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The Bangko Sentral ng Pilipinas (BSP) has reported a lower net income from January to July, as revenues continued to decline despite reduced expenses during the review period.

Preliminary data from the central bank showed that net income after tax and capital reserves declined by nearly 17 percent to P79.2 billion during the seven-month period from P95.2 billion a year ago.

Revenue of the BSP for the seven-month period dropped by more than 14 percent, or P26.8 billion, to P163.8 billion from last year’s P190.6 billion.

Interest income edged up by 1.14 percent to P142 billion during the seven months from P140.4 billion a year ago.

However, the subtle increase was counterbalanced by a steep 57 percent decline in earnings from miscellaneous activities to P21.7 billion from P50.2 billion.

Miscellaneous income includes trading gains or losses, fees, penalties and other operating income, among others.

On the expense side, the central bank was able to reduce costs by 3.3 percent to P121.5 billion from last year’s P125.7 billion. This can be attributed to lower interest expenses that dropped by 17 percent to P81.6 billion from P98.4 billion.

Meanwhile, other expenses increased to P39.9 billion from January to July compared to last year’s P27.4 billion.

The BSP also posted a net gain of P37 billion from foreign exchange fluctuations from January to July, which is 21.7 percent higher than the P30.4 billion recorded last year.

The central bank records gains or losses once foreign exchange assets and liabilities are matured, sold, or settled. It also intervenes in the foreign exchange market to curb sudden fluctuations in the peso-dollar rate.

The Bangko Sentral ng Pilipinas (BSP) is likely to continue its monetary policy easing until next year on expectations of low inflation and slower economic growth amid concerns about corruption issues and uncertainties related to the United States’ trade policies, according to research and analysis firm BMI.

In a report, the Fitch Solutions unit said the BSP’s move to cut its policy rate by 25 basis points to 4.75 percent was unexpected.

The BSP decided to trim the policy rate further as it sees scope for a more accommodative monetary policy stance, citing a favorable inflation outlook and moderating domestic demand.

‘Our takeaway is that the BSP is poised to frontload easing to support the economy. As such, we now expect the BSP to cut by 25 basis points at its final meeting for this year in December to 4.50 percent and by another 50 bps in 2026,’ BMI said.

BMI expects inflation to average 1.6 percent this year, slightly lower than the BSP’s 1.7 percent forecast for the year.

For next year, BMI expects inflation to average 3.5 percent, higher than the BSP’s projection of 3.1 percent for 2026.

As of end-September, average inflation stood at 1.7 percent, below the government’s two to four percent target for the year.

BMI also expects Philippine economic growth to average 5.4 percent this year, lower than the government’s 5.5 to 6.5 percent growth target for the year.

The Philippine economy posted average growth of 5.4 percent in the first semester.

For next year, BMI expects the Philippine economy to expand by 5.2 percent, which is below the government’s target of six to seven percent.

BMI expects slower economic growth for next year as the 19 percent tariff imposed by the US on Philippine goods is likely to weigh on the trade balance.

It also expects business confidence to remain weak amid concerns about corruption and the unpredictable US trade policy.

‘Risks to our forecast are skewed towards further rate cuts in 2026,’ BMI said, noting that the spillover of flood control corruption issues to other infrastructure projects could dampen business sentiment and widen the output gap.

‘With inflation expectations remaining well-anchored, the BSP could prioritize the economy and implement more policy rate cuts in 2026,’ BMI said.

The benchmark Philippine Stock Exchange index (PSEi) posted slight gains to start the week, as investors bought stocks at cheaper prices after a period of decline.

AP Securities said local equities cautiously edged higher after marking an intraday low near the psychological support at 6,000, with bargain hunters stepping in to pick up battered blue chips.

The PSEi inched up by 0.24 percent or 14.54 points to cap off yesterday’s session at 6,052.33 points.

The broader All Shares index, however, slipped by 0.08 percent or 2.85 points to end at 3,655.59.

‘The PSEi opened the week in positive territory despite persistent trade uncertainties between the United States and China that weighed on global markets,’ Luis Limlingan of Regina Capital said.

‘The index’s resilience was likely driven by bargain hunting, while investor sentiment was further lifted by the appreciation of the peso against the dollar,’ Limlingan said.

Most sectors were in the red, with industrial recording the largest drop at 1.22 percent.

The mining and oil index as well as services index, meanwhile, surged by 2.29 percent and 2.01 percent, respectively.

Total value turnover stooda at P4.92 billion.

Decliners crushed advancers, 121 to 76, while 52 issues were unchanged.

ICTSI was the session’s most active stock, climbing by 3.61 percent to P545 per share, followed by DigiPlus with a 2.88- percent plunge to P23.60 and AREIT with a 1.75-percent gain to P43.50.

Several institutions have announced a suspension of face-to-face classes for this week. Many students have expressed their worry and anxiety as the tremors continue as aftershocks to major earthquakes that recently hit the country these past two weeks. I must have detached myself too much from the real scenario, as every little movement comes off as normal. Perhaps because I’ve grown used to them, or because it’s easier to believe everything is fine. Officials from the Philippine Institute of Volcanology and Seismology (PHIVOLCS) have confirmed that these tremors are indeed aftershocks. It’s my way of coping, to ward off negative thoughts and to block my imagination from wandering off to worst-case scenarios.

The feelings of the students are valid. I understand how some of them, especially those who aren’t from Cebu, may feel the need to be nearer to their families as the ground continues to tremble. Others may still carry trauma from the 7.2-magnitude earthquake that devastated Bohol and parts of Cebu in 2013. This remains vivid in the memories of those who witnessed collapsed churches, cracked roads, and homes turned into rubble. There are many reasons why physically going to school now can feel draining, especially when these old yet sturdy buildings suddenly feel fragile. The horrific images we see on social media like toppled houses, frightened children, and rescue operations only magnify fear, regardless of how much science tries to explain it away.

However, few have ever asked about the welfare of the adults who are also enduring the same fear while being expected to remain calm. The narrative always centers on the students or the public. The teachers who are looked upon for reassurance continue to grapple with their own unease. In the morning, they put on a brave face, steady their voice, and pretend things are normal. They hold the space for anxious students. But when the last one leaves the room and the echoes of conversation fade, the teacher becomes human again. The teacher sits in silence, letting emotions sink in, sometimes shaking not from the aftershock but exhaustion.

As for me, every tremor reminds me of the traumatic images up north, of cracked walls and frightened faces. It makes me pause and reflect on how fragile everything is. Life, after all, can change in seconds. No matter how many ‘go bags’ the local government units prepare, or how many drills we conduct, nobody is ever truly ready for an earthquake. Preparedness goes beyond supplies as it’s a mindset, a calmness that comes from knowing how to respond, and an empathy that binds communities together.

The earth may move beneath us and in many ways. It could be a quake or a volcano steam emission or anything else. However, I hope our compassion doesn’t. Our mind is the most powerful tool that we have, let’s use it wisely for the benefit of those who need it the most.

The Department of Education (DepEd) denounced yesterday misinformation spreading on social media that face-to-face classes are canceled until December.

In its official Facebook page, the DepEd alerted the public on a number of misleading posts being spread via social media, and showed two examples of false information stating that there would be no face-to-face classes until December.

In one of the fake posts, at the bottom of the image were the words ‘DepEd Advisisore (sic).’

Alleged logos of government agencies and news outlets were also seen on these bogus posts.

A third news post falsely reported online and modular classes will run from Oct. 13 to 17, due to an alleged threat of a magnitude 7.6 earthquake.

‘The DepEd is reminding the public to be careful and discern the information posted online,’ it said.

‘Let us fight fake news, do not follow the pages of those that are spreading false news. immediately report them,’ DepEd added.

Regarding the suspension of face-to-face classes in Metro Manila on Oct. 13 and 14, DepEd yesterday said it was to give way to structural inspections and to ensure the safety and health of students and teachers.

In a statement, DepEd said during the two-day preventive class suspensions, they would be conducting structural inspection of school buildings and assess if they would be able to withstand strong earthquakes.

The two-day break would also be a time to protect students and teachers against sickness.

DepEd advised the public to visit their official social media accounts for official announcements and information.

Laguna classes

In Laguna, face-to-face classes in all levels – both public and private – are suspended starting today up to Oct. 31.

The announcement suspending classes came following an emergency meeting between Laguna Gov. Sol Aragones, DepEd, the Laguna University Board, Task Force Lindol, Philippine National Police and other concerned agencies, over fears that an earthquake may occur in the province.

Although there is no clear way to predict when or where an earthquake will strike, Aragones said her aim is to ensure the safety of not only students, but also her constituents.

‘You can prepare for the typhoon, but the earthquake, we don’t know when it will strike and hit. That’s why I stayed up a little late last night because I was also reading the comments of parents who are worried that their children are in school,’ the governor said.

She said they would use the time to prepare comprehensive contingency plans.

‘Instead of face-to-face classes, we will have alternative delivery mode, including online classes and modular,’ Aragones said.

Based on data, the West Valley Fault line runs across Laguna, particularly in San Pedro, Santa Rosa, Canlubang, Calamba and Biñan City.

Flu-like illness

The Department of Health (DOH) yesterday said it expects cases of influenza-like illness (ILI) to further increase in the coming months.

The DOH said since the country is still in the flu season, the numbers will still go up following the reported rise in ILI cases.

‘We must keep in mind that the period from June to November is when cases of our flu-like illnesses increase,’ DOH Assistant Secretary Albert Domingo said in a radio interview.

‘It is during this time that ILI cases start to increase. We have not even peaked yet because it is still raining,’ Domingo added.

Latest DOH data showed there were 121,716 ILI cases recorded during the period of Jan. 1 to Sept. 27.

‘Based on our ILI count, nationwide, the numbers are eight percent lower than the number in 2024 as of Sept. 27, which was 132,538 cases,’ Domingo said.

He reminded the public to wear face masks whenever possible, and to have their flu vaccine shots whenever it is made available in their areas.

Flu vaccination urged

Amid reports of increasing cases of ILI, vaccine experts urged the DOH to conduct immediate flu vaccination of senior citizens.

‘The Philippine Foundation for Vaccination (PFV) and the Raising Awareness on Influenza to Support Everyone (RAISE) Coalition is respectfully urging the Department of Health to expedite rollout of this year’s influenza vaccination program, with a particular focus on protecting our vulnerable senior citizens,’ the groups said in a letter addressed to Health Secretary Ted Herbosa.

The groups noted, ‘With the anticipated surge in influenza cases toward the end of this year and into the early months of 2026, timely vaccination is not only a preventive measure but also a critical public health intervention.’

According to the PFV, they have already made significant strides in building vaccine confidence among older adults and these communities are now eagerly awaiting the arrival of flu vaccines.

‘Any delay in implementation risks eroding the trust we have collectively worked so hard to establish,’ the group, led by Dr. Maria Rosario Capeding, said.

As part of disaster preparedness, the Pasig City government has procured go bags for less than P1,000 each, cheaper than the online estimates of P1,200 to P2,000 per bag, Mayor Vico Sotto said yesterday.

Sotto said the city government acquired the emergency kits at P992 each through a competitive bidding.

‘If we bought these outside, it would probably cost more than P2,000 to replicate the contents. Some estimates online say around P1,200 to P1,800 per bag because of bulk orders,’ Sotto said in a social media post.

The local government distributed one go bag per household, with additional bags allocated for schools, public utility vehicles and transport groups.

In Manila, students, city hall employees, barangay officials and health center workers will also receive emergency go bags.

Mayor Isko Moreno said 101,214 go bags would be distributed to benecifiaries.

The controversy that arose from the Technical Committee’s decision to reverse a basket with 6.2 seconds left in Game 1 of the PBA Philippine Cup Finals last season won’t happen again. It will be recalled that San Miguel Beer’s Mo Tautuaa scored a basket with 56.1 seconds to go and the three referees disregarded goal interference to count it. That gave San Miguel a 98-97 lead. The ensuing inbound allowed TNT to regain possession without a deadball. Then, with 6.2 ticks to go, Chris Ross tied up Jordan Heading for a jumpball, leading to a deadball and a review by the Technical Committee of the Tautuaa basket. The verdict nullified Tautuaa’s shot, bringing back the lead to TNT, 97-96. As a result, San Miguel was forced to give up the foul and Calvin Oftana hit two free throws to extend the lead, 99-96. San Miguel missed a triple that would’ve knotted the count and TNT held on for the win.

The Technical Committee came under fire from certain quarters for making the late judgment. A retired FIBA and PBA referee said the decision was technically correct because there was contact with the rim but in the spirit of the law, the shot should’ve been upheld as the ball’s entry into the hoop wasn’t compromised and it went in cleanly. What made the situation murkier was the Technical Committee called for a presscon immediately after the game to explain the late call without PBA commissioner Willie Marcial’s go-signal. The Committee noted that it could’ve reviewed the shot even after the game but this was later admitted to be a mistake.

The brouhaha prompted Marcial to reexamine the situation and come up with rule changes to assure the incident wouldn’t be repeated. Starting Game 3 of the Finals, Marcial removed the Technical Committee’s authority to check on calls and left it up to the three referees plus the substitute to rule on challenges or other reviews.

In the offseason, PBA consulted coaches twice before ratifying nine rule changes. Marcial retained the referees’ authority to rule on challenges or other reviews, assigned Nol Quilinguen as supervisor of officials and designated the reconstituted Technical Committee to simply handle the video review mechanics.

The pertinent rule change is that in the last two minutes of the fourth quarter or OT, there will be a deadball after every made basket whether two or three or four or a foul shot. There will also be an automatic review by the referees of a goal tending or basketball interference called. However, if it isn’t called, there will be no review. If there is a possible goal tending or basket interference at the end of a game, referees will review and determine a violation or none and time remaining. The automatic review will be made only if it affects the outcome.

This rule, if applied on Tautuaa’s shot, would’ve counted the basket and no review could’ve been made because there was no call. The new rule allays fears that a repeat of the Tautuaa mishap could happen again.

Rico Hoey posted his season’s best performance in the PGA Tour so far, placing fourth in the Baycurrent Classic won by American Xander Schauffele Sunday at the Yokohama Country Club in Japan.

Hoey, the lone Filipino bet in the circuit, assembled a 14-under 270 over four days, capping his strong outing with an bogey-free eight-under 63 that lifted him 10 spots up in the final leaderboard. The tie at No. 4 was worth $301,600 (around P17.5 million).

Property giant Megaworld Corp. is using the P3.4 billion proceeds from its block sale of MREIT shares in July and September to expand its three township developments.

Megaworld said it intends to reinvest the MREIT share sale proceeds to add new income-generating assets, office towers, lifestyle malls, and hotels on its three township developments, namely The Upper East in Bacolod, The Mactan Newtown in Cebu and Paragua Coastown in Palawan.

‘These three provincial townships, while different in scale and themes, have huge potential for tourism, which will drive business into these localities. We hope to be able to expand our offerings that can generate more jobs and help boost tourism in these exciting destinations,’ Megaworld president and CEO Lourdes Gutierrez-Alfonso said.

Megaworld is developing a 34-hectare business and lifestyle district in the eastern part of Bacolod City, situated on a property that was once the Bacolod-Murcia Milling Co. sugar mill complex.

Construction of three residential condominium towers and one office building has been completed in the township, while two additional residential developments, an office tower, and a hotel are currently under construction.

Megaworld is set to start constructing its lifestyle mall within the township by next year.

In Lapu-Lapu City, Megaworld is developing a 30-hectare new business, lifestyle and tourism district.

Four residential developments have already been completed in the district, while three more are under construction. The township is also home to five office towers and two hotels.

Furthermore, two tourism-related facilities are being constructed: the Mactan Expo, a standalone convention center, and the Mactan World Museum, a multi-level historical and cultural museum.

Megaworld is also developing a 462-hectare eco-tourism community in San Vicente, Palawan.

The company is building two hotels, two residential condominiums, a residential village, commercial districts, and nature parks within the estate.

‘As we move closer to our one-million square meters of gross leasable area target, we are already laying the groundwork for growth beyond that milestone. These projects will not only sustain MREIT’s expansion pipeline but also enhance its long-term earnings visibility and shareholder value,’ MREIT chairman Kevin Tan said.

‘We look forward to the new income-generating assets that will be part of the potential future assets of MREIT, particularly the new malls and offices that will be built,’ he said.

MREIT’s portfolio is currently composed of 24 prime office properties located in five Megaworld townships: Eastwood City in Quezon City, McKinley Hill and McKinley West in Taguig, Iloilo Business Park in Iloilo City and Davao Park District in Davao City.

Philippine companies are entering 2026 amid what experts call a growing ‘retention crisis,’ as the country faces one of the highest employee turnover rates in Southeast Asia.

British-American consulting firm Aon’s 2025 Salary Increase and Turnover Study projects a 20% attrition rate in the Philippines next year-meaning one in five skilled Filipino workers will likely leave their current jobs.

The attrition rate measures how many employees exit a company without being replaced over a given period. The figure surpasses Singapore’s projected 19.3% and Malaysia’s 18.2%, suggesting that many Filipino professionals are actively pursuing higher pay and faster career growth in a competitive market.

The mass movement of workers is prompting employers to treat competitive pay not merely as an expense but as a strategic investment to keep top talent, Aon said.

“As capital deployment in technology and strategic investments accelerate across Southeast Asia, organizations are increasingly focused on retaining top talent and highly skilled employees,” said Rahul Chawla, Aon’s partner and head of Talent Solutions for Southeast Asia.

Despite the high turnover, government data show continued improvement in employment.

The Philippine Statistics Authority (PSA) reported in August that 2.03 million Filipinos were unemployed, down from 2.59 million in July.

Meanwhile, 5.38 million workers said they wanted more hours or better jobs-a sign of underemployment that continues to affect large segments of the labor force.

Aon’s regional study, which surveyed more than 700 businesses across six Southeast Asian countries from July to September 2025, found that average budgeted salary increases across the region are expected to reach 5.3% in 2026.

Where turnover hits hardest

Attrition remains highest in sectors that rely on specialized skills. The consulting, business and community services industries posted a 22.6% turnover rate, followed by retail at 21.6%.

Among specific job functions, employees most likely to switch employers work in:

Despite the retention pressures, Aon said most businesses remain ‘cautiously optimistic.’

“To navigate an uncertain business landscape, firms are prioritizing productivity gains, streamlining management layers and adopting targeted hiring strategies and salary increases to engage top performers and build resilient, future-ready teams,” said Evon Lock, Aon’s head of data solutions for Southeast Asia.