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DBP feted in AsPac tilt for key projects

State-owned Development Bank of the Philippines (DBP) bagged three awards from an international group of financial institutions for its projects that expand access to education, widen financial inclusion, and support local economic development, a top official said.

DBP President and Chief Executive Officer Michael O. de Jesus said the Bank was named winner at the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Development Awards 2026 in the Corporate Social Responsibility (CSR) category for its flagship CSR program for education and earned two merit awards for its financial inclusion and countryside development initiatives.

‘We are deeply honored for these recognitions which serve as an affirmation of DBP’s efforts to advance national development and inspire us to remain steadfast in our mandate of supporting initiatives that promote inclusive and sustainable growth in the country,’ de Jesus said.

DBP is the 10th largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small, and medium enterprises; environment; social services and community development.

ADFIAP is a regional body founded in Manila in 1976, consisting of development banks and financial institutions operating in Asia-Pacific. Its annual awards program held in Colombo, Sri Lanka recognized outstanding projects of members that advance sustainable economic, environmental, and social development.

De Jesus said the DBP Integrated Scholastic Program for Inclusive and Sustainable Education (DBP INSPIRE) was cited as top CSR program by the ADFIAP for pioneering a ladderized framework that integrates continuous education for students across primary, secondary, and tertiary levels.

He said DBP INSPIRE offers scholarship grants, covering endowment for tuition fees and other school-related expenses, to indigent high school graduates who wish to pursue higher education and extends support to primary and secondary public school students through outreach programs, such as the Brigada Eskwela and Adopt-a-School Program of the Department of Education.

‘With total allocation of P510-million for five years, DBP INSPIRE represents a significant investment of the Bank and more importantly, addresses the call of President Ferdinand R. Marcos, Jr. to ramp up government support to the education sector,’ he added.

DBP also earned a Merit Award in the Local Economic Development category for its credit assistance to the local government of Calumpit, Bulacan for the improvement of its public market, financed under the Bank’s Assistance for Economic and Social Development for Local Government Units (ASENSO) that benefitted more than 120,000 residents in the area and from neighboring municipalities.

De Jesus said ADFIAP cited DBP’s financial inclusion initiatives, particularly the opening of branch-lite units in Talakag, Bukidnon and Viga, Catanduanes, which helped bring essential financial services to far-flung areas and unbanked communities in Luzon and Mindanao.

He said these recognitions reflect DBP’s commitment to advancing initiatives that make financial services more accessible to our countrymen, especially in underserved areas.

‘Rest assured that DBP will continue to serve as a catalyst for growth and support initiatives that redound to the benefit of our ultimate stakeholder-the Filipino people,’ de Jesus said.

Baku hosts summer dreams art exhibition featuring 1,300 works by young artists [PHOTOS]

Baku has hosted another series of creative exhibitions under the title ‘Summer Dreams’ as part of the project ‘Be at One with Nature, Share Its Beauty!’, according to a statement by the Khatai Arts Centre.

The project aims to bring younger generations closer to nature, introduce them to its remarkable beauty throughout the seasons, and encourage an interest in environmental protection.

The exhibition featured artworks inspired by the atmosphere of summer, landscapes, the colours of nature, summer dreams and memorable moments from summer holidays. More than 1,300 works were submitted by over 900 Azerbaijani and international artists aged between 8 and 21.

The selection process took into account the subject matter and format of the submitted works. Although many participants had two or more pieces selected, the organisers applied the principle of ‘one work per artist’. As a result, more than 600 artists were given the opportunity to participate in the exhibition.

The exhibition was organised into age groups and held in two daily sessions, at noon and 4 p.m. Participants received certificates in recognition of their involvement.

The exhibition also attracted young artists from abroad. Under the same participation rules, 33 artists from Moldova, 25 from Trkiye, 14 from Serbia, 13 from Croatia, eight from Russia, three from Belarus, three from Taiwan, two from Iran and two from Bulgaria took part.

International participants whose works were included in the exhibition catalogue will receive electronic certificates.

The exhibition catalogue is available online.

The event was organised by the Azerbaijan Artists’ Union, the Azerbaijan State Art Gallery, the Khatai Children’s Art Gallery and the Khatai Arts Centre, with support from the Azerbaijan State Academy of Fine Arts, Azerbaijan Television and Radio Broadcasting CJSC, the Khatai District Executive Authority and the Artists’ Union of the Nakhchivan Autonomous Republic.

The organisers expressed confidence that the project would contribute to environmental protection and help younger generations develop a stronger connection with the natural world.

Trend.Az, Day.Az, Milli.Az and Azernews.Az provided media support for the project.

CardinalStone Leads Listing of ?728.98 Billion Power Sector Bonds on NGX and FMDQ

CardinalStone Partners Limited is pleased to announce the listing of NBET Finance Company Plc’s ?402 billion Tranche A and ?326.979 billion Tranche B Bonds (the ‘Series 2 Bonds’) on the Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange Limited (FMDQ Exchange).

The listing represents another milestone in the implementation of the Presidential Power Sector Debt Reduction Programme. It facilitates secondary market trading in the Series 2 Bonds, supports price discovery and broadens access to Federal Government-guaranteed securities within Nigeria’s domestic debt capital markets.

Commenting on the listing, Michael Nzewi, Group Managing Director, CardinalStone, said: ‘The listing of the Series 2 Bonds marks an important step in addressing legacy obligations in Nigeria’s power sector. It facilitates secondary market trading while supporting the broader effort to restore liquidity and enable sustained investment across the power value chain. We are pleased to have contributed our advisory and capital markets expertise to this landmark transaction.’

CardinalStone acted as Lead Financial Adviser and Lead Issuing House on the transaction, supporting the Programme’s objectives of restoring liquidity, strengthening investor confidence and enabling sustainable investment across Nigeria’s power value chain.

About CardinalStone

CardinalStone is Nigeria’s leading independent investment and multi-asset management firm, providing integrated solutions across advisory, capital markets, asset management, securities trading, trust services, financing, registrar services, and pensions.

With over ?7 trillion in capital markets and M and A transactions advised, CardinalStone has established itself as one of Africa’s premier financial institutions. The firm was the first securities house to surpass ?2 trillion in transaction value on the Nigerian Exchange and has ranked as the Exchange’s number-one securities firm by value for four consecutive years (2022-2025).

CardinalStone’s market leadership has been recognised through numerous industry awards, including Euromoney’s Awards for Excellence (2026), Euromoney’s Market Awards (2024 and 2025), and multiple DealMakers Africa Awards (2026) for excellence in equity advisory and capital markets execution.

Expect more epidemics, warns health ministry

Government health officials and scientists have warned that the country should prepare for increases in emerging epidemics driven by shifting environmental patterns, climate change, alongside a rising burden of non-communicable diseases (NCDs) as the population ages.

This warning was sounded in Kampala on Monday, during the first day of the ongoing 20th Joint Annual Scientific Health (JASH) Conference and the 2nd National Annual Conference on Non-Communicable Diseases (NACNCD).

Dr Diana Atwine, the Permanent Secretary at the Ministry of Health, in her remarks, highlighted that environmental shifts and natural survival instincts among disease-causing organisms are fueling the emergence of epidemics.

‘Because of climate change and because of survival for the fittest principle, the organisms and everything else will try to survive. And we are going to see more and more organisms emerging, and we are going to witness more epidemics and more infectious diseases. That is the reality,’ she said.

Dr Atwine emphasised that Uganda remains geographically situated in a zone highly favourable to infectious diseases and that climate change will worsen the trends. She also highlighted how they will protect the population from emerging epidemics, which she said may not be stopped.

‘So, our approach, may not be completely to stop these diseases from emerging, but to understand how best we can address, prevent, manage and control the diseases so that we don’t lose lives and we don’t have higher morbidity in our community,’ she said.

Furthermore, Dr Atwine pointed to a secondary demographic shift as a major risk factor.

‘The second reality is that in Uganda, we are moving towards having a more aged population, and the aged population is associated with more non-communicable diseases,’ she added.

Echoing similar concerns, Minister of Health Dr Chris Baryomunsi noted that the country’s unique geolocation leaves it exceptionally vulnerable, rendering accurate epidemiological forecasting difficult.

‘Given our geolocation, we are still prone to these epidemics, making it extremely difficult to accurately predict the epidemiological destiny of our country. This challenges all of us, that we should invest in research, and we should be able to share lessons,’ he said.

‘We are happy that we have researchers and academicians from various universities and the discussions we are going to have in the next few days will be very crucial in inform policymakers in order to translate research findings into policy and meaningful interventions that will improve the quality of lives of Ugandans,’ Dr Baryomunsi added.

During the conference, the minister also launched near-point-of-care TB testing devices to improve access to quality diagnostic services for TB. The ministry said this will bolster TB disease prevention and help in the reduction of close to 10,000 annual TB deaths.

Prof Moses Joloba of Makerere University said the World Health Organisation (WHO) recommends that ‘everybody should be tested with molecular recommended diagnostic’, yet access to this remains a big challenge to Ugandans.

‘In Uganda, only 24 percent of facilities can access a molecular diagnostic, leaving the 76 percent relying on a microscopy, a technology which is 140 years old, or send a sample referral. These near-point-of care (devices) will ensure services come closer to people,’ he said.

‘It costs around $300 (Shs1.2 million), and each test is about $3.6 (Shs15,000) and it’s coming down to about $1 (Shs4200). This will improve access and reduce TB mortality. Uganda is an early adopter of this near-point-of-care, thanks to Global Fund and the Government of Uganda,’ he added.

According to the WHO, ‘near-point-of-care nucleic acid amplification tests (NPOC-NAATs) are swab-based molecular tests for TB detection that can produce results from a primary sputum or tongue swab sample in less than one hour.’

The device can be battery operated and do not require specialised infrastructure for use or storage, according to the WHO.

At the same conference, which is running from October 28 to 30, Minister Baryomunsi also launched the Uganda National Oral Health Strategy.

‘This strategy elaborates clearly, the dos and don’ts regarding maintaining oral hygiene. Sometimes, people neglect oral hygiene. The mouth and the content in the mouth cavity are extremely important – the tongue, the teeth, the gum. If not cared for, they can be an area which can be hit with serious diseases. Things like smoking and alcohol affect oral health,’ he said.

‘The need to brush and clean your mouth every morning and evening, all this we have put a strategy to ensure we reach every Ugandan wherever he or she is even at the lowest level for them to understand the importance of keeping oral hygiene and oral health, in order to avoid illnesses,’ the minister added.

Information from the Ministry indicates that fewer than 4 percent of Ugandans access essential oral health services. This strategy seeks to boost access to care and prevention interventions, according to the Ministry.

NAFDAC destroys N8bn fake, unwholesome products in North Central

The National Agency for Food and Drug Administration and Control (NAFDAC) has destroyed unwholesome, banned, fake and adulterated products worth N8 billion confiscated in the course of its operations in the North Central Zone.

The destruction exercise was carried out on Thursday during the North Central Zonal Destruction of NAFDAC regulated products in Lafia, Nasarawa State.

Mojisola Adeyeye, the Director-General of NAFDAC represented by the Joseph Edor, the Deputy Director in charge of North Central Zone said the bulk of the destroyed products were predominantly banned alcoholic beverages in low volumes of less than 200ml (20cl).

Adeyeye explained that studies by researchers had shown that due to the availability, affordability and portability of such pack sizes, they had become major products of abuse and addiction among Nigerians, especially youths and underage school children.

She noted that research had also shown that early exposure to alcohol affects the brain and other vital organs such as the liver and kidneys, stymies the brain resulting in mental retardation and brain damage, which in turn leads to poor performance of pupils and students in school, low productivity and several illnesses.

She said, ‘It was based on these abuses, addiction and adverse effects that the Agency banned the production, distribution and sale of alcoholic beverages in sachets, PET and glass bottles below 200ml, hence the raid and confiscation from manufacturing outfits, sales outlets, markets and motor parks.’

Other products destroyed include expired, fake and unwholesome food, drugs and cosmetics confiscated during daily operations.

The NAFDAC DG said the Agency has the mandate of protecting and promoting public health by ensuring that only the right quality, safe and efficacious drugs, food, cosmetics, medical devices, water and other regulated products are manufactured, imported, distributed, advertised or used in Nigeria.

She said in order to achieve the mandate, the Agency through its officers carries out inspections, investigations, enforcement, product registration and laboratory analysis.

The DG appreciated other law enforcement organisations, sister agencies, associations and stakeholders for their continuous collaboration, especially in intelligence sharing and security cover during operations.

Martin battles Picasso for WBC Silver belt in Riyadh

Undefeated Filipino Carl Jammes Martin stakes his 28-0 record against Mexican David Picasso in a World Boxing Council (WBC) Silver featherweight title fight on Saturday in Riyadh, Saudi Arabia.

The 27-year-old Martin, who has 21 knockouts, faces a tough bout against the 26-year-old Picasso (33-1-1, 18 KOs) in the Mexico vs. The World card headlined by Canelo Alvarez and Christian Mbilli at Kingdom Arena.

‘I think this fight is going to be a difficult fight, but this is the kind of fight that Carl Martin is trained for, prepared for, and worked for in his entire life,’ MP Promotions president Sean Gibbons told the BusinessMirror on Friday.

Picasso’s lone defeat came against Japanese star Naoya Inoue, who won by unanimous decision in December last year. He bounced back with a second-round knockout of Colombian Maicol Rincon last August.

Martin welcomed the challenge despite the odds.

‘There is pressure but there is also an opportunity. This is what I have been waiting for. I have worked hard and waited a long time for this moment. I decided to take the fight regardless of the circumstances,’ Martin said.

A brutal dilemma

IT is taught in any basic macroeconomics course that monetary policy is not the best tool for a supply-side problem because it is a demand-side tool that influences spending, borrowing costs, and aggregate demand rather than the actual capacity or physical production of goods and services. To put it more sharply, lower interest rates do not directly create physical commodities like oil or rice.

Although it is true that monetary policy cannot fix supply-side issues directly, the Bangko Sentral ng Pilipinas (BSP) has tightened due to severe risks that have cascaded beyond the initial supply shocks-Middle East tensions driving up global oil prices and El Niño hitting agriculture. Its surprise 50-basis-point rate hike, which came amid accelerating inflation, a weak peso, elevated global energy prices, and the risk of weather-related food shortages, is justified primarily as an attempt to prevent an inflation shock from becoming entrenched, rather than as a way to bring inflation down immediately. The key question is not simply whether inflation is high. It is whether the expected cost of allowing inflation to spread will outweigh the damage that tighter monetary policy could inflict on a weakening economy. Three critical reasons are worth considering.

One, the BSP is deeply concerned about second-round effects-when high costs mutate into broader, demand-driven inflation. Higher food and fuel prices could lead to demands for higher wages and increased transport fares. Once businesses raise prices generally to cover these wages and transport costs, inflation becomes structural and persistent. The BSP hikes rates to cool down aggregate demand so that it becomes harder for businesses to pass on costs to consumers.

Two, the Philippine peso has faced severe downward pressure. It has recently plummeted to record lows. Because the Philippines imports vital commodities like crude oil and rice, a weak currency makes those items significantly more expensive in local terms. Thus, higher Philippine interest rates may support the peso by improving the relative attractiveness of peso-denominated assets, although exchange rates also depend on global risk appetite,

capital flows, and expectations. The BSP, therefore, has a legitimate reason to consider currency depreciation in its inflation outlook.

Three, when headline inflation jumps sharply, the public begins to expect high inflation as the new permanent normal. September headline inflation rose to 7.2 percent, from 6.1 percent in August, while core inflation climbed to 4.7 percent. The increase in core inflation matters because it suggests that price pressures may be spreading beyond volatile food and energy prices. If consumers expect things to cost 7 percent more next year, they demand higher pay and buy goods immediately. Again, this creates a self-fulfilling inflationary spiral.

Indeed, monetary policy is a game of brutal trade-offs. True to its mandate of maintaining price stability, the BSP has made the right structural decision to fight inflation, but it comes with severe economic consequences. For households, higher borrowing costs on loans and mortgages, alongside already elevated food and transport expenses, could squeeze disposable income. For businesses, more expensive credit discourages investment, expansion, and hiring, especially among smaller firms. For broader economic growth, weaker consumption and investment could deepen the slowdown and reduce employment opportunities. For government finances, higher interest rates can increase the cost of new borrowing and refinancing, depending on debt maturity and market conditions. For inflation itself, monetary tightening works with a lag. It will not immediately reverse higher oil prices or repair weather-damaged food supplies.

One can argue that it is easier to recover lost growth momentum. In other words, a stalled economy can be stimulated back to growth relatively quickly with standard monetary tools. However, once inflation expectations run wild, it will be an agonizing multi-year process to tame them.

A high-inflation environment will not be conducive to growth for several reasons. One, when prices fluctuate wildly, businesses cannot forecast costs, calculate margins, or safely plan long-term capital investments. They pull back and go into survival mode. Two, high inflation acts as a hidden tax on savings. Domestic and foreign investors pull their money out of the financial system and move it to stable foreign currencies. This would starve the domestic economy of investment capital. Three, instead of investing in productive, growth-inducing enterprises, capital flees into speculative hedges, such as gold, real estate, or foreign cash, just to survive.

So, the BSP has drawn a line in the sand. It signals to the entire economy that it will stand as the anchor of stability, even if it means a temporary contraction. The goal is to protect the structural foundations of the economy so that when growth does recover, it will be built on solid bedrock, not shifting sand.

Dr. Ser Percival K. Peña-Reyes teaches economics at the Ateneo de Manila University. He is also a Senior Research Fellow at the Ateneo Center for Economic Research and Development.

EDC expands SME conference across Africa as businesses seek growth

The Enterprise Development Centre (EDC) of Pan-Atlantic University is expanding its annual small and medium-sized enterprise (SME) conference beyond Nigeria as it seeks to strengthen business growth, access to finance and cross-border trade across Africa.

The 20th edition of the conference, relaunched as the Pan-African SME Conference, will hold on November 16 and 17, 2026, in Lagos, bringing together more than 500 delegates from over 10 African countries to discuss practical solutions to the challenges facing businesses across the continent.

The conference, organised in collaboration with MTN Foundation Nigeria and in partnership with the African Network of Entrepreneurs (ANDE), the Global Entrepreneurship Network (GEN) Nigeria, Sterling Bank, TERAWORK, City Cars Rentals and the School of Eloquence, will focus on improving access to finance and markets, expanding intra-African trade, developing talent and using technology to support business growth.

Themed ‘Beyond Ecosystems: Building Platforms That Help African Businesses Thrive,’ the event reflects EDC’s decision to broaden a platform that has convened Nigeria’s business community for 19 years, recognising that many of the barriers facing small businesses extend beyond national borders.

These challenges include access to finance, markets, talent and infrastructure, as well as the need for supportive policies and opportunities to trade across borders.

Nnenna Ugwu, head of Alumni Engagement and Support Services at EDC, Pan-Atlantic University, said the expansion would help build platforms that support businesses across the continent and translate discussions into practical outcomes.

‘Twenty years ago, we set out to create a space where Nigerian entrepreneurs could learn, connect and be heard. That space has grown, and so have the businesses in it. But the challenges our SMEs face do not stop at our borders, and neither should the solutions,’ Ugwu said.

She said the pan-African direction reflected the need to develop platforms that work for businesses across Africa and ensure that discussions lead to implementation.

The two-day conference will feature keynote addresses and thematic panels covering access to finance and markets, intra-African trade, business expansion, future-ready talent, artificial intelligence, fintech and digital transformation.

It will also feature a Pan-African SME Expo, where businesses can showcase their products to potential buyers, partners and investors, alongside Investor Connect sessions designed to match businesses with investors aligned with their stages of development and sectors.

Olawale Anifowose, director of Programmes and Partnerships at EDC, said the 20th edition reflected the centre’s consistency and the trust the entrepreneurial community had placed in Pan-Atlantic University.

He said the conference’s transition into a pan-African platform would extend EDC’s commitment to supporting SME growth to a wider audience.

For Sterling Bank, one of the supporting institutions, the conference’s emphasis on practical solutions aligns with its efforts to improve access to finance for Nigerian businesses.

The bank recently announced a $200 million SME credit backstop initiative in collaboration with Cascador, designed to address lending risks and expand financing for viable businesses.

Donatus Okpako, chief marketing officer of Sterling Bank, said financial institutions needed to work with other stakeholders to address structural barriers preventing businesses from accessing the financing, markets and opportunities required to grow.

He said the conference would provide a platform for building partnerships aimed at delivering practical results for businesses across Africa.

The conference will take place in Ikoyi, Lagos, as part of Global Entrepreneurship Week Nigeria 2026. Participation will be available both in person and online, with registration open through the conference website.

No Reshuffle Of Minority Leadership – Kodua

The opposition New Patriotic Party (NPP) has dismissed reports that it intends to reshuffle its parliamentary leadership, insisting that no discussions have been held to replace the Minority Leader, Alexander Afenyo-Markin, and his team.

The party’s General Secretary, Justin Kodua Frimpong, said the NPP remained satisfied with the current leadership of the Minority Caucus and had no plans to change the team.

Speaking at a press conference at the party’s headquarters at Asylum Down in Accra, Mr. Kodua Frimpong accused those circulating the reports of deliberately creating confusion within the party’s parliamentary ranks.

‘Let me state it categorically. The party has never had any meeting. The party has never thought about even deliberating to change the leadership in Parliament. We have not,’ he said.

He warned that attempts to create divisions among the parliamentary leadership and members of the Minority Caucus would not succeed.

Mr. Kodua Frimpong’s comments come amid reports suggesting that the party could be considering changes to its parliamentary leadership.

Running Mate Campaign Misguided

Meanwhile, the NPP General Secretary has criticised party members campaigning on social media to be selected as running mate to the party’s flagbearer for the 2028 general election.

He described the practice as misguided, explaining that the party’s constitution did not provide for the selection of a running mate through a contest or public campaign.

According to him, the choice of a running mate rests with the party’s flagbearer in consultation with the National Council.

‘There is nowhere in our constitution which says that the running mate is selected through a contest or through a campaign; so the people who are busily urging bloggers to promote themselves, you are wrong,’ he said.

He urged those seeking the position to recognise the party’s established procedures rather than resorting to social media campaigns to promote their ambitions.

Tinubu nominates six executive directors for NMDPRA

President Bola Tinubu has nominated six executive directors for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in a letter to the Senate.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, said three nominees are being reappointed, while three are new. Once the Senate approves them, all nominees will serve a five-year term.

The renominated executive directors are Abiodun Adeniji, Executive Director, Finance and Accounts; Ogbugo Kalu Ukoha, Executive Director, Distribution Systems, Storage and Retailing Infrastructure; and Mustapha Lamorde, Executive Director, Health, Safety, Environment and Community.

The new executive directors are: Mobolaji Tajudeen Musa, Executive Director, Hydrocarbon Processing Plants, Installations and Transportation Infrastructure; Ogechukwu Modie, Executive Director, Economic Regulations and Strategic Planning; and Said Abutalib, Executive Director, Corporate Services and Administration.

The President urged the Senate to consider the nominations expeditiously to ensure institutional continuity and strengthen the Authority’s oversight capacity.

President Tinubu also approved the appointment of Jumoke Gafar as Secretary to the Board/Authority and Legal Adviser, subject to completing the statutory processes under Section 46 of the PIA.

In April, President Tinubu appointed Rabiu Abdullahi Umar as the agency’s chief executive.