Author: Nouman Ali

The Bangko Sentral ng Pilipinas (BSP) hiked its policy interest rate by a quarter-point on Thursday, its first tightening move in more than two years, amid a war-driven inflation flare-up.

The decision of the BSP’s policy-making Monetary Board brought the key rate that guides bank lending costs to 4.5 percent.

‘The inflation outlook has deteriorated amid the ongoing conflict in the Middle East. Higher global oil and fertilizer prices have begun feeding through to domestic fuel and food prices. At the same time, core inflation has continued to rise, pointing to a broadening of underlying price pressures,’ the BSP said in a statement.

The move was correctly predicted by 10 out of 16 economists polled by the Inquirer last week.

Higher borrowing costs are intended to prompt households to rein in spending, easing demand-driven price pressures but also cooling economic activity.

However, the Philippines-the first country to declare a national energy emergency amid Middle East turmoil-is grappling with supply-driven inflation after the war in the Middle East disrupted global oil exports.

The central bank earlier acknowledged that such challenges are not best addressed through rate hikes, which could also delay the economy’s recovery from the fallout of the flood control scandal.

Despite the limits to monetary policy, analysts have said raising rates could help anchor inflation expectations.

When Creamline flushed Cignal with a heavy dose of championship experience to take Game 1 of the PVL All-Filipino Conference finals, the Cool Smashers did so in such an authoritative manner that even their foes couldn’t help but notice.

‘It’s about how they (Creamline) stay composed and enjoy every situation. For us, it felt different,’ said Super Spikers coach Shaq Delos Santos. ‘The biggest lesson for us, especially since it’s our first time [in the All-Filipino finals], is to embrace the moment.’

Cignal, which owns runner-up finishes in the 2022 Reinforced and 2024 Invitational, has one shot to embrace the moment.

Creamline guns for the crown on Thursday at Smart Araneta Coliseum, intent on reclaiming its crown but very much aware of how much its gritty foe has to offer as it fights for survival.

‘Cignal is the type of team that doesn’t stick to just one lineup. They make a lot of changes. So we need to stay patient and be ready for whatever adjustments they make in Game 2,’ said Jema Galanza, who had 17 points in Game 1, aside from collecting 13 excellent receptions from 18 tries.

The Cool Smashers looked untouchable in that 25-22, 25-18, 25-16 victory two days ago, but even coach Sherwin Meneses admitted that his squad can’t expect to run through their rivals in the same easy manner.

‘The series isn’t over,’ Meneses said, adding there is much to clean up heading into the 5:30 p.m. Game 2 tussle. ‘We’ll continue to work on our lapses in practice and go back to square one. Cignal won’t back down. That’s why they’re in the finals. So we can’t relax.’

Jia de Guzman, who returned to the finals for the first time in three years, is optimistic heading to Game 2, but said her teammates will have to be careful against a team that beat them twice in three previous meetings this conference.

No surrender

‘We have to do our best to close out as much as possible because we know Cignal is a good team. They gave us a hard time the whole conference,’ said De Guzman, who had 22 excellent sets and scored four points.

‘We’re optimistic. We’re thankful that the team is slowly coming together. We’re peaking at the right time. But Game 2 will be a different kind of fight,’ she added.

It is a fight that Cignal hasn’t surrendered just yet.

‘There’s still a Game 2. The championship isn’t decided in Game 1. We still have the opportunity to bounce back, reset, and perform better in the next game. We’ll fight until the end,’ said Delos Santos in Filipino.

‘It’s tougher for us since we didn’t get Game 1. Personally, I need to trust the team and our system more. We just have to play our game. I told them not to pressure themselves too much. I want us to show what we’ve built and prepared for, because that’s why we got here. We just need to bring out our real game, and that’s it, no regrets,’ he added.

The Super Spikers will again rely on Vanie Gandler, who finished with 17 points and 10 receptions in Game 1, and will hope that Erika Santos can rebound from a 9-of-39 attacking clip that netted 10 points. Gel Cayuna was limited to 14 excellent sets but scored six points-the third-best scorer of the team.

PLDT, meanwhile, looks to clinch bronze in Game 2 against Farm Fresh at 3 p.m.

Vice President Sara Duterte on Thursday said that she will ask for a new travel request as her plans have changed due to uncertainty whether she would be allowed to travel abroad.

‘Thank you for the last-minute issuance of the travel authority,’ Duterte said in a statement addressed to the Office of the President (OP).

Executive Secretary Ralph Recto on Wednesday said that the OP granted the travel authority, allowing Duterte to travel to the Netherlands, Republic of Korea, Belgium, Germany, and the United Kingdom from April 23 to May 15.

Screenshot of the letter of Vice President Sara Duterte.

Screenshot of the letter of Vice President Sara Duterte to the Office of the President.

‘I regret to inform you that the plans have changed due to uncertainty as to whether I will be permitted to depart,’ Duterte said.

With this, she said that the OP will receive a new request ‘soon.’

She then asked the OP to ensure prompt processing and issuance of necessary documents ‘allowing sufficient time for travel preparations rather than only a few hours before the intended departure.’

‘Additionally, ensuring the confidentiality and proper handling of sensitive documents would greatly contribute to maintaining effective security arrangements,’ Duterte added.

Suspected drugs worth a total of P3.4 million were confiscated, and four individuals were arrested in buy-bust operations in Quezon City and Pasay City on Wednesday night and early Thursday morning.

In a statement on Thursday, the Quezon City Police District (QCPD) said it entrapped two suspects in front of a restaurant at the corner of Tomas Morato Avenue and Scout Limbaga Street on Wednesday night.

‘A police officer acted as poseur buyer and bought P451,000 worth of shabu from suspect Ronnie, and at the given pre-arranged signal, he was arrested along with his cohort, [John],’ the police explained.

Operatives recovered an additional P913,538 worth of suspected shabu from the two suspects, according to the QCPD.

Police said the suspect, identified by the alias Ronnie, has a previous case for violating Presidential Decree No. 1602, which prescribes stiffer penalties for illegal gambling.

Meanwhile, the Southern Police District (SPD) said it had apprehended two more suspects in front of a fast-food restaurant at the corner of Libertad Avenue and Taft Avenue in Barangay 92 early Thursday morning.

The SPD identified the suspects by the aliases ‘Chong,’ 33; and ‘John,’ 26, noting that they were both ‘high-value’ individuals.

‘Seized during the operation were approximately 300 grams of suspected shabu with an estimated standard drug price value of P2,040,000, along with buy-bust money, a mobile phone and other drug paraphernalia,’ the police explained.

All four suspects were taken into their respective police’s custody, awaiting charges for violating Republic Act No. 9165 or the Dangerous Drugs Act.

Five alleged members of the New People’s Army (NPA) were arrested during a warrant service operation in Talisay, Negros Occidental, on Wednesday, following a recent deadly clash in the province.

The military operation was conducted along the Circumferential Road, Barangay Matab-ang of Talisay City, Negros Occidental, on Wednesday, the Police Regional Office Negros Island Region (PRO-NIR) said on Thursday.

Operatives were serving an arrest warrant for attempted murder against a suspect identified as alias ‘Glem’ when four additional individuals were apprehended after being found in possession of firearms and explosives, it said.

The arrested individuals were identified as alias ‘Glem,’ 48, of Zamboanga Sibugay and squad leader of the North Negros Front (NNF); alias ‘Dan,’ 25, of Himamaylan City, squad leader of Central Negros 2 (CN2); alias ‘Jud,’ 34, of San Carlos City; alias ‘Ju,’ 26, of Murcia; and alias ‘Je,’ 57, of Bacolod City.

Both ‘Glem’ and ‘Dan’ are listed on the Periodic Status Report (PSR) of wanted personalities, the police said.

Authorities said some of the suspects reportedly had visible body wounds, which led them to believe the group was previously involved in an armed encounter with troops of the 79th Infantry Battalion (79IB) in Toboso, Negros Occidental, on Sunday.

Authorities recovered four short firearms, live ammunition, and explosive devices from the suspects, the PRO NIR said.

The operation was led by the Regional Intelligence Division (RID) of PRO-NIR in coordination with the Criminal Investigation and Detection Group Regional Field Unit (CIDG-RFU), the Regional Intelligence Unit (RIU), the Regional Mobile Force Battalion (RMFB), the 6th Special Action Battalion of the PNP Special Action Force (6th SAB, PNP SAF), the Talisay City Component Police Station (Talisay CCPS), and the 79th Infantry Battalion (79IB) of the Philippine Army.

The Philippine Stock Exchange (PSE) is proposing to significantly ease listing rules for preferred shares offerings, aiming to draw more small and medium enterprises (SMEs) into the capital market.

In a consultation paper, the PSE said it plans to slash the minimum public offering size for preferred shares offerings to P100 million from P1 billion, a tenfold reduction meant to ‘democratize access’ to the market.

The exchange said the move would align the requirement with small-cap initial public offering (IPO) thresholds and provide an alternative to crowdfunding, which SMEs often tap for funding.

Alongside this, the PSE is proposing to lower the minimum number of stockholders upon listing to 100 from 1,000, reflecting the smaller offer size.

The exchange also plans to revise public float rules, shifting from a fixed 20 percent minimum to a range of 15 percent to 20 percent, in line with SEC Memorandum Circular No. 11-2026.

In some cases, the PSE may allow a lower public float, but not below 12 percent, based on a company’s market capitalization at listing.

Easier disclosure requirements

To further encourage listings, the PSE is seeking to streamline disclosure requirements for ‘preferred shares-only’ issuers, focusing on information that affects dividend payments.

This will reduce the number of reportable events requiring prompt disclosure to 29 from 42, removing items not tied to an issuer’s ability to pay dividends.

Certain disclosures-such as reports on top shareholders and some corporate changes-will no longer be required, while sector-specific certifications will be added for mining and energy firms.

The PSE is also proposing a modified penalty framework, retaining fines for structured disclosures but simplifying penalties for unstructured violations to a single level.

Higher penalties will apply to violations affecting preferred shareholders’ rights, including dividend declarations, redemption terms and changes in shareholdings of key officers.

The exchange is inviting comments from market participants until May 5, 2026, after which the final rules may be refined from the draft.

Proponents

Investment banker Eduardo Francisco, president of BDO Capital and Investment Corp., earlier urged the PSE to lower the minimum offering size to P500 million, saying listing-even via preferred shares-could help smaller firms build credibility and attract investors.

‘If they are not yet listed, preferred [shares offering] is a safer way to introduce them,’ Francisco said.

He added that once listed, companies would also have an easier path to conduct follow-on offerings, whether of common or preferred shares.

‘At least, they have a seal of good housekeeping,’ he said.

Globe Telecom Inc. bought back $426.42 million worth of its dollar-denominated perpetual capital securities following its tender offer, which formed part of its liability management program.

In a disclosure on Thursday, the Ayala-backed telco said the accepted tenders represented majority of the $600 million senior perpetual capital securities issued in 2021.

After the offer expired on April 22, about $173.58 million in principal amount of the securities would remain outstanding, Globe said.

Settlement of the accepted securities is expected by April 24.

This buyback comes as the company moves closer to redeeming the remaining balance of equity instruments, which carry an initial distribution rate of 4.2 percent.

BINI composed of Jhoanna, Aiah, Colet, Maloi, Gwen, Stacey, Mikha and Sheena – has once again made a strong impression on the international stage after their guest appearance at the Grammy Museum’s Global Spin Live event.

The P-pop powerhouse was the guest of honor at the Global Spin Live gathering on Tuesday, April 21 (April 22 in the Philippines), where they spoke about their latest EP, ‘Signals,’ and treated the audience to a capella- and dance-themed performances.

Some of the songs that were performed in their set were ‘Blush’ and ‘Unang Kilig,’ per clips from Billboard.

Fresh off their Coachella debut, BINI perform new single ‘Blush’ at the GRAMMY Museum in LA pic.twitter.com/FYOswbV0j4

Aside from new music, BINI also shared how their five-year career has shaped them for the better and how the members have learned to navigate their journey as a P-pop act and as female artists.

‘Blushing, smiling, and still feeling the kilig after our @GRAMMYMuseum performance! Thank you for sharing this special moment with us. Huge thanks to @grammymuseum for the opportunity to share our music on your stage,’ they wrote after their latest appearance.

The United States and Israel’s attacks on Iran have now embroiled the entire Middle East in a war characterized by the use of large quantities of missiles and drones.

Like Russia’s aggression against Ukraine, the United States and Israel are using naked force to push ahead with their own political agendas. The law-of-the-jungle aphorism of ‘might makes right’ seems to be sweeping across the world. Does this mean that the world has entered an era in which military power alone holds sway?

I don’t think so. When observing the two wars, doubts arise about whether military power is actually helping to achieve the goals. Both wars were launched to attain political objectives in a short period of time, but things are not going as desired by those countries.

The US and Israel seem to have established air superiority over Iran just a few days into their offensive. Nonetheless, Iran has not surrendered and is instead continuously staging counterattacks on other Middle Eastern countries that host US military bases.

Moreover, Iran has declared a closure of the Strait of Hormuz, taking bold steps to choke off supplies from the Gulf area to the rest of the world, and the United States has been unable to take any effective countermeasures against this.

In other words, these two wars show that no matter how overwhelming the difference in military power between the two sides is, it is not so easy to force an opposing country that resolutely resists to accept political demands in a short period of time, let alone force it to ‘unconditionally surrender.’

There are several factors that make it difficult to accomplish political objectives through destructive physical force or threats.

The first factor is the opposing country’s firm resolve not to yield. Ukraine, for instance, has maintained its resolute stance not to capitulate to Russia’s unjustifiable demands, in spite of the US’ calls for a ceasefire. In Iran, the Israeli intelligence agency apparently expected to see moves to topple its leadership from within emerge right after the beginning of the US-Israeli attacks, but no such thing has happened, even after the killing of many leaders.

Second, international norms regarding military action during conflicts are still in effect to a certain degree, although they have been weakened. Nevertheless, no countries have publicly declared their intention to kill civilians in large numbers, and situations like the indiscriminate air raids in World War II have been avoided so far.

Third, the asymmetry of the weapons and tactics used in modern warfare is also significant. Even if a country cannot defeat an attacker using the same types of weapons or tactics, it may still be able to counter them by employing different types of weapons or tactics. If Iran says it will lay inexpensive mines to block the Strait of Hormuz, ship operators will inevitably hesitate to travel through the waterway even if there are not a large number of mines.

Fourth, global economic interdependence reduces the use of destructive force and mitigates the impact of intimidation. The interdependence of the global economy is complex. Even if there are no deep economic ties with a hostile nation, a country that takes military action will face various economic repercussions.

The US itself is hardly dependent on Middle Eastern crude oil, but Iran’s counterattacks on other Gulf nations and the Islamic Republic’s closure of the Strait of Hormuz have sent Middle Eastern crude oil prices soaring.

A spike in energy prices leads to spiraling prices for other products and supply constraints. Stock markets react to concerns about these situations, fluctuating wildly as people get excited or discouraged regarding the course of the war. If the closure of the Strait of Hormuz is prolonged, the situation could bring about a crisis far more serious for the global economy than the oil crises of the 1970s.

The outbreak of the war in Ukraine and that in the Middle East has worsened the circumstances of all the countries involved. In short, military power doesn’t help achieve political objectives.

Needless to say, it isn’t easy to end a war once it starts, since nations, too, don’t always act rationally. However, the continuation of the wars in Ukraine and the Middle East will bring nothing but harm to not only the countries directly involved but also the entire world.

The most rational choice in both wars is first and foremost to achieve a ceasefire. It is crucial to persuade the countries directly involved of this. The Japan News/Asia News Network

Akihiko Tanaka is president of the Japan International Cooperation Agency, a post he took up in April 2022 for the second time after his first stint from 2012 to 2015. He also served as vice president of the University of Tokyo from 2009 to 2012. He was president of the Tokyo-based National Graduate Institute for Policy Studies from 2017 to March 2022.

The Philippine Daily Inquirer is a member of the Asia News Network, an alliance of 22 media titles in the region.

As we filled our tanks early this week to take advantage of the second consecutive fuel price rollback, a sense of optimism emerged-perhaps things are finally returning to normal.

By ‘normal,’ we imagined oil prices at the pump reverting to pre-Iran war levels-before Feb. 28, 2026-when diesel, for example, hovered around P48 to P65 per liter and Brent crude traded at $60 to $70 per barrel.

This week, while the most common price remains below P100 per liter, it soared above P153 (from April 7 to 13), with the average that week ranging from P120 to P160. Notably, prices reached a record high of P170 to P172 in remote rural areas and at premium stations in Metro Manila.

The double-digit rollback this week was not a voluntary act by oil companies-nor did it result from a sudden resurgence of conscience among their owners, assuming they possess any at all.

The price reductions, though significant, remain far from adequate and were mandated by the government. Aware that major oil companies are unmoved by appeals or pleas, the Marcos administration has finally threatened legal action if they fail to comply more than seven weeks into the Middle East crisis that saw these companies greedily raising prices on oil stocks purchased long before the conflict in Iran.

Clear message. On Saturday, President Marcos himself announced fuel price rollbacks of P24.94 per liter for diesel, P3.41 per liter for gasoline, and P2 per liter for kerosene. He asked oil companies to fully implement these rollbacks (see ‘Marcos: ‘Big’ price rollback for diesel at P24.94 per liter,’ 4/19/26).

‘This is bigger than the rollback a week ago, and this sends a clear message for everyone: there is relief coming,’ Mr. Marcos said in Filipino. Directly addressing oil companies, the President said: ‘My request is clear: Fully implement the rollback, do it right, and with no delays. Give the Filipinos what they deserve.’

Since oil prices spiked after Feb. 28, Mr. Marcos has prioritized diesel subsidies for the transport and food delivery sectors, alongside cash aid for tricycle and jeepney drivers, delivery riders, ride-hailing service operators, and motorcycle taxi drivers.

But even if oil companies were to sell oil at prewar prices today, consumers understand that any rollback would barely compensate for the billions in profits amassed since the war in Iran began. With the Philippines maintaining a 50- to 60-day buffer stock, the older, cheaper oil supplies are only now running out. Unless companies offer their new stock at discounted rates-a highly unlikely scenario-the public will continue to be shortchanged.

Ibon Foundation estimated that oil firms raked in a staggering P46.5 billion in windfall profits in March alone-equivalent to P1.5 billion per day. Oil companies defend their price hikes on old stock by citing ‘replacement cost pricing,’ a practice in which pump prices are set based on oil futures that determine the cost of the next batch of oil.

Price caps. So when Energy Secretary Sharon Garin warned oil firms on Monday of hefty fines should they fail to implement the substantial price rollback, it seemed the Department of Energy (DOE) had finally found its voice, mustering the courage to stand up to big oil firms and local traders.

Citing the national energy emergency declared by Mr. Marcos under Executive Order No. 110, Garin stated that the government can now limit fuel price increases or mandate minimum rollbacks at the pump. In short, the DOE is now required to prescribe fuel prices-not just monitor them-to provide relief to the public and help stabilize the economy amid volatile global oil supplies.

This announcement from the DOE is welcome news, as it promises to end the oil firms’ and traders’ unchecked control over pump prices since the passage of the oil deregulation law.

However, Garin should have moved to control or limit price adjustments at the outset of this crisis, rather than waiting seven weeks to act.

There’s more than meets the eye in the energy secretary’s latest statement that could potentially curb oil firms’ windfall profits. Previously, she cited replacement-cost pricing and other landed costs to justify the surge in oil prices, and at the April 8 House committee on ways and means hearing, she denied that pump prices were overpriced.

Now, however, she strikes a different tone: ‘So that’s our new rule now. That’s because of the issuance of the executive order, which triggered the additional powers of government to prescribe the price during these times of emergency,’ Garin said at Monday’s press conference.

Yet EO 110 was issued nearly a month ago (March 24). She had also claimed the government could not impose limits due to the oil deregulation law (see ‘DOE: Hefty fine awaits oil firms defying price orders,’ 4/21/26).

The question on everyone’s mind remains: Why only now, and what really changed?