Category: Business Mirror

PRESIDENT Marcos on Wednesday morning ordered immediate relief and rehabilitation efforts in Northern Cebu, which was hit by a 6.9 magnitude earthquake on Tuesday night.

The Office of Civil Defense reported that 26 people have been reported killed, 19 in Bogo City, five in the town of San Remigio, and one each in Tabuelan and Medellin.

OCD said 147 people were also reported injured.

Marcos ordered concerned government agencies to deploy immediate aid and emergency funds in the areas of the island province.

Hours after the quake hit, Social Welfare Secretary Rexlon T. Gatchalian, Public Works Secretary Vivencio B. Dizon, Trade Secretary Ma. Cristina A. Roque flew to the province to coordinate government support, according to the Presidential Communications Office (PCO).

Marcos also directed the Department of Health (DOH) to check the status of the personnel of the medical facilities, which are near the affected areas, so they can assist the quake victims.

‘Doctors, nurses, and staff of the DOH Vicente Sotto Memorial Medical Center (VSMMC) and the DOH Cebu South Medical Center (CSMC) have reported back on their safety. They are now deploying medical teams to nearby areas, especially in Bogo City itself,’ PCO said.

PCO said the Department of the Interior and Local Government has also mobilized personnel of the Bureau of Fire Protection and the National Police (PNP) to help search and rescue operations, as well as to prevent looting and maintain order.

The Department of Social Welfare and Development (DSWD) said it has P379 million in standby funds and has 2.4 million boxes of family food packs (FFPs) prepositioned nationwide, which can be tapped to provide relief to the affected areas.

Of the food packs, 300,000 are spread all over Cebu and ready for immediate distribution, Gatchalian said.

For its part, the Department of Budget and Management (DBM) said the agencies that are responding to the recent disaster may use their Quick Response Funds (QRF) to provide urgent relief and recovery initiatives.

It noted that agencies may seek replenishment from the DBM once their QRF balance has been reduced to at least 50 percent.

The Philippine Institute of Volcanology and Seismology (Phivolcs) said the magnitude 6.9 tremor struck at 9:59 p.m. on September 30, with its epicenter located 21 kilometers northeast of Bogo City.

The quake was initially reported as a magnitude 6.7 before being upgraded to 6.9. It had a depth of five kilometers and was tectonic in origin.

The Department of Health (DOH) has deployed medical teams to Bogo City, Cebu, following the magnitude 6.9 earthquake on Tuesday night.

Health Secretary Teodoro Herbosa said that the first batch of the emergency response team came from Vicente Sotto Memorial Medical Center (VSMMC) in Cebu City.

In addition, the DOH Cebu South Medical Center (CSMC) on Wednesday has also deployed medical teams not only in Bogo City but in nearby areas.

The DOH Centers for Health Development (CHDs-regional offices) in Central and Eastern Visayas have reported back and are now coordinating with their regional counterparts of the Office of Civil Defense (OCD), Herbosa said.

Meanwhile, the Red Cross (PRC) has mobilized its ambulances from Cebu, Bogo, and Masbate to assist those affected by the earthquake.

The PRC said that its volunteers continue to respond on the scene to provide essential medical care.

Lt. Gen. Jose Melencio Nartatez, Jr., acting National Police (PNP) chief, on Wednesday ordered the mobilization of all personnel and resources to maximize the assistance to all affected residents after Tuesday night’s magnitude 6.9 earthquake that jolted the province of Cebu.

Aside from responding to the needs of the affected residents in coordination with local governments (LGUs), Nartatez said policemen were tasked to help secure establishments and vital infrastructure that may have been compromised as a result of the strong earthquake to ensure public safety.

‘Our personnel on the ground were among the first responders, and we assure the people of Cebu that we will extend all the necessary assistance- from securing affected establishments to attending to the needs of the local residents,’ said Nartatez.

The order is in line with Marcos’s directive to ensure fast and reliable government assistance to those in need.

Nartatez directed Police Regional Office (PRO) 7 (Central Visayas) to immediately activate its Disaster Incident Management Task Group and submit a comprehensive report on the impact of the earthquake that struck the Visayas.

He further instructed PRO7 to provide real-time updates to the National Headquarters, particularly on the extent of damage, affected communities, and the operational response being undertaken on the ground.

Nartatez also emphasized the immediate accounting of deployed personnel, logistics readiness, and the conduct of Rapid Damage Assessment and Needs Analysis (Rdana).

Aside from the province of Cebu, police units in other affected provinces were also instructed to coordinate with the LGUs for any response.

‘We are closely monitoring the development on the ground to maximize police assistance in areas where additional manpower and your PNP is needed,’ said Nartatez.

With the strong magnitude and with reported damage on some establishments, Nartatez said they will place on standby personnel from the Engineering Service for technical assistance to the proper authorities.

‘Our Engineering Service will be on standby for possible rendering of assistance in the structural integrity inspection of buildings and establishments,’ said Nartatez.

Police stations and establishments, he said, will be inspected as part of the efforts to ensure the safety of PNP personnel in Cebu.

He said police forces in the entire province of Cebu were also ordered to keep all their communication lines open for any request for assistance.

Nartatez underscored the importance of close coordination with LGUs, the National Disaster Risk Reduction and Management Council, and other government agencies to ensure a unified and effective disaster response.

He also reminded the regional office to support local evacuation efforts, secure affected areas, and keep the public properly informed through official advisories.

Additional resources from the National Headquarters and nearby regions are on standby to reinforce PRO7 in safeguarding communities and restoring normalcy at the soonest possible time.

‘Kagabi pa ay tumulong ang PNP at nagpadala tayo ng augmentation force para tumulong sa search and rescue [operations] sa mga apektadong lugar (As early as last night, the PNP deployed an augmentation force to help in search and rescue operations in affected areas,’ Central Visayas police chief Brig. Gen. Redrico Maranan said.

DE LA SALLE University scrambled past Far Eastern University (FEU), 74-72, to return to the win column of the University Athletic Association of the Philippines Season 88 men’s basketball tournament on Wednesday at the University of Santo Tomas (UST) Quadricentennial Pavilion.

The Tamaraws had a golden opportunity to tie the game when Jorick Bautista found himself wide open for a baseline layup, but the shooting guard misfired with seven seconds left.

De La Salle burned the remaining time to snatch their second win in three games for solo fourth place in the standings and bounce back from their previous loss to UST.

‘Coming off a loss you really want to win,’ Green Archers deputy coach Caloy Garcia said.

‘We had a part in the game where we’re playing really, really well but in the UAAP, you cannot say that you’re going to have an easy win.’

‘FEU came back in the fourth and we just have to figure out our struggles in the fourth quarter,’ he added.

The Green Archers, who also went through the wringer before beating the Adamson University Soaring Falcons in their season opener, now brace for a showdown with the Ateneo Blue Eagles on Sunday.

FEU trailed 51-64 entering the fourth but clawed back to 69-70 with 2:25 left through Mo Konateh, Janrey Pasaol, Bautista and Jedric Daa.

But Mason Amos and Doy Dungo delivered back-to-back baskets to stretch De La Salle’s lead to 74-69 with 1:32 remaining.

Bautista answered with a clutch triple at the 54.4-second mark to trim it to 72-74, only to miss what would have been the game-tying layup in the dying seconds.

‘I stepped up because the team needs everyone to do so,’ said Dungo, who delivered up in the absence of Kean Baclaan (sprained ankle).

Dungo, a former UST Tiger Cub, showed his comfort inside the Quadricentennial Pavilion by scoring 17 points on 7-of-11 shooting to lead De La Salle.

Amos added 14 points, four assists and three rebounds, while Jacob Cortez also tallied 14 points with four assists and three boards.

EJ Gollena chipped in 13 points and eight rebounds, half of them on the offensive glass, while Mike Phillips, despite being limited to six points on 1-of-7 shooting, anchored the Archers with 13 rebounds and nine assists.

The Tamaraws fell to 0-3 joining idle University of the East at the bottom of the standings.

Pasaol paced FEU with 25 points, five rebounds and four assists, while Konateh contributed a double-double of 14 points and 10 rebounds, Kirby Mongcopa posted 13 points and seven boards and Bautista finished with 10 points.

FEU will try to break into the win column when it faces Adamson University on Sunday at 1:30 p.m. at the SM Mall of Asia Arena.

The National Task Force to End Local Communist Armed Conflict (NTF-ELCAC) has backed a proposal to extend the amnesty program for former rebels until 2028 due to the sheer number of pending applicants.

Based on the latest data from the National Amnesty Commission (NAC), there are currently 4,269 people as of 19 September 2025, 4,269 former rebel0, who have applied for the amnesty program which is set to lapse on March 13 of 2026.

‘Then, we got an information from the Task Force Balik-Loob wherein they informed us that they have a total of 50,000 potential applicants and we have the remaining six months to receive the applications,’ National Amnesty Commission Chairperson Leah Tanodra-Armamento said in a press briefing in Malacañang last Wednesday.

The National Task Force to End Local Communist Armed Conflict (NTF-ELCAC) Executive Director Ernesto C. Torres Jr. said the proposal is now under review.

‘Its approval [is] held in abeyance pending further review of the Office of the President, so that this status on that,’ Torres said.

Armamento hopes to extend the amnesty program for two years or until 13 March 2028 with the support of Congress.

‘The reason for that is that when a proclamation for amnesty is issued by the President, we have to ask congress for concurrence. So, if we want that-we only ask one more time from Congress so that it will be too much of an effort from the part of the National Amnesty Commission,’ she said. The NAC has recommended to President Ferdinand Marcos the granting of amnesty to only 9 former rebels.

In a statement, the Office the Presidential Adviser of the Peace Process announced that Marcos has approved the recommendation of the NAC, which covered eight former members of the Communist Party of the Philippines – New People’s Army – National Democratic Front (CPP-NPA-NDF) and one former member of the Moro Islamic Liberation Front (MILF). The slow pace of the approval of the amnesty applicants was due to the large number of NAC members, who must sign the certificate of amnesty including the secretaries of Justice, Interior and Local Government, National Defense as well as the Presidential Adviser on Peace Process.

Most of the said NAC members conduct their own review and vetting process for the applicants. This results in an approval process which can take from a week to as long to two months.

Marcos authorized the granting of amnesty to members of the Rebolusyonaryong Partido ng Manggagawa ng Pilipinas/Revolutionary Proletarian Army/Alex Boncayao Brigade (RPMP-RPA-ABB), CPP-NPA-NDF, MILF, and Moro National Liberation Front (MNLF) through four proclamations, which he issued in 2023. (Samuel Medenilla)

DigiPlus Interactive Corp., the country’s premier digital entertainment provider behind BingoPlus, ArenaPlus, and GameZone, today announced a landmark partnership with Philippine First Insurance Co. Inc. (PhilFirst), the country’s first domestic insurance company.

Together, they have introduced the Philippines’ first-ever surety bond program for online gaming players – setting a new benchmark in player protection. The program takes effect immediately.

For players, this means more peace of mind every time they log in, as long as their eKYC (electronic Know-Your-Customer) information is up to date and they continue to play within the platform’s guidelines. Whether it’s a casual gamer or a loyal fan celebrating a big win, they can enjoy BingoPlus, ArenaPlus, and GameZone knowing their wallets and balances are even better protected.

Through this initiative, eligible players benefit from an added financial safeguard. The surety bond protects player balances of up to ?1 million per player, without requiring customers to purchase a separate policy.

‘DigiPlus is proud to be the first in the industry to roll out this level of consumer protection,’ said DigiPlus Chairman Eusebio H. Tanco. ‘We are committed to putting our players first. With this surety bond, they can play confidently on BingoPlus, ArenaPlus, and GameZone, knowing that their funds are safeguarded.’

How does the DigiPlus surety bond work?

Eligibility: Players must be eKYC-verified, have made at least one successful deposit, and be in good standing within the platform’s guidelines.

Coverage: The surety bond safeguards player wallets and balances up to ?1 million per player.

Activation: Protection is in place immediately and applies automatically for all eligible players across BingoPlus, ArenaPlus, and GameZone.

This latest measure strengthens DigiPlus’ commitment to reliable customer service and protection, adding the surety bond to its 24/7 customer support and 130+ physical BingoPlus stores nationwide, which already serve as convenient and trusted outlets for players.

With the addition of the surety bond, DigiPlus continues to raise industry standards – delivering not only engaging and innovative gaming offerings but also a stronger guarantee of trust, security, and peace of mind for its customers.

THE Shareholders Association of the Philippines (Sharephil) has partnered with the Securities and Exchange Commission (SEC), among other organizations, to launch a project the group expects would equip retail investors and shareholders with tools to make informed investment decisions.

In a ceremony held last Wednesday, Sharephil officers turned over the first batch of its educational videos to SEC Chairman and CEO Francis E. Lim. They also signed a memorandum of understanding with representatives of partner groups. The goal of the project is to have a digital library for the SEC to educate the public.

The partners include the Capital Markets Development Foundation Inc., the Finex Research and Development Foundation, the Philippine Stock Exchange, the Management Association of the Philippines, the Philippine Institute of Certified Accountants and the Junior Achievement of the Philippines Inc.

Citing a study by the Boston Consulting Group, Sharephil President Conrado F. Bate said the number of mass affluent Filipinos, or those at least $100,000 or around P5.8 million in wealth, is expected to almost double to 48 million, with GDP-per-capita reaching around $6,500, by 2030.

‘This means millions more Filipinos will soon have the savings and appetite to invest. And with the right knowledge and values, Filipinos can turn this opportunity into lasting success,’ Bate said. ‘Our goal is simple: to give every Filipino access to high-quality, easy-to-understand materials that guide them on their investing journey.’

The digital library will contain a collection of educational videos and short reels that explain investing concepts in a clear and practical manner. Topics of the videos include getting started with investing, understanding equities and building a future ready portfolio.

The videos are designed especially for self-directed investors and young professionals who want to take control of their financial future with trustworthy guidance.

‘The library is not just about the basics; it’s also about building good investing habits like patience, discipline, and a long-term mindset. It will be a living resource, continuously updated so it remains relevant and accessible to anyone, anytime,’ Bate said.

Lim expressed he’s ‘personally excited that Congress is now looking at bills to make financial literacy a mandatory subject for our high schools or college students.’

The latter, he added, is his ‘personal advocacy back in my PSE days.’

‘As SEC chair, I will wholeheartedly support this initiative. Just imagine: a whole generation growing up fluent in the language of savings, investing, and planning for the future,’ Lim said.

Trinasolar International Systems Business Unit (ISBU), the project development arm of China’s Trinosolar Co. Ltd., signed a 20-year power purchase agreement (PPA) with AdventEnergy Inc., the retail electricity supply arm of Aboitiz Power Corp., for the 49.9-megawatt alternating current (MWac) Mabini solar project in Pangasinan.

The solar power project is scheduled for commercial operations in the third quarter of next year and is expected to generate 110.84 gigawatt hours (GWh) of electricity in its first year, equivalent to the annual energy consumption of over 24,000 households. This project is expected to reduce 76,549 tons of carbon dioxide emissions annually.

The Mabini solar project earlier secured a green lane certification from the Board of Investments (BOI). The certification aims to fast-track permitting and licensing for strategic energy investments.

‘The Mabini Solar Project shows what can be achieved through strong cooperation between the Advent and Trinasolar,’ said Trinasolar ISBU Southeast Asia Country Manager Derek Wang. ‘Together, we are advancing the country’s renewable energy goals and creating lasting value for local communities.’

Wang signed the PPA with AdventEnergy Assistant Vice President for Retail Operations Rence Pazcoguin, Vice President for Retail Operations and Portfolio Management John Davis Mangubat, President James Byron Yu.

‘We look forward to working hand-in-hand with Trina Solar as we bring a stronger and more sustainable energy future to our customers and deliver lasting impact to the industries we serve,’ said Yu.

Filipino renewable energy (RE) developer Spotlight Power, Inc. is the developer of the Mabini solar power project, with support from Trina Solar.

Last March, AboitizPower said it has set aside P78.1 billion for capital expenditures (capex) this year, majority of which will be used to expand its renewable energy (RE) portfolio, aligning with its goal of increasing its clean energy capacity to 4,600 MW by 2030.

The company said it will continue to make huge bets on RE. Last year it set aside 72 percent of its capex budget of P73 billion for clean energy projects.

These include the 159-MWp Laoag solar project in Pangasinan, the 17-MW Tiwi binary geothermal plant in Albay, the 45-MWp Armenia solar project in Tarlac, and the 173-MWp Calatrava solar project in Negros Occidental.

The National Food Authority (NFA) is seeking about P3 billion in additional funds to rent private warehouses and buy more unmilled rice following the damage caused by recent typhoons.

NFA Administrator Larry Lacson said Malacañang is expected to issue an executive order ‘soon’ that will authorize the release of the budget under emergency procurement.

‘We already discussed this with the Department of Agriculture last week.it’s now in Malacañang. I think they’re polishing it.It’s not within the year. It’s the soonest possible time,’ Lacson told reporters on Tuesday.

He said NFA warehouses are already ‘almost full,’ making it difficult to expand procurement without additional government support.

‘Right now, to be honest, we don’t have funds for renting warehouses because the NFA as a [government-owned or -controlled corporation] relies only on rice sales to cover expenses. And our expenses are bigger than the money coming in.’

Lacson said the situation has been compounded by recent storms that left some NFA facilities with minor damage. In Masbate, one warehouse had its doors blown off, while several warehouses in Region 8 reported leaks.

The NFA compound in Occidental Mindoro was also flooded, although no significant stock losses were recorded.

He described these as ‘minor repairs,’ but noted they added pressure to free up storage space for new procurement

To address this, NFA has instructed its field officers to identify private warehouses in every region that can be rented.

In 2024, the agency reported 288 warehouses nationwide, 136 of which underwent repairs earlier this year.

Palay purchases

With the new order, Lacson also said the NFA’s procurement of wet season palay could rise by 8 percent, higher than the 5 percent it usually manages under regular conditions.

He noted, however, that the impact on traders’ prices will be limited-‘probably in some areas’ and only ‘spot by spot.’

Still, he said ‘at least with the additional 3 percent, more farmers will benefit than if there was no intervention.’

The mandate will also allow NFA to purchase storm-damaged palay, which farmers often cannot sell.

Lacson said, however, that the agency would still prefer to buy dry palay since the agency lacks drying facilities.

NFA currently buys dry palay at P23 per kilo and wet palay at P17 per kilo, although prices can change depending on market conditions.

He assured farmers that the agency will not buy palay at single-digit prices.

‘That will not happen. The national government, the NFA in particular, will not do that. Because we would like to really help our farmers that are in distress right now. Their situation is already very difficult. We will not buy at a single-digit price per kilo, definitely not.’

Floor price

Lacson added that there is also a ‘good chance’ the executive order will include the establishment of a floor price for palay, in line with President Marcos’ directive to prevent traders from taking advantage of farmers during harvest season.

The floor price will be set per province to reflect differences in local costs.

‘The DA has already directed its regional field offices to compute the local production cost. Because each province has a different production cost. So that’s the first step-to determine the production cost of every area. And then we can set, from that production cost, what would be the acceptable floor price so our farmers won’t incur losses.’

The average price of nickel could inch up to $15,400 per metric ton (MT) this year on the back of stable demand and a weakening dollar, according to a research firm.

BMI, a unit of Fitch Solutions, recently adjusted upward its nickel price forecast from $15,000 per MT. Indonesia’s policies, however, remain a downside risk.

‘We now hold a more optimistic outlook for [the second half of] 2025 than previously, with prices set to hold firm for the remainder of the year,’ BMI said. ‘[This will be] underpinned by Fed optimism and persistent policy-driven turbulence in Indonesia, alongside broadly stable demand conditions.’

‘That said, we remain cautious as Indonesia’s ongoing capacity additions are a key headwind that continues to skew risks to our outlook to the downside.’

Despite lowering this year’s global nickel demand growth forecast due to softer global growth and heightened trade risks, the research firm expects the market to remain solid, a development that is expected to benefit Philippine nickel exporters.

‘Demand is expected to remain solid, underpinned by expanding stainless steel output and the rise in electric vehicles (EVs), led by leading global consumer Mainland China.’

Meanwhile, BMI said nickel quotations could continue to face downward pressure beyond 2025, ‘seeing more moderate growth than previously anticipated due to the continued surge in Indonesian nickel production.’

In particular, the research firm lowered its projection for the average price of nickel in 2029 to $18,000 per MT, from its initial outlook of $21,500 per MT as the market remains oversupplied.

‘Recent nickel smelter curtailments and suspensions outside Indonesia underscore the long-term nature of these market pressures.’

BMI also noted that Indonesia presents the ‘greatest source of uncertainty’ for the refined nickel market in the longer term.

‘Ultimately, the pace at which the country is able to ramp up refined nickel production capacity will determine how well supplied the global market is in the coming decade,’ the BMI said.

‘Simultaneously, evolving battery chemistries introduce another layer of uncertainty, potentially reshaping nickel demand patterns in the clean energy sector.’

Maynilad Water Services Inc., which is mulling over its initial public offering (IPO) in November, said it will submit its final prospectus this week to reflect the changes in its registration statement.

The change may include a lower share price and the increase in its cornerstone investors, according to Ramoncito S. Fernandez, Maynilad president and CEO.

He said the cornerstone investors in its maiden offering are already ‘committed.’

‘The progress is promising. And we will file the final prospectus by this Friday. The market is bad. but we are putting in a very successful and incredible story,’ Fernandez said.

According to its latest prospectus, Maynilad’s cornerstone investors include International Finance Corp., the Asian Development Bank and Security Bank Corp.- Trust and Asset Management Group.

Maynilad offer consists of 1.66 billion common shares of primary offer, 24.9 million in preferential offer, with an overallotment option of 249.04 million shares and an upsize option of 354.7 million in secondary common shares. The deal is priced up to P20 per share, but agreements with the cornerstone investors may not push through if the price falls below P15 apiece.

The Securities and Exchange Commission (SEC), meanwhile, has granted the first Philippine Green Equity label to Maynilad, pursuant to the new guidelines issued by the agency to further promote sustainable finance.

In a letter to the company dated September 26, the SEC Markets and Securities Regulation Department confirmed that Maynilad has sufficiently established and demonstrated its compliance with the requirements under the Guidelines on Philippine Green Equity, subject to its continuing compliance with the guidelines.

The green equity guidelines allow publicly listed companies and companies preparing to go public that generate a significant portion of their revenues from, and direct majority of their investments toward, green activities, to distinguish themselves from other issuers through the use of the Philippine Green Equity label.

Under the guidelines, companies intending to carry the Philippine Green Equity Level must be listed on the Philippine Stock Exchange (PSE) or preparing to go public, with more than 50 percent of their revenues and investments (sum of capital expenditure and operating expenditure) earned from or directed toward green activities. Such activities must meet the eligibility criteria of the Philippine Sustainable Finance Taxonomy Guidelines (SFTG) or the Asean Taxonomy for Sustainable Finance (ATSF). Companies’ revenues derived from fossil fuels must also be limited to less than 5 percent.

Based on the assessment report of an external reviewer submitted to the SEC, Maynilad derived 100 percent of its revenues from green activities, such as water supply, wastewater treatment, sanitation services, and installation of new water service connections, in line with the minimum 50 percent requirement as provided under the guidelines.

Assuming that overallotment option and preferential offer are fully subscribed, Maynilad could net up to P37.38 billion from the IPO, but proceeds could be upsized up to P50 billion.

The offer will run from October 23 to 29, with the shares expected to be listed on the main board of the PSE on November 7, according to the latest timeline it submitted to the SEC.

Fortune Life Insurance Company proudly stood alongside the Alliance of Non-stock Savings and Loan Associations (ANSLI) as a Gold Sponsor in commemorating its 10th Anniversary held on September 5-6, 2025, at the Clark Marriott Hotel, Pampanga.

The two-day convention and celebration marked a decade of ANSLI’s dedicated service to its member associations and partners. Fortune Life joined the festivities through an engaging booth experience and exciting corporate giveaways, adding warmth and energy to the milestone event.

Representing Fortune Life, AVP for Corporate Communications Floreda Constantino joined ANSLI’s esteemed Board of Trustees, led by its President and Chairman of the Board, Atty. Lucas Managuelod (Ret.), FICD for a commemorative photo opportunity, symbolizing the enduring partnership between both organizations.

Fortune Life reaffirms its commitment to supporting associations, such as ANSLI, that uplift lives and promote financial security. We look forward to deepening our collaboration and continuing to serve communities with dedication and purpose.

Fortune Life is part of the ALC Group of Companies, founded by the late Ambassador Antonio L. Cabangon Chua.