PSEi tumbles anew, peso retests record low

The local stock market saw sustained profit-taking activities from investors, while the peso matched its record low after closing at 61.75 against the dollar amid escalating tensions between the United States and Iran.

The bellwether Philippine Stock Exchange index (PSEi) fell by 1.04 percent or 65.95 points to finish at 6,267.85.

The broader All Shares index likewise tumbled by 0.53 percent or 18.23 points, settling at 3,421.35.

First Metro Securities said the local bourse extended its decline on continued de-risking amid a second straight session of foreign outflows and a deterioration in global risk sentiment.

It said offshore investors turned net sellers, unloading P654.99 million while accounting for roughly half of total activity.

Total turnover value slipped to P6.49 billion from the previous day’s P7.94 billion.

RCBC chief economist Michael Ricafort cited as among the factors affecting the decline in the PSEi for the second straight trading day was the upcoming wage hike in Metro Manila that could lead to higher overall inflation due to higher prices of goods and services.

Ricafort said the decline of the peso also affected investor sentiment.

Ricafort, however, said yesterday’s decline is considered a healthy downward correction after gaining for four straight trading days.

Sectors were mixed, with mining and oil taking the biggest leap at 1.3 percent, while services suffered the largest drop at 3.01 percent.

Data from the Bankers Association of the Philippines showed the peso closed slightly weaker than Tuesday’s 61.745 finish. Wednesday’s close matched the peso’s record low of 61.75 per dollar, last recorded on May 19.

During the session, the peso opened at 61.73, which also marked its strongest level of the day, before weakening to 61.75, matching its record intraday low.

Jonathan Ravelas, senior adviser at Reyes Tacandong and Co., said the peso remained under pressure after the greenback strengthened further as rising oil prices heightened concerns over inflation.

BIR issues rules on creditable withholding tax

The Bureau of Internal Revenue (BIR) has issued a clarification on the application of creditable withholding tax (CWT) to top withholding agents (TWA) amid transactions involving manufacturers and direct importers of covered goods intended for wholesale.

The BIR issued Revenue Memorandum Circular (RMC) 79-2026 answering frequently asked questions on the 0.5-percent CWT for covered wholesale purchases, explains when the preferential rate applies and identifies documentary requirements needed to establish a supplier’s status.

The circular also outlines corrective measures when the wrong withholding tax rate has been used.

‘Through these clarifications, the BIR seeks to provide greater certainty for taxpayers while ensuring the proper and consistent application of withholding tax rules,’ the agency said in a statement.

Under the circular, the BIR explained that the 0.5-percent CWT rate applies if the supplier is either a manufacturer or a direct importer of the covered goods. It is not required that the supplier be both.

The agency said a local manufacturer that produces and sells the specified goods, even without import activity and a direct importer that brings in such goods for sale in the Philippines are subject to the preferential rate, provided the goods are covered and intended for wholesale.

It also explains how the phrase ‘intended for wholesale’ should be interpreted, as the 0.5-percent CWT is imposed on gross payments to manufacturers and direct importers of certain goods intended for wholesale.

The BIR explains that this phrase refers to the ‘nature of the sale as ordinarily undertaken by the manufacturer or direct importer in the regular course of its business, where the goods are sold primarily for resale, distribution or further commercial disposition and not for final consumption by the end-user.’

In addition, the RMC said motor vehicles imported or manufactured in completely knocked down (CKD) units are also subject to the 0.5-percent CWT.

BIR said CKD is defined as ‘completely knocked down parts and components, including sub-parts/parts and sub-assemblies/assemblies of motor vehicles for assembly into a complete unit.’

Purchases of this will be slapped with the 0.5-percent CTW, the BIR said ‘provided that the sale of such goods is made in the ordinary course of the seller’s trade or business.’

The circular likewise prescribes appropriate corrective measures when taxpayers or withholding agents apply an incorrect withholding tax rate.

These clarifications would help streamline compliance, reduce disputes and support more efficient tax administration, the BIR said.

PGDX 2026 partners with Steam for official Curator Sale

The Philippine GameDev Expo (PGDX) has announced a partnership with Steam for the launch of the PGDX 2026 Steam Curator Sale, a new initiative aimed at giving participating developers greater visibility on the global digital storefront.

The curator page features a selection of games associated with PGDX, allowing Steam users to easily discover titles from developers taking part in the expo. Through the partnership, organizers hope to expand the reach of participating studios beyond the event itself and introduce their games to more players worldwide.

In a press release, PGDX said the initiative highlights games by developers from the Philippines and neighboring Southeast Asian countries, creating additional opportunities for engagement through wishlists, follows and purchases on the platform while helping participating developers promote their projects.

The launch marks another step in PGDX’s efforts to support the local game development industry. Since its first iteration in 2023, the expo has grown beyond a convention for gamers and has become a platform that brings together independent developers, publishers, artists, content creators, cosplayers and other industry stakeholders.

Players can browse featured titles through the official PGDX 2026 Steam Curator Sale page on Steam, while tickets for PGDX 2026 are available through the event’s official ticketing website.

Headlines for the headless

Making it to headlines are lawyers in and because of the impeachment proceedings. And, athletes in the arena of sports. Josh Ybañez was picked best libero in the recent regional volleyball cup. The out, loud and proud gay athlete is another proof sexuality has nothing to do with athleticism.

Just as a law school has nothing to do with how their produce have become, or how they tell right from wrong, especially how to right a wrong. Skill too, some honor graduates and bar placers grope in and even refuse actual practice, while the bare minimum litigated beyond maximum, another proof a written exam only tests theory rather than application, the real gauge for continuing fitness to practice law, ethical considerations included.

Tennis fans in and out of the country are baffled why Alex Eala was picked star of the grass court swing over and above the Wimbledon finalists. By a landslide. It is a fan vote, it is not who plays best but who is liked most, otherwise known as favorite, which is personal. The poll asked who they think is the star of the season. No brainer, the Filipina ace is the biggest attraction of the women’s tour. Tennis greats notice her, analysts talk about her, the best on the tour fear her, and fans follow her. Otherwise known as charisma, beyond definition, much less explanation. But not within fanatical context that is beyond stupidity and mindlessness. Otherwise known as cultic blindness, some lawyers included.

Whether Eala inspired her nation to play tennis may be impeded by immense popularity of pickle ball among professionals, lawyers included, a few of whom had been humbled by the dean whose tranquil eloquence schooled without scolding them. Whether the slower clone of tennis lasts depends on the wannabes’ lust for sustained growth and excellence, without reference to their lust for another not their partner, lawful or awful. Is it a fad waiting to fade, or a facade waiting to unmask, some lawyers in the masquerade participate.

Then there is a small team of Filipinos sent to an international climbing competition. Fear the climbers might pull each other down, otherwise known as crab mentality. But no, they must have been trained to work individually and as a team. Hope they end up with a decent finish, the country is not known to excel in the sport of climbing. Never mind, bask in the glory that Filipinos are undisputed world champions of that sport. In the social climbing category, some lawyers included.

Why Suedi’s criticism of the Bar was off the mark

Amne Suedi’s recent column in this paper, on whether Tanzania’s advocates can survive the mega-project era, raises a fair question about local content in legal services and then answers it unfairly. Her diagnosis is that bar leadership has, since 2017, poured its energy into confrontation with government over constitutional and political questions, and that this has come at the cost of enforcing the local-content rules that would put briefs and fees in Tanzanian lawyers’ hands.

A bar association, she argues, cannot be both government’s sharpest critic and its most persuasive partner in getting those rules enforced. Something has had to give, and for eleven years, she says, it has been the advocates themselves.

I read this with respect for the economic case she makes about legal services and local content. I read it with alarm for the constitutional case she leaves out. She has, in my view, misunderstood the entire issue.

She writes as though the Rule of Law is a separate line item from lawyers’ economic wellbeing, something the Society can trade off against local content enforcement as a matter of strategy. It is not separate. A bar that cannot speak against the erosion of the courts, against arbitrary arrest, against the hollowing out of constitutional guarantees, will not survive long enough to negotiate anyone’s fee schedule.

The right of lawyers to benefit from this country’s resources cannot be secured by lawyers who have first surrendered their core duty to defend the legal order those resources depend on.

A few questions Ms Suedi has not asked

Is what she calls a mistake a legal failing, or a failing of particular individuals inside government? Does she know that it was the sustained push by TLS and by individual advocates that helped carry Tanzania toward the entrenchment of a Bill of Rights in our Constitution? That did not happen because the profession sat quietly waiting for local-content regulations to be enforced. It happened because lawyers argued, litigated and, yes, confronted.

Has she asked why the First Phase Government attempted to abolish the Tanganyika Law Society altogether, through the Msekwa Commission, on the pretext that it was little more than a minority association? A government does not move to dissolve a professional body it experiences as a comfortable partner. It moves against a body it experiences as an obstacle to unchecked power.

That history did not happen by accident, and the Society’s survival of it is not incidental to the profession’s standing today.

Has she not seen that from the early 1970s, it was TLS and individual advocates who took up the killings of elders in the Lake Zone, at a time when doing so meant confronting entrenched local and political interests, and who helped force accountability where none had existed? Has she forgotten, or perhaps never learned, what role the Society and its members played in the fight for multipartyism and constitutional reform in the late 1980s and early 1990s, a fight fought against a one-party state that had no appetite for challenge? None of that was accommodating. All of it was confrontational, in the plain sense of the word. And none of it would have happened had the Society taken the posture she now recommends.

On who is actually squeezing the private sector

Ms Suedi asks why government has grown its own legal capacity at the private bar’s expense. Fair enough, ask it back: why is the military now in the beer business, running fuel stations, taking on construction contracts and competing directly with private contractors who pay taxes and carry the compliance burden the state does not? Was that crowding-out engineered by lawyers? What of tourism, where operators of every description move in and out of the sector with little apparent oversight? Is that also somehow the fault of a legal profession she accuses of being too combative?

On why disputes leave Tanzania

She notes, rightly, that the law requires natural resource disputes to be arbitrated inside the country, and that this is not happening in practice. She does not ask why. Our own courts are treated as adversarial to the state and to the status quo, and that reputation, deserved or not, is precisely why sophisticated parties structure their disputes to be heard elsewhere, at real cost in revenue and prestige to Tanzania’s own judicial system. And while we are asking uncomfortable questions: was the collapse of media houses in this country caused by a journalists’ association that dared to be critical of government?

The bottom line

Law is a business, but it is a business built on ethics and on principle. It is not the alcohol trade, where the most reliably profitable customer is the habitual drunkard, however much damage he does at home. A bar that measures its success only by how much work the state is willing to hand it has already sold the thing that makes it worth hiring.

A country genuinely committed to good governance is not frightened by constructive legal criticism. Holding government to the law it has itself enacted, including the local-content rules Ms Suedi rightly wants enforced, is not separate from defending the rule of law. It is the same work.

TLS advocates were not called to the Bar to appease power. I would ask Ms Suedi to read our history more thoroughly before she next writes on it, so that a good economic argument is not wasted in service of a conclusion the record does not support.

The brilliant Chel Diokno

Day 6 of the Impeachment Trial of Vice President Sara Duterte was memorable for two events. The first was that the impeachment court decided to subpoena the bank and income tax records of the Vice President after a long debate. The second was that during the trial, the nation has finally witnessed the brilliance and outstanding legal expertise of one of the members of the prosecution panel, Jose Manuel ‘Chel’ Icasiano Diokno.

During the debates, it was clear that Chel was actually tutoring the other members of the court on the legal intricacies that were being contested. At one point, during a debate between Chel and senator-judge Alan Cayetano, in spite of disagreements, the senator-judge openly acknowledged Chel’s brilliance.

However, the public has yet to know the full story of this brilliant lawyer who deserves to be in the Senate more than almost all of the senators serving there now.

Chel Diokno is one of the country’s most respected human rights lawyers, educator and public servants. He is known for his dedication to justice, constitutional law and free legal assistance. He has spent more than three decades defending human rights victims, marginalized communities and teaching future lawyers. He served as the founding dean of the De La Salle College of Law and was former chairman of the Free Legal Assistance Group or FLAG.

He is now an elected representative of the Akbayan Party-List in Congress. His father was Jose W. Diokno, one of the country’s most admired senators and widely regarded as the father of human rights in the Philippines. During the Marcos dictatorship, senator Jose Diokno was imprisoned without charges because of his opposition to martial law. After his release, he cofounded the Free Legal Assistance Group or FLAG, the country’s oldest and largest organization of human rights lawyers. Chel has continued this legacy by becoming FLAG’s chairman.

Chel is married and has six children, including famed filmmaker Pepe Diokno. He excelled academically from a young age. He completed his elementary and high school years at La Salle Greenhills, where he served as student council president. Many people are surprised when they find out that in his high school days, he was a member of the varsity basketball team. He also trained in aikido, eventually earning a black belt. He earned a Bachelor of Arts in philosophy from the University of the Philippines-Diliman. He then took up law at the Northern Illinois University in the US where he graduated magna cum laude with a juris doctor degree. He passed the Illinois board exam in 1987 and passed the Philippine Bar exam in 1988.

After becoming a lawyer, Chel Diokno dedicated his career to public interest law rather than corporate practice. He became known as a human rights lawyer, constitutional law expert and educator.

One of his most significant contributions to the field of law was becoming the founding dean of the De La Salle College of Law, where he emphasized ethics, public service and social justice in legal education. He also taught constitutional law and lectured extensively on human rights and legal ethics.

As chairman of FLAG, he expanded access to free legal services for poor and marganizalized Filipinos through initiatives such as the Free Legal Help Desk, wherein thousands of Filipinos have received legal advice at no cost.

He has been involved in several major legal cases and one of his best known legal victories involved the

MV Doña Paz tragedy, considered one of the world’s deadliest peace time maritime disasters. The ferry collided with an oil tanker in 1987, resulting in the death of more than 4,300 people. He represented many of the victims’ families in their fight for justice and compensation.

His legal work helped secure damages for surviving family members after years of litigation. He has also represented numerous victims of unlawful arrest, torture, enforced disappearances and other human rights violations. His work has contributed to strengthening legal protection for civil liberties and reinforcing the rule of law in the Philippines.

Chel Diokno also served as a private prosecutor during the impeachment trial of president Joseph Estrada and worked as legal counsel in investigations involving government accountability. He entered politics to advocate for legal reform, education, legal rights and anti-corruption measures. Although he was unsuccessful in his initial campaigns for the Senate, he remained active in public service. In 2022, he was elected as the representative of the AKBAYAN party-list in Congress.

In 2022, the De La Salle College of Law where he served as founding dean was renamed the Tañada-Diokno School of Law to honor two of La Salle’s prominent alumni, Lorenzo Tañada and Jose Diokno.

I cannot help but compare the brilliance and selfless demeanor of Chel Diokno with some of the senators who humiliate themselves every time they try to make a speech on the Senate floor. Whether as a lawyer, educator or public official, Chel Diokno will continue to advocate for human rights, accountability, rule of justice and equal access to justice for all Filipinos.

Man nabbed for online bomb threats in Bulacan schools

An 18-year-old man believed to be behind a series of online bomb threats that disrupted classes in public and private schools in San Ildefonso, Bulacan was arrested in Jaen, Nueva Ecija on Tuesday night.

The suspect, identified as Alex Mariano, was collared in Barangay Hilera at around 6:29 p.m.

Mariano will be charged for violating Presidential Decree 1727 or the Anti-Bomb Joke Law, and grave threats in relation to Republic Act 10175 or the Cybercrime Prevention Act of 2012.

Central Luzon police director Brig. Gen. Jess Mendez said the arresting team seized from the suspect a phone believed used in posting the threats.

‘A bomb threat is not a joke. A single post online can sow fear, disrupt classes and prompt deployment of a team of police and emergency responders,’ Mendez said.

Probers said Mariano’s arrest was a result of an intensive investigation, which indicated he was behind the threats directed at schools in San Ildefonso town from Monday to Tuesday.

Among the schools that received the threat were the San Ildefonso National High School and the Saint John School as well as elementary schools in the villages of Calawitan, Pulong Tamo and San Juan.

The threats disrupted classes as members of the police anti-bomb squad had to inspect the schools for possible presence of explosives. No bomb was found in any of the schools.

Mendez said they tracked down the suspect through his Facebook page.

He said Mariano claimed the bomb threats were made just for fun.

‘The suspect said it was just a ‘trip.’ He was just going along with what happened recently. He did not realize the consequences of his action,’ Mendez said.

The suspect was taken to the San Ildefonso police station for investigation.

NUJ Osun condemns violence, hails rescue of Oyo abducted school children

The Nigeria Union of Journalists (NUJ) Osun State Council has condemned the spate of violence threatening to mar the forthcoming election in the state. The body also hailed the successful rescue of abducted school children in Oriire Local Government Area of Oyo State.

These positions of the council, amongst others, were contained in the communique issued and signed by the Communique Drafting Committee of the council at the end of the union’s July 2026 Congress held at its secretariat, Osogbo on Wednesday.

The congress was presided over by the council’s Chairman, Comrade Adeyemi Aboderin.

The Congress thanked Governor Ademola Adeleke for approving permanent employment for 66 freelance staff of the Osun State Broadcasting Corporation, OSBC.

The Council acknowledged what it called ‘the crucial role played by the Senator representing Osun West and the Accord party campaign DG, Akogun Lere Oyewumi, on the absorption of the OSBC casual staff as full employees of Osun State Government.’

It enjoined the beneficiaries to reciprocate by re-dedicating themselves to their duties.

The congress condemned the spate of political violence ahead of the governorship election in the state and urged security agencies, most especially the police to be neutral, adding that ‘there is a need for the police to project their image positively to gain public trust.’

It charged politicians to play by the rules and rein in their supporters, adding that election should not be a do or die affair.

On the August 15 election, the NUJ urged registered voters to collect their PVCs at the INEC designated centers and also charged everyone to reject fear and ensure they vote on Election Day.

It called on the security operatives to guarantee the safety of Journalists in the state, before, during, and after the governorship election.

The Congress commended the Federal Government on the rescue of abducted children and teachers in Orire local government area of Oyo State and urged the Osun State Government to improve on security in schools and boundary areas in the state.

Customs warns applicants as fake recruitment advert circulates

The Nigeria Customs Service (NCS) has warned Nigerians to ignore a fake recruitment advert circulating on social Media

In a statement released on Thursday, the Service said it is not conducting any recruitment through the advert and described it as a scam designed to deceive members of the public.

The NCS urged Nigerians to get recruitment information only from its official communication channels and not from social media posts or unofficial websites.

According to the Service, fraudsters often take advantage of people looking for government jobs by sharing fake recruitment adverts and demanding money from applicants.

The statement noted that security agencies and government institutions have repeatedly warned Nigerians to be careful and always verify recruitment information before acting on it.

The Customs Service advised the public to ignore the fake advert and rely only on official announcements for genuine updates on recruitment and other activities.

NBA: Mavericks re-sign Moussa Cisse after Knicks offer sheet

The Dallas Mavericks have re-signed restricted free agent Moussa Cisse in the wake of multiple reports that the second-year center had signed an offer sheet with the New York Knicks.

The team didn’t disclose the terms in the deal announced Wednesday. According to multiple reports, the Mavericks matched the Knicks’ offer on a $4.7 million, two-year NBA contract.

Cisse went undrafted out of Memphis last year and spent the season with the Mavericks on a two-way contract. The 6-foot-11 Cisse gives Dallas depth at center behind Dereck Lively II and Daniel Gafford.

Cisse tied Roy Tarpley’s Dallas rookie record of 20 rebounds in the 2025-26 season finale against Chicago. He averaged 4.5 points, 5.7 rebounds, 1.2 blocks and 13.9 minutes in 38 games with one start. Cisse was third among rookies in blocks per game.