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October inflation could hit 3-year high of 7.1-8.1%

HIGHER prices of domestic fuel, electricity and transport fares could drive inflation in October to the fastest pace in three years and eight months, latest inflation forecast of the Bangko Sentral ng Pilipinas (BSP) showed.

In a statement on Friday, the central bank said it projects October 2026 inflation to settle within the 7.1 to 8.1 percent range.

‘Upward price pressures are likely to come from higher prices of domestic fuel, electricity, and transport fares,’ the BSP said.

These pressures, however, could be ‘partially offset’ by lower prices of key agricultural commodities, such as rice, vegetables, meat, and fish, owing to favorable supply conditions.

Should inflation in October hit the upper end of the central bank’s forecast range at 8.1 percent, this would be the fastest pace in the increase in the prices of goods and services since February 2023, when it reached 8.6 percent.

However, if inflation settles at the lower end of the range or at 7.1 percent, it would mean that inflation eased from the 7.2 percent in September.

In 2026, inflation peaked at 7.2 percent in April before easing to 6.8 percent in May, 6.4 percent in June, 6.2 percent in July and 6.1 percent in August. However, it peaked again in September-matching the 7.2 percent rate in April.

When the September inflation data came out, economists warned that the latest acceleration is becoming harder to pin solely on a few volatile items.

Ateneo De Manila University (ADMU) economist Leonardo Lanzona earlier explained to this newspaper that inflation has become more ‘domestic-driven.’

University of Asia and the Pacific economist Marco C. Agonia agreed, noting that second-round effects are now emerging as inflation rises even in commodity groups without direct exposure to oil prices.

The sentiments of the two economists were echoed by Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera, who emphasized that inflation will be ‘harder to bring down quickly because the pressure is no longer confined to volatile food and energy prices.’

In earlier commentaries, bank economists warned that inflation is likely to accelerate further in the fourth quarter of 2026 and could peak in November.

No less than the Bangko Sentral ng Pilipinas (BSP) said at its latest monetary policy stance briefing that the inflation rate could continue to increase in the last quarter of 2026.

‘Maybe just to describe it a little bit, if our average inflation forecast for 2026 is 6.1 percent, and then the actual numbers so far for the first nine months of the year is about 5.4 percent. So that means that the inflation rate could continue to increase in the last quarter of 2026. The last print is 7.2 percent. So there could still be some increase in inflation numbers for the coming months, as well as going into the early months of 2027,’ BSP Deputy Governor Zeno Ronald R. Abenoja said on October 22.

In its statement, the central bank vowed to remain vigilant and guided by incoming data, particularly on inflation and growth prospects.

‘It will continue to assess the impact of the latest developments in the Middle East on the country’s inflation and economic outlook,’ the BSP also noted.

The actual headline inflation rates for this year were the following: January, 2 percent ; February, 2.4 percent; March, 4.1 percent; April, 7.2 percent; May, 6.8 percent; June, 6.4 percent; 6.2 percent in July, 6.1 percent in August, and 7.2 percent in September, data from the Philippine Statistics Authority (PSA) showed.

DoubleDragon profit soars to P3.91 billion from January to September

DoubleDragon Corp., the listed property business of Edgar ‘Injap’ Sia II and Tony Tan Caktiong, has nearly quadrupled its profit, fueled by strong overseas projects that generate dollar revenues.

In a disclosure to the Philippine Stock Exchange, DoubleDragon Corp. reported yesterday that its core net income surged to P3.91 billion from January to September compared with P1.1 billion in the same period last year.

Consolidated revenue doubled to P20.78 billion.

DoubleDragon said overseas operations generated the majority of revenue at 59 percent, driven by growing demand for global projects.

DoubleDragon subsidiary Hotel101 Global Holdings Corp. demonstrated its value proposition when its 680-room Madrid hotel sold out on opening day. The company earns twice from its projects: first, from unit sales and second, from hotel operations.

Given this, DoubleDragon expects to sustain its growth story. The company aims to become a major dollar earner for the Philippine economy.

DoubleDragon said it has no ongoing condominium projects, making it least exposed to the glut of unsold units, particularly in Metro Manila.

Colliers Philippines said unsold condo units in Metro Manila hit 80,000 as of September, 44 percent of which are priced for lower-middle-income buyers at P3.6 million to P6.99 million.

DoubleDragon also said it has no exposure to large business process outsourcing locators, some of which are expected to reduce office space as they automate voice transactions.

DoubleDragon booked P1.13 billion in profit in the third quarter, which is six times larger than a year ago’s P183.67 million. This aligns with DoubleDragon’s expectations of faster growth in the second half.

DoubleDragon is opening new malls and warehouses nationwide. It also expects new sales from Hotel101 projects here and abroad.

‘DoubleDragon has generated a significant increase in its core revenues and income, and it expects an even higher jump in core revenues by the second half of this year,’ the developer said.

Why Power ?sector privatisation failed – Nnaji

A former Minister of Power, Prof. Barth Nnaji, has said one of the major challenges facing Distribution Companies (DisCos) was the failure of government to allow them to operate on cost-reflective tariffs as promised during the 2012/2013 privatisation exercise.

Nnaji, Chairman and Chief Executive Officer of Geometric Power, said this while speaking at the third edition of the Lagos Country Club Business Forum on Friday evening in Lagos.

The was held under the theme, ‘Energy Costs and Business Survival’.

He identified tariff challenges, irregularities in the privatisation process and investors’ quest for quick returns as major factors responsible for the failure of Nigeria’s power sector privatisation.

Nnaji said that investors had committed funds to the DisCos based on the understanding that tariffs would reflect the actual cost of electricity supply.

‘In preparation for privatisation, I had gone to former President Goodluck Jonathan to tell him that no investor would come to Nigeria unless we had cost-reflective tariffs.

‘People may not remember that the tariff before June 2012 was N6 per kilowatt-hour.

‘ My team and I raised it in one go to N22 per kilowatt-hour,’ he said.

He explained that his team engaged traditional rulers, government officials and other stakeholders to prepare the public for the tariff adjustment.

According to him, the government also adopted a strategy to protect low-income earners and rural dwellers, who consumed a relatively small proportion of electricity.

He said that a strong desire for immediate and huge profits contributed to the abuses recorded during the privatisation of the Power Holding Company of Nigeria (PHCN) assets in 2013.

Nnaji described the abuse of the process as a major reason for the poor state of the electricity sector 13 years after privatisation.

He added that the manner in which the exercise was conducted also posed risks to the Nigerian banking system.

‘If not for the Federal Government’s intervention through subsidies, the power sector loans, which now amount to more than N7 trillion, according to the Association of Power Generation Companies of

Nigeria, the major banks that participated in the privatisation might have gone under,’ he said.

Nnaji noted that electricity business required huge capital investment, patience and a long gestation period.

He said that some investments in the sector could take between seven and 10 years to break even and become profitable.

He added that commitment to addressing the country’s electricity deficit should be as important as the profit motive.

At Geometric Power, he said, the priority was to provide reliable electricity to support manufacturing firms, hospitals, laboratories, schools, markets and other businesses.

He said that the company’s investment philosophy aligned with the World Economic Forum’s advocacy for businesses to embrace a stakeholder-oriented approach that considered the interests of society beyond shareholders.

Earlier, Mrs Ifeoma Ukabiala, Senior Energy Executive and Managing Partner of JDR Energy Ltd., said that manufacturers spent about N1.35 trillion on alternative power sources in 2025.

She said that businesses were forced to switch to diesel whenever the national grid failed.

Ukabiala expressed concern that despite Nigeria’s proven gas reserves of about 215 trillion cubic feet as of January 2026, many Nigerians still depended on firewood for cooking.

Also speaking, the immediate past President of the Manufacturers Association of Nigeria, Mr Seyi Adewunmi, described the forum’s theme as timely, saying it addressed a major challenge confronting businesses across the country.

In his welcome address, the President of Lagos Country Club, Adewunmi, said the club, established in 1949, had remained committed to providing a platform for discussions on issues affecting businesses, communities and national development.

He said that the Business Forum was part of the club’s commitment to promoting meaningful conversations beyond recreation and social interaction.

Adewunmi noted that grid failures, rising fuel prices and increasing operational costs had brought the Nigerian economy to a critical crossroads.

Karnati Foundation plans free medical outreach across Niger

The Karnati with a Big Heart Foundation has announced plans to extend its free medical outreach to other senatorial districts in Niger State after providing medical services to 2 2000 residents in Minna.

The foundation’s President and Founder Comrade Musa Abubakar said this during its seventh medical outreach and palliative programme in Minna adding that the intervention in the state capital was a pilot ahead of plans to reach underserved communities across the state.

Abubakar said the foundation is committed to complementing government efforts in healthcare delivery particularly for residents who cannot afford medical services.

The outreach provided medical screening consultations and medication for various health conditions including eye problems cataracts diabetes and high blood pressure. Patients needing specialised treatment were also referred for further medical attention.

He said the intervention which included food distribution to vulnerable residents was part of the foundation’s broader humanitarian activities covering healthcare education agriculture and support for the less privileged.

According to the Founder the foundation was established in 2019 following the humanitarian challenges communities faced during the COVID-19 pandemic when it began distributing relief materials and providing medical assistance. He added that the decision to begin the intervention in Minna was informed by the need to give back to the community where the foundation had its roots and that the organisation intends to extend its activities to other parts of the state.

‘We intend to reach out to other senatorial districts to see how we can touch their lives and communities’ he said.

Abubakar added that the foundation’s humanitarian interventions were driven not by the availability of surplus resources but by the conviction that individuals and organisations could make meaningful contributions to society regardless of their financial capacity.

A sponsor of the programme Bala Muhammad Suleiman said the intervention was necessary because many residents lacked access to primary healthcare services while financial constraints prevented some from seeking medical attention.

Suleiman said partnerships between non-governmental organisations and private foundations were needed to address healthcare challenges and stressed that good health was essential to community development.

He also urged residents to seek medical attention at health facilities whenever they experienced health problems.

One beneficiary Rabbi Doko said she attended the outreach for an eye problem and received medical attention without paying adding that she also had her blood pressure checked during the exercise.

Another beneficiary Ibrahim Hassan Abdul commended the organisers for the arrangements describing the screening medical consultations and the distribution of prescribed drugs as well organised.

The Founder then thanked the Niger State Government the Emir of Minna donors sponsors and volunteers for supporting the foundation’s humanitarian activities.

Tinubu has fortified Kano with new battalion, artillery regiment – Kwankwaso

A member of the APC Presidential Campaign Council, Dr Musa Kwankwaso, on Saturday commended President Bola Tinubu for strengthening Kano State’s security architecture with the establishment of a new Army battalion and an artillery regiment.

Kwankwaso, in a statement made available on Saturday in Abuja, also commended some stalwarts of Tinubu’s administration.

He praised the National Security Adviser, Nuhu Ribadu; Gov. Abba Yusuf of Kano State, the Defence Minister, Christopher Musa, and the Minister of State for Defence, Bello Matawalle, for their roles in making Kano safe for Nigerians.

The frontline APC official described the deployment of the 24 Battalion in Tudun Wada and the 311 Artillery Regiment in Dambatta as a decisive and proactive response to emerging security threats.

Kwankwaso explained that the move had renewed confidence among Kano residents in Tinubu’s commitment to protecting lives and property.

The party stalwart stated that the strategic positioning of the formations would significantly enhance the military’s capacity to respond to banditry, terrorism and other forms of violent criminality.

He said the Tinubu administration had demonstrated an uncommon sense of urgency in addressing the security needs of Kano.

He also stressed that the deployment would provide an additional layer of protection for residents and strengthen ongoing efforts by security agencies to contain criminal activities.

‘President Tinubu has demonstrated that he cares deeply about the security of Kano and its people.

‘The establishment of these new military formations is a clear demonstration that the Federal Government is prepared to take decisive action to protect lives and property,’ Kwankwaso said.

He noted that Kano, as one of Nigeria’s most populous and economically important states, required a robust security architecture capable of responding swiftly to emerging threats.

He added that the new formations would complement existing military structures across the state.

Kwankwaso said the intervention had further strengthened public confidence in the president’s leadership.

He said effective governance is measured by concrete actions capable of producing tangible improvements in the lives and security of citizens.

He added that Kano residents would not take the president’s interventions for granted, expressing appreciation for what he described as a significant investment in the security and stability of the state.

‘For all that President Tinubu is doing for Kano, the people of the state will continue to appreciate him.

‘We will reciprocate these gestures through our continued support for his administration and its programmes,’ he said.

The APC chieftain urged residents of Tudun Wada, Dambatta and other communities to cooperate with the military and provide useful intelligence to security agencies.

He stressed that the success of the new formations would depend not only on military capacity but also on strong collaboration between troops and host communities.

CSE up 2.32% during week, ends in red

The Colombo stock market yesterday reversed a three-session rally to end the week in the red. Despite the Friday blip, during the week the ASPI had gained 2.32% and the S and P SL20 was up 2.36%.

Yesterday, the ASPI ended 0.62% or 124.82 points at 20,142.33 and the S and P SL20 fell 0.48% or 27.52 points to 5,746.40. Turnover was over Rs. 958.5 million on over 48.6 million shares traded and foreign investors were net sellers on a net outflow of Rs. 72.3 million.

With losers outnumbering winners 149 to 54, the biggest contributors to the ASPI decline were HNB, LOLC, GREG, DIAL and LAMB.

First Capital Research said the bourse came under selling pressure on Friday driven by profit-taking following the previous sessions’ gains and selling in index-heavy counters such as LOLC and HNB. The market was predominantly retail-driven, although overall investor activity remained subdued. The banking sector led the daily turnover with a share of 19%, followed by the diversified financials, and capital goods sectors collectively contributing 29%.

Afreximbank, APPO formally establish $5bn Africa Energy Bank

The African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organisation (APPO) have formally established the Africa Energy Bank (AEB), a pan-African financial institution designed to bridge the continent’s energy financing gap and support investments across the oil and gas value chain.

The announcement was made on Saturday at the inaugural general meeting of the Africa Energy Bank held in Abuja, following resolutions that set the institution’s governance structure in motion.

With an authorised capital of $5 billion, the bank is expected to mobilise funding for energy projects across Africa at a time when the continent’s energy investment requirements are estimated at $200 billion.

The establishment of the institution comes amid growing concerns over the withdrawal of traditional international lenders from financing fossil fuel projects, despite the continued importance of oil and gas to Africa’s energy security and industrial development.

Afreximbank and APPO said the new institution would help address the financing shortfall while supporting a just energy transition that reflects the development priorities of African countries.

The bank’s mandate covers the entire energy value chain, including exploration and production, transportation, processing, refining and distribution.

Its investments are expected to strengthen Africa’s productive capacity, reduce dependence on imported petroleum products and promote intra-African trade in energy commodities.

The institution will also seek to increase African ownership and participation in the continent’s energy industry, ensuring that the development of its energy resources is increasingly driven by African capital and expertise.

Speaking on the significance of the initiative, the promoters said substantial investments in energy generation and transmission were critical to accelerating industrialisation and positioning African economies to benefit from emerging technologies, particularly artificial intelligence.

The Africa Energy Bank will operate as an independent, supranational pan-African financial institution, with plans to attract investments from governments, national oil companies, financial institutions and private investors.

At the inaugural general meeting, members approved the appointment of Mr Helmy Ghazi as the bank’s first president and constituted its inaugural Board of Directors.

The board comprises representatives from the public and private sectors, as well as leading policy institutions across the continent.

The meeting was attended by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; President and Chairman of the Board of Directors of Afreximbank, Dr George Elombi; and Côte d’Ivoire’s Minister of Mines, Petroleum and Energy, Mamadou Sangafowa-Coulibaly.

The establishment of the bank represents a major effort by African governments and institutions to develop indigenous financing capacity for the continent’s energy sector, particularly as access to international capital for oil and gas projects becomes increasingly constrained.

Afreximbank, headquartered in Cairo, Egypt, is a pan-African multilateral financial institution established to finance and promote intra-African and extra-African trade. Its total assets and contingencies stood at more than $54.1 billion at the end of September 2026, while shareholders’ funds amounted to $9 billion.

APPO, founded in Lagos on January 27, 1987, is an intergovernmental organisation established to promote cooperation among African oil-producing countries through policy coordination, knowledge sharing and collaboration in the petroleum industry.

Ate Gay’s family dismisses death hoax, appeals for respect

The family of Ate Gay called out false claims about the comedian’s supposed death, clarifying that he is alive and continues to fight for his life.

‘We have been receiving messages saying ‘Rest in Peace’ and ‘Condolences’ regarding our beloved Ate Gay, along with false and misleading information circulating on social media. PLEASE UNDERSTAND THAT HE IS STILL ALIVE AND CONTINUES TO FIGHT FOR HIS LIFE,’ they said through a statement released on Saturday, Oct. 31, on the comedian’s Facebook page under his real name Gil Aducal Morales.

‘We sincerely ask everyone to refrain from spreading fake news, unverified information, and premature announcements regarding his condition. Please do not speak on behalf of our family or make assumptions about a situation you do not fully understand,’ they added.

Morales’ family lamented the emotional distress caused by people spreading false claims, saying they would take appropriate action.

‘We ask everyone to be responsible and sensitive about what they share online. We know that God knows everything, and we continue to place our faith and trust in His plans. We hope everyone will show the same faith, compassion, and respect for our family,’ they continued.

‘Please do not take away someone’s hope while they are still fighting. Do not add to a family’s suffering by spreading information that is not true,’ they appealed. ‘LET THE FAMILY SPEAK FOR THEIR LOVED ONE. PLEASE RESPECT OUR FAMILY AND THE LIFE THAT IS STILL FIGHTING.’

Morales’ family previously said that the comedian – who has been battling cancer – remained in critical condition and continued to rely on life-support machine after suffering septic shock, acute respiratory failure secondary to pneumonia, and stroke.

UAAP: Tovera, La Salle escape Ateneo in OT for 3rd straight win

La Salle shook up the UAAP Season 89 men’s basketball standings even more on Saturday night after it slipped past rival Ateneo, 76-73, in overtime at Araneta Coliseum.

The Green Archers escaped with their sixth victory in 10 games to overtake Far Eastern University (5-4) at No. 3 despite missing five of their last free throws in the final 17 seconds.

‘Every time we face Ateneo, we know it will be a good game,’ said La Salle swingman JC Macalalag, who finished with 11 points, three rebounds and two steals to help the Archers notch their third consecutive win.

‘When we went to OT, during those moments all we thought about was the message before the game, which is to be the strongest team for the moment.’

La Salle rookie Joaquin Tovera shone with an all-around game of 21 points, seven rebounds and six assists, including a drive and dish to Henry Agunanne down low for the game-tying dunk, 66-66, with 12.1 seconds left in regulation.

Kieffer Alas had a chance to win it for the Eagles, but his contested short jumper hit the front rim as time ran out.

Ateneo trailed by six, 75-69, after Mason Amos buried a triple with 1:35 remaining, but the Blue Eagles rallied and were still in it up until the final buzzer when Ian Espinosa’s heave from past halfcourt hit all board following missed freebies from Vhoris Marasigan and Doy Dungo inside the last six seconds.

Jared Bahay had 18 points on 5-of-14 shooting, nine rebounds, four assists and three steals for Ateneo, while Alas also tallied 18 points on top of four rebounds, three assists and two steals. Alas, however, had a crucial turnover-a bad pass on the inbound to Bahay-with 4.4 ticks to go with Ateneo down by only three.

Agunanne, Dungo and Amos added eight points a piece for La Salle, which continued to miss the services of star guard Jacob Cortez due to a knee injury.

Ateneo, which was coming off a victory over National University on Wednesday, dropped to fifth at 5-5.

2027: APC youths reject Okorocha’s court victory, back Uzodinma

The Imo State Chapter of the All Progressives Congress (APC) Youth Wing has thrown its weight behind Governor Hope Uzodimma amid the lingering controversy over the party’s senatorial ticket for Imo West (Orlu Zone), insisting that the governor remains the rightful candidate.

Addressing journalists in Owerri on Friday, the State APC Youth Leader, Comrade Franklin Kennedy Chukwuemeka Ibeh, dismissed Thursday’s Federal High Court judgment recognising former Governor Rochas Okorocha as the party’s candidate for the Imo West senatorial district in the January 16, 2027 poll.

Ibeh maintained that the party’s youth and grassroots structures in Imo State do not recognise Okorocha as the authentic candidate.

He argued that Okorocha was absent from the senatorial primary election and did not participate in the mobilisation and electoral process across Imo West (Orlu Zone).

According to him, the senatorial ticket should be determined by the outcome of the party’s primary election rather than what he described as an attempt to secure political legitimacy through court proceedings.

The APC youth leader also faulted the judgment of the Federal High Court in Abuja, presided over by Justice Obiora Egwuatu, which declared Okorocha the party’s candidate for the senatorial election.

He expressed confidence that the decision would be overturned on appeal.

Ibeh said the state chapter of the party was already taking the necessary legal steps to challenge the ruling and ensure that Uzodimma’s name is restored as the party’s candidate before the Independent National Electoral Commission (INEC).

The youth leader further insisted that Uzodimma emerged victorious through a transparent primary election, which, according to him, witnessed substantial participation by party members across the local government areas in the Imo West Senatorial District.

He called on party faithful and supporters in the zone to remain calm, united and committed to the party while the legal process runs its course.

Ibeh also cautioned Okorocha against making statements or taking actions capable of threatening the prevailing peace and political stability in the state.

He stressed that the APC youth leadership remained committed to protecting what it described as the mandate freely given to Uzodimma by party members in Imo West Senatorial District, also known as Orlu Zone.

The dispute over the Imo West senatorial ticket has generated political tension within the Imo APC, with both camps maintaining different positions on the legitimacy of the party’s candidate.

While the Federal High Court ruling has strengthened Okorocha’s legal position, the Imo State APC leadership and its youth wing have indicated their determination to challenge the decision through the appellate process.

The final determination of the dispute is expected to rest on the outcome of the ongoing legal proceedings.