Category: Business Mirror

True economic growth is not merely about production and services expansion. It happens in the grocery aisles, at the gas pumps and in the monthly utility bills of ordinary citizens.

Real economic expansion only occurs when the rise in production and services outpaces both population growth and the increase in consumer prices.

While the gross domestic product (GDP) is computed using constant prices to account for standard market shifts, inflation can quietly erode these real numbers, and population growth can artificially inflate the aggregate figures.

When macro achievements fail to translate into household relief, the economic narrative is distorted. Today, the widening gap between income growth and household realities requires a closer review.

The Philippine Statistics Authority (PSA) reported a sobering reality. Inflation reached 7.2 percent in April 2026. Coupled with a first-quarter GDP growth of just 2.8 percent, it is undeniable that the real income of Filipino households is being eroded.

The surge in prices is largely led by external pressures, especially the ongoing Middle East crisis. The conflict has triggered a domino effect, causing increases in the global prices of fuel, which quickly trickled down to inflate the cost of food, utilities and public transportation in the import-reliant Philippines.

While the cost of essential goods and services rises, the daily minimum wage-which ranges from P350 to P695 depending on the region-remains largely stagnant. If wages are not adjusted by at least to the equivalent of 7.2 percent inflation, the real purchasing power of families is diminished.

If regional wage boards cannot or will not immediately mandate a 7.2-percent across-the-board wage hike, the government should consider another tool at its disposal, which is fiscal relief. If we cannot immediately raise what workers take home from their employers, we should reduce what the government takes away from their paychecks.

Article VI, Section 28 of the Constitution explicitly mandates that taxation shall be uniform and equitable, and that Congress shall evolve a progressive system of taxation.

A progressive system implies that taxes should adapt to the taxpayer’s ability to pay. Currently, existing tax obligations continue to deplete the take-home pay of citizens, placing an unsustainable burden on low- and middle-income earners who are already living on the margins.

The current income tax exemption threshold no longer reflects the financial realities faced by ordinary workers. It was designed for an economic landscape that no longer exists. To address this crisis, I filed Senate Bill 2137.

Senate Bill 2137 seeks to amend the National Internal Revenue Code of 1997 by raising the country’s annual personal income tax exemption ceiling to P360,000 from the current P250,000.

By adjusting the graduated income tax brackets to align with prevailing economic trends, this measure ensures that individuals earning up to P30,000 a month will be completely exempt from paying income tax. This allows working-class Filipinos to retain a larger share of their hard-earned salaries for essential household expenses, acting as a direct fiscal buffer against inflation.

The urgency of this bill is supported by data. The Bangko Sentral ng Pilipinas forecasts show inflation surpassing the government’s target range.

PSA data show that inflation for the bottom 30 percent of income households surged from a mere 0.1 percent in April 2025 to a crushing 8.5 percent in April 2026. This means the poorest Filipinos are bearing the heaviest brunt of the price spikes in food and fuel.

SB 2137 does not leave behind our vibrant entrepreneurial sector. The proposal offers an alternative tax structure for self-employed individuals and professionals. Those whose gross sales or receipts do not exceed the value-added tax (VAT) threshold can opt for a simplified 8 percent tax rate on gross sales in excess of P360,000, instead of navigating complex, standard graduated income tax rates.

Upon passage, the implementation framework is designed for rapid deployment. The Secretary of Finance and the Commissioner of Internal Revenue will be required to issue the implementing rules and regulations within 60 days. The law would take effect just 15 days after its publication in the Official Gazette or in two newspapers of general circulation.

Now is the opportune time to pass this measure. I believe it will deliver meaningful, non-inflationary and much-needed relief to millions of households within the lower middle-income sector.

The backbone of our economy has always been the resilient Filipino workforce. Passing SB 2137 is a crucial step toward giving them the fiscal stability, dignity and quality of life they deserve during these trying times.

It is time for Congress to fulfill its constitutional mandate and ensure our tax system remains fair, equitable and human-centric.

There are moments in a nation’s life when the weight of accountability rests on a few shoulders, and the air in the room grows heavy not with rhetoric, but with consequence. This is one of those moments.

On a historic day in the House of Representatives, 257 to 25 votes affirmed what many Filipinos had been watching with weary hope: Vice President Sara Duterte was impeached for the second time. The articles are grave-misuse of confidential funds, unexplained wealth, bribery, and even grave threats and sedition. The latter stems from a chilling November 2024 press conference where an assassin was allegedly hired to target the President, the First Lady, and the former Speaker. These are accusations that go to the core of public trust.

And yet, in the theater of our democracy, the loudest voices often drown out the quiet work of justice. That’s why the social media kudos addressed to Congresswoman Atty. Gerville ‘Jinky Bitrics’ R. Luistro stand out-not as a political manifesto, but as a citizen’s tribute to the kind of leadership that fights for what is right.

The lead prosecutor

Congresswoman Luistro, as Chairperson of the House Committee on Justice, reviewed multiple complaints against Vice President Duterte, found them sufficient in form and substance, and shepherded the articles through a process many feared would collapse under its own political weight.

Accepting the role as the lead public prosecutor representing the House of Representatives in the Senate impeachment trial, Luistro then assigned a prosecution team across four distinct articles-each handled by capable prosecutors including Reps. Gutierrez, Ridon, Diokno, Flores, Defensor, and De Lima.

That is not the work of someone seeking limelight. That is the work of a meticulous legal mind who understands that impeachment is not a weapon but a scalpel.

What struck me enough to write this column was Luistro’s public stance. She did not frame this trial as a political victory. She called it a constitutional mandate. She said it would provide the public with necessary clarity regarding the Vice President’s fitness for future national leadership. In an era where everything is spun as ‘political persecution,’ she refused to take the bait. Instead, she kept her eyes on the document that binds us all: the Constitution.

The pressure of principle

I can only imagine the pressure. The allies who whisper, ‘Is this worth it?’ The opponents who shout betrayal. Yet Luistro has navigated the procedural turbulence without losing sight of the ultimate question: Was the people’s trust honored or broken?

As a Filipino citizen who believes in accountability, I extend my gratitude not only to Luistro, but also to the 257 representatives who voted yes, and to each prosecutor assigned to the specific articles-confidential funds, unexplained wealth, bribery, and grave threats. Together, they form the fabric of a case that will either repair-or further tear-our moral compact.

To the prosecutors, I have one message: prosecute not with vengeance, but with evidence. Speak not for headlines, but for history.

I can only imagine the pressure. The allies who whisper, ‘Is this worth it?’ The opponents who shout betrayal. Yet Luistro has navigated the procedural turbulence without losing sight of the ultimate question: Was the people’s trust honored or broken?

As a Filipino citizen who believes in accountability, I extend my gratitude not only to Luistro, but also to the 257 representatives who voted yes, and to each prosecutor assigned to the specific articles-confidential funds, unexplained wealth, bribery, and grave threats. Together, they form the fabric of a case that will either repair-or further tear-our moral compact.

To the prosecutors, I have one message: prosecute not with vengeance, but with evidence. Speak not for headlines, but for history.

Compounding the suspicion is the recurring role of former Congressman Mike Defensor. Earlier, he brought a former Marine before a Blue Ribbon hearing to testify about maleta deliveries-only for that witness to later retract his claims. Defensor has now surfaced the 18 ex-military men to target the House prosecutors. The pattern is difficult to ignore. It suggests a deliberate campaign to besmirch the reputation and credibility of the very panel tasked with presenting the impeachment case.

In Philippine politics, such maneuvers are rarely accidental. They function as pre-trial attrition-casting doubt on the prosecutors’ integrity so that the evidence itself arrives in the Senate already tainted in the public mind. If the objective were truly transparency, the cleaner route would be to let the trial test all claims through cross-examination rather than orchestrate parallel scandals.

A nation watching

The trial will begin in July. The Senate will convene as an impeachment court. Cameras will roll. Commentators will dissect every objection and every exhibit. But beneath all that noise, there is something simpler: a nation watching to see if the rule of law still breathes.

What Congresswoman Luistro has already done is remarkable. She has shown that leadership is not about popularity-it is about procedure, principle, and the courage to see a difficult job through.

And my encouragement? Do not lose heart when the trial becomes a spectacle. Do not falter when the defense throws sand in the gears. Remember that beyond the session halls, there are citizens like me who sleep better knowing that someone in power still believes that no one-not even a Vice President-is above the Constitution.

Maraming salamat, Congresswoman. We are watching. We are hoping. And when you stand to present the people’s case, you do not stand alone.

THE Bureau of Internal Revenue (BIR) extended various tax filing and payment deadlines for taxpayers affected by the recent magnitude 7.8 earthquake in South Central Mindanao.

The easing of the rules is contained in Revenue Memorandum Circular 062-2026 issued by Internal Revenue Commissioner Charlito Martin R. Mendoza issued last Tuesday. The circular effectively moves the filing and payment of taxes to June 30, 2026, from the deadlines that originally fell between June 8 and June 29.

The extension applies to taxpayers under Revenue District Office (RDO) 110 (General Santos City and Sarangani) and RDO 111 (South Cotabato).

Taxes covered by the relief include withholding tax, value-added tax, percentage tax, corporate income tax, capital gains tax and excise tax.

The extension also applies to various registration and documentary requirements, such as book of accounts and transaction reports.

Affected taxpayers will not be subject to penalties, surcharges or interest, provided they file the required returns, pay the corresponding taxes and submit the necessary documents within the extended period ending June 30, the BIR said.

If the extended deadline falls on a holiday or non-working day, taxpayers may file, pay or submit documents on the next working day, it added.

A separate statement quoted Mendoza as saying the BIR hopes ‘to provide affected taxpayers additional time and flexibility as families, businesses, local governments, and national government agencies attend to immediate needs and recovery work.’

The BIR noted that the recent earthquake caused substantial damage to business establishments, government offices, and vital infrastructure, disrupting normal business operations and limiting access to accounting records.

NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders of Meralco will be conducted at the Meralco Theater, Lopez Building, Ortigas Ave., Barangay Ugong, Pasig City and via https://company.meralco.com.ph/corporate-governance/voting-in-absentia on Tuesday, June 30, 2026, at 10:00 a.m. with the following agenda:

Call to Order

Certification of Notice and Quorum

Approval of the Minutes of the Annual Stockholders’ Meeting held on May 27, 2025

Report of the Chief Executive Officer

Approval of the 2025 Audited Consolidated Financial Statements

Ratification of Acts of the Board and Management

Election of Directors for the ensuing year

Appointment of External Auditors

Other business that may properly be brought before the meeting

Adjournment

The Board has fixed the close of business on April 10, 2026 as the record date for the determination of stockholders entitled to notice of, and to vote at, the meeting. The stock and transfer books of Meralco will not be closed.

Nominations for regular and independent directors to the Company shall be filed with the Office of the Corporate Secretary c/o Corporate Governance and Compliance Office, Ground Floor, Lopez Bldg., Meralco Center, Ortigas Avenue, Brgy. Ugong, Pasig City. The deadline for submission of nominations shall also be on April 10, 2026.

In accordance with Article I, Section 3 of the Company’s Amended By-Laws, any instrument authorizing a proxy to act shall be submitted to and received at the principal office of Meralco on or before June 2, 2026, 5:00 p.m.,addressed to the attention of the Corporate Secretary c/o Corporate Governance and Compliance Office at the address indicated above. Soft copies of the proxies can be emailed in advance to stockholder.affairs@meralco.com.ph. Validation of proxies is set on June 16, 2026, 10:00 a.m. at Meralco Compound, Ortigas Avenue, Brgy. Ugong, Pasig City.

The conduct of the annual stockholders’ meeting will also be streamed live, and stockholders may attend and participate via remote communication and vote in absentia, using the online portal https://company.meralco.com.ph/corporate-governance/voting-in-absentia. The guidelines for online voting and participation is set forth in Annex ‘C’ of the Definitive Information Statement (‘Definitive 20-IS’) downloadable at the Company’s and Philippine Stock Exchange EDGE’s respective websites.

The Company provided stockholders as of record date with a QR Code on May 28, 2026, enabling them to view and download the Definitive 20-IS. On June 1, 2026, the Company submitted an Amended Definitive Information Statement (‘Amended Definitive 20-IS’) which was approved by the Securities and Exchange Commission on June 2, 2026. The Amended Definitive 20-IS containing the Proxy Form, and the 2025 Management Report may be viewed and downloaded by scanning the QR Code below:

The Amended Definitive 20-IS, Proxy Form, 2025 Management Report/Annual Report for the year ended December 31, 2025 in SEC Form 17-A, Quarterly Report for the first quarter of 2026 in SEC Form 17-Q and other pertinent documents may also be downloaded, without charge from the Company’s and the Philippine Stock Exchange EDGE’s respective websites.

ANY bookworm will tell you that reading a book is a pleasant distraction from the stresses of daily living, a chance to relax and lose yourself to the characters and plot of a page-turning mystery thriller or swoon-worthy romance. Few people realize that both your mind and body benefit when this favorite pastime becomes a regular part of your routine.

FULL-BRAIN WORKOUT

‘Experts describe reading a book as a full-brain workout,’ says Cymbeline Perez-Santiago, MD, Neurologist and Head of the Neurology Unit of top hospital in the Philippines, Makati Medical Center (MakatiMed, www.makatimed.net.ph).

‘In a study conducted in 2020, researchers noted that increased gray matter in the left superior temporal cortex part of the brain, which is crucial to cognitive function, is linked to better reading performance among children. For the older generation, keeping the mind engaged through book reading delays cognitive decline and positively impacts physical and mental health.’

A 2017 survey that tracked over 3,000 adults in a 12-year period discovered that those who specifically read books had a 20 percent reduction in mortality. In a study conducted by Yale University, people added an average of 23 months to their lifespan when they read 30 minutes a day.

‘Reading, of course, broadens one’s vocabulary and knowledge, which proves helpful in entrance exams, job opportunities, and life in general,’ adds Perez-Santiago. ‘Moreover, it develops one’s ability to empathize-to put oneself in other people’s shoes. Experts call this ‘theory of mind,’ or skills needed to build, navigate and maintain social relationships.’

WHY BOOKS?

WHAT is it about a book that makes our mind work differently? Reading words (as opposed to looking at pictures or watching a video) prompts us to use our imagination to supply the imagery that corresponds with the sentences.

‘Books, particularly long-form content, train us to focus and pay attention at a time when the digital world’s fast-paced, short-form content has reduced our attention span,’ explains Perez-Santiago. ‘Reading books also strengthens memory, challenges your analytical thinking, and makes you a better writer.’

But who has the time to pick up a book these days? In a national readership survey commissioned by the National Book Development Board in 2023, the number of Filipino adults who read non-school books in the past 12 months was 42 percent-a major plunge from the 80 percent who read books in 2017.

‘The trick,’ Perez-Santiago points out, ‘is to make it an enjoyable experience, something to look forward to.’

Start by always having a book on hand. Keep a book in your car, your bag, or your desk drawer at work. ‘When you’re waiting in the bank, at a doctor’s appointment, or for a friend to arrive for a meeting, pass the time away by getting in a few pages,’ says Perez-Santiago.

Set doable goals. Does the sight of a thick pocketbook intimidate you? Pick a quick read or go for an anthology of short stories. ‘They can help you build your attention span and ability to focus as you work your way to reading longer stories,’ Perez-Santiago recommends.

‘Also, there are no rules that you should finish a book in a week, or that you should finish one book before starting another. Read several books all at once and go at your own pace. As proven by studies, even a few minutes of reading can do wonders for your health.’

PREPARATIONS for President Marcos’ fifth State of the Nation Address (Sona) formally began on Tuesday as the House of Representatives convened the initial inter-agency coordination meeting for the July 27 event, with organizers setting a tone of simplicity for this year’s program.

House Secretary General Cheloy Velicaria-Garafil, who presided over the meeting as host, said simplicity will guide the overall conduct of the 2026 Sona.

‘There will be no red carpet, no long gowns,’ Garafil said, adding that the guidance shall be indicated in the official invitation.

She, however, encouraged attendees to still come in simple but dignified attire appropriate for the occasion.

Representatives from the House of Representatives, Senate, Office of the President, security agencies, local governments, and other concerned offices attended the coordination meeting to finalize logistical, security, protocol, and operational preparations for the president’s annual address before Congress.

The Senate delegation was led by Secretary Renato Bantug Jr., who affirmed the chamber’s readiness to work closely with partner agencies to ensure an orderly and successful event.

Chief of Presidential Protocol Undersecretary Reichel Quinones, representing the Office of the President, thanked the House for hosting the initial coordination meeting and expressed confidence in its preparations for the upcoming Sona.

Marcos’ fifth SONA is scheduled on July 27 at the Session Hall of the House of Representatives.

Responders recovered the remains of another fatality from the site of the collapsed building in Barangay Balibago shortly after midnight Tuesday, June 9, raising the confirmed death toll to 30.

In a Facebook post, the Bureau of Fire Protection-Central Luzon said the victim’s remains were extricated from the rubble at 12:18 a.m.

The recovery came hours after authorities retrieved the remains of the 29th victim at 9:37 p.m. Monday.

Before that, the last victim was recovered Saturday night during ongoing search and retrieval operations.

Authorities earlier said about 40 percent of the debris at the collapse site had been cleared. Search and retrieval teams, along with heavy equipment, remain deployed despite intermittent rains.

The nine-story building under construction collapsed before dawn on May 24 and trapped dozens of workers under tons of concrete and steel. Preliminary findings from a government fact-finding body have yet to be released as authorities continue to investigate the cause of the collapse.

Meanwhile, the Angeles City government has begun coordinating with business groups to assist establishments affected by the incident.

Representatives of the Hotels and Restaurants Association of Pampanga met with officials from the Angeles City Tourism Office and the City Legal Office to discuss support measures for hotels, restaurants and other hospitality businesses operating within the affected area.

Mayor Carmelo Lazatin II earlier directed the city tourism office, through the Angeles City Tourist Information and Visitors Engagement team, to assess the condition of businesses near the collapse site and determine what assistance may be needed.

City officials said the effort is part of a broader response to help affected establishments, employees and stakeholders cope with the impact of the incident.

Retrieval and clearing operations continue.

It is said that Brutalist architecture asked for patience. Its language was not immediately inviting and resisted quick affection for it stands firm in raw concrete and heavy, geometric forms.

Appreciation for this style came with distance. That return happened around 2019 across cities, including in the Philippines when the culture began to look again and see intent behind the weight. Buildings that were once dismissed as severe began to draw in a new audience. Architects, designers, and the public revisited them with a fresher perspective.

Iconic properties of the Metro skyline

In Makati and Pasay, two such structures are among those that gained renewed attention: the PNB Makati Center and the PNB Financial Center, properties managed by PNB Holdings Corporation (PHC).

From the street, both buildings read as resolute. The PNB Makati Center, designed by Filipino architect Carlos Arguelles, a key figure in modern and Brutalist architecture, holds its place along Ayala Avenue with a sense of order, set against a district in constant evolution.

On the other end, the PNB Financial Center, found nearer the bay, stretches across a wide footprint of almost 90,000 sq m. Designed by noted Filipino architect Gabriel Formoso, it carries the same material honesty, set against an open horizon.

When PHC assumed stewardship, the shift began at the threshold. They ensured not to erase time but work with it, leaning toward adaptive redevelopment. They ensured that the structure remains legible and that interventions respond well to present-day use.

When one steps inside the PNB Makati Center, the experience becomes less measured. Light softens the entry as the lobby leads with clarity. Materials move from exposed concrete to finishes that are easier on the eye and touch.

Workspaces, found from second to penthouse levels, follow a similar intent. Color pops in controlled accents and seamlessly blends with the structure. They feature layouts that support employee interaction without forcing it. There are open zones for team collaboration, alongside areas that allow for focus. The choices reflect the building’s current priorities-health, safety, and a more human-centered way of working.

At the PNB Financial Center, the narrative expands. The building has long functioned as a headquarters. Its expansiveness allowed it to house offices and institutional tenants over time. Under PHC’s direction, parts of the complex have taken on a new role.

Certain interiors have been adapted into event venues. This move leans on the asset that Brutalism provides, volume. Large spans and high ceilings offer a flexible canvas. The spaces can host formal gatherings or more relaxed assemblies. The bay area setting adds another layer. Natural light shifts across the day and gently spills through the windows. The edge between inside and outside becomes part of the event experience.

This reprogramming extends the building’s original identity. Where there were once purely administrative spaces, there are now areas, such as The Grand Atrium, that invite the public in a variety of ways.

Both buildings show that preservation is not fixed, but a process where change unfolds with discipline, allowing the original architecture to remain clear as new interventions settle in with intent. And, when updated with care, they can support contemporary life without losing character. The current work at PNB Makati Center and PNB Financial Center reflects precisely this.

For those who pass by, the first impression may still be distant. The silhouettes have not softened. Yet beyond the facade, the spaces tell a whole new story, one that considers how people move, gather, and work today. In this way, the buildings continue to shape the spaces they hold. They define their legacy not only by what they were, but by how they are used today.

THE World Bank has extended the closing date of a $300-million project in the Philippines after delays in civil works prevented the program from meeting key targets, including the retrofitting of public buildings in Metro Manila.

A restructuring paper released by the Washington-based lender showed that the Philippines’s ‘Seismic Risk Reduction and Resilience’ project’s closing date has been moved by six months to December 31, 2026 from the original June 30, 2026 deadline.

Approved in June 2021, the project seeks to improve the seismic safety of around 425 public buildings in Metro Manila, including schools and other government facilities, while strengthening the emergency response capabilities of the Department of Public Works and Highways (DPWH).

Nearly five years after its approval, however, no retrofitting works have been completed.

‘The Project is currently rated Moderately Unsatisfactory on the achievement of the [Project Development Objective] and Implementation Progress. The first PDO indicator is not met because no civil works have been completed and the second PDO indicator is partially achieved with equipment procured,’ the World Bank said.

Data from the lender showed that only $66 million, or 22 percent of the project’s $300 million financing, had been disbursed as of the latest assessment, leaving more than $231 million undisbursed.

The World Bank attributed the delays largely to bureaucratic bottlenecks, citing ‘complex internal review and approval processes’ as well as ‘heavy documentary and signatory requirements.’

‘This has delayed project implementation, especially civil works, the largest component in the project,’ it said.

Despite the setbacks, the lender noted signs of progress in recent months. Contracts for the retrofitting of the first 67 schools were awarded in May, while procurement for additional buildings is expected to proceed in the coming months.

Still, the World Bank said the six-month extension is only an interim measure as the government completes internal approval processes for a more comprehensive restructuring that would likely include a longer implementation period and revisions to project targets needed to achieve the project’s development objectives.

‘The second restructuring will be processed upon completion of all necessary internal procedures. The PDOs will be achievable under extended implementation timeframe, after the second restructuring,’ it added.

The Department of Trade and Industry (DTI) is moving to revive a support program for internal combustion engine (ICE) vehicles as the government recalibrates its incentives scheme for the automotive sector.

Trade Secretary Ma. Cristina Roque said the administration is preparing to bring back the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) program, which is intended to provide incentives for the production and use of non-electric vehicles, particularly those still widely used in commercial and public service applications.

‘We will revive it. The government will revive it,’ Roque told reporters on Tuesday afternoon when asked about renewed calls from industry stakeholders for support beyond electrification.

She said the proposal stems from continuing discussions with industry players and recognition that the shift to electric vehicles does not yet cover all transport segments in the country.

‘We never stopped talking about possibilities and incentives we can give,’ she said.

‘We recognize electric vehicles are important, but there are still vehicles that are being produced like the (Toyota) Tamaraw and all that don’t yet have an electric counterpart,’ she added.

The DTI chief clarified that while the agency is working on guidelines for the revived program, it is not yet at the stage of executive or inter-agency approval.

‘We will issue the guidelines,’ Roque said, adding that the matter is still under internal discussion within the department.

She also said the revived program will not be identical to previous automotive incentive schemes, but will follow a similar structure of government support for local production and industry participation.

Roque added that the government’s broader direction is to support both electric and traditional vehicle segments as part of a transitional strategy for the industry.

‘The Marcos administration wants to offer incentives for both electric vehicles and commercial vehicles,’ she said.

Asked about the approval process, Roque said the program is still being refined and has not yet been elevated for final inter-agency clearance.

In April, the DTI said the government had shelved the RACE program to shift its focus toward accelerating a new incentive framework centered on electric vehicles.