Category: Business Mirror

The sharp drop in approved building permits to a six-year low in August could pose another headwind to the country’s already fragile economic recovery, economists said.

Data from the Philippine Statistics Authority’s (PSA) Construction Statistics from Approved Building Permits showed that 10,968 construction activities were approved in August 2026, down 31 percent from 15,888 in the same month last year.

National Statistician Claire Dennis S. Mapa also confirmed to the BusinessMirror that the latest figure was the lowest since May 2020, when approved construction activity plunged to 4,725 amid the Covid-19 pandemic.

Philippine Institute for Development Studies (PIDS) Senior Research Fellow John Paolo R. Rivera said the decline could signal weaker construction demand as the industry grapples with elevated costs, financing constraints, and cautious investor sentiment.

‘A sustained decline in building permits could dampen economic growth, investment, and employment, given the sector’s strong linkages with other industries,’ Rivera said.

‘Fewer permits today may mean fewer projects and jobs in the coming months,’ he told the BusinessMirror.

Ateneo de Manila University economist Ser Percival Peña-Reyes also warned that a sustained drop could point to a weaker construction investment environment, lower demand for building materials and labor, and softer business and investor confidence.

More broadly, this could signal slower economic growth, weaker business and investor confidence, and fewer employment opportunities, although other economic indicators would be needed to confirm a wider slowdown, Peña-Reyes told the BusinessMirror.

However, Peña-Reyes cautioned that the sharp decline could partly reflect seasonal factors, including weather conditions that disrupted working days in August.

The Chinese Ghost Month may also have prompted some Chinese businessmen in the construction industry to temper their spending, he added.

The economists’ concerns come as the Philippines’ economic recovery remains sluggish, with gross domestic product (GDP) growth slowing to 3.2 percent in the second quarter of 2026, its weakest quarterly expansion in five years.

Official data showed that gross fixed capital formation, which measures investment spending on fixed assets by the public and private sectors, contracted by 13.7 percent in the second quarter, extending its three-quarter decline.

Construction investment further slumped by 14.8 percent in the second quarter, worse than the -4.35 percent recorded in the first quarter and -9.2 percent in the fourth quarter of 2025.

Based on PSA data, residential buildings accounted for the largest share of approved construction activities in August, at 6,355 or 57.9 percent of the total. However, this was down 40.7 percent from 10,712 in the same month last year.

The floor area of residential construction projects fell by 32.1 percent to 1.21 million square meters, while their estimated value declined by 23.7 percent to P16.86 billion.

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Non-residential buildings, meanwhile, accounted for 2,921 approved construction activities, down 6.2 percent from a year earlier.

Their combined floor area contracted by 50.3 percent to 1.30 million square meters, while their estimated construction value fell by 35.2 percent to P193.5 billion.

Meanwhile, additions to existing buildings accounted for 407 approved construction activities in August, down 12.8 percent, with their estimated value falling 24.8 percent to P466.73 million.

Alterations and repairs recorded 837 approved activities, down 28.2 percent, while their estimated value plunged 50.5 percent to P2.02 billion. Other construction activities, which include demolition, street furniture, landscaping and signboards, rose 4.2 percent to 448, although their estimated value dropped 93 percent to P524.27 million.

Despite the decline in approved building permits and total floor area, the average construction cost for new buildings, excluding additions, alterations and repairs, rose by 21.9 percent to P14,357.01 per square meter in August, from P11,778.22 in the same month last year, according to the PSA.

The PSA said the construction statistics derived from approved building permits provide an indication of the level of building activity nationwide.

THE Department of Energy (DOE) announced that a Chinese firm will undertake the development of one of the three proposed ports intended to cater to fixed-bottom offshore wind facilities, while the feasibility study for another port has already been completed.

To support the implementation of the Green Energy Auction 5 (GEA-5), the DOE, in coordination with the Philippine Ports Authority (PPA) had previously identified PPA-administered ports intended for offshore wind development projects. These include: the Pambujan Port, in Camarines Norte; the Santa Clara Port in Batangas; and, the Port of Curimao in Ilocos Norte.

DOE Undersecretary Giovanni Carlo J. Bacordo said the Port of Pambujan , Camarines Norte has already been auctioned off.

‘That one in Pambujan has already been bid out. There’s already a winner, a company with a Chinese name,’ Bacordo said. ‘For the Batangas project, the feasibility study is already complete. It’s now in the bidding phase, which is also set for this year.’

These ports must be upgraded so that heavy machinery, such as wind turbines, can be accommodated. Aside from port infrastructure, the DOE is also working on permitting and tenurial instruments, market support, and grid asset availability.

The DOE emphasized the need for robust, transparent, and timely processes for leasing and permitting and a competitive market system solely for offshore wind. The agency also cited the need for suitably-sized and strategically-located ports essential for the storage, assembly, construction and operation of offshore wind farms. There are also required upgrades to the transmission network and interconnection facilities whenever and wherever they are needed, according to the DOE.

Earlier, the DOE said there were nine bids that initially passed the first stage of the GEA-5. These are currently being evaluated. The power generation capacity of the nine bids totals 9,256 megawatts (MW).

The DOE has so far awarded 95 offshore wind energy service contracts. However, these 95 potential projects are not all qualified to join the GEA-5 because of different delivery schedules. Among the qualifications for offshore wind bids under GEA-5 are those that have already completed feasibility studies and system impact studies.

The GEA-5 targets a capacity of 3,300MW for 2028-2030.

The 95 offshore wind energy service contracts represent 72,332 MW of potential capacity. Of which, 12 are located in Negros/Panay, 12 in Southern Mindoro, nine in Guimaras Strait, nine in Manila, nine in Northwest Luzon, seven in Northern Mindoro, and the remaining 37 projects are to be located across the country.

Under GEA-5, the certificate of award to the winning bidders is scheduled between February 2 to July 14 of next year. These projects are targeted to come online by 2028 to 2030.

THE Philippines is projected to incur the highest port damage in Southeast Asia from climate-related hazards, with losses potentially reaching $70.2 billion annually by 2100, according to the Asian Development Bank (ADB).

In a report released on Wednesday, the multilateral lender estimated that port damage in the Philippines could reach $20.6 billion annually under an intermediate-emissions scenario, in which sea levels are projected to rise by roughly 50 to 80 centimeters.

Under a high-emissions scenario, where sea levels could approach 1 meter, annual port damages could climb to $70.2 billion.

The projected damages are equivalent to 0.19 percent and 0.44 percent of the country’s gross domestic product (GDP), respectively.

In absolute terms, the Philippines’s projected port damages are the highest in Southeast Asia and the third-highest across the Asia-Pacific economies covered by the report.

China leads with projected annual losses ranging from $82.2 billion to $332 billion, while India’s estimates range from $70 billion to $254 billion.

The estimates cover not only the cost of repairing damaged port infrastructure but also revenue losses from operational downtime and disruptions to maritime trade. The ADB considered several climate-related hazards, including tropical cyclone winds, flooding, extreme waves, and other marine conditions.

According to the multilateral lending institution, the impact of port damage could extend beyond coastal areas. Disruptions to port operations can delay shipments, interrupt supply chains and affect businesses and communities that rely on maritime transport for goods and essential supplies.

‘Because these networks link farms to markets, fishers to buyers, and households to health services and food supplies, their disruption cascades directly into livelihoods, nutrition, and well-being,’ the report stated. ‘The extent of exposed infrastructure is likely to increase as urban development increasingly puts these built assets in harm’s way.’

Beyond infrastructure losses, millions of Filipinos could also face exposure to coastal flooding in the coming decades.

The ADB projected that 5.437 million people in the Philippines could be exposed annually to coastal flooding by 2100 under a high-emissions scenario.

In Manila alone, about 1.305 million people could be exposed annually to coastal flooding by 2100 under the same high-emissions scenario.

The total projected Filipinos affected by coastal flooding would be the fifth-highest projected population exposure among the Asia-Pacific economies covered by the report.

China recorded the highest projected exposure at 33.015 million people, followed by India at 21.491 million, Bangladesh at 17.454 million and Vietnam at 13.306 million.

The report defines the figure as the expected annual population exposed to coastal flood depths exceeding 15 centimeters. Flooding at this depth can disrupt livelihoods and economic activity and pose risks to vulnerable groups.

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Financing coastal resilience

DESPITE the scale of the projected risks, the Philippines has developed financing mechanisms that could help support climate-related initiatives and encourage private investment, ADB Senior Climate Change Specialist Kathryn Milliken said.

‘The Philippines is one of the more pioneering countries in some of the work it’s been doing on catastrophe risk insurance, contingent financing, and sustainable finance initiatives, where it’s building a platform for more private capital to emerge over time,’ Milliken said during the report’s online launch.

She cautioned, however, that countries need different combinations of financing instruments to address their respective needs.

‘There are some positive kind of developments that are coming out, but it’s not a one-size-fits-all, and it can’t be one specific instrument,’ she said.

The ADB report particularly cited the Philippines’ efforts to integrate climate risks and resilience priorities into public financial management, including expenditure frameworks, investment appraisals, budget tagging and screening.

It also noted that the country has developed a Sustainable Finance Framework. The report said $7.48 billion had been issued through several sovereign sustainability bonds in international capital markets, with proceeds allocated in part to climate resilience and the management of coastal and marine resources.

More broadly, the ADB called on governments across the region to incorporate long-term coastal risks into development planning, strengthen institutions and governance, and mobilize predictable, sustainable financing.

It said public finance would remain central to coastal resilience, while policy and regulatory reforms, risk-sharing arrangements, and blended finance could help attract private investment where appropriate.

THE former deputy governor of the Bangko Sentral ng Pilipinas (BSP) said the central bank cannot afford to wait until all risks have materialized as doing so could confront a ‘more persistent inflation problem,’ which would require a longer period of restrictive policy later.

As such, Diwa C. Guinigundo, also an analyst and principal advisor at GlobalSource Partners, said a 50-basis-point increase ‘would send a stronger signal that the [BSP] is determined to prevent temporary supply shocks from becoming a lasting feature of the inflation environment.’

‘Delaying an appropriate response could allow inflation to persist, eventually producing possible demand destruction as households cut consumption because their real incomes can no longer keep pace with prices,’ Guinigundo explained in a commentary he published last Wednesday.

The former BSP official said monetary policy works with a lag. With this, he said waiting until all the risks have materialized could leave the BSP confronting a ‘more persistent inflation problem, requiring a longer period of restrictive policy later.’

Guinigundo explained further that while a quarter-point increase would continue the tightening cycle, it ‘may not adequately reflect the scale of the deterioration in actual inflation and the outlook.’

Difficult trade-offs

WITH the BSP itself projecting above-target inflation through 2027, Guinigundo said that a ‘more decisive’ initial response is ‘defensible.’

‘It would also help reinforce confidence that the [central bank] remains committed to its inflation target despite the difficult trade-offs,’ added Guinigundo.

However, this does not mean interest rates can bring down global oil prices, increase agricultural output, or reverse peso depreciation ‘directly.’

Instead, he explained that the purpose of tightening is to limit second-round effects: the possibility that higher food, fuel, and transport prices feed into wages, business pricing, and expectations of further inflation.

‘The challenge is to prevent an external price shock from becoming a more generalized and persistent domestic inflation problem,’ added the former BSP deputy governor.

‘Cuts both ways’

GUINIGUNDO also argued that the negative output gap of the Philippine economy does not eliminate the need to tighten.

‘The strongest argument against a larger increase is the weakness of domestic economic activity,’ he said.

GDP grew by only 2.3 percent year-on-year in the second quarter of 2026, while gross capital formation contracted by 9.2 percent.

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‘A sustained negative output gap suggests that actual output remains below potential, and further monetary tightening could weigh on borrowing, consumption, and investment,’ Guinigundo opined.

However, he pointed out that the risk to demand ‘cuts both ways.’

Higher interest rates can restrain spending, yet allowing inflation to continue surging can also destroy demand, he explained.

‘As food, fuel, electricity, and transportation absorb a growing share of household income, families have less to spend on other goods and services,’ Guinigundo said.

‘They may initially draw on savings or borrow to maintain consumption, but these adjustments cannot continue indefinitely. Eventually, households cut back, businesses experience weaker sales, investment is postponed, and hiring becomes more cautious,’ he added.

Guinigundo emphasized that this is an ‘important distinction’ as monetary tightening ‘deliberately restrains’ demand to help restore price stability.

Persistently high inflation, on the other hand, ‘erodes’ real purchasing power and can weaken consumption even without further rate increases, he added.

‘If the BSP holds back while prices continue rising, it may find itself confronting both high inflation and an increasingly fragile recovery,’ the former BSP official noted.

The Monetary Board, the highest policy-making body of the central bank, is set to have its fifth scheduled monetary policy meeting for the year on Thursday.

Public opinion on the impeachment of Vice President Sara Duterte remains deeply divided between those favoring acquittal and those seeking conviction, though more Filipinos are now taking a side, according to the latest Octa Research survey.

In its third-quarter 2026 Tugon ng Masa (TNM) survey, Octa revealed that 25 percent of adult Filipinos favored acquittal, while 21 percent wanted Duterte convicted. Nevertheless, the largest single group, at 47 percent, said they needed to see the evidence first before deciding her fate.

According to the research group, the findings point to a gradual shift in public opinion since the Senate impeachment trial opened in July, when 55 percent of respondents said they wanted to examine the evidence before taking a position.

Furthermore, the 8-percentage-point drop in undecided respondents suggests that more Filipinos are taking a side as the proceedings unfold. Nevertheless, neither side has gained a clear advantage, with only 4 percentage points separating those favoring acquittal and conviction.

In its July survey, 21 percent favored acquittal and 17 percent supported conviction, while 7 percent were undecided.

Combined, those expressing a preferred verdict increased to 46 percent in the third quarter from 38 percent at the start of the trial.

Nonetheless, Octa cautioned that the two surveys involved separate samples of respondents. The results therefore reflect changes in the overall distribution of public opinion rather than proving that particular individuals have changed their positions.

Widening regional divide

Octa pointed out that the survey revealed a sharper regional divide. Respondents in Metro Manila expressed strong conviction while Mindanao respondents increasingly favored acquittal. This is expected as Mindanao is still a strong political base of the Duterte clan.

In the National Capital Region (NCR), the proportion favoring Duterte’s conviction rose to 34 percent from 19 percent in July. Meanwhile, support for acquittal declined to 17 percent from 21 percent.

Mindanao showed the opposite pattern. Support for acquittal climbed to 52 percent from 41 percent, making it the only major geographic area where either preferred verdict commanded a majority.

The Visayas, meanwhile, took the middle road and maintained a strong preference for waiting for the evidence, with 53 percent of respondents taking this position in both survey rounds.

Octa said these contrasting regional movements underscore the challenge of interpreting public sentiment as a single national verdict, particularly when political preferences differ significantly across geographic areas.

Younger Filipinos

Younger adults recorded the biggest decline in the proportion waiting for evidence, while support for both conviction and acquittal increased among this group.

Among respondents aged 18 to 24, the share wanting to see the evidence first dropped to 29 percent from 50 percent in July.

At the same time, support for conviction rose to 36 percent from 26 percent, while support for acquittal increased to 27 percent from 16 percent.

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The nearly equal gains show that younger Filipinos are moving toward more definite positions without converging on a common preferred outcome.

Among those aged 35 to 44, support for acquittal increased to 33 percent from 19 percent. For respondents aged 65 to 74, support for conviction rose to 27 percent from 18 percent.

The results indicate that the shift away from an evidence-first position is not translating into uniform support for either side. Instead, preferences are developing differently across age groups.

Urban-rural, education gaps

The survey also found growing differences between urban and rural respondents, whose views were nearly identical at the start of the trial.

In urban areas, support for conviction increased to 25 percent from 16 percent. In rural areas, support for acquittal rose to 30 percent from 21 percent.

Educational attainment also emerged as a dividing line. Among college-educated respondents, support for conviction nearly doubled to 32 percent from 17 percent.

Class E, which recorded the strongest preference for acquittal in the July survey, registered the highest proportion favoring conviction among the socio-economic classes in the third quarter, at 32 percent, up from 13 percent.

These shifts suggest that public opinion on Duterte’s impeachment is becoming more differentiated across social and demographic groups, even as a substantial share of Filipinos remains unwilling to commit to a verdict.

Public opinion, trial

The survey was conducted from September 28 to October 4, roughly three months after the Senate impeachment trial opened on July 6.

During the fieldwork, the Senate impeachment court was hearing Article II of the Articles of Impeachment, which alleges that Duterte acquired unexplained wealth.

Proceedings covered her alleged corporate ties and undeclared assets, including testimony from government officials and Davao City Mayor Sebastian Duterte, the Vice President’s brother, who testified on September 29 and was declared a hostile witness.

The court also heard testimony concerning properties linked to her husband, Manases Carpio. A dispute involving Anti-Money Laundering Council documents marked the October 1 session, which ended early.

The survey results do not capture subsequent developments in the proceedings. These include the start of testimony on bank transactions involving Duterte and her husband on October 5, as well as the prosecution’s October 13 decision to drop three of the four articles of impeachment and proceed solely on Article II.

The trial is scheduled to resume on November 9.

Octa’s non-commissioned Q3 2026 TNM survey was based on face-to-face interviews with 1,200 adults nationwide from September 28 to October 4. It has a margin of error of plus or minus three percentage points at the 95-percent confidence level, and plus or minus six percentage points for each of the four major geographic areas: NCR, Balance Luzon, the Visayas and Mindanao.

While more Filipinos are starting to favor a particular outcome, Octa said the public remains far from reaching a consensus on Duterte’s political fate. With acquittal and conviction support both increasing, the evidence-first group remains the largest bloc in the country.

AFTER my children passed their toddler years and entered school, I discovered an unexpected gap in my parenting journey, which was nutrition. There seemed to be plenty of advice about feeding babies and toddlers, but much less practical guidance about what growing school-age children needed to stay healthy, energetic and ready to learn.

As a mother and licensed educator, I have always believed that learning begins long before a child opens a textbook.

That is why Abbott’s recent Fast Learners Field Day caught my attention. This gathering, held in Manila, brought families together for interactive activities and an expert-led discussion on nutrition, child development and building strong foundations for learning.

One insight worth exploring is the gut-brain connection. We often associate a healthy tummy with comfortable digestion. Gut health is one part of children’s overall well-being, although it would be too simple to say that one nutrient or product determines how quickly a child learns.

‘A healthy tummy does more than support digestion,’ explained Dr. Gamaliel Tayao, head of medical affairs for Abbott’s nutrition business in the Philippines. ‘It also sends positive signals to the brain that can support mood, behavior, immunity and even learning.’ He discussed Abbott’s research into human milk oligosaccharides, or HMOs, special prebiotics studied for their role in supporting beneficial gut bacteria and immune health.

Abbott reported findings from research on an infant formula containing five HMOs: compared with children receiving formula without those added HMOs, participants had 40 percent fewer healthcare visits and an average of 3.4 fewer sick days. The company also reported differences in early language-related behaviors, including word imitation and understanding everyday phrases. These infant study findings do not guarantee better school performance.

What I especially liked about the event was that learning was something children could experience, not merely hear about. Its Fast Learner Trails invited families to move through three stations, each highlighting a different aspect of growth.

At the first station, children explored creative challenges designed to encourage imagination, problem-solving and confidence. Similac GainSchool highlighted its formulation with added gangliosides, nutrients the brand associates with brain development. But the activity also illustrated something I often share in this column: Play gives children room to experiment, make mistakes and try again. The second station focused on digestive comfort and its relationship to children’s ability to participate in daily activities. It featured Similac TummiCare HW and its Triple Comfort Blend, including partially hydrolyzed whey protein. Parents should discuss persistent digestive symptoms or suspected allergies with their pediatrician rather than choose a formula solely on a promotional claim.

The third station addressed differences in children’s earliest experiences. Babies born by Cesarean section may develop somewhat different early gut-microbe patterns from those born vaginally, although many factors shape the microbiome over time. Abbott introduced Similac Essencia+, formulated with five HMOs, BB-12 probiotics and nucleotides to support gut and immune health.

For me, the larger message is that good parenting means looking at the whole child. We cannot separate physical comfort from emotional security, or curiosity from the confidence to explore.

So what can we do at home? First, build regular meals around variety: vegetables, fruits, protein foods, whole grains and other nutrient-rich choices suited to a child’s age. Second, protect sleep and make time for active play. Third, observe your child and understand that each child is born unique, instead of comparing milestones with classmates or siblings. Finally, ask what made your child curious and want to learn today.

As parents, we can also invite children into the kitchen, and even in grocery shopping. Let them choose colorful vegetables, help prepare a simple baon or talk about how different foods help the body. Let nutrition be part of the bonding time with our child by searching healthy recipes online. Nutrition becomes less of a lecture and more of a shared family purpose.

If a child has limited food preferences, recurring tummy discomfort or growth concerns, professional advice can help families identify what is needed. Supplements and specialized milk formulas may have a place for some children, but they are not substitutes for varied meals, responsive parenting, or appropriate medical guidance.

As parents, we can ask more questions about nutrition when our children first enter school. We can stay curious, seek reliable guidance and observe.

Our goal is not to raise children who learn the fastest. It is to nurture children who are healthy enough to explore, secure enough to ask, and confident enough to keep trying. When we nourish both their bodies and their curiosity, we help them discover a lifetime of joy and possibilities.

THE call for a Deaf-inclusive 2027 national budget is more than a request for government support. It represents years of collective advocacy by Deaf Filipinos, hearing allies, civil society organizations, and policy advocates working to translate the recognition of linguistic rights into meaningful government action.

The proposed General Provision on Filipino Sign Language (FSL) for the 2027 General Appropriations Act (GAA) is the product of sustained collaboration among the Filipino Sign Language National Network (FSLN2), the broader FSL National Network, and the Social Watch Philippines (SWP) Secretariat through its Alternative Budget Initiative (ABI). This partnership demonstrates how grassroots advocacy and organized civil society engagement can bring the concerns of marginalized communities into national budget deliberations.

The proposed FSL General Provision has undergone annual revisions through the lobbying efforts of FSLN2 and SWP-ABI for the 2023-2026 GAAs, although it was not included in the 2024 GAA. These efforts have involved engagement with legislators in both the Senate and the House of Representatives who champion disability-related legislative concerns. More recently, the campaign has gained urgency amid corruption controversies and legislative changes affecting transparency, civil society participation, and public accountability.

At its core, the proposal seeks to strengthen the implementation of Republic Act 11106, or the Filipino Sign Language Act of 2018, which recognizes FSL as the national sign language of the Philippines and the official sign language of government. The proposed provisions emphasize interagency policy coordination, accessible public services, clearer budget reporting, auditing mechanisms, and implementation monitoring. Rather than focusing solely on securing substantial new appropriations, the initiative seeks to ensure that existing government systems explicitly recognize and address Deaf people’s accessibility needs.

The broader principle is clear: legal recognition alone does not guarantee accessibility. Rights must be reflected in policies, budgets, institutional responsibilities, and measurable accountability. Deaf Filipinos must have equitable access to education, healthcare, justice, employment, information, and public services in their own language. As deliberations on the 2027 GAA continue, legislators, government agencies, civil society organizations, disability advocates, and institutional leaders are called upon to support the proposed General Provision on FSL. Policymakers must work toward its inclusion in the final national budget, while implementing agencies must commit to clear responsibilities, measurable timelines, transparent reporting, and effective monitoring. Deaf organizations and their allies are also urged to sustain collective advocacy and demand meaningful Deaf participation throughout implementation.

n Dr. Leonides D. Sulse is a Filipino Deaf Full Professor and Research Coordinator at the De La Salle-College of Saint Benilde (DLS-CSB) School of Deaf Education and Applied Studies (SDEAS) with over 25 years of tertiary teaching experience, specializing in Deaf education, curriculum development, organizational leadership, and research.

The Philippine peso could weaken further until early 2027 and may fall to as low as P65 against the dollar, which could raise the cost of fuel, power, transportation, fertilizer, medicines and imported food inputs, such as wheat and feed grains, an economist warned.

When asked if the depreciation of the peso will be prolonged, Ateneo de Manila University (ADMU) economist Leonardo A. Lanzona Jr. told the BusinessMirror: ‘Yes; likely until early 2027.’

Lanzona said the pressures are external and structural: high oil prices, a strong dollar, and a widening import bill ‘driven by an economy that imports much of what it consumes.’

‘Until the country produces more of its own goods and food, the peso stays vulnerable to every global shock,’ he also told this newspaper.

On Wednesday, the Philippine peso slumped to a new record low of P63.361 against the dollar, 27 centavos weaker than its P63.09 finish against the greenback on Monday and Tuesday, data from the Bankers Association of the Philippines (BAP) showed.

Explaining the consequences of the prolonged slide of the local currency, Lanzona noted that sustained depreciation ‘raises the cost of fuel, power, transport, fertilizer, medicines, and imported food inputs such as wheat and feed grains.’

This, he said, erodes household purchasing power and squeezes firms with dollar debts.

‘Because so much of what Filipinos eat and use is imported, a weak peso passes quickly into everyday prices,’ Lanzona said.

Lanzona said the peso could fall within the range of P63.5 to P65.5 per dollar by early 2027, with P64 to P65 as the ‘most likely zone.’

‘The peso is under pressure from high oil prices, a strong dollar, and a wide import bill, and the BSP has signaled it will not use reserves to defend a specific level,’ he said.

This, he said, ‘skews risks’ toward further weakness, so P65 is ‘within reach.’

Lanzona said a rebound toward P62 to P63 would require a de-escalation in the Middle East and lower oil prices, which he said he considers ‘the less likely outcome.’

As to the speed and size of pass-through effect from a weak peso to domestic inflation, Lanzona explained to this newspaper: ‘Fuel prices adjust within one to two weeks; imported food and goods within three months, and broader inflation builds over two to four quarters.’

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As a ‘rough rule of thumb,’ Lanzona shared his estimate, which pointed out that an official figure said, ‘A 10-percent depreciation adds about 1 to 2 percentage points to inflation over a year.’

However, he said the impact is larger now because oil is also high and inflation expectations are elevated, which is why he stressed that ‘import substitution matters.’

What the BSP can do

With the recent weakening of the local currency past the P63-per-dollar level, Lanzona said the BSP can keep rates ‘credible’ against the United States Federal Reserve and ‘smooth disorderly moves.’

However, he said the central bank ‘cannot reverse an oil and dollar shock with rates and reserves alone.’

‘The lasting remedy is production: invest in agriculture, food processing, and manufacturing so we import less,’ he said.

Moreover, Lanzona pointed out that remittances ‘will no longer be the solution, since they cannot close the trade gap, and about 2.4 million overseas workers are in the Middle East,’ which is the region at the center of the current shock.

‘Persistent’ demand

With the peso closing at P63.361 on Wednesday, a new historic low, John Paolo R. Rivera, Senior Research Fellow at Philippine Institute for Development Studies (PIDS), explained that this reflects ‘persistent’ dollar demand, global financial uncertainty, elevated oil prices and ‘growing concerns’ over the country’s external position, particularly the widening balance-of-payments (BOP) deficit.

‘Continued depreciation could raise import costs and add to inflationary pressures, especially for fuel, food and transportation,’ added Rivera.

Meanwhile, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), explained that the peso already weakened by a total of +9.9 percent ‘since the war in the Middle East started on February 28, 2026.’

Among the factors behind the peso’s slump to a new record low was the Brent crude oil price which breached the $110-per-barrel mark recently, which he said was at five-month highs.

Jonathan L. Ravelas, senior adviser at Reyes Tacandong and Co., said ‘Fed hike risks are keeping USD/PHP elevated and market waiting for Bangko Sentral ng Pilipinas’ [BSP] policy meeting.’

‘Next resistance is 63.50,’ added Ravelas.

Within Wednesday’s trading session, the peso hit a new record intraday low of P63.373 against the dollar while its strongest point was at P63 against the greenback.

A familiar world. Three connected communities. And a teaser that leaves one question hanging: what is coming to CABAL?

Combo Interactive, the publisher behind CABAL: Infinite Combo and CABAL: Ultimate Combo, is stirring curiosity across Southeast Asia. With the Philippines, Thailand, and Indonesia all part of the picture, the first clues point toward something shared but offer no clear answer about what it could be.

For Cabalistas, that leaves plenty of room for speculation.

What connects the three countries? What should players be looking for in the teaser? And could the smallest detail hold the biggest clue?

Every Detail Raises a Question

The teaser offers a glimpse, but keeps the wider story hidden.

A closer look might spark a new theory. A second viewing might change it entirely. Until more is revealed, players are left to piece together what they have seen and decide what it could mean.

Is there a clue others have overlooked? Do guildmates share the same prediction or see something completely different?

For now, the questions are part of the intrigue.

Three Communities, a Shared Curiosity

Across the Philippines, Thailand, and Indonesia, Cabalistas have their own stories, rivalries, and reasons for playing. This mystery gives them something new to share.

For longtime players, it is another reason to reconnect with guildmates and revisit what keeps them invested in the world of CABAL. For those watching from the sidelines, it is an invitation to take a closer look.

The full picture remains hidden, but the conversation can begin.

What Is Your Theory?

Watch carefully. Compare notes. Share your predictions.

Further clues and details will be shared through official announcements. Until then, one question remains:

EXCITEMENT filled the Philippine Olympic Committee (POC) General Assembly on Thursday as medalists in last month’s Aichi-Nagoya 20th Asian Games were rewarded with the latest iPhone 18 models at the East Ocean Palace in Parañaque City.

‘I’m very thankful I have a new iPhone that I can use…but I will keep my old phone,’ said Jeus Yape in taekwondo, one of the country’s three gold medalists in Nagoya in virtual taekwondo.

‘I will give this iPhone Pro Max to my wife when I come home to Kalinga,’ said MMA silver medalist Jean Claude Saclag, referring to his nurse wife Rochelle.

POC President Abraham ‘Bambol’ Tolentino thanked SportsPlus for providing a total of 49 of the 53 iPhones 18 512gbs-three iPhone Duo for the three gold medalists, 11 iPhone Pro Max for the silver winners and 35 iPhone Pro for bronze medalists-as reward for their valuable effort.

‘All the athletes that won a medal here are so happy to get a new iPhone 18 model through the help of SportsPlus, and we are all thankful for their generosity,’ Tolentino said. ‘That is a total of P7 million because even all members of team sports that won a medal have an iPhone each.’

The Philippine delegation harvested a total of 29 medals-two golds from Paris Olympics double gold medalist Carlos Yulo of gymnastics and one gold from EJ Obiena in pole vault, and nine silvers and 16 bronze medals in Nagoya.

Except for Yulo and younger brother Karl Eldrew who are presently competing in the World Artistic Gymnastics Championships in The Netherlands, and Obiena, who’s back training in Athens, and Alex Eala, who’s competing in the WTA500 Ningbo Open in China, all medalists got their iPhones.

The gold medalists will also receive P2 million cash incentives each from the government through the Philippine Sports Commission (PSC).

The nine silver winners will have P1 million each while the bronze medalists will get P400,000 each.

‘Feeling so blessed with this reward.’

The Genaral Assembly, meanwhile, granted regular POC membership to Pilipinas Climbing, Philippine Kabaddi Federation and Philippine Mixed Martial Arts Federation.