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Local stocks recovered on Thursday as investors bought shares after the previous day’s decline, with gains on Wall Street also lifting sentiment.

The benchmark Philippine Stock Exchange Index (PSEi) climbed 0.92 percent, or 52.03 points, to close at 5,705.58.

The broader all-shares index added 0.38 percent.

Philstocks Financial Inc. attributed the rebound to bargain hunting. The brokerage said positive signals from Wall Street following the US Federal Reserve’s decision to keep its policy rate range unchanged also supported local trading.

Luis Limlingan, head of sales at Regina Capital Development Corp., said the Fed’s decision to keep interest rates unchanged also offered short-term relief to Philippine equities by easing some concerns over further monetary tightening.

‘However, persistent domestic inflation and currency pressures continue to pose risks to the market outlook,’ Limlingan said.

‘While these developments supported the market’s recovery, investors are likely to remain cautious amid ongoing macroeconomic uncertainties and the potential impact on capital flows and corporate earnings,’ he added.

Participation, however, remained thin. Net value turnover stood at P3.30 billion, which Philstocks said suggested weak conviction behind the market’s advance.

Foreign investors also continued to pull funds out of local equities, recording net outflows of P100.69 million despite the index’s recovery.

Sectoral indices ended mixed. Services led the gainers with a 1.91-percent increase, while mining and oil posted the steepest decline at 0.93 percent.

Among the benchmark’s constituents, GT Capital Holdings Inc. recorded the biggest gain, rising 2.82 percent.

DigiPlus Interactive Corp. was the main laggard, losing 2.03 percent.

Analysts said the session’s gains allowed the PSEi to regain the 5,700 level, although subdued turnover and foreign selling tempered the recovery.

Here are the stories for INQToday, Thursday, Oct. 29, 2026, as of 6 p.m.

Teodoro rejects China’s claim of abuse of Asean chairmanship

Defense Secretary Gilberto Teodoro Jr. rejected on Thursday China’s accusation that the Philippines abused its chairmanship of the Association of Southeast Asian Nations (Asean) defense meetings to obstruct Beijing’s participation.

Teodoro to Asean defense partners: Reject threats, use of force

Defense Secretary Gilberto Teodoro Jr. urged Association of Southeast Asian Nations (Asean) member states and their dialogue partners on Thursday to reject threats or the use of force and uphold international law as maritime tensions persist in the region.

Bernardo: All of DPWH projects nationwide have alleged kickbacks

All Department of Public Works and Highways (DPWH) projects nationwide allegedly have kickbacks, its former Undersecretary Roberto Bernardo told the Sandiganbayan Third Division on Thursday.

MMDA suspends coding scheme on Monday, Nov. 2

The implementation of the expanded number coding scheme will be suspended on Monday, Nov. 2, according to the Metropolitan Manila Development Authority (MMDA).

The Office for Transportation Security (OTS) conducted a security check at the Parañaque Integrated Terminal Exchange (PITX) on Thursday, Oct. 29, in anticipation of the influx of passengers for Undas 2026.

OTS Director Ernesto Tendero inspecting the police assistance desk at PITX. INQUIRER / Isabelle Pechay

During the inspection, OTS officials did a walk-through, checked in on the security personnel on standby, and distributed emergency go bags to some passengers at Gate 4 who were awaiting boarding.

OTS Administrative and Finance Service Director Ernesto Tendero discussed the contents of the kit and demonstrated how to inflate the go bags to turn it into a floater in case of emergency.

According to Tendero, the OTS has auditors who did initial rounds to check the security systems implemented in the area.

OTS doing a walkthrough at PITX. INQUIRER / Isabelle Pechay

‘Yung report ng auditors natin, okay naman, wala naman silang nakitang problema. Kung may mga minor man, na nakita sila, pero correctable naman,’ Tendero told the media in an interview at PITX.

(Our auditors’ report was generally satisfactory, and they did not find any problems. If they did identify any minor issues, these were correctable.)

‘So far naman, nakita natin dun pa lang sa baba kung paano nila iniinspect, at yung security ng mga pasahero at may mga desk doon na pwedeng tumugon sa mga pangangailangan ng mga pasahero,’ he added.

(So far, based on what we have seen downstairs, we observed how they conduct inspections and ensure passenger security. There are also [assistance] desks available to address passengers’ needs.)

The OTS, an attached agency of the Department of Transportation, is inspecting major transportation hubs to ensure the safety, comfort, and security of passengers traveling during the holiday period.

This Thursday, the OTS also conducted an inspection at Batangas Port as part of preparations for Undas 2026

President Ferdinand Marcos Jr. on Thursday urged foreign manufacturers to invest in the Philippines’ electric vehicle (EV) industry as the government aims to have EVs account for 50% of the country’s vehicle fleet by 2040.

He made the call during a visit to the manufacturing and assembly plant of Sazgar Philippines Inc. in Biñan City, Laguna.

Established in 2026, Sazgar Philippines Inc. is a subsidiary of Pakistan-based Sazgar Engineering Works Ltd. The company operates in Laguna and offers passenger and commercial three-wheelers, including electric vehicles.

‘As of 2026 August, the DOE [Department of Energy] has reported over 420 accredited EVC providers and discovered operators, service providers, and suppliers. These initiatives seek to build an industry that serves the needs of our people while creating greater value for the Philippine economy,’ the President said in his speech.

‘So, to our stakeholders: Invest in the Philippines. Build partnerships with our suppliers. Explore opportunities to expand manufacturing activities in our shores,’ he added.

Marcos also reiterated his push for greater local production of EV components, urging Sazgar to reduce its reliance on imported parts and expand its local supply chain.

‘So, to Sazgar: I offer both our thanks and the challenge. At present, many of your parts still come from abroad. I ask you to grow your Filipino supply chain year after year,’ he said.

‘They are anticipating that they will be able to produce all the parts locally. In other words, it will be 100% locally manufactured parts within the year or so. So, that every tricycle that will leave the plant is made by Filipinos. The government will work hand in hand with you to make that happen,’ Marcos continued.

The government is also working to strengthen energy security, encourage innovation, and attract investments in emerging technologies, Marcos said.

‘Efforts such as these, bring us closer to our target of achieving 50% EV fleet share by 2040,’ the President said.

The operator of discount grocery chain Dali Everyday Grocery returned to a P1.03 billion capital deficit in 2025, as mounting losses prompted its auditor to flag uncertainty about its ability to continue as a going concern.

Hard Discount Philippines Inc. posted a P1.83-billion net loss last year, narrower than the previous year’s P1.97 billion, despite sales climbing 52.29 percent to P51.66 billion.

Accumulated losses reached P7.07 billion, up 34.92 percent from P5.24 billion in 2024.

Its current liabilities also exceeded current assets by P1.19 billion, compared with P134.6 million a year earlier.

Auditor SyCip Gorres Velayo and Co. said these conditions indicated a ‘material uncertainty’ that could cast significant doubt on the company’s ability to continue as a going concern.

‘These conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern and, therefore, the company may be unable to realize its assets and discharge its liabilities in the normal course of business. Our opinion is not modified in respect of this matter,’ the auditor said.

The company ended 2024 with positive equity of P728.76 million after receiving a P4-billion deposit for future stock subscription.

Last year’s losses pushed it back into a capital deficit. Still, the grocery operator improved its margins. Cost of goods sold increased 49.21 percent to P45.65 billion, slower than revenue growth.

Consequently, gross income rose 80.51 percent to P6.01 billion, lifting its gross profit margin to 11.64 percent from 9.82 percent.

Operating expenses climbed 47.69 percent to P7.1 billion, although their share of revenue declined to 13.75 percent from 14.17 percent. Other charges increased 45.63 percent to P626.98 million. Loss before income tax narrowed 10.14 percent to P1.71 billion.

Hard Discount ended 2025 with total assets of P25.41 billion, up 21.17 percent, while total liabilities grew faster, up 30.63 percent to P26.44 billion.

Current assets totaled P6.62 billion, including P1.45 billion in cash and P3.99 billion in merchandise inventories. Current liabilities reached P7.81 billion, mostly trade and other payables of P7.04 billion.

Right-of-use assets worth P12.03 billion and property and equipment of P6.29 billion accounted for most of its P18.79 billion in non-current assets. Non-current liabilities stood at P18.64 billion, led by P12.32 billion in lease liabilities and P5.23 billion in deposits for future stock subscriptions.

Separately, parent company HDPM Sin Pte. Ltd. provided a P573.8-million loan in August 2025 for general corporate purposes

Hard Discount also received a P1.67-billion cash infusion from the parent during the year.

More than two decades after making history as Southeast Asia’s first wind farm, the iconic 52 MW NorthWind project in Bangui Bay, Ilocos Norte is demonstrating how strategic investments can maximize the performance and long-term value of renewable energy assets.

ACEN has completed the second and final phase of the NorthWind Maintenance and Repair Program, a strategic asset optimization initiative that enhanced the performance, reliability, and long-term value of the landmark renewable energy facility. The initiative demonstrates how responsible investments in existing renewable energy assets can maximize their value while continuing to deliver clean electricity to the Luzon grid.

As a result of the asset optimization initiative, the NorthWind project is expected to generate an additional 769 GWh of renewable electricity over the next 10 years-enough to power 188,000 households and avoid around 592,000 tonnes of carbon dioxide emissions. The project underscores the value of maximizing existing clean energy infrastructure through responsible asset management.

Commissioned in 2005, NorthWind paved the way for Southeast Asia’s renewable energy journey. As one of the region’s pioneering wind farms, the project continues to play an important role in the country’s clean energy transition through investments that strengthen its operational performance and reliability.

Today, as many first-generation renewable energy projects around the world begin to mature, NorthWind offers a practical example of how strategic asset optimization can help maximize the value of existing clean energy infrastructure.

Beyond improving performance and reliability, the initiative reflects ACEN’s commitment to responsible asset stewardship. By reducing the need for premature decommissioning, it minimizes waste associated with dismantling and disposing of turbine components while maximizing the use of existing infrastructure already connected to the grid. It also enables the facility to continue generating economic value, support local livelihoods, and supply clean, reliable power to Filipino consumers.

Miguel de Jesus, COO of Philippine Operations at ACEN, said: ‘Building renewable energy assets is only part of the equation. Equally important is ensuring they continue operating safely, efficiently, and reliably throughout their lifecycle. NorthWind demonstrates how strategic investments can maximize the value of infrastructure that’s already connected to the grid, reduce unnecessary waste from premature decommissioning, and continue delivering clean, reliable power to Filipino consumers.’

The project was implemented in two phases between 2025 and 2026, covering all 20 wind turbines. Through major mechanical and electrical upgrades, it enhanced the facility’s efficiency, reliability, and long-term performance while creating employment opportunities, with the majority of workers coming from local communities in Ilocos Norte.

The initiative was recognized at the Asian Power Awards 2026 in Kuala Lumpur, Malaysia, winning two distinctions: Power Plant Upgrade of the Year (Philippines) and Wind Power Project of the Year (Philippines). Dubbed the ‘Oscars’ of the power industry, the Asian Power Awards recognize companies that take innovative, game-changing steps to address the climate crisis and meet growing energy demand.

Caritas Philippines has expressed support for Batangas Archbishop Emeritus Ramon Arguelles and residents of Lobo who have raised concerns over a proposed liquefied petroleum gas (LPG) terminal and refilling plant.

San Carlos Bishop and Caritas Philippines President Gerardo Alminaza said ‘this is not simply about one project,’ stressing that the issue touches on the core of Christian vocation – ‘the development we choose, the risks communities are asked to carry, and the responsibility we bear to protect life, livelihood, and creation.’

Located in Barangay Talahib Pandayan in Batangas City, the proposed facility is said to threaten the safety, resources and livelihoods of communities along the boundary of Lobo and Batangas City.

‘Where there are legitimate concerns about possible harm, precaution is not an obstacle to development. It is a profound moral responsibility,’ Alminaza said in a statement issued by the Caritas Philippines-Integral Ecology Ministry.

He stressed that ‘our faith teaches us that human dignity, community life, and the integrity of creation cannot be separated.’

‘We cannot claim to protect people while allowing the destruction of the environment that sustains them,’ he said.

Threat

The Sangguniang Bayan of Lobo, in a resolution, expressed strong opposition to the project, citing alleged ‘several violations’ affecting residents of Barangay Banalo.

It alleged that there was no public consultation or even an invitation to an official meeting, ‘despite the Department of Environment and Natural Resources (DENR) having identified the barangay … as an adjacent community that would be directly affected by the project.’

The resolution also stated that an assessment by Pryce Gases Inc. found that the project is only 42.3 meters from Banalo Elementary School, significantly short of the recommended minimum distance of 100 meters mandated under Section 40 of Department of Energy Circular No. DC2020-01-0001.

Likewise, the coastal waters of Lobo are part of the Verde Island Passage, while Barangay Banalo is home to a designated coral reef sanctuary, both of which could be significantly affected by potential waste discharges.

There is also a high risk of oil spill contamination from vessels that would dock at the facility to load LPG, the Sangguniang Bayan of Lobo said, as quoted in a press release issued by the provincial government of Batangas.

For Alminaza, ‘we cannot speak of progress when families are left anxious about their safety, their livelihoods, and the future of their children,’ adding that ‘the concerns of the people of Lobo must be heard with seriousness and respect.’

He said this is especially important because the Verde Island Passage must be protected with the highest degree of care.

‘It is not simply a body of water. It is a living ecosystem, a source of food and livelihood, and part of the shared natural heritage of communities across Batangas and neighboring provinces,’ he said.

‘To place it at unnecessary risk is to place both marine life and coastal communities at risk,’ he said.

A rich fishing ground with a thriving marine ecosystem spanning 1.14 million hectares, the corridor is home to numerous species of fish, sea turtles, mangroves, seagrass, opisthobranchs and corals, some of which have been described as ‘extremely rare.’

The bishop said ‘any project that may affect communities, coastal resources, and ecosystems must undergo transparent and independent assessment, rigorous scientific scrutiny, meaningful public consultation, and strict compliance with environmental and safety standards.’

Beyond Lobo

Alminaza said that beyond the single proposal, Batangas and nearby provinces ‘have already carried the weight of numerous projects linked to fossil fuels and other polluting energy sources.’

‘Communities in these areas have repeatedly faced the environmental, health, and livelihood risks that come with such development. These cumulative pressures cannot be ignored,’ he said, stressing the Church’s preferential option for the poor and vulnerable.

For Alminaza, ‘development cannot be called just when vulnerable communities are made to bear a disproportionate share of its costs.’

‘This is why we stand with Archbishop Arguelles and the people of Lobo. Because the cry of the earth and the cry of the poor converge, the Church cannot remain silent when communities are asking to be heard and when the integrity of creation is at stake,’ he said.

He said accompanying them does not mean opposing development but insisting that development must be safe, just, transparent and truly for the common good.

‘We must reject any model of progress that places economic interests above human dignity or treats ecological damage as an acceptable price to pay,’ the bishop said. ‘Those who raise legitimate concerns for their communities and for the environment must be respected.’

For Alminaza, their voices are not obstacles to development but are essential to honest, responsible and democratic decision-making.

‘To defend Lobo is to defend life. To protect the Verde Island Passage is to protect our common home. To stand with communities at risk is to live our faith with courage. May we continue to choose life, justice, and creation,’ he added

The Laoag City government had launched the first Dulang Festival to promote Ilocano cuisine and boost food tourism by showcasing the city’s traditional dishes and local food industry.

The two-day festival, which ends on Thursday, brought together city officials, the Liga ng mga Barangay, residents, and food businesses to celebrate Laoag’s culinary heritage and introduce its local specialties to a wider audience.

A highlight of the festival was a communal feast featuring traditional Ilocano dishes, including insarabasab, dinakdakan, poqui-poqui, pansit lusay, fish, shrimp, and seaweed, along with native delicacies such as dudol, busi, and suman prepared by participating barangays.

The celebration culminated in a boodle fight around the city hall, where residents and visitors shared the dishes laid out on a long table, promoting camaraderie and community spirit.

The term ‘dulang’ refers to a traditional Ilocano dining table where family members and guests share the feast.

The city government said the festival was part of its efforts to strengthen food tourism by highlighting local culinary traditions and promoting the city’s food businesses.

All Department of Public Works and Highways (DPWH) projects nationwide allegedly have kickbacks, its former Undersecretary Roberto Bernardo told the Sandiganbayan Third Division on Thursday.

Bernardo, a career DPWH official of four decades, made this bombshell revelation when he testified during the former House Speaker Martin Romualdez’s bail hearing for a plunder case over alleged kickbacks worth P7.44 billion.

Associate Justice Karl Miranda, Third Division chair, asked if ‘all DPWH projects have proponents,’ and Bernardo replied in affirmative.

Miranda further pressed if all of these projects ‘have proponents, commitments and kickbacks’ and Bernardo replied: ‘Yes.’

Bernardo, during the cross examination of Romualdez’s lawyer Thea Daep, said he is referring to all DPWH projects nationwide, including flood control projects.

In his written testimony cited by Daep, Bernardo said the alleged ‘commitments’ or kickbacks ranged from 10 to 25 percent of the project cost ‘and in some cases higher, depending on the arrangement of the parties involved.’

Miranda asked Bernardo what the percentage he is referring to when he said that ‘commitments’ could be higher than 25 percent.

‘I am not actually privy there but there are those who said 30 percent is the highest,’ Bernardo said.

‘I’ve just heard that,’ the witness also said, adding that he heard it from other DPWH district engineers.

Daep also asked Bernardo as to how the earliest time he could recall there was an ‘SOP’ or kickback scheme on projects.

‘It was during the time when I was district engineer,’ Bernardo said in response to Daep, saying this was around 2002.

Associate Justice Ronald Moreno asked Bernardo if he knows of any project proponent who did not get a ‘commitment’ or kickbacks.

‘Meron pa bang bayani sa Pilipinas na legislator? (Are there still any heroic legislators in the Philippines?),’ Moreno asked.

Bernardo said he has not heard of any proponent who refused to accept ‘commitment’ when offered.

Asked if he knew of any lawmakers who had never been a proponent, Bernardo said: ‘Only Senator [Panfilo] Lacson.

Vice President Sara Duterte’s camp on Thursday dismissed discussions about her possible replacement as ‘premature’ and called them a ‘distraction’ from the ‘serious issues’ surrounding her impeachment.

Duterte’s camp made the statement after several senators raised the issue, including Minority Leader Alan Peter Cayetano, who recently urged his colleagues to reject any offer from Malacañang to take over the country’s second-highest post should the vice president be convicted.

‘Discussions on possible replacements for the Vice President are not only premature, they are a distraction from the serious issues hounding the impeachment,’ Duterte’s spokesperson Atty. Paolo Panelo Jr. said in a statement.

Panelo said these issues include the Senate Impeachment Court’s alleged lack of fairness and impartiality, the supposed unconstitutionality of lowering the threshold for conviction, and other due process violations such as the alleged denial of Duterte’s fair opportunity to refute Articles I and IV, as well as what he described as the Senate majority’s lack of outrage over the time and public funds purportedly wasted when the prosecution withdrew the two articles.

‘These issues raise grave doubts as to whether a conviction by the Senate Impeachment Court, and any consequent attempt to install a replacement, would rest on any solid legal and moral foundation,’ the lawyer claimed.

Panelo, in the same statement, also reiterated that replacing the vice president would not solve the country’s most urgent crises such as the soaring inflation, the worsening effects of the Super El Niño and the sharp slowdown in economic growth.

According to Panelo, the impeachment proceedings have only made it clear how the current administration prioritizes political maneuvering over issues ‘that matter most to ordinary Filipinos: putting food on the table, keeping the economy afloat, and securing the nation’s future.’

Meanwhile, the Palace also earlier tagged discussions on who should replace Duterte ‘too premature.’