Category: Business Mirror

The government would likely exclude imported sugar from the minimum access volume (MAV) scheme next year as the country has ample supply, the Sugar Regulatory Administration (SRA) said.

SRA Administrator Pablo Luis Azcona told the BusinessMirror that the government may not open the MAV for sugar in 2026.

Sugar has been excluded by the Department of Agriculture (DA) in applications for MAV for two years.

‘The way we’re managing our sugar stocks, I don’t think there’s any need for MAV,’ Azcona told this newspaper on the sidelines of a recent Senate hearing on the DA’s proposed budget.

‘We have no shortage, the supply is stable, and the prices are also stable. So for now, I don’t think there’s a need for it.’

The Philippines last allowed sugar MAV in 2023 after the average retail price of refined sugar skyrocketed to P100 per kilo in the latter part of 2022 from P53 per kilo in the previous year as stockpiles were depleted.

Sugar imports within the MAV are levied with a 50-percent tariff while shipments outside MAV are slapped with a 65-percent tariff.

Meanwhile, Azcona allayed concerns regarding sugar shipments, saying that importation is off the table for now.

‘Since milling has started, we will not talk or discuss about importation or plan about importation until May to June [next year] where we have definite production numbers unless there is really a warranted need or a spike.’

‘That is our promise to the farmers: as long as they are milling and we have no definite production numbers, and there is no warranted need, we will not discuss importation at the moment.’

Figures from the SRA showed that the country’s raw sugar output settled at 2.085 million metric tons (MMT) in the previous crop year 2024-2025.

Some 226,693 metric tons (MT) of the 424,000 MT approved import volume under Sugar Order 8 in the same crop year have entered the country as of September 28, based on the latest SRA data.

For crop year 2025-2026, the SRA said raw sugar production could fall to 1.92 million metric tons (MMT) as torrential downpours and pest infestation battered plantations in Negros, which accounts for 65 percent of total output of the sweetener.

However, the agency noted that output in the current crop year may even be lower than the initial forecast owing to the potential impact of red-striped soft-scale insects (RSSI) infestation on yield.

‘It’s an estimate based on the heavy rainfall experienced in the north of Negros, and [there] might be a small drop considering the presence of RSSI,’ Azcona said.

The average price of refined sugar in Metro Manila remains stable at P84.77 per kilo, while raw sugar settled at P76.38 per kilo, latest SRA reports showed.

The Land Bank of the Philippines (LandBank) announced it continues to strengthen its support for farmers and other players in the agricultural value chain with the regional rollout of the ‘Agrisenso Plus’ lending program in this province, bringing low-interest financing and capacity-building support closer to more agricultural communities nationwide.

Over 1,400 farmers from the municipalities of Aborlan, Bataraza, Brooke’s Point, Narra, Quezon, Rizal, and Sofronio Española gathered for the event, reflecting the strong interest of Palawan’s agri communities for accessible and affordable credit assistance, the state-run lender’s statement read.

LandBank President and CEO Lynette V. Ortiz and Bangko Sentral ng Pilipinas (BSP) Director Mynard Bryan R. Mojica led the launch on October 10 at Brooke’s Point Event Center.

They were joined by Brooke’s Point Mayor Cesareo R. Benedito Jr., Narra Mayor Gerandy B. Danao, and national and local partners from the Department of Agriculture (DA), Department of Agrarian Reform (DAR), National Irrigation Administration (NIA), Bureau of Fisheries and Aquatic Resources (BFAR), Agricultural Credit Policy Council (ACPC) and Philippine Crop Insurance Corp. (PCIC).

‘With the continued rollout of the ‘Agrisenso Plus’ nationwide, we are deepening our commitment to empower farmers and other agri stakeholders, including those in far-flung provinces like Palawan. We aim to provide them with the financing, tools, and partnerships needed to strengthen agricultural productivity and build resilient livelihoods,’ Ortiz was quoted as saying in the statement.

Agri financing

DEVELOPED in partnership with the DA, the DAR, the ACPC, the NIA and other private sector partners, the Agrisenso Plus is Landbank’s enhanced value chain-based financing initiative to provide holistic support to agricultural players.

The program offers a fixed interest rate of 4.0 percent per annum for small farmers, fishers, and ARBs, with competitive rates for their associations and organizations, micro, small, and medium enterprises (MSMEs), large enterprises, anchor firms, and agriculture graduates.

Borrowers benefit from simplified documentary requirements, free life and credit life insurance, and expanded access to technical and market support to help boost productivity and profitability.

The Agrisenso Plus is complemented by the Landbank’s Ascend (‘Agri-Fishery Support through Capability Enhancement for Nationwide Development’) initiative, a capacity-building component that provides farmers and fishers with training on digital financial literacy, sustainable agriculture, and enterprise development.

As of August 2025, LandBank has released P1.78 billion in loans under the Agrisenso Plus, supporting over 12,000 borrowers nationwide. The Palawan rollout follows successful launches in Pampanga, Cagayan, Isabela, Batanes, Bukidnon, and Iloilo, with the next rollout scheduled in Negros Occidental later this month.

Strengthening partnerships

THE Agrisenso Plus also connects farmers and fishers to market opportunities through partnerships with anchor firms, such as Kita Agritech Corp., Sarisuki Stores Inc., TAO Foods Co. Inc., Yovel East Research and Development Inc., and Unified Tillers Agriculture Cooperative.

Santeh Feeds Corp. recently joined the roster of the program anchor firms following the signing of a memorandum of agreement with Landbank on October 7.

The partnership will broaden the Program’s reach to aqua farmers nationwide who use Santeh Feeds’ products and services. It aims to boost productivity and strengthen the economic resilience of aqua farmers, while advancing sustainable aquaculture practices across the country.

LandBank remains steadfast in its mission to advance countryside development and ensure food security by scaling up inclusive and sustainable financing for the agriculture sector-empowering rural communities and cultivating growth from countryside to countrywide.

DESCRIBING it as ‘long overdue,’ an assistant majority leader of the House of Representatives on Sunday expressed strong support for Ombudsman Jesus Crispin Remulla’s plan to restore public access to the Statements of Assets, Liabilities, and Net Worth (SALNs) of all government officials, including those of President Marcos former President Rodrigo Duterte, and Vice President Sara Duterte.

Las Piñas Rep. Mark Anthony Santos described the Ombudsman’s initiative as ‘a historic step toward ending secrecy, fighting corruption, and restoring the people’s faith in government,’ emphasizing that public trust can only be rebuilt through openness.

SALNs of public officials were closed to public access by former Ombudsman Samuel Martires, a

Duterte appointee

‘Public office is a public trust. The people have the right to know how their officials manage their wealth and live up to the ethical standards set by law,’ Santos said. ‘I fully support Ombudsman Remulla’s initiative to reverse the restrictive 2020 policy that limited public access to SALNs.’

The 2020 memorandum issued by then Ombudsman Samuel Martires required public officials’ consent before releasing their SALNs-a rule widely criticized for shielding officials from scrutiny.

Santos noted that Remulla’s move upholds Republic Act 6713, or the Code of Conduct and Ethical Standards for Public Officials and Employees, which mandates that SALNs be open to public inspection and copying upon reasonable request.

‘Transparency tools like the SALN system are essential in deterring corruption and rebuilding public trust in institutions,’ Santos said. ‘The government should not hide behind the excuse of data privacy when it comes to accountability. As long as safeguards are in place, there is no reason why the people should be kept in the dark.’

Santos also expressed support for Remulla’s vow to investigate alleged anomalies in flood control projects, saying, ‘That is exactly the kind of leadership we need in the Office of the Ombudsman-no sacred cows, just the truth and the law.’

‘That is exactly the kind of leadership we need in the Office of the Ombudsman,’ Santos said. ‘No sacred cows-just the truth and the law. I look forward to working with Ombudsman Remulla in strengthening institutional integrity and ending impunity in public service.’

Remulla earlier said the SALNs of President Ferdinand Marcos Jr., former President Rodrigo Duterte, and Vice President Sara Duterte may be among those accessible to the public starting next week. He also indicated openness to releasing SALNs dating back to 2016.

THE Maritime Industry Authority (Marina) has launched an intensified inspection campaign all over the country to ensure the seaworthiness of passenger vessels ahead of the expected surge in travelers for the All Saints-All Souls Days commemoration, when Filipinos traditionally visit the graves of their departed loved ones.

The simultaneous inspections, which will run until October 17, involve 14 inspection teams deployed from Luzon to Mindanao. As of October 12, the Marina reported that 132 vessels had already undergone compliance checks under the ‘Intensified Compliance Inspection’ program.

Marina Administrator Sonia Malaluan said the initiative is not a routine activity but part of the agency’s broader ‘Ligtas Biyaheng Dagat’ campaign to safeguard passengers and strengthen the culture of maritime safety nationwide.

‘The safety of life at sea should never be taken lightly. These inspections ensure that every operating vessel is safe, reliable, and compliant with regulations-not just for the Undas period but throughout the year,’ she said.

She noted that ships found with deficiencies during the inspections will be subject to monitoring and follow-up checks.

Malaluan emphasized that the agency will impose punitive actions against vessels or operators that fail to meet safety standards.

OMBUDSMAN Jesus Crispin Remulla is set to release today (Tuesday) the rules that would give the public access to the statements of assets, liabilities and net worth (SALNs) of public officials subject to certain conditions.

President Ferdinand Marcos is ready to release his SALN to the public if it will be allowed by the Ombudsman, according to Malacañang.

This, after newly installed Ombudsman Jesus Crispin ‘Boying’ C. Remulla said he will allow the ‘conditional’ release of the SALNs to the media.

Palace Press Officer Claire Castro said the President will comply with the decision of the Ombudsman, which has the authority over SALN releases.

The said compliance to the Ombudsman, she said, will not only extend to the President, but also other officials of the Executive branch.

‘Whatever is appropriate, whatever the law says, and whatever is best for fighting corruption, everyone in the executive department will obey,’ said in Filipino in a press briefing last Monday.

Remulla also said he would ask the Senate and the House of Representatives to also provide the Ombudsman copies of the SALNs of their members to be included in its files.

Remulla said copies of SALNs will be made available to requesting parties provided that they would sign an undertaking to prevent it from being weaponized.

‘As far as the rules of the SALNs are concerned, we will come up with it by tomorrow. By tomorrow you will get a handle on these rules and we will really make it available, that’s the best and we will start from the President down,’ Remulla said.

‘Our only request is for requesting parties to have an undertaking so all will be responsible from the information we get,’ the Ombudsman said.

During the term of his predecessor, former Ombudsman Samuel Martires, public’s access to SALNs of elected officials was restricted through his Memorandum Circular No. 1.

Under the memo, SALNs were only to be released if the request was made by the government official concerned, or his or her representative; if it was legally ordered by the court in relation to a pending case; and if it was made through the Office of the Ombudsman’s field investigation office for the purpose of a fact-finding probe.

Earlier, former Supreme Court (SC) Associate Justice Antonio Carpio said Remulla should allow the public to have access to government officials’ SALN.

He suggested that private information like residence, the name of children and other details that do not pertain to assets or liabilities be redacted.

Carpio said this move would restore the public’s trust in government in light of various anomalies involving flood control projects.

Remulla, the former Department of Justice (DOJ) secretary, said he may allow the release of the SALNs to media entities, which conduct investigative reports and enter into data sharing arrangements with the Office of the Ombudsman.

When asked if a new DOJ chief was already appointed, Castro said she still has no information on the matter.

Currently, DOJ Undersecretary Frederick A. Vida was designated as the officer-in-charge of the agency.

She assured the President will pick a person of integrity, who is reliable, impartial and fair as his new DOJ chief.

THE Integrated Bar of the Philippines (IBP) Misamis Oriental Chapter has condemned the killing of Niruh Kyle Antatico, a Juris Doctor graduate and anti-corruption advocate, in Patag village, Cagayan de Oro on Friday.

The 40-year-old Antatico was gunned down by motorcycle-riding men which was reportedly captured on dashcam footage but authorities have yet to identify his assailants.

In a statement, the IBP chapter characterized the attack as an assault on democratic principles.

Antatico was a former legal officer for the National Irrigation Administration (NIA) in Northern Mindanao who was known for exposing alleged irregularities within the agency.

‘The IBP Misamis Oriental Chapter expresses its grave concern over Mr. Antatico’s untimely death and the possibility that his murder may have been connected to his efforts to expose alleged wrongdoing in some government offices,’ the statement said.

‘Any attack on a person seeking accountability is an attack on the rule of law itself, and we cannot allow fear and impunity to erode the foundations of justice and public service,’ it added.

The lawyers’ group also urged authorities to immediately conduct an impartial investigation of the case and bring the perpetrators before the bar of justice.

‘Authorities must pursue every lead, including the potential connection between Mr. Antatico’s exposés and his killing, and ensure that both the perpetrators and any masterminds are held fully accountable, regardless of position or influence,’ the IBP said.

The IBP chapter also called on individuals who may have knowledge about irregularities in the government to come forward and seek assistance from its office.

‘Pursuant to the IBP’s mandate to promote the rule of law and uphold the public interest, the Chapter stands ready to assist in efforts to address governance-related concerns,’ the group stressed.

‘Whimsical’ may be the first adjective one could use to describe the MCM Collection, a line of Eau de Parfums inspired by the brand’s iconic leather animals, but it’s also insightful, interesting and adventurous. Designed in collaboration with master perfumers from DSM-Firmenich, the collection is made with sustainably sourced ingredients and contained in bottles topped with whimsical golden figures. Each fragrance embodies the essence of MCM’s bold, adventurous DNA.

The new MCM fragrance collection celebrates individual uniqueness, with each scent bringing joy, love, and a reminder of the beauty that pets and nature’s wonders bring to our lives.

Zen Elephant was inspired by the pursuit of balance and opens with freesia for calm and clarity. Other notes include magnolia (quiet reflection), oakmoss and cardamom (wisdom and serenity), and grapefruit. This is one of the favorites from the collection and understandably so because it is a floral woody scent. It’s unique yet very likable. You know how many unique scents are acquired tastes? This is not true for Zen Elephant. It’s a fragrance that you take a liking to immediately.

Darling Doxie has a woody and spicy aroma with notes of ylang-ylang, chamomile, pink pepper, nutmeg, and rich sandalwood.

Charming Pup has notes of rose, elegantly intertwined with the sophisticated depth of cedarwood. Meanwhile, vetiver adds a touch of refined earthiness, grounding the fragrance

Jolly Rabbit is a joyful scent with notes of orange citrus, neroli, and vetiver. Ginger and jasmine petals give Jolly Rabbit more playful notes because the rabbit is, after all, a very social and active animal.

Finally, Mighty Bear has top notes of bergamot, followed by the warmth of vanilla and the earth tones of sandalwood. The bear is a symbol of resilience grounded in nature, hence the woody floral accents of Mighty Bear. The scent is unisex and can lean toward masculine for some but that’s what I like about it. I can apply more if I am feeling it one day, or just spritz lightly if I feel like wearing fragrance for myself. To make it less masculine, I layer it with a vanilla scent or Zen Elephant.

I’d say the scent profiles in the collection are unexpected and versatile. Each bottle is topped by the character it represents so the scents in the collection are good collectibles. I love how each scent profile tells a story. The Mighty Bear, for example, represents resilience. Darling Doxie represents loyalty while Zen Elephant is all about clarity. Jolly Rabbit evokes joy while Charming Pup embodies charm and confidence.

The MCM Fragrance Collection is available at Rustans Beauty Source and distributed in the country by Luxasia Philippines.

The national budget should be a testament to our aspirations-a financial blueprint for progress, health, education, and shared prosperity. Yet, the recent revelations emerging from Congress paint a different picture. The 2026 budget, it appears, is not just a plan for development, but a meticulously crafted blueprint for plunder.

What the ongoing budget deliberations for 2026 reveal is a well-oiled machine designed to siphon public funds with alarming efficiency. The mechanism is deceptively simple and tragically effective. It begins with budgetary sleights of hand, such as the massive P243.22 billion in ‘unprogrammed appropriations.’ As Akbayan Rep. Chel Diokno rightly argued, if these projects were genuine national priorities, they would be transparently programmed into departmental budgets. Instead, they exist in a shadowy fiscal realm, lump-sum funds that lack specificity and are notoriously difficult to track, making them ripe for manipulation by politically connected individuals. The swift rejection of the proposal to eliminate these funds speaks volumes about the political will to maintain this opaque system.

The corruption cascades through a complex and insidious web of inter-agency collusion. The Department of Public Works and Highways (DPWH) may be the primary implementing body, but the funds are strategically lodged in various other departments-the Department of Agriculture (DA) for farm-to-market roads (FMRs), the Department of National Defense for security structures, and the Department of Education for school buildings. This diffusion of responsibility creates a bureaucratic maze where accountability is easily lost. As Agriculture Secretary Francisco Tiu Laurel Jr. admitted, billions in FMR projects were being implemented by the DPWH without his agency’s concurrence, effectively making the DA a bystander in the use of its own allocated funds.

Political patronage fuels this system. It is no coincidence, as Senator Sherwin Gatchalian pointed out, that the Bicol region and Leyte-hometowns of the former House Appropriations chairman and the former Speaker, respectively-received the lion’s share of funding for questionable FMRs, while the nation’s actual rice granaries were left behind. The same contractors flagged for ‘ghost’ flood-control projects magically reappear as top awardees for FMR contracts.

The consequences for the people are devastating. When a farm-to-market road is priced at an astronomical P348,432 per meter-a 96 percent markup from the standard cost-it is a direct theft from the public treasury. When a planned 10-kilometer road is truncated to just 2 kilometers to accommodate kickbacks, it is the farmer who is robbed of the opportunity to bring his produce to market. Every peso stolen for a ‘ghost’ project is a peso not spent on textbooks, hospital beds, or social aid.

To their credit, lawmakers like Senator Gatchalian and cabinet members like Secretary Laurel are sounding the alarm. The Senate’s forensic budget review, and the proposal to return project implementation to the originating agencies are commendable first steps.

However, we must not be naive. This is not a problem that can be solved by simply transferring funds or auditing a few projects. The corruption is systemic, and the roots run deep. As Senator Gatchalian himself fears, a few months of cleanup at the DPWH may not be enough to purge an agency where such practices have become institutionalized.

Tackling this menace requires more than just investigations; it demands fundamental structural reform. It requires a radical commitment to budget transparency, starting with the complete abolition of opaque lump-sum and unprogrammed funds.

The battle over the national budget is a battle for the nation’s future. The people deserve infrastructure that connects communities, not enriches cronies. The question now is whether the country’s leaders have the political courage to dismantle this blueprint for systematic plunder.

Lawmakers should avoid abusing public trust by misappropriating the P243.22 billion in unprogrammed appropriations in the 2026 budget. The world has seen how public outrage against corrupt officials can lead to severe consequences, including civil unrest. Corruption weakens democratic institutions, stunts economic development, and deepens social inequality.

Remember how everyone turned kind, compassionate, and respectful during the pandemic years? For many of us, the loss of some kin, friends, and associates to Covid-19 brought out our humanity. We became more patient, more gentle, more benevolent towards each other, and even gave way to people who were not necessarily older or disabled. And we simply practiced good manners.

Fast forward to 2025 when the dark memories of the pandemic seem to have receded too fast. Today, we’re back to the normal cycle of work, attending events, concerts, and social engagements. We’re interacting again for both official and personal reasons. Unfortunately, we have noted that people don’t seem to be as kind and respectful anymore. Every day, headlines and news stories scream about massive corruption in the government and the angry masses are calling for justice and accountability. With civil unrest a potential threat to our stability, we are indeed facing a grim and negative present and future.

What’s going on? Why are people lashing out with hatred and aggression? Can we not turn to more constructive means of coping with these turbulent times?

This seems to have influenced even workplace practices, with some employees backsliding to old bad habits. Can we, as communicators or practitioners of public relations, do something about this before problems become unmanageable?

Let me cite a few day-to-day situations where we could, at the very least, try to practice basic good business manners during meetings-both in the office and from home.

Don’t be too ‘share-happy’ with seemingly ‘hot’ posts or information that you have not fact-checked.

I frequently get the same posts from several people who enthusiastically send these to their chat groups, without checking for accuracy. They know full well that their posts would just circulate among different sets of friends or cliques. This not only takes up so much space and time; it can also be extremely annoying especially when one finds out that it’s an old rehashed post or worse, downright fake! Sobriety and self-control are virtues to be called on here. Don’t add to the misinformation and disinformation that are neither helpful nor productive.

Decide early: Should it be an online or face-to-face meeting?

When calling for meetings, please consider the following factors in deciding on the place, the date and time, and the venue or method of meeting. Can your subject be discussed online or by phone? Be considerate of the parties’ time and availability by using online options like Zoom or other apps. Do not compel them to come to your office from halfway across Metro Manila, such as from Makati to Quezon City, or from BGC to Alabang, only to tell them something that you could have relayed over the phone. Metro Manila traffic, especially on major thoroughfares like Edsa, can be severely stressful. It is probably best to just meet online-it’s faster and more efficient.

Face-to-face meetings are, of course, reserved for long important discussions where the personal exchange of ideas is vital to decision making, especially when signing documents or turning over of data is involved.

Be on time for both online and face-to-face meetings; it’s rude to make everyone wait.

When an online meeting has been set, participants should fix their connectivity, Wi-Fi issues, and workstation earlier-and be ready to log in at least 5 or 10 minutes before the designated time. The online method is meant to be convenient for everyone so it’s counter-productive to be late.

The same rule applies to face-to-face meetings. Given the challenges of inclement weather and unexpected delays, we should aim to reach our destination at least 30 minutes before the appointment. That should give one sufficient time to find the venue, settle down, and set up one’s notes or laptop.

Be prepared with an agenda that should be known to all.

There is nothing more disconcerting than failure to prepare for a status report. The host of the meeting must thus be ready to tackle an agenda that was shared earlier so that whoever is assigned to present or discuss their topics can be prepared.

Before you call anyone on their mobile phone, please text or send a message to ask if you can call.

The professional way of communicating is to seek permission to call before punching someone’s numbers. You may be in a rush but texting first shows respect for their time and availability. A short line to say ‘May I call you for a few minutes?’ will be most appreciated. Please make sure you stick to your purpose for calling because the person you are talking to may have other items on his time schedule.

Be sensitive to others’ opinions.

If you must do ‘small talk’ before meetings, avoid discussing controversial topics or expressing strong opinions about certain issues that your clients or other meeting participants might have opposing views to.

During both formal and informal meetings, avoid breaking the ice by starting a conversation about the latest online chatter or the latest scandal in government. This may not sit well with everyone present. If the meeting has no formal agenda, and the participants are your close friends, some ‘maritess’ banter may be fine and even adds to the fun. But with fake news proliferating online these days, avoid sharing information that you are not sure about. Some carelessly uttered statements could lead to unpleasant disagreements. It’s best to keep exchanges light, especially if a business agenda is set for discussion in the meeting.

THE current Women’s National Basketball Association (WNBA) Collective Bargaining Agreement (CBA) was signed in 2020, initially running through 2027.

In October 2024, the Women’s National Basketball Players’ Association (WNBPA) opted out of that agreement, which started a renegotiation such that the current deal will now expire on October 31, 2025.

The opt-out was a strategic move because the union wants a new deal to better reflect the league’s growth and the value players are bringing.

As of mid-2025, the two sides are reportedly be far apart in their proposals, with tension over how revenue should be shared, how much salary growth is built in, and rules around players’ offseason obligations like overseas play.

The clock is ticking and there is increasing pressure and risk, including talk of a work stoppage like a lockout or strike if no deal is reached.

The league wants to avoid a work stoppage and maintain momentum like rising viewership, the new media deal and expansion.

The union must balance pushing hard with preserving goodwill, avoiding alienating fans or sponsors.

Financial terms are sensitive, distrust can become a major obstacle. Each side may accuse the other of negotiating in bad faith or inflating costs/revenue.

Owners are making long-term investments, and disruptions tarnish valuations; for players, missing a season is more immediately painful like income loss and crucial career stage.

The players arguably have more moral leverage as they are the ‘product’ and growing public support.

The league will stress that revenue is not guaranteed, expenses may rise and macroeconomic conditions may affect the business.

The union will counter that recent growth, media rights,and increasing franchise valuations show sustainable upside that should benefit players.

A well-negotiated CBA could redefine the economics of the WNBA, enabling players to capture more upside from league growth, make the league more sustainable for top talent that reduces reliance on overseas play and raise the floor for lower-tier players.

A failure to agree or a weak deal risks player discontent, potential departures or diminished commitment, brand damage, and possibly a labor stoppage that could disrupt seasons, media contracts and fan support.

If the union succeeds in getting a deal with a greater share of revenue and more guarantees, it might set a new standard for women’s sports and strengthen the bargaining position of other women’s-league players like women’s football, women’s volleyball, and softball.

If the league successfully resists structural change, it may retain more control and financial flexibility-but risk dissatisfaction, talent exodus, or reputation damage.