Author: Nouman Ali

MREIT Inc., the real estate investment trust of developer Megaworld Corp., reported a record P1.25-billion distributable income in the first quarter, up 34 percent, driven by portfolio expansion.

In a disclosure on Thursday, MREIT said its revenues rose 29 percent to P1.72 billion, while net operating income margin improved to 81.6 percent from 80.3 percent a year earlier.

The growth was fueled by the full-quarter impact of its Wave 4 acquisition, including the P16.2-billion property-for-share swap completed in March.

The deal added nine Grade A office buildings in McKinley Hill, expanding gross leasable area by 34 percent to about 647,000 square meters (sq m).

MREIT said the enlarged portfolio improved operating efficiencies and earnings, with income contribution recognized starting January this year.

The company is now preparing for Wave 5, which will introduce retail assets and support its target of 1 million sq m of gross leasable area by 2027.

The Department of Public Works and Highways (DPWH) released funds amounting to at least P92.8 million for a flood control project in Pandi, Bulacan, linked to former Sen. Ramon ‘Bong’ Revilla Jr. and several others, despite alleged irregularities in billing documents, an official told the Sandiganbayan’s Third Division on Wednesday.

Testifying at the hearing for the malversation case against Revilla and his coaccused, DPWH finance director Genevieve Cuaresma confirmed alleged irregularities in the monthly certificate of payment and Statement of Work Accomplished (Sowa) for the project.

Cuaresma said the documents were not signed by former DPWH assistant district engineer Brice Hernandez and district engineer Henry Alcantara.

Hernandez is among the coaccused in the case, while Alcantara is a state witness.

The lack of signatures, according to Cuaresma, made the documents ‘incomplete, illegal,’ adding that the payments should not have been released as a result.

The Sowa also declared the project ‘95.17 percent’ complete but when Third Division chair Associate Justice Karl Miranda inspected the site last week, there were no visible structures aside from several steel sheet piles.

Four vendors were arrested on Wednesday after authorities seized more than 66 kilograms of puffer fish being sold at the public market in Nabua town in Camarines Sur.

The Bureau of Fisheries and Aquatic Resources in Bicol (BFAR-5), in coordination with the Nabua police, inspected the public market at 6 a.m. This led to the arrest of the vendors for violating Fisheries Administrative Order No. 249, series of 2014, which bans the sale and distribution of puffer fish.

Wheng Bricia-Briones, BFAR Bicol information officer, said violators can be penalized with imprisonment from two months to a year, and a fine of not less than P10,000.

She said seven kilograms of puffer fish were worth P1,400; another seven kilograms were worth P1,540; 7.02 kilograms were worth P1,404; and 45 kilograms were seized, valued at P45,000.

Administrative charges will be filed against the four suspects.

The confiscated fish were brought to the BFAR regional office for proper disposition.

The agency reiterated its warning against the sale, whether fresh or processed, and consumption of pufferfish, locally known as ‘butete,’ citing its potent toxin that can cause serious illness or, worse, may lead to death.

The national government’s budget deficit widened in March by nearly 2 percent from a year earlier to P349.7 billion, on higher energy spending amid the Middle East war.

According to the Bureau of the Treasury (BTr), the Marcos administration spent P654.8 billion during the month, up 5.23 percent year on year.

Spending was driven in part by allocations to the Department of Energy, which received P20 billion to fund measures aimed at cushioning the impact of the energy crisis.

Revenues, meanwhile, rose 9.25 percent to P305.1 billion, supported by gains in both tax and nontax collections.

The Bureau of Internal Revenue and the Bureau of Customs contributed P187.3 billion and P84.8 billion, respectively.

Nontax revenues surged 45.54 percent to P28.5 billion, boosted by the early remittance of dividends from government-owned and controlled corporations.

For the first quarter, the government’s budget deficit narrowed by 20.3 percent to P355.5 billion.

National University clinched the No. 2 seed and a crucial bye in the first round of the step-ladder after rallying past University of Santo Tomas, 19-25, 23-25, 25-18, 25-18, 15-13, in the final elimination round playdate of UAAP Season 88 women’s volleyball tournament on Wednesday at Smart Araneta Coliseum.

In finishing second behind outright finalist La Salle, the defending champions also gained a prolonged break as the Golden Tigresses dropped into a tie for fourth spot with Far Eastern at 8-6 and both will figure in a KO duel for the right to play third-ranked Adamson in another you-or-me match.

That means more than a week of rest and recalibration-with the battle for the second title series slot slated for May 2-for the Lady Bulldogs, who are coming off two five-set games, the other a heartbreaking setback to the Lady Spikers over the weekend.

The Lady Bulldogs willed their way back from a two-set deficit, riding the troika of Arah Panique, rookie Sam Cantada and the seasoned Vange Alinsug, before National U wrapped it all up when Angge Poyos sent an off-pace spike wide when the pressure was at its highest.

Alinsug then promptly drilled the game-winning kill.

‘I’m very proud, not just of this game, but even the last one. Even when we lost, we gave everything,’ said NU coach Regine Diego. ‘From that point, I knew these girls would play their best because we’ve already seen what we’re capable of.

‘We proved we can fight until the end.’

Panique led NU with 24 points built on 21 attacks, two blocks and an ace, while Cantada delivered 20 points, 17 excellent receptions and nine digs as the Lady Bulldogs closed out the eliminations at 10-4.

Alinsug added 13 points and 10 digs. Chams Maaya chipped in nine points, highlighted by three aces in the fourth set that sparked the comeback.

‘This experience showed me that the team is still developing, [and] they’re improving every day,’ Diego continued. ‘These players aren’t made yet, they’re still gaining experience. But you can really see how fast they’re growing with every game.

‘A lot of challenges’

‘It hasn’t been easy, we’ve faced a lot of challenges and obstacles. But they’re much stronger now compared to our first game.’

Setter Lams Lamina orchestrated the offense with 24 excellent sets and five points, while libero Shaira Jardio anchored the floor defense with 33 excellent receptions and 16 digs.

Cramping up in the fifth set, Poyos still paced the Tigresses with 24 points, 15 receptions and nine digs, while Reg Jurado added 21 points and 16 digs. Jonna Perdido and Avril Bron contributed eight points each.

Santo Tomas libero Detdet Pepito impressed with 20 excellent receptions out of 22 attempts and 16 digs, but the Tigresses fell short in the deciding set after surrendering late momentum.

The Lady Tamaraws stayed alive in semifinal slot hunt after a come-from-behind 22-25, 23-25, 25-12, 25-21, 15-10 win over the also-ran Ateneo in the first game.

Far Eastern also came back from two sets down to finish with an 8-6 record and catch the Tigresses as Gerz Petallo led the comeback with 17 points, 16 digs and 11 excellent receptions. Kyle Pendon contributed 13 points off six blocks, five spikes and two aces.

Sen. Mark Villar is pushing for the immediate passage of Senate Bill No. 1422, or the proposed Integrated Urban Agriculture Act, as rising fuel prices threaten to disrupt food supply chains and drive up the cost of basic goods.

Villar said the ongoing fuel crisis, linked to disruptions in the Middle East, has exposed the vulnerability of the country’s long-distance food distribution system, with higher diesel prices increasing transportation and production costs across the agricultural sector.

According to the senator, the situation has added pressure on food security as farmers, fisherfolk, and traders face mounting expenses for irrigation, fishing operations, hauling, and logistics. He cited projections from agriculture officials and experts warning that food prices could rise by as much as 20 percent to 60 percent in a worst-case scenario if fuel costs continue to climb.

National inflation reached 4.1 percent in March 2026, Villar said, underscoring the broader economic impact of the fuel price surge on Filipino households.

‘Long-distance food supply chains are highly vulnerable to fuel shocks. Every additional peso in diesel cost ripples through farms, fishing boats, trucks, and markets, ultimately burdening Filipino households with more expensive rice, vegetables, fish, and other basic commodities,’ Villar said.

The proposed measure seeks to institutionalize integrated urban agriculture nationwide by encouraging the use of idle government lands, open spaces, rooftops, vertical farming systems, and community gardens in urban areas. It also aims to provide incentives, technical assistance, and funding support for localized food production.

Villar said the bill could help reduce the country’s dependence on fuel-intensive food transport while also cutting post-harvest losses and creating community-based livelihood opportunities.

‘Urban agriculture is a practical, immediate, and sustainable solution. By growing food closer to consumers, we cut transport costs, lower carbon emissions, create green jobs in communities, and strengthen our resilience against external shocks like the current fuel crisis,’ he said.

He added that the current fuel situation highlights the urgency of adopting measures that can cushion urban communities from rising food costs and possible supply disruptions.

Villar said his office is prepared to work with government agencies, local government units, civil society groups, and other stakeholders to speed up the measure’s passage.

‘My office is ready to collaborate fully with stakeholders, government agencies, local governments, and civil society to move this bill forward quickly,’ he said. ‘We must act decisively so that the fuel crisis does not become a food crisis.’

The senator also called on fellow lawmakers, farmers’ groups, urban communities, and concerned citizens to support the immediate advancement of Senate Bill No. 1422.

An outright downgrade of the Philippine sovereign credit rating is unlikely unless the war in the Middle East drags on, Nomura Global Markets Research said, adding that growth should rebound as the government accelerates spending.

In a note, Nomura economists Euben Paracuelles and Nabila Amani said the country’s fiscal risks are more manageable than those facing many of its peers that are also under ratings pressure.

On Monday, Fitch Ratings revised its outlook on the Philippines to ‘negative’ from ‘stable,’ signaling that the country’s investment-grade ‘BBB’ rating could be downgraded within one to two years if fiscal conditions fail to improve.

The move followed last week’s setback, when S and P Global Ratings cut its outlook to ‘stable’ from ‘positive,’ dimming hopes that the country could soon secure its first-ever ‘A’ rating from one of the three major credit rating agencies.

Fitch’s rating stands one notch below S and P’s ‘BBB+,’ itself one step short of the coveted ‘A’ level.

Explaining their actions, both agencies pointed to the same challenge: The Philippine government, still reeling from the fallout of a major corruption scandal that paralyzed public spending, is confronting an oil shock with diminished fiscal buffers.

‘As we argued before, a shift to a negative outlook, much less a rating downgrade, by S and P, is unlikely over the next few months, even with its higher credit rating, and we believe it will be the same for Fitch, unless the crisis becomes is significantly prolonged,’ Paracuelles and Amani said.

Review cycle

‘By the next review cycle (which is usually 12 months, unless there are significant developments that warrant an earlier review), the main factors cited by Fitch for a downgrade will likely show some improvements, in our view,’ they added.

Moody’s Ratings, the third major agency, has yet to announce a rating action. But in an April 14 credit opinion, it warned that the conflict in the Gulf region has increased downside risks to the Philippines’ economic outlook by lifting global energy prices and intensifying external cost pressures.

A rating downgrade could mark the country’s first since 2005, when political turmoil and fiscal instability eroded the Philippines’ credit standing.

A lower rating could raise the government’s borrowing costs at a time when it is running a budget deficit to finance development spending.

Infrastructure spending

But looking ahead, Nomura said gross domestic product growth should rebound as the government implements catch-up infrastructure spending and as terms-of-trade pressures ease. This assumes that a US-Iran deal could be made.

The bank forecasts 2026 growth at 5 percent-above Fitch’s 4.6 percent-even after trimming its own projection from 5.3 percent to reflect the energy price shock.

‘We still think the government has a limited appetite to implement blanket fuel subsidies that tend to be difficult to unwind,’ Nomura said. ‘Therefore, the medium-term fiscal consolidation agenda is unlikely to be derailed, even if implemented more gradually to recalibrate for the external shock and evolving domestic economic conditions, in our view.

As of last week, according to the latest reports from the Overseas Workers Welfare Administration (Owwa) and the Department of Migrant Workers (DMW), 6,532 overseas Filipino workers (OFWs) and their dependents have been repatriated from the Middle East, due to the region-wide turmoil caused by the United States and Israel’s war against Iran.

That may seem like a small drop in the total number of Middle East-based OFWs-an estimated 2 million-plus-but the Owwa and DMW expect that many more Filipino workers will seek repatriation in the coming weeks and months as the region continues to simmer.

The returning OFWs mostly come from countries such as Kuwait, the United Arab Emirates, Lebanon, Qatar, and Bahrain, as well as Israel. With Iran attacking neighboring countries in retaliation for what it perceives as their support for the US and Israel’s aggression, the entire region has been dragged into the conflict, with the effects on the global economy projected to linger for years to come.

Whatever happens in the Middle East has particularly stark implications for the Philippines. Not only has the war’s disruptions on oil and commodity shipments triggered painful spikes in the prices of fuel and goods in the local market, but if the conflict stays unresolved or, worse, escalates, the potential displacement of hundreds of thousands of OFWs presents a vastly more consequential problem.

Critical lifeline

The war has been an ‘unprecedented shock’ for the region’s economies, as the International Monetary Fund put it, with five of the Gulf’s eight oil- and gas-producing countries-Bahrain, Iran, Iraq, Kuwait, and Qatar-headed for a contraction in their gross domestic product this year. The three major producers in the group-Saudi Arabia, the UAE, and Oman-will be able to stay above water but with markedly slower growth.

Those five most affected countries alone host approximately 500,000 to over 600,000 Filipino workers. They now face the prospect of being sent home, if not because of the direct destruction of their workplaces and accommodations, then from potential widespread job layoffs as their host countries’ economies reel from the conflict.

In the immediate term, the Philippines stands to lose, or at least receive much less of, some $6.5 billion in remittances-about 18 percent of the country’s total remittance earnings-sent by OFWs from the region. These funds primarily drive household consumption, keeping Filipino families afloat by giving them cash for daily needs, education, health care, and other immediate concerns. One shudders at the idea of millions of Filipino homes suddenly losing this critical lifeline.

Reintegration program

The United Nations Development Programme has warned that up to 32.5 million additional people worldwide could be pushed into poverty because of the war. In the Asia-Pacific region, that would be some 8.8 million people. In the Philippines specifically, due to the cascading effects of higher fuel prices alone, around 1.34 million Filipinos are at risk of falling into poverty, according to the Philippine Institute for Development Studies.

Against this urgent backdrop, the administration now has its hands full squeezing and reprioritizing the budget to address the immediate needs of those hardest hit by the fuel shock, such as transport drivers and delivery workers.

Displaced OFWs are another sector that requires quick assistance, and the Owwa has requested an additional P12-billion budget for the repatriation and reintegration of these workers.

Owwa said its initial emergency repatriation funding amounted to only around P1.286 billion, of which over P700 million has been spent. About P9 billion of the requested P12 billion in extra funding will pay for more emergency repatriations, including immediate financial assistance to affected OFWs. The remaining P3 billion will be for their reintegration program covering livelihood assistance, skills training, business loans for start-up ventures, counseling, and financial literacy training.

Monumental challenge

The agency has estimated that, should the war not ease up, some 60,000 OFWs may end up being forcibly uprooted from the Middle East. That is a staggering number that the country has to prepare for-not only in terms of quick funding, such as the additional allocation that should be given Owwa posthaste, but also in the work of resettling these Filipino workers in their homeland with dignity, and eventually harnessing, or upgrading if need be, their skills and know-how.

The Marcos administration has a monumental challenge in its hands in making sure such reintegration efforts do go somewhere. Are conditions in the country becoming viable enough for returning OFWs to decide to stay for good-to build a business, or work in a local firm, and generally take their chances on the home front? Or would they feel that the country, after all this time, has yet to get its act together-that better prospects remain abroad, even in the face of war and uncertainty?

President Ferdinand Marcos, Jr., on Thursday, inspected the 11-hectare township built under the administration’s Pambansang Pabahay para sa mga Pilipino (4PH) program in Barangay Atate here.

The Palayan City Township Project, which, according to Palayan City Mayor Vianne Nicole Cuevas, already has about 2,000 unit takers through the Home Development Mutual Fund, or Pag-IBIG.

Some 200 of them have already occupied their respective units, Cuevas said.

The township, which includes an elementary school, livelihood center, administrative offices, central park, basketball court, mini market, and aquaponics gardens, has 11,000 available housing units

Together with Cuevas, Nueva Ecija 3rd District Rep. Jay Vergara, and other officials, the President also met with ambulant vendors who sell locally produced vegetables, including those selling through the Kadiwa ng Pangulo at the Farmers Plaza here.

There, the President led the distribution of 100 10-kilogram sacks of rice to vendors.

Cebu’s island of Mactan has welcomed a new hotel development with the opening of Fairfield by Marriott Cebu Mactan, located within the newly launched Mahi Center in Lapu-Lapu City.

appleone group

The property expands Marriott International’s presence on the island, complementing existing developments such as Sheraton Cebu Mactan Resort, also developed by AppleOne Group. Positioned a short drive from Mactan-Cebu International Airport, the hotel offers convenient access for both business and leisure travelers visiting the Visayas.

Positioned within Mactan’s economic zone

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Fairfield by Marriott Cebu Mactan is located in Barangay Ibo, Lapu-Lapu City, within the Mactan Economic Zone, placing it near key commercial and industrial hubs.

The hotel forms part of Mahi Center, a mixed-use development by AppleOne Group that integrates retail spaces, offices, and the nine-storey hotel. This setup allows guests access to dining, workspaces, and services within a single complex.

‘With Mahi Center taking shape, we knew the success of this ecosystem would be driven by the strength of our partnerships. The question was who we could trust to welcome the world to it-and the answer was Marriott International,’ said Samantha Manigsaca, Director and Vice President for Hospitality at AppleOne Group.

‘What drew AppleOne to Marriott was the recognition that we share the same values-a strong commitment to people, quality, and building something that earns trust over time. The partnership is grounded in that shared foundation,’ she added.

‘As Lapu-Lapu City continues to welcome more travelers, investors, and events, there is a growing need for hospitality experiences that reflect the ambition of the destination.’

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The development is also positioned as a PEZA-accredited mixed-use hub, integrating business, retail, and hospitality components within one site, as outlined in the launch of Mahi Center as a PEZA-accredited lifestyle and business hub.

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Its location also provides proximity to the Mactan Export Processing Zone, while remaining accessible to leisure destinations such as beaches, dive sites, and cultural landmarks across the island.

Guest rooms designed for work and rest

The hotel features 196 guest rooms across three categories: Standard Twin, Standard Queen, and Deluxe Queen.

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Room layouts are designed to accommodate both business and leisure stays, with designated areas for work, rest, and storage. The interiors draw from Fairfield’s brand concept, which emphasizes simplicity, functionality, and comfort.

‘The Fairfield brand is widely recognized around the world and is rooted in Marriott International’s history, which will mark its 100th year in 2027. It reflects values of simplicity, balance, and comfort-qualities we believe are well suited for both business and leisure travelers in Mactan, Cebu,’ said Bruce Winton, Area General Manager, Philippines at Marriott International.

Facilities for meetings and events

Fairfield by Marriott Cebu Mactan includes more than 250 square meters of meeting and event space, which can be configured into smaller venues for different group sizes.

These spaces are equipped with audiovisual capabilities and supported by on-site coordination teams for corporate meetings, training sessions, and social events. Catering services are available, with customizable menu options depending on event requirements.

Dining concept inspired by local flavors

The hotel’s all-day dining restaurant, DAVOS, is set to open this month. The restaurant’s name draws from the Cebuano word ‘dabos,’ referring to abundance.

Led by Executive Chef Marcel Ramos, the menu follows a ‘Coastal Filipino’ approach, incorporating regional ingredients and flavors into contemporary dishes. The restaurant highlights seafood and locally sourced produce, reflecting Mactan’s coastal setting.

Supporting tourism and local employment

The development reflects continued investment in Cebu’s tourism and business sectors, particularly in Lapu-Lapu City.

Through its operations, the hotel contributes to local employment across hospitality and support services, while also engaging suppliers within the region. Developments such as Mahi Center highlight how integrated spaces are being positioned to support both tourism and business activity.

As Cebu continues to expand its Meetings, Incentives, Conferences, and Exhibitions (MICE) sector, additional accommodation and event infrastructure help support demand from both local and international markets.

A new addition to Mactan’s hospitality landscape

Fairfield by Marriott Cebu Mactan adds to the range of accommodations available on the island, offering a location that connects business districts, transport access, and leisure destinations.

Integrated within Mahi Center, the property provides a centralized base for travelers visiting Cebu for work or leisure.

More information is available through the Marriott Bonvoy website and mobile app.