.” People-to-people engagement, he added, was essential to building political relations that could endure. During his posting, he pursued initiatives that included exchanges between Muslim religious leaders and Catholic clergy. Egypt’s Ministry of Endowment began cooperation with the National Commission on Muslim Filipinos. At the same time, discussions with Catholic leaders led to a proposed program for Filipino priests and archbishops to visit Egypt and learn more about Islam, coexistence and the sensitivities of Muslim communities. The broader goal, Zaki said, was to promote peaceful coexistence and deeper understanding between religious communities. Other possible areas of cooperation discussed during his posting in-

cluded legal training related to Sharia and exchanges tailored to the needs of judges and lawyers.

A family’s good luck

PERHAPS the most personal measure of Zaki’s local experience can be found in what happened to his family during their two years in Manila. “The Philippines brought us good luck—not only me, every single member of my family,” he said. His eldest daughter spent a gap year in the Philippines while preparing for examinations to join Egypt’s diplomatic service. She passed and recently became one of his colleagues in the Egyptian foreign service. His younger daughter finished high school in the Philippines and was preparing to pursue law studies in France. His wife, meanwhile, may have become the family’s biggest fan of this country. The diplomat said she was happy about his new appointment but saddened by the prospect of leaving Manila. “We came here as a family of four; now we are only two,” he said, as both daughters began new chapters of their own abroad. For the diplomat, it was simply part of the life they had chosen: constantly moving, adapting, and beginning again in another country. But as he prepares to return to Cairo and take on one of the Egyptian Foreign Ministry’s most visible assignments, Zaki leaves Manila with more than a record of diplomatic initiatives. His first ambassadorial posting earned him a promotion, strengthened ties between two countries with a long diplomatic history, and gave his family milestones that, in his telling, began with two fortunate years in the Philippines.

The technocrat in the Vatican Amb. Raphael Lotilla navigates climate, energy, and AI

LOTILLA during his credentials presentation to Pope Leo XIV last July 1. DFA Continued from C1

AMBASSADOR Enrico T. Fos before the oath-taking ceremony of King Haakon VII.

HILIPPINE ambassador to Norway Enrico T. Fos witnessed firsthand the oath of allegiance of King Haakon VIII before the Storting (Parliament) in ceremonies held at the Stortinget (Parliament building) in Oslo on September 1. Fos joined other members of the diplomatic corps, Norwegian royal-

KING HAAKON VIII takes his oath before the Storting, with Crown Princess Ingrid Alexandra looking on. STORTINGET LIVE TV/DFA

ty, government officials, and other guests during the occasion. The new Norwegian monarch’s oath of allegiance before the Storting is one of the most important constitutional acts connected with succession to the Norwegian throne. According to Article 9 of the Norwegian Constitution, when a new monarch accedes to the throne,

she or he must take an Oath of Allegiance to the Constitution in the Storting, undertaking to govern in accordance with the laws of the Nordic nation. Apart from taking the oath of allegiance, King Haakon VIII also gave a short address, where he expressed the hope that the good relationship enjoyed by his father and grandfa-

ther with the Storting will continue. He added that he and Queen Mette-Marit stand ready to serve Norwegians, and said he has also adopted the same motto as his father and grandfather before him: “Alt for Norge [All for Norway].” King Haakon VIII took over the throne upon the death of his father, King Harald V, on August 28.

On the financial front, law alumna Sheila Uriarte-Tan from the University of the Philippines sits on the Vatican Bank’s board of supervision. Lotilla hopes to tap these connections to link Catholic ethical investment funds with Philippine green projects, building on financial inclusion programs led by the Bangko Sentral ng Pilipinas. His energy background hasn’t taken a backseat in Rome, either. A visiting cardinal recently connected him with an Italian company developing next-generation geothermal tech that wants to enter the Philippine market. He is also eyeing green ammonia— produced via renewable electrolysis— as a path toward fertilizer self-sufficiency, especially after recent Middle Eastern conflicts disrupted global petroleum-based fertilizer supplies.

A pope who remembers

UNDERPINNING the diplomacy between Manila and the Holy See is a rich personal relationship

with Pope Leo XIV himself. “Do you know that he has visited the Philippines nine times before?” Lotilla asked—recalling the pontiff’s prior visits as Prior General of the Augustinians across Cebu, Negros, Panay, and Trinidad, where he frequented local schools and, as Lotilla warmly noted, enjoyed his share of San Miguel beer along the way. When asked about a future papal visit, Lotilla recalled the Pope’s casual reply: “It is just a matter of scheduling.” As the monsoon rains continue to wash over Luzon, the ambassador is nearly 10,000 kilometers away, trading Manila’s humidity for the dry, sweltering heat of a Roman summer. It is a long way from his days at the Department of Energy, yet the distance feels smaller than it looks on a map. From his office, he is leveraging a 75-year-old diplomatic partnership to solve 21st-century problems, guided by a Pope who remembers the taste of a signature beer from the Philippines and the spirit of its archipelago.

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Benguet mambabatok brings indigenous Cordillera tattoos to London convention

By Malou Talosig-Bartolome

terest in indigenous Filipino tattoo traditions. “I think many people in the Philippines still don’t know much about it,” she said. “That’s why it’s important to keep sharing our culture.”

N indigenous tattoo artist from the Kankanaey-Kalanguya communities of Benguet and Ifugao showcased traditional Cordillera tattooing at the Big London Tattoo convention, where she was the only indigenous Filipino exhibitor. Wilma “Ate Wamz” Gaspili, 48, was invited to the event after organizers noticed her work in previous international appearances and a feature in last year’s convention magazine. “They invited me after seeing the feedback from my work,” she told BusinessMirror, adding that she has also attended tattoo events in India. While other Filipinos joined competitions during the three-day London gathering that started September 4, Gaspili said she was the sole indigenous Filipino among the exhibitors. She practices and promotes batok: Cordillera’s tattooing art using a handtapping technique with iron wood and lemon thorn, with pine soot and

Self-taught

water from Mount Pulag as ink. Kalinga tattoo artist and National Living Treasure Apo Whang-Od popularized the technique. “Many people think Kalinga’s [batok] represents the whole Cordillera, but there are tattoo traditions in other parts of the region,” Gaspili explained.

‘Teddyboy’ gets inked

AMONG those who received her work was Ambassador Teodoro “Teddyboy” Locsin Jr., who had a tikawa, or spider design, stenciled on his arm. She said Locsin was the first ambassador to visit her booth at any of her previous international conventions. According to her, it

CORDILLERAN tattoo artist Wilma Gaspili FB: ATE WAMZ

was a proud moment. Beyond tattoo conventions, Gaspili said she has been invited to museums and universities in the

GASPILI with Ambassador Teodoro L. Locsin Jr. FB: TEODORO LOCSIN

United States and the United Nations headquarters in Vienna. She shared her plans to continue researching indigenous tattoo tra-

ditions during her stay in London. According to Gaspili, international audiences in Europe, Canada, and Australia have shown growing in-

UNLIKE many traditional practitioners, Gaspili did not learn the craft through apprenticeship: “[I was selftaught]. There was no apprenticeship tradition for me.” She considers herself part of efforts to revive traditional Benguet tattooing and introduce it to a wider audience. At the London convention, she used lemon thorns as needles. Her tattoo ink comes from ash collected from various parts of the Philippines, such as Bicol, Cebu, and the Ilocos Region. “I collect ink from different places,” she said, noting that clients appreciated receiving tattoos made with materials linked to their hometowns. Although comparisons with Whang-Od are common, Gaspili stressed that she has built her own path as an artist while honoring a shared indigenous heritage. “Whang-Od is a legend, [but] I’m proud of what I represent as well,” she said.

I. Cervantes reveals official poster for Spanish film fest’s 25th edition

S the annual Spanish Film Festival in Manila draws closer, Instituto Cervantes has launched the PELÍCULA>PELIKULA poster for its 25th edition—based on the work of renowned photographer García de Marina, who provided the original photo. Since Instituto Cervantes created it in 2002, PELÍCULA has become a much-awaited annual event in Philippine theaters. This year’s highly anticipated edition will run from October 5 to 11 at the PowerPlant Mall Cinema 2 in Makati City. It will showcase more than 20 acclaimed films from Spain, Latin America, and the Philippines. The current poster’s design draws inspiration from a photo by renowned Spanish photographer García de Marina. It features a mannequin with both front- and back-facing masks: “one looking at the past 25 years, and one looking toward the future,” in the lensman’s words. Born in Gijón, Spain, in 1975, García de Marina is a surrealist artist whose primary subjects are everyday things: books, cups, and chess pieces. This bareness, however, is contrasted and enhanced by his dream-like touch, which is not too far from that of another prestigious visual artist, René Magritte. The Spaniard’s photos also enrich the film festival’s upcoming lineup.

Multiple genres

FOR 2026, PELÍCULA>PELIKULA’s will include numerous genres such as dramas like “Los domingos” (Ruiz de Azúa, 2025), documentaries such as We the Hispanos (José Luis LópezLinares, 2026), classic films like “El desencanto” (Jaime Chávarri, 1976), and animations such as “Olivia y el terremoto invisible” (Irene Iborra, 2025). Thanks to the collaboration of Academia de las Artes y las Ciencias Cinematográficas de España, the festival will feature the film series “Premios Goya on Tour,” with seven recently awarded feature films: Sirāt (Oliver Laxe, 2025), “Maspalomas” (Jose Mari Goenaga and Aitor Arregi, 2025), “La cena” (Manuel Gómez Pereira, 2025), The Room Next Door (Pedro Almodóvar, 2024), “Los Tigres” (Alberto Rodríguez, 2025), “El cautivo” (Alejan-

dro Amenábar, 2025), and “Mariposas negras” (David Baute, 2024). In addition to Spanish productions, the official selection will showcase films from Latin America: the Brazilian drama Cyclone (Flavia Castro, 2025) and the Argentinian animated movie “Gigantes, una aventura extraordinaria” (Gonzalo Gutiérrez, 2024). Filipino cinema will also be screened through the program “En corto: Short films from the Philippines, Latin America, and Spain” on October 11.

Hearing the audience

IN keeping with tradition, spectators will decide the Audience Choice Award by voting for their favorite films after each screening. The recognition has been one of the festival’s most anticipated portions since its inception in 2004. The winning title will be screened again at the festival’s closing ceremony. All screenings are free, with films presented in their original language and accompanied by English subtitles. The festival will also feature other artistic activities such as lectures, workshops, and concerts. PELÍCULA>PELIKULA 2026 is a project by Instituto Cervantes de Manila, the Embassy of Spain in the Philippines, and AECID Philippines, in collaboration with the “Academia…,” the Film Development Council of the Philippines, the Film Academy of the Philippines, National Book Development Board–Philippines, Intramuros Administration, QCinema, Quezon City Screen Commission or “Screen QC,” Argentine Embassy in the Philippines, Embassy of Brazil in Manila, the Embassy of Chile in the Philippines, Power Plant Mall, De La Salle-College of Saint Benilde, University of Santo Tomas-Department of Modern Languages, UST Office of Alumni Relations, UST Alumni Association, Inc, Mapúa University, Meridian International College (MINT), Far Eastern University Manila–Institute of Arts and Sciences, CIIT, University of the Philippines-Diliman-Department of European Languages, and Boysen Paints Philippines.

AMBASSADOR Kristian Netland of Norway (first photo, center) recently hosted authors Malin Falch (from left) and Alex Dahl at his residence. It coincided with the promotion of Falch’s graphic novel Nordlys at the Manila International Book Fair. Philippines Graphic writer Hjadoeya Calica (third photo, right) had the privilege of an exclusive sit-down with her. MIKE POLICARPIO/HJADOEYA CALICA

From books to urban spaces: Spain connects culture, languages & ideas T

HE Embassy of Spain in the Philippines—through Instituto Cervantes and its Cultural and Education Offices— brings vibrant cultural activities to Manila this September, with books, cities, languages, and new connections taking center stage. From September 9 to 13 at the SMX Convention Center, visitors enjoyed a lively celebration of books, languages, and Hispanic cultures. At the Instituto’s booth, families, children, and book lovers can enjoy storytelling, creative activities, Spanish demonstration classes, interactive quizzes, book discussions, games, and more.

The round-table discussion “Makati: Urban Recipes for a City’s Survival” at the Ayala Museum on September 15 brought together urban design experts to explore climate change in various cities. The panel featured Spanish architect José Luis Vallejo, Filipino urban planner Paulo Alcazaren, and creative economy expert Paolo Mercado, with architect and urban heritage conservationist Michael Manalo as moderator. On September 19, European Day of Languages comes to One Ayala, bringing Europe’s linguistic diversity to life. Jump into quick, oneon-one Speak Dating sessions with

native speakers from across Europe. Learn fun phrases, cultural tidbits, and hear the unique sounds of 19 languages. No experience needed— just curiosity and a love of languages, travel, and culture! Casa Azul in Intramuros will be the home to the exposition Diseñadoras (Re)diseñando el mundo (Female Designers. Re-designing the World), which will showcase the diverse range of projects by 12 Spanish female designers, spanning typography, product design, branding, fashion, design, jewelry, textile research, and biomaterial creation. The Embassy of Spain has also

collaborated on a diverse exhibition program which may still be viewed: “Tagpuan” by Boa Mistura—a permanent large-scale wall and floor mural at Fort Santiago; Buen Camino at the San Agustin Museum; “Melodías del pensamiento” by García de Marina at Casa Azul; the University of the Philippines’ Vargas Museum continues to host Embracing the Wind, Cradling the Water by Cristina Mejías; and Returning to Manila: The Galleon Trade in Maps at the Museo del Galeón, organized in collaboration with the Instituto de Historia y Cultura Naval and the Archivo Histórico de la Armada.

Envoys&Expats BusinessMirror

Thursday, September 17, 2026

US, Japan and PHL host first Luzon Econ. Corridor forum

HE governments of the United States, the Philippines, and Japan hosted the inaugural Luzon Economic Corridor (LEC) Investment Forum on September 10. President Ferdinand R. Marcos Jr., Ambassador Lee Lipton of the US, Deputy Director Thomas Hardy of the US Trade and Development Agency (USTDA), Finance Secretary Frederick Go, Socioeconomic Planning Secretary Arsenio Balisacan, and Chargé d’Affaires ad interim of Japan Ono Sho, together with heads of foreign missions in the Philippines, attended the event. Sponsored by USTDA, the forum brought together more than 600 investors, industry leaders, and government officials to mobilize privatesector investment and accelerate commercial partnerships in transportation, energy, digital infrastructure, and advanced manufacturing supply chains. It featured deal signings, project pitches, and discussions focused on improving connectivity, strengthening supply chains, and unlocking private investment across the corridor. Lipton, who led the US delegation, described the forum as an example of the Trump Administration’s strong commitment to creating new opportunities for American companies and workers, as well as advancing mutual

prosperity for the US, the Philippines, and the Indo-Pacific region. “The [US is all-in on the LEC] because it’s good for the Philippines and good for America,” said the ambassador. “It means more investment, stronger supply chains, and highquality jobs in both our countries.”

Growing momentum

THE forum also showed growing momentum across the corridor, with several new investments and agreements announced. These include USTDA funding to expand a key port ship repair facility at Subic Bay and to increase trusted, reliable digital connectivity by piloting artificial intelligence-enhanced US-made WiFi access points across the Philippines. The two governments signed the $60-million Philippines Energy Threshold Program through the Millennium Challenge Corporation to modernize governance of the country’s energy sector and address the high cost and unreliability of power, improve the environment for investment, and expand opportunities for American commercial engagement. Global interest in the LEC con-

AMBASSADORS manifest their support for the Luzon Economic Corridor. FB: EMBASSY OF JAPAN IN THE PHILIPPINES

tinues to grow. Currently including Australia, Canada, Denmark, France, Italy, South Korea, Sweden and the United Kingdom, the partnership expanded at the forum to include the European Union (EU) and Spain. Go thanked the EU and Spain for their support and trust, noting that the growing partnership can help advance projects that deliver concrete gains for the people: “We are working toward tangible results: better infrastructure, stronger connectivity and supply chains, more investment, more jobs, and greater opportunities for [Filipinos].”

Advancing cooperation

JAPAN, the US, and the Philippines, as trilateral partners and guided by the vision of a “Free and Open IndoPacific,” have been advancing cooperation across infrastructure, energy, digital connectivity, and supply chain resilience. “The [LEC] is a prime example of such cooperation, which holds signifi-

Story & photo by Carmel Pedrosa

From diplomacy to community projects THE diplomat also pointed to the growing network of subnational partnerships between Cebu and Chinese provinces and cities. Fujian and Guangxi provinces, she said, have continued to strengthen ties with Cebu through donations,

CHINESE Consul Zhang Zhen (in red) thanked officials in Cebu and Bohol during her farewell reception on September 11, 2026 for the cooperation and partnerships they’ve established during her tenure.

firefighting training, mutual visits and participation in regional and international events. Such exchanges, Zhang said, have helped strengthen peopleto-people links while contributing to the welfare of communities on both sides. The diplomatic mission also worked with Chinese businesses operating in the Philippines. Zhang recognized the Chinese Enterprises Philippines Association and its Cebu branch for contributing to the local economy alongside Filipino partners while undertaking corporate social responsibility programs, including support for public schools and disaster-response activities. She likewise credited the FilipinoChinese community for playing a significant role in local development through business, education, charity, and community initiatives.

Business, investment, local partnerships THE outgoing consul general’s remarks underscored the importance of economic relations alongside traditional diplomacy. Cebu’s local leaders echoed this

Pres. Marcos vows to deepen ties with Norway and SoKor; receives credentials of new envoys

THE Chief Executive with Ambassador Lee Dong-gy (left photo) and Ambassador Kristian Netland PCO

cant potential to enhance connectivity and promote further economic development in the Philippines,” said Sho. “Japan looks forward to this Investment Forum serving as a platform to connect public- and private-sector stakeholders, creating new investment and business opportunities, and contributing to enhanced connectivity across Luzon.” From Subic Bay and Clark through Manila to Batangas, the region represents 50 percent of the Philippines’ gross domestic product. Together, these create new pathways for businesses and workers, strengthen economic security and supply chains, and help make the Philippines an even more competitive destination for global investment. The LEC Investment Forum highlighted the corridor’s immense economic and strategic value. The forum also served as an important platform to showcase diverse investment opportunities and strengthen collaboration among stakeholders.

Consul general leaves Cebu with strengthened China-Visayas ties EBU CITY—After more than three years of diplomatic service in Cebu, Chinese Consul General Zhang Zhen leaves the region with a record of deepening local government ties, expanding peopleto-people exchanges, and mobilizing Chinese enterprises and the FilipinoChinese community to support local development. Zhang, who arrived in Cebu in April 2023 and served for three years and five months, delivered her farewell message during a reception celebrating the 77th National Day of the People’s Republic of China and marking the end of her tenure. For the consul general, her assignment was defined not only by official diplomatic engagements but also by practical cooperation with communities across Cebu and the wider consular district. Among the initiatives Zhang highlighted were assistance to schools and families in need, disaster-response efforts, food and water assistance, and other relief supplies following calamities. She also cited the consulate general’s recent donation of rice to the Cebu Provincial Government’s Zero Hunger Initiative, as well as the donation of electric waste-collection vehicles to barangays and the Cebu City Government. The initiatives reflected what Zhang described as a broader effort to translate China-Philippines relations into tangible benefits for local communities.

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point during the farewell reception, citing trade, investment, tourism, education and enterprise as important pillars of the relationship. Mayor Thadeo “Jonkie” Ouano of Mandaue City noted the long-standing contribution of the Chinese-Filipino community to the city’s growth, particularly in business, trade and enterprise, while expressing hopes for greater cooperation and investment opportunities. For his part, Mayor Nestor Archival of Cebu City said Zhang’s tenure helped deepen mutual understanding and cooperation between Cebu and China. Meanwhile, Mayor Cindi KingChan of Lapu-Lapu City emphasized that the relationship extends beyond formal diplomatic channels, with tourism, business, culture, and education creating lasting connections between communities. Governor Pamela Baricuatro of the province also thanked Zhang for her presence during what she described as some of Cebu’s darkest moments, highlighting the consulate’s support during times of crisis.

Stable bilateral ties: ‘Only choice’

IN her farewell remarks, Zhang placed

Cebu’s local engagements within the larger context of China-Philippines relations. She said China’s development model remains open and inclusive and stressed the importance of cooperation with countries pursuing peace and development. The consul general also highlighted China’s contribution to global economic growth and described 2026 as the starting year of China’s 15th FiveYear Plan, which she said would bring new opportunities for international cooperation. On China-Philippines relations, Zhang acknowledged that the two countries currently face challenges but argued that their geographical proximity, historical connections and people-to-people ties provide a strong foundation for rebuilding stable relations. “A sound and steady bilateral relationship serves the fundamental interests of both nations and both peoples,” Zhang said. She is confident that the two sides could navigate their current difficulties and return bilateral ties to a path of “sound and steady development.” For Cebu, however, the outgoing consul’s departure does not necessarily signal a pause in the relationships cultivated during her tenure. She pointed to the network of local officials, business leaders, Chinese enterprises, Filipino-Chinese organizations and community partners developed during her assignment as an enduring foundation for cooperation. Zhang closed her message by thanking local officials, business and community leaders, Filipino friends, the Filipino-Chinese community, members of the consular corps and her colleagues at the consulate general. “The memories we have shared, the friendships we have built, and every act of kindness I have received will stay with me forever,” she said.

RESIDENT Ferdinand R. Marcos Jr. formally welcomed the new envoys of Norway and South Korea at Malacañang Palace, expressing optimism about strengthening and deepening partnerships with the two nations. The President first received the credentials of Ambassador Extraordinary and Plenipotentiary of the Kingdom of Norway Kristian Netland, as he underscored the “warm and very productive” relations between the two countries and looked forward to exploring new areas of cooperation. “[There are many areas where we can continue to pursue], explore and develop,” Marcos Jr. said. He emphasized the importance of Norway’s friendship amid an increasingly volatile geopolitical environment. He remarked that “we are happy to count Norway as a friend of the Philippines, and we look forward to all that we will do to strengthen that relationship and to [deepen] the engagements between our two countries.” For his part, Netland said the Philippines and Norway have enjoyed many decades of friendship “founded on trust, mutual respect, and a shared commitment to peace, democracy, and international cooperation.” The envoy cited pathways to deepen cooperation in the maritime sector, trade, investment, education, innovation, sustainable growth, and the green transition. “Norwegian [firms have been present in the country] for decades, contributing with expertise, technology, and jobs,” he said. “As [we] pursue sustainable growth and the green transition, I believe there are substantial opportunities to expand cooperation and create new partnerships that benefit our peoples.” Both then held a meeting to discuss matters concerning the two nations.

‘New areas of cooperation’

MARCOS JR. also received Ambassador Extraordinary and Plenipotentiary of the Republic of Korea (South Korea) Lee Dong-gy, who also

presented his letters of credence in a separate ceremony. In his brief remarks, the President highlighted the strong, longstanding ties of the Philippines and South Korea, confident that the Strategic Partnership between the two countries would be further enhanced during Lee’s tenure. “As we know, the relations between our two countries have been very strong and very close for many, many years,” he said. “I look forward to the work that we will do here together in the time you have…in the Philippines as ambassador.” The Chief Executive also expressed optimism about exploring new areas of cooperation with South Korea and improving the partnership to help maintain peace and stability in the region. He likewise acknowledged the close collaboration on digital technology and the shipbuilding industry. In turn, Lee said the Philippines and South Korea share a longstanding friendship built on “mutual respect, shared values, and close people-topeople ties.” The Korean diplomat pointed out that bilateral relations between the two nations have continued to expand across the political, economic, defense and security, law enforcement, and cultural fields. He vowed to strengthen the relationship further and expand cooperation between the two nations during his tenure. He also conveyed South Korea’s full support to the Philippines’ Asean Chairship, then reaffirmed his country’s continued engagement with the regional bloc. “As ambassador, I will devote my utmost efforts to further strengthening this important relationship and to expanding our cooperation in ways that will bring tangible benefits to both our peoples,” Lee said. He and Marcos Jr. also held a brief closed-door meeting at the Study Room. Secretary of Foreign Affairs Ma. Theresa Lazaro, Chief of Presidential Protocol Reichel Quiñones, and DFA officials were also at the credentials presentations. PND

MYFG, Malaysian Embassy and MCCI extend aid to Pampanga’s flood-affected communities

ESPONDINGtotherecentfloodingthataffected more than 330 villages across Pampanga, MYFG, together with the Embassy of Malaysia and the Malaysia Chamber of Commerce and Industries Philippines Inc. (MCCI), extended relief assistancetoflood-affectedfamiliesintheprovince. Essential food supplies, including rice and canned goods, were provided to 220 families in affected communities through Governor Lilia Pineda as part of efforts to aid families facing difficulties in the aftermath of the flooding. Similar support was also extended to 500 caddies and staff of Pradera Verde Golf & Country Club during the September Monthly Medal held on September 6. The distribution recognized that many of the club’s caddies and staff, as well as their families, were also affected by the flooding. MYFG, MCCI, and the Embassy of Malaysia in Manila led the initiative under Ambassador Dato’ Abdul Malik Melvin Castelino Anthony as a gesture of solidarity with communities affected by the floods. The assistance to Pradera Verde also reflected the organizers’ appreciation for the caddies and staff who play an important role in making every golf tournament possible. From caddies who accompany players throughout their rounds to the staff who maintain and operate the club, their

dedication and service remain integral to the golfing experience. While the contributions are modest, the organizers hope the food supplies will help ease some of the immediate burdens affected families currently face. According to them, “Golf is ultimately about community, friendship and looking after one another. We are grateful for the opportunity to extend our support to families affected by the floods, as well as to the caddies and staff who have always supported our tournaments and made every round a memorable experience.” The initiative also highlighted the broader role that golf can play in bringing communities together not only through sport and competition, but also through compassion and support during times of need. The relief effort is a reminder of sorts that the golfing community’s impact can extend well beyond the course. Through similar initiatives, MYFG, the chamber, and the embassy hope to encourage greater community involvement and show that partnerships built through sport also help support communities in times of need. The organizers extend their thoughts and support to all communities affected by the recent flooding in the province, and remain hopeful for a swift recovery for the families and communities impacted.