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Arrest all involved in Laos shabu smuggle try—PBBM By Charles Dantes and Vince Lopez PRESIDENT Ferdinand Marcos Jr. ordered law enforcement agencies to arrest all individuals involved in illegal drug trafficking amid reports linking the transnational drug syndicate Sam Gor to

UPDATING. President

Ferdinand R. Marcos Jr. and Prime Minister Takaichi Sanae of Japan, in conversation by phone yesterday to discuss the upcoming ASEAN Summits in November, exchange views on bilateral cooperation, and address regional developments. Story on A2. PCO

a 521-kilogram shipment of shabu seized in Laos, Malacañang said Tuesday. “That is the President’s order: do not stop, suppress these activities and hold those who should be held accountable responsible,” Palace Press Officer Claire Castro said. Next page

VOL. XL • NO. 246 • 3 SECTIONS 16 PAGES • P20 • WEDNESDAY, OCTOBER 21, 2026

SC strikes down ’24, ’25 GAAs P480.24b in congressional budget hikes ruled unconstitutional By Pot Chavez

GCash parent Mynt successfully lists on PSE, marks new chapter for PH digital finance

HE Supreme Court (SC) has declared unconstitutional the congressional increases to the 2024 and 2025 national budgets and struck down two 2026 budget provisions that allowed unprogrammed funds and appropriations worth a combined P480.24 billion to be released without sufficient safeguards.

President Ferdinand Marcos, Jr. (center) leads the bell-ringing ceremony of Mynt, Inc., the parent company of GCash. From left to right joining the ceremony are: Ayala Corporation Director Fernando Zobel de Ayala, Mynt Chief Financial Officer Evelyn Ng, Ayala Corporation President and CEO Bong Consing, Ayala Corporation Chairman Jaime Augusto Zobel de Ayala, Mynt Chairman Ernest Cu, Mynt President and CEO Martha Sazon, Philippine Stock Exchange, Inc. Chairman Jose Pardo, PSE Director Ma. Vivian Yuchengco, PSE President and CEO Ramon Monzon, Monetary Board Member Romeo Bernardo, Finance Secretary Frederick Go, Securities and Exchange Commission Chairman Francis Ed Lim, PSE COO Atty. Roel A. Refran, and PSE Issuer Regulation Division Head Marigel M. Baniqued-Garcia.

● GCASH opened at ₱6.60 per share, implying an opening market capitalization of approximately ₱442 billion. ● Assuming full exercise of the overallotment option, the offer would raise up to approximately ₱60.9 billion, making it the largest IPO in Philippine history. Mynt, Inc. (“Mynt”), the parent company of the group behind GCash, the Philippines’ number one finance super app, today began trading on the Main Board of the Philippine Stock Exchange (“PSE”) under the ticker GCASH, marking its transition into a public company and a landmark moment for Philippine digital finance and capital markets. President Ferdinand Marcos Jr. joined Ayala Corporation Chairman, Jaime Augusto Zobel de Ayala; Ayala Corporation President and CEO, Cezar Consing; Mynt Chairman, Ernest Cu; Mynt President and CEO, Martha Sazon; PSE President and CEO, Ramon S. Monzon, and other stakeholders at the ceremonial opening bell. “Today marks a defining milestone for Mynt and the beginning of our next chapter as a public company. We have built GCash into a scaled and profitable business by solving everyday financial needs for Filipinos, and we believe the

opportunity ahead remains significant. We are grateful for the trust of our customers, partners, employees and new shareholders. Our focus now is on deepening engagement across the GCash ecosystem, investing in technology-enabled growth, and translating our scale into sustainable value creation,” said Martha Sazon, President and CEO at Mynt. The initial public offering (“IPO” or the “Offer”) comprised 8,027,409,600 Firm Shares at ₱6.60 per share, representing a gross offer size of approximately ₱53.0 billion. The Offer also includes an overallotment option of up to 1,204,111,400 secondary common shares, exercisable in whole or in part in accordance with the terms of the Offer. Assuming the overallotment option is exercised in full, the total gross offer size would increase to approximately ₱60.9 billion, which would make the Offer the largest IPO in the PSE. “Over the last 22 years, GCash has grown from an SMS transfer service into one of the Philippines’ most important digital financial platforms. Its listing demonstrates what a Philippine technology company can achieve at scale and the value we can bring to all our stakeholders. As a public company, the responsibility is to build on that position with strong governance, disciplined execution and a long-term perspective,” said Ernest Cu, Chairman of Mynt. Next page

In a 121-page decision penned by Senior Associate Justice Marvic M.V.F. Leonen, the SC en banc ruled that Congress cannot increase the total appropriations proposed by the President, whether programmed or unprogrammed. “Every peso collected in taxes and fees represents labor rendered, needs deferred, perseverance, and sacrifice endured by our people. The General Appropriations Act must honor that sacrifice,” the decision read. The Standard has reached out for comment from Malacanang and the leaders of both Houses of Congress but has not received any response as of press time. The court struck down the 2024

General Appropriations Act (GAA) after Congress added ₱449.5 billion in unprogrammed appropriations, pushing total spending beyond the President’s proposal. It likewise voided the 2025 GAA after Congress raised the Department of Public Works and Highways’ (DPWH) Special Road Fund by ₱17.99 billion, again exceeding the proposed total. Separately, the SC ruled that a ₱12.75-billion increase in certain agencies’ Special Accounts in the General Fund violated the Administrative Code, which bars Congress from raising amounts in special provisions beyond the President’s proposal. Next page

Palace won’t press China envoy to say sorry; Jing puts out black list By Charles Dantes, Maricel V. Cruz and Katrina Manubay MALACAÑANG on Tuesday said any apology from Chinese Ambassador Jing Quan over his controversial remarks about China’s ability to defeat the Philippines by force should come voluntarily, adding that the issue is better resolved through diplomatic discussions. Meanwhile, Bicol Saro Party-list Rep. Terry Ridon urged President Fer-

dinand Marcos Jr. to consider expelling lower-ranking Chinese diplomats responsible for the Chinese Embassy’s controversial social media posts, citing continued attacks against Philippine officials even after Beijing’s ambassador was summoned by the Department of Foreign Affairs (DFA). For its part, the Chinese Embassy in Manila on Tuesday pushed back against a Senate resolution concerning, saying China would react if the envoy were declared persona non grata. Next page

Atong Ang out Ex-Speaker unnamed in affidavits; of PH; best to Alcantara relates kickback scheme negotiate Bato’s surrender—Jonvic By Maricel V. Cruz

By Vince Lopez INTERIOR Secretary Jonvic Remulla said Tuesday, October 20, that fugitive gaming tycoon Charlie “Atong” Tiu Hay Ang had left the country through a backdoor exit. Meanwhile, the DILG chief further said that authorities would prefer to negotiate Senator Ronald dela Rosa’s surrender rather than risk a violent confrontation that could trigger unrest similar to the 2017 Marawi siege. In an interview on the sidelines of the Association of Southeast Asian Nations (ASEAN) Ministerial Meeting on Next page

FORMER Department of Public Works and Highways district engineer Henry Alcantara said he never named former House Speaker Ferdinand Martin Romualdez in his affidavits even as he testified before the Sandiganbayan yesterday that the alleged kickback scheme involving flood control projects was already operat-

ing before the Leyte lawmaker became House Speaker in 2022. “Engineer Alcantara, you executed many affidavits in connection to the flood control issue. In all your statements you never mentioned accused Romualdez, correct?” defense lawyer Thea Daep asked during cross-examination at the Sandiganbayan Third Division. “Yes, ma’am,” Alcantara replied during the hearing for Romualdez’s Next page

MONITORING SUPER TYPHOON ‘ROSAL’. Weather specialist Samuel F. Duran

briefs the media on Super Typhoon Rosal (Champi) during a press conference yesterday in Quezon City. Manny Palmero

PALACE DEFENDS CANLAS APPOINTMENT

OMBUDSMAN CAN MOVE WITHOUT COA, SAYS SC

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Arrest... From A1 Castro said the President was being regularly briefed by the Department of the Interior and Local Government and the Philippine Drug Enforcement Agency on developments involving illegal drug trafficking in the country. “The DILG and PDEA regularly report to the President,” she said. She added that Mr. Marcos was aware of developments involving the smuggling of illegal drugs into the Philippines and wanted such activities stopped. Asked whether the President had issued new directives in response to the reported scale of Sam Gor’s operations, Castro said the existing order was to arrest everyone found committing crimes. “The President’s order is to arrest everyone found committing crimes,” she said. Castro said the DILG, Philippine National Police, PDEA and Criminal Investigation and Detection Group were carrying out the directive.

PDEA links Sam Gor drug cartel

PDEA had linked Sam Gor to the 521-kilogram shabu seizure in Laos, raising concerns about the possible reach of international drug trafficking networks and their links to the Philippines. Sam Gor, also known as “The Company,” has been identified by Philippine drug enforcement officials as an international criminal syndicate involved in methamphetamine trafficking across the Asia-Pacific region.

Atong Ang... From A1 Transnational Crime at the Fairmont Hotel in Makati City, the Interior secretary said Ang was in Cambodia. “He is out of the country,” the Interior secretary said. “We are confident that he is in that area.” “I think he has $3 billion in cash with him all over the world, converted into cryptocurrency. That’s the hard part of crypto being invented: It’s hard to trace where he is. But with that kind of money, you can pay people off. We are not saying he is paying people off in Cambodia, but he is in this Southeast Asian region or as far as the Pacific islands. We are investigating,” he said.

Extremists could exploit Bato situation

Remulla warned that forcibly arresting Dela Rosa could be exploited by extremist groups and other organizations seeking to destabilize the country.

Gcash... From A1

The IPO attracted strong participation from leading global and domestic institutional investors, with the institutional tranche of the Offer multiple times oversubscribed during bookbuilding. Similarly, the Philippine Trading Participant tranche was also oversubscribed and recorded the highest take-up in terms of peso value. Additionally, the Offer strengthened employee alignment with 80% of the total workforce becoming Mynt owners as of the IPO date. Mynt intends to use the net IPO proceeds primarily to grow its Digital Financial Services business, which includes its CreditTech and WealthTech offerings, as it aims to deepen GCash’s role in the everyday lives of Filipino people. Underscoring Mynt’s vision of “Finance for All,” the IPO saw strong retail participation through GStocks PH, the stock trading platform offered by AB Capital Securities within the GCash app. More than 140,000 users participated via GStocks PH, generating nearly ₱1.1 billion in order value and representing one of the largest retail investor mobilizations in Philippine capital market history through a single digital platform. To ensure widespread and equitable retail access, GStocks provided entry at a minimum board lot of just 100 shares (₱660 or approximately US$10), with individual orders capped at 1,500 shares per user starting Day 3 and onward during the offer period to accommodate as many retail investors as possible. Demonstrating deep ecosystem loyalty, the majority of retail participants have been GCash users for over two years, transitioning from digital app users into shareholders.

Marcos, Takaichi gab on ASEAN By Charles Dantes

RESIDENT Ferdinand Marcos Jr. and Japanese Prime Minister Sanae Takaichi discussed preparations for the upcoming Association of Southeast Asian Nations summit and ways to strengthen bilateral cooperation during a telephone conversation yesterday. According to Malacañang, the two leaders reviewed preparations for the 49th ASEAN Summit and Related Summits in November, which will bring together Southeast Asian leaders and dialogue partners to discuss regional and international issues.

They also discussed the fourth Asia Zero Emission Community (AZEC) Leaders’ Meeting, which the Philippines and Japan are scheduled to co-chair in November, as both countries seek to advance clean energy development and

SC strikes... From A1

spending ceiling, the court ruled, applies to both. It found the 2026 provisions overly broad and lacking clear spending priorities and noted that they allowed releases even when overall government revenues had not exceeded targets. Unprogrammed appropriations, the court said, must not contain lump sums that leave the Executive to decide later which projects get funded. Congress must set clear spending priorities, distinguish programmed from unprogrammed expenditures and keep such appropriations within the national fiscal plan. New revenues should generally fund planned spending unless clear and convincing reasons justify using them for standby purposes, such as foreign-assisted projects, the court said. The SC also ruled that the Strengthening Assistance for Government Infrastructure and Social Programs (SAGIP) allocation in the 2024 and 2025 budgets was an unlawful lump-sum appropriation because it let the Executive identify projects and allocate funds after Congress had approved the budget—a power the Constitution assigns to lawmakers. The court said SAGIP had become a repository for lump-sum infrastructure funding, including for flood control projects. The item was dropped from the 2026 budget.

The court also invalidated Special Provisions 1(a) and (b) of Chapter XLIII of the 2026 GAA, which allowed unprogrammed funds to be released based on new or excess revenues even when the government had not met its overall revenue target.

Congress, Executive barred from implementing provisions

The ruling immediately and permanently bars the Senate, House of Representatives, Office of the Executive Secretary and acting Department of Budget and Management secretary from implementing the two provisions. For the 2024 and 2025 budgets, the court applied the doctrine of operative fact, which allows certain past actions under an invalid law to remain effective. The protection covers only irreversible programs whose beneficiaries acted in good faith. It does not automatically shield those who authored, proposed or implemented the invalid provisions from criminal, civil or administrative liability. Whether they acted in good faith must be determined by the proper tribunals based on the circumstances of each case, the court said. The decision resolved petitions filed by the late former congressman Edcel C. Lagman and others; former senator Aquilino “Koko” Pimentel III and others; the Filipinos for Peace, Justice and Progress Movement Inc. and others; Caloocan Rep. Edgar R. Erice and ML Party-list Rep. Leila M. de Lima.

Safeguards required

The court said unprogrammed appropriations are not unconstitutional in themselves but require clear limits to prevent unchecked spending and keep the budget within the government’s fiscal plan. Programmed appropriations cover planned expenses, while unprogrammed appropriations are standby funds released only when specified conditions are met. The constitutional

Ex-Speaker... From A1 petition for bail. The former DPWH Bulacan First District Engineering Office engineer’s affidavits had been submitted to the Senate, House of Representatives and Office of the Ombudsman. Alcantara also acknowledged that his working arrangement with then-DPWH Undersecretary Roberto Bernardo to manipulate bidding processes was already in place before Bernardo introduced him to then-Ako Bicol party-list Rep. Elizaldy Co in September 2021. Both Alcantara and Bernardo are now state witnesses with immunity from prosecution. He said the arrangements involving Bernardo and later Co predated Romualdez’s election as Speaker on July 25, 2022. During his initial meeting with Co in 2021, Alcantara had already submitted a list of projects for funding through the 2022 bicameral conference committee on the national budget. That list was separate from the DPWH project wishlist submitted for possible inclusion in the National Expenditure Program, the proposed national budget prepared by the executive branch. Alcantara said both lists had been submitted before Romualdez became Speaker. “I think it was either Alan Peter Cayetano or Allan Velasco (who was the sitting Speaker). I can’t recall when it was that the change of leadership (of the House) happened,” Alcantara told the court.

Bicam committee faulted

The ₱449.5-billion increase in the 2024 budget came from moving projects from programmed to unprogrammed appropriations and raising allocations for SAGIP and foreign-assisted projects, the court said. These changes distorted the budget and made room for larger allocations to DPWH infrastructure programs, the Department of Health’s medical assistance for indigent patients, the Department of Social Welfare and Development’s Ayuda sa Kapos ang Kita Program and the Department of Labor and Employment’s Tulong Panghanapbuhay sa Ating Disadvantaged or Displaced Workers Program. The SC stressed that the bicameral

The former DPWH official’s testimony aligned with the defense’s argument that the alleged irregularities and project-allocation arrangements were already operating before Romualdez assumed the speakership. Alcantara said he did not need Romualdez to facilitate the transactions, and his testimony offered no firsthand account of delivering money to the former Speaker or witnessing him receive kickbacks.

Alleged bid manipulation detailed

Alcantara told the justices that contracts handled by the DPWH-Bulacan First District Engineering Office were awarded to predetermined winners through arrangements made by coordinators who were ranking officials in the district office. “The coordinator of the contractors ... is the one who is talking to all the contractors. They arrange who should win the bidding,” he said, explaining that contractors coordinated in advance to determine the winning bidder. He said contractors advanced commitment fees to Bernardo or Co in exchange for project allocations. Although bidding documents showed that contractors submitted offers and went through the required procedures, prior arrangements determined the outcome. “But the scheme worked because prior arrangements were already made with contractors,” Alcantara said. Asked by the justices whether all contractors dealing with his district of-

strengthen regional energy security. AZEC is a Japan-led initiative that promotes decarbonization while supporting economic growth and energy security across Asia. During the AZEC Plus One Online Summit on April 15, Japan announced a $10 billion Partnership on Wide Energy and Resources Resilience, known as POWERR Asia, to support energy security and resilience in the region. Marcos and Takaichi both attended the online summit. The two leaders also discussed cooperation in defense and security, artificial intelligence and the Luzon

Economic Corridor, a development initiative intended to improve connectivity and promote investments in the Philippines. They likewise reaffirmed cooperation in peace consolidation efforts in the Bangsamoro Autonomous Region in Muslim Mindanao, where Japan has long supported peacebuilding and development initiatives. President Marcos and Takaichi last met bilaterally on May 28 during the Philippine president’s state visit to Japan, when the two countries elevated their relations to a Comprehensive Strategic Partnership.

conference committee, which reconciles the House and Senate versions of a bill, may amend only provisions on which the two chambers disagree. It faulted the committee for failing to document its deliberations, explain changes to budget allocations or provide supporting documents, in violation of legislative rules on transparency and accountability.

Palace... From A1

Justices differ on scope

In separate opinions, several justices agreed that unprogrammed appropriations can be constitutional with proper safeguards but differed on how far Congress may change the President’s proposed budget. Chief Justice Alexander G. Gesmundo said standby funds give the President flexibility to respond to crises but must not undermine the fiscal plan. Any increase in unprogrammed appropriations, he said, should be offset by a cut in programmed spending. Associate Justice Alfredo Benjamin S. Caguioa called for stronger safeguards and urged the court to abandon a legal doctrine allowing the bicameral conference committee to amend provisions already approved by both chambers. Associate Justice Ramon Paul L. Hernando argued that unprogrammed appropriations were unconstitutional because they lacked identified funding sources, and that additional revenues should instead be allocated through a separate appropriations law. Associate Justice Rodil V. Zalameda disagreed that Congress had unconstitutionally increased unprogrammed appropriations in the 2024 budget, arguing that the constitutional spending limit covers the government’s operating funds, not standby appropriations. Associate Justice Jhosep Y. Lopez likewise rejected the majority’s view that Congress cannot increase unprogrammed appropriations beyond the President’s proposal. Associate Justice Antonio T. Kho Jr., on the other hand, warned that unprogrammed appropriations could allow the Executive to set spending priorities after Congress had enacted the budget.

fice were involved in the conspiracy, he answered, “Yes, Your Honor.” He said coordinators also dealt with outsiders who joined bidding without knowing about the arrangement. Some were allegedly offered 1 percent of a project’s cost to withdraw from the bidding. “Each one was handled by a coordinator,” Alcantara said, adding that, to his knowledge, contractors who paid the commitments received the projects they had been promised. He described the system as running smoothly until the alleged scheme was exposed. Alcantara also admitted that he personally benefited financially from the arrangements.

Contractor advances ‘commitments’

Alcantara said contractors financed the alleged commitments through advances made before project implementation and, in some cases, before bidding or the release of government funds. He identified Co and Bernardo as his direct contacts for project funding arrangements. He said the percentage sought from contractors was initially 20 percent and later increased to between 20 and 25 percent for projects funded under the 2023 General Appropriations Act. He said a similar increase applied to transactions involving Bernardo, but no explanation was given. The witness said funding authority was released through the Department of Budget and Management and the DPWH, not the Office of the Speaker.

In a Facebook post, the Chinese embassy shared the resolution posted by Senator Risa Hontiveros’s account. “Since you don’t welcome us, we don’t welcome you, either. Fair enough,” the post read. In a separate post, the embassy also criticized several lawmakers’ statements about its recent remarks. “Put on record. You are now on the list,” the embassy said. In another development, Senator Robinhood Padilla praised Jin as “educated, gentlemanly and straightforward.” “Apology should not be forced; it should come from the heart,” Palace Press Officer Claire Castro said. Castro was reacting to calls by Philippine Coast Guard spokesman Rear Adm. Jay Tarriela for Jing to apologize over his derogatory remarks which had drawn strong objections from Philippine officials. The DFA summoned Jing on Monday to convey Manila’s “serious concern and strong objection” to his Oct. 15 statement that China could “easily win” if it chose to use force, although the ambassador also said Beijing would not resort to force and would value peace instead. Castro said Malacañang would allow Foreign Affairs Secretary Teresa Lazaro to handle the matter through diplomatic channels rather than preempt the outcome of the discussions. “Let the process take its course and allow the Chinese representative and the secretary of foreign affairs to have a constructive discussion,” Castro said. Asked whether President Ferdinand Marcos Jr. would meet separately with Jing, Castro said no details had been provided to her and that the Palace was awaiting an update from the DFA. She also declined to comment on the Chinese Embassy’s statement that reciprocal respect depended on the Philippines respecting China’s core concerns, including Taiwan and maritime disputes in the West Philippine Sea.

He also acknowledged that the former Speaker was not involved in the bidding process. Alcantara said district engineering offices submitted proposed infrastructure projects through regional offices, while the DPWH Central Office determined which projects would be included in the National Expenditure Program. He identified then-DPWH Secretary Manuel Bonoan and Undersecretary Maria Catalina Cabral as officials involved in decisions on project inclusion in the proposed national budget. Project lists submitted to Co and Bernardo were separate from the regular DPWH wish lists to avoid overlapping allocations and duplicate payments, he said. His district engineering office could approve and sign infrastructure projects worth up to ₱150 million.

Ex-Speaker denies allegations

Romualdez has denied the allegations against him, saying he would not be made a scapegoat in the flood control controversy. He said he was facing the charges “with confidence in the truth.” His lawyer, Ade Fajardo, said Romualdez was seeking the same due process and fair hearing afforded to every Filipino. “We recognize the public interest surrounding this case. But ultimately, criminal liability must be determined by the evidence presented in court, under the rules and safeguards of our justice system,” Fajardo said. The Sandiganbayan is continuing to hear Romualdez’s petition for bail. The court has yet to rule on the petition.

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Palace defends naming Canlas as PCUP chief

Zofia Canlas

By Charles Arvin Dantes MALACAÑANG on Tuesday defended President Ferdinand Marcos Jr.’s appointment of Zofia Canlas as commissioner of the Presidential Commission for the Urban Poor (PCUP), citing her experience within the agency amid questions about her qualifications, alleged lavish lifestyle and the commission’s budget. Palace Press Officer Claire Castro said Canlas had long been part of the PCUP and previously served as chief of staff to its chairperson, arguing that her familiarity with the agency’s mandate should be considered in assessing her appointment. “She has long been part of the Presidential Commission for the Urban Poor. She previously served as chief of staff to the chairperson,” Castro said during a Palace briefing. Castro said Marcos prioritizes dedication to public service regardless of a person’s social or economic background. “Whatever your status in life, whether rich or poor, if you are capable of working and serving the country, that is the president’s number one consideration,” Castro said.

DOLE, DepEd now preparing for super El Niño By Vito Barcelo and Gabriel Oliva THE Department of Labor and Employment (DOLE) said Tuesday that workers may not report for work if the heat index reaches 40 degrees Celsius, classified as “extreme caution,” as the country braces for a potentially record-breaking El Niño. Labor Secretary Francis Tolentino said the policy would be included in an upcoming labor advisory amid forecasts of prolonged drought that could last until early next year. DOLE will also recommend wearing breathable clothing and adopting flexible work arrangements to protect workers from extreme heat. The Climate Change Commission earlier warned that the heat index in urban areas, including Metro Manila, could reach 50 degrees Celsius during the Super El Niño. Meanwhile, workers in the public and private sectors may seek compensation for work-related heat injuries through the Employees’ Compensation Commission, including reimbursement for hospitalization, clinic visits and medicines, Tolentino said. The Department of Education (DepEd), meanwhile, said it was preparing guidelines to protect students, teachers and staff from the anticipated effects of a “very strong” El Niño in School Year 2026-2027.

ROLLBACK. Motorists line up at a gas station in Paco, Manila, to take advantage of a P4.30-per-liter gasoline price cut, even as diesel prices rise by P2.60 per liter. The Department of Energy attributes the adjustments to movements in global oil markets and supply changes. Norman Cruz

SC: OMB not required to wait for COA findings By Gwyneth Nolasco

HE Supreme Court (SC) ruled that the Office of the Ombudsman can conduct its own investigation of officials while the Commission on Audit (COA) conducts a separate investigation involving the same facts and transactions, saying the Ombudsman need not wait for the completion of a COA audit before investigating possible wrongdoing by public officials.

In a decision penned by Associate Justice Maria Filomena Singh, the SC En Banc found Ronelo Del Socorro and other former officials of the Provincial Government of Palawan liable for irregularities in the use of their share in the Malampaya Fund. The case stemmed from the release

of P2.572 billion from the Malampaya Fund for Palawan’s development projects, with P966 million allocated to the province for electrification, health care, education and infrastructure projects. Following a special audit by the COA, four administrative complaints were filed before the Ombudsman against provincial officials over alleged irregularities in the procurement and implementation of projects. The complaints cited inadequate publication and posting of invitations to bid, improper evaluation of bidders’ eligibility, and the awarding of contracts despite incomplete requirements. They also cited the assignment of the same personnel to multiple projects with overlapping schedules, incomplete disbursement documents, and inaccurate accomplishment reports that overstated project progress, resulting in payments to contractors. The Ombudsman found the officials liable for grave misconduct, serious dishonesty and gross neglect of duty. The Court of Appeals affirmed the ruling. The officials argued before the SC that the Ombudsman’s investigation was “premature” because the COA’s

audit findings were not yet final. They also cited a COA decision ordering a review of certain projects and an assessment of the extent of some officials’ liability. The SC upheld the Ombudsman’s findings that the officials were administratively liable. Article XI, Section 13(1) of the Constitution authorizes the Ombudsman to investigate, on its own initiative or upon complaint, acts or omissions of public officials that appear “illegal, unjust, improper, or inefficient.” The authority is also provided under the Ombudsman Act of 1989. The SC explained that the COA and the Ombudsman exercise separate and independent powers, with the COA auditing government funds and transactions and the Ombudsman investigating possible wrongdoing by public officials. While COA findings may aid the Ombudsman’s investigation, they are not binding on the latter. “The Office of the Ombudsman is not required to wait for the finality of any audit or investigation by the COA before it can investigate unlawful and improper acts of public officials on its own,” the SC stressed.

IN BRIEF DOJ provides legal aid to 900 women PDLs THE Department of Justice Action Center (DOJAC) has delivered legal assistance to more than 900 women persons deprived of liberty (PDLs) at the Correctional Institution for Women (CIW) in Mandaluyong City. During its two-day Katarungan Caravan held last week, the PDLs received assistance, including help for those who may have overstayed their sentences and those eligible to process their release. “If they have served their sentences and there is no longer any legal reason for them to remain there, let us help them regain their freedom and reunite with their families. That is their right,” Justice Undersecretary Margarita Gutierrez said. She stressed that volunteers played a crucial role in expanding the caravan’s reach and addressing the legal concerns of PDLs. Pot Chavez

PNP steps up drive against people using fake PWD IDs PHILIPPINE National Police (PNP) chief Gen. Jose Melencio Nartatez Jr. on Tuesday directed concerned police units to intensify intelligence-gathering and monitoring against the proliferation of fake identification cards for persons with disabilities (PWDs). The directive responds to concerns raised by the Department of Justice about the significant gap between the number of registered PWDs and the number of people using PWD IDs to avail themselves of benefits and privileges granted under the law. According to the DOJ, only 2.8 million individuals are registered as PWDs, while approximately 8.5 million people use PWD IDs, resulting in a discrepancy of about 5.7 million. Nartatez tasked police units, particularly the Criminal Investigation and Detection Group and the AntiCybercrime Group, with investigating the matter and identifying individuals and groups involved in the illegal production and distribution of fake PWD IDs. The directive is in line with President Ferdinand Marcos Jr.’s order to strengthen law enforcement and protect the integrity of government programs and services. Vince Lopez

QC records 221 flu-like illnesses in two weeks PLEBISCITE PREP. The printing of official ballots for the 2026 Batanes Special Election and Naga City, Camarines Sur, Plebiscite begins at the National Printing Office in Quezon City on October 20. Norman Cruz

‘US Navy did not trespass in China area’ By Rex Espiritu

FARMERS TAKE A STAND. MAGSASAKA Partylist and the Federation of Free Farmers release a joint position paper on October 20, opposing Department of Justice Opinion No. 16, Series of 2026, which they say could weaken safeguards under the Comprehensive Agrarian Reform Program by allowing private agricultural land transfers without mandatory Department of Agrarian Reform clearance. Manny Palmero

THE Armed Forces of the Philippines (AFP) rejected the Chinese People’s Liberation Army (PLA) Southern Theater Command Navy’s assertion, maintaining that the USS Charleston (LCS 18) did not trespass into Chinese territory and that lawful navigation in international waters does not require prior approval from any country. The Chinese military protested the passage of a United States Navy littoral combat ship near Escoda (Sabina) Shoal in the West Philippine Sea on Tuesday, Oct. 20, accusing the vessel of entering waters it claims as its own without permission from Beijing. AFP spokesperson for the West Philippine Sea, Navy reservist Rear Adm. Roy Vincent Trinidad, said the military

wanted to correct the narrative surrounding the vessel’s passage after the PLA accused the US ship of illegally entering waters adjacent to Escoda Shoal, which China calls Xianbin Jiao. “The USS Charleston did not trespass into ‘Chinese territory,’” Trinidad said. He stressed that freedom of navigation operations by the Philippines’ treaty ally and other like-minded nations were consistent with international law, particularly the United Nations Convention on the Law of the Sea (UNCLOS). “Freedom of navigation operations conducted by our treaty ally and other like-minded nations in international waters are fully consistent with UNCLOS, wherein all nations enjoy freedom of navigation and overflight in the high seas and exclusive economic zones,” he said.

THE Quezon City Epidemiology and Surveillance Division (QCESD) reported 221 new cases of influenzalike illnesses (ILI) from September 27 to October 10. This marked a 13-percent increase from the 195 cases recorded during the previous two-week surveillance period, from September 13 to 26. Since September 27, District 4 recorded the most cases with 61, followed by District 2 with 47. At the barangay level, UP Campus reported 21 cases, followed by Batasan Hills and Matandang Balara with 11 each, and Commonwealth with 10. A total of 14 clusters were identified across 11 barangays, with UP Campus recording the most at three. The 221 cases involved patients aged three months to 91 years. Children aged 14 and younger accounted for 54.3 percent, or 120 cases. “Everyone is encouraged to practice respiratory hygiene, stay home when sick, and seek medical attention if symptoms persist or worsen,” the QCESD said, adding that it would continue monitoring ILI trends and areas with increasing cases. Alexandra S. Demaisip

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UP prof makes it to world’s top scientists’ list By Gabriel Oliva A PROFESSOR from the University of the Philippines Diliman (UP Diliman) Institute of Chemistry (IC) made it to the World’s Top Scientists’ lists curated by the Stanford University and Elsevier. Prof. Michelle Regulacio, holder of a doctorate degree, was recognized in the Single Recent Year and CareerLong categories in the 2026 global rankings. In a statement, UP Diliman congratulated Regulacio who is also a principal investigator of IC Functional Inorganic Nanomaterials Chemistry (FINC) Laboratory. “Her team focuses in developing simple, affordable, and eco-friendly methods for producing specially designed nanomaterials for applications in catalysis, sensing, biomedicine, textile enhancement, and energy conversion,” the statement read. According to the state-run institution, this was Regulacio’s seventh consecutive year to be included in the worldwide ranking of scientists. The “World’s Top 2 Percent Scientists list” is an honor roll by the Stanford University was first launched in 2019, honoring scientists from various scientific fields all over the world including Chemistry, Biology, Physics, and Medicine among others. According to its official website, the data used to rank scientists is compiled in collaboration with Scopus and Elsevier, a Dutch academic publishing and information analytics company specializing in scientific, technical, and medical (STM) content founded in 1880.

‘Study guides exclusive for PSHS system’ By Gabriel Oliva THE Philippine Science High School (PSHS) has reminded its students, employees, and the public of the guidelines governing the use of its systemsanctioned study guides. In a statement, the PSHS said the study guides are copyrighted materials intended exclusively for current students and employees of the PSHS system. “We encourage everyone to respect intellectual property rights and help protect the integrity of the System’s learning resources,” the statement read. According to PSHS, the reminder is pursuant to Department of Science and Technology’s (DOST)-PSHS System Memorandum No. 260, series of 2026, which provides that the unauthorized uploading, distribution, reproduction, sharing with third parties, or commercial use of these materials is strictly prohibited. Under the setup, the PSHS said prohibited acts also include the unauthorized posting, sharing, renting, or selling of the guides on public websites, study hubs, social media groups, cloud drives, content-sharing repositories, and private tutors. PSHS added that the removal or alteration of identifying marks, including copyright notices, logos, and watermarks of official documents, among others, is also illegal.

KADIWA MARKET. The city government of Manila offers basic commodities ranging from footwear to handicraft to fruits and vegetables during a two-day Kadiwa ng Pangulo flea market at the Inner Court of the Manila City Hall Oct. 20-21. ManilaPIO

OFW hopefuls warned vs. illegal recruitment By Katrina Manubay

HE Philippine Embassy in Vietnam on Monday urged Filipinos to route all overseas employment plans through the Department of Migrant Workers (DMW) and avoid informal recruitment channels, including wordof-mouth and social media platforms. In an advisory, the embassy said

the advisory aims to guard prospective overseas Filipino workers against illegal recruitment and potential violations of labor contracts. “Filipinos are strongly encouraged to course all foreign employment-related plans and concerns through the Department of Migrant Workers (DMW) to ensure proper documentation and the protection of your rights overseas,” the advisory read. “Filipinos must not seek overseas employment opportunities through informal platforms, including wordof-mouth and social media, to protect against illegal recruitment,” it added. The embassy urged Filipinos to report to Philippine authorities any

information about people offering overseas employment without a DMW recruitment license. It also reminded Filipinos not to sign documents such as labor contracts or agreements on visa and work permit payments without first reading them and consulting the DMW. “Hence, all contracts should be evaluated by DWM and signed before departing from the Philippines,” the embassy said. In September, Bureau of Immigration officers at the Ninoy Aquino International Airport stopped three potential female trafficking victims who were bound for Vietnam but were found to be headed to Cambodia.

IN BRIEF Dimasalang Bridge now open to vehicular traffic THE northbound lane of the Dimasalang Bridge in Sampaloc, Manila, was reopened to traffic early Tuesday morning, ahead of All Saints Day, ending four months of rehabilitation work undertaken by the Department of Public Works and Highways (DPWH). The maintenance and repair job sought to strengthen the bridge’s structural integrity and ensured its long-term safety and durability for drivers and other road users. The project formed part of DPWH continuing efforts to maintain the safety and serviceability of major bridges across Metro Manila. DPWH Secretary Vince Dizon underscored the importance of maintaining safe and reliable public infrastructure, in line with the government’s commitment to protecting road users and ensuring the efficient movement of traffic. Vito Barcelo

Cebu’s vital watershed off-limits to vandals

PEACE PROCESS MARCHES ON. The Department of Science and Technology and the Office of the Presidential Adviser on Peace, Reconciliation and Unity turn over science and technology projects to the Moro Islamic Liberation Front’s (MILF) Camp Bilal community in Tangcal, Lanao del Norte, to promote livelihood, education, health and community development in the community. Present at the event are presidential peace adviser Senen Sarmiento, DOST Secretary Renato Solidum Jr., MILF Northwestern Mindanao Front commander Abdullah Macapaar, MILF Task Forces on Camps Transformation representative Mohaimen Usman, and Tangcal Mayor Sittie Aisah Tomawis-Adiong.

Belmonte quotes QC gains in 8th SOCA By Rio N. Araja

BOOSTING SCHOOL SECURITY. General Trias City Mayor Luis Ferrer IV leads the distribution of 41 walk-through metal detectors to elementary, high school, and senior high schools in a bid to strengthen security in the city’s places of learning. Dennis Abrina

QUEZON City Mayor Joy Belmonte has underscored her 14-point agenda that placed citizens’ welfare, inclusive economic growth, environmental sustainability, infrastructure, and transparency and good governance at the heart of the city’s development. Belmonte, in her eight State of the City Address, highlighted how the late Manuel L. Quezon›s vision is gradually being realized despite the setbacks caused by historical events and circumstances that the city had faced in the past decades. On Oct. 12, 1939, Quezon City was established through Commonwealth Act No. 502 with Quezon acting as the city’s first chief executive. Quezon was also the first Philippine Commonwealth president.

Nearly a century after Quezon envisioned a city that would welcome Filipinos from all walks of life, Quezon City continues to bring that dream to life through people-centered governance, inclusive programs, and accessible social services that prioritize the needs of every QCitizen, Belmonte said. “True to its commitment to sound fiscal management, the city maintained a debt-free status that reflects its prudent handling of public funds,” she stressed. The city government allotted P24.6 billion or nearly 54 percent of the city’s total budget (P45.5 billion) to social services, particularly to programs on social welfare, environmental services, health services, housing and education as P14.6 billion went to general services, while the economic sector got over P6.3 billion.

CEBU CITY—The Central Cebu Protected Landscape (CCPL) Office warned of “zero tolerance” for vandals even as it imposed a ban on trekking and hiking in the area. The CCPL-Protected Area Management Office (CCPL-PAMO) said it has launched a formal investigation into incidents of vandalism based on video clips showing serious damage on trees and protective gabions along the Spartan Trail leading to the watershed that feeds the Buhisan Dam. “They (violators) will be confronted with documented evidence and briefed on the legal ramifications of their actions,” monitoring and enforcement chief forester Ciselo Albiso said. Enforcement officers, with help from concerned citizens who reported the incident on the agency’s official Facebook page, are reviewing footage to trace the hikers. Minerva Newman

Hospital system marks 50 years of healthcare PERPETUAL Help Medical Center-Las Piñas (PHMC-LP) celebrated its 50th anniversary with a gala honoring five decades of healthcare services, institutional growth, and commitment to quality, while looking ahead to a future driven by innovation and excellence. Held at Cove Manila dome in Okada Manila the celebration had for its theme “Golden Threadș: Weaving a Legacy of Health” with Health Secretary Dr. Edwin Mercado as guest of honor and speaker. A major highlight of the event was PHMC’s achievement of four international ISO certifications, its commitment to continuous improvement and internationally recognized management standards. Dennis Abrina

OPINION

WEDNESDAY, OCTOBER 21, 2026

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EDITORIAL Honor Blanco Cabie

The smoke detector, not the fire IT happens every few weeks now. One power plant in the Visayas runs into trouble, and within hours, the whole region is under a red or yellow alert. Lights flicker in Cebu. Businesses in Iloilo brace for rotating brownouts. Almost immediately, the public conversation narrows down to a single question: which plant caused it this time. That question, understandable as it is, misses what is actually happening. A power grid is supposed to have a cushion, extra capacity sitting in reserve so that when any one plant goes down for repairs, the system absorbs the loss without anyone outside the control room ever noticing. Residents in Minglanilla and other towns say the Visayas essentially does not have that cushion anymore. More than 30 red alerts and close to a hundred yellow alerts have been recorded there in 2026 alone. That is not the signature of one plant’s bad luck, observers note. That is the signature of a system running with hardly any margin for error, where disruption, anywhere, becomes an island-wide event. Since 2009, electricity demand in the Visayas has grown by 165 percent. In that span, the dependable power supply built to meet that demand grew by only 130 percent. That gap, according to the region’s own grid operator, has been quietly widening for nearly two decades. It did not appear this year. It simply became impossible to ignore this year, because the cushion that used to absorb it has finally run out. Think of it like a smoke detector. When it goes off, your first instinct is to look for the fire. But sometimes the detector is just doing its job, warning you that the room has become too warm, too crowded, too close to its limits, and any small spark, anywhere, will touch it off. Blaming the detector, or blaming whichever spark happened to trigger it this particular week, does not fix the room. This matters because plants do go down for maintenance, repairs, and un-

expected mechanical issues, that is true of every power system in the world, everywhere, always. Even a plant that has just been repaired and brought back online can run into a new issue days later and needs to be taken offline again. That is not unusual. What is unusual, and what should worry the public far more, is a grid so thin on reserve capacity that a single plant’s hiccup, planned or not, is enough to plunge an entire region into alert status.

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The fire everyone should actually be worried about is the one burning slowly, for over a decade So what should the public actually be asking, after weeks of hearings and headlines? Not which plant is guilty this month. The more useful question is why the Visayas grid has so little breathing room in the first place, and what it will take, in new capacity, in faster project timelines, in serious investment, to finally build that margin back. Until that margin exists, this cycle will repeat. We join observers of the power situation in the Visayas that a plant somewhere will need maintenance, or break down unexpectedly, exactly as plants everywhere sometimes do, and the whole system will careen into another red alert. Not because that plant failed the country. But because the country never finished building a grid with enough room to fail safely. The smoke detector will keep going off. The fire everyone should actually be worried about is the one burning slowly, for over a decade, in the gap between how fast the Visayas grew and how slowly its power system was built to keep up.

SC prods Congress to pass anti-dynasty law THE Supreme Court’s landmark ruling compelling Congress to finally enact an anti-political dynasty law is a historic moment in Philippine governance. After 39 years of legislative inaction, the Court declared that Congress’ failure to pass such a law constitutes grave abuse of discretion and ordered lawmakers to act “with utmost urgency.” This decision transforms what many politicians treated as a vague aspiration into a binding constitutional command: Article II, Section 26 of the 1987 Constitution provides: “The State shall guarantee equal access to opportunities for public service, and prohibit political dynasties as may be defined by law.” For decades, Congress argued that the provision was not self-executing. The Supreme Court has now rejected that view, clarifying that the word “shall” imposes a mandatory duty, not a discretionary option. The Supreme Court passed a unanimous decision in late August, granting petitions from civic groups, retired justices, and reform advocates. It cited grave abuse of discretion on the part of Congress for a 39-year delay that was deemed a continuing violation of constitutional duty. Through a Mandamus, the Court compelled Congress to enact the law “at the earliest opportunity.” Lawmakers must define what constitutes a political dynasty, or which family relationships and offices are covered. They must decide how far the prohibition extends: siblings? cousins? in-laws? Without a clear scope, loopholes may persist. House Bill 8389 (Anti-Political Dynasty Act) was already passed by the House in June 2026, with 267 votes in favor. The Senate has its own version pending. President Ferdinand Marcos Jr. has endorsed the measure, listing it as a priority under the Legislative-Executive Development Advisory Council. Ironically, his own family is among

the most prominent political dynasties, raising questions about how far the law will go. Speaker Faustino Dy III has declared the law a congressional priority, signaling momentum for passage. What are the implications for Philippine politics if Congress finally passes an acceptable anti-dynasty bill? One is that it would broaden democratic access.

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A strong law covering extended relatives and multiple levels of government could fundamentally alter the country’s political landscape The law could open opportunities for ordinary citizens to run for office, breaking the dominance of entrenched families. Political dynasties currently control vast swathes of local government and even party-list seats. Limiting their reach could reshape electoral competition. And it would enhance our global credibility: Enacting the law would align the Philippines with international standards on conflict-of-interest and governance integrity. But there are challenges ahead. There are circumvention risks. Dynasties may use “dummy candidates” or proxy corporations to bypass restrictions. We can also expect political resistance: Many legislators themselves belong to dynastic families, raising doubts about how stringent the law will be. At any rate, the Supreme Court’s order is both a rebuke and a lifeline. For nearly four decades, Congress has

HE exchange of controversial statements between the Philippines and China is not new, but it certainly reached fever pitch in recent days. The Chinese Ambassador to the Philippines, Ambassador Jing Quan, said the Philippines should feel lucky to have China as its neighbor, because if China wanted to use force, it may easily win. This was the ambassador’s response to Defense Secretary Gilberto Teodoro Jr.’s characterization – and rightly so, if we may add – that our giant neighbor is the region’s troublemaker. Through all these, Filipino journalists have conscientiously performed their duties, reporting on every incursion and diplomatic protest, and documenting the plight of fisherfolk or military personnel whose lives and livelihood get endangered by Chinese bullying in our own waters. True to the demands of the profession, they also consistently seek the Chinese’s side on issues on which they report. But the Chinese also took the trouble to disparage Filipino journalists. A post on the embassy’s Facebook account on Saturday said

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Defense reporters pushed back as they must. There were no direct or specific mentions, but the Defense Press Corps of the Philippines pushed back as it must. “It must be difficult for a country without a free press to understand the dynamics of journalistic independence and editorial judgment exercised without state control or oversight,” the DPC

EDUCATION changes lives. We have heard that so often that it can begin to lose its weight. For a family struggling to make ends meet, though, it is very real. A college diploma can change the kind of work a young person can find, the choices available to a family, even the future they begin to imagine for the next generation. The Free Higher Education Law made that future possible for millions of Filipinos. Students who once looked at college fees and wondered whether their families could afford another semester suddenly found the doors of our state universities and colleges open to them. President Ferdinand Marcos Jr.’s signing of Republic Act No. 12325 takes that promise further. I had the privilege of serving as the principal author and sponsor of the measure in the House of Representatives, shepherding it through the chamber as Chair of the Committee on Higher and Technical Education. Throughout that work, one concern kept returning: government support must reach the student who needs it most. That calls for priority. EDCOM II found something deeply troubling. The share of Tertiary Education Subsidy grants going to students from the poorest households fell from 74.24 percent in 2018 to only 30.74 percent in 2022. Think about what that means. A program created to expand opportunity had gradually become less focused on the families carrying the greatest financial burden. RA 12325 corrects that direction by giving priority under the Tertiary Education Subsidy to students from 4Ps households, with succeeding beneficiaries determined according to household income.

Public money always reflects a choice. When resources are limited, fairness asks us to begin with those who have the least. But access also depends on how much of our education system we are willing to use. That is where partnership becomes important. A Filipino student should be able to find opportunity across the whole education system. State universities and colleges play an enormous role, and our private higher education and technical-vocational institutions also carry classrooms, faculty, laboratories, programs, and available capacity that can help more young people earn a degree or qualification.

RA 12325 recognizes that reality through Private Education Assistance for disadvantaged students taking priority programs in qualified private higher education institutions and technical-vocational institutions. That matters because students have different needs. One may live closer to a private college. Another may find the right program in a technical-vocational institution. Someone else may need a course unavailable in the nearest public university. Good education policy gives them room to move. Still, entering college is only the beginning. A student also needs the means to stay long enough to finish. That takes persistence.

Tuition is only part of what a student carries. There is transportation. Food. Books. Boarding expenses. Projects, uniforms, training costs and internships can slowly drain a family budget that was already stretched thin. RA 12325 takes those realities seriously. Support may now cover required internship and Related Learning Experience expenses for nursing and other allied health programs. On paper, that may look like a technical amendment. At home, it can mean the difference between a parent finding money for another requirement and a student being able to finish the semester on time. I know something about that feeling. I was a scholarship student myself. There were times when our financial situation affected something as basic as taking an examination on schedule. You remember experiences like that. They follow you long after graduation, because you know what it feels like to sit in a classroom while money worries are waiting just outside the door. So whenever I see figures on subsidies, reimbursements or appropriations, I also see the student behind them. Behind those figures is a young person hoping for enough support to keep going. RA 12325 gives that student a better chance. Free higher education gave millions of Filipinos the chance to begin. Priority makes that opportunity fairer. Partnership broadens where support can reach. Persistence helps a student stay the course until the work is finally done. That is the promise we now have to keep. A young Filipino who earns the chance to study should also have a fair chance to finish.

evaded its constitutional duty, often because lawmakers themselves benefit from dynastic politics. By declaring this inaction unconstitutional, the Court has forced the legislature to confront a longignored mandate. Yet the ruling is only the beginning. The real test lies in how Congress defines “political dynasty.” A weak law covering only immediate family members or limited offices would be symbolic at best.

But a strong law covering extended relatives and multiple levels of government could fundamentally alter the country’s political landscape. Ultimately, this moment is a crossroads: either the Philippines takes a decisive step toward dismantling dynastic monopolies, or it enacts a watered-down measure that preserves the status quo. The Supreme Court has done its part; now the burden rests squarely on Congress to prove that public service is not

a family inheritance but a democratic trust. The Supreme Court has made it clear that an anti-political dynasty law is no longer optional but a constitutional obligation. Whether Congress delivers a meaningful reform or a token gesture will determine if this ruling becomes a turning point in Philippine democracy or just another missed opportunity. (Email: ernhil@yahoo.com)

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Free higher education gave millions of Filipinos the chance to begin

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that “some Philippine politicians and reporters have very limited comprehension about facts. But they are good at exaggeration, taking things out of context, and creating hype.”

said. “We understand. Not all journalists are as fortunate as those who live and work in a true, albeit imperfect, democracy.” This is not the first time reporters were lectured on how to do their jobs. In June this year, a senator – who is incidentally unusually solicitous of China – chided the media for being paid hacks. The Senate media pushed back as well, saying the senator’s statement was irresponsible and was “a reckless attack on an institution widely acknowledged as essential to any functioning democracy.” This time, however, the pushback is stronger, as it is a foreign government undermining the way Filipino journalists do their work. The ambassador could count on the fact that nothing would change in the way Philippine reporters document China’s adventurism in our own waters. If at all, it would only encourage reporters to report with greater zeal on its incursions – even as they would still actively seek out the other side, in the interest of balance and fair play.

Furthering free education

Former Chief Justice Reynato S. Puno

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WORLD

WEDNESDAY, OCTOBER 21, 2026

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SoKor warns of ‘firm’ response vs. North IN BRIEF S Japan slams lack of access to newsman

TOKYO – Tokyo said Tuesday it was “extremely regrettable” that its diplomats had been unable to visit a Japanese journalist detained in Russia, despite a bilateral protocol that guarantees the right to consular access. Russia arrested the journalist from the Hokkaido Shimbun newspaper on the Far East island of Sakhalin a week ago on suspicion of espionage. Moscow has arrested several citizens of what it calls “unfriendly” countries in recent years, accusing them of working for Western intelligence services. Japan has denied the spying allegation and demanded that Russia release the man. Chief Cabinet Secretary Minoru Kihara said the protocol, which was signed between Japan and the Soviet Union and remains effective with Russia, ensures the right to consular access within “a period of no later than four days from the time of arrest or detention.” AFP

EOUL – South Korea’s military warned Tuesday of a “firm” response and resolute punishment for any further provocations by North Korea, saying it was “unacceptable” for Pyongyang to blame Seoul for escalating tensions.

North Korea has rejected claims it was behind an explosion that injured three soldiers last month inside the Demilitarized Zone (DMZ), the heavily mined buffer area that has divided the two Koreas since their 1953 armistice, and mockingly dismissed calls for an apology. Pyongyang said Monday the situation along the two countries’ shared border was “grave” and that it was considering deploying additional “tactical strike means” to the area. It also decried what it claimed were

nearly 1,000 “provocative” loudspeaker broadcasts and numerous warning shots fired by South Korean forces between Oct. 1 and 17. Seoul said Tuesday, without specifying the number of occurrences, that it had used both loudspeakers and warning shots as “legitimate defensive measures to prevent North Korean troops from crossing the MDL (Military Demarcation Line) and to drive back troops that have crossed it.” The MDL is the border within the

DMZ that separates the two countries. Jin Yong-sung, chairman of South Korea’s Joint Chiefs of Staff, accused Pyongyang of “baselessly shifting the blame for escalating military tensions onto our own military.” “It is unacceptable that North Korea yesterday characterized our legitimate operational measures as a ‘provocation,’” Jin said, according to a statement. Jin ordered the military to “respond with firm resolve” should North Korea use Seoul’s actions as a pretext for aggressive action, while the defense ministry warned they would be met with “resolute” punishment. A string of cross-border incidents has weighed on North-South ties in recent years. In 2024, North Korea sent thousands of trash-carrying balloons south, calling

Lawmaker hurt in car attack loses leg -- media

US bans use of China’s DeepSeek NEW YORK – The US government on Monday (Tuesday, Manila time) ordered its agencies to stop using artificial intelligence tools from Chinese startup DeepSeek, as the countries race for dominance in the fast-moving sector. A notice from the Department of Homeland Security announced the ban on products developed by DeepSeek -- and tools created using DeepSeek by third parties -- saying they must be removed from IT devices. The department can issue direction to civilian agencies, but not the military or intelligence services. Washington’s Department of Defense did not respond to an AFP request for comment. “DeepSeek’s models present multiple threat vectors,” said a document attached to Monday’s notice. Use of DeepSeek AI tools “may result in the transfer of sensitive data to (China) if used by US government employees or vendors,” the department warned. AFP

Taiwan Micron workers push for bigger share TAIPEI – Workers at a Micron Technology plant in Taiwan plan to strike on Thursday as they aim to pressure the US chip firm into proposing a “concrete profitsharing plan,” a labor union representing the employees said. Huge global appetite for chips used in AI data centers has sent revenues soaring for firms that design, produce and assemble them but as their earnings skyrocket, workers are demanding a bigger cut of profits. Monday’s announcement came as Micron held talks over remuneration with two unions representing 12,000 of the 15,000 workers at its Taoyuan and Taichung plants. The union representing hundreds of workers in Taoyuan said Thursday’s strike would coincide with mediation talks with the company. It did not specify how long the strike could last. AFP

them retaliation for anti-Pyongyang balloons launched by South Korean activists. The South later resumed border loudspeaker broadcasts for the first time in six years, including K-pop and international news, while the North began transmitting strange, eerie sounds across the frontier, unsettling South Korean residents. “What North Korea fears is not so much the warning shots used to drive their troops back, but Seoul’s loudspeaker broadcasts and the distribution of antiNorth Korea leaflets,” Hong Sung-pyo, senior researcher at the Korea Institute for Military Affairs, told AFP. “They are very sensitive to such measures because they could expose information that the regime has sought to conceal -- the realities of South and North Korea.” AFP

TENSE BORDER. Visitors use binoculars to look at the North Korean side of the Demilitarized Zone dividing the two Koreas, from a South Korean observatory in the border city of Paju on Tuesday. South Korea’s military warned of a ‘firm’ response and resolute punishment for any further provocations by North Korea, saying it was ‘unacceptable’ for Pyongyang to blame Seoul for escalating tensions. AFP

France pledges new curfews after weekend unrest PARIS – France will impose new curfews where needed on Tuesday, Prime Minister Sebastien Lecornu said, as authorities sought to restore order after weekend demonstrations degenerated into riots. The eurozone’s second-largest economy was rocked on Saturday by some of its worst street violence in recent years, just six months before the country elects a successor to President Emmanuel Macron. Images of clashes and public buildings set on fire or vandalised circulated around the world, prompting several countries, including the United States, China and Germany, to issue travel advisories for their citizens in France.

Accused of failing to anticipate and contain the street violence, the government has pledged to restore order, and had announced partial curfews in Paris and some other cities on Monday. The targeted measures had “helped keep the night calm,” Lecornu said. Macron, currently on a Gulf tour aimed at securing oil and diesel supplies in an effort to bring down prices, has acknowledged shortcomings in the handling of the protests. The presidency said Macron had secured the delivery of an additional 200,000 tonnes of diesel per month from the United Arab Emirates and Bahrain during the tour. Lecornu said that new curfews would be

decided “where the situation requires it.” “Targeted curfews have contributed to calm overnight,” he wrote on X. The government scheduled another series of emergency meetings on Tuesday, including talks involving representatives of major social media platforms. Under pressure, Lecornu will convene political parties for a meeting on Thursday, a member of his team said. He will also meet with trade unions on Wednesday. The government has come under criticism from parties across the political spectrum, with far-right presidential candidate Marine Le Pen describing the unrest as a “wake-up call” that exposed a “profound crisis” of authority. AFP

WANGGARATTA, Australia – Australian lawmaker Helen Haines has lost a leg after being struck by a car in a deliberate attack, local media said Tuesday. Political violence is rare in Australia, but law enforcement have documented a steady rise in threats and abuse directed towards the nation’s elected officials in recent years. Prime Minister Albanese said the attack was a “test of our character” and led an outpouring of support for Haines, widely praised for her efforts to increase transparency in politics and crack down on corruption. She was hit by a Toyota Land Cruiser outside her office in the town of Wangaratta, just over 200 kilometres (124 miles) northeast of Melbourne, at around 3:35 pm (0435 GMT) on Monday. Witnesses told national broadcaster ABC they heard a bang and saw a woman pinned between two cars. She was getting things from the trunk of her car when the attack happened, Albanese said. The driver did a U-turn to get back to her after passing, he added. “It’s clear this was a deliberate act,” he said. The 65-year-old was critically injured. She underwent surgery overnight at the Alfred hospital in Melbourne. National broadcaster ABC and the Sydney Morning Herald reported she had lost a leg. “Helen remains in hospital in a critical condition. I spoke with her husband Phil last night, and she underwent surgery last night,” Albanese told Australian breakfast show Sunrise. “All Australians’ thoughts are with the family, with her many friends, with her community,” he added. The 43-year-old male driver of the vehicle was restrained by local barber Ricky Jefferies -- now widely hailed as a “hero”. AFP

Alberta separatists lose vote on leaving Canada

FOREIGN INFLUENCE? A sign in support of separatism sits in front of the Parlour in downtown Edmonton, Alberta, on Monday. Alberta voted to determine if it wants to pursue a binding referendum on leaving Canada, with Prime Minister Mark Carney warning a separatist win would bring dangerous uncertainty during a trade war with the United States. Polls indicate less than a quarter of people in the western Canadian province support independence. AFP

EDMONTON, Canada – Canada’s province of Alberta rejected a plan to hold a binding independence referendum, results showed Tuesday, a setback for separatists backed by allies of US President Donald Trump. Public broadcaster CBC and leading private network CTV projected a comfortable victory for the federalist side, with official results showing more than 76 percent support for national unity with more than a third of ballots counted. Prime Minister Mark Carney argued the vote had been held “at the worst possible time,” citing the need for national stability as Trump wages a trade war and levels annexation threats. A sombre mood took over the restaurant in the provincial capital Edmonton where a leading separatist group watched

Kyiv claims US missile holdup as Trump floats summit KYIV – Ukrainian President Volodymyr ZelenskYy accused the United States on Monday of deliberately delaying the delivery of interceptor missiles to his country, as tensions between Kyiv and Washington escalated over military aid and intelligence sharing. Kyiv said it had no early warning of powerful Russian missile strikes, echoing similar claims made last week. Speaking to US senators on Monday, Zelenskyy said “the Pentagon is delaying the delivery of missiles” already paid for by European countries and that the shipment was waiting for US Defense Secretary Pete Hegseth’s signature.

He also said several European countries were ready to transfer Patriot interceptor missiles from their own stockpiles but were still awaiting US approval. “The missiles are ready, and they could already be in Ukraine,” Zelenskyy said. “But unfortunately, there is still no approval.” The United States has denied making any changes to intelligence-sharing with Ukraine. Trump has also denied ordering a reduction in speeds on the US government-owned and -controlled Starshield network after Elon Musk, whose company SpaceX developed it,

said the order could only have come from the White House. Relations have been strained between the two capitals since Trump partially lifted sanctions to strike a diesel-supply deal with Vladimir Putin and slammed Zelenskyy as a warmonger for Ukrainian attacks on Russian oil refineries. On Monday, Trump defended the diesel deal while once more slamming Zelenskyy. “Zelensky doesn’t know what he’s talking about,” Trump said. “To be honest, I think it’s time for somebody else to negotiate on behalf of Ukraine.” AFP

the returns. Jeffrey Rath, a top leader of the separatist Alberta Prosperity Project, told reporters his push for an independent Alberta will “absolutely” continue, despite the result from Monday’s vote. “We’ve learned a lot of lessons from this fight,” he said. Separatist supporter Jour Dain said he was “disappointed in (his) fellow Albertans.” “Honestly, if this continues down this path of remaining in Canada, I’m just going to move,” the 40-year-old said, expressing a desire to live in the United States. At the federalist election night party in Edmonton before the results were announced, a band warmed up ahead of an anticipated positive result.

“It was amazing to see the enthusiasm and resolve among Canadians,” said Thomas Lukaszuk, who heads Forever Canadian, the group that campaigned across the province for national unity. Alberta Premier Danielle Smith, a conservative, said she voted against independence but called the referendum to settle an issue that has divided the province. She has said a win for the federalists would close the secession question. Alberta has the world’s fourth-largest proven oil reserves, and much of the separatist momentum has been driven by anger over oil industry management. Smith has blamed Carney’s predecessor Justin Trudeau for igniting the separatist fire, accusing him of trying to crush oil production to advance his proclimate agenda. AFP

STRAINED RELATIONS. An

inspector takes a picture in the Chalet Ice Arena, which has been damaged in a Russian ballistic missile attack in Kyiv on Monday, amid the Russian invasion in Ukraine. The Shalet Arena hosted matches of the Ukrainian ice hockey championship, as well as amateur and children’s competitions. Young ice hockey players and figure skaters train here, including pupils of sports schools. AFP

SPORTS

WEDNESDAY, OCTOBER 21, 2026

Yulo questions AI judging, eyes stronger finish in World Championship

Carlos Yulo in the 2026 FIG Artistic Gymnastics World Championships Gymnastics Association of the Philippines

Parica Cup offers top purse of P1M JOSE ‘Amang’ Parica, who opened the doors of the international pool circuit to Filipinos, is in town trying to put up a lucrative billiards tournament bearing his name. Now based in Los Angeles, where he runs his own home care, the 77-year-old Filipino legend has penciled the inaugural Amang Parica Cup in February in Manila. Parica, winner of a hundred titles since he turned pro in 1974, said he’s been in touch with three private individuals who will help him put up the tournament, including the prize money. “Nag-aagawan pa nga sila,” said Parica during Tuesday’s Philippine Sportswriters Association Forum at the Philippine Sports Commission media room.

Pool legend Jose ‘Amang’ Parica

By Jeremiah Sevilla

ARLOS Yulo admitted disappointment with his vault performance in the qualification round but vowed to learn from the experience as he prepares to defend his title in the 2026 FIG Artistic Gymnastics World Championships in Rotterdam, Netherlands. The reigning Olympic and world vault champion finished sixth with 14.266 points in the men’s qualification last Sunday despite believing he executed a stellar performance in both attempts. Yulo performed the difficult Ri Se-Gwang vault, a double front with a half turn in a pike position, but was awarded a difficulty score of 5.2 for the

tucked version of the Dragulescu vault instead of the 5.6 he expected. “The vault was a bit of mixed emotions for me. It’s disappointing ‘cause I’ve been working on it really, really hard, trying to adjust everything… In my opinion, I did really well on both (attempts). I don’t know what the problem is,” Yulo told Inside Gymnastics.

Yulo also questioned the AI-assisted judging in the World Championships, although he acknowledged that the experience could help him improve ahead of the final. “It’s AI. I’m not a robot. I think we’re human beings in my eyes and in my opinion. I think also everyone of us are maybe a bit disappointed about it,” he said. “But things happen, so it’s also a learning (experience) for me to make it better and like to be nondeductible. I need to work on that also.” In the floor exercise, the 26-yearold dynamo showed his medal-winning form, where he placed second in the qualification with 14.500 points behind Russia’s Arsenii Dukhno with 14.700 points.

Yulo said he was still getting comfortable with his routine, particularly his second pass, a double twist to double front. “I’m just feeling the vibes of the competition and feeling the floor and my nerves,” he said. The Filipino gymnastics star will compete in the floor exercise final on Saturday, October 24, before returning to action in the vault final the following day. Yulo is expected to increase his difficulty level in the finals as he aims to defend the vault crown he captured last year in Jakarta and snare a second floor exercise gold since his first triumph in 2019 in Stuttgart. “I think I’m good to go in the finals. I’m gonna leave everything there,” he emphasized.

Harrow, Centino share MVP honors in Palawan netfest LIAM Harrow sustained his dominance in the boys’ 12-and-under division, routing Shaun Navidad in the finals to share MVP honors with 14-and-U champion Prince Centino in the Governor’s Cup Juniors Age Group Tennis Championships at the Dao courts in Pagadian City, Zamboanga del Sur over the weekend. Harrow set the pace with a pair of shutout victories over Karrlozz Cortes and Michael Dinglasa before surviving a stern semifinal test from Francis Dadan, 7-6(1), 6-3. The rising Manila Polo Club standout then shifted into high gear, blasting Navidad, 6-1, 6-2, to clinch another crown and cap a commanding campaign. Harrow also saw action in the 14-and-U division but fell short of a double-title bid, absorbing a 3-6, 3-6 semifinal loss to Sherwin Gom-Os, who, however, ran into a solid Centino in the finals, dropping a 1-6, 1-6 decision to the top seed. Centino’s dominant march to the 14-and-U title, during which he surren-

Liam Harrow (second from right) and Prince Centino (right) hold their shared MVP trophy, alongside girls’ division top player Zaia Gumbao (left) and Pagadian City Sports head Alfred Cimafranca.

dered just three games in four matches, earned him a share of the MVP honors with Harrow in the Group 2 tournament held in honor of Zamboanga del Sur Gov. Divina Grace Yu and Vice Gov. Roy Ariosa. Zaia Gumbao likewise stamped her class in the girls’ division, capturing two titles in contrasting fashion. The Sultan Kudarat standout outlasted Aizelle Libonfacil, 7-5, 6-3, to rule the 14-and-U class before overwhelming Princess Hilot, 6-2, 6-1, for the 16-and-U crown in the Group 2 tournament was staged under the Palawan Pawnshop talent-search program initiated by president and CEO Bobby Castro. Hilot bounced back in the 18-andU division, upsetting top seed Cloe Busig, 6-2, 4-6, 6-4, while Libonfacil likewise redeemed herself by sweeping Grace Labadisos, 6-1, 6-1, for the 12-and-U title in the event sanctioned by Philta and Universal Tennis and supported by Dunlop, ICON Golf & Sports and the Palawan Group of Companies.

Manotoc, Hirotaka break through with 66s to share lead DAVAO CITY – Gab Manotoc finally delivered the kind of opening-round performance that could propel him into the Philippine Golf Tour spotlight, firing a bogey-free six-under 66 Tuesday to catch Japan’s Kashihara Hirotaka at the top in the ICTSI South Pacific Classic at the South Pacific Golf Club here. Long seeking to establish his own identity on the circuit while stepping out of the shadow of his illustrious father, Tommy Manotoc, Gab produced a timely surge on the front nine, rattling off five birdies to turn a modest start into a course-recordtying round. Hirotaka, meanwhile, capitalized on virtually windless conditions during his early start, catching fire on the front nine before negotiating a few rough patches on the way home to reach six-under first. Manotoc faced tougher conditions in the afternoon heat but stayed composed, finishing without a bogey to match the Japanese veteran’s output. The pair’s opening-round scores equaled the course record from the gold tees, previously set by Rico Depilo, Tony Lascuña and Clyde Mondilla in earlier PGT tournaments. Amateur Chris Remata holds the outright benchmark with a 64 in last year’s Mindanao Amateur Open. Manotoc credited his disciplined play and improved

putting surfaces for helping him capitalize on his scoring opportunities. “My game was pretty good today. I had no bogeys and six birdies. I left myself in good positions on the greens and trusted my lines,” said Manotoc, whose best finish in four years on the PGT is a tie for fifth at Valley Golf in 2023. “The greens have improved compared with previous years. It’s not necessarily easier, but there are more makeable pars, and I was fortunate to find good spots and hole some putts,” he added. The 28-year-old has been consistent enough to make the cut in all eight of his previous starts this season, but a tie for 12th in Negros Occidental remained his best result entering the ninth leg of the circuit. He also finished runner-up to Angelo Que in a playoff in a separate professional tournament at Pradera Verde. Despite his strong start, Manotoc was reluctant to make predictions about his chances, preferring to keep his attention on his game rather than the leaderboard. “I’m not really expecting anything. I’ll just keep doing what I’m doing,” he said. “I’ve been hitting it pretty decently. I felt my putter was a little cold last week at Pueblo de Oro, although I actually played well.” Manotoc said he had to remain patient early in the round before finding his rhythm on the greens.

Gab Manotoc Manny Marcelo

“Malakihan ang premyo. We are looking at P1 million for first prize. Open sa lahat,” said Parica, who has the great distinction of winning a raceto-11 contest from the opening break – without missing a single shot. Parica scored the unmatched feat in the 1997 Legends of 9-Ball tournament backed by the Pro Billiards Tour, where he met Efren “Bata” Reyes in the finals and defeated the Filipino star. “Efren is a good friend,” said Parica, a household name in the 1980s. He competed in the 1987 SEA Games in Jakarta and won the silver. The following year, he was crowned world 9-ball champion.

Rays turn back Guardians to reach MLB World Series MIAMI—The Tampa Bay Rays defeated the Cleveland Guardians 7-3 to reach baseball’s World Series for the third time on Monday. Junior Caminero and Yandy Diaz both crushed decisive two-run home runs and starting pitcher Freddy Peralta delivered a gem to send the Rays into a Fall Classic showdown with the Milwaukee Brewers. Tampa Bay’s victory means Major League Baseball will have a new champion this season: neither the Rays or the Brewers have ever won a World Series. Tampa Bay lost in the Fall Classic in 2008 and 2020, while the Brewers were beaten in their only previous appearance in the 1982 World Series.

Junior Caminero AFP

Milwaukee will head into the World Series as top seeds and favorites after sweeping the defending champion Los Angeles Dodgers in the National League Championship Series last week. But Tampa Bay advance brimming with confidence after recovering from a 2-1 deficit to complete a 4-2 American League Championship Series victory at Tropicana Field in Florida. Richie Palacios had driven Tampa Bay into the lead in the bottom of the second inning, with a two-out, two-strike double that brought home Chandler Simpson and Victor Mesa Jr for a 2-0 lead. Tampa Bay tacked on another run in the third inning when Caminero scored after Jonny DeLuca’s sacrifice fly to left field. Peralta, who gave up one run across five and one-third innings, continued to cruise but Cleveland finally broke through in the sixth inning with Nathaniel Lowe’s single allowing Chase DeLauter to score to the deficit to 3-1. AFP

SPORTS

WEDNESDAY, OCTOBER 21, 2026

RIERA U. MALLARI, Editor RANDY M. CALUAG, Asst. Editor

Ariel Joseph Alegarbes swims his way to the Philippines’ 2nd gold medal in the AichiNagoya 2026 Asian Para Games. PSC-PPC Media

Eala battles world no. 13 Schnaider for quarterfinal slot FILIPINA tennis ace Alexandra “Alex” Eala faces a stern challenge as she takes on Russia’s Diana Shnaider for a quarterfinal spot in the Ningbo Open 2026 at the Yinzhou Tennis Center in China. World No. 20 Eala squares off with No. 13 and sixth seed Shnaider for the first time on the WTA Tour in their second-round clash tentatively scheduled for Wednesday. Eala advanced to the Round of 16 after snapping out of her slump in the Asian hard-court season with a decisive 6-3, 6-1 victory over France’s Diane Parry on Monday night. Looking sharper on the court, the 21-year-old Filipina committed just nine unforced errors while capitalizing on Parry’s 24 miscues to seize her maiden win in the Asian swing and her first victory since reaching the third round of the US Open last month. The victory ended Eala’s string of disappointing results, which included early exits in the WTA 500 Singapore Open and WTA 1000 Wuhan Open, as well as a semifinal defeat in the 20th Asian Games. Shnaider, meanwhile, arranged her meeting with fellow left-hander Eala after surviving a tough encounter against No. 66 Yulia Putintseva of Kazakhstan, 7-5, 7-6(4), on Tuesday. The 22-year-old Russian is fresh from a strong showing in the Wuhan Open, where she pulled off a stunning sweep over No. 7 Karolina Muchova of Czech Republic to reach the quarterfinal. Shnaider has won five singles and three doubles titles on the Tour. She also bagged a silver medal in women’s doubles alongside Mirra Andreeva in the 2024 Paris Olympics. Jeremiah Sevilla

Letran whips Benilde, nails 6th triumph LETRAN overpowered the College of St. Benilde, 83-72, in the NCAA Season 102 men’s basketball tournament at San Juan Arena on Tuesday. The Knights’ 6-3 record momentarily tops Group B with Arellano creeping closely behind at 5-3. “I’m happy, but not satisfied,” coach Allen Ricardo admitted. “Sabi ko sa kanila this week, para dumali ‘yong basketball natin, we have to start in our defense and everything else will be easy from there. Ito yung resulta.” The Knights used a hot start to pummel the Blazers early, ending the opening salvo with a 24-13 lead. Benilde got to within 10 early in the third quarter, 48-38, before Letran unloaded a 12-4 rally capped off by an and-one play from Denzil Walker at the 2:47 mark to give the Knights a 60-42 lead. Letran entered the payoff period with a 67-48 advantage, a lead the Blazers never got to chop down in the final frame. Walker did a little bit of everything for the Knights with 21 points, seven rebounds, four assists and two steals. Justin Cargo and Aaron Buensalida had 13 a piece in the win while Kevin Santos scored 10 in the win. The Blazers tripped to 6-3 in Group A but not without Jhommel Ancheta and SJ Moore dropping 12 markers each in the defeat. Justine Sanches struggled mightily in the loss with six measly points on a 2-for7 shooting clip.

Denzil Walker

Alegarbes wins by a whisker, nd delivers 2 gold for Team PH By Randy M. Caluag

AGOYA—Ariel Joseph Alegarbes delivered the Philippines’ second gold medal at the Aichi-Nagoya 2026 Asian Para Games, winning a thrilling men’s 100-meter backstroke S14 final on Tuesday at the Rainbow Pool of the Nagoya City General Gymnasium.

Ariel Joseph Alegarbes

Makhulbekov in the men’s singles Class 8 table tennis quarterfinals. Redulla bowed out, 8-11, 13-11, 11-7, 11-13, 8-11, after letting a match point slip away in the fourth set. The 25-year-old from Mati City, Davao Oriental, led two sets to one and held an 11-10 advantage in the fourth, putting him on the brink of a semifinal berth and an assured medal. But a service error opened the door for Makhulbekov, who won three straight points to force a deciding set. Errors continued to trouble Redulla as he fell behind, 1-7, in the fifth. He battled back to 8-10, but the world No. 43 claimed the next point to end the Filipino’s podium bid. “Feeling ko nu’ng fourth set para sa akin na sana ’yon kung hindi ako nagerror sa serve. Mas consistent sa akin ‘yung kalaban kasi ‘yung error na ’yon hindi nangyayari sa akin sa training,” Redulla said.

The 22-year-old Victorias City, Negros Occidental native clocked 1:01.56 to edge South Korea’s Sungho Kang by just five hundredths of a second. Kang settled for silver in 1:01.61, while Thailand’s Natirat Meeprom claimed bronze in 1:02.08. Alegarbes entered the final with the second-fastest time in the morning heats before beating a field that included top qualifier Meeprom. His victory followed Ernie Gawilan’s triumph in the men’s 400-meter freestyle S7 on Monday, giving the

Philippines two gold medals and a bronze, all from swimming, to stand 14th overall in the medal tally. Raemond Adefuin accounted for the bronze, making his Asian Para Games debut a memorable one with a podium finish in the men’s 100-meter breaststroke SB6. Adefuin clocked 1:30.76 in Monday’s final, edging China’s Wang Jingang by 0.32 seconds for the last podium spot. China’s Yang Hong took gold in 1:20.23, while compatriot Guo Jincheng secured silver in 1:24.92.

NAGOYA—Before Ernie Gawilan won the Philippines’ first gold medal at the Aichi-Nagoya 2026 Asian Para Games, he had already pictured where it would go—around the neck of his eight-month-old daughter Eliana. On Monday, the veteran swimmer turned that wish into reality, overcoming an early challenge from China’s Zhang Yilong to capture his third consecutive men’s 400-meter freestyle S7 crown at the Nagoya City General Gymnasium. The 35-year-old Davao City native clocked four minutes and 56.72 seconds, finishing 4.64 seconds ahead of Zhang, who settled for silver in 5:01.36. Singapore’s Toh Wei Soong took bronze in 5:24.23. “Pag-uwi ko, isasabit ko talaga sa kanya ito,” Gawilan said, looking forward to sharing his victory with his daughter. The medal also carries special meaning for his wife, Ilonah Jane, as the couple will celebrate their first wedding anniversary on Oct. 28. Gawilan had to dig deep to keep his title. Zhang led through the opening 200 meters before the Filipino took control and pushed through an

Gawilan’s golden gift for baby daughter

Wang finished fourth in 1:31.08. Adefuin also placed sixth in the men’s 200-meter individual medley SM6 in 3:08.53. At Sky Hall Toyota, Wilfred Redulla came within a point of a guaranteed bronze before suffering a heartbreaking five-set defeat to Kazakhstan’s Ali

Asian Paralympic Committee president H.E. Majid Rashed (seated) and Philippine Paralympic Committee president Mike Barredo (left, wearing sunglasses) congratulate Ernie Gawilan following his gold-medal triumph in the men’s 400-meter freestyle S7 at the AichiNagoya 2026 Asian Para Games. Joining them are coaches Tony Ong and Bryan Ong. PPC

exhausting finish. “Kaya pumikit na ako sa last 10 meters nung nakita ko siya sa likod ko,” Gawilan said. The victory extended his reign in the event following triumphs in Jakarta in 2018 and Hangzhou in 2023. It was his fifth Asian Para Games gold overall, adding to the three he won in Jakarta and one in Hangzhou. National para swimming coach Tony Ong said Gawilan’s winning time also secured his qualification for the 2028 Los Angeles Paralympics. Philippine Paralympic Committee president Mike Barredo hailed Gawilan’s achievement, expressing hope that it would spark more medalwinning performances from the national delegation. “We are proud of Ernie’s feat. He has shown what a Filipino fighting heart is truly all about. It was the Philippines’ first gold in the Games, and we’re hoping it would inspire more athletes to excel and go for more medals,” Barredo said.

Avaricio grabs 1-shot lead with 68, braces for Alcantara charge DAVAO CITY—Chanelle Avaricio turned in a bogey-free four-under 68 to seize a one-stroke lead over a surging Rev Alcantara in the opening round of the ICTSI South Pacific Classic on Tuesday, setting the stage for a potentially explosive second-round battle at the South Pacific Golf Club here. Avaricio looked in complete control with a steady all-around game, then broke away from a crowded leaderboard with clutch birdies on Nos. 11 and 12. Her flawless round put her in prime position to chase a third Ladies Philippine Golf Tour victory this season, but Alcantara’s spectacular finish ensured that the race was far from settled. After keeping pace with Martina Miñoza through the early stages, Avaricio pulled clear with consecutive birdies to move to four-under and establish the early advantage. She carried the momentum of her recent triumph at Summit Point, where she edged Yvon Bisera by one stroke last month, into a campaign that could yet yield an even bigger prize. The multi-titled campaigner had earlier conquered the demanding Pinewoods leg before competing on the China Tour, which forced her to skip last week’s tournament at Pueblo de Oro. Her

Chanelle Avaricio Manny Marcelo

commanding start on her return underscored both her readiness and her determination to strengthen her bid for the Order of Merit crown. Currently fifth in the season-long standings, Avaricio remains within striking distance with

two legs left, including this week’s stop. But with the race for the coveted title tightening, she needs a strong finish – potentially a sweep of the remaining tournaments – to mount a serious challenge for the season’s top honor. Standing in her way is an equally determined Alcantara, who turned a shaky start into a statement round with a blistering back-nine charge. After making the turn at 38, Alcantara caught fire with five birdies over her final nine holes to card a 69, putting herself firmly in contention for what would be a breakthrough moment in her recent campaign. Pamela Mariano opened with a 70, while Miñoza slipped out of the immediate chase after closing with consecutive bogeys from No. 8 for a 71. Bisera, who captured her maiden LPGT victory at this very course in 2023, carded four birdies but gave back an equal number of strokes to settle for a 72 alongside Tiffany Lee, who arrived with confidence after beating Bisera by two shots at Pueblo de Oro to end a two-year title drought. Kayla Nocum also dropped a late stroke to miss a share of fourth, joining Bisera and Lee in the tie at fifth.

BUSINESS

9-month auto sales fell 10.2% By Othel V. Campos

HILIPPINE automotive sales fell 10.2 percent to 307,060 units in the first nine months of 2026 from 341,753 units a year ago as growth in electrified vehicles failed to offset weaker demand for conventional passenger cars and commercial vehicles. The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association Inc. (TMA) reported combined September sales of 35,722 units, up 20.6 percent from 29,612 units in August, but down 5.8 percent from 37,915 units a year ago. Including estimated sales from brands outside CAMPI-TMA membership, total industry sales exceeded 40,240 units in September, up 17 percent from the previous month and the year’s third-highest monthly total. CAMPI president Jose Maria

Atienza said the September rebound pointed to a recovery in market activity after weather-related disruptions in August. “Sales of ICE vehicles posted a strong 19 percent rebound in September, while xEV sales also recorded a solid 14 percent increase. This continued growth across both segments reflects healthy consumer demand and reinforces our confidence in the market,” he said. “Based on annual sales trends heading into the final months of the year, we believe the industry is well-posi-

tioned to sustain its momentum and deliver a strong overall performance in 2026,” he said. Despite the overall contraction, sales of electrified vehicles, which include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs), rose 163 percent to 54,372 units in JanuarySeptember from 20,676 units a year ago. Their share of total vehicle sales increased to 17.71 percent from 6.05 percent. BEV sales surged 337.7 percent to 16,006 units from 3,657 units, while PHEV sales climbed to 10,672 units from 670 units. HEV sales rose 69.4 percent to 27,694 units from 16,349 units. September xEV sales reached 8,959 units, up 26.7 percent from 7,073 units in August and 300.5 percent from 2,237 units a year earlier. Passenger car sales declined 9.3 percent to 62,829 units in the first nine months, while commercial vehicle sales dropped 10.9 percent to 244,231 units.

307,060 units PH gets $1.5-b Vehicles sold in 9 ADB loan to months of 2026 cushion oil 341,753 crisis impact Vehicles sold in 9 months of 2025

54,372 Electrified vehicle sales in 2026

DOE sees surging power demand in 2027 amid El Nino By Alena Mae S. Flores THE Department of Energy (DOE) expects peak power demand to climb to 22,231 megawatts (MW) in 2027 as a prolonged super El Niño pushes temperatures higher, but it does not foresee power shortages. “Nonetheless, we do not foresee power shortages. Hydropower capacity may drop by 60 percent, which is already factored in, but our simulations show that solar generation efficiency will remain unaffected,” DOE Undersecretary Mario Marasigan said. Next year, peak demand is projected to reach 15,928 MW in Luzon, 3,094 MW in the Visayas and 3,209 MW in Mindanao, according to DOE data. The department activated the Task Force on Energy Resiliency to prepare for the extended dry spell, Marasigan said. Marasigan said supply tightness remains a concern in the Visayas grid. “The situation in the Visayas will dictate maximum power imports from both Luzon and Mindanao. If El Niño impacts all regions or concentrates in Luzon, the Visayas will face challenges,” he said. He said more than 250 MW from battery energy storage projects in the Visayas will help absorb the demand surge. Marasigan expects March to be the most critical month for El Niño impacts, similar to conditions in 2024. The DOE expects 4,758 MW in committed energy projects to come online next year to meet the anticipated growth in demand. For the fourth quarter of 2026, the agency forecasts peak demand of 12,842 MW to 15,032 MW in Luzon, 2,558 MW to 3,000 MW in the Visayas and 2,593 MW to 2,975 MW in Mindanao. Firm committed projects that are at least 90-percent complete for 2026, totaling 2,711 MW, will help address load growth for the rest of the year, the department said.

WEDNESDAY, OCTOBER 21, 2026 extrastory2000@gmail.com RODERICK T. DELA CRUZ, Editor ALENA MAE S. FLORES, Asst. Editor

CATTLE IMPORTS. The National Dairy Authority (NDA) resumes importing dairy cattle to expand the country’s animal

inventory and boost milk production. The animals are expected to contribute 5.9 million liters of milk in 2027. The herd, currently at 1,419 head, is projected to grow to 2,527, including offspring.

By Thony Rose Lesaca THE Philippines signed a 236.64-billion-yen ($1.5 billion) financing agreement with the Asian Development Bank (ADB) to help cushion the impact of the Middle East conflict on Filipinos, the Department of Finance (DOF) said Tuesday. Finance Secretary Frederick Go signed the agreement for the Assistance for Greater Resilience and Alleviation of Poverty (AGAPAY), which provides budgetary support for the government’s response to economic shocks and oil supply disruptions arising from the conflict. The financing will fund the Unified Package for Livelihoods, Industry, Food and Transport (UPLIFT) program. The program covers measures to ensure enough fuel and electricity supply, keep public and commercial transport fares reasonable, provide targeted financial assistance to vulnerable groups and support the repatriation and reintegration of overseas Filipino workers (OFWs) affected by the conflict. “AGAPAY will help the government sustain its response to the economic impact of the Middle East crisis and fund measures that support vulnerable sectors, protect livelihoods, and help Filipino families cope with these challenges,” Go said. The DOF said the measures aim to ease pressure on household budgets, sustain livelihoods and protect vulnerable Filipinos from global economic disruptions. The ADB financing forms part of the Marcos administration’s external financing program for 2026, which helps ensure resources are available for priority interventions and supports the country’s economic resilience, the agency said.

Mynt, GCash parent, raises P60.9b in largest IPO, ends flat on PSE debut By Jenniffer B. Austria, Charles Dantes and Darwin G. Amojelar MYNT Inc., the parent company of e-wallet operator GCash, listed on the Philippine Stock Exchange (PSE) on Tuesday after raising about P60.9 billion in the country’s largest initial public offering (IPO), and its stock closed unchanged from the offer price on its first trading day. The shares closed at P6.60 after opening at P6.63 and reaching an intraday high of P6.76. Mynt had a market capitalization of P441.5 billion, or about $7 billion, at its debut, making it the seventh-largest domestic company on the PSE based on the previous day’s closing prices, PSE president and chief executive Ramon Monzon said. President Ferdinand Marcos Jr. said at the listing ceremony in Taguig City that the IPO could help restore investor confidence in the Philippine capital market and give ordinary Filipinos greater access to investment oppor-

ERC asked to resume reserve market THE Philippine Solar and Storage Energy Alliance (PSSEA) urged the Energy Regulatory Commission (ERC) to resume commercial dispatch and settlement in the reserve market immediately and to speed up procurement and deployment of battery energy storage systems (BESS) for the Visayas grid. PSSEA said in a position paper submitted to the ERC the suspension of the reserve market under ERC Case No. 2023-002 RC was meant to protect customers from higher rates but instead distorts the market and fails to resolve underlying supply constraints. The group said the Visayas needs targeted procurement through competitive forward contracting of battery storage systems that can be deployed quickly. “The solution to high electricity costs affecting Visayas is to address the underlying supply and flexibility constraints in the region,” PSSEA chair Tetchi Capellan said. “Battery energy storage is immediately deployable and can help provide the fast response to outages. Its grid forming capability has the flexibility needed by the grid, while supporting the integration of more renewable energy,” she said. Alena Mae S. Flores

New DICT chief seeks revamp DEPARTMENT of Information and Communications Technology (DICT) Secretary Robert Joseph de Claro is seeking an organizational revamp to strengthen the department’s operations and improve delivery of technology-driven public services. De Claro, who officially assumed leadership of the DICT, outlined a vision of turning the department into a “lighthouse” for technologyrelated services. He said the DICT would guide government agencies and government-owned and controlled corporations in using technology to make public services more accessible and responsive to Filipinos’ needs. He said organizational reforms are necessary for the department

tunities. He said it showed how digital technology could make investing more accessible. “With an offering that could raise as much as 61 billion pesos, this landmark IPO is an encouraging development for our capital market,” Marcos said. He said the offering attracted strong interest from local and international investors, signaling continued confidence in Filipino businesses despite challenges in drawing fresh capital into the stock market. Mynt president and chief executive Martha Sazon said the listing would allow the fintech firm to expand its reach among Filipinos who remain underserved by the traditional financial system. “Becoming a public company is not the finish line. The opportunity ahead is about how much more we can make possible for every Filipino,” Sazon said. She said nearly 90 percent of GCash customers come from lowto middle-income households, many with limited access to traditional financial services.

IN BRIEF to operate more effectively and fulfill its mandate amid growing demand for digital services in the country. The proposed changes are expected to strengthen the DICT’s capacity to carry out programs aimed at improving government digitalization, expanding connectivity and making technology more accessible to the public. De Claro also identified affordable and dependable internet access as a key priority, in line with President Ferdinand Marcos Jr.’s directive to improve connectivity nationwide. Darwin G. Amojelar

WCC Aviation buys 30% stake in PhilJets WCC Aviation Holdings, an aviation training company, has signed an agreement to acquire a 30-percent equity stake in PhilJets Aero Services Inc., expanding the group’s presence in the Philippine aviation industry beyond education and training into business aviation. WCC Aviation president Raymond Patrick Guico and PhilJets chairman Thierry Tea signed the agreement on Oct. 15, 2026. The companies did not disclose the value of the deal. PhilJets provides charter flights in the Philippines. The investment extends WCC Aviation Holdings from aviation education, pilot training and airline operations into business aviation, aircraft management, charter flights, aircraft maintenance and technical support. The two companies have had a relationship for about a decade. “Our vision is to connect the full journey, from educating aviation professionals and training pilots to serving passengers and growing aviation businesses,” Guico said. “With WCC ATC, Pilot Academy and Sky Pasada, we have built a foundation across education and operations. This investment in PhilJets advances that vision, creating opportunities for our businesses to grow and for Filipino aviation talent to move forward,” he said.

WCC Aviation Holdings, an aviation training company, signs an agreement to acquire a 30-percent equity stake in PhilJets Aero Services Inc., expanding the group’s presence in the Philippine aviation industry beyond education and training into business aviation. Leading the signing ceremony on Oct. 15, 2026 are WCC Aviation president Raymond Patrick Guico (left) and PhilJets chairman Thierry Tea.

Korean study finds reviving Bataan nuclear plant viable A FEASIBILITY study by Korea Hydro & Nuclear Power Co. Ltd. (KHNP) found it viable to revive the mothballed 620-megawatt Bataan Nuclear Power Plant (BNPP), Energy Secretary Sharon Garin said Tuesday. Garin told reporters on the sidelines of the World Nuclear Supply Chain Conference that the study, initiated in 2024, was recently completed with positive results. “It’s positive, and they gave us several options, such as refurbishing— including costs and expectations—or building a new plant, whether conventional 600-megawatt or 1,200-megawatt reactors, or small modular reactors [SMRs],” Garin said. She did not disclose more details, noting that KHNP funded and conducted the study without any commitment from the Philippine government to adopt its recommendations or proceed with construction. “The rights over the results remain with them, which is why I cannot release the full report. But the findings show that, yes, we can do it in Bataan,” Garin said. Under a memorandum of under-

standing signed in 2024, KHNP shoulders the entire cost of the technical and economic feasibility study. KHNP operates the Kori Nuclear Power Site in Busan, which is identical to the BNPP. The study aims to assess the viability, safety and sustainability of various nuclear energy options and to help the government make informed decisions on pursuing nuclear power for its long-term energy goals. It has two phases. The first assesses the current condition of the BNPP, and the second evaluates whether a revival is viable based on data from the first. The government completed the plant in 1986 but never commissioned it because of safety concerns and political shifts. Garin said Bataan remains one of the country’s premier nuclear sites because of its existing infrastructure and site readiness. “It passed all site and safety tests. However, 2 critical factors remain: first, community acceptance, as local residents will live alongside the facility; and second, grid capacity,” Garin said. Alena Mae S. Flores

Manila

Standard

TODAY v.

29 SEC MEMORANDUM CIRCULAR NO. ___ Series of 2026

vi.

ALL CONCERNED

SUBJECT

AMENDMENTS TO THE 2015 IMPLEMENTING RULES AND REGULATIONS OF THE SECURITIES REGULATION CODE FOR THE REVISED GUIDELINES FOR CREDIT RATING AGENCY ACCREDITATION AND SUPERVISION (SRC RULE 39.1.5)

vii. viii.

WHEREAS, Section 5 of the Securities Regulation Code (SRC) empowers the Commission to prescribe rules and regulations necessary to carry out the provisions of the Code, including rules governing the accreditation and supervision of credit rating agencies (CRAs) and the integrity of credit assessments used in the Philippine capital markets;

ix.

WHEREAS, well-functioning CRAs perform a foundational function in capital market development by reducing information asymmetry between issuers and investors, enabling a wider range of issuers to access the public bond market and a wider range of investors—including retail investors—to assess credit risk with confidence;

WHEREAS, the integrity and independence of credit ratings are therefore a direct investor protection concern and a precondition for the credibility that a deeper and more inclusive corporate bond market requires;

xi.

WHEREAS, the current regulatory framework for CRAs, established under SRC Rule 39.1.5, was developed at a time when international standards for CRA regulation were still evolving after the 2008 global financial crisis, and subsequent developments, particularly in the International Organization of Securities Commissions (IOSCO) Statement of Principles Regarding the Activities of CRAs and Code of Conduct Fundamentals for CRAs, now warrant an amendment of the Philippine framework to ensure alignment with current international standards;

xii.

xiii.

WHEREAS, there is a need to align with internationally recognized standards by strengthening the requirements related to board governance and independence, Fit and Proper requirements for owners and key personnel, analyst qualifications, rating committee processes, internal controls, methodology review, and regulatory reporting;

39.1.5.4.1.3.

WHEREAS, there is a need to strengthen the independence of CRAs by enhancing regulations related to analytical judgments and criteria that are within the professional domain of the CRAs, through requirements that protect the process and governance conditions under which those judgments are made, without prescribing their content;

and

Proper

Evidence of board composition complying with SRC Rules 39.1.5.5.3 and 39.1.5.5.4, including a list of Independent Directors with supporting credentials, their proposed fixed terms, and a Manual of Corporate Governance;

Complete description of proposed rating methodologies, criteria, rating scales and symbols, and rating processes required under SRC Rules 39.1.5.6.1 and 39.1.5.6.2; Disclosure of affiliations, training, assistance, or support it receives from international rating agencies, if any;

Rating committee composition, including sworn statements of qualifications, experience, independence, and absence of disqualifying conditions as required in SRC Rule 39.1.5.6.5; Copy of the model written agreement with issuers as required under SRC Rule 39.1.5.6.6;

An applicant must ensure that the information set forth in their application form and all documents appended thereto are

NOW, THEREFORE, BE IT RESOLVED, that SRC Rule 39.1.5 is hereby amended in its entirety as follows: 🖂🖂 The SEC Headquarters, 7907 Makati Avenue current, true, and correct, duly certified by the Chief Executive Salcedo Village, Bel-air, Makati City Section 1. Amendments to SRC Rule 39.1.5. Officer of the CRA. 🕾🕾 (+63 2) 5322 7696 🖂🖂 The SEC Headquarters, 7907 Makati Avenue Salcedo Village, Bel-air, Makati City

www.sec.gov.ph | imessagemo@sec.gov.ph https://linktr.ee/secphilippines 39.1.5.4.1.6. An annual fee of Fifteen Thousand Pesos (Php 15,000.00), or

The new SRC Rule 39.1.5 reads as follows: 🕾🕾 (+63 2) 5322 7696

www.sec.gov.ph | imessagemo@sec.gov.ph 39.1.5. Rules Governing Credit Rating Agencies https://linktr.ee/secphilippines

39.1.5.1.

Applicability

39.1.5.2.

These Guidelines shall apply to credit rating agencies (CRAs) that issue ratings for securities to include corporate bonds, commercial paper, structured products, sukuk instruments, covered bonds, sustainability-linked instruments, and other securities in the Philippines. CRAs issuing ratings on structured finance products must comply with additional disclosure requirements as may be prescribed by the Commission. These Guidelines shall likewise apply to CRAs that assign ratings to issuers in connection with or for the purpose of offering, issuing, listing, monitoring, or trading of such issuers’ securities. Definitions For purposes of these Guidelines:

39.1.5.2.1.

Controller, in relation to a CRA, means a holding company of the CRA, or a person who,

39.1.5.2.1.1. 39.1.5.2.1.2. 39.1.5.2.1.3. 39.1.5.2.2.

39.1.5.2.3.

Is entitled to exercise, or control the exercise of, not less than fifteen percent (15%) of the votes attached to the voting shares of a CRA;

Has the power to appoint or cause to be appointed a majority of members of the Board of Directors of a CRA; or

Has the power to make or cause to be made, decisions with respect to the business or administration of a CRA, and to give effect or cause them to be given effect to such decisions.

CRA means any corporation principally and regularly engaged in the business of performing credit evaluation of corporations, business projects, or financial instruments, with the intention of assessing the overall creditworthiness or determining the willingness and ability of the issuer to pay its financial obligations as they fall due, and expressing such assessments through periodically assigned and publicly announced credit ratings. Independent Director, in relation to the Board and its committees, means a director who is independent of management and free from any business or other relationship which could interfere with the exercise of independent judgment. Specifically, an Independent Director is one who:

39.1.5.2.3.1.

such amount as the Commission may determine, must be paid at least forty-five (45) days prior to the anniversary date of the CRA’s accreditation. If such annual fee is not paid, the accreditation of the CRA shall be suspended until payment is made, provided that if the same is not paid prior to the thirtieth (30th) day after the required payment date, such accreditation shall be automatically terminated and any issuer which has been rated by such rating agency must be required to obtain a new credit rating subject to the cure period prescribed under SRC Rule 39.1.5.14.

39.1.5.4.1.7.

39.1.5.5.

Is not a shareholder of the CRA, its Rating Holding Company, or

39.1.5.2.3.4.

Is not acting as a nominee or representative for any director or shareholder of the CRA, its Rating Holding Company, or any Related Entity thereof;

39.1.5.2.3.6.

39.1.5.2.3.7. 39.1.5.2.4.

39.1.5.2.5.

39.1.5.2.6.

39.1.5.2.7.

39.1.5.2.8.

Has not been engaged as an adviser, consultant, or service provider to the CRA, its Rating Holding Company, or any Related Entity thereof, whether directly or through a firm of which the person is a partner, director, or major shareholder, within the last three (3) years; Has not engaged in any transaction with the CRA, its Rating Holding Company, or any Related Entity thereof that exceeds the materiality threshold as may be determined by the Commission, within the last three (3) years; and Has not served as an independent director of the CRA or its Rating Holding Company for a cumulative period exceeding five (5) years.

Rating Analyst means a person who performs analytical functions that are necessary for issuing a credit rating. In addition, the Lead Rating Analyst is the person with primary responsibility for preparing a credit rating and communicating with the issuer regarding a credit rating.

A CRA must have a minimum paid-up capital of Fifty Million Pesos (Php 50,000,000.00) at the time of accreditation, and Seventy Million Pesos (Php 70,000,000.00) three years after the effective day of accreditation. The Commission may, through an appropriate issuance, adjust this requirement based on inflation.

39.1.5.5.1.2.

A CRA must ensure that it has personnel with adequate competence and skills in connection with the type of products that it is rating. In addition, the CRA shall have a well-planned training program for all its employees. A CRA shall target each year a minimum number of training days for all employees and centrally monitor them to ensure that programs are fully implemented.

also adopt and implement a Business Continuity and Disaster Recovery Plan.

39.1.5.5.1.4.

39.1.5.5.2.

A CRA may outsource operational functions provided that such outsourcing does not impair the quality of its internal controls or the ability of the Commission to supervise the CRA's compliance with these Guidelines. The CRA shall remain fully responsible for all obligations under these Guidelines with respect to any outsourced function. The CRA must notify the Commission of any material outsourcing arrangement prior to its implementation.

Shareholding Structure

39.1.5.5.2.1.

A CRA must maintain a shareholding structure that enables it to carry out its functions independently and objectively. Any change to the direct or indirect shareholding structure of a CRA that results in a new Controller requires the prior approval of the Commission before it takes effect.

39.1.5.5.2.2.

Any Significant Shareholder of a CRA accredited by the Commission may not simultaneously hold five percent (5%) or more of the capital or voting rights—collectively either through direct or indirect shareholding—nor exercise control over any other CRA accredited by the Commission to provide ratings in the Philippines. Where a person inadvertently becomes subject to this prohibition, it must notify the Commission within fourteen (14) days and must divest the conflicting interest within six (6) months. Provided, That the Commission may, upon written application filed together with such notice, exempt the Significant Shareholder from the divestment requirement with respect to its holding in a specified CRA, where the Significant Shareholder establishes that such holding does not, and is not reasonably likely to, compromise the independence or objectivity of the rating activities of either CRA or give rise to a conflict of interest, the burden of which shall rest on the Significant Shareholder: Provided, further, That no exemption shall be granted where the Significant Shareholder exercises control over more than one accredited CRA, and any exemption granted shall be subject to such conditions as the Commission may impose and may be revoked upon breach thereof or upon a material change in the circumstances under which it was granted.

Rating Holding Company, means a holding company whose core business is rating services of a CRA and derives more than fifty percent (50%) of its consolidated revenue or profit from a CRA, or that invests more than fifty percent (50%) of its assets in the CRA over a period of three (3) consecutive years.

Related Entity means any person or entity that directly or indirectly controls, is controlled by, or is under common control with another entity, including subsidiaries, affiliates, holding companies, and any entity in which a person holds a significant ownership or voting interest. Senior Management, in relation to a CRA, means the Chief Executive Officer and any other person primarily responsible for the management and operations of the CRA, including but not limited to, the Chief Rating Officer, the Chief Operating Officer, and the Chief Financial Officer by whatever title those positions may be called.

Significant Shareholder means any person who directly or indirectly holds five percent (5%) or more of the capital or voting rights of a CRA or its holding company.

39.1.5.3.3. 39.1.5.3.4.

39.1.5.3.5.

39.1.5.4.

Independent Directors. The Chairman of the Board of Directors the offering, issuing, listing, monitoring, or trading of corporate bonds www.sec.gov.ph | imessagemo@sec.gov.ph https://linktr.ee/secphilippines must be an Independent Director. and other instruments covered by SRC Rule 39.1.5.1, or credit ratings on issuers in connection with such instruments. 39.1.5.5.3.2. Independent Directors must serve for a fixed, pre-agreed term The accreditation of a CRA does not relieve it from its liabilities and not exceeding five (5) years. An Independent Director may be responsibilities. dismissed only for misconduct or professional underperformance, and not for reasons related to the business The Commission shall not be liable for any liability or loss that may arise interests or commercial strategy of the CRA. The remuneration from the selection of the said CRA by any issuer. of Independent Directors must not be linked to the business performance of the CRA and must be structured to ensure the The accreditation of a CRA remains valid until suspended or revoked by independence of their judgment. the Commission after due notice and hearing, except as provided in SRC Rule 39.1.5.4.1 on the non-payment of annual fees. 39.1.5.5.3.3. In addition to their general board responsibilities, Independent

Directors must individually and collectively exercise specific oversight over the following matters: (a) the development of the CRA's rating policies and the methodologies used in its rating activities; (b) the effectiveness of the internal quality control system in relation to rating activities; (c) the effectiveness of measures and procedures instituted to ensure that conflicts of interest are identified, eliminated, managed, and disclosed; and (d) the compliance and governance processes. Independent Directors must report their opinions on each of these matters to the full Board periodically, at minimum, on an annual basis, and must make such opinions available to the Commission.

No person or entity must, under pain of sanctions under the SRC, hold itself out as an accredited CRA or otherwise regulated in providing credit rating services unless it has been accredited by this Commission under these Guidelines.

Accreditation Requirements and Process

39.1.5.4.1.

Requirements for Accreditation

39.1.5.4.1.1.

A CRA must comply with the following requirements to qualify for accreditation: i.

ii. iii.

iv.

🖂🖂 The SEC Headquarters, 7907 Makati Avenue Salcedo Village, Bel-air, Makati City 🕾🕾 (+63 2) 5322 7696 vi. www.sec.gov.ph | imessagemo@sec.gov.ph https://linktr.ee/secphilippines

vii.

viii.

ix.

39.1.5.4.1.2.

It must be a stock corporation whose main activity is the provision of credit ratings; It must have sufficient financial resources to operate independently and to withstand economic and financial pressures as further detailed in SRC Rule 39.1.5.5.1;

It must have sufficient resources and adequate infrastructure, information systems, and security and contingency arrangements to enable it to conduct its services effectively as further detailed in SRC Rule 39.1.5.5.1; It must have a shareholding and governance structure that enables it to carry out its functions independently and objectively as further detailed in SRC Rules 39.1.5.5.2 to 39.1.5.5.4;

ii. iii.

iv.

🖂🖂 The SEC Headquarters, 7907 Makati Avenue Salcedo Village, Bel-air, Makati City 🕾🕾 (+63 2) 5322 7696 www.sec.gov.ph | imessagemo@sec.gov.ph https://linktr.ee/secphilippines

Directors must collectively possess adequate competence, experience, and expertise in credit analysis, financial markets, corporate governance, law, or other relevant fields.

39.1.5.5.4.

Mandatory Board Committees

39.1.5.5.5.

The CRA must establish two (2) board-level committees: an Audit Committee and a Governance and Risk Management Committee. Each committee must be chaired by an Independent Director and have written terms of reference approved by the full Board. CRAs may form additional committees to support the Board and must report their establishment to the Commission. The following Fit and Proper criteria shall apply to Controllers, members of the Board of Directors, the Chief Executive Officer, senior management, members of the Rating Committee, Rating Analysts, and the Compliance Officer: Provided, That Criterion (iii) on financial soundness shall not apply to members of the Rating Committee, Rating Analysts, and the Compliance Officer.

It must have rigorous, systematic, and continuous rating i. 🖂🖂 The SEC Headquarters, 7907 Makati Avenue criteria and methodologies that are applied consistently and are subject to validation based on historical Salcedo Village, Bel-air, Makati City 🕾🕾 (+63 2) 5322 7696 experience, including back-testing as further detailed in www.sec.gov.ph | imessagemo@sec.gov.ph ii. https://linktr.ee/secphilippines SRC Rules 39.1.5.6.1 and 39.1.5.6.2;

Integrity, honesty, and good character, with no record of material dishonesty, fraud, or serious criminal conviction;

iii.

Financial soundness and the ability to discharge financial obligations;

It must have an organizational structure that supports the independence and integrity of ratings and the rating process, as further detailed in SRC Rules 39.1.5.6.3 to 39.1.5.6.5;

iv.

It must have robust policies and procedures to ensure the consistent and fair application of the rating methodologies through the rating process as further detailed in SRC Rules 39.1.5.6.6 to 39.1.5.7.3;

It must have robust policies and procedures in place to appropriately manage conflicts of interest and ensure compliance with its obligations as further detailed in SRC Rules 39.1.5.8.1 to 39.1.5.9.4; and It must have systems and procedures in place to meet its regulatory reporting obligations to the Commission and its transparency obligations to the public as further detailed in SRC Rules 39.1.5.10.1 and 39.1.5.10.2.

Copies of the company’s Articles of Incorporation and By-Laws;

v. 39.1.5.5.5.2.

39.1.5.5.6.

List of shareholders and their corporate affiliations, including for each Significant Shareholder a sworn declaration confirming the absence of disqualifying interest in any other CRAs as required under SRC Rule 39.1.5.5.2, and for each Controller a document

Relevant professional qualifications, skills, knowledge, and experience commensurate with the responsibilities of the position;

39.1.5.5.6.1.

A CRA must notify the Commission after appointing any person to the following positions: i.

Member of the Board of Directors;

iii.

Members of the Rating Committee; and

ii.

39.1.5.5.6.2.

39.1.5.5.6.3.

iv.

Chief Executive Officer; Compliance Officer.

The CRA shall submit the notification to the Commission within fourteen (14) days from the date of appointment, together with all documents certifying that the candidate for appointment satisfies Fit and Proper criteria. In the event of a vacancy in the position of Chief Executive Officer or Compliance Officer, the CRA must take all necessary steps to fill the vacancy within three (3) months from the date the vacancy arises.

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Acceptance from the issuer may be required for public dissemination of the initial rating, but no further acceptance must be required for subsequent rating actions. When ratings are changed, delay by the issuer in responding must not hinder a CRA from publicizing the revised rating. If a rating is assigned to a Related Entity, the CRA must adequately disclose it in all ratings communications.

39.1.5.6.10.3.

39.1.5.6.10.4.

39.1.5.6.10.5.

A CRA must have separate functional groups, each having specific responsibilities in the rating process. The following

A CRA must adopt a formal policy of conducting continuous and periodic reviews of ratings to ensure that each credit rating reflects the current credit quality of the rated entity or instrument for as long as the rating is outstanding.

In addition to continuous monitoring, a CRA must conduct periodic surveillance, ensuring that every credit rating is tracked at least annually. In this regard, the CRA must ensure that its annual rating review of each rated entity or instrument is conducted, and a Rating Report published, not later than fifteen (15) months after the publication of the initial rating or the last annual rating review. A CRA must incorporate Rating Outlooks and Rating Watches into their ratings monitoring framework and establish the necessary parameters. The CRA must also distinguish between a Rating Outlook and Rating Watch in terms of the expected timeline of a potential rating movement. The CRA must set out an indicative timeframe for finalizing a rating action and the relevant Rating Reports after a rating is placed on Rating Watch. In addition, immediate rating updates or reviews must be undertaken whenever any event or development takes place that may affect the credit quality of the rated entity or instrument. Such immediate updates or reviews may be primarily event-driven and performed as the need arises.

If an issuer does not provide sufficient information for surveillance, the CRA, wherever possible, must conduct surveillance on a best-effort basis and all rating communications must prominently disclose this fact. If a CRA considers that this situation constrains its rating view, even on a best-effort basis, it may withdraw the rating as further detailed in SRC Rule 39.1.5.6.11.

🖂🖂 The SEC Headquarters, 7907 Makati Avenuegroups must be established: 🖂🖂 The SEC Headquarters, 7907 Makati Avenue Salcedo Village, Bel-air, Makati City Salcedo Village, Bel-air, Makati City 39.1.5.6.11. Withdrawal of Ratings 🕾🕾 (+63 2) 5322 7696 Business Development Group. Responsible 🕾🕾 for(+63 2) 5322 7696 www.sec.gov.ph | imessagemo@sec.gov.ph i. www.sec.gov.ph | imessagemo@sec.gov.ph https://linktr.ee/secphilippines obtaining mandates from prospective entities, this group https://linktr.ee/secphilippines 39.1.5.6.11.1. A CRA may withdraw ratings without prior approval of the

ii.

iii.

iv.

39.1.5.6.3.2.

must handle all business communication and finalize the commercial terms of the rating assignment. A CRA’s business development group must be separated from its analytical group.

Commission due to circumstances related to the issuer or the rated instrument, including the following: i.

Analytical Group. This group handles all analytical responsibilities for a rating assignment and for assessing credit risk for the relevant entity. It shall not be involved in any commercial discussions with the entity. This group must be responsible for the rating process from receipt of written consent for a rating until the time the rating is made public. It shall also be responsible for surveillance and review of ratings.

ii. iii.

Criteria Group. This group must be responsible for formulating, maintaining, and refining the criteria framework under which the various types of instruments and issuers will be rated. This group must ensure, before implementation, that any new criteria proposed are thoroughly discussed from both an analytical and market impact perspective.

39.1.5.6.11.2.

Rating Administration. This group ensures that the rating process is followed, and that timelines are strictly respected. It must look after the progress of a rating assignment from the initiation stage until the dissemination of the final rating to the public. This group must also maintain a list of all outstanding ratings and proper documentation to support credit opinions and shall handle external dissemination of ratings and Rating Reports.

The separation between the business group and the analytical group must be maintained at all times, irrespective of the size or structure of the CRA. Where the size and structure of the CRA makes the establishment of all other functional groups— including the rating administration and criteria groups—or the complete segregation of responsibilities between them, impracticable, the CRA must nonetheless ensure that the independence and integrity of the ratings process are preserved at all times. In such cases a CRA must:

39.1.5.6.11.3.

39.1.5.6.11.4.

39.1.5.6.12.

iv.

The rated instrument has been redeemed or otherwise extinguished prior to its scheduled maturity;

The issuer has persistently failed to provide the necessary information for surveillance and the CRA has exhausted its best efforts in its surveillance obligations; The issuer has formally requested withdrawal following termination of the rating agreement; or Insolvency, bankruptcy or reorganization of the issuer.

In all such cases, the CRA must publish a withdrawal notice with the reasons and the last rating assigned. The withdrawn rating must remain visible on the CRA website with a withdrawal notation for twelve (12) months following withdrawal. The CRA must notify the Commission and, where the withdrawn rating pertains to a listed or enrolled issuer, the relevant SelfRegulatory Organization (SRO), within five (5) days of the withdrawal of the rating. Exceptionally, a CRA may request the Commission to withdraw ratings due to local market conditions or systemic issues. The request must set out the reasons for withdrawal and the CRA’s proposed withdrawal notice. The Commission may require the CRA to keep its rating on “notice of withdrawal” for a specified period before the withdrawal takes effect. A CRA must develop and publicly disclose clear policies governing conditions that trigger withdrawal under each of the circumstances above, including the processes and timelines it will follow.

Confidentiality Requirements

39.1.5.6.12.1.

39.1.5.6.4.4.

A CRA must keep confidential all information submitted by an issuer or Related Entity in connection with a credit rating assignment and is prohibited from using it for any purpose other than rating. The CRA must ensure that all materials published in relation to the rating do not include information in breach of this confidentiality obligation.

Document in its Operations Manual the specific segregation requirements it is unable to fully implement together with the alternative arrangements it has 39.1.5.6.12.2. A CRA must also keep confidential a request by an issuer to be adopted in lieu thereof, and the rationale for such rated, until the rating is accepted and the accepted initial rating 🖂🖂 The SEC Headquarters, 7907 Makati Avenue arrangements; and is released. In the event that the initial rating is not accepted, the Salcedo Village, Bel-air, Makati City 🕾🕾 (+63 2) 5322 7696 assignment must remain confidential. However, unaccepted ii. Demonstrate that the alternative arrangements providewww.sec.gov.ph | imessagemo@sec.gov.ph ratings must be reported to the Commission. safeguards equivalent in effect to functional separation. https://linktr.ee/secphilippines 39.1.5.6.12.3. A CRA must have a clear confidentiality policy and processes and 39.1.5.6.4. Competence and Independence of Rating Analysts measures in place to maintain confidentiality of issuers’ information. All members of the analytical team and rating 39.1.5.6.4.1. A CRA must establish, maintain, and enforce written standards committees who may have access to such confidential of competence for Rating Analysts. The standards must be information must acknowledge compliance with confidentiality reasonably designed to ensure that Rating Analysts assigned to obligations through self-certification. Board members who may rate a particular type of issuer, industry sector, or asset class have access to confidential information in the exercise of their possess the knowledge, skills, and experience necessary to oversight function must also abide by these confidentiality produce accurate and reliable credit ratings in that category. The obligations. The obligations of confidentiality must remain even competence standards must be differentiated by type of after termination of employment or association with the CRA. instrument or asset class and must specify, at a minimum: (a) the minimum relevant professional experience required before 39.1.5.6.12.4. Confidentiality of information is a contractual obligation and an analyst may independently lead a rating in that category; (b) must be formally documented in the agreement to perform any formal qualifications, certifications, or examinations credit rating services. required; (c) any mandatory training or continuing education requirements; and (d) the criteria for evaluating whether an 39.1.5.7. Private, Unsolicited, and Unaccepted Ratings analyst has met the standards. 39.1.5.7.1. Private Ratings 39.1.5.6.4.2. The CRA must maintain records of each Rating Analyst's A CRA may be requested, either by issuers or by third parties, to assign qualifications, training history, and the instruments or asset private ratings. In such cases, the CRA must not publicly disclose the classes for which the analyst has been assessed as meeting the ratings and the CRA must adopt relevant policies that articulate the noncompetence standards. These records must be updated at least publication and non-dissemination of the private rating. However, such annually. ratings must be reported, and made available, to the Commission by the 39.1.5.6.4.3. The Rating Analyst must be independent of the issuer they rate CRA. as required in SRC Rule 39.1.5.8.1.5. In order to prevent 39.1.5.7.2. Unsolicited Ratings familiarity threats and preserve analytical independence, a CRA must implement a policy on the rotation of Lead Rating Analysts, 39.1.5.7.2.1. Unsolicited ratings are those that the rated entity does not with best endeavors to implement a rotation target of four (4) consent to or participate in. Wherever a CRA assigns unsolicited years followed by two (2) years of cooling-off period. Should this ratings, it must distinguish them—using a notation—from rotation target not be met, the CRA must document any interactive ratings. A clear distinguishing prefix or suffix will deviation and its reasons in its Annual Transparency Report and help the user make an informed judgment about using the rating. provide a description of the processes it has in place to continue

🖂🖂 The SEC Headquarters, 7907 Makati Avenue Salcedo Village, Bel-air, Makati City 🕾🕾 (+63 2) 5322 7696 www.sec.gov.ph | imessagemo@sec.gov.ph https://linktr.ee/secphilippines

preserving the analytical independence of the rating process.

When a Rating Analyst or other person who participated in determining a credit rating is subsequently employed by a rated entity or issuer that was rated by the CRA, or by a financial firm, such as, but not limited to, an originator, underwriter, or arranger of the relevant securities or obligations, within the preceding twelve (12) months, the CRA must conduct a lookback review to determine whether that person's prospects of future employment influenced any rating. The CRA must report 🖂🖂 The SEC Headquarters, 7907 Makati Avenuethe findings of such review to the Commission within thirty (30) Salcedo Village, Bel-air, Makati City days of becoming aware of the transition.

39.1.5.7.2.2.

39.1.5.7.3.

39.1.5.6.5.1.

39.1.5.6.5.2.

39.1.5.6.5.3. 39.1.5.6.5.4. 39.1.5.6.6.

Unaccepted Ratings

choice of accepting the rating or not. In such cases, the CRA is prohibited 🖂🖂 The SEC Headquarters, 7907 Makati Avenue Salcedo Village, Bel-air, Makati City from disclosing the rating without obtaining written consent. However, 🕾🕾 (+63 2) 5322 7696 once the A CRA must establish a Rating Committee to assign and decidewww.sec.gov.ph | imessagemo@sec.gov.phrating is accepted for the first time, a CRA must not seek on credit ratings. All rating decisions, including decisionshttps://linktr.ee/secphilippines acceptance before publicizing changes in the rating. Unaccepted ratings regarding changes in rating, must be made by the Rating Committee. A CRA must not establish any other committee that would or could affect the finality of the decision of the Rating Committee.

All members of the Rating Committee must be experts with adequate qualifications, knowledge and experience in relevant industry sectors and financial markets. No individual who has, or is perceived to have, a business development function within the CRA, or who initiates or participates in fee discussions with any rated entity, may be appointed to the Rating Committee, nor a Controller or director. In addition, all members must be independent with respect to the rated entity as defined in SRC Rule 39.1.5.8.1.5. The names and personal credentials of the permanent Rating Committee members must be published on the CRA’s website.

39.1.5.8.

must be reported, and made available, to the Commission.

Independence and Management of Conflicts of Interest

39.1.5.8.1.

Conflicts of Interest

39.1.5.8.1.1.

39.1.5.8.1.2.

The Rating Committee must keep records of its proceedings and decisions, with sufficient detail on the reasons for the ratings assigned.

Pre-Rating Requirements

39.1.5.6.6.1. 39.1.5.6.6.2.

39.1.5.6.6.3.

A CRA that assigns unsolicited ratings that are not directly revenue generating must have adequate justification for doing so. More specifically, a CRA must not resort to conservative unsolicited ratings as a way of coercing issuers to obtain higher interactive ratings for which they will need to pay. A minimum of two (2) years between the latest coverage through an unsolicited rating and the first interactive rating of the same issuer must be observed.

A CRA policy for interactive ratings may require that issuers be given the

🕾🕾 (+63 2) 5322 7696 www.sec.gov.ph | imessagemo@sec.gov.ph 39.1.5.6.5. Rating Committee https://linktr.ee/secphilippines

A CRA, its employees, or representatives shall not promise, assure, or guarantee a particular rating outcome—either implicitly or explicitly—while soliciting business. A CRA must clearly communicate the broad credit assessment framework, the rating definition, rating criteria, and the rating scale to its prospective clients before rating services are engaged, to enable them to make an informed decision about the engagement. It must communicate policies related to rating actions, and the conditions for suspension or withdrawal of ratings.

A CRA and its client must sign a written contract, covering the CRA’s obligations in providing its rating services and the rights of the client over the use of the rating. In particular, the contract must clearly stipulate the obligations of the client to cooperate and provide updated information for periodic surveillance as well as conditions for contract termination, including withdrawal of assigned ratings. The contract must also stipulate

39.1.5.8.1.3.

39.1.5.8.1.4.

the conditions for review of ratings. This contract must conform

A CRA must have a clearly articulated policy on the conflicts of interest that it may face and measures to manage them to ensure the independence and objectivity of ratings. This policy and the corresponding rules for avoiding conflicts of interest apply to all employees and persons who participate directly or indirectly in the credit rating process, particularly to Rating Analysts, Rating Committee members, and to the Board of Directors. The determination of a credit rating must be influenced only by factors relevant to the credit assessment. A CRA must not refrain from taking a rating action because of the potential effect of the action on the CRA, an issuer, an investor, or other market participant. Ratings assigned by a CRA to a rated entity or instrument must not be affected either by the existence of, or the potential for, a business relationship between the CRA and the issuer or its affiliates, or any other party, or the absence of such a relationship. Any potential conflict of interest from any member of the rating team must be declared before participating in a credit rating engagement. Where a conflict of interest exists as defined by company policy and rules, the employee concerned must refrain from participating in the rating assignment and Rating Committee proceedings. A Rating Analyst, who becomes involved in a personal relationship that creates the potential for real or apparent conflict of interest, must be required to disclose that relationship to the appropriate manager or officer of the CRA as determined by CRA policies.

In order to maintain Rating Analysts’ neutrality and to prevent employees from realizing personal financial gain through the misuse of confidential information, a CRA must adopt a trading and investment declaration policy. This policy may categorize possible investment avenues into classes: Acceptable, Acceptable with Prior Permission, and Unacceptable. In any event, analysts must not hold any investment positions in entities or instruments they rate, except where such exposure arises indirectly through diversified investment vehicles such as

🖂🖂 The SEC Headquarters, 7907 Makati Avenue to the model submitted by the CRA as part of the accreditation mutual funds, and shall disclose their investment positions on Salcedo Village, Bel-air, Makati City process. an annual basis. 🕾🕾 (+63 2) 5322 7696 www.sec.gov.ph | imessagemo@sec.gov.ph 🖂🖂 The SEC Headquarters, 7907 Makati Avenue https://linktr.ee/secphilippines 39.1.5.6.7. Ratings and the Rating Report Salcedo Village, Bel-air, Makati City 39.1.5.8.1.5. CRA employees and persons that participate in or otherwise 🕾🕾 (+63 2) 5322 7696 influence the determination of a rating of a particular entity or 39.1.5.6.7.1. A credit rating must be an informed opinion resulting from awww.sec.gov.ph | imessagemo@sec.gov.ph obligation must comply with the following independence https://linktr.ee/secphilippines

39.1.5.6.7.2.

Compliance with all applicable laws, rules, and regulations.

Notification for Key Appointments

39.1.5.6.10.2.

A CRA must have policies and procedures in place to ensure that the information it uses in assigning ratings is of sufficient quality and from reliable sources. These must include a policy on the use of third-party information and certification.

A CRA must have a well-defined policy for public dissemination of rating information. To this end, it must adopt strict timelines for communicating the rating to the issuer, receiving acceptance, and issuing a public announcement of the rating.

Surveillance

39.1.5.6.10.1.

Separation of Rating Activities

39.1.5.6.3.1.

No conflict of interest, whether actual or perceived, that would compromise the independent exercise of duties; and

All documents submitted to the Commission to demonstrate compliance with the Fit and Proper requirements under SRC Rule 39.1.5.5.5.1 shall be duly certified as follows: (a) documents relating to the Chief Executive Officer shall be certified by the Board of Directors; and (b) documents relating to all other key personnel shall be certified by the Chief Executive Officer.

A detailed Business Plan covering the scope of rating activities, target markets, revenue model, and any other business activity that it would carry out;

Information on its infrastructure, data systems, outsourcing arrangements for operational functions, and a Business Continuity and Disaster Recovery Plan, as required under SRC Rule 39.1.5.5.1;

39.1.5.6.2.3.

Fit and Proper Requirements

39.1.5.5.5.1.

It must have sufficient qualified officers and personnel that enable it to conduct rating activities as further detailed in SRC Rules 39.1.5.5.5 and 39.1.5.5.6;

For purposes of accreditation, the CRA must submit the following supporting documents: i.

39.1.5.5.3.4.

39.1.5.6.10.

A CRA must have policies and procedures in place to ensure that ratings are timely issued and must establish clear timelines not only for new ratings, but also for subsequent rating actions. A CRA must publicize the approximate timeline of the rating process to set market expectations.

Resources

39.1.5.5.1.1.

39.1.5.6.9.3.

A CRA must have robust policies and processes in place to ensure that methodologies are consistently applied across ratings. The credit rating process must detail the various steps and activities involved in assigning a credit rating, from the signing of the rating agreement to the assignment of the rating, and subsequent actions such as rating dissemination and surveillance. Every CRA must have an Operations Manual that provides step-by-step guidance for Rating Analysts to conduct rating assignments and that formalizes the rating process.

Organizational Requirements

39.1.5.5.1.

39.1.5.6.9.2.

A CRA must clearly disclose its definition of ‘default’ on its website. It must be made clear whether a particular rating only measures timely payment of financial obligations or includes recovery values expected after a default.

A CRA must comply at all times with the accreditation requirements as set forth in SRC Rule 39.1.5.4.1 and further detailed in SRC Rules 39.1.5.5.1 to 39.1.5.10.2.

🖂🖂 The SEC Headquarters, 7907 Makati Avenue 39.1.5.5.3. Board Composition Salcedo Village, Bel-air, Makati City 39.1.5.3. Scope and Limitations 🕾🕾 (+63 2) 5322 7696 🖂🖂 The SEC Headquarters, 7907 Makati Avenue 39.1.5.5.3.1. At least thirty percent (30%) of the Board of Directors of the www.sec.gov.ph | imessagemo@sec.gov.ph Salcedo Village, Bel-air, Makati City https://linktr.ee/secphilippines CRA, and in no case fewer than three (3) members, shall be 39.1.5.3.1. Only CRAs accredited by the Commission may provide credit ratings 🕾🕾 for (+63 2) 5322 7696

39.1.5.3.2.

39.1.5.6.2.2.

39.1.5.6.3.

A CRA must develop, maintain, and consistently apply rating methodologies and criteria that are rigorous, systematic, and subject to regular review across all relevant sectors and instruments within the scope of its accreditation. Rating methodologies must be grounded in historical data, stress testing, and qualitative analysis appropriately tailored to the type of instrument or issuer being rated—including financial institutions, non-financial corporates, structured finance, covered bonds, project finance, or any other instrument—and, where relevant, incorporate supplementary criteria such as counterparty credit risk, guaranteed issues, or rating support. All credit rating methodologies and criteria, and any changes thereto, shall be submitted to the Commission and made public on the CRA website before being applied to any new rating exercise.

Policies and Processes for Ratings

39.1.5.6.2.1.

Ongoing Compliance

any Related Entity thereof; 🖂🖂 The SEC Headquarters, 7907 Makati Avenue 39.1.5.5.1.3. A CRA must have adequate infrastructure and information Salcedo Village, Bel-air, Makati City 🖂🖂 The SEC Headquarters, 7907 Makati Avenue systems to provide reliable rating services and must maintain its 🕾🕾 (+63 2) 5322 7696 Salcedo Village, Bel-air, Makati City 39.1.5.2.3.3. Does not have a family relationship with any director, www.sec.gov.ph | imessagemo@sec.gov.ph 🕾🕾 (+63 2) 5322 7696 credit rating operations and facilities with adequate security, shareholder, or officer of the CRA, its Rating Holding Company, https://linktr.ee/secphilippines www.sec.gov.ph | imessagemo@sec.gov.ph system capacity, and contingency arrangements. The CRA must https://linktr.ee/secphilippines or any Related Entity thereof;

39.1.5.2.3.5.

39.1.5.6.2.

The Commission must decide on the accreditation application and communicate its final decision within forty-five (45) days after its communication that the application is complete.

Is not, and has not been within the last three (3) years, an officer of the CRA, its Rating Holding Company, or any Related Entity thereof;

39.1.5.2.3.2.

39.1.5.6.1.2.

The Commission must review the application and determine whether it is complete within ninety (90) days of its receipt. If it considers that it is not complete, it must provide consolidated comments with indication of the additional information or documents needed. The applicant must submit any information or documents required within two (2) months of the request; otherwise, the application would be rejected.

39.1.5.4.1.8. 39.1.5.4.2.

39.1.5.6.1.1.

Dissemination of Ratings

39.1.5.6.9.1.

Rating Definitions and Recognition of Default

A Code of Conduct as required under SRC Rule 39.1.5.8.3;

An Operations Manual detailing all the policies and procedures required under these Guidelines, including those relating to the rating process, separation of functions, rating fees, conflicts of interest, confidentiality, compliance, and business continuity.

39.1.5.6.9.

Rating Methodologies and the Rating Process

39.1.5.6.1.

Description of the CRA organizational structure, including the functional groups established under SRC Rule 39.1.5.6.3;

All applications for accreditation must be accompanied by an initial filing fee of Fifty Thousand Pesos (Php 50,000.00) or such amount as the Commission may determine through its Schedule of Fees and Charges.

39.1.5.4.1.5.

39.1.5.6.

Description of personnel and staffing arrangements, including sworn statements of qualifications, experience, independence, and absence of disqualifying conditions required under SRC Rule 39.1.5.5.5;

An applicant may request confidentiality of the foregoing information except information required to be public as per SRC Rule 39.1.5.10.2.

39.1.5.4.1.4.

WHEREAS, an enhanced regulatory framework for CRAs is necessary, appropriate, and in the public interest, as it will strengthen investor protection and market integrity, and equally an integral component of the Commission’s broader corporate bond market development agenda;

demonstrating compliance with Fit requirements under SRC Rule 39.1.5.5.5;

39.1.5.6.7.3.

39.1.5.6.7.4.

39.1.5.6.8.

systematic assessment of qualitative and quantitative factors, supported by appropriate benchmarking against comparable entities, instruments, and market peers to ensure consistency, accuracy, and relative positioning of credit risk.

criteria: i.

Each credit rating must be accompanied by a Rating Report which shall include, but not be limited to, the key factors affecting the rating, the rationale for the rating, forward-looking opinions on such factors, the methodology or methodology version used, a sensitivity analysis showing how changes in material assumptions or rating factors may affect the rating, and, where applicable, the Rating Outlook, as described in SRC Rule 39.1.5.6.10. The reports must also have sufficient description of the meaning and limitations of ratings and include the name(s) of the analyst(s) that participated in the rating exercise.

A Press Release in relation to each credit rating assigned must be made publicly available on the CRA’s website. It shall, at a minimum, identify the rated entity or instrument, state the credit rating assigned, and provide a brief explanation of the principal factors affecting the rating. The Press Release shall be published concurrently with the Rating Report.

Any additional insights, analyses, or expanded rating-related reports produced in the course of the rating exercise that are not required to be publicly disclosed may be distributed for a fee or on a subscription basis, subject to the confidentiality requirements under SRC Rule 39.1.5.6.12.

ii. iii. iv.

39.1.5.8.1.6.

39.1.5.8.1.7.

Review Process

39.1.5.6.8.1.

39.1.5.6.8.2.

Before publishing a credit rating or Rating Outlook, a CRA must provide the rated entity with a notification of the credit rating or Rating Outlook, and the principal grounds for the rating or outlook, and offer the rated entity the opportunity to review and clarify any factual errors therein. A CRA must articulate the review process on its website and include it in the written rating agreement between the rated entity and the CRA. While a review process is critical for the rating, a CRA shall ensure that such a review process is not misused by the issuer to delay a rating action in the case of rating reviews, especially rating downgrades.

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39.1.5.8.1.8.

Must not have any direct or indirect financial interest in the rated entity or its Related Entities, except where such exposure arises indirectly through diversified investment vehicles such as mutual funds; Must not have current or recent employment, advisory or business relationship with the rated entity or its Related Entities in the past three (3) years;

Must not have an immediate family relationship with any director, officer or major shareholder of the rated entity; and

Must not have any other relationship with the rated entity, the arranger or underwriter of the relevant issuance, the originator of the relevant obligation, or any Related Entity thereof that may cause or may be perceived as causing a conflict of interest.

All CRAs are prohibited from soliciting money, gifts, or favors from anyone with whom the CRA does business and shall be prohibited from accepting gifts in cash or gifts exceeding minimal monetary value as specified by the CRA.

A CRA must not issue a credit rating where a material ownership or influence link exists between the CRA and the rated entity. Such a link exists where any person holds, directly or indirectly, 10% or more of the ownership or voting rights in both the CRA and the rated entity, or exercises significant influence over both, whether the connection runs from the CRA side to the rated entity or from the rated entity side to the CRA. A material link also exists where any manager or employee of the CRA holds, directly or indirectly, 10% or more of the ownership or voting rights in, or exercises significant influence over, the rated entity.

A CRA must ensure that compensation for analytical personnel is not linked to revenues earned from the ratings that are executed by the Rating Analysts concerned. A CRA must periodically review analyst remuneration policies to ensure they do not compromise the objectivity of the rating process. A CRA must publicly disclose its broad fee structure.

🖂🖂 The SEC Headquarters, 7907 Makati Avenue Salcedo Village, Bel-air, Makati City 🕾🕾 (+63 2) 5322 7696 www.sec.gov.ph | imessagemo@sec.gov.ph https://linktr.ee/secphilippines

CYAN MAGENTA YELLOW BLACK 39.1.5.8.1.9.Ê 39.1.5.8.2.Ê

39.1.5.8.2.2.Ê

A CRA may provide services other than the issuance of credit ratings, and related rating activities, which are termed "ancillary services." However, ancillary services must not become the largest source of revenue for a CRA. i.Ê

Market forecasts and estimates of economic trends;

iii.Ê

General data analysis and related distribution services; and

iv.Ê 39.1.5.8.2.3.Ê

ii.Ê iii.Ê

39.1.5.8.2.5.Ê

ii.Ê

iii.Ê

39.1.5.8.2.7.Ê

39.1.5.8.2.8.Ê

Where the number of rated entities in a given rating category and asset class combination is fewer than five (5) during a period, the CRA must note this limitation in its submission and may present the data on an aggregated basis across adjacent rating categories, provided that: a.Ê The aggregation is clearly disclosed;

b.Ê The basis for aggregation is applied consistently across periods; and

Consultancy or advisory services on corporate or legal structure, assets, liabilities or activities; Advice on the structuring of instruments or financial products that are, or are intended to be, submitted to the CRA for rating; or

vi.Ê

Any other service that creates a direct incentive for the CRA to assign or maintain a particular rating outcome.

vii.Ê

39.1.5.10.1.2.Ê

39.1.5.8.3.2.Ê

Ê 39.1.5.8.3.3.Ê

ii.Ê iii.Ê 39.1.5.10.1.3.Ê

ii.Ê

When a CRA provides ancillary services to a rated entity or its Related Entities, it must disclose this fact in the final Rating Report for that entity, specifying the nature of the service provided.

iii.Ê iv.Ê

The CRA must also submit to the Commission, as part of its annual reporting obligations, a complete list of all ancillary services provided during the preceding year, identifying for each service the nature of the service, the client, and a statement confirming the absence of a conflict of interest, or its adequate management, with the relevant rating activities.

v.Ê vi.Ê

Where the Commission determines that a particular ancillary service gives rise to a conflict of interest that is not adequately managed, it may direct the CRA to discontinue that service.

39.1.5.9.1.2.Ê

39.1.5.9.2.Ê

A CRA must adopt a Code of Conduct that complies with all the requirements in the IOSCO Code of Conduct Fundamentals for Credit Rating Agencies (IOSCO CRA Code).

vii.Ê

The Chief Executive Officer or President, the Board of Directors

39.1.5.9.2.2.Ê

Assess whether existing methodologies remain appropriate or are applied consistently across similar profiles as well as asset classes or instrument types.

39.1.5.9.2.4.Ê

review function and communicate them to the Commission.

The findings and recommendations from the review function must be submitted directly to the Board of Directors. A copy shall be submitted to the Commission within five (5) days thereafter.

39.1.5.9.3.Ê

Compliance Function

39.1.5.9.4.Ê

To ensure compliance with all of its obligations, a CRA must have a Compliance Officer who shall report directly to the Board of Directors. This officer must prepare and submit regular status reports on compliance by the CRA and its employees with CRA regulations and the Code of Conduct, and at a minimum submit an Annual Compliance Report. The remuneration of the Compliance Officer must not be linked to the business performance of the CRA, and must be structured to ensure the independence of the Compliance Officer's judgment. The Compliance Officer must not be involved in the performance of credit rating activities.

i.Ê

ii.Ê

🖂🖂🖂🖂 The SEC Headquarters, 7907 Makati Avenue Salcedo Village, Bel-air, Makati City 🕾🕾🕾🕾 (+63 2) 5322 7696 www.sec.gov.ph | imessagemo@sec.gov.ph iii.Ê https://linktr.ee/secphilippinesÊ

iv.Ê

Audited financial statements — within six (6) months after the close of each financial year;

Full list of ancillary services provided during the year — submitted together with the Annual Transparency Report; Proposed credit review timetable for the next calendar year — no later than ten (10) days before the end of each calendar year;

Annual Transparency Report — within four (4) months after the close of each financial year. The report must include, at minimum: a.Ê A description of the CRA's legal structure and ownership, including all Significant Shareholders; b.Ê A description of the CRA's internal quality control system for rating activities;

c.Ê Outcome of the annual review of the compliance function;

d.Ê Information about the staffing policy of the CRA, including information on the allocation of staff to new rating assignments, reviews, methodology appraisal, and ancillary services, disaggregated as appropriate;

v.Ê

🖂🖂🖂🖂 The SEC Headquarters, 7907 Makati Avenue Salcedo Village, Bel-air, Makati City 🕾🕾🕾🕾 (+63 2) 5322 7696 www.sec.gov.ph | imessagemo@sec.gov.ph https://linktr.ee/secphilippinesÊ

SEC approves P670-m IPO of Aznar Shipping By Jenniffer B. Austria

HE Securities and Exchange Commission (SEC) has approved the P670-million initial public offering (IPO) of Aznar Shipping Corp.

The shipping company will be the second company to list on the Philippine Stock Exchange (PSE) this year, following Mynt Inc.’s landmark maiden share offering. Aznar Shipping plans to offer 1 billion common shares in its primary offering, while a selling shareholder will offer up to 100 million existing shares. The shares will be priced at a maximum of P0.67 apiece. Net proceeds will finance fleet expansion,

shipyard facility development and general corporate purposes. Aznar operates nine vessels across four major interisland routes, with regular port calls at eight locations in the Visayas. It plans to add vessel capacity, develop more routes and upgrade facilities as it expands its regional operations. Among the potential growth routes is the Bacolod-Dumangas/Iloilo corridor, which could complement its existing Tabuelan-Escalante operations, it said. The offer period will run from Dec. 1 to 8, based on the latest timetable submitted to the SEC. The shares will be listed on the PSE’s Small, Medium and Emerging Board on Dec. 18. The Investment & Capital Corporation of the Philippines and PNB Capital and Investment Corporation will serve as joint issue managers, lead underwriters and bookrunners for the offer.

a.Ê A credit rating is lowered by three (3) or more rating notches in a single rating action (sharp downgrade);

c.Ê A credit rating for a particular issuer or instrument is changed more than once within six (6) months (frequent rating actions), within fourteen (14) days; A report on any occurrence of an event triggering the CRA's Business Continuity and Disaster Recovery Plan, promptly.

The Press Release and corresponding Rating Report shall be furnished to the Commission, simultaneous with their

submission to the issuer-ratee. Any additional insights, analyses, or expanded rating-related reports produced in the course of the rating exercise distributed for a fee or on a subscription basis must also be submitted to the Commission at the time of such distribution.

A change in credit rating as a result of a review by the CRA or a failure to access information from the issuer shall trigger the mandatory submission to the Commission and applicable SRO by the CRA of a report disclosing the matter within five (5) days from the date of change or from the date of denial by the issuer to provide sufficient information.

Transparency Obligations

x.Ê All Rating Reports and Rating Outlooks, including rationale, key assumptions, sensitivity analyses, and critical rating factors. Rating Reports for initial ratings must be published as soon as ratings have been finalized, and in any event prior to the issuance of the rated instrument; and

xi.Ê A list of corporate bonds and sukuk downgraded to default,

published annually, together with a historical record of such list 🖂🖂🖂🖂 The SEC Headquarters, 7907 Makati Avenue Salcedo Village, Bel-air, Makati City covering at least the past five (5) years. 🕾🕾🕾🕾 (+63 2) 5322 7696 www.sec.gov.ph | imessagemo@sec.gov.ph 39.1.5.11.Ê Maintenance of Records https://linktr.ee/secphilippinesÊ

39.1.5.12.Ê

A CRA shall maintain all records pertaining to a rating exercise for at least five (5) years after the rating ceases to be outstanding or, if unaccepted, after it was assigned. Such records shall be made available to the Commission upon request.

39.1.5.13.Ê

CRA employees must take all reasonable measures to protect all property and records belonging to or in possession of the CRA against fraud, theft, or misuse.

Enforcement Actions

39.1.5.14.Ê

Failure to comply with any of the foregoing requirements must be a sufficient ground, after due notice and hearing, for the suspension or revocation of the accreditation of the CRA and/or for the imposition of a monetary fine under the Consolidated Scale of Fines and Penalties of the Commission.

Protection of Property

Cure Period for Issuers

In the event of the suspension or revocation of the accreditation of a CRA, the Commission will inform the market accordingly and provide all issuers rated by such CRA one hundred twenty (120) days to engage a different CRA and obtain a new rating.

Section 2. Transitory Clause

All CRAs accredited as of the effectivity of this Circular must comply with all applicable requirements hereunder within twelve (12) months from its effectivity, except for the requirements on board composition and minimum paid-up capital. The board composition requirements shall be complied within eighteen (18) months from the effectivity of this Circular. The prescribed schedule for the minimum paidup capital shall be complied in accordance with the schedule below:

a.Ê New CRAs that file an application for accreditation within twelve (12) months from the effectivity of this Circular shall have a minimum paid-up capital of Thirty Million Pesos (Php 30,000,000.00) at the time of accreditation. b.Ê All accredited CRAs shall comply with the minimum paid-up capital requirement of Fifty Million Pesos (Php 50,000,000.00) within thirty-six (36) months and Seventy Million Pesos (Php 70,000,000.00) within seventy-two (72) months from the effectivity of this Circular.

Incumbent Independent Directors whose cumulative term exceeds five (5) years as of the end of the eighteen (18)-month compliance period shall be replaced to achieve compliance with the board composition requirements and shall not have their term renewed. For purposes of determining the cumulative term, any fraction of a year exceeding six (6) months shall be deemed one (1) full year where Ê incumbent Independent Director of an existing CRA relinquishes or vacates the position, regardless of an the manner or reason for such relinquishment or vacancy. The Commission may, when warranted, prescribe other compliance period as may be applicable to any or all of the requirements under this 🖂🖂🖂🖂 The SECsuch Headquarters, 7907 Makati Avenue Salcedo Village, Bel-air, Makati City Circular. 🕾🕾🕾🕾 (+63 2) 5322 7696 | imessagemo@sec.gov.ph No www.sec.gov.ph later than the expiry of the applicable compliance deadline, each accredited CRA must submit to the https://linktr.ee/secphilippinesÊ

ÊCommission a compliance certification, signed by the Chief Executive Officer and the Compliance Officer,

confirming that the CRA has fully met all applicable requirements as of the date of submission, together with supporting documentation demonstrating compliance with each requirement.

The Commission shall review the compliance certification and issue a determination of compliance or noncompliance within thirty (30) days of receipt. A CRA that receives a determination of non-compliance may submit further evidence of compliance within fifteen (15) days of such determination. The Commission shall issue a final determination within fifteen (15) days of receiving such further evidence. A CRA that fails to achieve compliance within this single cure period shall be subject to enforcement action including revocation of accreditation, with no further extensions granted.

Ratings previously issued by a CRA accredited under the accreditation regime in effect prior to this Circular shall remain valid during such CRA’s transition to the new accreditation regime. Upon expiration of the transition period, if such CRA has failed to comply with the requirements of the new accreditation framework, ratings issued by the CRA shall no longer be accepted for purposes of complying with public offering or listing requirements. The issuer shall thereafter obtain a rating from another accredited CRA, subject to the applicable cure period under SRC Rule 39.1.5.14.

All other rules and regulations or parts thereof inconsistent with the foregoing are repealed, amended, or modified accordingly. If any portion or provision of these rules is declared unconstitutional or invalid, the unaffected provisions hereof shall continue to be in full force and effect.

Section 5. Effectivity

This Circular shall be effective fifteen (15) days after the date of its last publication in two (2) newspapers of general circulation in the Philippines. Done this 16 ___ October 2026 in Makati City, Philippines.

FOR THE COMMISSION:

Annual rating transition data — submitted together with the Annual Transparency Report within four (4) months after the close of each financial year. The annual rating transition data must show the movement of rated entities between rating categories over the preceding twelve (12)-month period, disaggregated by rating category and

FRANCISCO ED. LIM Chairperson

CYAN MAGENTA YELLOW BLACK

extrastory2000@gmail.com

A written explanation, including remedial actions, where:

ix.Ê The Annual Transparency Report, except for the information on largest clients;

Section 4. Separability Clause

A description of the CRA’s record-keeping policy.

A report on any changes to information provided in the application for accreditation within fourteen (14) days;

viii.Ê Annual rating transition data, within five (5) days of submission to the Commission;

g.Ê A list of the CRA's ten (10) largest clients by gross revenue received during the year — this information shall be treated as confidential regulatory information submitted to the Commission and shall not be publicly disclosed by the Commission except where required by law;

i.Ê

A report on the appointment or cessation of any person in a position requiring notification to the Commission under SRC Rule 39.1.5.5.6, within fourteen (14) days;

vii.Ê Annual historical default rate data, within five (5) days of submission to the Commission;

Section 3. Repealing Clause

h.Ê A description of the CRA's remuneration policies for Rating Analysts and Senior Management, including confirmation that compensation is not linked to rated entity revenue; and

A report on any unaccepted or private ratings issued by the CRA within fourteen (14) days;

vi.Ê The proposed annual credit review timetable, within five (5) days of submission to the Commission;

e.Ê A description of the rating analyst rotation policy;

f.Ê Revenue data, including a breakdown between rating fees and ancillary services revenue, and by asset class where the CRA has sufficient volume;

A report on any proposed or effected change in direct or indirect shareholding, within fourteen (14) days;

v.Ê Quarterly credit rating review reports and Rating Watch reports, within five (5) days of submission to the Commission;

Reporting to the Commission A CRA must report the following information to the Commission on an annual basis:

A report on any vacancy in the position of Chief Executive Officer or Compliance Officer, to be made immediately;

iv.Ê Disclosure of any major shareholder conflicts;

Reporting and Transparency Requirements

39.1.5.10.1.1.Ê

A report on the movement of Senior Management and Rating Analysts.

iii.Ê The CRA's Code of Conduct, including adopted IOSCO CRA Code provisions and any stated departures;

Anti-Corruption and Whistleblower Policy

A CRA must have detailed policies and procedures on anti-corruption and whistleblowing that are appropriate to the nature, scale, and complexity of its business. These policies and procedures must include provisions encouraging all employees to report, with complete confidentiality, any unethical practice or grave misconduct to a designated authority within the CRA and provisions to prevent discrimination, retaliation, or harassment against any whistleblower or participant in the investigation process. All reported events must be taken seriously and investigated promptly in accordance with these policies and procedures. The investigation report must be prepared within a stipulated time frame, as specified by the CRA, from the receipt of the complaint.

A report on all entities or instruments on Rating Watch and all subsequent rating actions during the quarter; and

ii.Ê Full rating policies, including unsolicited rating policy and rating review procedures;

Ensure that all methodologies are reviewed at least every three (3) years, which may be done on a rolling schedule with each methodology reviewedÊ within its own three-year (3) window;

Conduct an expedited review whenever a material change to a methodology—one that could impact the credit ratings produced—is proposed; and

ratings, upgrades, downgrades, affirmations, placements on Rating Watch, and withdrawals;

i.Ê Methodology frameworks, key criteria and assumptions for each sector and/or instrument;

At the minimum, the methodology review function must: i.Ê

The Annual Compliance Report from the Compliance Officer.

A CRA must maintain a public website through which it makes freely available, without charge, all information required to be publicly disclosed as stated in these Guidelines, including:

A CRA must ensure that its rating methodologies, models, key rating assumptions, including mathematical and correlation assumptions, benchmarking, and any significant changes or modifications thereto, are subject to periodic review. A CRA must ensure that the methodology review function is not subordinated to, or directed by, any revenue-generating function of the CRA, and must document such controls.

🖂🖂🖂🖂 The SEC Headquarters, 7907 Makati Avenue Salcedo Village, Bel-air, Makati City 39.1.5.9.2.3.Ê A CRA must establish and maintain arrangements that ensure 🕾🕾🕾🕾 (+63 2) 5322 7696 www.sec.gov.ph | imessagemo@sec.gov.ph the effective and independent discharge of the methodology https://linktr.ee/secphilippinesÊ

39.1.5.10.1.Ê

ix.Ê

39.1.5.10.2.Ê

A CRA must establish a dedicated internal audit function, independent of management, to periodically review the effectiveness of internal controls and compliance arrangement. The internal audit function must report directly to the Audit Committee of the Board established under SRC Rule 39.1.5.5.4, and not to an executive officer of the CRA. Where the establishment of a dedicated internal audit function is not practicable due to the size and structure of the CRA, the Board Audit Committee must satisfy itself at least annually that adequate alternative arrangements are in place. These alternative arrangements must be documented in the Operations Manual.

iii.Ê

A CRA must maintain effective internal controls to ensure its rating policies, procedures, and best practices are consistently implemented across all rating activities. The design and operation of the internal control function is the responsibility of senior management and must be commensurate with the nature, scale, and complexity of the CRA’s operation.

ii.Ê

39.1.5.10.Ê

viii.Ê

Methodology Review Function

39.1.5.9.2.1.Ê

WEDNESDAY, OCTOBER 21, 2026

b.Ê Any rating action is taken within six (6) months of the assignment of an initial rating; or

Internal Controls and Audit Function

39.1.5.9.1.1.Ê

A summary of trainings completed by Rating Analysts and key staff, highlighting any material deviation from the training schedule established by the CRA, and training plan for the forthcoming year; and

A CRA must report the following information on an event-driven basis — due within the period specified after the event: i.Ê

The CRA's internal control function must monitor compliance with this separation requirement and report any breach to the Board.

🖂🖂🖂🖂 The SEC Headquarters, 7907 Makati Avenue and all employees of the company must affirm in writing their Salcedo Village, Bel-air, Makati City compliance with the company’s Code of Conduct. 🕾🕾🕾🕾 (+63 2) 5322 7696 www.sec.gov.ph | imessagemo@sec.gov.ph https://linktr.ee/secphilippines Ê 39.1.5.9.Ê Compliance, Internal Controls, Audit and Review Functions

39.1.5.9.1.Ê

Historical default rate data — submitted together with the Annual Transparency Report and the transition data within four (4) months after the close of each financial year. Data on the historical default rates of the CRA's rating categories, disaggregated by rating category and asset class, covering all periods for which data are available;

A CRA must report the following information on a quarterly basis — due within fourteen (14) days after the end of each

Information obtained in the course of ancillary services may not be used in the rating process unless it is equally available to the rated entity and is documented as such in the rating file; likewise, information obtained in the rating process cannot be used for ancillary services;

Where the CRA’s Code of Conduct differs in substance from the provisions of the IOSCO CRA Code other than those provisions required in these Guidelines, the CRA must explain where and why these differences exist, and fully disclose them on its website.

c.Ê The underlying observation counts are disclosed alongside the aggregated data. This data must also be published on the CRA's public website within five (5) days of submission to the Commission.

🖂🖂🖂🖂 The SEC Headquarters, 7907 Makati Avenuequarter: Salcedo Village, Bel-air, Makati City 🕾🕾🕾🕾 (+63 2) 5322 7696 i.Ê A report on all credit rating reviews and Rating Outlook www.sec.gov.ph | imessagemo@sec.gov.ph changes published during the quarter, including initial https://linktr.ee/secphilippinesÊ

General Code of Conduct

39.1.5.8.3.1.Ê

viii.Ê

As part of the mechanisms to mitigate potential conflicts, where a CRA provides permitted ancillary services, it must maintain

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e.Ê Subject to rating withdrawal, with withdrawn ratings presented as a separate column.

Financial research of a general nature that does not relate to a specific rated entity.

Persons engaged in ancillary services may not participate in, or exercise any influence over, any rating decision or rating review. Provided, That a person engaged in ancillary services may participate in a rating decision or rating review if the CRA demonstrates that adequate safeguards are in place to ensure that such participation does not give rise to any actual or potential conflict of interest or compromise the independence, objectivity, or integrity of the rating process;

Manila

Standard

d.Ê In default; or

Pricing analysis and valuation services not used in connection with a rated entity's own instruments;

effective organizational and operational separation between those activities and its rating activities. Specifically:

BUSINESS

c.Ê Downgraded to a lower rating category;

A CRA must conduct and document its assessment of the potential conflicts of interest that may arise from the provision of an ancillary service. In cases where potential conflicts are identified, the CRA must also identify the mechanisms and safeguards that will be put in place to adequately manage such conflicts and ensure the independence of its rating services and the rating process. The CRA must regularly review the effectiveness of these safeguards. If at any point its assessment shows that they are insufficient to adequately mitigate the conflict, the CRA must discontinue the service.

🖂🖂🖂🖂 The SEC Headquarters, 7907 Makati Avenue Salcedo Village, Bel-air, Makati City i.Ê 🕾🕾🕾🕾 (+63 2) 5322 7696 www.sec.gov.ph | imessagemo@sec.gov.ph https://linktr.ee/secphilippinesÊ

39.1.5.8.2.6.Ê

b.Ê Upgraded to a higher rating category;

Neither a CRA, nor any Significant Shareholder or Controller, may provide the following services to a rated entity, or a Related Entity: i.Ê

39.1.5.8.2.4.Ê

a.Ê Affirmed in the same rating category;

Permitted ancillary services include, but are not limited to: ii.Ê

39.1.5.8.3.Ê

asset class, covering all periods for which data are available since the CRA commenced rating operations. The transition data must be presented in matrix form, showing for each starting rating category the percentage of rated entities that, at the end of the twelve (12)-month period, were:

A CRA must disclose whether any issuer, originator, arranger, subscriber, or other client and its affiliates make up more than ten percent (10%) of total CRA revenue.

Permitted Ancillary Services and Exclusions

39.1.5.8.2.1.Ê

ALLHC LOCATOR. AyalaLand Logistics Holdings Corp. executives welcome Taiwanese solar float manufacturer Suntoward Tech Philippine Inc. as a new locator, marking the company’s entry into the Philippine market. Attending the agreement signing are (from left) ALogis head of leasing Kalee Martin, Suntoward president Jack Wang, ALLHC chief operating officer Patrick Avila, and ALLHC head of leasing segment and special projects and chief sustainability officer Eileen Escobido.

Stocks extend gains; peso holds flat at 63.09 LOCAL shares climbed for a fourth straight trading day Tuesday to close above the 5,800 mark, buoyed by market enthusiasm following the highly anticipated stock market debut of Mynt Inc., the operator of GCash. The Philippine Stock Exchange index jumped 8.27 points, or 0.14 percent, to close at 5,806.17. The broader all shares index edged up 0.70 point, or 0.02 percent, to 3,234.18. Rizal Commercial Banking Corp. chief economist Michael Ricafort said the listing of Mynt generated fresh momentum and trading excitement across the local bourse. Sentiment was further bolstered by a recovery in Wall Street equities and lower U.S. Treasury yields, which helped ease global borrowing cost pressures. Less hawkish signals from the U.S. Federal Reserve also tempered expectations of another 25-basis-point interest rate hike at the central bank’s upcoming policy meeting. While a recent rollback in domestic pump

prices offered temporary relief to consumers and businesses, market analysts warned that oil prices remain volatile amid lingering Middle East geopolitical tensions. Sectoral performance was mixed. Holding firms led gains, up 1.47 percent, followed by property (up 0.89 percent), industrials (up 0.50 percent), and financials (up 0.14 percent). Conversely, mining and oil slipped 2.13 percent, while services dropped 1.31 percent. Despite the main index gain, market breadth was negative as decliners outnumbered advancers, 105 to 84, while 69 issues ended unchanged. Value turnover reached P8.51 billion. Among actively traded stocks, index heavyweight SM Investments Corp. rose 2.4 percent to finish at P555, while telecom giant PLDT Inc. fell 3.85 percent to P1,250. Meanwhile, the peso closed unchanged against the U.S. dollar on Tuesday at 63.09, matching Monday’s finish. Jenniffer B. Austria

Yuchengco, SEC chief stay friends despite feud PHILIPPINE Stock Exchange director Vivian Yuchengco said she remains good friends with Securities and Exchange Commission Chairman Francisco Lim, despite an ongoing legal dispute over shareholder rights and regulatory policy. “We are friends even if I’m suing him,” Yuchengco told reporters on the sidelines of Mynt Inc.’s stock market listing ceremony Tuesday. Yuchengco said her disagreement with Lim, a former PSE president, is professional rather than personal. It stems from her opposition to a recent SEC rule establishing a 10-year cumulative term limit for broker-directors serving on the boards of securities exchanges. “I am a founding member of the stock exchange, and my shares are original. Can you deprive me of that? You cannot. That’s a shareholder’s right,” Yuchengco said. Under SEC regulations, the tenure of broker-directors on stock exchange boards is capped at a maximum cumulative period of 10 years, whether served consecutively or intermittently. Incumbent brokerdirectors were granted a two-year transition period to complete their current terms and remain eligible for election during the next two annual board votes. Yuchengco also voiced opposition to proposed SEC rules raising capitalization thresholds for stockbrokerage firms. “I do not agree with increasing capitalization, because you have to support Filipino brokers,” Yuchengco she said. She warned that smaller

domestic brokerages might lack the financial resources to meet steeper capital requirements, emphasizing that small market participants remain critical to the local exchange’s liquidity and growth. Yuchengco noted that while her own brokerage firm, First Resources Management & Securities Corp., has the financial capacity to meet higher capital thresholds, her legal challenge aims to protect smaller industry players. “I’m protecting everybody. I’m protecting all the shareholders. My lawsuit is for everybody, not for me alone,” she said. The SEC previously proposed raising the minimum unimpaired paid-up capital requirement for all broker-dealers to P120 million from P100 million. Jenniffer B. Austria

Lim

CYANMAGENTA MAGENTAYELLOW YELLOWBLACK BLACK CYAN MAGENTA YELLOW BLACK CYAN

BUSINESS

Manila Manila Manila Manila

Standard Standard TODAY TODAY TODAY TODAY

WEDNESDAY, OCTOBER 21, 2026

extrastory2000@gmail.com RODERICK T. DELA CRUZ, Editor ALENA MAE S. FLORES, Asst. Editor

TRUSTED DATA.

C B nformat on nc C B s recogn zed among As a s Most nfluent a Compan es at the ACES Awards 2026 The award h gh ghts ts evo ut on from the Ph pp nes first cred t bureau nto a broader data and nte gence partner that supports trusted dec s on mak ng across end ng emp oyment dent ty ver ficat on and fraud prevent on P a Are ano th rd from eft pres dent and CEO of C B says trusted data becomes even more va uab e when t s used to he p nst tut ons act w th greater confidence and create better outcomes for the peop e

NQX PH plans to open 725 new jobs in Naga City over three years By Alena Mae S. Flores NQX Ph pp nes he arges emp oyer n Naga C y p ans o crea e a eas 725 add ona obs over he nex hree years as par of a na onw de expans on n o emerg ng reg ona hubs The company former y known as Quan r cs announced he arge af er a cour esy ca on Naga C y Mayor Len Robredo a Naga C y Ha o d scuss pub c-pr va e co abora on on workforce deve opmen and reg ona grow h NQX emp oys abou 1 600 peop e n Naga The cus omer exper ence firm sa d con nues o rev ew grow h oppor un es n emerg ng reg ona hubs o br ng more career oppor un es c oser o oca commun es

“NQX sees s gn fican oppor un es n reg ona oca ons and s comm ed o expand ng qua y ob oppor un es beyond rad ona bus ness hubs ” sa d NQX v ce-pres den for opera ons Geoffrey Gu n “Our goa s o enab e peop e o advance he r careers wh e rema n ng c ose o he r fam es fos er ng s ronger commun es and suppor ng sus a nab e oca econom c grow h ” she sa d Robredo sa d Naga C y’s recen rans on o h gh y urban zed c y s a us and nfras ruc ure nves men s nc ud ng a rpor runway upgrades s reng hen s capac y o a rac nves men s and genera e sus a nab e emp oymen She a so br efed he company on he c y’s ongo ng deve opmen n a ves

Career Opportunity in HUAYOU CONSTRUCTION DEVELOPMENT PHILIPPINES CORPORATION Career Opportunity inHUAYOU HUAYOU CONSTRUCTION DEVELOPMENT PHILIPPINES CORPORATION Career Opportunity in CONSTRUCTION DEVELOPMENT PHILIPPINES CORPORATION Career Opportunity in HUAYOU CONSTRUCTION DEVELOPMENT PHILIPPINES CORPORATION PROJECT SUPERVISOR PROJECT SUPERVISOR PROJECT SUPERVISOR PROJECT SUPERVISOR VACANCY) (2(2VACANCY) VACANCY) (2 (2 VACANCY) JOB DESCRIPTIONS JOB DESCRIPTIONS JOB DESCRIPTIONS JOB DESCRIPTIONS  Develop Develop and implement project work plans and review appropriate meet changing  Develop and implement project work plans and review asas appropriate toto meet changing  and implement project work plans and review as appropriate to meet changing  Develop and implement project work plans and review as appropriate to meet changing needs and requirements. needs and requirements. needs and requirements. needs and requirements.  Identify Identify construction issues to be resolved through site surveys for potential locations.  Identify construction issues to be resolved through site surveys for potential locations.  construction issues to be resolved through site surveys for potential locations.   Identify construction issues to be resolved through site surveys fortopotential locations. Develop, maintain and improve any business relationships vital division success.  Develop, Develop, maintain and improve any business relationships vital to division division success.  maintain and improve any business relationships vital to success.  Develop, maintain and improve any business relationships vital to division success. Conduct quality control work performed independent contractors.  Conduct Conduct quality control forfor work performed byby independent contractors.  quality control for work performed by independent contractors.  Conduct quality control for work performed by independent contractors.  Evaluate project and recommend report to identify issues and opportunities to improve  Evaluate project and recommend report to identify issues and opportunities to improve  project and report  Evaluate Evaluate projectgoing and recommend recommend report to to identify identify issues issues and and opportunities opportunities to to improve improve performance forward. performance going forward. forward. performance going performance going forward.  Interact Interact clearly, constructively and positively with all organizational departments to ensure  Interact clearly, constructively and positively with all organizational departments to ensure  clearly, constructively and positively with all organizational departments to  Interact clearly, constructively and positively with all organizational departments to ensure ensure projects are completed effectively and with minimal disruption planned events. projects are completed effectively and with minimal disruption toto planned events. projects are completed effectively and with minimal disruption to planned events. projects are completed effectively and with minimal disruption to planned events.  Support Support cost savings development initiatives and delivery process improvements.  Support cost savings development initiatives and delivery process improvements.  cost savings development initiatives and delivery process improvements.   Support cost savings development initiatives andtodelivery process improvements. Responsible in handling budgets, responding labor request and establishing department  Responsible Responsible in handling handling budgets, responding to labor labor request and establishing department  in budgets, responding to request and establishing department  Responsible in handling budgets, responding to labor request and establishing department goals and objectives. goals and objectives. goals and objectives. goals and objectives. QUALIFICATIONS QUALIFICATIONS QUALIFICATIONS QUALIFICATIONS Bachelor's degree in civil structural engineering, construction, building, related field  Bachelor's Bachelor's degree in civil civil oror structural engineering, construction, building, oror related field  degree in or structural engineering, construction, building, or related field  Bachelor's degree in civil or structural engineering, construction, building, or related field Documentation management and ability use project management tools  Documentation Documentation management and ability toto use project management tools  management and ability to use project management tools  Documentation management and ability to use project management tools  Strong time management and project management skills  Strong Strong time time management management and and project project management management skills skills   Strong time management and project management Active listening and verbal communication skills skills  Active Active listening and verbal communication skills  listening and verbal communication skills  Active listening and verbal communication skills Ability speak Mandarin and English is advantage  Ability Ability toto speak Mandarin and English is an anan advantage  to speak Mandarin and English is advantage  Ability to speak Mandarin and English is an advantage Applications may sent Applications may bebe sent to:to: Applications may be sent to: Applications may be sent to: bdm_huayou@yahoo.com bdm_huayou@yahoo.com bdm_huayou@yahoo.com bdm_huayou@yahoo.com (02) 8638-1108 / 0917-673-6612 (02) 8638-1108 / 0917-673-6612 (02) 8638-1108 / 0917-673-6612 (02) 8638-1108 / 0917-673-6612 Company/Employer Name foreign national intending apply for Company/Employer Name ofof foreign national intending toto apply for Company/Employer Name of foreign national intending to apply for Company/Employer Name of foreign national intending to apply for the position the position the position the position Name: Luo, Weixiang Company Name: Huayou Construction Name: Luo, Weixiang Company Name: Huayou Construction Name: Luo, Weixiang Company Name: Huayou Construction Name: Luo, Weixiang Company Name: Huayou Construction Address: Unit402 402Cedar CedarMansion Mansion2, Escriva Development Philippines Corporation Address: Unit 402 Cedar Mansion 2,2,Escriva Escriva Development Philippines Corporation Address: Unit Development Philippines Corporation Address: Unit 402 Cedar Mansion Development Philippines Corporation Drive, Brgy. San Antonio, Pasig City 2, Escriva Address: Unit 101-102 Cedar Mansion II, Drive, Brgy. San Antonio, Pasig City Address: Unit 101-102 Cedar Mansion II, Drive, Brgy. San Antonio, Pasig City Address: Unit 101-102 Cedar Mansion II, Drive, Brgy. San Antonio, Pasig City Address: Unit 101-102 Cedar Mansion II, Nationality: Chinese Escriva Drive Nationality: Chinese Escriva Drive Nationality: Chinese Escriva Drive Nationality: Chinese Escriva Drive Intended period employment: Three years Brgy. San Antonio, Pasig City, 1600 Intended period ofof employment: Three (3)(3) years Brgy. San Antonio, Pasig City, 1600 Intended period of employment: Three (3) years Brgy. San Antonio, Pasig City, 1600 Intended period of employment: Three (3) years Brgy. San Antonio, Pasig City, 1600 Nature Business: General Construction Nature ofof Business: General Construction Nature of Business: General Construction Nature of Business: General Construction Name: Liu, Chaojie Name: Liu, Chaojie Name: Liu, Chaojie Name: Liu, Chaojie Address: Unit 402 Cedar Mansion Escriva Address: Unit 402 Cedar Mansion 2,2, Escriva Address: Unit 402 Cedar Mansion 2, Escriva Address: Unit 402 Cedar Mansion 2, Escriva Drive, Brgy. San Antonio, Pasig City Drive, Brgy. San Antonio, Pasig City Drive, Brgy. San Antonio, Pasig City Drive, Brgy. San Antonio, Pasig City Nationality: Chinese Nationality: Chinese Nationality: Chinese Nationality: Chinese Intended period employment: Three years Intended period ofof employment: Three (3)(3) years Intended period of employment: Three (3) years Intended period of employment: Three (3) years Huayou Construction Development Philippines Corporation hereby declares that the above-named Huayou Construction Development Philippines Corporation hereby declares that the above-named Huayou Construction Development Philippines Corporation hereby declares that the above-named Huayou Construction Development Philippines Corporation hereby declares that the above-named foreign national is able, willing and qualified perform the services and job description this position. foreign national is able, able, willing and qualified toto perform the services and job description forfor this position. foreign national is willing and qualified to perform the services and job description for this position. foreign national is able, willing and qualified to perform the services and job description for this position. The company has the intention employ the said foreign national and apply Alien Employment The company has the intention toto employ the said foreign national and apply forfor anan Alien Employment The company has the intention to employ the said foreign national and apply for an Alien Employment The company has the intention to employ the said foreign national and apply for an Alien Employment Permit with the Department of Labor and Employment – National Capital Region located at Intramuros Permit with the Department of Labor and Employment – National Capital Region located at Intramuros Permit with Permit with the the Department Department of of Labor Labor and and Employment Employment –– National National Capital Capital Region Region located located at at Intramuros Intramuros Manila. Manila. Manila. Manila.

DTI in talks with VinFast on possible PH factory T By Othel V. Campos

he Department of Trade and Industry (DTI) is in talks with Vietnamese automaker VinFast Group on a possible manufacturing facility in the Philippines, as the company also explores investments in hospitals, resorts and other industries, Trade Secretary Ma. Cristina Roque said.

NNO OOT TTII IC CCE EE N Notice hereby given that PHIL TECH, INC. (Formerly: Notice isis hereby given that PHIL TECH, INC. (Formerly: Notice is hereby given that PHIL TECH, INC. (Formerly: Notice is hereby given that PHIL TECH, (Formerly: th th th SAFEWAY PHILTECH TECH INC.) with officeINC. address th SAFEWAY PHIL TECH INC.) with office address atat20 2020 SAFEWAY PHIL INC.) with office address at SAFEWAY PHIL TECH INC.) with office address at 20 nd st st Street Cor. nd nd st Floor, Bonifacio Stopover, 31 2 Avenue and Floor, Bonifacio Bonifacio Stopover, Stopover, 31 31st Street Street Cor. Cor. 222nd Avenue Avenue and and Floor, Floor, Bonifacio Stopover, 31 Street Cor. Avenue and Rizal Drive, Bonifacio Global City, Taguig City, applying Rizal Drive, Bonifacio Global City, Taguig City, isis applying Rizal Drive, Bonifacio Global City, Taguig City, is applying Rizal Drive, Bonifacio Global City, Taguig City, is applying registration withthe the Board Investments (BOI) forforregistration registration with the Board ofofInvestments Investments (BOI) asasaaa a for with Board of (BOI) as for registration with the Board of Investments (BOI) as New Services Export Provider (Information Technology and New Services Services Export Export Provider Provider (Information (Information Technology Technology and and New New Services Export Provider (Information Technology and Shared Services Johndorf Tower, CebuBusiness BusinessPark, Park, Shared Services Johndorf Tower, Cebu Business Park, Shared Services Johndorf Tower, Cebu Shared Services Johndorf Tower, Cebu Business Park, Cebu City) under Tier I (Export Activities - Services Exports) Cebu City) under Tier (Export Activities Services Exports) Cebu City) under Tier III (Export Activities --- Services Exports) Cebu City) under Tier (Export Activities Services Exports) the 2026 Strategic Investment Priority Plan(SIPP) (SIPP)of ofofthe the 2026 Strategic Investment Priority Plan (SIPP) ofof of 2026 Strategic Investment Priority Plan of the 2026 Strategic Investment Priority Plan (SIPP) of the RA No. 11534 (CREATE Act), as amended by RA No. the RA No. 11534 (CREATE Act), as amended by RA No. the RA No. 11534 (CREATE Act), as amended by RA No. the RA No. 11534 (CREATE Act), asatamended by RA No. 12066, with project site located 10th Floor Johndorf 12066, with with project project site site located located at at 10th 10th Floor Floor Johndorf Johndorf 12066, 12066, with project site located at 10th Floor Johndorf Tower,Mindanao Mindanao Ave. ,Brgy. Brgy.Luz, Luz, CebuBusiness Business Park, Tower, Mindanao Ave. Luz, Cebu Business Park, Tower, Ave. ,,, Brgy. Cebu Park, Tower, Mindanao Ave. Brgy. Luz, Cebu Business Park, Cebu City. Cebu City. Cebu City. Cebu City. Anyperson personwith withvalid validobjection/s objection/son theaboveaboveAny person with valid objection/s ononthe the aboveAny Any person with valid objection/s on the abovementioned project may file his/her objection writing, under mentioned project may file his/her objection inin writing, under mentioned project may file his/her objection in writing, under mentioned project may file his/her objection in writing, under oath, with the BOI within three (3) days from the date oath, with with the the BOI BOI within within three three (3) (3) days days from from the the date date of ofof oath, oath, with the BOI within three (3) days from the date of this publication. this publication. this publication. this publication. (SGD.) MARY ANN RAGANIT (SGD.) MARY ANN E.E. RAGANIT (SGD.) MARY ANN E. RAGANIT (SGD.) MARY ANN E. RAGANIT Director Director Director Director

Infrastructure and Services Industries Service Infrastructure and Services Industries Service Infrastructure and Services Industries Service Infrastructure and Services Industries Service

Roque sa d he governmen was d scussng po en a nves men s w h V nFas nc ud ng e ec r c veh c e (EV) manufac ur ng bu he company has ye o fina ze he nves men amoun or oca on “They’re ook ng a o her d fferen s es ” Roque sa d add ng ha she was schedu ed o mee V nFas represen a ves o d scuss he pro ec s Roque sa d he a ks

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Career Opportunity in Amazon Operation Services Philippines Inc (AOSPI)

Career Opportunity in Amazon Operation Services Philippines Inc (AOSPI) Career Opportunity in Amazon Operation Services Philippines m Career Opportunity inAm Amazon Operation Services Philippines IncInc (AOSPI) Career Opportunity in Amazon Operation Services Philippines Inc (AOSPI) C O O AO(AOSPI) Career Opportunity in Amazon Operation Services Philippines Inc (AOSPI)

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Position title: Risk Specialist Position title: Risk Specialist I I Position title: Risk Specialist I

Vacancy Position title: Investigation Specialist I Vacancy (1) (1) Position title: Investigation Specialist Vacancy (1) Position title: Investigation Specialist II Job Description:

Job Description: Vacancy (1) Description: Vacancy (1)Job Vacancy (1)

Risk Identification Assessment. Competent in evaluating potential risks (financial, operational, legal, etc.) • • Risk Identification andand Assessment. Competent in evaluating potential risks (financial, operational, legal, etc.)

• •RiskAnalytical Identification and & Assessment. Competent in evaluating potential risks (financial, operational, legal, etc.)to reduce or manage risks Thinking Problem-Solving Skills. capability of developing practical, data-driven solutions Job Description: • Analytical Thinking & Problem-Solving Skills. TheThe capability of developing practical, data-driven solutions to reduce or manage risks Job Description: D • •Analytical Thinking & Makes Problem-Solving Skills. The capability ofespecially developinginpractical, data-driven solutionssituations to reduce or manage risks Job Description: Decision-Making. sound judgment under pressure, high-stakes or time-sensitive • Decision-Making. Makes sound judgment under pressure, especially in high-stakes or time-sensitive situations •

Decision-Making. Makes sound judgment under pressure, especially in high-stakes or time-sensitive situations

Knowledge of efficient Regulations and Compliance. Familiarity with relevant laws and industry standards. Ensure compliance with internal policies and e xternal • •prompt Knowledge of efficient Regulations and Compliance. Familiarity with relevant laws and industry standards. Ensure compliance with internal policies and e xternal Provides prompt and service to Sellers, including appropriate escalation of Sellers’ issues apolicies contact center environment. ➢ ➢Provides Provides and service to Amazon Amazon Sellers, including thethe appropriate escalation of Sellers’ Sellers’ issues in ain a contact contact center environment. • prompt Knowledge of efficient Regulations and Compliance. Familiarity with relevant laws and industry standards. Ensure compliance with internal and e xternal ➢ m requirements. mAmazon m ➢ and service to Sellers, including the appropriate escalation of issues in center environment. requirements. Maintains a positive and professional demeanor, always portraying company a positive light while effectively managing sensitive issues. requirements. ➢ ➢M Maintains positive and professional demeanor, always portraying thethe company in aainpositive positive light while effectively managing sensitive issues. ➢ m m m ➢ aa positive and professional demeanor, always portraying the company in light while effectively managing sensitive issues. Technical & Tools Proficiency. Advance skills in and Excel, data analytics tools • •Technical Technical & Tools Proficiency. Advance skills in and Excel, data analytics tools ➢Maintains Demonstrates excellent time-management skills the ability to work independently while using departmental resources, policies , and procedures. ➢ Demonstrates excellent time-management skills the ability to work independently while using departmental resources, policies , and procedures. • & Tools Proficiency. Advance skills in Excel, data analytics tools ➢ m m m m m ➢ ➢Demonstrates excellent time-management skills and the abilityproductivity, to work independently while using and departmental resources, policies , and procedures. Maintains acceptable performance metrics such as quality, first contact resolution, attendance . ➢ M Maintains acceptable performance metrics such as asLicense, quality, productivity, first contact resolution, and attendance attendance .. Qualification (Education, Experience, Professional Skills Certification, Specialized Training): ➢ m m Qualification (Education, Experience, Professional License, Skills Certification, Specialized Training): ➢ Maintains acceptable performance metrics such quality, productivity, first contact resolution, and Qualification (Education, Experience, Professional License, Skills Certification, Specialized Training): Actively seeks solutions through logical reasoning and data interpretation skills , and identifies trends to appropriate channel, including improvement ➢ ➢Actively Actively seeks solutions through logical reasoning and data interpretation skills , and and identifies trends to the thethe appropriate channel, including improvement ➢ m m ➢ seeks solutions through logical reasoning and data interpretation skills , identifies trends to appropriate channel, including improvement Ability to see complex data identify patterns or trends. Skilled in performing root-cause analysis assessment suggestions • • Ability to see complex data andand identify patterns or trends. Skilled in performing root-cause analysis andand riskrisk assessment suggestions • •Ability to see complex data and identify patterns or trends. Skilled in performing root-cause analysis and risk assessment suggestions Proactively identifies potential issues creates mitigation plans • Proactively identifies potential issues andand creates mitigation plans •

Proactively identifies potential issues and creates mitigation plans

•

Ability to spot anomalies or Professional inconsistencies that could indicate a risk • • Ability to spot anomalies or Professional inconsistencies that could indicate a risk Qualification Experience, License, Skills Certification, Specialized Training): Qualification (Education, Experience, License, Skills Certification, Specialized Training): • (Education, Ability to spot anomalies or Professional inconsistencies that could a risk Q C Experience in conducting In-person Verifications isindicate an advantage. Qualification (Education, Experience, License, Skills Certification, Specialized Training): • • Experience in conducting In-person Verifications is an advantage.

Experience in conducting In-person Verifications is an advantage. Experience working in relevant industries such as law, customer service, investigations, risk management, project management, etc.

Experience working in relevant industries such as law, customer service, investigations, risk management, projecttomanagement, etc.and Interpersonal skills, with the ability to communicate complex transactional issues correctly and clearly to both internal and external customers. ➢ ➢Interpersonal Interpersonal skills, with the ability to communicate complex transactional issues correctly and clearly both internal external customers. •• Experience working in ability relevant industries such as law, customer service, investigations, risk management, projectto management, etc.and ➢ mm m m ➢ skills, with the to communicate complex transactional issues correctly and clearly both internal external customers. Clear, crisp, and proactive documentation of operational procedures required to tackle known risk-related patterns. Applications may sent ➢ ➢Clear, Clear, crisp, and proactive documentation of operational operational procedures required toto: tackle known risk-related patterns. ➢ m Applications may be be sent to: ➢ crisp, and proactive documentation of procedures required to tackle known risk-related patterns. Applications may be sent Patricia to: Name ofrecognize Company HR: Ivanka Quinial ➢Problem-solving Problem-solving skills, having demonstrated ability non-obvious patterns and analyze problems logically. Name ofto Company HR: Ivanka Patricia Quinial ➢ skills, having demonstrated ability to recognize non-obvious patterns and analyze problems logically. ➢ m m m Name of Company HR: Ivanka Patricia Quinial Email address: https://www.amazon.jobs/en/search ➢ Problem-solving skills, having demonstrated ability to recognize non-obvious patterns and analyze problems logically. Email address: https://www.amazon.jobs/en/search Self-disciplined, diligent, proactive, and detail-oriented, impacting management and organizational skills. Email address: https://www.amazon.jobs/en/search ➢ ➢Self-disciplined, Self-disciplined, diligent, proactive, and detail-oriented, impacting time management and organizational skills. ➢ m m time m m Maniladiligent, Manila ➢ proactive, and detail-oriented, impacting time management and organizational skills. Manila Manila Proven ability work in fast-paced, dynamic environments where decisions are made without on customer experience and financial ➢ ➢Proven Proven ability to to work in fast-paced, dynamic where decisions are made without compromising on customer experience and financial ➢ m environments m mcompromising m mposition Company/ Employer Name of m foreign national intending to apply ➢ ability made without compromising on customer experience and financial Company/ Employer Name ofare foreign national intending to apply forfor thethe position mlosses. m to work in fast-paced, dynamic environments where decisions m of Company/ Employer Name foreign national intending to apply for the position losses. losses.

Standard Standard TODAY TODAY TODAY TODAY

Company Name: Company Name: Name: Peiying m m Name: Peiying Li Li Company Name: Applications may be sent Name: Li to: Applications may bePeiying sent to: m Amazon Operation Services Philippines (AOSPI) Address: Manila Amazon Operation Services Philippines IncInc (AOSPI) Applications may be sent to: Address: Manila CityCity Quinial Name of Company HR: Ivanka Patricia Amazon Operation Services Philippines Inc (AOSPI)Name Address: Manila CityQ ofC Company HR: Ivanka Patricia Quinial N m m HR Name of Company HR: Ivanka Patricia Quinial Complete address: Nationality: Taiwanese Complete address: Nationality: Taiwanese Email address: https://www.amazon.jobs/en/search m Email address: https://www.amazon.jobs/en/search Complete address: m address: https://www.amazon.jobs/en/search www m Nationality: Taiwanese Email 9th to 14th Floor, Four E-Com Center, Blk. No. 22, Harbor Drive, Mall of Asia Intended period of employment: years. 9th to 14th Floor, Four E-Com Center, Blk. No. 22, Harbor Drive, Mall of Asia Intended period of employment: twotwo (2) (2) years. m m 9thComplex to 14th Floor, Four E-Com Center,076, Blk.Pasay No. 22, Harbor Drive, Mall1300 of Asia Intended period of employment: two (2) years. St., District 1, Barangay City, Metro Manila, Complex St., District 1, Barangay 076, Pasay City, Metro Manila, 1300 Complex St., District 1, Barangay 076, Pasay City, Metro Manila, 1300 Company/ Employer Name foreign national intending apply position AOSPI a corporation organized under Philippine N business: Company/ Employer Name of of foreign national intending to to apply forfor thethe position C m mNature m Nature of of business: AOSPI is is a corporation organized under Philippine Company/ Employer Name of foreign national intending to apply for the position AOSPI is Securities a corporation organized under Philippine Nature of is business: laws. registered with Exchange Commission (SEC) laws. It isIt registered with thethe Securities andand Exchange Commission (SEC) laws. It isSEC registered with of theRegistration Securities and Exchange Commission (SEC) to under Certificate CS201722700. is authorized under SEC Certificate of Registration No.No. CS201722700. It isIt authorized to Company Name: under SECsupport Certificate of Registration No.not CS201722700. It is technical authorized to Company Name: provide services, including limited to remote support C m N m Name: Oranit Nipanprasart provide support services, including butbut not limited to remote technical support Company Name: Name: Oranit Nipanprasart N m O N provide support services, including but not limited to remote technical support services, development, customer support, customer careservices, services, Name: Oranit Nipanprasart services, IT ITdevelopment, customer support, customer care Operation Services Philippines services, IT process development, customer support, customer carebutservices, business outsourcing, back-office support (including limited Amazon Operation Services Philippines IncInc (AOSPI) Address: Quezon City mAmazon O O(AOSPI) business process outsourcing, back-office support (including but notnot limited Address: Quezon City Amazon Operation Services Philippines Inc (AOSPI) Q C business process outsourcing, back-office support (including but management, not limited Address: Quezon City systems, hardware, software, financial operations, vendor to to systems, hardware, software, financial operations, vendor management, to address: systems, hardware, software, financial operations, vendor management, Complete human resources relating back-office), other activities Nationality: Thai Complete address: andand human resources relating to to thethe back-office), andand other activities Thai C m NNationality: Complete address: andnecessary human resources relatingastowell the back-office), and other activities useful thereto, marketing support activities, without Nationality: Thai necessary or or useful thereto, as well as as marketing support activities, without necessary orinuseful thereto, aspractice well as of marketing support activities, without Unit No. 2C, Flr. 4th, One E-Com Bldg., Ocean Drive, Mall Intended period years engaging retail trade, the a profession, or acting as an Internet Unit No. 2C, Flr. no.no. One E-Com Bldg., Ocean Drive, Mall of Asia Intended period of of employment: two (2)(2) years engaging in4th, retail trade, the practice of a profession, or acting asof anAsia Internet U N Cengaging O C m D memployment: m w two Unit No. 2C, Flr. no. 4th, One E-Com Bldg., Ocean Drive, Mall of inProvider. retail trade, the practice of O a profession, or M acting as Asia an Internet Service Complex St., Zone Barangay 076, District 1, Pasay City, Metro Manila, Intended period of employment: two (2) years Service Provider. Complex St., Zone 10,10, Barangay 076, District 1, Pasay Pasay City, Metro Manila, C m D C M M Service Provider. Complex St., Zone 10, Barangay 076, District 1, City, Metro Manila, NCR, 1300 Amazon Operation Services Philippines (AOSPI). hereby declares above-named foreign national is able, willing, qualified to perform NCR, 1300 Amazon Operation Services Philippines IncInc (AOSPI). hereby declares thatthat thethe above-named foreign national is able, willing, andand qualified to perform thethe NCR NCR, 1300 Amazon Operation Services Philippines Inc (AOSPI). hereby declares that the above-named foreign national is able, willing, and qualified to perform the services and job description for this position. The company has the intention to employ the said foreign national and apply for an Alien Employment Permit services and job description for this position. The company has the intention to employ the said foreign national and apply for an Alien Employment Permit services and jobAOSPI description for position. The company has the intention toDOLE employBuilding, the said foreign national and apply for anLuna Alien Street, Employment Permit Nature business: AOSPI is acorporation corporation organized under Philippine with Department of and Employment (DOLE) Central Office, Muralla Wing corner, General Intramuros, Nature of of business: is Labor a this organized under Philippine with thethe Department of Labor and Employment (DOLE) Central Office, DOLE Building, Muralla Wing corner, General Luna Street, Intramuros, N OPhilippines m m m organized W m Nature of business: AOSPI is a corporation under Philippine with the Department of Labor and Employment (DOLE) Central Office, DOLE Building, Muralla Wing corner, General Luna Street, Intramuros, Manila, 1002, It is registered with Securities and Exchange Commission (SEC) Manila, 1002, Philippines laws. It is is registered with thethe Securities and Exchange Commission (SEC) wlaws. w C mm C Manila, 1002, Philippines laws. It registered with the Securities and Exchange Commission (SEC) under SEC Certificate of Registration No. CS201722700. Itperform authorized Any Filipino jobseeker who is N competent, able willing tois perform services which foreign national is intended to be hired may under SEC Certificate of Registration No. CS201722700. is authorized to to for for C C R C Any Filipino jobseeker who is competent, able andand willing tois thethe services which thethe foreign national is intended to be hired for,for, may filefile an an under SEC Certificate Registration No. CS201722700. ItItto authorized to Any Filipino jobseeker who is competent, able and willing perform theOffice, services for which the foreign national is intended to beLuna hiredStreet, for, may file an objection atof Department Labor and Employment (DOLE) Central DOLE Building, Muralla Wing corner, General Intramuros, provide support services, including but not limited to remote technical support objection at Department of of Labor and Employment (DOLE) Central Office, DOLE Building, Muralla Wing corner, General Luna Street, Intramuros, provide support services, including but not limited to remote technical support m m m m m mPlease objection at 1002, Department of Labor and Employment (DOLE) Central Office, DOLE Building, Muralla W Wing Luna information Street, Intramuros, provide support services, including but not limited to remote technical support Manila, Philippines after this publication. inform Department of Labor Employment – corner, NCR, if General you have criminal Manila, 1002, Philippines after this publication. Please inform Department of Labor andand Employment – NCR, if you have anyany information on on criminal services, IT development, customer support, customer care services, services, IT development, customer support, customer care services, Manila, 1002, after thissupport, publication.customer Please Department of Labor and Employment – NCR, if you have any information on criminal mPhilippines mforeign m inform offenses committed by the national. services, IT development, customer care services, offenses committed by the foreign national. business process outsourcing, back-office support (including offenses committed by theback-office foreign national. business process outsourcing, support (including butbut notnot limited m limited

business process outsourcing, back-office support (including but management, not limited systems, hardware, software, financial operations, vendor to to systems, hardware, software, financial operations, vendor management, m hardware, w w m m to systems, software, financial operations, vendor management, and humanresources resources relating back-office), andother otheractivities activities and human relating to tothe thetheback-office), back-office), and m and human resources relating to and other activities necessary or useful thereto, as well as marketing support activities, without necessary or or useful useful thereto, thereto, as as w well as as m marketing support support activities, activities, w without necessary well marketing without engaging in retail trade, practice a profession, acting Internet engaging in retail retail trade, thethe practice of of profession, or or acting asas anan Internet engaging in trade, the practice of aa profession, or acting as an Internet Service Provider. Service Provider. Service Provider. Operation Services Philippines hereby declares that above-named foreign national is able, willing, and qualified to perform Amazon Operation Services Philippines IncInc (AOSPI). hereby declares that thethe above-named foreign national is able, able, willing, and qualified to perform perform thethe mAmazon O O(AOSPI). m w m the Amazon Operation Services Philippines Inc (AOSPI). hereby declares that the above-named foreign national is willing, and qualified to services and description this position. The company has intention to said foreign national and apply Alien Permit services and jobjob description forfor this position. The company has thethe intention to employ employ thethe said foreign national and apply forfor anan Alien Employment Permit m memploy mEmployment m m services and job description for this position. The company has the intention to the said foreign national and apply for an Alien Employment Permit with the Department of Labor and Employment (DOLE) Central Office, DOLE Building, Muralla Wing corner, General Luna Street, Intramuros, Ê with the Department of Labor and Employment (DOLE) Central Office, DOLE Building, Muralla Wing corner, General Luna Street, Intramuros, Ê Ê w D m m m DO C O DO B M W G m Ê Ê with the Department of Labor and Employment (DOLE) Central Office, DOLE Building, Muralla Ê Wing corner, General Luna Street, Intramuros, Ê Manila, 1002, Philippines Career Opportunity in Amazon Operation Services Philippines Inc (AOSPI) Career Opportunity in Amazon Operation Services Philippines Inc (AOSPI) Manila, 1002, Philippines M Career Opportunity in Amazon Operation Services PhilippinesInc Inc (AOSPI) (AOSPI) Career Opportunity inAmazon Amazon Operation Services Philippines m Career Opportunity in Operation Services Philippines Manila, 1002, Philippines Career Opportunity in Amazon Operation Services PhilippinesInc Inc(AOSPI) (AOSPI) Career Opportunity in Amazon Operation Services Philippines Inc (AOSPI)

Any Filipino jobseeker who is competent, able, and willing to perform services which foreign national is intended hired may objection Any Filipino jobseeker who is competent, competent, able, and willing to perform perform thethe services forfor which thethe foreign national is intended intended to to bebe hired may filefile anan objection w m w m the w m Any Filipino jobseeker who is able, and willing to services for which the foreign national is to be hired may file an objection Position title: Investigation Specialist at Department of Labor and (DOLE) Central Office, DOLE Building, Muralla Wing corner, General Luna Street, Intramuros, Manila, Position title: Investigation Specialist at the thethe Department oftitle: Labor and Employment (DOLE) Central Office, DOLE Building, Muralla Wing corner, General Luna Street, Intramuros, Manila, D m mEmployment m II I(DOLE) DO C O DO B M W G m M Position Investigation Specialist at Department of Labor and Employment Central Office, DOLE Building, Muralla Wing corner, General Luna Street, Intramuros, Manila, Position title: Investigation Specialist I Please 1002, Philippines, after this publication. inform the Department of Labor and Employment – NCR if you have any information on criminal offenses Position title: Investigation Specialist I Please Position title: Investigation Specialist I 1002, Philippines, after this publication. inform the Department of Labor and Employment – NCR if you have any information on criminal offenses m D m m m NCR m m Position title: Investigation Specialist I Vacancy (1) 1002, Philippines, after publication. Please inform the Department of Labor and Employment – NCR if you have any information on criminal offenses Vacancy (1) this committed by foreign national Vacancy (1) national committed by thethe foreign 583778733-v1\AP_DMS mm 583778733-v1\AP_DMS 1 1 M committed by the foreign national Vacancy (1) 583778733-v1\AP_DMS 1 Job Description: Vacancy (1) Vacancy Job Description: Vacancy (1) (1)Job Description: Provides prompt efficient service to Amazon Sellers, including appropriate escalation of Sellers’ issues a contact center environment. ➢ ➢Provides prompt andand efficient service to Amazon Sellers, including thethe appropriate escalation of Sellers’ issues in aincontact center environment. Job Description: Job Description: ➢ ➢Provides prompt and efficient service to Amazon Sellers, including the appropriate escalation of Sellers’ issues in a contact centersensitive environment. Job Description: Maintains a positive professional demeanor, always portraying company a positive light while effectively managing issues. Job Description: ➢ Maintains a positive andand professional demeanor, always portraying thethe company in ainpositive light while effectively managing sensitive issues.

➢ ➢Maintains a positive and professional demeanor, always the portraying company in a positive light while effectively managing sensitive Demonstrates excellent time-management skills ability tothe work independently while using departmental resources, policies , issues. and procedures. ➢ Demonstrates excellent time-management skills andand the ability to work independently while using departmental resources, policies , and procedures.

➢ ➢Demonstrates excellent time-management skills and the ability to work independently while using departmental resources, , and procedures. Maintains acceptable performance metrics such as quality, productivity, first contact resolution, . issues Provides prompt and efficient service to Amazon including appropriate escalation of Sellers’ a contact center environment. ➢ prompt Maintains acceptable performance metrics such asSellers, quality, productivity, first contact resolution, andand attendance . issues ➢ ➢Provides Provides and efficient service tometrics Amazon Sellers, including thethe appropriate escalation ofattendance Sellers’ inpolicies acontact contact center environment. ➢ and efficient service to Amazon Sellers, including the appropriate escalation of Sellers’ in aain center environment. ➢ prompt acceptable performance such as quality, productivity, first contact resolution, and attendance . issues ➢ Provides and efficient service to Amazon Sellers, including the appropriate escalation of issues in contact center environment. ➢Maintains seeks solutions through logical reasoning data interpretation skills , and identifies trends to the appropriate channel, including improvement ➢ prompt seeks solutions through logical reasoning andand data interpretation skills , and identifies trends to Sellers’ the appropriate channel, including improvement Maintains aActively positive and professional demeanor, always portraying company a trends positive light while effectively managing sensitive issues. ➢ ➢Maintains Maintains aActively positive and professional demeanor, always portraying thethe company inaaainpositive positive light while effectively managing sensitive issues. ➢ aa Actively seeks solutions through demeanor, logical reasoning and data interpretation skills , and identifies to thewhile appropriate channel, including improvement ➢ positive and professional always portraying the company in light effectively managing sensitive issues. suggestions ➢ Maintains positive and professional demeanor, always portraying the company in positive light while effectively managing sensitive issues. suggestions ➢Demonstrates Demonstrates excellent time-management skills and the ability to work independently while using departmental resources, policies , and procedures. suggestions ➢ Demonstrates excellent time-management skills and the ability to work independently while using departmental resources, policies , and procedures. ➢ excellent time-man m m ➢ ➢Demonstrates excellent time-management skills and the ability to Certification, work independently while using and departmental resources, policies , and procedures. Qualification (Education, Experience, Professional License, Skills Specialized Training): Maintains acceptable performance metrics such as quality, productivity, first contact resolution, attendance . Qualification (Education, Experience, Professional License, Skills Certification, Specialized Training): ➢ Maintains acceptable performance metrics such as quality, productivity, first contact resolution, and attendance . ➢ M m m Qualification (Education, Experience, Professional License, Skills Certification, Training):and attendance . ➢ ➢Maintains acceptable performance metrics such as quality, productivity, firstSpecialized contact resolution, Actively seeks solutions through logical reasoning and data interpretation skills , and identifies trends to appropriate channel, including improvement ➢ Actively Actively seeks solutions through logical reasoning and data interpretation skills , and and identifies trends to the thethe appropriate channel, including improvement ➢ m m ➢Interpersonal Interpersonal skills, with the ability to communicate complex transactional issues correctly and clearly to both internal and external customers. ➢ seeks solutions through logical reasoning and data interpretation skills , identifies trends to appropriate channel, including improvement ➢ skills, with the ability to communicate complex transactional issues correctly and clearly to both internal and external customers. suggestions ➢ ➢Interpersonal skills, the ability to communicate complex procedures transactional issues to correctly and clearly to both patterns. internal and external customers. suggestions Clear, crisp, and with proactive documentation of operational required tackle known risk-related suggestions ➢ Clear, crisp, and proactive documentation of operational procedures required to tackle known risk-related patterns. ➢ ➢Clear, crisp, and proactive documentation of operational required to tackle known analyze risk-related patterns. Problem-solving skills, having demonstrated ability to procedures recognize non-obvious patterns problems logically. ➢ Problem-solving skills, having demonstrated ability to recognize non-obvious patterns andand analyze problems logically.

➢(Education, Problem-solving skills, having demonstrated ability to recognize non-obvious patterns Specialized and analyze problems logically. Qualification Experience, Professional License, Skills Certification, Training): Self-disciplined, diligent, proactive, detail-oriented, impacting time management organizational skills. Qualification (Education, Experience, Professional License, Skills Certification, Specialized Training): ➢ ➢Self-disciplined, diligent, proactive, andand detail-oriented, impacting time management andand organizational skills. Q C Qualification (Education, License, Skills Certification, Training): ➢ ➢Self-disciplined, and dynamic detail-oriented, impacting timedecisions management and organizational skills. ProvenExperience, abilitydiligent, to work proactive, inProfessional fast-paced, environments where areSpecialized made without compromising on customer experience and financial ➢ Proven ability to work in fast-paced, dynamic environments where decisions are made without compromising on customer experience and financial ➢ Proven ability to work in fast-paced, dynamic environments where decisions are made without compromising on customer experience and financial losses.

losses. Interpersonal skills, with ability to communicate complex transactional issues correctly and clearly to both internal and external customers. ➢ ➢Interpersonal Interpersonal skills, with thethe ability to communicate communicate complex transactional issues correctly and clearly to both both internal and external customers. losses. ➢ mm m m ➢ skills, with the ability to complex transactional issues correctly and clearly to internal and external customers. Clear, crisp, and proactive documentation of operational procedures required known risk-related patterns. Applications may sent to:tackle ➢ ➢Clear, Clear, crisp, and proactive documentation of operational operational procedures required to tackle known risk-related patterns. Applications may be be sent to:to ➢ m m ➢ crisp, and proactive documentation of procedures required known risk-related patterns. Applications may be sentto to:tackle Name of Company HR: Ivanka Patricia Quinial Name of Company HR: Ivanka Patricia Quinial Problem-solving skills, having demonstrated ability to recognize non-obvious patterns and analyze problems logically. mto of m ➢ ➢Problem-solving Problem-solving skills, having demonstrated ability recognize non-obvious patterns and analyze problems logically. Name Company HR: Ivanka Patricia Quinial ➢ m m m logically. Email address: https://www.amazon.jobs/en/search ➢ skills, having demonstrated ability to recognize non-obvious patterns and analyze problems Email address: https://www.amazon.jobs/en/search m m Email address: https://www.amazon.jobs/en/search Self-disciplined, diligent, proactive, and detail-oriented, impacting management and organizational skills. ➢ ➢Self-disciplined, Self-disciplined, diligent, proactive, and detail-oriented, impacting time management and organizational skills. ➢ m m time m m ➢ diligent, proactive, and detail-oriented, impacting time management and organizational skills. Proven ability to work in fast-paced, dynamic environments where decisions are made without compromising on customer experience and financial Company/ Employer Name of foreign national intending to apply for position ➢ ➢Proven Proven ability to work in fast-paced, dynamic environments where decisions areforeign made without compromising onfor customer experience and financial ➢ m environments m m m mto apply m Company/ Employer Name of national intending thethe position m ability mto work in fast-paced, dynamic m of ➢ where decisions are made without compromising on customer experience and financial Company/ Name foreign national intending to apply for the position losses. Employer losses. losses. Company Name:

Company Name: Name: Oranit Nipanprasart m m Name: Oranit Nipanprasart Company Name: m Oranit Name: Nipanprasart Applications may sent to: City Amazon Operation Services Philippines (AOSPI) Applications may bebe sent to: Address: Quezon Amazon Operation Services Philippines IncInc (AOSPI) m m Address: Quezon City Applications may be sent to: Amazon Operation Services Philippines Inc (AOSPI) Name of Address: Quezon City Company HR: Ivanka Patricia Quinial Name ofC Company HR: Ivanka Patricia Quinial Complete address: N m m HR Q Nationality: Thai Complete address: Name of Company HR: Ivanka Patricia Quinial Nationality: Thai m Complete address: address: https://www.amazon.jobs/en/search Nationality: Thai Email address: https://www.amazon.jobs/en/search mEmail m Intended period of employment: two years Unit One E-Com Bldg., Ocean Drive, Mall ofhttps://www.amazon.jobs/en/search Asia wwwIntended Email address: period of employment: two (2)(2) years Unit No.No. 2C,2C, Flr.Flr. no.no. 4th,4th, One E-Com Bldg., Ocean Drive, Mall of Asia m m m Bldg., M Intended period of employment: two (2) years Unit No. 2C, Flr. no. 4th, One E-Com Ocean Drive, Mall of Asia 565430658-v1\AP_DMS Complex Zone Barangay 076, District 1, Pasay City, Metro Manila, 565430658-v1\AP_DMS Complex St.,St., Zone 10,10, Barangay 076, District 1, Pasay City, Metro Manila, AP m DMS M M 565430658-v1\AP_DMS Complex St., Zone 10, Barangay 076, District 1, Pasay City, Metro Manila, NCR, 1300 NCR, 1300 NCR, 1300 Company/ Name foreign national intending apply position Company/ Employer Name of of foreign national intending to to apply forfor thethe position C m mEmployer m Nature business: AOSPI a corporation organized under Philippine N Company/ Employer Name of foreign national intending to apply for the position Nature of of business: AOSPI is is a corporation organized under Philippine Nature of business: AOSPI is Securities a corporation organized under Philippine laws. It registered is registered with Exchange Commission (SEC) laws. It is with thethe Securities andand Exchange Commission (SEC) mm laws. It isSEC registered with of theRegistration Securities and Exchange Commission (SEC) to under Certificate No. CS201722700. It authorized is authorized Company Name: under SEC Certificate of Registration No. CS201722700. It is to Company Name: C m N m Name: Oranit Nipanprasart under SECsupport Certificate of Registration No.not CS201722700. 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1 11

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CYANMAGENTA MAGENTAYELLOW YELLOWBLACK BLACK CYAN MAGENTA YELLOW BLACK CYAN

COMMUNITY

SPOTLIGHT

WEDNESDAY, OCTOBER 21, 2026 digital.manilastandard@gmail.com/ digital.mktg@manilastandard.net Peter Paul Duran, Issue Editor

Tita Au’s Bat and Bols:

Marikina’s exotic carinderia holds on Text and Photos by Elena Cancio

ARIKINA CITY — The pots at Tita Au’s never go cold. The carinderia is open 24 hours, and when the front counter runs low, staff call back to the kitchen for more.

The eatery, on General Ordoñez Avenue, built its name on Soup No. 5, a broth of five cow parts: laman, tuwalya, isaw, and the penis and testicles. The stall markets it as an aphrodisiac. Its companion dish, the penis and testicles alone, costs more because supply is limited and the meat shrinks when cooked, said owner-manager Kristel Legaspi, 49. No other eatery in Marikina sells it, she said. “Kami yun nagpa-uso, kami yun una, at kami lamang yun nagtitinda ng ganito sa Marikina.” Preparation is slow. Fresh meat is boiled for about 30 minutes, then simmered another 30 until tender. Nothing is frozen or stockpiled. Suppliers deliver daily, the same ones Legaspi’s mother used, and at Christmas the kitchen buys for two days at most. The rest of the menu is just as exotic: tapang kalabaw, chicharon bulaklak, goat kaldereta, adobo and kilawin, balbacua of ox tail and skin, and gising-gising made with beef. Binayong hipon, tiny shrimp from the Seven Lakes of Laguna, is pounded fine by hand and cooked in coconut milk, the shrimp turning red as they cook. Selling organ meat took persuasion, Legaspi said. “Hindi alam ng mga tao na ang mga organ ng mga baka is kinakain din,” she said. “Siyempre, tayong mga Pinoy minsan maselan pag di natin alam yun pagkain.” The stall began as a cart under two umbrellas near the Fortune jeepney terminal, started by Legaspi’s mother, who learned dishes and spices while working as a cook and domestic helper in the Middle East. She sold mami until a supplier

Owner and manager Kristel Legaspi and her staff at Tita Au’s, a 24-hour carinderia on General Ordoñez Avenue in Marikina, prepare for the day serving customers bowls of Soup No. 5 and other rare beef dishes.

suggested the organ meats. The first regulars were jeepney, tricycle and taxi drivers. Typhoon Ondoy in 2009 changed that. Marikina flooded, but the stall’s higher-lying Parang location stayed dry, and people seeking warmth came for the soup. “Nung nagkaroon ng bagyong Ondoy, doon nakilala yung Tita Au,” Legaspi said. Legaspi took over during the pandemic, when her father contracted COVID-19 and her parents moved back to Laguna. Her mother urged her to keep the business going. “Sayang yun pangalan, sayang yun tinda kasi kami lang yun meron,” Legaspi said her mother told her. “Ipagpatuloy mo yun legacy.” The pandemic cost the menu its rarest items. Beef brain, adobong palaka, tuna jaw and fish roe were dropped as supply shifted. Live-in staff fell from about 13 to five. When vloggers and television crews began visiting, interviewers started asking for Legaspi instead of her mother. “Doon ko narealize na akin na ‘to pero ang credit pa rin sa mama ko,” she said, “kasi kundi dahil sa kaniya hindi naman makikilala.” Money is the daily worry. Prices run higher

than at neighboring eateries, and Legaspi knows customers say so. Paydays are busiest, and rain keeps people home. “Kung wala kang benta wala kang ipapamsweldo, walang ibabayad sa utang, walang ibabayad sa lupa, walang ibabayad sa mga expenses,” she said. She believes diners return for more than the food. “Merong masarap na kainan pero ang rude naman ng mga tao, kahit masarap di ako babalik dyan,” she said. “Kumbaga character ay isang bagay na binabalikan ng customer.” The lease at the General Ordoñez location ends in December, and Tita Au’s will have to leave. The family is searching for a new space that can serve as both home and store. In the meantime, customers can still get their fill at the Lavender branch, beside the SSS office and Florence Plaza, which will stay open after the main branch closes. What Legaspi wants to be remembered for is trust. Some diners forget to pay, then come back to settle up. “Uy, ang Tita Au kahit maiwan mo ang gamit diyan makukuha mo,” she said, describing what she hopes customers will say. For Legaspi, the bond runs deeper than the food. “Kumbaga yun tiwala at tsaka yun hindi lamang kumakain kasi gusto ko yun pagkain pero dahil gusto ko yun mga tao diyan,” she said. “Hindi porket masarap yun pagkain, kundi masarap din silang makakwentohan at makasama kasi hindi sila mamimili ng customer.”

Ateneo professor to head global AI education society A FILIPINO educator whose research focuses on making artificial intelligence (AI) more accessible and useful in Philippine classrooms has been elected president of the International Artificial Intelligence in Education (IAIED) Society, an organization of more than 1,500 members across 40 countries. cof Ateneo de Manila University will serve from 2027 to 2029, becoming the first Asian woman to lead the international organization, which brings together researchers in computer science, education and psychology. The society includes experts from institutions such as Carnegie Mellon University, the University of Pennsylvania, University College London and the University of Hong Kong, working to develop AI-based tools and learning environments that support students and educators. A professor at Ateneo’s Department of Information Systems and Computer Science, Rodrigo heads the Laboratory for the Learning Sciences and co-heads the university’s Virtual, Augmented and Mixed Reality Lab. Her research covers AI in education, learning analytics and educational games. Much of her work examines how schools with limited resources can benefit from emerging technologies. In a 2024 study with the Second Congressional Commission on Education, Rodrigo and researcher May Marie P. Talandron-Felipe interviewed 48 Philippine public-school teachers. They found enthusiasm for AI but also gaps in technical knowledge, equipment and internet connectivity. The researchers recommended sustained teacher training, appropriate tools and continued human involvement in educational decisions. A member of IAIED since 2007, Rodrigo considers the organization instrumental in shaping her career. Her election marks a milestone for Filipino representation in international AI education research, while bringing greater attention to the challenges of making these technologies accessible to underserved schools.

Dr. Maria Mercedes ‘Didith’ T. Rodrigo

Korean solutions for water access at PhilWater 2026

UE Manila Library embraces modern learning, expands access to news MANILA Standard formally inks Memorandum of Understanding with University of the East-Manila on October 2 (From left to right: Manila Standard: Circulation staff Emmanuel Bungay, Circulation Manager Edgar Valmorida; UE: Director of Libraries Dr. Venus Oruga; UE Librarians Jessica Tampico, Merla Cabasal, and Marilou Visico). Katrina Manubay The days of hushed voices and strict silence are gradually giving way to collaborative learning at the University of the East (UE) Manila Library, where modernization is reshaping how students access information and use library spaces. “Gone are the days ‘yung connotation nila sa library na kapag pumasok sila, bawal mag-ingay,” said UE Director of Libraries Dr. Venus B. Oruga, recalling the traditional image of librarians reminding students to keep quiet. Marking its 80th anniversary last September, UE’s Department of Libraries continues to expand its Flexible UE Library Services (FUEL) program, supporting the university’s shift toward flexible learning. Through its Virtual Library Of-

fice, students can consult librarians in real time and access online services, including book requests and research assistance. Oruga acknowledged that modernization presents challenges, particularly as Generation Z and Generation Alpha increasingly expect technology-driven, interactive spaces for discussion and group work. “Technology is central to how students learn and access information, so we need to reinvent our services and collections,” she said. The library has also partnered with Manila Standard to provide students, faculty and staff free newspaper access through a QR code. Oruga welcomed the initiative as a way to promote credible information amid the spread of online misinformation. “Magandang advocacy ‘yan ng Manila Standard to have this kind of program, to give free access to information,” she said. The collaboration forms part of Manila Standard’s continuing efforts to make reliable journalism more accessible through partnerships with schools and universities. Katrina Manubay

ACCESS to reliable water remains a practical concern for many Philippine communities, particularly in remote areas where infrastructure, power supply and maintenance resources can be limited. A Korean water treatment company is bringing potential solutions to Iloilo this October. KSYS, together with the Korea Institute of Civil Engineering and Building Technology (KICT), will showcase modular water treatment technologies at PhilWater 2026, the 32nd international conference and exhibition of the Philippine Water Works Association, on October 19– 21 at the Iloilo Convention Center. The participation forms part of KICT’s localization project for maritime ASEAN countries, led by Senior Research Fellow Dr. Tae-Moon Hwang, which seeks to adapt smart water treatment systems to local operating conditions. At Booth 42, KSYS will introduce three configurations: an all-in-one package system, a compact reverse osmosis unit adaptable to groundwater, brackish water and seawater through dedicated configurations; a cassette-type modular system, allowing treatment modules to be selected and maintained individually; and a container plant, integrating treatment equipment into a transportable structure for larger or more complex requirements. Potential applications include community water supply, remote loca-

tions, hotels, resorts, construction sites, emergency response, food production and industrial operations. “Through this exhibition, we aim to expand our engagement with the Philippine water treatment market and strengthen cooperation with local companies and water utilities,” said KSYS CEO Yong Kim. “We will propose water treatment solutions suited to each site’s source water and operating conditions, while building local partnerships covering equipment supply, operation and maintenance,” he added.

System selection will depend on water quality, production capacity, available space, power and maintenance resources. Water intended for drinking must meet applicable Philippine standards. KSYS and KICT will offer technical consultations and explore pilot applications and partnerships with local water districts and industry stakeholders. Visitors and media representatives may visit Booth 42 for displays, brochures, videos and discussions on site-specific requirements.

BDO FOUNDATION EXPANDS DIGITAL ACCESS FOR 20,000 LEARNERS. More than 20,000 learners and 700 educators across 13 schools and learning institutions now have greater access to digital tools through more than 180 desktop computers and laptops donated by BDO Foundation. The computers support classroom teaching, research, digital learning, and other educational activities. By giving refurbished equipment a second life, BDO Foundation is helping schools bridge technology gaps while promoting more responsible use of resources. The beneficiaries are located in Leyte, Bulacan, Catanduanes, Quezon City, Pasay City, Taguig City, and Valenzuela City.

SHOWBIZ

WEDNESDAY, OCTOBER 21, 2026

lifeandshow.manilastandard@gmail.com NICKIE WANG, Editor ANGELICA VILLANUEVA, Writer JASPER VALDEZ, Writer

Three decades of friendship continue to shape Marvin Agustin (left) and Jolina Magdangal’s onscreen partnership as they reunite for ‘Mommy Guard’

By Angelica Villanueva

ARVIN Agustin and Jolina Magdangal have worked together for three decades, but their onscreen chemistry remains a draw for fans. The two credit their friendship and the honesty they share with each other for keeping the MarJo love team going.

Marvin Agustin, Jolina Magdangal

reveal the secret behind loveteam’s lasting magic

Longtime screen partners Marvin Agustin and Jolina Magdangal credit openness, trust, and genuine friendship for keeping their chemistry strong through the years

They reunite in the television series “Mommy Guard” after starring in “Ex Ex Lovers” last year. Their latest project brings them together again after periods of working separately, with fans continuing to follow their partnership since the 1990s. “I think it’s because we’re genuine with each other. We’re really best friends,” Marvin said during the series’ press conference. For Jolina, being able to speak openly with Marvin matters, especially when something bothers her or when she feels a concern might affect their work. “Whenever something bothers me, and I feel it might affect a scene we’re working on or our relationship as friends, I need to talk to him about it,” she shared. She also pointed to Marvin’s sincerity as one reason for their easy rapport. Their friendship gives them room to discuss concerns instead of letting them affect their work together. Marvin also recognizes the responsibility they carry as a love team. Both actors know audiences expect them to deliver the laughter and kilig associated with MarJo. “We’re both fans of the MarJo love team. That’s why we’re careful about preserving the love team we’ve built, from the 1990s up to 2026,” he said. He also expressed gratitude for the joy their

‘Street Fighter’ packs a punch at box office PARAMOUNT’S action film Street Fighter karate-chopped the competition this weekend with a $31 million debut at the North American box office, industry estimates showed Sunday. However, a buzzy three-hour documentary on tech fraudster Elizabeth Holmes was the talk of Tinseltown after a stunning $15 million debut on fewer than 1,000 screens in the United States and Canada. Street Fighter, based on the beloved Capcom video game, follows superpowered martial artists competing in a global tournament who uncover and battle a sinister conspiracy. Andrew Koji, Noah Centineo, and Callina Liang star in the film, the third feature-length adaptation of the video game and the first since production company Legendary acquired the movie rights in 2023. Jason Momoa and Curtis Jackson, better known as rapper 50 Cent, also make appearances. The film should recover its costs after playing in ancillary markets, in addition to adding value back to the franchise in all its forms, in film, TV, and games, he added. In second place was A24’s hotly anticipated documentary You Can See Everything, co-directed by comedian Nathan Fielder and Lance Oppenheim. The film, which follows Holmes at her home in 2023 during the month before she began an 11-year prison sentence, took in $15 million on just 855 screens, according to Exhibitor Relations.

pairing brings to viewers. “And, you know, there’s a certain feeling in all of this, the happiness and the excitement, and being able to make people laugh and feel giddy. We’re very, very thankful that people feel this way about us,” Marvin added. The actors remain grateful to fans who continued supporting them even when they were not working together. Marvin recalled how supporters kept engaging with them on social media and showed up for their reunion in Ex Ex Lovers. Their friendship extends beyond their projects. Jolina keeps up with Marvin’s achievements, including his work as a businessman, while Marvin expressed pride in her life as a mother and the family she has built. Jolina also admitted that she still feels kilig during their interactions. She joked about how easily she responds to Marvin’s playful remarks, even when she knows he is teasing her. For the two, the chemistry audiences see on screen comes with effort. They continue to work together as a team, mindful of the fans who have followed their story for years. In Mommy Guard, they return to that familiar partnership, hoping to bring more laughter and kilig to longtime supporters and younger viewers alike.

Cindy Crawford ‘beyond heartbroken’ after death of son at 27 The action film opens with $31 million in North America

Based on Capcom’s long-running franchise, ‘Street Fighter’ brings its martial arts tournament and global conspiracy to the big screen in the series’ third feature adaptation

Holmes was convicted of defrauding investors in her medical testing company Theranos after making lofty promises she couldn’t deliver on. The scandal fueled a media circus and was chronicled in a book, multiple podcasts, and the biographical miniseries The Dropout, starring Amanda Seyfried. Third place went to Universal and Blumhouse’s Other Mommy, which earned another $8.4 million after topping the box office last weekend with a $27.8 million debut. The horror flick stars Oscar winner Jessica Chastain in a dual role as a sinister entity terrorizing a child, made even worse by the fact that the demon resembles the girl’s mother.

In fourth place was 20th Century’s Whalefall, a survival thriller that debuted to just $8 million. The movie follows a scuba diver who is swallowed by a whale and has an hour of oxygen to escape. Fifth place went to Focus Features’ new adaptation of Jane Austen’s novel Sense and Sensibility, directed by Georgia Oakley. The film, starring Daisy EdgarJones and George MacKay, took in an estimated $7.5 million. Rounding out the top 10 were Verity, with $6.2 million; Resident Evil, with $5.5 million; Heart of the Beast, with $4.8 million; Jailer 2, with $3.3 million; and Forgotten Island, with $2.3 million. AFP

AMERICAN supermodel Cindy Crawford said on Sunday that she and her family are “beyond heartbroken,” a month after the death of her son, Presley Gerber. The 27-year-old model, the son of Crawford and businessman Rande Gerber, died on Sept. 20 at a rehab facility in California “We are beyond heartbroken to lose our beloved son and brother,” Crawford wrote in a post on Instagram on behalf of her family, alongside a black-and-white photo of him. “We are so proud of how he showed up in the world, with kindness and

vulnerability,” she added. Kaia Gerber, Presley’s sister, also paid tribute to him on Instagram: “You know how much I loved being your sister. It has always been, and will forever be, my favorite thing about myself.” Born in California in 1999, Presley Gerber followed in his mother and sister’s footsteps as a model, making his runway debut for Italian label Moschino at the age of 16. In recent years, he had spoken openly on social media about his mental health struggles and drug use. AFP

Cindy Crawford (right) mourns Presley Gerber a month after the 27-year-old model’s death, remembering her son for his kindness and vulnerability

LIFE

C3 WEDNESDAY, OCTOBER 21, 2026

Inside House of Pasion and Coco Banana

‘Bongga Ka, ’Day! Musical’ recreates ’70s Manila onstage A FASHIONABLE house inspired by old Manila architecture, a legendary nightclub reconstructed from photographs and personal accounts, and a mirror ball connecting two worlds. In Bongga Ka, ’Day!: The Annie Batungbakal Musical, the Newport Performing Arts Theater recreates 1970s Manila through the contrasting settings of House of Pasion and Coco Banana. Ohm David Filipino scenographer Ohm David drew inspiration from historic buildings, vintage photographs, and personal memories to design the musical’s sets. His creative starting point was the mirror ball, whose fragmented reflections captured the different sides of the city. “All those tiny mirrors reflect different perspectives of the exact same space. In each mirrored square, you see something entirely different,” David said. Dressing up House of Pasion The fashion house owned by Aurora Pasion, played alternately by Jackie Lou Blanco and Ring Antonio, introduces Annie Batungbakal, portrayed by Atasha Muhlach, to the

Atasha Muhlach (left) as Annie Batungbakal and Sam Concepcion as Romer Pasion

Filipino scenographer Ohm David designed the musical’s sets inspired by historic buildings, vintage photographs, and personal memories, using a mirror ball as a creative starting point world of fashion and creativity. David explored Quiapo and Escolta for architectural inspiration, combining old Manila influences

with cleaner lines, spacious interiors, and colors popular in the 1960s and 1970s. “I reimagined it as a dollhouse because, even though Annie dreaded waking up early for work, the House of Pasion was ultimately her playground,” he said. Coco Banana’s comeback Recreating the legendary nightclub proved more difficult because photographs of its interiors were scarce or unclear. The production team pieced together its appearance through available images and accounts from people familiar with

the original venue. Dramaturg Eric dela Cruz also interviewed someone who knew the club’s layout and atmosphere. “So I would say it was 50 percent based on the actual place and 50 percent on imagination,” David said. Dark wooden walls and traditional capiz windows preserve the character of the old residence that once housed Coco Banana, while disco decorations transform it into a nightlife destination. “In fact, if you removed its mirrorball and tinsel, it would simply look like a

wooden home,” David said. Manila, remembered and reimagined The two sets capture contrasting sides of 1970s Manila. House of Pasion features brighter colors and contemporary lines, while Coco Banana evokes an older Filipino home turned into a disco club. David hopes the designs will resonate with audiences who remember the decade and introduce younger theatergoers to the Manila that inspired the musical and Hotdog’s songs. “For both, I want them to see versions of themselves within the world we created through the set. I want them to enjoy and to have a good time!” he said. Presented by Newport World Resorts in association with VIVA Communications and The Philippine STAR, and staged with PETA Plus, Bongga Ka, ’Day!: The Annie Batungbakal Musical runs until Oct. 31 at the Newport Performing Arts Theater. Tickets are available online, at TicketWorld outlets, and at the Newport World Resorts Box Office. Prices range from P1,300 for Bronze to P4,500 for SVIP.

Makati art exhibit confronts the growing plastic pollution crisis

By Mark Nelson Motil The show invites audiences to reflect on everyday plastic use and the consequences of waste

HE Plastocene, an art exhibition at the Yuchengco Museum, examines the environmental damage caused by plastic waste through artworks made from discarded materials, prompting visitors to rethink how they consume and dispose of plastic. Presented by the Silaw Artist Collective, the exhibit features paintings, sculptures, and assemblages depicting how plastic pollution changes the environment, particularly the oceans. “Araw-araw gumagamit tayo ng plastik. Madalas kapag itinapon natin ‘to, akala natin tapos na ang kwento. Pero hindi nawawala ang problema dahil hindi lang natin ito nakikita,” curator Eghai Roxas said during the opening ceremony. Roxas explained that discarded materials can become tools for questioning, reflection, and a deeper understanding of how human choices affect the planet. “In this exhibition, our artists transform discarded materials into works that challenge how we weigh beauty and value,” he added. The title The Plastocene combines the words “plastic” and “Anthropocene,” referring to an age in which human activity drives global environmental change and plastic pollution has become a defining problem.

‘The Plastocene’ exhibit uses paintings, sculptures and assemblages to examine plastic pollution and its effects on the environment

Benedicto Modesto, founder of the Silaw Artist Collective, acknowledged that art alone cannot clean the oceans but can encourage people to question what they have grown accustomed to. “We believe artists have a role in environmental advocacy not by providing all the answers, but by opening conversations and inspiring people to act,” Modesto said. Von Hernandez, vice president of Oceana Philippines, challenged the emphasis on recycling, arguing that the crisis stems from overproduction. He noted that less than 10 percent of plastic has been recycled globally.

The exhibit explores the environmental consequences of plastic waste, with artists transforming discarded materials into pieces that challenge ideas of beauty, value and consumption

Sunshine Place to hold Kutani porcelain painting workshop in November SUNSHINE Place will hold a special workshop on Kutani porcelain painting with Japanese porcelain artist and modern kintsugi instructor Tomoko Sumi on Nov. 12 and 19. The workshop will have two sessions each day, from 10:00 a.m. to 1:00 p.m. and 2:00 to 5:00 p.m. Sumi first discovered porcelain painting in Finland in 1998 and has pursued the art ever since. She is a member of the Japan Porcelain Painters Association and a head instructor of the Japan Saishiki China Painting Club. Based in Japan, she also teaches porcelain painting and modern kintsugi in Manila. Her work encompasses European-style porcelain painting and traditional Japanese Kutani porcelain painting. She continues to study the traditional Kutani technique in Japan, with the aim of sharing the beauty of handmade creations and Japanese culture through her artwork and workshops. Kutani ware refers to porcelain produced in Ishikawa Prefecture, Japan, known for its intricate designs and vivid colors. Popular motifs include flowers, birds, and landscapes. The workshop is open to beginners and returning students, who can choose their preferred designs. Beginners may select the shrimp or leaf motif, each designed to be completed in a single three-hour session. Returning students may work on the bamboo motif in one session or take on the more detailed camellia motif, which requires two sessions. Students must purchase a starter color set featuring

Japanese porcelain artist and modern kintsugi instructor Tomoko Sumi will introduce participants to the traditional Japanese technique, known for its intricate designs and vivid colors

Kutani green, yellow, blue, and purple, along with Funori medium, Nikawa glue, a Kutani painting brush, and a prepared Kutani porcelain plate from the instructor. They are also expected to bring a tile, spatula, paper cups, a small metal tea strainer, and a bamboo skewer. The enrollment deadline is Oct. 28, allowing the instructor time to prepare the porcelain plates and materials from Japan. For reservations and inquiries, contact Sunshine Place at (02) 856-4144 or 856-4162, mobile number +63 917 515 5656, or email hello@ sunshineplaceph.com.

He also warned that plastic eventually breaks down into microplastics and nanoplastics, underscoring the consequences of a system built around single-use products. “Artists can take an invisible poison like microplastics and make it tangible through their work. You can take the abstract horror of plastic pollution and make it real, vivid, and human,” Hernandez said. Among the featured works is Roxas’ assemblage Look, which places a mirror amid discarded materials to confront viewers with their own relationship to plastic waste. “And then there is a mirror at the center. Ikaw ito, nagseselfie ka, pero surrounding you, look! These artworks are inviting you to look at yourself. Imagine you’re surrounded by this plastic,” Roxas said. His other work, Breathe, uses garbage bags and fishing lines, with hands emerging from the assemblage to symbolize humanity drowning in the waste it ignores. Melvin Culaba’s Si Supreme El Niño Sa Paligid ng Mga Super Plastic Toys explores the contradiction of producing plastic toys and figures while contributing to environmental problems. Other works on display include Kat Casapao’s Kalabisan (Superfluous), Modesto’s Mutation of Negligence: Petzilla (Filipinus Walapakealamus), and Raul Jorolan’s Dedma Manhid and Pasaway. The Plastocene runs until Oct. 30 at the Yuchengco Museum in Makati, inviting visitors to confront the plastic crisis through art.

By Keziah Marie Santiago BOOK hunters, prepare your bags. Big Bad Wolf is returning to Manila with its muchawaited book sale, running from Nov. 5 to 15 at Park Triangle Mall in Bonifacio Global City. The international book sale will feature a wide selection of titles across genres, including fiction, nonfiction, children’s literature, and educational books, all available at discounted prices. Jacqueline Ng, co-founder and executive director of Big Bad Wolf, said the move to BGC is part of the company’s effort to reach readers in different parts of the world and make books more accessible to a wider audience. Ng also shared how her own childhood shaped her mission to bring books to more people. Growing up in a low-income family, she said

Big Bad Wolf returns to Manila with massive book sale books were never a priority in their household. “I think the only thing that I read back then was the newspaper,” she recalled. Founded in Malaysia in 2009, Big Bad Wolf has grown into a global book sale event, bringing discounted titles to readers across different countries. The sale first arrived in the Philippines in 2018 and has since become a destination for book lovers looking to expand their shelves without emptying their wallets. This year’s Manila sale will be open daily from 10:00 a.m. to midnight, giving readers plenty of time to browse the shelves and hunt for their next favorite read. The book sale offers discounted titles across fiction, nonfiction, children’s literature and educational books

LIFE

C4 WEDNESDAY, OCTOBER 21, 2026

lifeandshow.manilastandard@gmail.com NICKIE WANG, Editor ANGELICA VILLANUEVA, Writer JASPER VALDEZ, Writer

Twelve Filipino plays make the cut for inaugural Teatro Panalo

Each finalist of the inaugural Puregold Teatro Panalo receives a P100,000 playwright talent fee, with the works set for development ahead of the festival in February and March 2027

By Jasper Valdez ONLY 12 out of 373 submitted stories will make it to the stage as Puregold Teatro Panalo prepares for its first theater festival, giving Filipino

playwrights an opportunity to turn their original scripts into live productions. The finalists, consisting of eight straight plays and four musicals, were announced on Oct. 14 at Gateway Mall 2 in Quezon City. They were selected

Glazing Life Glaiza Lee

next painting?

HAT happens when an abstractionist lets artificial intelligence suggest the colors for his

Filipino visual artist Benjie Cabangis decided to find out what AI could bring to his art. He began by prompting the technology to suggest color combinations and explore ways to create luminosity, the interplay of light and color that gives a painting depth and radiance. He experimented with its recommendations, translating some AI-generated suggestions onto canvas while combining them with his own visual language. It was an exercise in curiosity, allowing technology into his creative process without surrendering the decisions that ultimately shape a work of art. The result is a striking abstract acrylic painting on canvas titled Between Layers I. While Cabangis is open to using AI, he is clear about one thing: the machine may offer ideas, but the artist still makes the decisions. “Gagamitin na natin ‘yan. Dapat alam lang natin kontrolin. Tayo pa rin talaga ang masusunod,” he shared during our conversation at the opening of his exhibit

from an initial shortlist of 26 entries submitted by established and emerging writers from across the Philippines and abroad. Festival director Vincent A. de Jesus said the response exceeded their expectations, with submissions coming from Metro Manila, Cebu, Zamboanga, Siquijor, Camarines Sur, North Cotabato, General Santos, and even Arizona, Texas, and Dubai. “We were overwhelmed, especially our poor screening committee. By the way, they didn’t divide the entries among themselves. They read every single script of the 373,” De Jesus said, joking that the process left them with little sleep for two weeks. Among the finalists are actor and director John “Sweet” Lapus, whose entry True to Life explores mental health and LGBTQ+ experiences, and filmmaker Dolly Dulu, who submitted The Boy Foretold by the Stars, a oneact play that shares its title with his 2020 film. The other straight plays are The Girl Scout Law by Rhain Arabella Alcoriza, Trahedya ng Kamote by

Marjay S. Manalastas, Nothing But Dreams by Ricardo C. Novenario, Youngstunna by Jerom Andrei M. Canlas, Walang Maliit na Bagay by Joshua Lim So, and @HOME, a collaborative work by Edralin Cabrera, Kathlyn Castillo, Michael Ian Lomongo, Marjorie Lorico, Maria Teresa Jamias, Wenah Nagales, and J. Victor Villareal. Completing the lineup are four musicals: Ang Maayong Balita Sumala Kang Bibo Bautista by Jude Thaddeus M. Gitamondoc, Baka Mali ang Tamaraw by Emmanuel Benbinuto Antonio, Manang-Mana Nga! by Steven Hotchkiss and Jay Pangilinan, and The Fourth Wall Has Fallen by Heber Justin P. O’Hara. Each selected work received a P100,000 playwright talent fee and will undergo development ahead of the festival, scheduled from Feb. 20 to March 14, 2027. De Jesus stressed that the selection should not be treated as a measure of a writer’s worth, explaining that Teatro Panalo is designed to develop original productions rather than recognize

winning scripts. “Teatro Panalo is not about winning. Because this is not a contest, this is not a literary contest. This is a curated festival,” he said. Addressing those whose entries did not make the final selection, he added, “I hope you won’t let a selection process or a festival like this take away the importance of your story. Keep writing, keep owning your craft, keep questioning, and continue to be brave.” Meanwhile, festival chair Ivy Hayagan-Piedad said the initiative also hopes to introduce live theater to Filipinos who may not have experienced watching a stage production. “Ordinary people who go to the supermarket and ordinary Filipinos will have the chance to watch their play or musical for the first time ever,” Hayagan-Piedad said. Organized by Wishbone Collective Inc., Teatro Panalo follows Puregold’s CinePanalo film festival. Following the inaugural theater festival, one straight play and one musical will receive additional support to develop into full-length productions.

Benjie Cabangis

in ‘Between Layers of Stillness’

The exhibition reflects his exploration of texture, color and luminosity, including experiments with artificial intelligence in suggesting color combinations

Cabangis incorporates AI-generated color suggestions while maintaining his artistic vision

The exhibit features 22 works that invite viewers to experience the paintings’ depth and luminosity

Filipino artist Benjie Cabangis explores the interplay of light and color in his abstract acrylic painting ‘Between Layers I’

Between Layers of Stillness. Part of Conrad Manila’s acclaimed Of Art and Wine series, the exhibition is on view at Gallery C until Nov. 28. Curated by resident curator Nestor Jardin, the exhibition features 22 works exploring the interplay of gesture, texture, and light, offering viewers a contemplative visual experience. A Filipino abstract painter whose career spans more than four decades, Cabangis explores texture, gesture, color, and layered surfaces to evoke memory, atmosphere, and the natural landscape. “The paintings are abstract, but they are informed by my experience of landscape, seas, skies, horizons, light, and atmosphere. I am not trying to depict a particular place. I am more interested in creating a sense of space and allowing the viewer to experience the painting rather than simply recognize an image,” he said in his speech. A graduate of the University of the Philippines College of Fine Arts, Cabangis later served as chairperson of the Department of Studio Arts and was conferred the title of professor emeritus. A recipient of the Cultural Center of the Philippines Thirteen Artists Award, he has mounted 31 solo exhibitions and participated in international exhibitions across Asia and the United States. His works are held in major public, institutional, and corporate collections in the Philippines and abroad. In Between Layers of Stillness, Cabangis continues his exploration of texture, light, and layered forms. Built through layers of pigment that are applied, scraped, and subtly revealed, each painting unfolds gradually, allowing traces of earlier marks and colors to emerge beneath the surface. The collection reflects his ongoing interest in painting as an act of presence and perception. “Across these works, muted tones, layered surfaces, texture, and light come together gradually, allowing each painting to find its own balance between control and spontaneity. The process of layering and erasure becomes a way of

slowing down and paying attention, of allowing the materials to speak and the image to emerge between what is seen and what is sensed. In their quietness and luminosity, these paintings invite viewers to pause, dwell in the present moment, and become more attentive to the subtle shifts of perception,” he explained. Beyond the process and subject, Cabangis has become increasingly concerned with the need to slow down. Through his compositions, he invites viewers to be present and discover moments of calm amid the pace of everyday life. “These paintings have developed through a slow process of layering, scraping, removing, and applying paint. Earlier layers are often left partially visible, creating a sense of depth, memory, and time.” He added: “We live in a world where we are constantly surrounded by images, information, messages, and demands for our attention. We move quickly from one thing to another, often without giving ourselves time to simply stop and look. These paintings are my invitation to do just that.” Cabangis hopes visitors will not feel compelled to immediately understand or identify what they see. Instead, he encourages them to study the layers and follow the changes in color and light. “Notice what appears and what disappears beneath the surface. I invite you to simply spend a little time with the painting. In a world filled with constant noise and visual stimulation, stillness has become something precious. Perhaps Between Layers of Stillness is ultimately about finding a quiet space within the layers of everything that surrounds us,” he said. The exhibition was formally opened in the presence of SM Hotels and Conventions Corp. president Elizabeth Sy, senior vice president for operations Cathy Nepomuceno, Conrad Manila Hotel manager Akshat Sinha, art collector Mary Lou Hilado, and Metropolitan Museum of Manila president Tina Colayco. “As 2026 nears its conclusion, Between Layers of Stillness invites us to step back from the pace of the year, reflect on all that has unfolded, and appreciate the present moment,” said Rupert Hallam, general manager of Conrad Manila. Through its Of Art and Wine series, Conrad Manila continues to create enriching experiences that inspire reflection and foster deeper connections through the arts.