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Asean-China trade seen hitting new highs in ’26 By Justine Xyrah Garcia

RADE between China and the Association of Southeast Asian Nations is expected to hit another historical high this year as economic ties between the two sides continue to expand despite growing uncertainty in global trade, Chinese Vice Minister of Commerce Yan Dong said on Monday. “The Asean-China trade volume is expected to create another historical new high,” Yan said during the 25th Asean Economic Ministers-Ministry of Commerce Consultation in Pasay. The trade volume reached $1.05

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trillion in 2025, crossing the $1-trillion mark for the first time. In the first eight months of 2026, Asean-China trade grew 25.6 percent, Yan said. The continued expansion in trade comes as businesses across the region contend with higher energy and commodity costs, supply-chain disruptions, and a more uncertain global trading environment. Trade Secretary Ma. Cristina Roque said the scale of the AseanChina economic relationship carries a responsibility for both sides to remain responsive to the needs of their economies and people. “For businesses, the effects ap-

pear in higher fuel and shipping costs. For families, they are felt in prices of transport, electricity, food, and other daily needs,” Roque said. Roque said the region cannot prevent every disruption but closer cooperation could strengthen its ability to respond and adjust to changing conditions. Yan also called for closer cooperation between China and Asean amid what he described as growing unilateralism and protectionism in global trade. “China and Asean countries should work together to address difficulties and challenges, jointly defend our interests in economic

cooperation and trade, promote the prosperous development of regional economy, and continuously create certainty to global economic and trade exchanges, and also create certainty,” Yan said. The Chinese official said additional tariffs and economic and trade frictions were affecting global economic growth, underscoring the need for greater certainty in regional trade. The push for stronger economic ties also extends to Asean’s partnerships with Australia and New Zealand, as the bloc seeks to adjust its economic cooperation to shifting trade and investment See “Trade,” A2

BusinessMirror A broader look at today’s business

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‘EVEN 3.3% GROWTH MAY BE TALL ORDER FOR PHL’ www.businessmirror.com.ph

Tuesday, September 22, 2026 Vol. 21 No. 343

P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK

By Justine Xyrah Garcia

HE Philippine economy may struggle to meet even the 3.3-percent growth forecast of BMI, a unit of Fitch Solutions, as weaker-than-expected activity in the third quarter raises downside risks to the country’s full-year growth outlook. BMI said early indicators suggest that the economy entered the third quarter with “less momentum than anticipated,” putting its 2026 growth forecast at risk. The research firm currently expects the Philippine economy to grow by 3.3 percent this year, below the government’s 3.5- to 4.5-percent target range. With the economy expanding by 2.6 percent in the first half, growth would need to accelerate to at least 3.9 percent in the second half to meet BMI’s full-year forecast. “While we had expected public capex and a low base to underpin this recovery, early indicators suggest that the economy entered Q3 with less momentum than anticipated,” BMI said. The economy grew by 2.3 percent in the second quarter, bringing first-half growth to 2.6 percent, significantly slower than the 5.4-percent expansion recorded in the same period last year. BMI said investment, which it had expected to support the recovery in the third quarter, appeared to have remained weak.

The research firm said the renewed scrutiny surrounding the flood-control investigation likely delayed project implementation further, weighing on both public and private construction. “The increased scrutiny probably delayed project implementation further, weighing on both public and private construction,” BMI said. Official data showed that investment remained a major drag on growth, with gross capital formation contracting by 9.2 percent year-on-year in the second quarter. Gross fixed capital formation, meanwhile, contracted by 13.7 percent in the second quarter, worsening from the 2.5 percent decline in the first quarter. Construction also contracted by 14.8 percent, compared with a 4.3 percent decline in the previous quarter. BMI said weaker public capital spending in the third quarter could prompt it to cut its 2026 growth forecast by around 0.2 percentage point to 3.1 percent, if July-August capital-outlay data confirm its assessment.

RAIN CHECK ON WAR Members of Kilusan para sa Pambansang Demokrasya and World BEYOND War Asia raise white umbrellas during “PEACE Umbrellas: Shield to Continuous Rain of War and Militarism” at the Bantayog ng mga Bayani in Quezon City on Monday, September 21, 2026. The groups said the umbrellas represented their calls for peace, opposition to Pax Silica and US-Philippine military agreements, support for a Free Palestine, peace in Myanmar, and “US Out of Asia.” The action marked the International Day of Peace and the 54th anniversary of the declaration of martial law in 1972. NONOY LACZA

New supply can’t meet power demand: NGCP

See “Growth,” A2

By Lenie Lectura

GOVT EYES P2.68-B REVENUE FROM ‘SISIG’ TARIFF TWEAKS By Ada Pelonia

@adapelonia

HE Philippine government could generate up to P2.68 billion in additional revenue by reclassifying frozen pork jowl and imposing higher tariffs, according to the Department of Agriculture (DA). A local manufacturer that uses frozen pork jowl as a raw material warned that this move will trickle down to the cost of processed meat products, such as sausages and longganisa, with Filipino consumers feeling

the pinch of higher prices. Frozen pork jowl is used for a vastly popular Filipino fare, “sisig,” which is carried by both low-end and high-class restaurants. The DA claimed that the government could potentially generate P1.34 billion to P2.68 billion in revenue if the corresponding tariff rate on swine meat is applied to frozen pork jowl through a reclassification. The agency disclosed its estimates during the Tariff Commission’s public hearing on the DA’s petition to modify the tariffs levied on frozen pork jowl by See “Revenue,” A2

THE P7.2-TRILLION QUESTION Sen. Joseph Victor “JV” Ejercito presides over the FY 2027

proposed budget briefing of the Department of Economy, Planning and Development (DepDev), its attached agencies and government corporations, as DepDev Secretary Arsenio M. Balisacan fields questions at the Senate in Pasay City on Monday, September 21, 2026. The proposed FY 2027 National Expenditure Program totals P7.2 trillion, 6 percent higher than the FY 2026 budget, and is equivalent to 21.7 percent of GDP. ROY DOMINGO

@llectura

LECTRICITY demand growth outpaces new supply across major regions, possibly signaling a severe power shortage. According to officials of the National Grid Corporation of the Philippines (NGCP), power supply across all grids are decreasing. The Visayas experienced rotational brownouts in 2009. Since then, power demand has increased by up to 165 percent. However, power supply has only increased by up to 130 percent. “If you observe from 2019 towards 2026, the supply has become stagnant. As a result, demand growth has now outpaced supply... Visayas really lacks generation,” said NGCP systems operations manager Erwin Bugawisan. He said the most immediate solution to address the recurring red and yellow alerts in the Visayas is to restore all power plants in the

region. In Luzon, demand has increased by 118 percent since 2009, while capacity has only grown by 110 percent. “Supply is falling behind as well,” he added. As for Mindanao, because many new power plants came online after 2019, it is currently able to supply power to the Visayas. However, based on NGCP forecast, Bugawisan said Mindanao’s supply and demand might break even by 2028. “If that happens, it will no longer have any excess power to share with the Visayas,” he said. NGCP spokesperson Atty. Cynthia Alabanza said that the capacity increase from 2025 to 2026 is largely coming from solar plants or variable renewable energy, which only has a capacity factor of 17 percent based on 2025 data. “This means a 100-megawatt plant can only produce around 17 megawatts,” she said. On delayed transmission grid See “NGCP,” A2

PESO EXCHANGE RATES n US 62.6700 n JAPAN 0.3996 n UK 83.9402 n HK 7.9884 n CHINA 9.3559 n SINGAPORE 49.1144 n AUSTRALIA 44.6085 n EU 71.9577 n KOREA 0.0452 n SAUDI ARABIA 16.6844 Source: BSP (September 21, 2026)

News

BusinessMirror

A2 Tuesday, September 22, 2026

Growth…

Continued from A1

The firm also flagged continued weakness in private consumption, as elevated inflation eroded household purchasing power and discouraged discretionary spending. This was compounded by deteriorating labor-market conditions, with unemployment rising to 6.0 percent in July from 4.9 percent in June, a four-year high. While BMI noted that the JuneJuly period typically brings an influx of new graduates into the workforce, it said the scale of the increase pointed to broader labormarket weakness, reinforcing household caution. Severe weather also weighed on economic activity, with tropical storms and monsoon flooding causing repeated school and workplace closures. Preliminary estimates from the National Disaster Risk Reduction and Management Council (NDRRMC) showed infrastructure damage due to recent typhoons reached P14.3 billion, while agricultural losses were around P4.4 billion. “These weather-related disruptions are likely to further reduce the likelihood of a meaningful rebound in Q3 growth,” BMI said. Earlier, Socioeconomic Planning Secretary Arsenio M. Balisacan said that continued weather disruptions in recent months could further delay the Philippine economy’s recovery this second half. (See: https://businessmirror.com.ph/2026/09/16/ weather-disruptions-push-backphl-economic-rebound-to-q4-balisacan/).

www.businessmirror.com.ph

High rice prices despite tariff cuts? Signals anti-competition

By Justine Xyrah Garcia

ERSISTENT high rice prices despite the reduction in import tariffs may point to anti-competitive conditions in the industry, Socioeconomic Planning Secretary Arsenio M. Balisacan said on Monday.

Balisacan said the rice market did not respond as expected after the government slashed the import tariff, with prices remaining elevated even as global rice prices declined in previous years. “Essentially, it’s a combination of factors, but one that we could not exclude is the possibility that you

have an anti-competitive market in the retail sector,” Balisacan said during the budget hearing of the Department of Economy, Planning, and Development (DepDev) at the Senate. The government cut the tariff on imported rice from 35 percent to 15 percent under Executive Order 62,

which took effect for rice in July 2024. The lower tariff was subsequently maintained through 2025, with President Marcos issuing EO 105 in November 2025 to keep the 15-percent rate until December 31, 2025. The order also introduced a mechanism for adjusting the tariff based on movements in international rice prices starting January 2026. As of September 2026, the tariff remains at 15 percent despite the new mechanism. Balisacan said the government has asked the Philippine Competition Commission to look into possible competition issues behind the “rigidity” in rice prices, particularly in trading, wholesale, and importation.

Balisacan also pointed to other factors that could be preventing rice prices from adjusting as expected, particularly bottlenecks and market inefficiencies, as well as the government’s trade-policy decisions on imports. “Also in the way we use trade policy, I think the way we make decisions on importation, I think those quantitative restrictions are affecting the way the market functions, so the market can’t effectively function,” he added. Rice inflation accelerated to 19.4 percent in August from 17.1 percent in July, according to the Philippine Statistics Authority. Rice was among the major contributors to the month’s inflation, while its August inflation rate was the highest since July 2024.

Pax Silica may spill into PHL tech corridor-DTI By Bless Aubrey Ogerio

OME of the proposed nodes under the Philippines’ emerging technology corridor could eventually host companies linked to

the United States-led Pax Silica initiative, according to a Department of Trade and Industry (DTI) official. Trade Undersecretary Ceferino S. Rodolfo, who also heads the Board of Investments (BOI), said the other proposed nodes could accommodate either

Pax Silica partners or companies outside the initiative, depending on the projects that eventually locate in each area. “For now, New Clark City is the most tangible,” Rodolfo told reporters on the sidelines of the Foreign Correspondents Association of the Philippines event in Taguig on Monday. “The others can be with a Pax Silica partner or a Pax Silica non-partner,” he added. The proposed Philippine Technology Corridor maps six regional nodes covering critical minerals, advanced materials, integratedcircuit (IC) design, advanced manufacturing, artificial intelligence (AI) computing, connectivity and semiconductor fabrication. New Clark City is identified as the advanced manufacturing hub; the National Capital Region as an IC design and innovation hub; Mindanao as a minerals corridor; Batangas as an AI compute and cloud hub; Aurora as a Pacific-facing connectivity gateway; and Bulacan as a future wafer fabrication hub. Per Rodolfo, the government is not creat-

ing these projects from scratch. Rather, it is bringing existing projects and government plans under a common technology-valuechain framework. “We’re just looking at the different projects that we have. Those projects already exist. The lens to look at them towards a whole ecosystem, that’s new,” the BOI Managing Head explained. For its part, the BOI is currently taking the lead in developing the corridor concept because it serves as the government’s main interface with private-sector investors, Rodolfo said. However, the initiative involves several agencies that already have separate plans involving areas such as artificial intelligence and advanced technology. Development of the nodes is also unlikely to happen simultaneously. Rodolfo said the government and private sector are already moving on the New Clark City node, with the IC design hub expected to follow.

Trade…

tainable growth. Gepty said Asean should make fuller use of the modernized trade framework with Australia and New Zealand while strengthening cooperation in digital trade, helping MSMEs more actively in regional and global value chains, and improving supply-chain resilience. “At the same time, as the global trading environment becomes more complex, our partnership can provide a platform for closer dialogue and coordination on emerging economic issues,” he also said.

Continued from A1

patterns. Trade Undersecretary Allan B. Gepty said two-way trade between Asean and Australia and New Zealand reached $153.9 billion in 2025. The partnership has also expanded beyond traditional trade to areas such as digital trade, economic resilience, micro, small, and medium enterprises [MSMEs] development, and sus-

Bad loans… Continued from A9

In a commentary published early-September, S&P Global Ratings said it expects NPLs to climb for the Philippines in “riskier segments.” “Lower-income households and small and midsize enterprises (SMEs) are grappling with rising living costs and unemployment,”

NGCP…

Continued from A1

projects, Alabanza said the NGCP does not benefit from delaying project completion. “It is actually in our best interest to pursue the projects within the timeline. There’s no financial benefit. There is no regulatory benefit, nothing. If you reduce it only to the engineering part, it can be done in

the credit rating agency noted. Further, it pointed out that auto loans are seeing a “sustained increase” in NPLs and past due loans, reflecting the “squeeze” in household incomes centered on mass market consumers. “The lack of broader fuel subsidies has resulted in a massive jump in fuel prices. As a result, auto loans have seen a sharp slowdown in growth,” added S&P Global Ratings.

four years. For example, the Mindanao-Visayas Interconnection Project (MVIP). If you strip away the rights-of-way, the permitting, etc....that would really have been done in four years. NGCP has been given a lot of support, and we are thankful for that...but this is not a static requirement. As we continue to pursue, the problems continue to rise up. We will continue to pursue our projects, to finish within the timeline,” added Alabanza.

PHL sends 1st ever carabao… Continued from A9

coordination, supply consolidation, and market access. The Bureau of Plant Industry (BPI), an attached agency of the DA, is also tackling disease concerns affecting mango production and strengthening plant health measures needed to meet export market requirements. BPI and Mitsui & Co. also forged an agreement to support the development of the Philippine mango industry, further enhancing efforts to expand opportunities for local mango growers and exporters. “For mango growers, the real test begins after the ceremonial sendoff. Sustained orders, competitive freight costs, consistent quality, and reliable supply will determine whether Canada becomes a durable market for Carabao mangoes, rather than simply another destination on the export map.”

Govt eyes ₧2.68-B revenue…

Continued from A1

reclassifying it as swine meat. The DA based its figures on the average three-year tariff collection from frozen pork jowl of P893 million at the current 10-percent rate. Should the government reclassify the commodity as swine meat and levy it with 25 percent as stipulated in the tariff scheme under Executive Order (EO) 62, this could grow to P2.23 billion. When EO 62 lapses in 2029, the tariff scheme on pork imports will revert to 30 percent for in-quota and 40 percent for out-quota shipments. Revenues could then climb to P3.57 billion. “While we do acknowledge that the actual amount would depend on historical import volumes and the applicable tariff [rate], it illustrates how a seemingly technical classification issue can have substantial fiscal implications,” the DA said. It added that these revenues could contribute to government programs supporting the development and competitiveness of the domestic livestock industry, such as the P20billion annual allocation under the Animal Competitiveness Enhancement Fund (Ancef). The Animal Industry Development and Competitiveness Act (Aidca) created the Ancef, which comprises tariffs collected from livestock, poultry, and dairy imports.

Domino effect on consumers

LOCAL manufacturer Mishie Tongson from PrimeAgri said reclassifying and imposing higher duties on frozen pork jowl would be “unfair” for producers of processed meat goods, already subject to value-added tax (VAT). “If we impose a high tariff or reclassify it to be similar to the classification of [swine] meat, everything will have a domino effect on the supply chain,” Tongson said. She added that on top of imposed taxes, the increase in minimum wage and transportation costs would be added to manufactured goods, “which will ultimately be passed onto the consumer.” “The business owner is just processing it; everything that increases [along the supply chain] is passed on to the consumer. So if that happens, almost all of our pork products will become more expensive,” Tongson added. Government data showed that imports of frozen pork jowl increased to 138,000 metric tons (MT) in 2025, from 111,000 MT in 2023. Shipments of the commodity, however, declined by 24 percent year-on-year in the first half of 2026. The European Union is the Philippines’s top supplier of frozen pork jowl, accounting for 79 percent of shipments in the reference period.

The Nation BusinessMirror

www.businessmirror.com.ph

Tuesday, September 22, 2026

‘Sara’s involvement in private firms may be a constitutional violation’ A

Legislator seeks to double annual paid leave days

By Jovee Marie N. Dela Cruz

@joveemarie

ICE President Sara Z. Duterte’s continued participation in the management of a private company while serving in the government may constitute a constitutional violation, a Securities and Exchange Commission (SEC) official testified during Monday’s impeachment trial.

SEC Company Registration and Monitoring Department Director Gerardo del Rosario said corporate f i l ings showed t hat Duter te remained a member of the board of directors and Compensation Committee of Metro City Chow Foods Corporation during her tenure as Vice President. The records showed that she continued holding these positions from 2022 through 2025. During questioning, Senate President Sherwin Gatchalian asked if Duterte’s position in the company meant she had direct participation in corporate management. “So, in

FedEx: Asia-Pacific youth turn beyond school to learn trade By Bless Aubrey Ogerio

OUNG people may encounter global trade in school, but much of what they know about it comes from outside the classroom, with a new study finding that the internet, news, family and personal interest fill a sizable share of the gap. A study commissioned by courier giant Federal Express Corp. (FedEx) and youth organization Junior Achievement (JA) found that while 71 percent of respondents said school had taught them something about trade, formal education accounted for only 58 percent of what they said they know about global trade. That leaves 42 percent of their trade knowledge coming from other sources, compared with respondents’ estimate that school provides 68 percent of what they need for their future careers. “Formal education appears to contribute far less to global trade readiness than it does to career preparation overall,” FedEx said in the study. Social media, on the other hand, was also identified as a prominent source of information on international business and trade, receiving an average rating of 4.07 from respondents, with the difference from school-based learning statistically significant. “This does not mean that social media teaches trade more accurately or comprehensively; rather, it suggests that it is more visible, accessible and connected to the examples young people encounter in everyday life,” the study said. FedEx also f lagged the risks of relying on digital platforms for learning, where information can be fragmented or oversimplified and influenced by algorithms, commercial interests and misinformation. Across the region, 85 percent of Asia-Pacific (Aspac) youth said an entrepreneurial mindset can help people succeed in any job, although fewer expressed confidence in applying some of the skills associated with it, FedEx said. See “FedEx,” A6

other words, she had direct participation in the management of the corporation?” Gatchalian asked. Del Rosario replied, “According to the report of the corporate secretary.” Gatc h a l i a n t hen a sked i f Duterte’s continued participation in the company could violate Article VII, Section 13 of the 1987 Constitution, which prohibits the Vice President from participating in business while in office. “Based on your experience, is this a possible violation of Article VII, Section 13 of the Constitution? Because it states here

that participation in any business is prohibited,” Gatchalian asked. Del Rosario answered, “Yes.” When Gatchalian followed up by asking if there was already a violation of the constitutional provision, del Rosario clarified that the final determination belonged to the Senate Impeachment Court. “If participation means simply joining, then there may already be a violation, but the Senate will be the one to determine whether there is truly a violation,” del Rosario said. Del Rosario explained that the SEC’s role was limited to corporate and securities matters. He said the agency had not investigated whether Duterte’s corporate position violated constitutional restrictions. “We did not investigate matters like this,” del Rosario said, adding that the Senate would decide whether the conduct constituted a violation. The prosecution presented the corporate records as part of Article II of the Articles of Impeachment, which includes allegations involving Duterte’s wealth declarations and continued business interests while serving as vice president. Private prosecutor Erwin Matib said the records would identify companies linked to Duterte and her husband, law yer Manases Carpio, including their ownership, positions, earnings, and dividends.

Del Rosario testified that Duterte was among the incorporators of Metro City Chow Foods and held a 20-percent stake in the company. SEC records showed that she remained listed as a board member and Compensation Committee member during her vice-presidential term. Del Rosario also explained the importance of a corporation’s board of directors. He said that the board exercises corporate powers, conducts business, and controls company properties. When asked what would happen without a board, he said, “It cannot conduct business without a board of directors.” House prosecution spokesperson Ace Barbers said more corporate records would be presented as prosecutors examine whether other companies could provide information regarding Duterte’s declared wealth. He described t he Met ro C it y C how Food s presentation as only the beginning. “This day is only the first piece of the puzzle,” Barbers said. B a r b e r s s a i d p ro s e c ut or s would look into other companies to determine whether there were sources of income that could ex plain Duterte’s increase in net worth. “There are still many pieces of the puzzle that we will present and lay out to complete

the whole picture,” he said. The prosecution also questioned Duterte’s declared net worth of P98.66 million in her 2025 Statement of Assets, Liabilities, and Net Worth (SALN). Barbers said the initial SEC presentation did not show earnings, lawful income, or dividends from Metro City Chow Foods that went to Duterte. “ T here has been no showing yet of earnings, additional lawful income, or dividends from this corporation that went to the Vice President,” Barbers said. Senator-Judge Paolo Benigno Aquino questioned the financial performance of companies linked to Duterte and her husband, noting that Metro City Chow Foods reported P35 million in sales in 2025 but only P200,000 in net income, while Gencorp Industries recorded P364 million in sales in 2024 but only P3 million in net income. Aquino said the low profits could explain why some companies did not declare dividends. “This could be the reason why several corporations associated with the Vice President and her husband did not declare any dividends,” Aquino said. Del Rosario added that owners may receive salaries or per diems if these are properly authorized and declared. See “Sara,” A6

DA warns vs ‘fixers’ in PRDP contracts By Ada Pelonia

HE Department of Agriculture (DA) on Monday warned bidders against paying for access or guaranteed projects from individuals offering to secure Philippine Rural Development Project (PRDP) contracts through supposed connections inside the agency. DA issued the warning following receipt of reports of individuals invoking alleged ties to DA officials or employees to create the impression they could influence procurement or secure preferential treatment. The DA noted that the warning is particularly aimed at contractors and prospective bidders who may be offered help to “fix” transactions in exchange for money or other consideration.

The agency stressed that no individual is authorized to offer access to or guarantee the award of a PRDP project. PRDP is a major rural development program that involves infrastructure, enterprise, and agricultural investments to improve market access and bolster rural value chains. Agriculture Secretary Francisco Tiu Laurel Jr. said contractors should rely on the formal procurement process rather than personal representations. “There is no such thing as a sure contract for PRDP projects. Everything must go through procurement,” Tiu Laurel said. With this, the DA urged prospective bidders approached with such offers to verify claims directly with the concerned government office before making any payment or commitment.

Republic Act 3019, or the Anti-Graft and Corrupt Practices Act, provides for liability in certain transactions involving private individuals who improperly use relationships or influence with public officials. The DA said falsely invoking the name or influence of government officials to obtain money, an undue benefit, or favorable treatment could expose those involved to administrative, civil, or criminal liability. It added that such claims could also undermine confidence in government procurement, since this could “[create] the impression that public projects can be secured through personal connections rather than through competitive bidding and compliance with applicable rules.” “PRDP projects are subject to pre-

scribed bidding and evaluation procedures. Personal relationships with DA officials or employees do not entitle any contractor to special treatment or an advantage in bidding.” Furthermore, the agency also rejected claims that projects may have been committed to particular contractors before the formal procurement process, adding that any such promise does not constitute an official undertaking of the department. The DA said it remains committed to open, transparent, and competitive PRDP procurement. It added that it will take appropriate action against individuals who falsely invoke the name or influence of DA officials to misrepresent their access, obtain an undue advantage, or mislead contractors and the public.

Teodoro calls for networking among regional allies By Rex Anthony Naval

EFENSE Secretary Gilberto Teodoro Jr. on Monday stressed the importance of trust, cooperation, and networking among regional partners. Teodoro made the call during t he open i ng ceremony of t he Asean (Association of Southeast Asian Nations) Defense Ministers’ Meeting-Plus (ADMM-Plus) Experts’ Wor k i n g Group on M a r it i me S e c u r i t y ’s ( E W G - M S ) J o i n t Cooperative Activity (JCA) and Future Leaders’ Program (FLP) on Monday. “We hope that this exercise will be foundational in two things: number one, learning the procedures or getting

familiar with the procedures and working together and cooperation; and secondly, develop, at an early stage, networking, trust, and cooperation amongst all the participants and your respective defense establishments and navies,” he stressed. Co-hosted by the Philippines and Japan as co-chairs of the ADMM-Plus EWG-MS, the JCA and FLP will feature a series of harbor and sea phase activities involving personnel, naval assets, ships, and aircraft from eight ADMM-Plus countries from September 20 to 26, 2026. Observers from fellow Asean member states and Asean dialogue partners were also invited. Complementing the JCA, the FLP will provide junior naval officers with an opportunity to engage

t heir counter par ts on c l imate change, maritime security, and key topics, including the United Nations Convention on the Law of the Sea and Critical Underwater Infrastructure security. Teodoro also recalled the outcomes of the Asean Ministerial Conference on Disaster Resilience last week, focusing on shared commitments on quicker anticipatory, science-based actions on natural calamities and disasters and the importance of secure and fast transmission of trusted information. “Our collaboration and cooperation are not merely in response but in early prepositioning, working together, and in detection becomes more critical,” he said, adding that an important avenue for effective

and efficient response are free open sea lanes of communication. With the theme, “Enhancing Maritime Security and Environmental Resilience in Response to Climate Change,” these activities are vital in enhancing security and resilience of individual countries, the Asean, and the broader Indo-Pacific Region. “We are committed to sustaining the significant progress we have made in our areas of practical cooperation, strengthening our solidarity, and to defending our principles, shared principles. I look forward to receiving feedback about key observations, lessons learned, and best practices from these important engagements which will guide us in navigating our future together,” Teodoro also said.

CBCP to new Bangsamoro leaders: Govern for all By Mary Jade Jadormio

OMAN Catholic bishops urged newly elected Bangsamoro leaders to build a region where every community is protected and treated with dignity. The Catholic Bishops’ Conference of the Philippines (CBCP) president, Archbishop Gilbert Garcera, made the appea l follow ing the first

parliamentar y elections in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). Related story on page B8 Garcera urged the new leaders “to uphold the dignity, rights and religious freedom of residents across the region.” “Make the Bangsamoro a home for everyone,” he said. CBCP also called for governance

anchored on the common good as the newly elected leaders prepare to assume their posts. Garcera said building peace in the Bangsamoro requires recognition of the region’s past conflicts and injustices. He also urged religious and community leaders to continue dialogue and cooperation. CBCP congratulated those who

participated in the parliamentary elections and expressed hope that the new political setup would help advance peace in the region. Garcera said the transition offers an opportunity to strengthen relations among communities and work toward a more peaceful Bangsamoro. “May we walk together as brothers and sisters in building a just and lasting peace,” he said.

DEPUTY majority leader is urging the 20th Congress to pass a labor-friendly measure that seeks to double the annual paid service incentive leave of qualified employees from five days to 10 days. Deputy Majority Leader Luigi Vincenzo Villafuerte filed House Bill 3233, also known as the Expanded Service Incentive Leave for Employees Act. “It is about time for Congress to finally enact a law providing this worker-friendly benefit during the Second Regular Session of the 20th Congress, especially since this measure has already been approved by the House of Representatives during the 17th, 18th, and 19th Congresses,” Villafuerte said. T he bi l l w a s co - aut hored by Vi l laf uer te toget her w it h Camarines Sur Reps. Luis Miguel Villafuerte and Tsuyoshi Anthony Horibata, as well as Party-list Rep. Terry Ridon of Bicol Saro. HB 3233 seeks to amend the Labor Code, or Presidential Decree 442 issued in 1974, by increasing the annual service incentive leave entitlement of employees who have completed at least one year of service from the current five days to 10 days with pay. Villafuerte explained that service incentive leave allows employees to take necessary breaks, attend to personal matters, and manage emergencies without experiencing additional stress or exhaustion caused by unpaid absences. He added that several studies indicate that supportive leave policies help improve employee well-being by reducing workplace stress, preventing burnout, and encouraging a healthier balance between work and personal life. According to Villafuerte, an amendment to the law is necessary because the current Labor Code only provides employees who have rendered at least one year of service with five days of paid service incentive leave. He emphasized that changing workplace conditions, including frequent extreme weather events such as typhoons and periods of extreme heat, require policies that better respond to the needs of workers while protecting their health and financial security. “Promoting workers’ rights and welfare must remain a priority because employees play a vital role in economic growth and national development,” Villafuerte said. T he proposed a mend ment would revise Article 95 of the Labor Code by increasing the service incentive leave benefit from five to ten paid days annually, subject to specific conditions. Villafuerte noted that the measure had already gained strong support, having passed third and final reading in the House of Representatives during the 17th, 18th, and 19th Congresses. However, HB 3233 provides exemptions. Employees who already receive at least ten days of paid vacation leave will not be covered by the additional benefit. The measure also excludes workers employed in establishments with fewer than ten employees or establishments exempted by the Secretary of Labor based on financial capacity and operational conditions. T he bi l l a l so st ates t h at benefits beyond the required amount cannot be used as a basis for arbitration, court cases, or administrative complaints. If approved, the Department of Labor and Employment will be required to issue the implementing rules within 90 days. These rules will take effect 30 days after publication in a newspaper of general circulation. Jovee Marie N. Dela Cruz

Economy BusinessMirror

A4 Tuesday, September 22, 2026

www.businessmirror.com.ph

DOE prepares nuclear power generation capacity auction S

SP to ERC: Probe power gap

By Lenie Lectura |

@llectura

HE Department of Energy (DOE) will convene industry stakeholders on Friday to solicit input on the proposed guidelines for the country’s first nuclear power generation capacity auction. “ T he DOE inv ites all interested stakeholders, government agencies, private sector representatives, industry pa r t ners, t he academe, c iv i l society organizations, and the public to participate in the second public consultation on the proposed

department circular prescribing the guidelines for the conduct of the nuclear power generation capacity tender for the nuclear power plant and succeeding nuclear power plants,” the agency said. The initial staggered delivery program shall cover a 10-year

horizon beginning in 2038 and end ing in 20 47. T he phased delivery tranche is targeted to start in 2038, the second target delivery will start in 2040, and the subsequent delivery tranches will run from 2041 to 2047. Based on the proposed timeline, the issuance of the terms of reference will be six months from the effectivity of the proposed circular; conduct of the tender in June 2027; and its awarding by December 2027. A nuclear capacit y tender committee, bids and awards committee, and a technica l working group will be formed to administer the tender, and prepare the terms of reference, among other responsbilities. Among others goals, the draft department circular seeks to conduct a tender for nuclear power

generation capacity through a fair, transparent, competitive, and nondiscriminatory process; procure or assure nuclear power generation capacity for staggered delivery beginning in 2038 and continuing over a ten-year delivery program; ensure that the tender process reflects the capital-intensive and long-term nature of nuclear power projects; establish indicative pricing, a reserve price or a tariff range; and provide for the integration of awarded nuclear capacity into the grid, bilateral contracting arrangements, and other permitted mechanisms. If approved, the nuclear power generation facility will not be a public utility operation and will be excluded from the requirement of securing a national franchise, without prejudice to all applicable rules, permits, and approvals.

@maloutalosig

Another big fuel price increase

ILIPINAS Shell on Monday announced it will increase diesel prices by more than P8 per liter this week, kerosene by over P6 per liter, and gasoline products by over P4 per liter. Shell said it will stagger the diesel price increase to P7.80 per liter starting Tuesday, September 22. The following day, it will again jack up a liter of diesel by P1. Gasoline and kerosene w ill increase by P4.80 per liter and P6.40 per liter on Tuesday. Petron is also implementing the same price adjustment. It will increase diesel prices twice. By P7.80 per liter on Tuesday and by P1 per liter on Wednesday. A liter of gasoline will be sold higher by P4.80. Kerosene prices will also go up by P6.40 per liter. The price adjustment takes effect at 6:00 a.m. Other oil companies have yet to announce their price adjustments as of press time. Oi l companies adjust t heir prices weekly to reflect movements in the world oil market. While international oil prices continue to put upward pressure on domestic pump prices, the Department of Energy (DOE) assured consumers that the country maintains adequate petroleum inventories. Lenie Lectura

OUTH Korea’s transformation into a global economic and technological power, alongside public sector reform experiences in Singapore, Malaysia, and Indonesia, offers valuable lessons for Myanmar, Vietnam, Cambodia and Laos as they pursue institutional and economic reforms, participants at the 13th KoreaAsean Community of Policy Exchange (Kacpe) International Public Policy Symposium said. Hosted by the University of the Philippines’ Center for Integrative and Development Studies and the UP Korea Research Center, the symposium brought together policymakers, academics and development practitioners from Southeast Asia, South Korea and Australia to discuss how stronger state institutions can support sustainable development in Asean transition economies. In his opening rema rk s, UP President Angelo Jimenez said South Korea’s rise as a major economic and technological power was built on institution-building, policy experimentation, investments in human capital and sustained national effort, offering lessons for countries undergoing economic and institutional transitions. “An effective policy can pave the road to national development. But the road to crafting effective policies is another matter altogether. It requires evidence, experience, institutional capacity, and, perhaps most importantly, the willingness to listen and learn from others,” Jimenez said. Representing Foreign A ffairs Secretary Maria Theresa Lazaro, DFA Undersecretary Maria Theresa Dizonde Vega said Asean and South Korea are deepening cooperation under their Comprehensive Strategic Partnership, which was elevated in 2024. She said stronger institutions and

effective policy implementation are critical to sustaining development and highlighted South Korea’s experience in public administration reform and digital transformation as a valuable source of lessons for Asean countries. Dizon-de Vega said Asean and South Korea are pursuing people-centered initiatives aimed at promoting economic prosperity, regional stability and stronger people-to-people ties while confronting challenges posed by geopolitical tensions, climate change, supply chain disruptions and emerging technologies. The symposium proceedings identified state capacity, public sector modernization and institutional reform as key drivers of development. Discussions focused on strengthening diplomatic and security capacity, advancing public sector reforms and enhancing higher education and sociocultural cooperation across transition economies, particularly Myanmar, Vietnam, Cambodia and Laos. Participants showcased a range of governance initiatives across the region. Cambodia highlighted civil service meritocracy, salary reforms and digital governance programs. Laos discussed anti-corruption efforts, decentralization and public financial management reforms. Vietnam emphasized digital transformation and economic diversification, while Myanmar presented digital reforms such as the Myanmar Companies Online registry and the Myanmar Automated Cargo Clearance System, which streamlined business registration and customs procedures. Speakers said governance reform

is becoming increasingly important as ASEAN economies navigate geopolitical uncertainty, supply chain realignments and rapid technological change. Lee Chul, South Korean Ambassador to Asean, said governments have a vital role in helping countries manage structural transitions and narrow development gaps across the region. Lee said South Korea would continue supporting Asean transition economies through capacity-building initiatives aligned with Asean’s development priorities. He noted that about 64 percent of South Korea’s bilateral development cooperation funding for Asean member states was directed to Cambodia, Laos, Myanmar, Vietnam, and Timor-Leste, in the previous year. The discussions also examined opportunities arising from digital transformation and artificial intelligence. Participants emphasized the need for governments to build capable, flexible and resilient institutions that can respond to emerging economic and technological challenges while ensuring that growth remains inclusive. The symposium drew around 160 government officials, researchers and academics from Asean, South Korea and Australia to exchange policy experiences and explore pathways for deeper regional cooperation. “Policies may look different from one country to another, but one thing matters most: how we build a smart, flexible state capacity to meet these challenges,” SeungHo Kwon, executive director of the Korea Research Initiatives at the University of New South Wales, said.

@butchfBM

ENATE President Sherwin Gatchalian urged the Energy R eg u l ator y Com m i ssion (ERC) to investigate the prolonged shortage of electricity in Visayas and Mindanao that has caused substantially higher power rates in those regions compared to Luzon. Gatc h a l i a n sa id t he pr ice of electricity in Luzon on the electricity spot market from July 26 to August 25 this year was P4.80 per kilowatt-hour (kWh) as against P18.59/kWh in Visayas and P19.56/kWh in Mindanao. “Kung saan pa mataas ang povert y rates, sila pa ang nagbabayad ng mas mataas na kuryente. Obviously, its shortage

of power,” he said at the Senate hearing on the proposed budget for the Department of Energy and its attached agencies for 2027. W h i le t he ERC mea su res reliability performance through specific benchmarks for generation and distribution companies to minimize outages and stabilize the power grid, such a reliability index should be strictly enforced, Gatchalian emphasized. He said the ERC should also investigate any anti-competitive behavior and collusion among generation companies to rule out the possibility that stakeholders are “gaming the system.” In the Visayas alone, the region experienced 33 red alerts and 96 yellow alerts from January 1 to September 7 this year.

A trillion-dollar corruption story

Korea, Asean experts: Governance reforms key to development T By Malou Talosig-Bartolome

By Butch Fernandez

By Henry J. Schumacher

RANSPARENCY International created a frightening corruption story, which I would like to share with you. No matter where you live, you probably know someone who has fallen victim to a scam. Scams promise easy money or invent a crisis—a computer virus, a blocked account—to trick people into handing over money or personal details. With new technologies such as AI, these threats are becoming more sophisticated and targeting people on a global scale. But scams carry a less visible cost: the so-called scam industry is a significant governance and human rights issue, and corruption is what keeps it running. Scam centers have become one of the world’s most lucrative forms of organized crime, stealing an estimated US$1 trillion globally in 2024 alone. Nearly all share the same basic components: a physical site, access to digital tools, a workforce and management structures. Bribery, political protection and law enforcement collusion multiply their reach, giving criminal networks cover to recruit, move and exploit victims, and vanish before police arrive.

The mechanics of fraud

TO the outside world, these facilities appear to be standard information technology (IT) or business support offices, often housed in modern business centers. They operate not merely through random calls, but through a highly organized system of psychological engineering and technical manipulation. Scammers employ a specific playbook of “tricks” designed to dismantle a victim’s skepticism, followed by “solutions.”

How a scam call center works

THE pattern repeats across continents. This week, Ukraine’s Prosecutor General, Ruslan Kravchenko, resigned amid corruption allegations related to scam centers in the country. Ukrainian anti-corruption investigators say they have identified a money-laundering scheme in the Prosecutor’s office. In exchange for bribes, the officials allegedly protected fraudulent call centers that carried out phone scams and laundered millions in assets. Kravchenko denies the allegations. In Myanmar, repor ts show that the Karen Border Guard Force, which is connected to the Myanmar military, controls and provides security to scam compounds in exchange for a cut of profits. In Georgia, allegations against senior officials and politically connected actors illustrate

how scam centers can become embedded in state-linked protection networks. Corrupt actors allegedly shielded operations in exchange for kickbacks. In Cambodia, scam operations are connected to political elites and housed in hotels, resorts, casinos and office parks. Wider kleptocratic and patronage networks help sustain the business. Beyond the money, scam centers are connected to serious human-rights abuses. Workers are trafficked into these compounds through fake job advertisements, then held through debt bondage, violence and restrictions on movement. Corruption enables this at nearly every stage, with officials reportedly waving trafficked workers through border checkpoints. Even rescue isn’t always safe: some escaped victims say police demanded bribes before letting them go.

Why this keeps happening

SCAM centers cluster where oversight is weakest: border areas, special economic zones and conflict-affected regions. Southeast Asia is a regional hotspot: six of ten Association of Southeast Asian Nations (Asean) countries still lack adequate laws against private-sector bribery. Only three have whistleblower protections. Without those foundations, protection rackets can run with almost no legal risk. Special economic zones are a particular blind spot. Designed to attract investment through lighter regulation, zones in Cambodia, Laos and the Philippines have all been cited as hosting scam operations.

What can be done

THE required responses are as much about governance as policing. On the criminal side, the report highlights the importance of stronger regional law enforcement cooperation, technological safeguards against increasingly sophisticated scams, and reintegration support for trafficked workers who escape. Without this support, many risk being pulled back into the same networks. On the corruption side, there is a need to tighten the anti-corruption framework in states that shelter these operations and enhance oversight, so it actually reaches border areas and special economic zones. Officials complicit in trafficking need to face prosecution too, not only the low-level operators usually caught in raids. In the Georgian case, it was not law enforcement that exposed the network—it was a whistleblower, an IT specialist working inside the scam structure. He identified specific highranking officials allegedly protecting criminals. According to the testimony, the network was vast, spanning hundreds of locations and employing tens of thousands of people. A single call center could generate up to US$500,000 a day. Whistleblowers, investigative journalists and civil society groups are often the first to dig where others won’t. That work is getting harder as “foreign agents” laws spread and require nongovernment organizations (NGO) to disclose sources of foreign funding. Protecting them isn’t a side issue in the fight against corruption. It’s how the fight gets fought at all. Given the fact that Transparency International and the Integrity Initiative are working together, I have read their report various times in order to find solutions for us in the Philippines. I would deeply appreciate if readers could find solutions beyond what is stated under What can be done above. Do you agree that a new generation of political leaders may have to be elected? Finally, Mr. Ariel Nepomuceno said in his recent column PERCEPTIONS: We have to realize that we are drowning in politics, while poverty devours our future. I fully agree! Please respond; contact me at hjschumacher59@gmail.com

Tuesday, September 22, 2026

Senate passes on 3rd and final reading bill on school safety system By Butch Fernandez

@butchfBM

HREE days after the latest school shooting left three dead and several others badly injured, the Senate approved a bill seeking to establish a holistic, proactive framework to safeguard public and private schools nationwide from physical threats, violence, and emergencies. Senate Bill No. 2426 under Committee Report No. 89, otherwise known as the Comprehensive School Safety Act, was approved with 17 affirmative votes, no negative vote, and no abstention. “Schools should be a safe space where our children learn, develop their character, and build their dreams. It should not be a place of fear, harm, or violence. We cannot accept that this has become a normal part of school life,” Senator Bam Aquino, sponsor of the bill, said. Aquino underscored the pressing need to pass the measure following the third school shooting in three months, which occurred on Friday in South Cotabato and left three students dead and several others injured. Earlier on Monday, Sen. Risa Hontiveros, another advocate for

Meet ‘Kuya AI’: Your new government assistant By Lorenz S. Marasigan @lorenzmarasigan

ILIPINOS can now tap an artificial intelligence (AI) assistant to find information, navigate government services and complete digital transactions, after the Department of Information and Communications Technology (DICT) formally launched eGovAI on Monday. eGovAI brings AI capabilities into the eGovPH Super App. At its center is “Kuya AI,” a government AI assistant designed to provide real-time support to both citizens and government agencies. The platform’s features include s e c u re i d e n t i t y v e r i f i c a t i o n , automated document processing, translation services and intelligent assistance. “We are bringing AI into the eGovernment ecosystem not simply as a technological innovation, but as a tool to make public services more responsive, accessible, and efficient,” DICT Secretar y Henr y R. Aguda said. “The eGovAI marked another important step in our continuing effort to make government work better for every Filipino.” He said eGovAI is meant to make government transactions more convenient for citizens. For agencies, the tool can help streamline routine processes and improve ser vice delivery. The rollout addresses a longstanding pain point: government transactions remain time-consuming and hard to navigate, with Filipinos often going through multiple steps, submitting documents or dealing with different offices to access the services they need.

the measure, pressed for the immediate passage of the Sagip Bata Act to arm law enforcers with tools to specifically counter Nihilistic Violent Extremism (NVE). Her call came four days after the school shooting at Banga National High School in South Cotabato, the country’s third since June. “Huwag po natin payagan na masabotahe ang pagpasa ng batas na ito. We cannot afford to delay any longer. Habang hindi ito napapasa, napipilayan ang ating mga law enforcers sa pagpigil sa pagkalat ng NVE sa bansa,” Hontiveros said. [Let’s not let this law be sabotaged. We afford any further delays. As long as this is not passed, our law enforcers are hampered from preventing the spread of NVE in the country] Once enacted, the bill would al-

low investigators to make formal requests for subscriber and traffic data for NVE cases, improve coordination with foreign law enforcement, and expand capacity for intelligence gathering and undercover online operations. “Let’s not allow these groomers online to spread their practices with impunity. Let’s show them that we can catch them and hold them accountable for the harm they cause our children. These groomers have to pay the price,” she said, partly in Filipino. The measure would also introduce age-assurance and ageverification requirements, along with new compliance obligations for technology platforms. Additionally, the bill mandates online platforms to designate a Philippine-based legal representative authorized to receive subpoenas, takedown and blocking orders, and requests for account information, among others. Hontiveros stressed that the Sagip Bata Act, which strengthens the Anti-Online Sexual Abuse and Exploitation of Children Act, is a priority measure of the Legislative-Executive Development Advisory Council. For his part, Aquino cited three major legislative reforms introduced under the measure: Moving beyond reactive incident responses, the measure consolidates protections under existing child protection, mental health, and disaster policies into a singular operational framework for public and private education institutions.

Establishing a National Comprehensive School Safety Framework with clear crisis protocols, standardizing campus safety infrastructure and screening procedures, and implementing a wholeof-community protection strategy that supports both students and teachers. Under the bill, every school is mandated to formulate a localized School Safety Plan and establish protective protocols spanning three core pillars, prevention through risk assessments and training, clear emergency response procedures, and multidisciplinary recovery including psychosocial support. The measure also mandates enhanced physical security standards, including metal detectors, mandatory bag checks at campus entry points, and CCTV coverage in common areas, while establishing a gadget-use ban during instructional hours. “In times of crisis, every second counts. W hen there is a threat, our schools should not be left guessing whether to lock down or evacuate, or whom to call for immediate help. We are connecting existing measures into one clear, comprehensive system,” Aquino added. The measure further provides targeted institutional support for frontline educators through teaching load reductions, legal assistance, and mandatory safety capacity building, while requiring regular orientation seminars for parents and guardians.

DMW: No Filipinos hurt in Houthi attacks on Riyadh By Samuel P. Medenilla @sam_medenilla

O Filipinos were hurt in the attacks launched by Iran-backed Houthi militants that caused explosions in Riyadh, Kingdom of Saudi Arabia (KSA) last week, according to the Department of Migrant Workers (DMW). It made the announcement citing reports from its Migrant Workers Offices (MWOs) in close coordination with the Philippine Embassy and Consulate in KSA. Houthi forces launched the said drone and ballistic missile attacks to destroy the Saudi capital’s energy sites along the Red Sea during the weekend. The Saudi government said it was able to intercept the said drones and missiles. In the aftermath of the said attacks, smoke can be seen from the Riyadh airport although Saudi authorities did not report any damage or casualties at the said site. “The Department of Migrant Worker reported no Filipinos were

affected following the explosions in Riyadh on Friday night and Saturday morning of September 18 and 19,” the agency said in a statement posted in its social media page last Monday. It said it is coordinating with the Philippine Embassy and Consulate to monitor the status of the Filipino in KSA, which is one of the top destinations for OFWs. “The DMW will continue to monitor developments and issue updates as information becomes available,” it said. “Through the MWOs, the DMW advises OFWs to remain vigilant and to follow guidance and advisories issued by Saudi authorities,” it added. In 2024, according to the Saudi Ministry of Human Resources and Social Development, there were 898,014 OFWs in KSA. The said numbers may have declined after the Middle East crisis broke out last February which prompted some Filipinos to seek repatriation from KSA. DMW is coordinating with concerned government offices to

help the affected OFWs and their families. “OFWs who need assistance should immediately coordinate with the Migrant Workers Offices of the Philippine Embassy and Consulates,” DMW said. It not e d OF Ws a nd t he i r families, who need aid may contact the following numbers and emails: Labor Attaché Sulaiman Mutya of the MWO A lkhobar at +966562329926; Labor Attaché Fidel A. Macauyag of the MWO Jeddah at mwo_jeddah@ dmw.gov.ph and +96569819720; Labor Attaché Dominador A . Salanga of the MWO Riyadh at mwo_riyadh@dmw.gov.ph and +966502850944. The may also contact Migrant Workers Offices Operations Support Bureau (MWOOSB) Officer-in-Charge and Labor Attaché to Israel Geraldine Mendez at oas-mwws@dmw.gov.ph and (02) 8724-35-57 as well as DMW’s hotline at 1348 for those in the National Capital Region, 02 1348 for those outside of Metro Manila, and+632 1348 for those overseas.

Church groups urge vigilance, accountability on ML anniversary By Mary Jade Jadormio

HU RCH leaders c a l led for continued vigilance against abuse of power and the erosion of democratic rights as the country marked the 54th anniversary of the declaration of Martial Law (ML). Cardinal Pablo Virgilio David said Filipinos should remember the Marcos dictatorship with “historical honesty,” respect for its victims and a commitment to learn from the past. David, who was 13 when Martial Law was declared in 1972, recalled how newspapers stopped

publishing, broadcast stations went off the air and soldiers appeared on the streets while political leaders were arrested. He said his generation witnessed how fear could silence people, institutions could be manipulated to perpetuate power, and the language of national security could be used to justify human-rights violations. “Remembering history is not about making children answer for the sins of their parents. It is about ensuring that the suffering of previous generations is not rendered meaningless by forgetfulness,” David said. He also linked the legacy of ML

to the 1987 Constitution, saying its safeguards were born out of the country’s experience under dictatorship. “It’s safeguards were intended not merely to prevent another declaration of martial law, but also to protect democratic institutions against the excessive concentration and perpetuation of political power,” he said. For the Church leader, the restoration of democracy in 1986 did not end poverty, corruption, political dynasties, inequality or abuses of power. See “ML,” A6

Tuesday, September 22, 2026

gets option to apply Chief Justice Gesmundo: Principled PHL new ATIGA rules early coordination key to efficient justice T UTGOING Chief Justice By Bless Aubrey Ogerio

By Joel R. San Juan @jrsanjuan1573

Alexander Gesmundo has urged stakeholders in the justice sector to further strengthen their coordination in order to deliver efficient, accessible, and responsive justice to the people.

In his speech during Monday’s 5th year anniversary of the Justice Sector Coordinating Council (JSCC) held at the Manila Hotel, Gesmundo noted that the body was able to launch its flagship program called The Justice Zone. The JSCC is primarily composed of the Judiciary, the Department of Interior and Local Government (DILG) and the Department of Justice (DOJ). To date, 20 justice zones have been est abl ished nat ionw ide through inter-agency cooperation which include law enforcement, prosecution, the judiciary, corrections, and the community. The program aims to improve case flow management, address jail congestion, enhance access to justice, and resolve other systemic challenges in justice delivery. “As the work of the Council continues, I hope we retain what these years have taught us: that our institutions are strongest when they are secure with their own mandates faithful to their constitutional boundaries, yet open to understanding how their work

connects with the work of others,” the Chief Justice said. Regular justice zones have been established in Quezon City, Cebu City, Davao City, Angeles City, Naga City, Bacolod City, Calamba City, Balanga City and Baguio City, Dagupan City, and San Fernando City. Meanwhile specialty zones have been put up in Zamboanga City (Trafficking Free Justice Zone), Tagaytay City (Economic Development and Tourism Justice Zone), Puerto Princesa City (Green Justice Zone) and Special Tri-City Justice Zone Against Online Sexual Abuse or Exploitation of Children or OSAEC) in Cagayan de Oro City, Iligan City, Ozamiz City, Tacloban City, Calbayog City, Ormoc City, San Fernando City. “ T he sig nificance of these initiatives lies not simply in the structures we have established, but in the principle they embody: that coordination must respond to the realities in which justice is actually administered,” Gesmundo stressed. “This, to my mind, is where the idea of ‘principled coordination’

finds its meaning. It does not ask institutions to surrender their independence or to assume responsibilities that belong to another. Rather, it asks each institution to discharge its own mandate with an understanding of the larger process of which its work forms a part,” Gesmundo added. The chief magistrate also recalled the First National Jail Decongestion Summit in December 2023 wherein various stakeholders came together to address the problem which concerns not only the correctional system. As a result, Gesmundo noted that the DOJ undertook reforms in the evaluation and filing of criminal cases. The Supreme Court, for its part, is amending its rules and procedures concerning detention and release, to include house arrest, medical confinement, or community-supervised release, as well as a section on compassionate release for offenders who are old, sick, or otherwise entitled to compassionate or humanitarian release upon serving the minimum term imposed. On the other hand, the DILG, through the Bureau of Jail Management and Penology (BJMP), has strengthened its paralegal and case-monitoring efforts ensure speedy release of persons deprived of liberty (PDLs) who have served their minimum sentence. “Through this tripartite synchronization, we have reduced the national jail congestion rate by double-digit percentages,” Gesmundo said. Meanwhile, Associate Justice Maria Filomena Singh noted an improved in case disposition rates,

jail congestion rates, faster processing time for parole and probation applications, and increased number of preliminary investigation and inquest proceedings conducted and completed due to the creation of Justice Zones. She cited, for example, the Naga City Justice Zone which reported that from a high of 300 percent congestion rate in city jails over four years ago, the figure is now down to 50 percent. On the other hand, the period for processing parole and probation applications dropped from around 200 days in 2021 to 60 days today in the Balanga City Justice Zone. Singh also announced that SC en banc has approved the VictimSensitive Guidelines in the Justice System, which was developed by the JSCC. The Guidelines aims to protect the safety and privacy of victims, support their right to information and services, their recovery and rehabilitation, and provide special safeguards for children and persons with disabilities. This will be initially rolled out in all our Justice Zones, with nationwide implementation in all courts in the country to follow. Singh added that the JSCC has also completed the writing of the Manual and the Protocol for Handling Cases Involving Women in Conflict with the Law, which incorporate the Mandela Rules and the Bangkok Rules. She said this will address the gender-specific needs of women throughout the justice process, from investigation, apprehension and prosecution, to trial, detention and eventual reintegration.

House rejects Tiangco bid to reopen plenary debates on 2027 congressional budget By Jovee Marie N. Dela Cruz @joveemarie

HE House of Representatives rejected a proposal by Navotas Rep. Toby Tiangco to reopen plenary interpellations on the chamber’s proposed 2027 budget, as he sought greater transparency in the use of congressional funds. Tiangco made the proposal after the deliberation on the Congress budget was moved from September 24 to September 17

Sara. . . Continued from A3

The Impeachment Court also examined GenCor p Industries, which Duter te dec lared as a business interest in her SALNs despite her name not appearing in the company’s Articles of I ncor porat ion or Genera l Information Sheet. Del Rosario confirmed that Duterte’s name did not appear as an incor porator, director, or stockholder in Gencor p records. Gatchalian asked how Duterte

FedEx. . . Continued from A3

The Philippines recorded an even higher level of agreement, with 94 percent saying an entrepreneurial mindset can help someone succeed in any job, one of the highest rates in the region alongside Indonesia and Malaysia.

while he was abroad on official business. He noted that the House had previously allowed the reopening of deliberations on the proposed budget of the Metropolitan Manila Development Authority. “I think, more than the rules, transparency is more important than our rules,” Tiangco said. The proposed budget for Congress, covering the Senate, House, Commission on Appointments, and the House and Senate Electoral

Tribunals, was sponsored on September 17 by House Accounts Committee Chair Rep. Maria Carmen Zamora. The deliberation proceeded without questions or objections. Tiangco had earlier questioned why the House budget did not undergo the same pre-plenary scrutiny as other government agencies. He said lawmakers should be able to examine how the chamber’s previous allocations were spent and the basis for its

proposed 2027 funding. For her part, House Deputy Speaker Janette Garin ruled Tiangco’s motion out of order, citing House rules on motions for reconsideration. “Our rules states that only a member who had voted with the majority can vote for the reconsideration,” Garin said. The House began plenary deliberations on the proposed P7.2-trillion 2027 national budget on September 15, with debates scheduled through September 25.

could declare an interest in Gencorp despite not appearing in corporate documents. Del Rosario said one possible explanation was indirect control through another corporation holding a controlling stake. “If Gencorp has a corporate subscriber where a person has controlling interest, that person could possibly exercise control over Gencorp,” del Rosario explained. The SEC official identified JTC Group of Companies Philippines Inc. as holding nearly 55 percent equity in Gencorp. He explained that if Duterte controlled JTC, she could theoretically exercise

indirect control over Gencorp without appearing directly as a shareholder. However, he clarified that this was only a possible scenario and did not establish that Duterte owned or controlled JTC. The defense raised concerns that the SEC summary of corporate holdings could mislead the public by making company financial information appear to belong personally to Duterte. Prosecutor Erwin Matib rejected this, saying the summary contained separate columns for Duterte, her husband, and the corporations

involved. “This summary is not misleading,” Matib said. Senate Impeachment Court Presiding Officer Francis Escudero clarified that the documents contained both Duterte’s ownership information and corporate financial information. Del Rosario’s testimony was supported by more than 200 exhibits containing over 3,000 pages of corporate documents, which the prosecution said were intended to trace business interests, stockholdings, and possible income sources connected to Duterte’s declared wealth.

Still, only 61 percent of Philippine respondents said they were confident in generating new ideas or solutions, while 59 percent felt confident working independently and making decisions without significant guidance. Moreover, the courier giant sa id nine in 10 respondents across the region believe there is a gap between what they are learning and what employers will

expect from them. At the same time, 97 percent of Apac youth said they wanted greater exposure to how the working world operates. Looking 10 to 15 years ahead, respondents identified adaptability and learning agility as among the most important capabilities for their future careers, according to FedEx. “Asia Pacific’s long-term com-

petitiveness will depend on how effectively we equip young people to turn ideas into businesses that solve real problems and compete across borders,” FedEx Asia Pacific president Salil Chari said. T he “ Sh api ng Tomor row ’s Workforce-Asia Pacific Youth Insights” study surveyed more than 4,200 young people aged 15 to 22 across 10 Aspac markets, including the Philippines.

HE Philippines can now opt to apply the updated Association of Southeast Asian Nations (Asean) Trade in Goods Agreement (ATIGA) ahead of its formal 2027 entry into force after member states agreed to allow early, provisional implementation among those ready to do so. The decision, adopted in Manila on Sunday, allows member states to apply the Second Protocol to Amend ATIGA on a voluntary and reciprocal basis before it formally takes effect on June 1, 2027. For the Philippines, the arrangement creates a route to begin implementing the updated trade rules earlier, but only after completing its internal procedures and formally notifying the Asean Secretary-General. The decision does not automatically place all Asean members under the updated rules. Provisional application will cover only countries that notify Asean of their agreement to implement the protocol, and only between participating members. The early application will also exclude provisions identified in an annex to the decision, which will take effect only when the Second Protocol formally enters into force in 2027. The move follows calls from Asean leaders and economic ministers earlier this year to accelerate implementation of the agreement as

the region seeks to deepen intra-Asean trade. At a special Asean Economic Council meeting in April, member states called for countries to explore early ratification of the Second Protocol. Asean leaders reiterated the push in May, calling for its ratification and entry into force within the year where possible. The Second Protocol was signed in Kuala Lumpur, Malaysia, in December 2025 and updates ATIGA, the region’s main agreement governing trade in goods. The original agreement was concluded in 2009 and was amended by a first protocol in 2019. The latest update comes as Asean deals with changes in supply chains, production patterns and sourcing across the region. Trade Secretary Ma. Cristina Roque had earlier called for progress on the ATIGA upgrade, saying regional trade rules need to keep pace with how businesses operate. “The upgrade of ATIGA is therefore timely. We have an opportunity to ensure that our regional trade rules remain relevant to businesses and responsive to the way trade is conducted today,” Roque said at the 40th Asean Free Trade Area Council Ministers Meeting on Saturday. ATIGA includes mechanisms intended to facilitate the movement of goods within Asean, including arrangements for authorized economic operators, self-certification of origin and electronic certificates of origin.

3,000 volunteers join Aboitiz, GCash greening partnership in Balamban, Cebu

ORE than 3,000 volunteers gathered in Balamban, Cebu, as Aboitiz Foundation and Gcash, finally brought their five-year forest restoration partnership to the ground last September 19. The tree-planting activity marked the first major on-ground activation of Aboitiz Foundation’s CarbonPH and GCash GForest partnership, which aims to grow one million trees and help restore 1,200 hectares in Balamban over five years. Held in time for World Bamboo Day, the initiative brought together communities, partners, and volunteers across identified restoration areas. The event coincided with the Municipality of Balamban’s coastal cleanup activities for International Coastal Cleanup Day, extending the day’s environmental action from the uplands to the coast. For Aboitiz, the launch is the start of a much longer restoration journey rooted in community stewardship. “What we are starting in Balamban is not a one-day planting activity. It is the beginning of years of work with communities to restore forests, protect water sources, and create livelihoods that can endure. CarbonPH is about making sure the trees we plant today become part of healthier ecosystems and stronger communities tomorrow,” Aboitiz Foundation President Ginggay Hontiveros-Malvar said.

ML . . . Continued from A5

“The work of building democratic institutions and a just society remained unfinished,” he said. Meanwhile, the National Council of Churches in the Philippines (NCCP) said remembering Martial Law should also mean confronting present-day abuses and protecting democratic space. “Our remembrance is not merely an act of looking back; it is a commitment to confront the realities of the present and ensure that the abuses and repression of the past are never repeated,” the NCCP said in a statement. The NCCP said the 14-year period from 1972 to 1986 was marked by documented human-rights violations, including arbitrary arrests and detention, extrajudicial killings, enforced disappearances, torture, militarization and suppression of civil and political liberties. It also cited economic hardship, inequality and the concentration of power and wealth. Present concerns raised by the NCCP included corruption, alleged anomalies in flood-control projects and what it described as the criminalization of dissent under counterterrorism laws.

Local communities join the mangrove planting in the coastal areas of Barangay Nangka, Balamban, Cebu, helping restore coastal ecosystems and strengthen natural protection and community resilience as part of the CarbonPH x GCash GForest program. The partnership between Aboitiz and GCash is part of CarbonPH, Aboitiz Foundation’s 40-year commitment to restore Cebu’s forests and watersheds at scale. The program aims to restore around 71,000 hectares and grow millions of trees, bringing together communities, government, and businesses for long-term nature-based climate action. That scale of restoration depends on partnerships. The Bamban, Cebu initiative is supported by the Municipality of Balamban and the Cebu Bamboo Industry Development Council, with guidance from national government institutions that connect on-the-ground restoration with the country’s broader environmental and climate goals. The Department of Environment and Natural Resources-Forest Management Bureau (DENR-FMB) provides the broader technical and policy framework for sustainable forest and watershed management—grounded in science, good forest governance and collaboration among government, communities and other stakeholders. Jonathan L. Mayuga The church body cited the cases of the Kasibu 11 and Cagayan 11, saying humanrights defenders, community organizers, church workers, Indigenous Peoples and other advocates should not be treated as terrorists for defending communities and human rights. “Dissent must never be criminalized,” the NCCP said. The Justice, Peace and Integrity of Creation Commission and Mission Partners of the Conference of Major Superiors in the Philippines (CMSP-JPICC) likewise called on Filipinos to confront abuses of power. The group said remembrance should “transcend political colors” and that its “Never Again” call should cover torture, enforced disappearance, extrajudicial killings, redtagging, suppression of legitimate dissent, historical distortion, disinformation, corruption and impunity. CMSP-JPICC said remembering Martial Law “demands that we confront present wounds,” while stressing the right of victims and their families to truth, justice and accountability. “No human life is disposable, and no public official is beyond the reach of law,” the group said. NCCP similarly called for accountability for human-rights violations, corruption and abuses, saying: “Lahat ng sangkot, mula sa tuktok, dapat managot.”

TheWorld

Editor: Lyn Resurreccion

Tuesday, September 22, 2026

Germany’s Merz in a struggle after regional election defeat By Geir Moulson

The Associated Press

ERLIN—German Chancellor Friedrich Merz faced a struggle to stabilize his position and keep his agenda on track Monday after voters inflicted two more defeats on his party, ejecting it from a state legislature for the first time.

The unpopular Merz vowed to stay on and push through reforms to Germany, Europe’s biggest economy, minutes after polls closed Sunday in regional elections in Berlin and in Mecklenburg-Western Pomerania, a largely rural eastern region on the Baltic Sea coast. Still, final results underlined the extent of what Merz conceded was a “disaster” in MecklenburgWestern Pomerania. His center-r ight Chr istian Democratic Union fell just below

the 5 percent of the vote needed to keep seats in the regional parliament, the first time that has happened in 77 years of modern Germany’s federal republic, after losing more than half its support. The CDU also dropped to second place in Berlin behind the hard-left Left Party, which is in pole position to lead the next city government—though Merz’s party could, depending on how coalition talks go, still retain city hall.

GERMAN Chancellor Friedrich Merz speaks to media at the Christian Democratic Union party headquarters in Berlin, Germany, on September 20. AP/MARKUS SCHREIBER

Neither state is one of Germany’s political heavyweights. The CDU’s 2023 win in Berlin was its only one in the past 25 years in the capital, which has tended to lean left, and the party was already weak in Mecklenburg-

Western Pomerania. But the manner of its defeat in the latter in particular adds to the headwinds Merz faces after a stinging defeat by the farright Alternative for Germany two weeks ago in Saxony-Anhalt,

another region in the formerly communist east, damaged his authority and set off speculation that he might be replaced. Alternative for Germany (AfD), emerged as the strongest party in Mecklenburg-Western Pomerania, but the center-left Social Democrats—the junior party in Merz’s national governing coalition— were fairly close behind after a campaign focused squarely on the state governor, Manuela Schwesig, as a bulwark against the farright party. T h at p o l a r i z at io n h e l p e d squeeze other mainstream p a r t ie s , i nc lu d i n g t he C DU. A lef t-leaning three-part y coa l it ion u nder Sc hwesig wou ld have a m ajor it y in t he new reg iona l leg isl at u re. Schwesig and others in the governing parties have cast doubt on aspects of the federal government’s reform agenda, which is meant to bolster a chronically sluggish economy. The reform plans include a potentially painful overhaul of the creaking pension system, a reduc-

tion of Germany’s stifling bureaucracy and cuts to income tax for low- and middle-income families. The head of the Social Democrats’ group in the national parliament, Matthias Miersch, said it was clear that “we need reforms.” But he told ARD television that “we must also take people’s concerns seriously.” Merz faces more meetings Monday with his party’s leadership. Much will depend on the CDU’s influential regional leaders; the party’s eight state governors last week backed the chancellor, though questions remained about how whole-hearted their support was. There are at least no more electoral tests this year. However, five state elections are scheduled next year, three of them in April. They include one in North R hine-Westphalia, Germany’s most populous state, currently led by a prominent CDU figure often cited as a possible successor to Merz, Hendrik Wüst. None of the five elections is in the east, where AfD is strongest.

World leaders meet at UN as they grapple with many concerns By Edith M. Lederer The Associated Press

N I T E D N AT I O N S — U n d e r a global cloud of wars and bitter divisions, world leaders meet at the United Nations this week facing new fears that runaway artificial intelligence could threaten humanity even as climate shocks and escalating prices are already making life much tougher for hundreds of millions of people. The annual high-level gathering at the UN General Assembly will also be consumed with major wars in Iran, Gaza, Ukraine,Sudan, Congo and Myanmar and a persisting question: Can the leaders do anything to end them? And what can they do about the re l e nt l e s s r i s e o f g l o b a l wa r m i n g threatening the future of the planet, the growing inequalities within and among nations, and shocks to the global economy as blocked shipping routes and supply

chains increase the cost of living and slow growth? The future of the United Nations will also definitely be on the agenda. At 81, its powers are still the victorious nations from World War II, not the 21st century’s major global players. The UN’s 193 member nations have agreed to a wide-ranging reform package that includes updating key institutions such as the powerful UN Security Council, where the US, Russia, China, Britain and France hold inordinate sway because of their veto power. Reform, however, is easier said than implemented. Behind the scenes, there will be speculation about who will lead the United Nations next. Secretary-General Antonio Guterres’ second five-year term ends December 31 and no clear successor has emerged. There is still no question that the UN remains THE gathering place for its 193

member nations and their leaders. Some 130 heads of state and government are expected to speak at the General Assembly starting Tuesday along with dozens of ministers. Among the headliners will be US President Donald Trump and French President Emanuel Macron. Both will speak Tuesday after Guterres’ opening “state of the world” address. Ukraine’s President Volodymyr Zelenskyy and Iran’s President Masoud Pezeshkian speak Wednesday. Israeli Prime Minister B enjamin Netanyahu—whom New York Mayor Zoran Mamdani wanted arrested for his treatment of Palestinians in Gaza until he learned he has no such authority—will address the assembly on Thursday. For a second year, Palestinian President Mahmoud Abbas won’t be coming to the UN because the US has refused to give him a visa. He will nonetheless address the assembly by video the same day.

The United States, under its agreement with the UN to host the organization, is required to allow diplomats from all member nations to attend meetings. Equally telling is who else isn’t coming. China’s President Xi Jinping is meeting Trump in Washington on Wednesday, yet he is skipping—some diplomats say snubbing—the UN gathering and sending a vice president instead. Russian President Vladimir Putin isn’t coming either, and Indian President Narendra Modi has backed out. France’s UN ambassador, Jerome Bonnafont, said it is “extremely critical” for world leaders this week to support the UN as the place where the world’s nations meet—especially at a time of such polarization. “We believe in multilateralism,” he said, “and we believe that the high-level week is the occasion for countries in the world to reaffirm that they prefer cooperation and dialogue to confrontation.”

Sound of Music museum opens where the von Trapp story met Hollywood By Philipp Jenne

The Associated Press

ALZBURG, Austria—An Austrian museum is alive with “The Sound of Music,” a first-ever venue devoted to the classic 1965 singalong movie starring Julie Andrews. The Sound of Music Salzburg museum, situated in an Austrian city famed for music and perhaps best known as the home of Wolfgang Amadeus Mozart, opened Sunday. The attendees included Elisabeth von Trapp, granddaughter of Georg and Agathe von Trapp, whose family story inspired the Rodgers and Hammerstein musical and Hollywood blockbuster. She continues to give guided tours of movie sites in Salzburg today. “It is intimate enough so you really have a beautiful sense of the storyline of both

the Sound of Music and the Trapp family singers—my relatives. I’m very proud of that,” Elisabeth von Trapp said of the new museum. Her father, Werner, was one of the original Trapp Family Singers—although moviegoers know his character by another name. “My father is depicted in the movie as Kurt; his name was Werner von Trapp. Just to set the record straight,” von Trapp said. Housed in the 17th-century Hellbrunn Palace, where many scenes from the film were shot, the museum distinguishes the real-life story of the von Trapp family from that of the 1959 Broadway musical and later the Hollywood blockbuster. Set against Nazi Germany’s annexation of Austria in 1938, the story centers on a governess named Maria who teaches seven children in the von Trapp family to sing and

IN this photo taken with a smartphone, people gather in the exhibition of the new “Sound of Music Salzburg” museum in Salzburg, Austria, Sunday, Sept. 20, 2026. AP/PHILIPP-MORITZ JENNE

love music—before falling in love with their father and her employer, widower Georg von Trapp. Museum officials note the real von Trapp, a submarine commander in the AustroHungarian navy, was “not a strict paternalist”—as he was depicted by the film’s leading man, Christopher Plummer—but “a

considerate, albeit much-burdened, father.” Visitors are treated to nearly 450 objects including props and costumes from the film, cinema posters and recordings of the music. A centerpiece is the gazebo where teenagers Liesl von Trapp and her suitor Rolf sing the courtship duet “Sixteen going on Seventeen.”

A SMALL spotted wild cat identified as a new species, Leopardus tilcayo, rests inside Senda Verde wildlife sanctuary in Bolivia’s Yungas region near Coroico, on September 20. AP/JUAN KARITA

Newly identified tiny wild cat species draws visitors in Bolivia

OROICO, Bolivia—A tiny wild cat hidden away in the cloud forests of Bolivia has become an unlikely tourist attraction, drawing a stream of visitors hoping for a glimpse of the animal that scientists have identified as a brand new species. There is just one problem: “Tigrino,” as he has been affectionately dubbed, doesn’t like the attention. The small, spotted feline with large, leopardlike spots is easily stressed, so caretakers at the wildlife sanctuary near La Paz keep him out of public view, turning away the crowds eager for a closer look. When The Associated Press visited Sunday, Tigrino cautiously emerged from his shelter, sniffed the air and paced around for a few minutes before slipping back into the foliage. Tigrino belongs to Leopardus tilcayo,

the first living wild cat species described by scientists in more than a century. At just 18 inches (46 centimeters) from head to the base of his tail and 3 pounds (1.4 kilograms), he is smaller than the average house cat. The discovery published Thursday in the journal Current Biology set off a flurry of excitement on social media. Visitors from across Bolivia and beyond have flocked to the Senda Verde Wildlife Sanctuary, where Tigrino has lived since 2017, when a family brought him there after trying unsuccessfully to make a house cat of him. “Tigrino has become, in just a few days, an ambassador for conservation,” said sanctuary co-founder Marcelo Levy, adding that the new species designation has helped raise awareness about the need to protect wild cats and their habitat in Bolivia’s tropical forests. “He’s such a tiny animal, and he has become something so important,” Levy said.

Tuesday, September 22, 2026

TheWorld

ICE agent shoots, wounds man in Texas By Jesse Bedayn, Christopher Weber & Rebecca Boone The Associated Press

USTIN, Texas—A US Immigration and Customs Enforcement officer shot and wounded a man Sunday afternoon in Austin, Texas, local authorities said, and anti-ICE protesters quickly gathered at the scene. The man was in serious but stable condition at a hospital after being shot once in the torso on the capital city’s north side, Austin officials said at a news conference. The Department of Homeland Security, which oversees ICE, did not participate in the news conference and didn’t respond to repeated requests for details. City police officers were not involved in the operation or the shooting, which occurred after a traffic stop, Austin Police Chief Lisa Davis said while briefing reporters along with the city’s mayor and other officials. Mayor Kirk Watson, a Democrat, said he wants the city’s police department to have a role in the investigation so it can provide “clear, third-party eyes” in the process. Watson said he does not think it would be appropriate for ICE to conduct an investigation on its own.

Austin residents have “a right to feel safe in their city,” Watson said. A proper investigation will only enhance credibility, he added. The chief said there were not many facts she could provide so soon after the incident but added that her department’s special investigation unit was at the scene. An immigration attorney representing the man’s family identified him as Wilber Rafael Garces Perez, a 28-year-old Venezuelan man. Attorney Kate Lincoln Goldfinch said in a video posted to her Instagram account that she believed he had no criminal history and no final order of removal from the US, but she later told The Associated Press that she did not know his current immigration status. The man’s family has struggled to get any information from the hospital about his status or location, Lincoln-Goldfinch said. Just before 7 p.m., the man’s wife was informed by the hospital’s attorney that the man had been released into ICE custody a few hours earlier, Lincoln-Goldfinch wrote in a text to AP. “No one bothered to update her,” she wrote. It wasn’t immediately clear if the man remained hospitalized while in ICE custody or if he had been transferred elsewhere.

www.businessmirror.com.ph

Houthis say they won’t attack US vessels in Red Sea

By The Associated Press

SENIOR official with the Iranbacked Houthi rebels said the group has assured US President Donald Trump’s administration that it won’t attack US vessels in the Red Sea, even as he warned countries against joining Saudi Arabia in Yemen’s revived civil war. The comments came as the Houthis fired a ballistic missile at Saudi Arabia’s capital over the weekend.

A senior official with the Iranbacked Houthi rebels is warning countries against joining Saudi Arabia in Yemen’s revived civil

war, telling The Associated Press on Sunday that his group has assured the Trump administration that it won’t attack U.S. vessels in the Red Sea. Mohamed al-Bukhaiti, a member of the Houthis’ political bureau, said Washington reached out to the rebels after their rapid advance down Yemen’s western coast to the Bab el-Mandeb Strait earlier this month. “We confirmed that we are not targeting the United States, or any other nation, in the strait, with the sole exception of the Saudi enemy,” he told The Associated Press in a Zoom interview from the rebel-held Yemeni capital, Sanaa. “ That remains the case.” Meanwhile, Iranian Foreign

Minister Abbas Araghchi will stop briefly in Qatar before going to New York for the UN General Assembly, the state-run IRNA news agency reported. Tehran has said it is awaiting a US response to conditions it conveyed through Qatar for ending the war. Iran’s Supreme National Security Council chief Mohsen Rezaei told Al Jazeera on Saturday the conditions include ending the war on all fronts, releasing Iranian assets seized by the US and ending the US naval blockade of Iranian ports. Araghchi is among Iran’s senior officials given visas by Washington to attend the UN gathering, along with President Masoud Pezeshkian, despite the war.

Explosion injures 3 Sokor military officers in border with Nokor By Kim Tong-Hyung The Associated Press

EOUL, South Korea—An explosion near South Korea’s heavily fortified border with North Korea injured three South Korean military officers on Monday, South Korea’s Defense Ministry said.

The ministry said the explosion occurred during an unspecified operation in the Demilitarized Zone, a border buffer zone separating the two nations that is commonly referred to as the DMZ. The cause was not immediately clear, the ministry said. South Korean officials did not say whether it was possible the explosion was caused by a land mine planted by North Korea, which has added mines, anti-tank barriers and other front line fortifications in recent months as relations between the war-divided rivals have sharply deteriorated. Two of the officers were airlifted from the site by helicopter, while the third was transported by land before being airlifted, according to the ministry. The officers are being treated at a military hospital near the capital Seoul. The DMZ, which is 248 kilometers (155 miles) long and 4 kilometers (2.5 miles) wide, is one of the world’s most heavily armed borders. An estimated 2 million mines are peppered inside and near the border, which also is guarded by barbed wire fences, tank traps and combat troops on both sides.

The zone is a legacy of the Korean War from 1950 to 1953, which ended with an armistice but not a peace treaty. There have been growing concerns in South Korea about increased activity by North Korean soldiers near the military demarcation line (MDL) as the North strengthens its border defenses during prolonged tensions between the countries. The South Korean military has not officially confirmed media reports that North Korean soldiers crossed the MDL more than 20 times during front line operations in August alone. The South’s military fired warning shots to repel some 10 North Korean soldiers who crossed the MDL at the eastern section of the DMZ in April 2025. The North Korean soldiers retreated after the South broadcast audio warnings and fired the shots and there were no clashes. In June 2024, North Korean troops crossed the border three times, prompting South Korea to fire warning shots. North Korean leader Kim Jong Un in recent years has suspended virtually all cooperation and diplomacy with South Korea while declaring Seoul as his most hostile enemy during a stalemate in his larger nuclear negotiations with Washington.

www.businessmirror.com.ph

2nd Front Page BusinessMirror

PHL SENDS 1ST EVER CARABAO MANGO SHIPMENT TO CANADA By Ada Pelonia

@adapelonia

HE Philippines has exported its first-ever commercial shipment of fresh Carabao mangoes to Vancouver, Canada, further expanding access to new markets. The 1-metric-ton (MT) shipment, comprising 250 cartons, left the Naia Complex in Parañaque City on September 18, bound for Vancouver. Fresh Makers Ltd., a Vancouver-based distributor serving supermarkets and institutional buyers, is importing the mangoes, with Air Canada handling the air transport and Airspeed Cargo providing logistics support. Agriculture Secretary Francisco Tiu Laurel Jr. said the shipment forms part of the government’s broader strategy to open new markets for Philippine farm products and raise agricultural export earnings. “Opening new markets means opening new opportunities for our farmers. When we can sell more Philippine agricultural products abroad, we create opportunities to increase farm incomes, encourage more investment in agriculture, and bring greater economic activity to the countryside,” Tiu Laurel said.

He added that stronger farm exports could generate opportunities across the farm-to-market value chain, from production and consolidation to logistics, processing, and distribution. The sendoff was made possible by a partnership between Mensch FilAm Corp. and the Department of Trade and Industry’s Export Marketing Bureau (DTI-EMB) under its Outbound Business Matching Mission program. FilAm President and CEO Racquel Simon stressed the role of public-private partnerships (PPP) in bringing local farm products to international consumers. “This shipment represents not only the pride of Filipino farmers but also the strength of public-private partnerships in bringing our agricultural products to the global stage,” Simon said. For its part, the Department of Agriculture (DA) said it has been ramping up its efforts to bolster the domestic mango industry’s capacity to meet export requirements and sustain access to international markets. The agency added that over 40 mango growers’ groups have been consolidated into a single federation to improve industry See “Carabao,” A2

Tuesday, September 22, 2026 A9

No quick fix seen for power woes in Visayas; solon aghast

By Jovee Marie N. dela Cruz

ONSUMERS in the Visayas continue to face power insecurity, as the Department of Energy (DOE) on Monday admitted before the House of Representatives that it has no immediate solution to the region’s supply crisis and warned that possible Yellow and Red Alerts may return in October.

At the joint hearing of the House Committees on Energy, Visayas Development, and Legislative Franchises, energy officials were pressed to explain why the Visayas remains vulnerable despite being connected to the country’s interconnected power grid. House Committee on Energy Chairman Jose Alvarez pointedly asked why the region continues to experience supply warnings despite available connections with Luzon and Mindanao. “Why are we still experiencing Red and Yellow Alerts? Why can’t Mindanao power plants supply the

Visayas? Why can’t Luzon provide additional power?” Alvarez asked. Alvarez said the DOE has yet to present an immediate solution to address the recurring power shortages. “They do not have an immediate solution,” Alvarez said. DOE Undersecretary Mario Marasigan explained that the limited supply coming from Mindanao was due to the simultaneous outage of several major power plants. With these facilities unavailable, only around 50 megawatts of electricity can currently be transmitted to the Visayas. Marasigan also pointed to the

lack of sufficient conventional and baseload power sources in parts of the region, particularly Negros. “Negros has no baseload capacity except for one geothermal facility. Most of its supply comes from renewable sources, especially solar power. There are not enough conventional power plants,” Marasigan said. He added that the intermittent nature of some renewable energy sources can further tighten supply conditions, especially when other generation units experience unexpected shutdowns. “When a power plant goes offline, we already experience a shortage,” Marasigan said. The DOE official said the agency is working with generation companies to accelerate the return of unavailable power plants and stabilize the region’s electricity supply. “What is important is for the plants that are offline to return to operation as soon as possible,” he said. However, Marasigan warned that the Visayas power system remains at risk, with possible Yellow and Red Alerts still expected during the second and third weeks of October due to continuing supply constraints. Meanwhile, Negros Occidental Rep. Javi Benitez called for greater ac-

countability, saying consumers continue to pay for electricity reliability that they do not always receive. “The second most expensive electricity is the electricity you are charged for and never receive,” Benitez said during the briefing. Benitez’s House Resolution 1430 seeks to examine the cost, procurement, and actual delivery of ancillary services charged to Visayas consumers, as well as the status of generation, energy storage, and transmission projects affecting the region. He stressed that the power crisis is not limited to one area but affects communities across the Visayas. “This is not one province complaining. This is the Visayas, standing in one line, asking one question,” Benitez said. Benitez said the inquiry is intended to determine what went wrong and ensure accountability. “It is not a witch hunt. It is an audit. We are not here to shame anyone; we are here to count,” he said. Lawmakers are seeking clearer answers on how to prevent repeated power disruptions and ensure a more reliable supply of electricity for consumers as the region faces possible shortages in the coming weeks.

‘Lag’ in war-driven bad loans ratio flagged By Andrea E. San Juan

IMPEACHMENT WATCH DAY 27: SEC WITNESS SEC Company Registration and Monitoring Department Director Atty. Gerardo Fernando del Rosario takes the witness stand during Day 27 of Vice President Sara Duterte’s impeachment trial at the Senate in Pasay City on Monday, September 21, 2026. He is testifying on corporate records involving Duterte’s declared business interests and shareholdings in connection with Article II of the impeachment complaint. ROY DOMINGO—SPPA POOL

Aviation, logistics fuel BCDA boom By Bless Aubrey Ogerio

AJOR aviation and logistics companies drove a more than sixfold surge in investments approved by the Bases Conversion and Development Authority (BCDA) in the first half of 2026. Latest data showed that BCDAapproved investments reached P49.96 billion during the period, up 535 percent from P7.87 billion in the same period last year. The commitments are expected to generate about 4,210 jobs. The aviation sector alone accounted for P33.91 billion, or nearly 68 percent of the total, making

it the largest contributor to the investment increase. The latest commitments included Lufthansa Technik Philippines’ development of a new widebody aircraft maintenance facility in Clark, along with continued expansion by Federal Express Corporation (FedEx) and United Parcel Service (UPS) International. The projects cover aircraft maintenance, repair and overhaul (MRO), cargo and logistics and other aviation-related activities, adding capacity around Clark International Airport and strengthening its links to domestic and international markets. “Global companies are making

larger and longer-term commitments to the Philippines because they see the potential to serve both the domestic market and the wider Asia-Pacific region from here,” BCDA President and Chief Executive Officer Joshua M. Bingcang said. Clark’s location in Central Luzon provides aviation and logistics operators with access to the region, Metro Manila and other domestic markets. Other sectors also posted investments during the period. The residential sector accounted for P5.9 billion in approved investments, while government and sports projects contributed P500 million and hospitality investments reached P30 million.

Agreements involved InfiniVAN, the Philippine Sports Commission, Sophia Real Estate Executives and Development Corp., Baguio Mountainscapes, Hann Philippines and ACWA Power Philippines, as well as a consortium of GTM Networks Asia and Volksbahn Technologies. Furthermore, investment activity was concentrated primarily in BCDA’s major economic zones, including Clark and Camp John Hay in Baguio. The investment commitments come as BCDA and its partners continue to develop infrastructure for the Luzon Economic Corridor, including airport capacity, connectivity and logistics facilities.

N analyst warned that there could be a lag effect in the war-driven bad loans ratio which could only be evident in the late-2026 or 2027 data. Leonardo A. Lanzona Jr., an economist at Ateneo De Manila University (ADMU), explained this to the BusinessMirror after a report recently published by the Bangko Sentral ng Pilipinas (BSP) pointed out that the Philippine banking system’s bad loans ratio in June, at 3.3 percent, was the highest relative to its peers within the Asean-5 bloc. “Loan quality improved. The Philippine banking system’s gross non-performing loans [GNPL] ratio remained steady at 3.3 percent as of end-June 2026 relative to the previous quarter,” the central bank’s Q2 2026 Report on Economic and Financial Developments noted. “Compared to its regional counterparts, the Philippine banking system’s GNPL ratio was higher than those of Thailand, Indonesia, Malaysia, and South Korea,” the report also noted. NPLs, also known as “bad” or “soured” loans, are credit accommodations that have not been paid for 90 days or more after the due date. The NPL ratio measures the proportion of bad loans to total loans.

‘Level gap, not fresh deterioration’

LANZONA said, however, that this only points to a “level gap, not a fresh deterioration” as banks are not seeing a new wave of defaults. Instead, he said: “They’re just carrying more legacy soured debt than peers.” Lanzona said this is mostly structural as the Philippine economy has “heavier SME, micro-lending, and agri exposure, weaker collateral and credit-bureau infrastructure than Malaysia or South Korea.” He also pointed to “pandemicera restructurings that never fully cleared the books.” Further, Lanzona explained to this paper that some of the gap is also “definitional” since NPL classification is not “perfectly harmonized” across the region. “Practically, it means Philippine

banks price credit more conservatively and hold higher provisioning, which mildly constrains credit growth to riskier segments without signaling a brewing crisis,” he also noted.

Lag effect

HOWEVER, Lanzona emphasized that the 3.3-percent bad loans ratio in June 2026 does not yet reflect the loans stressed by the conflictdriven energy and inflation spike. “NPLs are a lagging indicator, so today’s 3.3 percent mostly reflect loans stressed before the Iran-conflict-driven energy spike and the BSP’s hikes to 5 percent,” Lanzona said. “The transmission channel is plausible—squeezed real incomes and higher debt-service costs from rate hikes could pressure repayment capacity, and peso weakness adds risk for dollar-linked borrowers,” he added. But, he pointed out, that effect would more likely surface in late2026 or 2027 data. “For now, treat it as a forward risk rather than something already visible in the numbers,” Lanzona told this newspaper. Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), explained that the highest NPL ratio in the Asean-5 region “could reflect relatively higher interest rates, hinged on relatively higher inflation as the country imports almost all of its oil.” “The relatively higher interest rates and relatively higher inflation fundamentally reduce the purchasing power of various borrowers, as well as the ability to pay their debts, on top of slower global and economic growth as a result of the said war that led to lower sales and earnings that also reduce the ability of some browsers to pay their debt,” added the chief economist of RCBC. Earlier, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., explained that for policymakers, NPLs are an important “financial stability” signal. “Ideally, you want NPLs within the 2 to 3 percent range, so we’re slightly above comfort levels—but still manageable,” he said. See “Bad loans,” A2

A10 Tuesday, September 22, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

The ADBI wake-up call: Why PHL’s next leap will be its hardest

HE Asian Development Bank Institute’s warning last week should serve as a wake-up call to our policymakers: the Philippines has entered the upper-middle-income tier at arguably the most challenging moment in modern economic history. With a GNI per capita of $4,850 finally pushing the country past the World Bank’s threshold, the congratulatory headlines have barely dried before ADBI Dean and CEO Bambang Brodjonegoro delivered an uncomfortable truth—getting from here to high-income status will be significantly harder than it was for the Asian Tigers that came before. (Read the BusinessMirror story—PHL told: Tap digital, service economy, September 17, 2026). The numbers tell a story of both promise and peril. Our digital economy already contributes nearly 10 percent of GDP and employs over one in five workers. Services now dominate at 64.6 percent of economic output. These figures suggest the structural shift toward a knowledge-based economy is already underway. Yet the deceleration in services growth—from 6.9 percent to 4.5 percent—hints at the headwinds facing this transition. What makes Brodjonegoro’s analysis particularly sobering is his historical framing. South Korea, Taiwan, Hong Kong, and Singapore didn’t just industrialize—they did so under a geopolitical umbrella that no longer exists. The Cold War created powerful incentives for Western economies to nurture Asian manufacturing hubs as strategic bulwarks. Export markets were opened, technology was transferred, and capital flowed freely to allies. Today’s fragmented world offers no such largesse. As Brodjonegoro bluntly stated, “There is no special interest from the bigger economy to help the middle-income Asia to be high-income.” This is the new reality we must navigate: a multipolar world where the Philippines must compete not just on cost, but on capability. The manufacturing foundation that Brodjonegoro insists must be maintained is increasingly automated. The service economy that represents the path forward is being rapidly transformed by AI. The country finds itself in a race against time to upskill its workforce before algorithms render entire categories of BPO and back-office jobs obsolete. The climate dimension adds another layer of difficulty. The country’s geography makes it particularly vulnerable to the intensifying typhoons and flooding that Brodjonegoro referenced. Every peso spent on disaster relief and reconstruction is a peso not invested in digital infrastructure or human capital. The “cost or effort” of development has indeed become “much harder.” Yet within this challenging landscape lies opportunity. The country possesses advantages that its predecessors did not: a young, English-speaking population, established strengths in business process outsourcing, and a diaspora that has built global networks and sends home billions in remittances. The digital economy’s 9.8 percent GDP share demonstrates that transformation is possible. What the ADBI diplomatically frames as “tapping the digital and service economy” is, in reality, a call for full-scale national mobilization. This means regulatory frameworks that encourage AI adoption, education systems that prioritize digital literacy and critical thinking over rote memorization, and infrastructure investment that connects the archipelago’s fragmented markets. The middle-income trap should be understood not as an unavoidable economic phase, but as a consequence of policy missteps. Countries get stuck not because they reach a certain income level, but because they fail to evolve their economic models. The Philippines has crossed the threshold into upper-middle-income status. Whether it remains there for decades, like Latin American nations that stagnated, or pushes through to join the high-income club, will depend on decisions made today. The window for AI and digital transformation is closing fast. Hesitation is not an option.

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We still sell rocks John Mangun

OUTSIDE THE BOX

HE United States has begun locking tungsten scrap inside its own borders. Britain is putting 71 million pounds of public money into a mine. Zimbabwe has banned exports of tungsten in every form that can be poured into a ship’s hold. Vietnam is weighing the same curb so that processing stays at home. China already sits on about 80 percent of mined tungsten and has been tightening the tap for a year. That is the new map of critical metals. The Philippines, second in the world in nickel and sitting on copper, gold, chromite, cobalt and scandium, still behaves as if the map were 1998. For centuries these islands were valued as a place where cargo changed flags. The Manila galleon trade linked Asia and Europe for 250 years with cargos of Chinese silk, porcelain, spices, ivory, silk robes, and Indian fabrics. The most massive “product” exported from the Philippines was the galleon ship itself as Filipino master shipbuilders constructed most of these vessels. The ‘Made in the Philippines’ wares were Ilocos weaves, Cebuano Lampotes, and Manila cotton stockings, the least valuable goods in the cargo hold.

The profit came from loading the ship with other nation’s goods. Smelters and foundries turn raw ore into metal that can be sold as finished product. They are loud and dirty, and they also force a politician to admit the cost up front. The plant needs power, chemicals, and trained workers. Those bills are paid in pesos now, so the shipment later is valuable metal, not dirt. A barangay will have to live with the noise, and a utility will have to deliver the electricity. That conversation is why the raw, less valuable ore still leaves the Philippines unfinished. Directly shipping ore to China is simpler. It produces a headline tonnage and a royalty payment. It does not produce a cathode, a sulfate, a tungsten oxide plant, or a copper smelter that can survive a price cycle. Of the Philippines’ roughly 30

Energy is the quiet veto. A laterite circuit and a copper smelter eat megawatts. The fiscal accounts prefer imported fuel and OFW remittances to an industrial load that must run through the night. Mineral exports of US$7.4 billion sit beside a far larger import bill for fuels, steel and fabricated metal. Selling rocks and buying back finished product is a policy choice, a bad one. million hectares of land, about 9 million are classified by the Mines and Geosciences Bureau as having high mineral potential. The nickel ranking has not changed that arithmetic even as almost all of the ore leaves unrefined, with the big profit collected somewhere else. Thailand is a large processor of precious stones mined in Mozambique, Myanmar, Madagascar, Sri Lanka, and Zambia. In 2025 Thailand exported $2.13 billion in colored gems, cut and treated from imported rough stones. Thailand also shipped out $6.65 billion in finished jewelry, more than triple the export value, one processing step later. Tampakan in South Cotabato holds an estimated 3 billion tons of copper and gold ore, among the largest undeveloped porphyry deposits in Southeast Asia, and still lives in the future tense. Industry

On Wall Street, frustration is mounting that AI will hijack the climate debate By Alastair Marsh

F all the ways in which artificial intelligence might destroy humanity, its carbon footprint is far down the list for some of Wall Street’s most prominent climate experts.

Aniket Shah, the Jefferies executive who heads the bank’s strategy on sustainability and the energy transition, says he’s asking the global finance industry not to let AI overshadow talks about reducing planet-warming pollution. His comments, which feed into an already polarized debate, come on the eve of New York Climate Week, where more than 100,000 people are expected to gather over the coming days. “Climate change is about 50 billion tons of greenhouse gases going to zero, and so we actually have to have a right framing of what is driving that,” said Shah. “Data center demand growth is actually not in the top five.” The concern for Shah and those who share his point of view is that angst about the greenhouse gas emissions of AI data centers will draw attention away from areas with substantially higher emissions, like

transport and heavy industry. It’s a distinction that others in the finance industry are also starting to make. A recent report by the investment firm of former vice president turned climate campaigner, Al Gore, notes that the power needed to run air conditioning has far greater implications for energy consumption than AI. It’s “understandable” that AI data centers would be “a huge concern” for people worried about climate change, Gore said in an interview. “I just don’t think it’s a cause for panic.” The energy use and emissions of AI data centers are dwarfed by numerous other activities, he notes. “Just to pick one example, the emissions from uncovered landfills around the world are a large multiple of the emissions from all of the AI data centers put together.” Shah says he expects talks at New York Climate Week “to be all about

data centers” and “all about AI.” And that would be an unfortunate distraction, he says. “If you’re actually thinking about climate change globally speaking, data centers are just not that big of a deal, just like arithmetically, it’s not,” Shah said. A definitive assessment of the greenhouse-gas emissions of AI has yet to be produced. In April, the International Energy Agency said that taking into account an expected doubling of electricity consumption by the end of the decade, data centers will account for just 3 percent of global demand by 2030. All in all, emissions associated with data centers—not just the ones feeding AI—are on track to make up about 2 percent of those released by the global electricity sector by 2035, the IEA also said. In a report published last week, Gore’s Generation Investment Management noted that in most countries data centers are “not the most important” drivers of energy demand. The biggest contributor is a rise in air conditioning use, with electric cars and heat pumps—both important planks of the green energy transi-

and government sources commonly describe the bulk of the country’s copper endowment as unpermitted, a status that has outlasted several administrations. None of this is an accident of geology. Every administration since Marcos Sr. inherited the same subsoil and produced the same policy paralysis. The Filipino ownership requirement, review timelines measured in years, and a political class that treats mining permits as referenda on sovereignty rather than industrial decisions are choices renewed on a schedule, not constraints imposed from outside. Nickel laterite processing already yields cobalt and scandium as byproducts, almost entirely because the plants exist for nickel, not for either of them. Both metals sit inside the same critical minerals conversation now driving Washington, London and Hanoi to lock down tungsten. A country that will not develop its own copper deposits is unlikely to build the capacity to sell battery-grade cobalt instead of raw ore. Energy is the quiet veto. A laterite circuit and a copper smelter eat megawatts. The fiscal accounts prefer imported fuel and OFW remittances to an industrial load that must run through the night. Mineral exports of US$7.4 billion sit beside a far larger import bill for fuels, steel and fabricated metal. Selling rocks See “Mangun,” A11

tion—also identified as major guzzlers of electricity. Such assessments clash with the popular perception of AI data centers, which are often criticized for their use of energy, water and land. Across the US, local communities have mobilized to protest against the construction of mega data centers in their backyards, with concerns often centered on spikes in utility costs. Investors are also voicing concerns. A recent survey of asset owners by Morningstar Inc. showed that 25 percent cited the environmental impact of AI use as a risk, up from 12 percent a year earlier. Six in 10 said they’re worried that AI-driven demand for data centers and power generation will result in higher energy costs and inflation. “Potentially the most significant impact” that the companies building AI infrastructure “will have on the climate is through the way that their AI products are used,” says Thomas Day, a climate policy expert with the New Climate Institute. “We need a conversation about the extent to which AI companies See “Wall Street,” A11

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Luxor is at the heart of Egypt’s medical tourism push

Opinion BusinessMirror

Structural integrity and safeguards in the new era of tax enforcement

The Revalida‌‌‌‌‌‌ shall serve as a quality assurance and compliance review mechanism to ensure that audit findings are factually and legally supported, due process requirements are observed, and assessments are free from material error or procedural defect.

By Sherif Tarek & Abdel Latif Wahba

RAVEL writer Lucie Duff Gordon was among 19th-century Europeans who spent long periods of time in Luxor. Famed for its Pharaonic sites, the Egyptian city’s dry air—warm even in winter—was recommended as respite for a range of ailments. Such was its appeal that British travel agent Thomas Cook, a major provider of Nile River cruises, opened a hospital for foreigners as well as locals.

Egypt’s authorities are hoping to revive that legacy as they seek to carve out a bigger slice of the global healthcare tourism market—worth around $34 billion last year according to Grand View Research—and compete with more established destinations like Turkey and the United Arab Emirates in providing services from major surgical procedures to dentistry and cosmetics. The government sees the drive benefiting from the North African country’s location at the crossroads of three continents, and working in tandem with a booming hospitality industry that’s ridden out the worst effects of the Middle East’s recent conflicts. At the Grand Egyptian Museum last month, it launched online services designed to help international patients access care more easily. Increasingly at the center of it all is the Egypt Healthcare Authority, or EHA, which launched a medical tourism initiative called “In Egypt We Care.” The independent public authority operates nearly 400 medical facilities nationwide, including hospitals, laboratories and clinics. It’s developing a network of private medical tourism services in prime spots such as Aswan and the Red Sea coast as well as Luxor, famed for the Karnak temple and the Valley of the Kings, where Tutankhamun’s tomb was discovered. There, six hospitals with hotel-like suites offer specialized facilities for obstetrics, pediatrics and radiology. Egypt has “the ability to combine medical and traditional tourism,” said EHA chairman Ahmed El-Sobky in an interview. “An international patient can receive advanced healthcare while enjoying tourism, cultural and entertainment attractions.” The health tourists of the 1800s suffered mostly from pulmonary diseases and came from Britain and the US. Gordon made the city her home, and died in Egypt. Others, including Florence Nightingale and Arthur Conan Doyle and his wife arrived for shorter stays. Last year, EHA facilities received 13,370 foreign patients, up from 2,075 in 2022, according to data shared with Bloomberg, attracting some 124 nationalities from Arab, African, Asian, European and American nations. EHA is planning to add 5,000 more medical sites over the next six years, with public-private partnerships playing a role, El-Sobky said. The expansion will involve new facili-

Mangun. . .

Continued from A10

and buying back finished product is a policy choice, a bad one. Zimbabwe banned the concentrate. The US banned the scrap. Neither move is a moral lesson. Both are proof that governments with less mineral luck than this archipelago have decided the raw bag is no longer acceptable. Philippine politics still treats a mine as a scandal waiting

Wall Street. . . Continued from A10

should be responsible for who they provide their services to, and what they are used for,” which ultimately feeds into the bigger issue of “enabled emissions,” he said. Celine Herweijer, visiting profes-

ties for some of the most in-demand procedures: cardiovascular, bariatric and cosmetic surgery as well as in vitro fertilization and advanced dental care. For now, income from medical visits remains relatively low, but ElSobky sees it more than doubling to $6 million this year from $3.8 million in 2025, with almost 8,000 foreign patients registered through July. There’s no single nationwide figure for medical tourism revenue because spending is spread across other private and public providers, and is not yet collected via one central reporting system. Currently, Turkey leads regional medical tourism rankings for value and scale while the UAE is ahead for premium care and luxury. Egypt “cannot win simply by copying” their examples, according to Emre Atceken, co-founder of WeCure, a London-based company specialized in global medical tourism. “It must carve out a distinct, well-defined niche to give international patients a real reason to switch,” he said. “Breaking into established patient flows is the real battle.” While medical tourism can offer lower costs and faster access, there are downsides for foreign patients. The World Health Organization and World Medical Association caution that savings can disappear fast if anything goes wrong, and that questions of accountability can be complicated. There are also domestic concerns. Although WHO says Egypt has made significant progress in improving healthcare for its more than 108 million-strong population, unequal access remains a challenge. That could worsen if top surgeons, specialists, and nursing staff are drawn out of the public sector unchecked, leaving the public reliant on understaffed state facilities. The EHA’s wider mandate is to renovate public healthcare facilities. Egypt in 2024 passed a law letting the private sector establish, manage, operate and develop public medical sites. “Whether medical tourism harms or elevates domestic care comes down to government oversight,” Atceken said. “Smart markets use regulatory levers or tax structures to channel private international revenue back into public healthcare upgrades, ensuring foreign capital serves to lift the national health standard as a whole.” Bloomberg

Part two

HE transition to a Single-Instance Audit Framework marks a dramatic shift in how the Bureau of Internal Revenue (BIR) balances tax enforcement with taxpayer convenience. However, the procedural architecture laid down by Revenue Memorandum Order (RMO) No. 22-2026 holds the true operational power. By institutionalizing strict internal checkpoints, standardized guidelines, and systemic firewalls, this landmark order aims to systematically eliminate examiner discretion, prevent targeting, and guarantee ironclad due process across all revenue jurisdictions. The cornerstone of systemic integrity within the new framework is the anonymized assignment of audit cases to Group Supervisors (GS) and Revenue Officers (ROs). Historically, manual selection processes left room for vulnerabilities, potential conflicts of interest, or uneven compliance targeting. Under the updated guidelines, case selection and initial field deployment are dictated by a centralized, algorithmic risk matrix. Taxpayer identities, corporate affiliations, and exact revenue footprints are digitally masked during the initial evaluation and allocation phases. The information remains encrypted until the system finalizes the assignment, ensuring that no internal or external lobbying can influence which specific examiner reviews which corporate entity. Furthermore, to maintain workload equity and objective evaluation, rigid operational caps prevent cases from being assigned to any examiner holding 30 or more pending priority

investigations, 10 active mandatory cases, with prescribing cases, among others. This automated firewall effectively breaks the cycle of localized targeting, transforming case distribution into a neutral, data-driven utility. Moreover, to significantly lower administrative drag and comply with modern Ease of Paying Taxes (EOPT) mandates, the regulation establishes a uniform documentary baseline via a standardized checklist of requirements. Historically, unstructured, piecemeal, or rolling requests for information disrupted corporate operations and extended audit durations. The new protocol dictates that upon the initial service of an electronic Letter of Authority (eLA), examiners must present a single, comprehensive, and non-negotiable checklist tailored to the specific industry category. Recognizing that transporting physical ledgers and corporate records can halt day-to-day operations, the order explicitly addresses business continuity. Where the records

required for audit are voluminous or where their transport or examination at the BIR office would be impractical, burdensome, or disruptive to business operations, the examination venue is flexible. It can proceed at either the taxpayer’s registered place of business or at the appropriate BIR office, subject to the explicit consent of the taxpayer, eliminating highfriction administrative blockages. Beyond structural updates, the framework implements a powerful layer of corporate governance through strengthened audit safeguards and automated accountability. All audit cases shall be subject‌‌ ‌‌‌‌‌‌‌‌‌to continuous monitoring to ensure compliance with prescribed timelines, procedures, and audit requirements. Monitoring shall be conducted through the prescribed BIR system/platform that serves as the official platform for tracking the status and progress of audit cases. ROs, GS, and Heads of Investigating‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌ Offices shall ensure that all audit activities, case developments, and status updates are timely, accurate, and completely recorded in the system.Real-time updating of case status in prescribed BIR system/platform shall be strictly observed, and such updates must be made simultaneously with the corresponding actions reflected in the physical case docket. No audit activity, case development, or status change shall be considered complete unless it is properly recorded in both the system and the physical records, in order to ensure consistency, traceability, and integrity of the audit trail. Crucial to these safeguards is the

institutionalization of a mandatory quality assurance review, termed as “Revalida.” To prevent arbitrary or groundless deficiency assessments, the Revalida shall be undertaken by the Tax Audit Review Division to conduct the technical review and evaluation of audit findings, computations, and assessment issuances, subject to the approval of the CIR. The Performance Evaluation Division, on the other hand, shall provide support to the Revalida in relation to its functions on performance evaluation, monitoring, and quality assurance of audit outputs, including assessment of compliance with prescribed procedures, timelines, documentation requirements, and audit trail standards. The Revalida shall serve as a quality assurance and compliance review mechanism to ensure that audit findings are factually and legally supported, due process requirements are observed, and assessments are free from material error or procedural defect. The updated regulations shift the compliance paradigm from an era of unpredictable examiner discretion to one defined by systemized data integrity. For executive management, tax exposure is no longer an ambiguous variable dependent on individual negotiations. By understanding these structural boundaries, corporate leaders can protect their operations from unauthorized scope expansion, leverage standardized data requests, and confidently manage fiscal risk under a highly accountable regulatory framework. The author is a Senior Associate II of DuBaladad and Associates (BDB Law) (www.bdblaw. com.ph). The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at ernesto.dayao@ bdblaw.com.ph or call 8403-2001 local 340.

El Niño and heat fuel destructive storms across Pacific Ocean By Mary Hui & Brian K. Sullivan

STRENGTHENING El Niño is stirring up a dangerous mix of typhoons and hurricanes across the Pacific, fueling storms that have killed hundreds, disrupted trade and caused billions of dollars in damage.

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.

Across the western Pacific, that burst of activity has brought a destructive mix of flooding, deaths and economic damage. Another storm neared Japan on Monday and more could be possible in the region through November. The situation stands in contrast to a very quiet Atlantic, which has had its calmest start since 1941. Pacific cyclones have caused more than 230 deaths since April, media reports show, while natural disasters—including three back-to-back storms—caused an estimated $8.5 billion in direct economic losses in China in July alone, according to government statistics. “Beyond the number of storms, what is striking is the scale of flooding, displacement, and economic disruption already seen in places including southern China, the Philippines, and the Mariana Islands,” said Graeme Riddell, who leads climate and sustainability consulting for Asia Pacific at Marsh. The disruption hasn’t been

confined to communities in the storms’ paths. Container shipping giant Maersk issued an advisory this month saying a string of severe typhoons had caused congestion at some of the region’s biggest ports, reducing on-time vessel arrivals at a time when supply chains are already strained by war, trade disputes and rising prices. Driving the activity are two overlapping sources of ocean heat. El Niño, which occurs when the equatorial Pacific warms and the atmosphere above it reacts, has been strengthening since it emerged in June and is creating conditions that favor tropical cyclones across much of the Pacific. Beyond the waters directly affected by El Niño, an ocean heat wave linked to climate change has spread across parts of the eastern Pacific, said Jennifer Francis, a senior scientist at the Woodwell Climate Research Center. “The warm blob off the coast of Mexico is providing rocket fuel for tropical disturbances forming

sor of energy, AI and geopolitics at the London School of Economics and former chief sustainability officer at HSBC Holdings Plc, says that electricity is becoming “the binding constraint.” And “that’s why AI matters so much,” because “the power system we build for AI will affect everything else we plug into it,” she said. The boom in AI digital infrastruc-

ture is expected to strain power systems and spur the buildout of capacity, BloombergNEF said in a report on Friday. BNEF also notes that the tech industry’s “hunger for cheap electrons” has improved the outlook for clean power. At the same time, gas is the fuel getting the “biggest boost” from AI power demand, BNEF said. The IEA notes that the extra de-

mand from AI is increasingly causing grid bottlenecks that urgently need to be addressed. And that’s a topic that Wall Street’s biggest bank has made clear it plans to prioritize. JPMorgan Chase & Co. expects to be talking about the grid “every day of New York Climate Week and every chance that we get,” says Heather Zichal, the bank’s global head of sus-

to happen and a refinery as someone else’s expense. Manila keeps choosing it, election after election. The finished metal will be needed whether or not the next Congress finds its courage. The only question left is which country’s stamp is on the ingot, and which economy gets the profit.

Tuesday, September 22, 2026 A11

The perils won’t necessarily end as the Northern Hemisphere cools and tropical cyclones fade away. El Niño is forecast to continue strengthening toward its peak later this year, when its influence can bring another round of weather extremes far beyond the Pacific. there, and El Niño is helping by reducing the vertical wind shear that rips storms apart,” Francis said. “About 90 percent of the heat trapped by extra greenhouse gases—produced mainly by burning fossil fuels and destroying forests—goes into heating the ocean.” The result has been an unusually crowded ocean. Twelve tropical cyclones formed across the basin and the South China Sea in August, the most in a single month since 1961, according to the Hong Kong Observatory. “Further activity is expected throughout the rest of September and through October, and perhaps into November, as El Niño strengthens and reaches its forecast peak values,” said James Cosgrove, Associate Director Manager, Insurance Solutions at Moody’s. The central and eastern Pacific have been busy, too. At least tainability. “We look at modernizing the grid as the single biggest unlock for everything else: it helps national security, it helps energy affordability, and it helps speed to power.” The bank, which last year launched a $1.5 trillion security and resiliency initiative designed in large part to secure the future of American infrastructure, is positioning itself

17 systems have reached tropical storm strength, with six becoming hurricanes and four reaching major status with winds of 111 miles (179 kilometers) per hour or more. Hawaii has had five close calls. Hurricane Lowell triggered storm warnings on Oahu and Kauai earlier this month and spawned Hawaii’s first tornado watch, while Hurricane Lala came within miles of striking the Big Island in August. Even California found itself battered by waves more familiar to the US East Coast. Tropical Storm Marie passed hundreds of miles offshore earlier this month but flooded parts of the coastline and raised the risk of dangerous rip currents for swimmers. More potential systems are being watched as thunderstorms and showers begin to coalesce off the coast of Mexico. In the western Pacific, Typhoon Dujuan is set to drench Tokyo over the long holiday weekend. The perils won’t necessarily end as the Northern Hemisphere cools and tropical cyclones fade away. El Niño is forecast to continue strengthening toward its peak later this year, when its influence can bring another round of weather extremes far beyond the Pacific. Bloomberg

for what Zichal says are “significant investment opportunities in capital market activity in a range of new technologies from carbon removal to nuclear to energy storage, geothermal, et cetera.” New York Climate Week offers a venue at which to discuss such opportunities, she said, which is “why we’re showing up in force.” Bloomberg

Sports BusinessMirror

A12 Tuesday, September 22, 2026

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

SACLAG, YULO MARCH TOWARD GOLD By Jun Lomibao

PHILIPPINE Olympic Committee secretary-general Atty. Wharton Chan (front, second from left) cheers from the stands with Philippine team doctor and billiard sports treasurer Dr. Paulo Pagteilan, lacrosse secretarygeneral Raymond Flores, kabaddi president Mayor Jamal Manabilang and directors Kim Richard Gomez and Ceyhun Samur and bodybuilding’s Raul Cruel Jr. POC MEDIA POOL

AGOYA—Jean Claude Saclag didn’t blink in eliminating a hometown bet in mixed martial arts action to move a win away from winning the country’s first gold medal in the Aichi-Nagoya 20th Asian Games. Saclag dominated Japan’s Daisuke Murayama, 3-0, in men’s traditional -65 kgs semifinal at the Nagoya City Inae Sports Center to advance to Tuesday’s 20TH ASIAN GAMES AICHI-NAGOYA 2026

MEDAL TALLY R

Country

People’s Republic of China

Japan

Republic of Korea

23 8

Kazakhstan

Thailand

Hong Kong, China

Chinese Taipei

Macao, China

Myanmar

Uzbekistan

Kuwait

India

6 7

Indonesia

Iraq

Jordan

Lebanon

Singapore

Qatar

Cambodia

Kyrgyzstan

Saudi Arabia

Philippines

final against Tajikistan’s Otabek Rajabov, who ousted Kazakhstan’s Sanzhar Adilov, also 3-0, in the other semifinal. Double Olympic gold medalist Carlos Yulo, meanwhile, primed himself to giving the country its first Asian Games gymnastics gold medal by advancing to the final of three apparatuses—as well as in team event—also on Monday. In men’s 3x3 basketball, Nic Cabañero, Koji Buenaflor, Manuel Pablo and Andrei Dungo debuted with convincing victories over Mongolia, 19-12, and Sri Lanka, 2112, to make up for the devastating loss suffered by Gilas Pilipinas in 5x5 action. Saclag was in control from the get-go and utilized his superior striking to keep Murayama from engaging the Filipino in his dangerous ground game. But the Japanese had no answer to Saclag’s aggressiveness to yield via unanimous decision and give Team

Philippines—supported by the Philippine Olympic Committee and Philippine Sports Commission—the chance to break into the gold medal column dominated by China for the past two days. “I felt I was stronger and I overpowered him,” said Saclag, who plans to use the same aggressiveness when he faces Rajabov in the 2:47 p.m. (Manila time) final. “I’ve been in several finals and that inspires me more,” Saclag said. “But this is different, these are the Asian Games.” Saclag knew Murayama is on the ground and avoided engaging him closely by going the distance and unleashing precision strikes and takedowns. “I had to keep my distance and strike him hard,” he said. Saclag’s victory gave the Philippines another guaranteed medal in mixed martial arts,

NIC CABANERO delivers huge as the Philippines gets off to a strong start. POC MEDIA POOL

27 percent, while also winning the rebounding battle, 22-18. Cabañero led attack while University of Santo Tomas’s Koji Buenaflor was flawless inside the arc, converting all six of his attempts. The Filipinos carried the momentum into their second game, overwhelming Sri Lanka after a slow start to complete a perfect opening day in Group A action at the Kinjo Futo Station Square. With its defense finally clicking, Gilas needed only seven minutes and 12 seconds to reach the 21-point target, shooting a sizzling 67 percent from the field in an efficient offensive display. Cabañero again led the charge with eight points and six rebounds, while De La Salle forward Pablo and Buenaflor added six points apiece. The Philippine men’s team now turns its attention to Kazakhstan on Wednesday, with a victory securing them a place in the quarterfinals. “We’re grateful we got the 2-0 win, but this is the crucial part, the quick turnaround heading into the next game, we have to move on because it’s just the beginning,” said the 6-foot-7 Pablo. Jun Lomibao

following Carlos Alvarez’s bronze medal in men’s traditional -77kg division. The 27-year-old Alvarez fought Kazakhstan’s taller Yerkingali Burkutalin in a tight semifinal, but lost by a 0-3 decision, settling for bronze after a spirited performance. Alvarez booked his place in the medal round by sweeping Indonesia’s Ananda Wahyu Setyo Prabowo, 3-0, in the quarterfinals. He battled gamely against Burkutalin but could not secure a place in the championship match. The Philippines now has two bronze medals—the first from soft tennis— across its name on the medal tally board dominated by China with 23 gold medals, followed by host Japan with eight and South Korea with four golds. Thailand was so far the best performing Southeast Asian country

CARLOS YULO ends an eventful day on a high note. AP KARL ELDREW YULO joins his brother in the floor exercise final. AP

AGOYA— Double Olympic gold medalist Carlos Yulo advanced to the finals of three apparatus for a wide-open opportunity to give the country its first—and possibly multiple—gold medal in Asian Games men’s gymnastics. And with the team event still up for grabs, Yulo could indeed wind up a multiple medalist in this 20th edition of the games hosted by Aichi and Nagoya. Yulo emerged as the top qualifier in floor exercise with 14.600 points built around a routine with a difficulty of 5.7 and execution of 8.900, advanced in the parallel bars at sixth spot with 14.266 points and managed to get a shot at the vault gold medal despite an ugly dismount in his first attempt. “It was too challenging today, this wasn’t what I expected,” Yulo told members of the POC Media Pool at the Nagoya City General Gymnasium Mixed Zone. “My expectations didn’t reveal themselves today.” He added: “I was OK in the pommel horse, but in the vault? Unacceptable for me.” Yulo won world

championships gold medals in floor exercise and vault and dominated both events in the Paris 2024 Olympics. Yulo, however, finished 10th in the individual all-around with 75.465 points with China’s Zhang Boheng (85.065) winning the gold medal, followed by Japan’s Shinnosuke Oka (84.698) in second and Daiki Hashimoto (83.865) in third place. Eldrew Yulo also reached the floor exercise finals at fourth with 13.966 points with the Philippines making the team final at sixth place behind China, Japan, South Korea, Kazakhstan and Chinese Taipei and ahead of Vietnam and Singapore. Eldrew Yulo was ninth in the horizontal bars with 13.433 points but still advanced because Japan and China already had two athletes for Wednesday’s finals this negating their other athletes’ qualification despite finishing in the top eight. Southeast Asian Games gold medalist Miguel Besana also advanced in vault with his fourth-placed 13.933 points. Carlos Yulo couldn’t help but dissect his miscues. “I grabbed badly,” he said of his bad dismount in the vault. “It’s really disappointing but I’m still careful because that kind of mistake could result to a career-ending injury.” In the high bar, he said: “I stopped doing that routine for years and I brought it back to challenge myself.” Jun Lomibao

Asiad tennis has no world feed but Eala stint gets Cignal boost

AGOYA—There will be no world feed for tennis of the Aichi-Nagoya 20th Asian Games but because Alex Eala’s playing, Cignal TV is making sure Filipino fans can watch her matches. The official Philippine broadcaster is spending an extra P1 million to mount its own coverage at Higashiyama Park Tennis Center after tennis was left off the list of 28 sports guaranteed a live

with three gold medals all from teqball, followed by Myanmar also in teqball. In swimming at the Tokyo Aquatics Center, Kayla Sanchez put up a fierce fight against Asia’s elite but could only finish fifth with a national record time of 28.19 seconds in women’s 50-meter backstroke—which is not her forte. Teia Salvino also gave her all but was in 10th place in 29.02 seconds.

24-strong PHL athletics team ready to shine

Caloy survives shaky start W

Gilas 3x3 goes two-for-two on opening day in Nagoya

AGOYA—A team that never underwent a major tuneup tournament, more so even just one game, overachieved in its Asian Games debut with convincing victories over Mongolia and Sri Lanka in men’s 3x3 basketball action here on Monday. Nic Cabañero, Koji Buenaflor, Manuel Pablo and Andrei Dungo admitted they only barely had a month’s training for this 20th edition of the games, but that didn’t show in their 19-12 triumph over Mongolia, one of the more established powers in Asian 3x3, at noon and 21-12 victory over Sri Lanka only two hours later. “We just needed to stay composed and it’s our defense that helped us win,” said Cabañero, a 6-foot-3 slasher playing out of Binan Tatak Gel in the Maharlika Pilipinas Basketball League. “We struggled at the start, but it’s not how you start the game, but how you finish,” he added. Against a Mongolian team with a dreaded reputation in Asia, the team squad barely hesitated and controlled the half-court contest from start to finish. The Philippines shot an impressive 55 percent from the field despite windy conditions, more than twice Mongolia’s

JEAN CLAUDE SACLAG gets the better of Daisuke Murayama in a ground exchange. POC Media Pool

signal by host broadcaster China Media Group-International Media Port. Tennis, without its Chinese and Japanese stars, was relegated to highlights and ENG crews. “We will not let the Filipinos down in not being able to watch Eala’s games here,” said Sienna Olaso, Cignal first vice president and head of sports content. “We’ll place our own cameras and digital equipment.”

Cignal carries Aichi-Nagoya 2026 on ONE Sports, ONE Sports+ and Pilipinas Live, building its promotion around ace athletes led by Eala, gymnast Carlos Yulo and pole vaulter EJ Obiena. The problem emerged when the draw collapsed. The Chinese Tennis Association confirmed Zheng Qinwen, former world No. 4, will not play in Aichi-Nagoya, along with Zhang Zhizhen, Jerry

Shang Juncheng, Bu Yunchaokete and Wang Xinyu. They chose ATP events in Chengdu and Hangzhou and the China Open in Beijing—a combined ATP 500 and WTA 1000 that runs directly against the Asiad tennis schedule from September 27. Indonesia’s Janice Tjen has also withdrawn. Japan’s top aces are expected to skip for the same reason. That leaves Eala, ranked No. 18,

By Josef T. Ramos

HILE focus is on reigning pole vault champion Ernest John “EJ” Obiena, 23 other Filipino athletes are set to compete when the athletics events in the Aichi-Nagoya 20th Asian Games start on Wednesday at Paloma Mizuho Stadium. Team Philippines has Olympians John Cabang Tolentino in the 110m hurdles and Lauren Hoffman in the women’s 400m hurdles, as well as Victoria Bossong in the women’s 800m. Yacine Guermali is competing in the 5,000m, while also in the team are Sonny Wagdos (5,000m, marathon), Richard Solaño and Artjoy Torregosa (marathon), Neil Michael Catral (200m), Anfernee Lorena (100m), Jessica Rose Laurence (women’s 100m), Zion Rose Nelson (women’s 100m, 200m), Kristina Marie Knott (relays), Hussein Loraña (800m), Naomi Johnson (200m), Diana Pama (relays), Lanz Arcenal (400m), and Michael Carlo del Prado (400m). Completing the team are Janry Ubas (long jump), Leonard Grospe (high jump), Gabriel Borado (400m), Nathaniel Seiler (marathon race walk), Frederick Ramirez (relays), and Kent Francis Jardin (100m, relays). Obiena arrived in Nagoya on Sunday and has resumed training for his title defense. He won the Philippines’s lone athletics gold medal at the 19th Asian Games in Hangzhou three years ago. The rest of the team, except Guermali, trained at Nippon Sports Science University from September 14 to 20 before heading to Nagoya. Philippine Athletics and Track and Field Association president Terry Capistrano said the team is not making predictions but believes the athletes are capable of producing surprises and reaching the finals. “It is so difficult to gauge or make any prediction about our medal chances. But we do we believe our quality athletes will surprise us,” Capistrano said. “They are really working hard since they arrived here in Nagoya despite the rains. They really conditioned themselves.”

as the highest-ranked player in the women’s field. She is one of only two women in the Top 20 who will miss Beijing to play the Asian Games. Eala gave up a shot at a lucrative prize and ranking points in Beijing to chase glory for flag and country. She will fly to Nagoya from the Singapore Open. The stakes for the Philippines are historic—its first Asian Games tennis gold since 1962.

Editor: Jennifer A. Ng

Companies BusinessMirror

ALI COASTAL ESTATE TO OPEN DESALINATION FACILITY IN ‘27

YALA Land Inc.’s (ALI) Lio Estate in El Nido, Palawan is strengthening its water infrastructure with a new seawater reverse osmosis facility that will produce up to 500 cubic meters of potable water per day. The desalination facility is expected to begin operations in August next year, providing Lio Estate with an additional source of water supply as the estate expands its tourism, hospitality, residential and commercial offerings. At the moment, Lio relies on its own groundwater wells for all of its needs. “The new facility will diversify Lio’s water sources, strengthen its existing water infrastructure and help prepare for future demand.” The facility is being developed and will be operated by Estate Water, a division of Manila Water Philippine Ventures Inc. The company said the new facility will support Lio Estate’s current requirements and future developments, including the Balai Adlao Expansion, Tara Hostel, Estate Support Facilities and Sitio Aplaya, Lio’s newest residential-

commercial district. “As Lio continues to grow, we want to make sure our infrastructure is always a step ahead of demand, not catching up to it,” Cris Zuluaga, head of Ayala Land Leisure Estates, said. “This facility is part of that long-term view--strengthening what we already have in place and preparing Lio for the years ahead.” Beyond adding water production capacity, the project will strengthen Lio’s overall water infrastructure by introducing another source of supply and reducing reliance on a single source, particularly during periods of increased demand. The facility will use a process that treats seawater to produce potable water. Estate Water will develop and operate the facility, with the treated water designed to meet the Philippine National Standards for Drinking Water and applicable regulatory requirements for potable water. The project will also comply with all required environmental permits and safeguards throughout its construction and operation. VG Cabuag

Tuesday, September 22, 2026

Japan’s Mitsubishi expands investment in PHL’s Ayala

By VG Cabuag

@villygc

APAN’S Mitsubishi Corp. has acquired an additional stake in Ayala Corp., infusing some P44.5 billion into the conglomerate that is into most businesses in the country—from property development to selling cars. In its disclosure, Ayala said Mitsubishi will acquire a combination of primary and secondary shares including a voluntary tender offer to bring its stake to 15 percent from the current 4.7 percent, and its voting stake to 20 percent. The acquisition price is P650 per common share. Ayala’s shares closed Monday at P533 apiece. As a result of the deal, Ayala’s board of directors will be increased to nine from the current seven. The company will receive pro-

ceeds of about P20 billion, which it said will be used to further streng then its ba lance sheet through debt reduction, continue its share purchase program covering the shares of Ayala and its listed subsidiaries and support future growth initiatives. “This transaction represents much more than a capital investment,” Jaime Augusto Zobel de Ayala, the company’s chairman, said. “It reflects the strength of a relationship built over many years and a

deep alignment in values, long-term thinking, and responsible business stewardship. As we enter this new chapter with Mitsubishi, we look forward to deepening our collaboration and creating lasting value for our stakeholders while contributing meaningfully to the country’s continued progress.” As part of the transaction, on behalf of Mitsubishi, Ayala intends to conduct a voluntary tender offer for up to approximately 30 million common shares that it does not currently owns. The tender offer will provide public shareholders with an opportunity to participate in the transaction and realize value at the same P650 per share price agreed with Mitsubishi. “Mitsubishi’s increased investment in Ayala Corp. is designed to grow value for Ayala’s shareholders by combining global reach and technology of one of Japan’s leading trading houses with the assets of one of the Philippines’ most diversified conglomerates. This is about

‘AI speeds up CEB contract review’

Aznar to buy RoRo vessels in 2027

ZNAR Shipping Corp., a Cebu-based cargo shipping company, is planning to invest P504 million for the acquisition of two roll-on, roll-off (RoRo) vessels in 2027. The company’s prospectus said it will expand its footprint through the planned acquisition of new vessels and construct a shipyard facility to enhance maintenance capabilities and support its growing fleet. The company aims to raise some P737 million from its initial public offering. The company said it will acquire two brand new IACS-class RoRo passenger vessels from overseas, which are expected to be deployed across its existing and new routes by the second half of next year. “The acquisition of these vessels will increase the company’s fleet capacity, enabling it to add more trips along its existing routes and accommodate higher passenger and cargo volumes.” The increased sailing frequency is also expected to enhance service reliability and trip availability, improving customer convenience while strengthening the company’s presence and competitiveness in its served routes. Aznar President and CEO Kyle Alexander C. Aznar said from its current fleet of 10 vessels, the firm plans to add at least three more within the next five years to meet rising cargo demand in the Visayas. The new ships, to be manufactured in China, are expected to boost the company’s carrying capacity and enable new routes, including a linkage to Iloilo. The new vessels that the firm will buy can carry up to 340 passengers, alongside 14 ten-wheeler wing vans and 24 four-wheel vehicles. The company also plans to invest P91.6 million to build its own shipyard with the aim of minimizing potential downtime and delays arising from the limited availability of thirdparty drydocking facilities. VG Cabuag

turbo-charging a 52-year relationship to benefit our various stakeholders,” Cezar P. Consing, Ayala president and CEO said. Ayala and Mitsubishi’s longstanding relationship has evolved over the years. The two groups have collaborated across multiple sectors and business ventures. Their shared focus on longterm value creation, disciplined stewardship, and continuous transformation has strengthened the alliance over the decades. The broader alliance also reflects the deepening economic ties between the Philippines and Japan and supports the shared efforts to foster greater economic cooperation. Ayala and Mitsubishi said they hope the strategic relationship will continue to serve as a platform for increased cross-border investment, knowledge sharing, and business collaboration, creating new opportunities for businesses, industries and communities in both the Philippines and Japan.

'RACIST' AD CAMPAIGN

The head of Converse promised to review internal processes and told employees he will make any necessary changes following a recent advertisement that was widely criticized as evoking the Ku Klux Klan and lynching. “The images should not have been used, and we began removing them from all channels as soon as the concern was raised,” Converse Chief Executive Officer Aaron Cain said in a memo to employees that was seen by Bloomberg News. “The leadership team and I are taking a hard look at our internal review process and the critical lens we apply to our work.” The Nike Inc.-owned footwear and apparel brand drew outrage online for a recent ad campaign criticized as racist, with one image showing the lower half of a person wearing a white garment and holding a pair of shoes. A number of social-media users said the garment appeared to resemble a KKK hood due to lighting and shadows, while the shoes evoked a person being hanged. Photo shows Converse shoes on display in a store in Birmingham, UK. PHOTOGRAPHER: MATTHEW LLOYD/BLOOMBERG

US firm to build data facility for AI By Bless Aubrey Ogerio @blessogerio

HE Philippines is set to get its first data facility dedicated to physical artificial intelligence (AI) and robotics after the Philippine Economic Zone Authority (Peza) registered an American software and research company as a new Ecozone Information Technology (IT) Enterprise. The Physical Intelligence Inc. (PII) of the Philippines will generate, process, curate and customize robot-motion data for export to global clients, with the facility using imported or locally sourced robots, robotics equipment, AI systems and related technologies.

The facility will use imported or locally sourced robots, robotics equipment, AI systems and related technologies to create and process datasets used in developing physical AI applications. According to Peza, the project will be the first in the country to process and customize this type of data for export, expanding the country’s role in the AI value chain beyond conventional digital services. Peza Director General Tereso O. Panga said the project “would broaden the range of technology-related activities that can be developed and exported from economic zones.” The registration comes as robotics moves further into commercial applications, increasing demand

not only for machines but also for the data needed to train and improve systems that operate in the physical world. In August, the agency registered the robotics manufacturing project of Epson Precision Philippines Inc. in Batangas. The project covers the production of industrial robots, including SCARA and six-axis models, as well as related components and parts. The two projects represent different parts of the robotics value chain, with Japanese company Epson focused on manufacturing robotic systems while PII will work on the data used to develop and customize physical-AI applications. The global robotics market is also

expanding. The installed base of industrial robots has surpassed 4 million units worldwide, with roughly 500,000 additional units installed each year, based on industry estimates cited by Peza Humanoid robots, a newer segment of physical AI, are expected to scale rapidly. Bank of America Global Research estimates that global humanoid robot shipments reached about 20,000 units in 2025 and could rise to 90,000 this year and 1.2 million by 2030. The bank said the growth is being driven by advances in AI, improvements in robot hardware and declining costs, as developers move humanoid systems from prototypes toward broader commercial deployment.

UDGET carrier Cebu Pacific (CEB) has cut the time its legal team spends reviewing contracts by roughly half and reduced engineering reference searches from minutes to seconds after rolling out ChatGPT Enterprise across several departments, as it moves to scale up its enterprise artificial intelligence (AI) strategy. The airline said on Monday that contract review time in its legal department fell to around 1.2 hours from an average of 2.5 hours following the deployment, which it carried out in collaboration with Thinking Machines Data Science and OpenAI. Project intake and triage turnaround also dropped to around one day from five days, with approximately 80 percent less manual review effort. Engineering reference searches, meanwhile, now take under 10 seconds, down from 10 to 15 minutes previously. After the program, 86 percent of surveyed users said AI supported more than one-third of their daily work. Cebu Pacific tapped Thinking Machines Data Science, an official Advanced and Services Partner for OpenAI in the Asia Pacific region, to help it move beyond isolated pilots and redesign work across the business. “What impressed me was how quickly Thinking Machines Data Science turned broad interest in AI into real momentum across the business. They were able to activate the business and create excitement across the organisation,” said Fabricio Ibáñez, Cebu Pacific’s chief digital and technology officer. Under the program, the airline brought leaders and business teams together to prioritize high-value workf lows and test solutions in real operating conditions. Governance and evaluation were calibrated to the risk of each workf low, while hands-on cocreation built ownership across the organization. Lorenz S. Marasigan

Companies BusinessMirror

Tuesday, September 22, 2026

PSE STOCK QUOTATIONS

September 21, 2026

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

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

48.4 113.3 10.26 99.5 51.5 13 10.14 61.6 6.91 76.85 50.5 21.1 62 21.65 1.42 0.495 3.85 0.33 2,650 1.34 209 4,900 1.43

48.45 113.6 10.48 99.8 52 13.5 10.16 61.85 6.95 77 50.9 23 62.25 21.75 1.43 0.5 3.88 0.375 2,700 1.35 210 5,000 1.44

48.6 114 10.48 100.1 53.45 13.02 10.14 60.85 6.92 76 52 23 61.8 21.75 1.39 0.5 3.99 0.33 2,650 1.31 209 4,900 1.29

48.6 114.9 10.5 100.1 53.45 13.02 10.16 61.9 6.92 77.9 52 23 62.45 21.75 1.45 0.5 3.99 0.375 2,650 1.35 210 4,900 1.45

48.45 113.1 10.16 99 51.3 13 10.1 60.4 6.92 74.4 50 23 61.25 21.5 1.39 0.5 3.88 0.325 2,650 1.31 208 4,900 1.29

48.45 113.3 10.48 99.8 52 13 10.16 61.6 6.92 77 50.9 23 62 21.65 1.41 0.5 3.88 0.375 2,650 1.35 210 4,900 1.44

17,200 1,656,600 22,500 484,900 170,400 500 464,400 4,303,060 1,500 883,450 610 5,200 338,580 45,200 458,000 51,000 96,000 100,000 40 754,000 2,990 75 9,906,000

834,240 188,855,005 230,890 48,331,549 8,826,910 6,502 4,706,638 263,414,207 10,380 68,003,968 30,820 119,600 21,014,319 978,900 656,100 25,500 373,640 34,400 106,000 990,740 627,840 367,500 13,810,810

92,145 -27,287,675 -21,261,828 -6,618,181 574,468 -92,169,711 8,996 36,577,965 -29,900 -6,680,354 643,750 -285,580 13,250 877,700 -270,900 367,500 93,390

INDUSTRIAL ACEN CORP 2.75 2.8 2.8 2.83 2.7 2.8 17,242,000 47,753,080 5,560,510 1.36 1.38 1.35 1.41 1.35 1.36 6,907,000 9,543,860 931,970 ALSONS CONS ALTERNERGY HLDG 0.7 0.7 0.69 0.7 0.69 0.7 305,000 212,240 45.25 45.3 45.95 45.95 45.1 45.25 1,831,100 83,124,645 -14,948,940 ABOITIZ POWER RASLAG 1.05 1.1 1.05 1.14 1.03 1.05 868,000 910,550 71,380 0.107 0.108 0.108 0.108 160,000 17,280 BASIC ENERGY 0.108 0.108 CITICORE RE 4.8 4.9 4.95 4.95 4.8 4.9 74,000 361,220 -44,290 FIRST GEN 22 22.35 21 22 20.1 22 1,770,100 37,870,390 1,346,970 90.65 91 93 93 90.15 90.65 94,920 8,681,244 -3,785,473 FIRST PHIL HLDG 468.2 MERALCO 470 473 480 480 473 196,390 92,839,444 -12,316,902 34 34.15 35.3 35.3 33.9 34 2,026,700 69,008,445 -6,932,725 MANILA WATER MAYNILAD 16.78 16.76 16.88 17.1 16.72 16.78 2,802,100 47,338,714 -11,988,058 2.29 2.3 2.28 2.26 2.29 676,000 1,542,700 25,150 PETRON 2.32 4.99 5 4.99 4.99 5 1,920,000 9,742,720 -464,520 PETROENERGY 5.32 PRYCE CORP 15.8 15.8 15.62 15.42 15.42 15.8 2,800 43,654 9.56 9.69 9.7 9.7 9.59 9.65 1,700 16,383 -4,825 REPOWER ENERGY SEMIRARA MINING 16.7 16.82 18 18.02 16.5 16.7 2,832,300 48,522,282 -20,079,026 21.35 21.55 22.15 23.05 21.25 21.35 2,617,000 57,311,075 2,725,500 SYNERGY GRID SHELL PILIPINAS 8.28 8.29 8.15 8.3 8.03 8.29 843,400 6,893,789 587,295 SPC POWER 9.29 9.3 9.4 9.4 9.28 9.3 57,600 536,099 5,640 1.17 1.18 1.19 1.19 1.17 1.18 8,052,000 9,459,940 -3,292,160 SP NEW ENERGY TOP LINE 1.67 1.67 1.66 1.67 1.66 1.67 147,000 244,660 19.02 20.6 20.6 20.6 600 12,360 20.6 20.6 VIVANT AXELUM 2.81 2.81 2.79 2.8 2.8 2.81 41,000 115,110 -50,580 0.285 0.29 0.3 0.3 0.215 0.285 870,000 232,450 42,500 BALAI FRUITAS 32.2 32.8 32.9 32.9 32 32.8 3,301,000 106,572,980 -13,061,050 CENTURY FOOD DEL MONTE 3.6 3.6 3.51 3.6 3.6 3.6 8,000 28,800 -18,000 3.38 3.39 3.46 3.46 3.37 3.39 577,000 1,957,770 -184,110 DNL INDUS EMPERADOR 15.7 15.7 15.3 15.7 15.26 15.7 203,000 3,151,842 -18,174 42.6 43.3 43.8 43.8 42.5 42.6 88,800 3,839,810 -3,165,395 SMC FOODANDBEV FIGARO GROUP 0.63 0.64 0.63 0.63 0.61 0.63 1,123,000 706,380 119,700 ALLIANCE SELECT 0.375 0.39 0.405 0.43 0.405 0.43 20,000 8,350 -4,050 0.65 0.66 0.65 0.65 0.65 0.65 1,000 650 FRUITAS HLDG GINEBRA 35,519,012 207 210 208 214 207 207 169,350 -4,741,088 144 146 146 142.9 144 411,950 59,419,292 -8,156,382 JOLLIBEE 144.4 KEEPERS HLDG 1.87 1.87 1.86 1.86 1.84 1.87 621,000 1,153,730 815,710 21 21.9 21.45 21 21.9 1,000 21,440 -8,600 LIBERTY FLOUR 21.9 5.46 5.84 5.52 5.52 5.44 5.45 1,300 7,101 1,089 MACAY HLDG MAXS GROUP 2.03 2.09 2.07 2.07 2.02 2.03 115,000 234,840 0.071 0.075 0.07 0.073 0.07 0.073 320,000 23,300 MG HLDG MONDE NISSIN 6.07 6.08 6.43 6.43 6.06 6.07 13,612,500 82,981,621 -74,961,538 5.13 5.4 5.13 5.13 1,600 8,518 513 SHAKEYS PIZZA 5.48 5.48 ROXAS AND CO 2.99 3.09 3.36 3.36 2.99 2.99 625,000 1,909,910 -48,000 RFM CORP 5.15 5.16 5.22 5.22 5.15 5.16 695,300 3,595,436 -1,051,130 0.052 0.054 0.052 0.052 0.052 0.052 790,000 41,080 SWIFT FOODS UNIV ROBINA 57.55 57.6 57 58.05 56.9 57.6 1,043,990 60,001,201 -20,571,075 0.495 0.51 0.49 0.51 0.49 0.51 130,000 64,450 VITARICH ATN HLDG A 0.375 0.4 0.395 0.395 0.375 0.375 2,340,000 899,600 0.38 0.385 0.395 0.395 0.385 0.385 340,000 132,600 ATN HLDG B 52.55 58 59.25 59.25 59.25 20 1,185 CONCRETE 59.25 CONCREAT HLDG 1.22 1.25 1.24 1.27 1.22 1.22 489,000 601,600 2,500 2 2.03 2.04 2.04 1.97 2 67,000 133,100 EEI CORP MEGAWIDE 5.35 5.4 5.32 5.45 5.22 5.4 1,312,200 7,025,735 -307,917 14.4 14.58 14.5 14.5 500 7,306 PHINMA 14.88 14.88 SUPERCITY 29.65 29 32.3 41 25.5 29.65 12,300 374,365 1.88 1.91 1.91 1.93 1.85 1.88 73,000 137,800 -66,150 CROWN ASIA 5.1 5.21 5.2 5.25 4,300 22,513 MABUHAY VINYL 5.25 5.25 CONCEPCION 10.66 10.66 10.62 10.54 10.54 10.66 2,400 25,484 0.149 0.155 0.155 0.15 0.153 240,000 36,830 -1,540 0.153 GREENERGY INTEGRATED MICR 7.75 7.81 7.65 7.85 7.51 7.75 2,477,200 19,203,606 6,574,172 3.36 3.2 3.14 3.36 2,813,000 9,149,870 1,710,730 IONICS 3.38 3.38 7.2 7.26 7.26 7.26 7.26 1,400 10,164 PANASONIC 7.25 CIRTEK HLDG 1.36 1.38 1.41 1.41 1.33 1.36 2,576,000 3,496,490 -83,530 1.95 1.98 1.95 2 43,000 84,500 STENIEL 2 2

HOLDING & FRIMS

ABACORE CAPITAL 0.33 0.335 0.33 0.34 0.33 0.335 1,050,000 347,250 3,300 62.15 62.2 61.7 62.6 59.5 62.15 691,420 42,043,343 14,975,421 ASIABEST GROUP AYALA CORP 532.5 533 515 540 508 533 1,561,320 821,758,520 -348,938,720 36.9 37.3 36.95 37.4 36.8 37.3 1,836,600 68,227,775 4,843,575 ABOITIZ EQUITY ALLIANCE GLOBAL 8.98 8.98 8.9 8.88 8.8 8.9 1,024,900 9,045,646 -6,364,983 16.58 16.6 16.92 16.58 16.88 3,200 53,246 ANSCOR 16.88 ANGLO PHIL HLDG 1.51 1.53 1.55 1.57 1.51 1.53 1,470,000 2,255,310 194,450 COSCO CAPITAL 7.55 7.57 7.61 7.64 7.51 7.57 544,900 4,128,677 -1,006,614 7.85 7.86 8.11 8.13 7.86 7.86 3,166,800 25,087,214 -14,822,232 DMCI HLDG FILINVEST DEV 3.86 4.04 3.84 4.07 3.84 4.07 4,000 15,820 0.28 0.3 0.3 0.315 100,000 31,200 0.315 0.315 FORUM PACIFIC GT CAPITAL 437.2 440 421.8 446.8 417.2 440 351,930 154,074,306 5,538,688 4.5 4.98 5 5 4.98 4.98 1,600 7,996 HOUSE OF INV 19.04 19.26 19.1 19.4 19 19.04 447,500 8,519,600 -4,204,522 JG SUMMIT LODESTAR 0.435 0.5 0.51 0.46 0.52 0.5 4,410,000 2,169,750 63,950 5.55 5.56 5.7 5.7 5.55 5.56 125,600 698,582 -44,385 LOPEZ HLDG LT GROUP 15.08 15.1 15.12 15.12 15 15.1 1,246,300 18,762,446 5,573,080 0.142 0.148 0.142 0.142 0.142 0.142 10,000 1,420 MABUHAY HLDG PACIFICA HLDG 0.99 1.1 0.94 0.95 0.94 0.95 2,000 1,890 1.01 1.14 1.12 1.12 1.12 1.12 9,000 10,080 PRIME MEDIA 1.15 1.17 1.15 1.18 1.14 1.17 216,000 248,420 46,000 SOLID GROUP SM INVESTMENTS 512 513 507 519.5 500 513 1,007,580 515,732,530 27,731,880 61.55 61.6 62.4 62.4 61.5 61.6 230,160 14,181,709 -11,724,662 SAN MIGUEL CORP SEAFRONT RES 2.05 2.59 2.96 2.96 2.6 2.6 23,000 66,470 29,600 PROPERTY ANCHOR LAND 3.15 3.59 3.32 3.32 3.32 3.32 7,000 23,240 15.16 15.18 14.9 15.32 14.68 15.18 14,630,800 221,427,920 9,901,268 AYALA LAND AYALA LAND LOG 1.12 1.16 1.16 1.18 1.11 1.16 1,040,000 1,185,770 397,860 11 11 11 11.08 5,400 59,672 -1,100 ALTUS PROP 11.08 11.08 ARANETA PROP 0.26 0.27 0.26 0.26 0.26 0.26 10,000 2,600 37 37.15 38.3 38.3 36.9 37 1,727,400 63,995,025 148,985 AREIT RT A BROWN 0.83 0.88 0.85 0.89 0.85 0.88 47,000 41,530 0.57 0.6 0.61 0.61 0.6 0.6 5,000 3,040 CITYLAND DEVT 0.089 0.092 0.092 0.092 60,000 5,520 0.092 0.092 CROWN EQUITIES CEB LANDMASTERS 2.02 2.02 2 2.02 2 2 79,000 158,360 0.6 0.61 0.62 0.62 0.6 0.61 9,513,000 5,875,270 12,810 CENTURY PROP CITICORE RT 2.89 2.9 2.85 2.92 2.85 2.89 3,903,000 11,262,310 -4,164,300 11.82 12 12 11.84 11.86 120,100 1,425,104 -45,524 DOUBLEDRAGON 11.86 1.02 1.02 1.01 1.02 1,432,000 1,461,220 -725,220 DDMP RT 1.03 1.03 DM WENCESLAO 4.75 4.8 4.8 4.85 4.8 4.85 24,000 115,700 0.026 0.027 0.027 0.027 0.028 400,000 10,900 0.028 EVERWOODS EMPIRE EAST 0.102 0.104 0.101 0.105 0.101 0.104 4,130,000 423,910 4,200 2.87 2.88 2.87 2.88 329,000 946,380 -14,390 FILINVEST RT 2.88 2.88 FILINVEST LAND 0.68 0.69 0.69 0.7 0.68 0.68 366,000 252,230 -1,420 GLOBAL ESTATE 0.58 0.6 0.59 0.59 0.58 0.58 149,000 87,300 2.1 2.11 2.1 2.1 2.11 6,590,000 13,937,370 4,292,820 2.14 MEGAWORLD MRC ALLIED 0.65 0.67 0.67 0.68 0.65 0.67 8,092,000 5,482,100 74,580 13.54 13.58 13.5 13.62 13.48 13.58 1,023,400 13,874,170 1,029,128 MREIT RT PRMIERE HORIZON 0.175 0.175 0.17 0.172 0.172 0.175 30,000 5,190 1.01 1.01 1.01 1.01 52,000 52,650 -6,130 1.02 1.02 PREMIERE RT 6.71 6.75 6.91 6.91 6.67 6.75 4,300,400 28,880,759 -6,772,493 RL COMM RT ROBINSONS LAND 16.68 16.7 17.3 17.3 16.6 16.7 2,740,300 45,971,866 -15,380,742 0.111 0.112 0.11 0.111 0.11 0.111 300,000 33,100 -2,220 PHIL REALTY ROCKWELL 2.86 2.85 2.79 2.87 2.75 2.85 1,053,000 2,992,580 4,020 2.98 3.08 3.13 3.13 2.98 2.99 342,000 1,027,220 -29,780 SHANG PROP STA LUCIA LAND 1.83 1.9 1.88 1.9 1.88 1.9 4,000 7,570 16.48 16.5 16.6 16.68 16.24 16.5 12,737,500 210,324,780 -32,332,444 SM PRIME HLDG 0.3 0.31 0.3 0.3 0.3 0.3 590,000 177,000 WELLEX INDUS SERVICES ABS CBN 2.61 2.78 3 3.12 2.6 2.78 976,000 2,698,860 3.71 3.75 3.79 3.85 3.71 3.75 250,000 943,050 GMA NETWORK MANILA BULLETIN 0.181 0.181 0.177 0.181 0.181 0.181 30,000 5,430 0.61 0.62 0.61 0.62 0.61 0.61 3,608,000 2,210,510 268,380 DITO CME HLDG GLOBE TELECOM 1,599 1,586 1,590 1,599 1,585 1,590 24,610 39,146,655 -8,824,520 1,122 1,135 1,135 1,120 1,129 80,660 90,906,330 -42,486,890 PLDT 1,129 APOLLO GLOBAL 0.0058 0.0059 0.006 0.006 0.0057 0.0058 270,000,000 1,569,200 58,000 CONVERGE 9.08 9.02 9.1 9.31 8.97 9.02 1,858,800 17,041,645 -63,412 0.64 0.68 0.65 0.65 0.65 0.65 1,000 650 DFNN INC ISLAND INFO 0.135 0.135 0.129 0.134 0.134 0.135 430,000 57,770 0.395 0.41 0.42 0.42 0.41 0.41 90,000 37,200 NOW CORP TRANSPACIFIC BR 0.128 0.13 0.127 0.132 0.126 0.13 2,670,000 343,160 0.84 0.86 0.84 0.84 14,000 11,820 0.86 0.86 CHELSEA 21.65 21.85 21.85 22.1 21.4 21.65 678,700 14,737,965 -10,765,200 CEBU AIR INTL CONTAINER 898 900 895 919 895 898 964,290 872,089,890 -60,575,840 7.06 8 7.03 7.03 7.03 7.03 100 703 LBC EXPRESS LORENZO SHIPPNG 0.65 0.69 0.66 0.66 0.66 0.66 1,000 660 3.52 3.51 3.55 3.51 3.53 109,000 383,400 -63,410 3.53 MACROASIA METRO ALLIANCE 0.71 0.72 0.72 0.81 0.7 0.72 125,000 90,030 3.6 3.6 3.55 3.45 3.45 3.6 2,317,000 8,142,710 1,660,030 PAL HLDG 1.88 1.9 1.93 1.93 1.85 1.9 779,000 1,474,400 -213,570 HARBOR STAR BOULEVARD HLDG 0.03 0.031 0.031 0.032 0.03 0.031 36,900,000 1,153,800 -6,400 0.93 0.96 0.94 0.94 0.94 0.94 1,000 940 940 DISCOVERY WORLD GRAND PLAZA 5.03 5.03 5.01 5.03 5.03 5.03 9,700 48,791 0.171 0.176 0.177 0.181 0.17 0.177 4,810,000 841,590 -19,820 PH RESORTS GRP 14.88 15 14.5 14.98 9,000 132,710 23,296 CENTRO ESCOLAR 15 15 FAR EASTERN U 800 820 820 820 800 800 20 16,200 7 7.17 7.17 7 7 2,600 18,312 7.16 IPEOPLE STI HLDG 1.28 1.29 1.3 1.3 1.28 1.28 530,000 678,460 659,180 1.09 1.11 1.1 1.1 942,000 1,047,960 19,800 BELLE CORP 1.12 1.12 BLOOMBERRY 2 2.02 2 2.04 1.95 2.02 17,228,000 34,387,260 7,570,750 DIGIPLUS 61,322,044 8.18 8.19 8.76 8.8 8.04 8.18 7,286,100 -1,982,035 14.2 14.26 14.5 14.06 14.26 1,761,800 25,043,432 12,798,524 PHILWEB 14.68 METRO RETAIL 1.08 1.08 1.06 1.08 1.06 1.08 11,000 11,820 39.85 40 40.8 40.8 39.7 39.85 3,846,600 -9,167,035 153,253,085 PUREGOLD PHIL SEVEN CORP 31 31.5 30.65 31.5 30.6 31.5 2,500 77,080 -3,145 2.02 2.05 2.04 2.05 2.04 2.05 101,000 206,450 102,000 SSI GROUP 0.78 0.8 0.82 0.82 0.77 0.8 458,000 361,660 13,270 UPSON INTL CORP WILCON DEPOT 5.65 5.7 5.7 5.75 5.6 5.7 1,094,100 6,229,353 748,246 0.102 0.106 0.108 0.108 0.102 0.102 430,000 44,100 APC GROUP MEDILINES 0.223 0.221 0.232 0.221 0.221 0.223 80,000 17,820 3.2 3.46 3.2 3.2 3.2 3.2 1,000 3,200 PAXYS SBS PHIL CORP 2.97 3.08 3 3.08 2.98 3.08 7,000 21,130 MINING & OIL ATOK 2 2.01 2.1 2 2.1 20,000 40,140 2.09 APEX MINING 18.66 18.7 18.96 19.18 18.6 18.66 5,998,200 112,831,318 -20,716,814 20.7 21.1 21.95 22 20.7 20.7 4,070,500 86,034,930 -8,271,455 ATLAS MINING BENGUET 7.5 7.5 7.47 7.5 7.5 7.5 300 2,250 4.3 4.5 4.23 4.3 4.23 4.3 3,000 12,770 DIZON MINES EC VULCAN 0.35 0.365 0.37 0.37 0.355 0.37 420,000 150,150 2.25 2.11 2.12 2.2 2.11 2.11 1,264,000 2,709,300 -141,990 FERRONICKEL 0.089 0.094 0.095 0.088 0.088 4,280,000 382,560 GEOGRACE 0.099 LEPANTO A 0.255 0.255 0.25 0.25 0.25 0.255 23,310,000 5,912,950 0.247 0.249 0.246 0.25 0.246 0.249 7,850,000 1,956,660 135,000 LEPANTO B MANILA MINING A 0.0089 0.0092 0.009 0.009 0.009 0.009 3,000,000 27,000 0.78 0.79 0.81 0.77 0.78 396,000 313,490 0.81 MARCVENTURES 0.53 0.55 0.58 0.53 0.53 49,000 26,910 -16,320 NIHAO 0.58 NICKEL ASIA 4.14 4.2 4.26 4.27 4.11 4.14 2,907,000 12,095,670 -5,531,890 36.35 36.55 36.9 37 36.35 36.55 231,000 8,448,965 -2,925,640 OCEANAGOLD ORNTL PENINSULA 0.59 0.6 0.61 0.61 0.59 0.6 105,000 62,670 13.2 13.36 13.2 13.88 13.2 13.2 9,106,800 122,784,472 -21,634,408 PX MINING 0.0092 0.0093 UNITED PARAGON 0.009 0.009 0.009 0.0093 22,000,000 201,100 3.9 3.9 3.4 3.02 3.02 3.9 159,000 586,850 -460 ENEX ENERGY 0.015 0.016 0.015 0.016 0.015 0.015 285,200,000 4,285,800 ORNTL PETROL A ORNTL PETROL B 0.014 0.015 0.015 0.015 0.014 0.015 298,600,000 4,478,900 18,000 0.0098 0.01 0.011 0.0098 0.0098 575,000,000 5,734,100 -59,900 PHILODRILL 0.0099 PXP ENERGY 3.32 3.34 3.14 3.35 3.13 3.34 1,382,000 4,512,520 618,580 PREFFERED ACEN PREF A 975 1,010 976 976 976 976 750 732,000 1,029 1,039 1,029 1,035 1,029 1,029 2,300 2,367,470 ACEN PREF B AC PREF B3R 1,900 1,923 1,924 1,924 1,923 1,923 20 38,475 1,900 1,919 1,919 1,920 1,910 1,910 150 287,750 57,570 AC PREF B4R ALCO PREF F 466.2 490 490 490 490 490 10 4,900 -4,900 98 100 98.5 98.5 98.5 98.5 520 51,220 BRN PREF A BRN PREF C 101.1 102 102 102 102 102 160 16,320 24.1 25 26.1 26.1 25 25 4,700 119,810 CEB PREF 980 990 989 990 989 990 80 79,170 CLI PREF A1 CLI PREF A2 982 1,049 990 990 990 990 730 722,700 79,200 98.5 99 98.7 98.7 98.5 98.5 250 24,655 CPG PREF B DD PREF 94.5 95 94.8 95.3 94.5 95 34,540 3,271,807 94 96.2 95 96.25 94 94 8,740 821,615 EEI PREF B 1,911 1,962 1,962 1,962 1,962 1,962 25 49,050 GLO PREF ANV GLO PREF BNV 1,970 1,980 1,975 1,975 1,975 1,975 5 9,875 992 999 999 999 999 999 20 19,980 9,990 JFC PREF B MWIDE PREF 6A 99.05 109 99 101 99 101 1,130 114,098 -101,000 101 103 102.4 102.4 102.4 102.4 10 1,024 MWIDE PREF 6B MWIDE PREF 6C 103.1 105.9 106 106 106 106 80 8,480 99 100.6 100.6 100.6 100.6 100.6 160 16,096 MWIDE PREF 7A 960 965 965 965 965 965 710 685,150 PCOR PREF 4D PCOR PREF 4E 985 987 987 987 987 987 150 148,050 77.1 81.8 81.7 81.8 81.7 81.8 91,000 7,439,700 SMC PREF 2L SMC PREF 2N 77 78 78 78 76 78 710 54,261 77.6 78.95 79.3 79.3 77.6 77.6 450 35,426 SMC PREF 2O 74 74.5 74.2 74.5 74 74 2,520 186,690 SMC PREF 2P SMC PREF 2T 70 75.5 75.5 75.5 75.5 75.5 100 7,550 73.4 76.1 76.1 76.1 76.1 76.1 60 4,566 SMC PREF 2U SMC PREF 2V 78 78.3 78.3 78.3 78.3 78.3 90 7,047 79 79.25 79.2 79.45 79.2 79.4 1,440 114,102 14,289 SMC PREF 2X TECH PREF B2C 8.33 9 8.31 8.31 8.31 8.31 200 1,662 6.21 7.5 7.5 7.5 7.5 7.5 900 6,750 TECH PREF B2D 100 100.3 100 100.2 100 100.2 530 53,012 TOP PREF A1 TOP PREF A2 100.5 102.7 100.5 100.5 100.5 100.5 110 11,055 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

2.5 3.07

3.33 2.65 2.65 2.62 2.62 12,000 31,660 4.19 -

1.08

SM A L L, M ED I U M & EM E R G IN G CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH LFM PROP MAKATI FINANCE XURPAS NEXGEN ENERGY

0.33 1.33 0.62 1.38 0.019 1.85 0.211 2.58

1.14

1.08

6,000

6,480

-6,480

0.35 1.34 0.63 1.54 0.02 2.14 0.215 2.7

0.33 1.34 0.66 1.42 0.018 1.85 0.211 2.6

0.35 1.34 0.67 1.42 0.019 1.85 0.219 2.6

0.33 1.31 0.63 1.42 0.018 1.85 0.206 2.6

0.34 1.34 0.63 1.42 0.018 1.85 0.211 2.6

430,000 317,000 86,000 5,000 1,300,000 1,000 230,000 3,000

148,100 421,240 54,390 7,100 23,500 1,850 48,500 7,800

-45,500 -30 -2,190 -

EXHANGE TRADE FUNDS ATR FAMI ETF

99.5

99.9

100 100 99.5 99.5 3,800 378,777 -

www.businessmirror.com.ph

ACEN drops solar deals of units due to property issues

By Lenie Lectura

@llectura

CEN Corp. said Monday it has surrendered the solar energy operating contracts (SEOC) of two subsidiaries, citing problems related to land acquisition and site access. On Monday, ACEN told the stock exchange that Abagat Energy Corp. (AEC) and SolarAce2 Energy Corp. (SolarAce2) voluntarily relinquished their SEOCs. In particular, AEC encountered land acquisition challenges affecting the project site in Pagbilao, Quezon. The company has an approved solar power project capacity of 336 megawatts (MW). For SolarAce2 Energy Corp.,

ACEN cited site access constraints. The project is located in Botolan, Zambales. It has a proposed generating capacity of 120 MW. “The cancellation of these service/ operating contracts has no material effect on ACEN’s operations, as these projects are still in the early stages of development, have not reached a final investment decision, and neither subsidiary has commenced any commercial operations,” said ACEN.

The power arm of conglomerate Ayala Corp. manages an attributable renewable energy capacity of over 7,000 MW as of mid-this year, spanning operations and development across the Asia-Pacific region. Last month, ACEN reported that its net income surged by 411 percent year-on-year to P3.9 billion in the first half, driven by a 21-percent rise in renewable energy (RE) generation to 4,024 gigawatt hours (GWh). The company’s attributable renewables portfolio expanded to 7,517 megawatts (MW), with 57 percent of the portfolio now operational, alongside a 40-percent increase in its earnings before interest, taxes, depreciation, and amortization (EBITDA) to P14.7 billion. In the Philippines, the company’s RE portfolio generated 1,091 GWh, representing a 17-percent increase

year-on-year, due to the improved availability of its Pagudpud and Capa 2 wind assets in Ilocos Norte. Revenues jumped by 41 percent year-on-year to P23.6 billion while its attributable EBITDA climbed by 48 percent to P6.6 billion. Results were bolstered by higher contracted energy sales, driven by the sustained expansion of the retail electricity supply business (ACEN RES)—which grew its portfolio to 587 MW, an increase of nearly 22 percent from end-2025—and the full effectivity of the company’s 160-MW Meralco mid-merit contract. In Australia, attributable revenues and EBITDA soared by 59 percent and 35 percent, to P2.2 billion and P1.2 billion, respectively. These were driven by the full operational contributions from Stubbo Solar and reduced grid curtailment at New England Solar 1.

AI adoption is driving hiring of firms C

OMPANIES using artificial intelligence are adding more jobs than those that aren’t, but those gains sharply favor senior employees over junior workers, according to a new study spanning 41 countries. The number of employees in senior positions rose by 6.7 percent over five years at companies adopting AI, while junior employment declined 3 percent in the same period, researchers Bharat Chandar of Stanford University and Bouke Klein Teeselink of King’s College London said in a paper released on Monday. Although overall hiring increased, the share of junior workers at those companies fell by 1.9 percentage points, they found. The shift away from lower-level workers occurred in numerous countries, including Brazil, Saudi Arabia and the United Kingdom. “AI is labor saving for junior workers and labor expanding for seniors in exposed occupations,” the authors wrote. “Junior employment losses run somewhat deeper in richer and more digitized economies.”

The academics analyzed a sample of 1.25 billion job postings and 154 million employment records between January 2021 and March 2026. They also found that employment for computer-related and mathematical roles, which are among the most exposed to AI, increased by 0.8 percentage points at companies that adopted AI. There, too, was a shift toward senior workers, the researchers added. Chandar and his colleagues at the Stanford Digital Economy Lab wrote last month that employment among 22- to 25-year-olds in jobs that are highly exposed to AI is 19 percent below what it would be had it kept pace with less-exposed roles. That comes as young adults in the US grow increasingly concerned about AI-related job losses, Pew Research Center said in a report. Still, concerns about job displacement caused by AI have been overshadowed this month by warnings from AI executives and employees over the risks the technology’s models poses to humans. Bloomberg News

Telix to buy isotope maker ITM in deal worth $2.35B

USTR ALIA’S Telix Pharmaceuticals Ltd. agreed to acquire ITM Isotope Technologies Munich SE in a deal worth as much as $2.35 billion, securing a major supplier of radioactive materials used in cancer treatments and adding a late-stage drug candidate. Telix will pay $1.65 billion upfront on a cash-free, debt-free basis, with as much as another $700 million tied to regulatory approvals and sales milestones for ITM-11, a treatment being developed for neuroendocrine tumors. About $1.25 billion of the upfront consideration will be paid in Telix shares at $11.84 apiece, while the Australian company will assume $302 million of ITM debt. The acquisition would give Melbourne-based Telix greater control over supplies of radioisotopes used in its medicines as demand for nuclear cancer treatments grows. ITM is the world’s largest supplier of lutetium-177 by revenue and also has plans to expand production of actinium-225 and terbium-161. Its distribution network spans more than 65 countries. ITM generated $273 million of

revenue in 2025. Telix estimates the combined company would have more than $1.3 billion in revenue and other income in 2026 and expects ITM to add to operating profit from 2027. The deal also adds Telix ITM-11, which produced positive results in a late-stage trial in gastroenteropancreatic neuroendocrine tumors. The US Food and Drug Administration issued a complete response letter for the drug in August, citing manufacturing controls and third-party facility issues, according to Telix. The agency identified no clinical or nonclinical deficiencies, the company said. ITM plans to resubmit the application, and either that resubmission or agreement between Telix and ITM on a path forward is a condition of closing. Telix is also tying as much as $250 million of the contingent purchase price to FDA approvals for ITM-11 across three indications. ITM shareholders would own about 23.7 percent of Telix after completion. The transaction requires Telix shareholder and regulatory approvals and is expected to close by the end of 2026. Bloomberg News

MUTUAL FUNDS

September 21, 2026

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

ALFM GROWTH FUND, INC. -A205.4 -6.53% 1.6% -1.37% -2.58% -4.06% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.3737 12.67% 18.25% 9.3% 5.33% 9.82% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.7651 -5.57% 0.69% -1.74% -4.26%-3.01% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7455 -1.3% 3.87% 0.26% N.A1.54% FIRST METRO CONSUMER FUND, INC. -A 0.4931 -15.03% -8.19% -8.4% N.A -11.33% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.2014 -8.07% -1.35% -3.29% -2.47% -3.92% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6242 -6.19% -1.28% -3.27% N.A-2.86% MBG EQUITY INVESTMENT FUND, INC. -A 67.24 -21.82% -8.21% -6.91% N.A -24.84% PAMI EQUITY INDEX FUND, INC. -A 40.7887 -4.26% 0.54% -2% -2.26% -1.38% PHILAM STRATEGIC GROWTH FUND, INC. -A 430.64 -6.74% 1.22% -1.87% -2.41% -4.2% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.5757 2.91% 11.8% 5.47% 2.04% 0.92% PHILEQUITY FUND, INC. -A34.6474 -1.42% 3.26% 0.12% -0.63% 0.63% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.919 2.09% 5.1% 0.86% N.A 3.53% PHILEQUITY PSE INDEX FUND, INC. -A 4.4174 -3.47% 1.54% -0.97% -1.41% -1.17% PHILIPPINE STOCK INDEX FUND CORP. -A 727.42 -3.69% 1.19% -1.27% -1.58% -1.03% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6997 -0.7% 3.28% 0.02% -2.58% -0.34% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.0284 -10.56% -1.1% -3.4% -3.13%-5.64% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8146 -3.93% 0.75% -1.64% -1.85%-1.14% UNITED FUND, INC. -A3.55575.42% 6.65% 1.87% 0.38% 8.16% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0215 -3.59% 1.21% N.A N.A -1.1% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0122 -5.45% N.A N.A N.A -3% PHILEQUITY ALPHA ONE FUND, INC. -A 0.8798 -8.6% -2.69% -4% N.A -6.83% PHILIPPINE STOCK INDEX FUND CORP. -A 877.97 -3.66% 0.99% N.A N.A -0.96% EXCHANGE TRADED FUND (SHARES) ATR FAMI PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 99.2659 -3.42% 1.41% -0.95% -1.18%-0.75% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.2433 23.34% 15.11% 1.15% 3.19% 21.36% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.4407 13.99% 16.09% 5.91% 8.94% 9.73% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) N.A N.A N.A N.A N.A PHILEQUITY GLOBAL FUND, INC. -A,2 1.0734 BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1486 -0.61% 0.9% -0.52% -0.93% 0.39% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.7028 5.44% 5.72% 0.36% -0.57%4.06% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4619 -2.02% 0.77% -1.26% -0.61%0% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2263 -3.33% 6.53% 3.06% N.A-2.41% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 1.9533 -0.42% 1.06% -0.03% 0.26% -2.46% PAMI HORIZON FUND, INC. -A3.6602 -2.83% 2.74% -0.07% -0.39% -3.42% PHILAM FUND, INC. -A15.4707-4.73% 1.44% -1.2% -0.97% -3.37% SOLIDARITAS FUND, INC. -A2.0709 -2.05% 2.23% 0.18% -0.19% -1.4% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.3269 -5.45% 0.89% -1.37% -1.3%-2.82% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8719 -6.67% 0.58% -0.62% -1.11% -4.26% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) BPI WEALTH BUILDER MULTI-ASSET MUTUAL FUND, INC. -A,3 10.77 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9761 0.01% 2.2% -0.15% N.A -0.28% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8251 -3.95% 1.1% -1.74% N.A -1.98% -4.52% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.7927 0.63% -2.24% N.A -2.28% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03289 -2.58% 0.89% -3.07% -0.89% -4.11% PAMI ASIA BALANCED FUND, INC. -B $1.1521 -5.87% 9.64% 1.14% 2.14% -4.79% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.6387 8.21% 11.75% 3.3% 5.86% 5.63% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.205 2.7% 6.98% 0.27% 2.41%1.83% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 424.65 2.23% 3.19% 2.59% 2.52% 1.11% ATRAM CORPORATE BOND FUND, INC. -A 1.9894 2.29% 1.28% 0.61% 0.36% 1.58% COCOLIFE FIXED INCOME FUND, INC. -A 3.6065 1.34% 3.07% 2.16% 3.17% 0.19% EKKLESIA MUTUAL FUND, INC. -A 2.4386 0.2% 2.86% 1.48% 1.45% -0.57% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.4994 -2.24% 1.05% 0.48% 1.12%-2.71% PHILAM BOND FUND, INC. -A4.4996 -1.63% 2.27% 0.07% 0.71% -2.39% PHILAM MANAGED INCOME FUND, INC. -A 1.5448 2.75% 4.47% 3.2% 2.94% 1.63% PHILEQUITY PESO BOND FUND, INC. -A 4.3272 1.18% 2.87% 1.68% 2.03% 0.33% SOLDIVO BOND FUND, INC. -A1.1302 1.71% 2.84% 1.71% 1.71% 0.87% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.4436 -2.58% 2.04% 1.35% 2.06% -2.74% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8304 -2.3% 1.76% 0.9% 1.51% -2.87% CORPORATE DEBT VEHICLE (UNITS) ATRAM UNITIZED CORPORATE DEBT FUND 2 -A,5 1.0151 N.A N.A N.A N.A N.A PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $532.7 1.6% 2.82% 1.75% 1.93% 0.69% ALFM EURO BOND FUND, INC. -A Є222.32 -0.32% 1.7% 0.15% 0.49% -0.65% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0471 -3.06% 0.44% -2.82% -0.73% -2.6% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0256 -3.4% 1.89% -0.46% 0.24%-3.4% PAMI GLOBAL BOND FUND, INC. -B $1.0465 -1.88% 7.79% -0.06% -0.52% -1.27% PHILAM DOLLAR BOND FUND, INC. -A $2.4073 -2.52% 3.05% -0.95% 0.54% -2.93% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0630745 -1.82% 1.34% 0.03% 1.05% -2.13% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.8638 -2.73% 2.45% -2.18% -0.66%-2.35% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1885 2.72% N.A N.A N.A 1.89% ALFM MONEY MARKET FUND, INC. -A 153 4.1% 4.09% 3.19% 2.87% 2.77% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.2263 3.43% 3.77% 3.05% N.A2.39% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.5173 3.51% 3.59% 2.98% 2.77% 2.42% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 117.22 4.07% 4.29% N.A N.A 2.87% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1965 2.49% 3.3% 2.48% N.A 1.72% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 47.7676 5.99% 3.69% N.A N.A 3.59% MBG ASIA FRONTIER FEEDER UMF, INC. -B,4 1.8477 N.A N.A N.A N.A N.A SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.5693 27.71% 22.39% 14.11% N.A18.4% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.19 10.44% 6.51% N.A N.A 6.66% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.7932 -3.27% 0.66% -4.14% N.A -2.07% 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, 2026. 3 - LAUNCH DATE IS DECEMBER 18, 2024. MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON SEPTEMBER 12, 2025. 4 - MEMBERSHIP WITH PIFA WAS OFFICIALLY APPROVED ON MARCH 26, 2026. 5 - LAUNCH DATE IS APRIL 17, 2026, AND IT REPRESENTS THE SECOND TRANCHE OF THE ATRAM UNITIZED CORPORATE DEBT VEHICLE, INC. “While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no

warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

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

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Tuesday, September 22, 2026

Consumer NPL ratio highest in nearly 2 yrs

By Andrea E. San Juan

HE non-performing consumer loans ratio hit the highest in nearly two years, as the nonpayment level for car and motorcycle loans as well as credit card use also surged to year-highs, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Data from the central bank showed the consumers’ bad-debt ratio reached 5.67 percent in the second quarter of the year. Historical data shows this is the highest in two years or since end-June 2024. This comes as non-performing consumer loans grew both on a quarterly and yearly basis. Based on data from the BSP, non-performing consumer loans

climbed by 7.58 percent to P227.38 billion in end-June 2026, compared to the P211.36 billion in end-March 2026. On a year-on-year basis, nonperforming consumer loans jumped 19.64 percent to P227.38 billion, from the P190.06 billion recorded as of end-June 2025. The consumer NPL ratio measures the proportion of bad loans to total consumer loans.

Meanwhile, consumer loans grew at a slower pace compared to nonperforming consumer loans. Consumer loans, which include credit card receivables, motor vehicle, salary-based general purpose consumption and residential real estate loans. inched up by 2.82 percent to P4.01 trillion as of end-June 2026, compared to the P3.9 trillion as of the first quarter of 2026. On a yearly basis, consumer loans climbed by 14.25 percent from the P3.51 trillion as of end-June 2025.

Credit cards

ACROSS segments, credit card receivables continued to occupy the largest chunk of the consumer loans pie as it amounted to P1.3 trillion as of the first half of 2026—equivalent to 32.42 percent of consumer loans. On a quarterly basis, credit card receivables grew 4.84 percent from the P1.24 trillion as of end-March 2026. On a yearly basis, however, it surged by 25 percent—taking off from the P1.04 trillion as of end-

When markets turn volatile, smart investors stay focused

VERY global crisis follows a familiar pattern. A geopolitical conflict erupts. Inflation accelerates. A banking system shows signs of stress. A pandemic disrupts economies. Headlines grow more alarming by the hour, financial markets swing wildly, and social media becomes flooded with predictions of an impending collapse. For investors, uncertainty often feels more painful than actual losses. The instinct is to act quickly. Sell before prices fall further. Move everything to cash. Wait until the situation “feels safe” again. History, however, tells a different story. Market downturns have always been part of the investing journey. While every crisis has its own catalyst, investors’ emotional responses rarely change. Those who allow fear to dictate their decisions often lock in losses. Those who remain disciplined are typically better positioned to benefit when markets eventually recover. The challenge is not predicting the next crisis. It is developing the mindset and financial structure to navigate one successfully.

Financial stability

BEFORE discussing portfolios and market opportunities, experienced investors focus on something far less exciting: financial preparedness. An investment portfolio should never serve as an emergency fund. If a household must sell investments to cover unexpected expenses or replace lost income, market volatility becomes far more damaging than it needs to be. This is why maintaining adequate emergency savings remains the first line of defense. In many cases, successful investing begins long before purchasing the first stock or mutual fund. It begins with ensuring that one’s financial foundation is strong enough to withstand temporary shocks.

Resist urge to react

PERHAPS the most expensive mistake investors make during a crisis is confusing market volatility with permanent loss. A decline in share prices does not automatically mean that the underlying businesses have lost their longterm value. In many cases, the market is reacting to uncertainty rather than to a permanent deterioration in corporate fundamentals. Selling quality investments during periods of panic often transforms temporary paper losses into permanent ones.

Fitz Gerard Villafuerte

PERSONAL FINANCE Rather than asking whether prices might fall further tomorrow, disciplined investors focus on whether their original investment thesis remains intact. If the answer is yes, temporary volatility becomes easier to tolerate

Consistency beats timing

PERIODS of falling markets can make regular investing feel counterintuitive. Strategies such as peso-cost averaging allow investors to purchase more shares when prices decline and fewer when prices are high. This disciplined approach removes much of the emotion associated with deciding the “perfect” time to invest, a goal that even professional fund managers rarely achieve consistently. Successful investors recognize that market downturns are not interruptions to their investment plan. They are part of the plan.

Volatility creates opportunities

WHILE most people see only risk during a market correction, experienced investors also recognize that lower prices can create attractive long-term opportunities. This does not mean buying indiscriminately. Opportunity without discipline can quickly become speculation. Instead, investors should evaluate opportunities within the framework of their long-term objectives, risk tolerance, and overall asset allocation. Lower prices alone are never sufficient reason to invest. The underlying investment must still make sense.

A powerful defense

NO one can predict which asset class, sector, or region will outperform during the next global crisis. That uncertainty reinforces one of investing’s oldest principles: diversification. A well-diversified portfolio spreads risk across different asset classes, industries, and geographic markets. While diversification cannot eliminate losses during broad market declines, it reduces the likelihood that a single event will significantly impair an investor’s financial future. For Filipino investors, diversification may also include balancing domestic investments with selected

international exposure, depending on individual goals and risk tolerance. The objective is not to maximize returns in every market environment. It is to build a portfolio resilient enough to withstand a range of environments.

Greatest risk

MANY assume that investment success depends primarily on selecting the right stocks or accurately forecasting the economy. Behavioral finance suggests otherwise. Fear, overconfidence, impatience, and herd mentality frequently cause investors to underperform their own portfolios. During periods of heightened uncertainty, emotional decisions often become the greatest source of financial loss. Successful investors develop systems that reduce emotional decision-making. They review their financial plans rather than social media feeds. They rebalance portfolios instead of chasing headlines. Most importantly, they remain focused on goals measured in years or decades, not days or weeks.

Preparation matters

EVERY generation of investors eventually faces a crisis that appears unprecedented. Yet markets have repeatedly demonstrated an extraordinary capacity to recover from wars, recessions, financial crises, pandemics, and political uncertainty. The lesson is not that crises should be ignored. Rather, investors should prepare for them instead of attempting to predict them. Preparation means maintaining adequate emergency savings, protecting income, investing consistently, diversifying intelligently, and keeping emotions from overriding sound financial judgment. No one knows when the next market downturn will arrive or what event will trigger it. But investors who build resilience before uncertainty strikes are far more likely to emerge stronger when stability returns. In investing, long-term success rarely belongs to those who forecast the future with perfect accuracy. More often, it belongs to those who remain disciplined when everyone else is losing their composure. Fitz Villafuerte is a Registered Financial Planner of RFP Philippines. The views and opinions he expressed herein do not necessarily represent the BusinessMirror. To learn more about personal financial planning, attend the 118th RFP program this October 2026. Email info@rfp.ph or visit rfp.ph to learn more about the program.

June 2025. However, it is worth noting that the bad loans ratio in credit card receivables also worsened to 5.28 percent as of the second quarter of 2026—the highest in four years or since the 5.80 percent ratio seen in June 2022. This came after the peso value of non-performing credit card receivables climbed by 11.88 percent to P68.86 billion as of end-June 2026 from the P61.55 billion in endMarch 2026. On a year-on-year basis, the peso value of non-performing credit card receivables surged by 46.52 percent from the P46.998 billion as of endJune 2025.

loans climbed to P38.47 billion, in proportion with the P701.12 billion motor vehicle loans pie as of endJune 2026. The P38.47 billion bad loans in motor vehicle loans as of the first half of this year was 5.44 percent higher than the P36.48 billion as of end-March 2026. The non-performing motor vehicle loans as of end-June 2026 were also higher by 16.63 percent than the P32.99 billion recorded in the same period a year earlier or as of end-June 2025. Motor vehicle loans include auto and motorcycle loans. This type of loan accounts for 17.48 percent of the consumer loans pie.

Motor vehicle loans

Salary loans

ANOTHER segment under the consumer loan, which is motor vehicle loans, also saw a high non-performing loans ratio which climbed to 5.49 percent—the highest since June 2024. This came after the peso value of non-performing motor vehicle

ANOTHER type of loan under consumer loans, the “salary-based general purpose consumption loans,” also posted the highest non-performing loans ratio in nearly two years, at 5.64 percent. This occurred after the peso value of non-performing salary loans

climbed to P36.26 billion relative to the total amounting to P642.58 billion. The P36.263-billion bad debt accrued to salary loans as of the first half of this year was 18-percent higher than the P30.723 billion as of end-March 2026. The non-performing salary loans ratio as of end-June 2026 were also higher by 24.57 percent than the P29.11 billion recorded as of endJune 2025. Meanwhile residential real estate loans saw a 6.18 percent NPL ratio as the peso value of bad debts climbed 2.15 percent to P76.038 billion from the P74.44 billion as of the previous quarter. The ratio was the highest in three quarters or since September 2025. Total residential real estate loans also climbed to P1.23 trillion as of end-June 2026, up 0.82 percent than the P1.22 trillion as of endMarch 2026. Residential real estate loans occupied 30.67 percent of the consumer loans pie as of the first half of 2026.

SSS CEO says lending portfolio within target as loans grew to ₧170B by August By Reine Juvierre Alberto @reine_alberto

HE Social Security System’s (SSS) lending has grown to P170 billion as of the end of August, as members continued to take out loans to meet growing financial needs. SSS President and CEO Robert Joseph M. de Claro said in a news briefing last Monday that the staterun pension fund’s loan portfolio remains within its allowable limit as the investment reserve fund is expected to reach P1.5 trillion by the end of the year. Under its charter, the SSS can invest up to 25 percent of its investment reserve fund in shortterm and medium-term loans to members. The bulk of the SSS’s lending goes to salary loans, which remain the most popular loan benefit among members, followed by calamity loans, said SSS Senior Vice President Pedro T. Baoy. The SSS releases about P4 billion in salary loans each month to around 150,000 members, translating to roughly P48 billion in annual

releases, Baoy said. The pension fund has also launched about 41 calamity and emergency loan programs since 2016. To date, nearly P20 billion in emergency loans have been disbursed to about 780,000 members since the program was launched in December 2025. Emergency loan releases have recently accelerated to about P100 million a day, benefiting almost 6,000 members daily, as members bear the brunt of oil price increases, Baoy, who heads the SSS Lending and Management Group, noted. The SSS has earmarked P26.68 billion for the emergency loan program, which could be tapped by 1.6 million members until April 30, 2027. “Even if we add the micro loans and energy sustainability loans, we’re well within the balance of the portfolio that is allowed by law,” De Claro said. Recently, the SSS made its microloan program on the mobile application of UnionDigital Bank Inc. With P1.81 billion already released to 146,000 members from June to September this year, De Claro said the SSS is targeting P10 billion in micro-loan disbursements by the

end of 2026, given the program’s strong initial take-up. Moreover, the SSS is preparing for the rollout of its “energy sustainability loan” program, which will have an allocation of P40 billion, in the first quarter of next year. Members may borrow from P200,000 to P400,000, payable over four years to seven years. The SSS is considering allowing the facility to be used as a down payment for purchasing electric vehicles, although the program is still being finalized. “We are still finalizing this program, including how we can best help our members,” De Castro said. “Our collection efforts for our new loans are good. It’s improving over the years because of the policy interventions that we have made over the years,” Baoy added, noting that the SSS posted a 92-percent collection efficiency for new loans. By the end of the year, the SSS expects to generate P8.8 billion in actual income from loans, with P8 billion coming from member loans, P78 million from housing loans, P730 million from pension loans and P80 million from microloans.

BTr bags ₧52B amid high borrowing cost

HE Bureau of the Treasury secured the full P52 billion it intended to raise via Treasury bills (T-bills) despite borrowing becoming more expensive, with the one-year yield surpassing 6 percent. Average yield on the 35-day cash management bills (CMBs) went up by 8.8 basis points to 5.036 percent from the previous yield of 5.124 percent. Rates were as low as 5 percent to as high as 5.228 percent. Meanwhile, the 91-day T-bills yielded 5.431 percent, higher by 8.3 basis points than the 5.348 percent recorded a week ago. Yields ranged from 5.349 percent to 5.499 percent. The 182-day debt papers also fetched yields ranging from 5.780 percent to 5.848 percent. Its average yield increased by 4 basis points to 5.821 percent, versus last week’s 5.781 percent. As for the 364-day notes, the average yield reached 6.043 percent, 12.1 basis points higher than last week’s 5.922 percent, with a yield range of 5.950 percent to 6.1 percent. Compared to secondary market rates, average yields on all four tenors were higher than the Philippine Bloomberg Valuation (PHP BVAL) rates of 5.077 percent for the one-month tenor, 5.370 percent for the three-month tenor, 5.758 percent for the six-month

tenor and 5.903 percent for the one-year tenor. The rise in short-term yields tracked the week-on-week increase in the PHP BVAL yields after the US Federal Reserve (Fed) raised interest rates for the first time since 2023 and signaled hawkishness of another hike before the end of the year, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., explained. Futures priced in at least three more 25-basis-point rate hikes in the coming months. Ricafort believes the rate hike by the Fed could be matched by the Bangko Sentral ng Pilipinas (BSO) “to maintain healthy interest rate differentials and help stabilize the peso.” US Treasuries are expected to rally and gain further traction after the Fed’s latest rate hike, Union Bank of the Philippines’s “MktsFocUs” report read. The lender noted however that “any upside may be capped by competing corporate debt issuance and Treasury funding needs.” “For local markets, a rally in US Treasuries would ease pressure on the domestic curve, shifting focus toward the inflationary impact of another oil shock and the BSP’s potential policy response,” UnionBank’s report further read. “Unless the 10-

year spread between Philippine and US bonds widens, the hawkish Fed stance does not strongly argue for accumulating local duration risk.” The 10-year US Treasury stabilized at 4.97 percent from a 19-yearhigh above 5 percent last week as oil prices rallied. The price of Brent crude oil eased to near $102 a barrel, as traders tracked diplomatic efforts to end the US-Iran war and signs that cargoes are still getting through the Strait of Hormuz, Bloomberg reported. At Monday’s auction, the Treasury raised P42 billion from T-bills and P10 billion from CMBs. The T-bills auction was nearly two times oversubscribed, with total tenders reaching P79.074 billion. The CMBs were also 1.2 times oversubscribed, attracting P12.177 billion in tenders. While the Treasury has cancelled its jumbo issuance of new 5-year bonds this week, investors are bracing for the incoming retail Treasury bond supply this fourth quarter, though uncertainty remains over the potential issuance. The government aims to borrow 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

Tuesday, September 22, 2026 • Editor: Gerard S. Ramos

Art

BusinessMirror

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

Did the 2025 Louvre heist trig�er a new wave of art crimes? VISITORS walk inside the iconic pyramid during the reopening to the public of the Apollo Gallery, at the Louvre museum in Paris on July 22. In October last year, the space was the crime scene of a dramatic daytime heist of royal jewels worth more than $100 million and of inestimable heritage value. AP

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Tom Felton, 39; Bonnie Hunt, 65; Andrea Bocelli, 68; Joan Jett, 68. HAPPY BIRTHDAY: You can rearrange, but don’t do anything that has permanence attached to it. Focus on tidying up loose ends and realigning yourself with people and pastimes you love but lost touch with. Place yourself in a time zone that reflects your likes and dislikes, and put plans in place that allow you to let go of what’s no longer valid and to consume what is meaningful to you. Your numbers are 6, 14, 20, 26, 34, 42, 48.

ARIES (March 21-April 19): Turn your dreams into a reality. Explore possibilities and open doors to new adventures. Your journey depends on your imagination and willingness to reach for the stars. Speak your mind, and find out where you stand. Tout a positive attitude and the intent to finish what you start. It’s time to please yourself and take responsibility for your happiness. ★★★★

OUR paintings. $10 million. Five minutes. The Musée Renoir snatch-and-grab on September 8 punctuates the rise in art heists across Europe, a trend that dates back to last October’s dramatic daylight raid of the Louvre in Paris. Several major media outlets like the BBC and Time Magazine have been covering the issue, noting that the uptick in art crimes has also been growing “increasingly brazen.” “We will see more of this,” art detective Arthur Brand told the BBC. “If you are able to hit the Louvre, thieves all around the world are watching that, thinking, ‘Wow’—and then they think, ‘Don’t we have a local museum with gold and silver?’” The article states that the shift has already begun. While paintings are still targeted, they’re harder to sell, which is why thieves have pivoted as early as 10 years ago to faster-moving loots. According to a report by the European Union Agency for Law Enforcement Cooperation (Europol), the list includes precious metals, gemstones, and culturally significant artefacts such as Chinese porcelain. “Precious metals can be easily melted down, leaving no trace for law enforcement, and facilitating illicit sales during the fencing process,” the Europol report says. “Precious stones in jewelry, on the other hand, can be easily removed and sold further,” while Chinese porcelain is likely to be easily sold on the art market because of high demand. Since the 2025 Louvre heist—which revealed severe security flaws in the world’s largest art museum, including outdated CCTV coverage and unmonitored blind spots near the break-in point— criminals have stolen a 200-carat diamond necklace in Vienna, Bronze Age artefacts in Spain, and 15thcentury art from two Italian museums, among others. Of course, paintings are still targeted, as was the case

TAURUS (April 20-May 20): Think twice before you share your thoughts. Not everyone will agree, and unless you are up for a verbal dual, you are better off being a silent observer. Create your own dialogue in your head, and hold it in your thoughts until you are in a better position to get your point across without escalating the situation. ★★

GEMINI (May 21-June 20): Alter your routine, and fine-tune your schedule and plans to ensure you make the most of your time and your day. Taking a disciplined approach to work or handling what concerns you most will help you excel unexpectedly. Lean on your experience and skills, and take nothing for granted. Choose to use intellect over force. ★★★★★

in the recent Musée Renoir burglary in Cagnes-surMer on the French Riviera. According to reports, the break-in happened just before 5:48 am local time, coinciding with a security shift change. Using an electric saw, two masked suspects cut through the perimeter wire fence of impressionist painter Pierre-Auguste Renoir’s last home-turned-museum. They stole four paintings before dropping two of them during their escape, with the entire act completed in just around five minutes. The suspects remain at large. According to local Mayor Bryan Masson in a separate BBC story, the thieves seemed to be “wellinformed” and “well-equipped,” with helmets, gloves, and combat gear, along with an electric knife and hacksaw. The brazen heist almost mirrors the daylight robbery of the Louvre Paris. On October 19, 2025, disguised individuals broke into the Galerie d’Apollon using a truck-mounted ladder, smashed display cases and escaped on scooters within minutes. Their haul comprised historic 19th-century French Crown jewels

worth more than $100 million and of inestimable heritage value, including a diamond and sapphire tiara and necklace belonging to Queen Marie-Amélie and Queen Hortense, an emerald necklace from Empress Marie-Louise, and Empress Eugénie’s pearl and diamond tiara. Empress Eugénie’s crown was dropped and recovered damaged along the escape route. While multiple suspects have been arrested, the rest of the stolen jewelry remains missing. Investigators believe the historic items may be broken down, melted, or recut to evade tracking. The heist has led to major leadership changes, security overhauls, ongoing criminal prosecutions, and, unfortunately, a new wave of art crimes across Europe. Experts believe museums are vulnerable and easy to burgle compared with well-secured jewelry shops and banks, which these days hold less cash. With the rise in crimes, cultural establishments are taking action. Video surveillance is being enhanced

SEE “LOUVRE,” B5

CANCER (June 21-July 22): Put anger aside, and concentrate on what you can achieve. Working alone is in your best interest if you want to avoid interference. Domestic situations will require thought, a tight budget and compromise if you want to avoid financial setbacks. Spend more time perfecting and utilizing your skills to increase your income. Less overhead will lead to less stress. ★★★

LEO (July 23-Aug. 22): High energy will encourage intense interaction with someone who wants to spar with you. You’ll have to use your ingenuity to meet mental challenges with peak performance if you plan to come out on top. Protect your heart and your ego from vulnerabilities and emotional manipulation. ★★★

VIRGO (Aug. 23-Sept. 22): Take the necessary measures to lock in what you want and map out a path that will help you discard what you no longer want or need. Be creative when making commitments, forming relationships and handling financial affairs. Stability comes from making sound decisions, not impulsive moves. An event that encourages physical or mental agility will change your perspective. ★★★

LIBRA (Sept. 23-Oct. 22): You’ll excel using charm, intellect and emotional filler that draws parallels between you and whoever you deal with today. Don’t exhaust your finances trying to impress when it’s your mind that will carry you forward. Taking an aggressive stance will be met with opposition and concern. Be sure to follow through with your claims, offers and promises. ★★★★★

SCORPIO (Oct. 23-Nov. 21): Clarify what’s important to you before you make a gesture you might regret. Patience is necessary if you want to protect your reputation and your physical and emotional wellbeing from those who try to take you down. Change begins with you, and choosing to take the high road will lead to victory. First and foremost, nurture yourself. ★★

MCAD marks 200 years of photography with free public screening

A SCENE from the docu-drama News From Home (1976) by Belgian filmmaker and visual artist Chantal Akerman

IN celebration of the bicentennial since French inventor Nicéphore Niépce captured the photo View from the Window at Le Gras in 1826, the Museum of Contemporary Art and Design (MCAD) is set to hold free public screenings of featured docu-dramas and shorts which reflect on the evolving nature of the photographic image. Titled Photography After The Moment: The Image as Experience, the initiative is part of MCADxMoving Image, a program which views culture, society and politics through the media of the moving image—from filmed performances and narrative experiments to hybrid documentaries and video essays, and archival audiovisions. Selected by De La Salle-College of Saint Benilde (DLSCSB) Photography faculty member and visual storyteller Francis Fausto Tady, the sampling moves beyond the idea of the discipline as the capture of a single decisive moment. It explores how pictures can become spaces of memory, encounter, interpretation, and lived experience. Inspired by the ways artists have challenged and expanded creative possibilities, it considers the image not as a fixed record of the past, but as an ongoing relationship between time, perception and human experience. The lineup is headlined by the sci-fi drama La Jetée (1962) by French writer and photographer Chris Marker, which

follows a man forced to explore his memories in the wake of the war’s post-apocalyptic devastation. Avant-garde short film Pull My Daisy (1959) by SwissAmerican photographer and documentary filmmaker Robert Frank and American painter and filmmaker Alfred Leslie narrates the tale of a married couple as they vainly hope their irreverent beat poet friends behave themselves as the bishop comes over for dinner. Self-described “road documentary” The Gleaners and I (2000) by French filmmaker and artist Agnes Varda presents a series of interviews with gleaners in France—from those who gather leftover crops from a field after the main harvest, to those who scour the dumpsters of Paris. Completing the roster is the docu-drama News From Home (1976) by Belgian filmmaker and visual artist Chantal Akerman, which provides viewers with a preview of the creator’s life in New York through impersonal and beautiful images, as well as letters from her loving but manipulative mother. The screenings are free and open to the public. It is scheduled for September 25, 2026, from 1 to 6 pm, at the David M. Consunji Ideation Room at the Atrium @ Benilde. Interested participants may register at tinyurl.com/ MCADxMovingImageSeptember. More information is available at www.mcadmanila.org.ph.

SAGITTARIUS (Nov. 22-Dec. 21): Turn on your charm, step into the spotlight and dazzle everyone with your insight. Don’t be afraid to adopt a unique lifestyle if it satisfies your soul and addresses your intentions and plans. Spend more on comfort and convenience and less on fads and trying to impress others. Be true to yourself and kind to those you encounter. ★★★★

CAPRICORN (Dec. 22-Jan. 19): When trying to win favors, you’ll make better decisions if you pay attention to what others say and do. Self-improvement that will help you excel professionally by giving you additional skills or keep you up to date with what’s trending is in your best interest. Question what you hear. Research and fact-check before you make a commitment. ★★★★★

AQUARIUS (Jan. 20-Feb. 18): Take better care of yourself. Avoid putting yourself at risk physically, emotionally or financially. Be a good observer, and back away from situations that are volatile. Make positive lifestyle changes that lead to healthy eating habits, a good exercise program and regular sleep habits. Using common sense will lead to better relationships and new beginnings. Choose to do what makes you happy. ★★★

PISCES (Feb. 19-March 20): When in doubt, take a pass. It’s OK to say no or to change your mind. Put yourself first when dealing with pushy people. Go through your documents, update or cancel subscriptions, and address due dates to avoid penalties. Physical activity will be a good way to blow off steam while giving yourself a chance to rethink your options. ★★★ BIRTHDAY BABY: You are innovative, persistent and curious. You are disciplined and comprehensive.

‘reading material’ BY SARAH BUTKOVIC

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Tree with easily peeled bark 6 Dave of Soft Cell, or Cinderella’s event 10 Melville captain 14 Only state whose seal was designed by a woman 15 High wind? 16 Confront 17 Heads, slangily 18 What few Founding Fathers actually wore 19 Lottery winner’s feeling 20 “This news magazine needs more pages!” 23 Midwestern exclamation, stereotypically 24 Black, white or green drink 25 “Now this is a news magazine I’m excited to try!” 33 Wolfs (down) 34 “Please elaborate ...” 35 Hit head-on 37 Phone, wallet, ___ 38 Bread piece that’s often discarded 39 It’s wider than a butte

40 Long sandwich 41 Unofficial part of SOS 43 Subsides 45 “This celebrity news magazine is sure to be full of gossip!” 48 Buddy 49 Airport with a BART stop 50 “Why not try a different young-adult fashion magazine?” 58 It may be put in a bun 59 Injure 60 Atmosphere of many a Poe story 62 Quint’s boat in “Jaws” 63 Best Picture of 2012 64 Lauder of cosmetics 65 Small bills 66 Nabbed 67 Author Dahl DOWN 1 Make an offer 2 Fan favorite 3 Actor Malek of “Bohemian Rhapsody” 4 One known for stirring the pot? 5 Spray down 6 Fire-breathing antagonist of Mario

7 Not much 8 Bull’s-eye, for Target 9 Landlocked African country 10 ___ hound (dog breed with the lowest IQ) 11 Head light? 12 Aspire laptop maker 13 Borscht vegetable 21 Major NYSE events 22 Bean on the big screen 25 Audible finger wags 26 Receive a winter coat? 27 “We’ll see ...” 28 Hosp. areas 29 Nixon’s running mate 30 Atlantic catch 31 Director Gerwig 32 Stand seen in a studio 36 Covering in “Eyes Wide Shut” 38 Second person? 39 Silent “Welcome” giver 41 Stretch across 42 Bag of chips’ accompaniment? 43 ___ Romeo 44 Poster, in a way 46 Met expectations?

47 Feels anguished, perhaps 50 “Git!” 51 Take home 52 “Miami ___” 53 Currency in Germany 54 Thus 55 “One more thing ...” 56 Smidgen 57 Apt name for a Christmas baby 61 Type of school or spa, informally Solution to today’s puzzle:

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

Show BusinessMirror

Editor: Gerard S. Ramos • Tuesday, September 22, 2026

Glaiza de Castro embarks on her most defining role yet SOFIA PABLO, IÑIGO JOSE STAR IN A HEARTBREAKING TALE ON ‘BARANGAY LOVE STORIES’; ‘CHIKA CART’ AIRS ON GTV BEGINNING SEPTEMBER 28

PREPARE for a roller coaster of emotions as GMA Network’s TV adaptation of the radio program and podcast Barangay Love Stories, hosted by Papa Dudut, presents a heartbreaking story about love, trust and second chances. The highly anticipated episode features Sofia Pablo as Ella and Iñigo Jose as Mico, with Angelica Hart as Chloe, in a story that will put a relationship to the ultimate test. Ella and Mico have always believed that their love could survive distance. But when their childhood friend Chloe returns from the US, their relationship begins to change. As Chloe becomes increasingly close to Mico, Ella can’t help but feel threatened. Then, one devastating moment changes everything: Ella catches Chloe kissing Mico. Heartbroken and convinced that the man she loves has betrayed her, Ella ends their relationship. But in the heat of the moment, she makes another mistake: she publicly accuses Mico of cheating, and her post quickly goes viral. As their private heartbreak becomes a public spectacle, Ella begins to question what she saw—and whether she made the biggest mistake of her life. This episode of Barangay Love Stories airs this Saturday at 4 pm on GMA Network. Meanwhile, from trending showbiz chika to exciting product features, GMA Network introduces its newest multi-platform program Chika Cart, premiering September 28 on GTV. Every day, viewers can expect a cart-ful of the hottest celebrity updates from The Chika Authority Jeff Fernando, a respected showbiz and celebrity journalist with over 30 years of experience in media; The Chika Influencer Baninay Bautista, a prominent content creator, influencer and actress whose warmth and candor have made her a sought-after host; and The Chika Beshy Donita Nose, a popular comedian, host, and showbiz insider. Together, they bridge entertainment and lifestyle to the digital world making Chika Cart more than just a show but a fun daily afternoon habit for staying in the know and discovering the latest finds. On TV, Chika Cart unloads a cart of the hottest showbiz and celebrity news, insider scoops and lively discussions with celebrity guests, while also turning the spotlight on exciting products and services that viewers can explore and enjoy. The hosts share more showbiz stories and details about featured products, demo their favorites, and interact with fans in the “Chika Cart Online AfterShow,” where the audience can get direct links to the products’ respective online stores. Catch Chika Cart from weekdays at 5:15 pm on GTV and watch the After-Show at 6 pm on ATM’s (Adventure. Taste.Moments) YouTube and TikTok Channels.

HIS year is shaping up to be more than special for Glaiza de Castro, a brilliant but often underrated actor. De Castro topbills 58th, an animated documentary that centers on the story of Reynafe Castillo and digs deep into the continuing search for her still missing father, who is labeled as the 58th victim of the 2009 Maguindanao Massacre. Directed by acclaimed filmmaker Carl Joseph Papa, 58th was recently announced by the Film Academy of the Philippines as the country’s official entry that is up for consideration in the Best Documentation Feature category for the coming Oscars. Bankrolled by GMA Public Affairs and GMA Pictures in line with it’s commitment to produce socially relevant and innovative narratives that resonate with audiences all over the world, 58th revisits the infamous Maguindanao Massacre, a dark episode in Philippine history that explores universal themes like suppressed press freedom, abuse of power, fragile democracies, and the insurmountable challenges people and societies face in the pursuit of true justice. Aside from adding this laurel to her solid filmography, De Castro has also announced recently that she is expecting a baby in January. “I am so thrilled with this blessing of becoming a first-time mother soon. My husband David [Rainey] and I, and our respective families, are overjoyed with this wonderful development in our lives, something that we planned and are thankful that it was naturally granted to us,” she volunteered. De Castro shared that she is looking forward to step into the most defining role of her life to date. “I guess motherhood will be the best role I will be taking on. I’m glad that I am into my second trimester which many say is much easier and smoother. I have started to take note of the many changes happening to my body and I am steering my mind into one that is more positive, more relaxed and more grateful.” Pregnancy is a transformative period characterized by profound physiological, psychological and social changes. Self-care is not an indulgence, especially at a delicate period like pregnancy, but a foundation for resilience and maternal health. De Castro realizes that it necessitates comprehensive and tailored educational support for expectant mothers like her. “I read a lot. I talk to my close friends who share their experiences when they became first-time

mothers. The more I listen, the more I read, the more I learn. When motherhood beckons, realizations are made. My career will definitely take a back seat as I focus on the remaining months before I deliver this precious bundle of joy in January. I have to be physically healthy and mentally happy, knowing that this is the start of another beautiful journey for me as a woman. I am preparing a concrete plan that will help me stay physically active and mentally calm, and I need to have daily reminders to rest and eat healthy, and tips on how to feel good in my changing body. Self-love should never take a back seat in my preparation to become a mother,” De Castro said. When it’s the time for her to deliver, it is most likely that De Castro will give birth in Ireland. “I don’t think that it will be a difficult adjustment. My husband is very loving, caring and supportive. I’m quite sure that we will have a good life raising this child wherever the universe brings us. We will make sure that our first-born, and our future children for that matter, will grow up appreciating both the Irish and Filipino cultures, because knowing and understanding their roots is very important.” I have quietly followed and supported her amazing

career all these years. I am pretty sure that Glaiza de Castro will embark on this new role of hers with such beauty, boldness, brilliance and bliss.

Louvre... Continued from B4 and structural improvements are in the process of being developed. According to museum security expert Ibrahim Bulut in the BBC story, the key is to make any theft take so long to give police time to arrive, deterring would-be offenders from even attempting it. “Security is about buying time,” Bulut says. “The objective is not to make the theft theoretically impossible, but to make removal difficult, noisy, detectable and, above all, time-consuming, because, to be very honest, thefts can always happen.” He adds, “It’s the timing that you’re concerned about.”

‘Resident Evil’ tops North American tills with franchise best debut of $60 million

By Lindsey Bahr The Associated Press ZACH CREGGER’S Resident Evil gave the North American box office a shot in the arm in its first weekend in theaters. The Sony Pictures release earned $60 million in ticket sales from 3,684 locations in the US and Canada, according to studio estimates on Sunday. That’s a best for the video game inspired franchise, of which there have been seven prior movies dating back to 2002, and for the filmmaker behind Weapons and Barbarian. It’s also more than most of the previous films made in their entire domestic runs. The only exception is Resident Evil: Afterlife, which was released in 2010 and netted out with $60.1 million, not accounting for inflation.

Cregger’s Resident Evil stars Austin Abrams (who also played a pivotal role in Weapons) as a medical courier whose last job of the night finds him battling infected creatures in Raccoon City. Reviews were overwhelmingly positive; it currently boasts a 95 percent on Rotten Tomatoes. The audience was primarily male (66 percent) and under 35 (75 percent), according to PostTrak exit polls, and gave it a “B+” CinemaScore. Cregger’s previous

films have defied a lot of box office logic when it comes to horror movies, whose earnings tend to be front-loaded and drop sharply after the first weekend. Barbarian grossed over $46 million on a budget under $5 million. Weapons made $270 million on a $38 million budget. “Zach Cregger is a household name in the world of horror,” said Paul Dergarabedian, the head of marketplace trends for Rentrak. “There are certain

directors who become the star of the movie.” Resident Evil cost a reported $75 million to produce, which does not include marketing and promotion expenses. Internationally, it earned $48.3 million, bringing its global launch to $108.3 million. “Zach Cregger plus big franchise equals big bucks,” Dergarabedian said. “And he made it feel fresh and new.” According to Rentrak, horror movies this year, including hits like Obsession and Backrooms, have generated over $1.1 billion at the domestic box office. Second place went to Practical Magic 2, which fell about 59 percent from its lackluster opening weekend with $12.2 million from 4,163 theaters in North America. An additional $7 million from international showings brings its running global total to $76.8 million. Spider-Man: Brand New Day landed in third place with $6.5 million in its eighth weekend, pushing its domestic total to $944.5 million. The Odyssey, in its 10th weekend in theaters, added another $4.9 million to take fourth place. Coyote vs. Acme rounded out the top five with $4.5 million. One notable limited release was The History of Concrete, a documentary from comedian John Wilson, which earned $90,000 from one screen (the IFC Center in New York). The only film to make more in a single weekend at that venue was Parasite, which made $119,407.

A REBOOT of the video game-inspired franchise, Zach Cregger’s Resident Evil pulled in $60 million in ticket sales from North American cinemas for the Sony Pictures release in its opening weekend.

Tuesday, September 22, 2026

UPAA PRESIDENTIAL MERIT AWARD FOR SMFI’S ANGELES. SM Foundation, Inc (SMFI)

Asia’s Modern Hero Awards to bring leaders together at Okada Manila

hat does it mean to be a modern hero?

For the organizers of the Asia’s Modern Hero Awards 2026, heroism is not defined solely by titles, positions, or professional achievements. It is reflected in the way leaders use their influence, expertise, and resources to create meaningful change in their communities and contribute to nationbuilding. This vision will take center stage on September 25, 2026, Friday), as the Asia’s Modern Hero Awards 2026 gathers distinguished leaders from government, public institutions, business, education, and civic sectors at Okada Manila Among the distinguished leaders set to be recognized are Department of Agrarian Reform (DAR) Secretary Conrado Estrella III; Commission on Elections (COMELEC) Chairman George Erwin Garcia; Government Service Insurance System (GSIS) President Wick Veloso; University of the Philippines (UP) President Atty. Angelo Jimenez; Polytechnic University of the Philippines (PUP) President Dr. Manuel Muhi; Pag-IBIG Fund President Marlene Acosta; and Commission on Filipinos Overseas, Secretary Dante Klink Ang II. Their presence reflects the broad range of leadership that the awards seek to celebrate, from public service and governance to education, finance, business, and community development. The Asia’s Modern Hero Awards also recognizes leaders from the private sector, professional communities, and grassroots organizations whose work extends beyond their official responsibilities. According to Dr. Ronnel Ybañez, Founder and Chairman of the Golden Icons Foundation, the awards were created to recognize individuals whose accomplishments are matched by their commitment to service, responsibility, community impact, and nation-building.

Executive Director for Health and Medical Programs Connie Angeles has been recognized with the UP Alumni Association Presidential Merit Award during the 2026 UPAA Awards ceremony held at the Ang Bahay ng Alumni, UP Campus, Diliman, Quezon City. The award honors Angeles for a public life grounded in service to local communities and vulnerable sectors. As SM Foundation Executive Director for over 25 years, she led the health and medical programs to benefit the less privileged communities nationwide. Prior to her involvement in SMFI’s programs, she served as a local government official first as a councilor and later vice-mayor of Quezon City. The UP Alumni Association recognizes a graduate shaped by the Unversity’s tradition of public purpose and years of direct engagement with Filipino communities. Angeles graduated from the University of the Philippines with a Bachelor of Arts in Philosophy degree.

Zombie Outbreak Halloween Crawl invites families to hunt, collect, explore at Ayala Malls Manila Bay

Rather than focusing solely on professional success, the awards highlight individuals who have demonstrated that leadership can be measured by the people, institutions, and communities they influence. From government officials making decisions that affect millions, to business leaders creating opportunities, educators shaping future generations, and community advocates working at the grassroots level, the awards aim to bring together different faces of leadership under one platform. The celebration will also highlight the work of the Golden Icons Foundation and the communities it serves. As part of the awarding ceremony, the event will feature a presentation showcasing individuals, families, and communities who have received assistance through the foundation’s various programs and advocacy initiatives. The presentation will give guests an opportunity to see the real people and communities behind the foundation’s work, demonstrating how support and partnerships can translate into tangible change on the ground. Through its advocacy initiatives, the Golden Icons Foundation has supported communities through various forms of assistance, including education, livelihood and community development

initiatives, humanitarian support, and other programs designed to empower individuals and communities. By featuring these beneficiaries during the awards ceremony, the organizers hope to reinforce a central message of the event: recognition becomes more meaningful when leadership is ultimately translated into service and impact. Beyond the recognition ceremony, the event is expected to bring together leaders from different sectors, creating an environment where government, business, education, and civic communities can connect and celebrate shared achievements. At a time when leadership is increasingly measured by impact, accountability, and purpose, the Asia’s Modern Hero Awards aims to highlight individuals who continue to make a difference within and beyond their respective fields. The evening will serve not only as a celebration of individual accomplishments, but also as a reminder that meaningful change often begins with leaders who choose to serve with purpose. For inquiries, nomination details, and event participation, interested individuals and organizations may contact the Asia’s Modern Hero Awards Secretariat at 0967 155 2078 / 0962 645 3775 or email asiasmodernheroawards@gmail.com.

playful outbreak is coming to Ayala Mallas Manila Bay this October 31, 2026, as the Philippine Amusement and Entertainment Corporation (PAEC) presents Zombie Outbreak Halloween Crawl, a family-friendly celebration filled with interactive adventures, creative activities, and exciting prizes. The Halloween crawl begins at 12 noon at Lakbay Museo where participants will have their QR tickets scanned and receive their official Zombie Outbreak Halloween Stamp Card. Young survivors and their parents will then continue their mission across Lakbay Museo, BARI: The Abandoned Princess, Outside the Box, Craft Academy and MindSpark. At every attraction, participants can

collect a venue stamp and hunt for hidden QR codes to gather Zombie stickers. The more zombies they collect, the more prizes they can win. The experience also includes a shared Giant Cookie Decorating activity at Craft Academy, giving families a sweet and creative break from their Halloween mission. The adventure culminates at 4 pm with the Zombie Outbreak Halloween Party at the MindSpark Einstein Hall. Guests can look forward to entertaining activities, surprises and opportunities to win exciting prizes. Children are encouraged to arrive in their best zombie costumes. Those who prefer something more magical may dress as fairies, princes, princesses, or any character they love. Tickets are available for only P1,999 instead of P3,596, inclusive of admission for one child aged two to 12 and one accompanying parent. Each pass includes access to all five experiences, the shared Giant Cookie Decorating activity, the QR code zombie hunt, and the Halloween party. Limited slots are available. Families may secure their tickets at: https:// amusements.global/product/zombieoutbreak-halloween-crawl/ Will your little survivor complete the crawl before the zombies take over? For inquiries and reservations, you may contact us at marketing@ amusements.global or call +63995 197 3936.

Chunnel and Channel Realty, True Vine Dev’t Corp. partner to expand real estate options

In the photo are, from left, Cielo Ortega-Reboredo, Brand Ambassador and former Vice President for Sales of Okada Manila; Vera Faye Fidel, President; Dr. Ronnel Ybañez, President; and Ellie Ybañez, Vice President for Operations.

HUNNEL and Channel Realty Marketing Development Corp. (C&C Realty) and True Vine Realty & Development Corp. have entered into a strategic partnership aimed at strengthening collaboration and opening new opportunities in the Philippine real estate sector. The partnership was formalized through a signing ceremony attended by key executives and representatives of both companies, signaling a move toward greater cooperation in real estate marketing, development, and business expansion. Representing True Vine Development Corp. during the signing were Vera Faye Fidel, President, joined by Cielo Ortega-Reboredo, Brand Ambassador and former Vice President for Sales of Okada Manila. Chunnel and Channel Realty were represented by Dr. Ronnel Ybañez, President, and Ellie Ybañez, VP for Operations. The alliance brings together

the companies’ respective industry experience, business networks, and market capabilities as they explore potential areas of collaboration within the real estate sector. For Chunnel and Channel Realty, the partnership forms part of its continuing efforts to expand its real estate network and develop opportunities that respond to the needs of Filipino homebuyers, investors, and communities. Dr. Ybañez said the partnership represents an opportunity to leverage the strengths of both organizations. “This partnership is more than a business agreement. It is an opportunity to bring together people, resources, expertise, and networks toward a shared vision for growth,” Dr. Ybañez said. The partnership is expected to provide a platform for collaboration in areas that may include real estate marketing, property development, housing initiatives, investment opportunities, and other strategic

ventures. The involvement of Fidel and Ortega-Reboredo also brings a strong business-development and marketing perspective to the partnership. OrtegaReboredo’s previous experience as Vice President for Sales of Okada Manila adds a background in sales leadership, hospitality, and high-value customer engagement to the collaboration. The companies see strategic partnerships as an avenue to combine resources and capabilities while responding to opportunities in an increasingly competitive Philippine property market. Rather than operating solely within their individual networks, the collaboration provides both organizations with an opportunity to explore broader market reach and develop relationships that could support future real estate ventures. The signing comes as real estate companies continue to seek new approaches to reach buyers, investors, and communities while creating sustainable business opportunities. For Chunnel and Channel Realty, the partnership with True Vine Development Corp. represents another step in building strategic relationships within the industry. For True Vine Development Corp., the alliance provides an opportunity to further expand its business relationships and explore new avenues for growth through collaboration. As both companies move forward, the partnership is expected to develop into further initiatives that can translate their combined networks and expertise into new real estate opportunities and long-term value for stakeholders. The signing marks the beginning of a new business relationship, one built around collaboration, shared expertise, and the pursuit of growth in the Philippine real estate industry.

PNB Holdings and Giftaway formalize a new five-year lease at PNB Makati Center. The agreement extends Giftaway’s occupancy at the Ayala Avenue property and was marked by a ceremonial signing attended by, from left, PHC Chief Financial Officer Ponciano S. Carreon Jr., PHC President Karlu T. Say, Giftaway Chief Executive Officer Alvin Edward C. Tan, and Head of Operations George Adrian M. Santos.

PNB Holdings secures new long-term lease with Giftaway at PNB Makati Center

NB Holdings Corporation has signed a new five-year lease agreement with Giftaway, Inc., extending the technology company’s occupancy at PNB Makati Center, where it has maintained its headquarters since 2018. Giftaway is a Philippine-based provider of digital rewards, incentives, and eGift solutions serving businesses across various industries. The lease renewal comes as PNB Makati Center continues to play a key role in the company’s operating performance. In the first half of 2026, the property accounted for 26 percent of the Company’s revenues, helping drive a 26 percent increase in consolidated revenues

to P634.3 million and an 85.3% rise in net income to P209.9 million. Apart from the PNB Makati Center, the real estate company owns and manages a portfolio of strategically located commercial properties, including PNB Financial Center in Pasay and a prime 8,000-square meter lot at the corridor of Buendia and Paseo De Roxas, Makati City. The company also recently reported total assets of P50.894 billion. The agreement with Giftaway adds to PNB Holdings’ continuing leasing activities across its commercial properties as it prepares for its Listing by Way of Introduction on the Philippine Stock Exchange.

World Features BusinessMirror

www.businessmirror.com.ph • Editor: Lyn Resurreccion

Tuesday, September 22, 2026

Trump shatters Canada-US relationship; Carney is building new one in Europe By Rob Gillies

THE scale of the loss is hard to comprehend: around 10 million books were destroyed in Russian attacks in just one month. Russia attacked Ukrainian publishers and book warehouses 21 times over the summer, deliberately targeting the Ukrainian publishing industry, our nation’s culture and identity, says the Embassy of Ukraine in India. PHOTO FROM THE FACEBOOK OF EMBASSY OF UKRAINE IN INDIA

As Russian strikes destroy millions of books, Ukraine’s literary future hangs in the balance By Hanna Arhirova

The Associated Press

ORONTO—For nearly four decades, Canada built its economy around closer integration with the United States. President Donald Trump has turned that dependence into leverage, imposing tariffs, threatening Canada’s sovereignty and openly seeking to pull Canadian industrial production south.

The Associated Press

YIV, Ukraine—Seconds before the Russian drone struck, Viktor Kruglov was thinking about textbooks—tens of thousands of them, and how to get them to Ukrainian schools faster. Minutes later, a second explosive-laden Shahed drone hit, laying waste to the main hub of his publishing house, Ranok, in northeastern Kharkiv. “Steel was blazing and burning,” Kruglov said of the August 1 attack, adding that the huge warehouse’s reinforced concrete melted and the roof caved in. The blaze burned for almost a week, reducing millions of books to ash. Ukraine’s publishing industry is facing its worst crisis yet, driven by targeted Russian attacks—part of a broader culture war in which nearly 5,000 cathedrals, churches, museums, theaters and other cultural sites have been destroyed or damaged and 35,000 art objects looted. More than 13 million books—a third of the country’s annual print run—were destroyed in two months this summer, causing at least $39.3 million (1.75 billion hryvnias) in damage, the Ministry of Culture said. Kremlin spokesman Dmitry Peskov did not respond to an Associated Press request for comment about the Russian strikes on Ukraine’s publishing infrastructure. Despite a surge in demand for Ukrainian-language books following Russia’s 2022 invasion, the destruction is setting the industry back—and the losses go beyond money. Publishers are expected to invest less in debut authors, threatening the future of Ukrainian literature. Small, independent houses may publish less or close altogether, narrowing the market, while larger publishers play it safe and lean on bestsellers. “This is a deliberate policy of Russia because they understand that culture is what makes us feel resilient, what makes us feel the owners of our land, of our destiny,” said Tetiana Berezhna, Ukraine’s culture minister.

Russia is deliberately waging war on Ukraine’s book industry

BESIDES Ranok, at least 40 other publishing houses and multiple bookstores have suffered damage in recent weeks. “This is a huge blow to the industry, and if we don’t move quickly to put strategic support measures in place …the industry could collapse entirely,” Kruglov said, adding that the book industry is an “element of Ukraine’s national security.” The Ranok warehouse Russia destroyed opened in 2013 as an automated logistics hub capable of processing tens of thousands of books a day, Kruglov said. “There were difficult periods” for Ranok, he said, tied to the 2008 global economic crisis and the Covid-19 pandemic, “but no one could have imagined that almost a year’s turnover for Ranok could be destroyed at once.” The strike destroyed 8 million books, including 620,000 textbooks, which Ranok supplies to nearly all of Ukraine’s schools. Still, Kruglov said the company has backup warehouses and stores all its files in the cloud. “That’s probably what’s keeping us going, because we’re able to reprint books, and we’ve kept our team,” he said. For Culture Minister Berezhna, the latest attacks are part of Russia’s “systematic” destruction of Ukrainian heritage. “They’ve been doing it for centuries,” she said. She points to the 19th century, when much of modern Ukraine was part of the Russian Empire, and Russia issued decrees banning or severely restricting the publishing and public speaking of the Ukrainian language. “But still, the Ukrainian language exists. Ukrainian literature exists. We have the books in our libraries, which were kept in secret from the very old ages, and they still exist,” she said. “It shows us the hope that Ukraine will stay strong.”

The future of Ukrainian literature is at risk

STILL, there are many immediate challenges. The attacks have hit publishers financially, Berezhna said, hurting their ability to invest in new authors. Debut writers are costly to publish, compared with the safer, more profitable bet of bestsellers and established translated literature. These “newcomers, debut literature, in 100 years will become Ukrainian classics that will tell the world about Ukraine,” she said, adding that she fears there will be less support for young Ukrainian authors. That’s why the ministry is working on putting together a financial support package for the industry, including state purchases of Ukrainian books for school libraries, grants to help small publishing houses cover printing costs, rent compensation for bookstores and a war-risk insurance program for print runs. But many in the publishing industry say it’s not enough. Months after a Russian missile tore through the ceiling of the Konvi print shop in July, burned pages of fourth-grade English textbooks still littered the floor and paper sat frozen inside the destroyed printing machine. Before the attack, millions of books a year were printed in this space, where there’s now nothing but piles of swollen book stock, ruined after firefighters put out the blaze. The print shop specialized in fiction, educational material and scientific literature. Viktoriia Haidai, the shop’s commercial director, said replacing the printing press will cost 1.2 million euros ($1.37 million) and it will take four to five years to fully restore capacity. The Russians are striking shops like hers, she said, because “we are critical infrastructure, because we shape the future—we work on education, on culture. We work to preserve history.” “Without this, no nation has a future.”

CANADA’S Prime Minister Mark Carney (front, left) speaks with European Commission President Ursula von der Leyen at the European Parliament in Strasbourg, eastern France, on September 17. AP/PASCAL BASTIEN

Canadian Prime Minister Mark Carney has moved on. Rather than return to trade talks or wait for the next US president to restore the old relationship, he is urgently building a future in which Canada is less dependent on America. Last week, Carney embraced the prospect of Canada becoming the European Union’s first associate member, not as a step toward full membership, but as a way to reduce Canada’s dependence on any single country without ceding control over its own decisions. “There is now a price to be paid for access to the United States market,” Carney said Sunday, pointing to tariffs, US investment commitments and demands for domestic policy changes. Carney told the European Parliament on Thursday that countries need enough economic strength to keep any one power from dictating their choices.

an alliance for the future that will strengthen our collective resilience so we can live our lives as we choose based on the values that we share,” Carney said while standing alongside Macron. Carney’s relentless schedule reflects the urgency of his push to build alternatives to the United States. He began last week in Toronto hosting some of the world’s biggest investors, flew to Strasbourg, France, for European Commission President Ursula von der Leyen’s State of the European Union address, raced to Liverpool, England, to meet Britain’s new prime minister and returned to Strasbourg to address the European Parliament. He met Macron in Saint-Pierre-etMiquelon before flying back to Ottawa to meet Norwegian Prime Minister Jonas Gahr Støre. On Monday, he is set to open a new session of Parliament before heading to New York for the United Nations General Assembly.

Building options beyond the US

Europe becomes the alternative TRUMP has suggested Canada’s closer relationship with the EU could amount to a “hostile act” and threatened “very heavy tariffs” on Europe if he judged the move unfriendly. Canada could become a test case for other middle powers trying to

HE carried that argument into a meeting Sunday with French President Emmanuel Macron in SaintP ier re - et -M ique lon, t he Frenc h territor y just off New foundland ’s coast. “Canada and Europe will build

avoid being pushed around by larger countries. In his speech at the World Economic Forum in Davos, Switzerland, in January, Carney argued that “middle powers must act together,” warning that “if you’re not at the table, you’re on the menu.” Støre echoed Carney on Sunday, saying tariffs should not become “a weapon to be used against countries, because we will all end up losers.” The next major step in shaping that proposed relationship is an October 29 and 30 Canada-EU summit in Montreal.

Unwinding 40 years of dependence FOR Canada, that means undoing some of the reliance developed over nearly 40 years. The 1989 Canada-US Free Trade Agreement and later North American Free Trade Agreement deepened integration, creating cross-border supply chains in autos, energy and manufacturing. Roughly 70 percent of Canada’s exports went to the US. Europe remains nowhere close to replacing the US market. Carney walked away from trade negotiations in August rather than

accept terms he said Ottawa could not live with. The talks remain suspended, and Carney said Friday that leaving the table was the right decision. “It was easy business, but it meant we relied too much on one economic partner,” Carney said recently. “That time is over.”

Investment chair wants to ‘crank the non-US’ DOMINIC BARTON, Carney’s pick to chair Invest in Canada and a former global head of McKinsey & Co., said diversification does not mean abandoning the United States. “We can’t complacently count on it,” Barton said. “It’s not about, let’s not do stuff with the US. It’s let’s crank the non-U.S. Let’s be way more ambitious on that side.” Barton, a former Canadian ambassador to China, said Canada has been too inward-looking. “We are not very global,” he said, calling Trump’s pressure a “ jolt” Canada should use to build more global companies. Carney wants to double non-US trade over the next decade and aims for a free-trade deal with India by year’s end. He said Canada’s tariff-free access to 1.5 billion consumers could double within six months.

China, US are competing for AI dominance but have shared concerns over safety By Chan Ho-Him AP Business Writer

ONG KONG—US President Donald Trump and Chinese leader Xi Jinping, leaders of rival nations in a race to dominate artificial intelligence (AI), are expected to meet this week against a backdrop of rising concerns about the threats that rogue AI could pose to humanity. The hopes for finding common ground on concerns around global AI safety are clouded by competition between the two countries. As China narrows the technology gap with the US, each country has expressed concern over how AI in the other’s hands could hurt them. “The US-China conversation in AI is getting caught in the ups and downs in the broader US-China relationship,” said Scott Singer, co-director of the China AI Initiative at the Carnegie Endowment for International Peace. On Sunday, US Treasury Secretary Scott Bessent said after talks in New York with Chinese Vice Premier He Lifeng ahead of the meeting between Trump and Xi that the two countries discussed the setting up of a mechanism on AI dialogue and proposed a new “notification mechanism” for AI incidents that could impact national security.

Communicating about AI emergencies is one focus

THE agenda could focus on AI risks that could harm both countries, such as AIenabled cyberattacks, biological misuse, major model failures or loss of human control, said Sun Chenghao, a senior fellow at the Center for International Security and Strategy at Tsinghua University in Beijing. In that case, “there is still meaningful room for cooperation,” Sun said.

“It would be a mistake to dismiss the entire safety debate as geopolitical competition,” Sun said. “China itself is paying growing attention to loss-of-control risks, malicious use, cyber threats and the safety of AI agents.” Bessent said after his meeting with He that the US proposed a notification mechanism between the United States and China, such as when there are incidents that rises up to the national security level from AI. “We want a shared vision of common goals and common threats,” he told reporters. Michael Kratsios, Trump’s science and technology adviser, told Fox News Sunday it’s important to have conversations with China about AI. “The key thing that we want to talk to them about is avoiding shared risks, and that’s something that I think we can have a fruitful conversation on,” Kratsios said. Both governments are concerned about how AI could be used to attack critical infrastructure. In China, AI governance documents identify finance, electricity, telecommunications and transportation as areas potentially exposed to frontier-AI risks, Sun said. The Chinese side has shown real interest in discussing issues like AI and cyber incident information sharing with US experts, said Samm Sacks, a senior fellow at the Johns Hopkins School of Advanced International Studies’ Institute for America, China, and the Future of Global Affairs. If the two countries can discuss how to report and communicate in the event of an AI-related emergency, said Xiao Qian, vice dean of the Institute for AI International Governance at Tsinghua University, “it can help the two countries to build technical confidence over time.”

US export controls affect China’s AI development

TRUMP has repeatedly said “whoever wins AI, wins.” He has insisted the US needs to keep a technological edge over China and downplayed calls by American tech leaders to slow AI’s development over safety concerns. Beijing, in turn, has accused the US of pursuing an AI monopoly as it curbs China’s AI growth including in restricting its access to the world’s most advanced chips. At the meeting, any loosening of US export controls on advanced technologies related to AI is likely to be off the table, said Alfredo Montufar-Helu with the consultancy Ankura. With each country seeking competitive advantages in so many areas, MontufarHelu said the room for US and China to collaborate on AI is “quite narrow.” In his essay this month calling for an AI slowdown, Anthropic CEO Dario Amodei called on the U.S. to continue seeking ways to limit Chinese AI development. China’s Ministry of Foreign Affairs said Amodei’s warnings about China were confrontational and a form of “fearmongering” and that all parties should work together on AI. Despite the restrictions, Chinese AI models increasingly challenge American frontier models. Chinese AI models led by Moonshot AI and DeepSeek this year have shown they can be, by some measures, as powerful as those of U.S. rivals like Anthropic and OpenAI, often at a lower cost. Many of them are making inroads globally, including in the U.S. “Export controls have not stopped China from developing frontier-competitive models, but they slow its rate of expansion by limiting the compute it can use to serve users,” said professor Will Cong of Nanyang Technological University in Singapore. Despite the constraints, China’s chip

developers have been catching up with the U.S., and companies in China are turning more to domestic chips. That’s giving Xi more confidence in his talks with Trump, George Chen with The Asia Group said.

Accusations of ‘distillation’ are a sore spot

U.S. claims that China is ripping off American AI technology are another sore spot in the relationship. The U.S. government and AI companies have stepped up allegations of “malicious” extraction of capabilities, or “distillation,” from top American AI models, claims that Chinese officials have rejected. Anthropic has accused Chinese AI models of DeepSeek and Moonshot of routing a number of their user requests to its Claude AI models. Chinese labs are likely attempting to “piggyback on the massive training and inference infrastructure of their U.S. rivals” given how U.S. restrictions are limiting China’s compute power, Rebecca Arcesati, with the Mercator Institute for China Studies, said. Chinese officials and some technology analysts have argued that distillation is not uncommon across the AI industry and is not the main explanation behind Chinese models’ improving capabilities and ability to innovate. Beijing, meanwhile, has expressed worries over threats to China’s critical infrastructure from American AI, including Anthropic’s powerful Claude Mythos, and more broadly, the risk of AI’s aiding of spreading of political misinformation and potentially challenging its governance. “We cannot expect meaningful cooperation on AI safety if one side increasingly treats the other side’s technological progress as a national security threat,” Xiao said. Disagreements between the U.S. and China “make dialogue even more necessary,” she added.

Tuesday, September 22, 2026

www.businessmirror.com.ph

PHL pushes for stronger local Flood-damaged Tarlac bridge back access to adaptation finance in service but...

By Jonathan L. Mayuga

@jonlmayuga

HE Philippines, through the Climate Change Commission (CCC), pushed for stronger local access to climate finance during the recent United Nations Convention on Climate Change (UNFCCC) Adaptation Committee discussions in Baku, Azerbaijan, emphasizing that international funds must effectively reach and support communities on the ground. The UNFCCC Adaptation Committee advanced discussions on its future thematic dialogue, emphasizing the need to examine how international climate finance can better reach local actors and support adaptation implementation. In a statement, Climate Change Commission (CCC) Vice Chairperson and Executive Director Robert E.A. Borje, who serves on the Adaptation Committee from the developing-country constituency, supported local-level adaptation finance as a practical focus for the Committee’s continuing work on adaptation finance. The proposed theme examines approaches, stakeholder roles and country experiences in channeling international climate finance

to local actors. It was considered alongside other possible themes, including countr y and regional platforms, innovative ad apt at ion f i n a nce, blended finance and stronger institutional coordination for accessing adaptation finance. For developing countries, the issue goes beyond the overall volume of finance available. Local governments and communities often implement adaptation priorities, yet access to international climate finance can remain diff icu lt because of institutional, technical, and financing constraints. This makes local access particularly important in countries where climate risks vary widely across

territories and where implementation depends on local capacities, institutions and investment decisions. “For developing countries, the question is not only how much adaptation finance is available, but whether it can actually be accessed and used where climate risks are felt most. Local access has to be practical, responsive and capable of supporting implementation,” Borje said. He also emphasized that work on local adaptation finance should allow consideration of appropriate financing approaches and instruments that can make access more effective and productive, while avoiding additional complexity or barriers for developing countries and local actors. “Innovation should serve implementation. Where appropriate, financing approaches that help solve access constraints should be examined as part of the conversation on getting adaptation finance to the local level,” Borje said. For the Philippines, the discussion is directly relevant to efforts to localize the National Adaptation Plan and strengthen the capacity of local governments to develop, finance and implement climate-responsive investments. Improving local access to finance can help translate national adaptation priorities into projects and services that reduce risks to communities, protect livelihoods and infrastructure, and strengthen resilience across provinces, cities

and municipalities. The discussion also reflects a broader implementation challenge for developing countries: adaptation finance must not only be mobilized but also structured and delivered in ways that are accessible, usable and responsive to local conditions. The Committee agreed that the scope of the dialogue could be further developed through the preparation and review of a concept note, creating space to examine how local access may be strengthened and how appropriate financing approaches can support implementation. The Adaptation Committee conducts t hemat ic d ia log ues a n nu a l l y u n d e r it s f l e x i b l e work pl a n. Its 2026 d i a log ue focused on opportunities for accessing adaptation f inance from the operating entities of the UNFCCC Financial Mechanism, while the Committee at its 30th meeting considered possible themes for 2027, including local-level adaptation finance. Borje represented the developing countries’ constituency in the Adaptation Committee, and is the first Filipino to be elected to the Adaptation Committee since it was established in 2010. The Climate Change Commission is the lead policy-making body of the Philippine government tasked to coordinate, monitor and evaluate programs and action plans relating to climate change pursuant to Republic Act 9729, as amended.

10-TON weight limit will be imposed on vehicles crossing the Agana Bridge in Tarlac City when it reopens to pedestrians and light vehicles this week, Public Works Secretary Vivencio Dizon said. During an inspection of the bridge, Dizon said it could reopen as early as Monday or Tuesday, once the remaining work is complete and load testing is done. “We are confident that by tomorrow— or Tuesday at the latest—we can open the bridge to pedestrians and light vehicles,” Dizon told repor ters on Sunday. He said trucks and buses will be prohibited, while four-wheeled vehicles, coasters and “Elf-type” delivery trucks carrying goods will be allowed, subject to the 10-ton limit. “The DPWH, the city and the province will list the specific types of vehicles that will be allowed to pass,” he said. Dizon said traffic management measures will be implemented to ensure compliance with the weight restriction. Gantries will also be installed at both ends of the bridge to prevent vehicles exceeding height clearance from entering. “To ensure compliance, the city will assist with traffic management here to prevent unauthorized vehicles from slipping through,” Dizon said. He said workers would complete the bridge deck and ramp before conducting load tests using vehicles. If the structure passes the tests, it would be opened to traffic. Residents have been using a detour through Gerona since the bridge was damaged, adding about an hour to 1 1/2 hours to their travel time, Dizon said.

Tarlac Gov. Christian Yap and Tarlac Rep. Maria Cristina Puno Cuello-Angeles, who accompanied Dizon during the inspection, said the local government would help enforce the 10-ton weight limit. “We apologize for the one-week delay beyond our initial two-week estimate; we hope the public understands that we cannot sacrifice safety,” Dizon said. “I told the engineers that safety comes first—we must not rush the work if it means compromising safety.” A portion of the Agana Bridge collapsed on August 29 due to strong river currents and heavy rains.

Parallel bridges

DIZON also announced plans to build parallel bridges alongside the Agana and Aquino bridges to increase bridge capacity in Tarlac City. “We will coordinate with the provincial government regarding the Aquino Bridge. As you know, President Marcos has pledged P300 million in funding for the Aquino Bridge, which will be utilized immediately, just as we did here,” Dizon said. “However, our ultimate plan is to construct two parallel bridges—one at Agana and another at Aquino—to provide additional bridge capacity for Tarlac City,” he added. Dizon said the new structures would be built while the existing Agana and Aquino bridges undergo rehabilitation. Once the new bridges are completed, they would replace the old structures as part of the permanent rehabilitation plan. The middle portion of the Aquino Bridge collapsed Aug. 28 the height of heavy rains brought by the southwest monsoon or habagat. PNA

Former Paocc probers write Deeper challenges face BARMM despite ‘generally peaceful’ polls book on Pogo crackdown

LTHOUGH the first parliamentary elections in the Bangsamoro autonomous region may have been declared “generally peaceful,” the Climate Conflict Action Asia (CCAA) said the incidents of violence, alleged electoral fraud and voter disfranchisement point to deeper challenges confronting the region’s fledgling political settlement. In its post-election bulletin, “Beyond the Ballot: Unpacking the First Bangsamoro Parliamentary Election,” CCAA said the September 14 polls should be subjected to a more thorough assessment rather than being judged primarily through the official characterization of the elections as “generally peaceful.” CCAA’s Critical Events Monitoring System received 476 reports from September 11 to 14, including 322 reports on election day itself. The organization also deployed at least 35 Early Response Networks in Lanao del Sur, Maguindanao del Norte, Maguindanao del Sur, the Special Geographic Areas, Basilan and Tawi-Tawi. The CCAA report noted that electionrelated violence was lower than in previous electoral cycles. It recorded 364 conflict incidents from May 5 to September 14, including 36 incidents during the three days before the election and 21 on election day. Compared with previous elections, the CCAA said the 2026 Bangsamoro Parliamentary Election recorded 143 deaths and 34 injuries. The 2023 barangay and Sangguniang Kabataan elections recorded 165 deaths, while the 2025 national and local elections recorded 244 deaths. CCAA attributed part of the decline in violence to the deployment of more than 20,000 police and military personnel across the region. N o n e t h e l e s s, t h e l owe r ove ra l l numbers masked significant differences across the region.

The CCAA said voting proceeded relatively smoothly in Tawi-Tawi and the Special Geographic Areas, where CCAA reported little to no violent incidents. Lanao del Sur experienced brawls, fistfights and verbal altercations that were eventually settled by security forces or community elders. Cotabato City, however, experienced a markedly different situation. The city, which hosts the Bangsamoro government and international election observers, became a major center of election-related violence. Automatic weapons were fired inside a polling precinct, while firefights, riots and grenade explosions were reported elsewhere in the city. CCAA said the violence, involving supporters of the United Bangsamoro Justice Party and the Bangsamoro Federalist Party, left seven people dead and 11 injured.

Threat assessment

THE report also questioned the threat assessment for Cotabato City, noting that it was not initially identified as an election hotspot and was placed under Commission on Elections control only on the eve of the polls. In Shariff Saydona Mustapha in Maguindanao del Sur, meanwhile, a six-hour firefight prevented voters from casting their ballots, resulting in what CCAA described as “widespread political disfranchisement.” CCAA said the comparatively lower level of violence could partly reflect the different nature of the parliamentary contest. Unlike national and local elections, where competition can be heavily influenced by kinship, traditional political clans and local interests, the CCAA said the Bangsamoro parliamentary election was largely viewed as a contest between two political parties affiliated with the

Moro Islamic Liberation Front-the BFP and the UBJP. The CCAA noted the shifted competition from traditional clan-based contests toward political organizations that played a central role in the Bangsamoro peace process, the report said. For CCAA, this also means that election hotspot assessments should be continuously updated. Historical records of violence alone may no longer be sufficient, as changing alliances and political competition can alter where risks emerge.

Turnout, credibility

THE Comelec reported an 84.34-percent voter turnout, a figure CCAA said reflected the determination of Bangsamoro voters to participate despite violence and intimidation. But the organization cautioned that turnout figures alone do not establish the credibility of the electoral process. CCAA cited reports of pre-shaded ballots and instances in which multiple ballots were allegedly filled out by a single voter or members of an electoral board. Such practices, if substantiated, could affect the accuracy of reported turnout. Its Early Response Network members also observed areas where relatively few voters appeared at polling places and voting had ended by midday. CCAA said low participation could create opportunities for local political actors to cast ballots on behalf of voters who did not participate, potentially inflating turnout figures. The report also cited allegations that votes had been pre-arranged or distributed among political parties. While such arrangements may reduce incentives for open violence, CCAA said they could come at the expense of the principles of free and democratic elections. CCAA identified several risks that could

shape the Bangsamoro’s post-election environment. One is the possibility of renewed violence among political groups involved in election-day clashes, particularly after security forces reduce their presence. The organization cited the reported resurgence of a recurring rido or clan war between two Moro Islamic Liberation Front commanders in Nabalawag, Special Geographic Area, just two days after the election. Another is the region’s shifting political landscape following the MILF split and the contest for influence over the Chief Minister position. CCAA said the relatively even division of votes between the two dominant factions could make alliances crucial in determining the balance of power. The growing influence of traditional politicians in the new Parliament is another factor. According to CCAA, alliances with traditional political actors could have a significant bearing on who obtains the region’s top political position, raising concerns over the possible return of political patronage. The CCAA also pointed to unresolved grievances among MILF members who have yet to see the gains of the peace process, perceptions that the national government has not fulfilled its commitments, and the continuing issue of MILF decommissioning. For the newly elected Bangsamoro Parliament, CCAA said these challenges underscore the importance of legislation addressing some of the region’s underlying sources of conflict, including the harmonization of land laws and the proliferation of illegal firearms. Ultimately, CCAA said, the significance of the first parliamentary election should not be measured solely by whether voting took place or whether violence was lower than in previous elections. Rizal Raoul Reyes

PRESIDENTIAL Anti-Organized Crime Commission officials Winnie Quidato and Winston Casio display the book they co-authored. By Ashley J. Manabat

HE raids took investigators into sprawling compounds in Manila, Bamban in Tarlac, Clark Field and Porac in Pampanga, where they encountered hundreds of workers, rows of computers, and layers of companies. Authorities said some of the sites were linked to online scams and other criminal activity. For nearly three years, former Presidential Anti-Organized Crime Commission (Paocc) director Winnie Quidato and former spokesperson Winston Casio worked on government operations targeting Philippine offshore gaming operators (Pogos), and investigations into alleged human trafficking and organized crime. The two later documented their experiences in the book titled “The Rogue Compound: Pogos, Human Trafficking, and the Fight to Reclaim the Philippines,” which was launched last week. The book recounts their work at the

Paocc from 2023 to 2025, when government operations targeting Pogo compounds were followed by congressional and Senate inquiries into the industry, including allegations of human trafficking, online fraud, money laundering, and organized crime. The book recounts the authors’ experiences investigating Pogos, including how cases were developed and what investigators learned from the operations. Government investigations and legislative inquiries have examined regulatory oversight, corporate structures, financial transactions, and allegations of trafficking, online fraud, and other crimes. Casio said they are also working on another book focusing on the arrest and detention of Pogo personalities during their time at the commission. “ May kasunod pa kaming sinusulat para sa gustong malaman ang kuwento sa pagkakahuli at pagkakulong sa ilang POGO personalities noong mga panahon na iyon ,” he said.