Category: Business Mirror

With the onset of the season of festivities, Vision Express, the leading premium optical retailer in the Philippines, officially launches its Fall/Winter 2025 campaign Unwrap the Holidays.

This year, the brand invites Filipinos to celebrate in style by elevating their holiday looks, finding the perfect gifts through exclusive eyewear deals, and enjoying high-end eye care services.

Unwrapping the most-awaited season

With the holidays right around the corner, our social calendars start to fill up. This means every gathering is a perfect excuse to play with different looks and showcase one’s personal style. Vision Express offers a wide selection of designer eyewear that brings any look to life. Global fashion powerhouses like Gucci, TOM FORD, Prada, Miu Miu, and Loewe launched collections that blend fashion-forward design with nostalgic charm, bringing back classic favorites while catering to every fashion sensibility.

‘Eyewear is one of the most effortless yet impactful accessories. The festive season is the perfect time to explore styles and silhouettes that reflect your personality. At Vision Express, we take pride in our thoughtfully curated selection of designer eyewear, ensuring there’s a perfect pair for every taste and occasion,’ said Vision Express President Neelam Gopwani.

Unwrapping services just for you

Before the holidays kick in, this is a reminder to have your eyes checked first. Vision Express puts premium eye care at the core of its promise. Its seven-step comprehensive eye exam, called Vision7, is tailored to every patient’s visual needs. To make one’s journey more precise, Vision Express launches its newest machine called the Spark 4 by Shamir. This device is designed to be accurate, fast, and comfortable. The machine is programmed to provide exact pupillary distance (PD) measurements in seconds, great for those in need of progressive lenses.

To keep up with the technological advances in the medical field, Vision Express also prides itself on VisionPlus. This is an AI-powered health screening that can detect potential health issues such as hypertension, glaucoma, and diabetes in just three minutes. Results are instantly sent via email, making the process seamless and patient-friendly. Click here to book your appointment: https://visionexpressph.short.gy/Visionplus

For fashion-driven customers, Vision Express’ AI Styling Studio makes finding the perfect pair effortless. Through virtual try-on and personalized recommendations, this AI-powered stylist suggests frames that complement facial features and personal style based on a quick analysis of face shape, hair color, and skin tone. If you are unsure of which frames or sunglasses suit you, the AI Styling Studio is your answer.

Unwrapping festive exclusives

The holidays also mean exciting reasons to go on a long-awaited shopping spree. From October 1 to December 31, shoppers can enjoy a Buy One, Get One (BOGO) promotion on premium eyewear. With this offer, customers can select two stylish pairs for the price of one, making it the perfect opportunity to refresh their look or find thoughtful gifts for loved ones.

The BOGO offer also extends to light-adaptive lenses, ideal for those seeking the convenience of prescription eyeglasses and sunglasses in one. These lenses automatically adjust to changing light conditions, transitioning to darker tints outdoors and remaining clear indoors. Whether heading to the beach or attending outdoor celebrations, customers can enjoy uncompromised style and comfort throughout the season.

Unwrapping the man of the season

At the heart of Vision Express’ Unwrap the Holidays campaign is Jericho Rosales, one of Philippines’ most respected actors and style icons. Known for his versatility on screen and effortless charm off it, Rosales perfectly embodies the dynamic, modern Filipino – someone who values both substance and style.

For Rosales, the holiday season is a time to slow down and reconnect with what truly matters. ‘The real gift for Christmas is good food, deep conversations, and being in the company of family and friends,’ he shared. Yet, he also embraces the season’s flair for fashion, adding, ‘Eyewear is the easiest yet most underrated accessory that can transform an outfit. Every moment is a gift, wrapped in Vision Express’ signature style.’

A WIDER trade-in-goods gap may keep the country’s Balance of Payments (BOP) in deficit in the next two years, according to the Bangko Sentral ng Pilipinas (BSP).

The BOP is projected to post a steeper decline of 1.4 percent of GDP to a deficit of $6.9 billion for 2025 and post -0.6 percent of GDP to a deficit of $3.4 billion in 2026.

With this, the current account shortfall is expected to stay at 3.3 percent of GDP in 2025 and 2.9 percent of GDP in 2026.

‘These reflect a widening trade-in-goods gap, subdued services receipts, and restrained capital inflows amid global uncertainty and shifting trade policies,’ BSP said.

BSP said goods exports and imports are both expected to post an average growth of 1 percent this year and next year.

Exports could average $55.6 billion in 2025 and $56.2 billion in 2026, while imports could reach $125.2 billion in 2025 and $126.4 billion in 2026.

‘Infrastructure investments, potential trade diversion, and efforts to diversify export and import partners may help cushion external shocks,’ BSP said.

‘However, structural constraints, such as logistical inefficiencies, skills mismatches, and elevated input costs, continue to weigh on export competitiveness,’ it added.

Services exports are projected to grow 2 percent in 2025 and 5 percent in 2026 while service imports are expected to increase 6 percent in 2025 and 2026.

The country’s services exports could reach $52.6 billion in 2025 and $55.2 billion in 2026. Service imports are projected to average $39.9 billion in 2025 and $42.3 billion in 2026.

BSP said the country’s service exports and imports, particularly from Business Process Outsourcing firms and tourism, could moderate due to ‘uncertainties surrounding US reshoring policies and weakening inbound travel.’

In terms of cash remittances, BSP said these inflows may average 3 percent to $35.5 billion this year and $36.6 billion next year.

‘Overseas Filipino remittances are expected to remain a resilient source of external support, underpinned by strong global labor demand and sustained confidence in formal transfer channels, despite the impending US tax on remittances,’ the BSP said.

Meanwhile, BSP said foreign direct investment inflows are projected to slow this year to $7.5 billion and $8 billion next year.

The data also showed foreign portfolio investments are expected to average $6.2 billion in 2025 and $5 billion in 2026.

‘[This reflects the] heightened global financial volatility and

cautious investor behavior. However, recent policy reforms-including amendments to the Investors’ Lease Act-are poised to improve the investment climate,’ the BSP said.

With these, the country’s Gross International Reserves are expected to average $105 billion in 2025 and $106 billion in 2026.

BSP said this remains adequate and serve as a robust buffer against external liquidity needs even as global market conditions evolve.

IF one were to believe the petroleum prophets of doom, the world should have run dry of oil somewhere between bell-bottoms and the Bee Gees.

In 1939, the US Department of the Interior declared that oil was limited, which was about as revelatory as saying the sun eventually sets. President Jimmy Carter warned in 1977: ‘The oil and natural gas we rely on for 75 percent of our energy are running out. We can use up all proven reserves of oil in the whole world by the end of the next decade.’

Yet here we are in 2025: oil still flows, and prices hover around US$80 per barrel-hardly the death rattle of a vanishing commodity.

The International Energy Agency, however, offers less comfort. To keep production steady through 2050, the world must spend around US$540 billion every year. Decline rates in existing fields are steepening, particularly as dependence on US shale grows. Shale wells gush quickly but fade fast. As Fatih Birol, the IEA’s executive director, put it: the industry has to ‘run much faster just to stand still.’

The IEA reported that global upstream oil and gas investment reached US$528 billion in 2023, up from US$474 billion the year before. But half that increase vanished into cost inflation, not new supply. More revealing still: less than half of industry cash flow is plowed back into drilling. The rest is lavished on dividends, buybacks, or debt reduction. Apparently, buybacks are sexier than barrels.

This is why cheap oil never lasts. When prices dip, producers shelve projects and idle rigs. Supply contracts, and the inevitable rebound follows. Traders have long joked that the only cure for low oil prices is low oil prices. It is one of the few clichés that happens to be true.

The IEA’s latest analysis puts hard numbers to this cycle and underscores the danger. Without steady investment, global supply would shrink by over 5 million barrels per day every year-the equivalent of Brazil and Norway combined. Declines are now about 40 percent faster than in 2010. Unless demand shifts away from fossil fuels, companies will have to develop reserves that are not even discovered yet. Some analysts already warn that by next year, non-Opec growth will flatten for more than a year. In short, coasting is not an option.

Oil’s capital intensity has always been both curse and strength. For decades, the industry thrived on heavy upfront spending, a commitment most other sectors could not match. But today the tables have turned. Tech giants are now more capex-hungry than oil drillers, leaving the question: in a world drowning in investment needs, who will provide half a trillion dollars annually for oil-especially if a recession tightens global credit?

Nowhere is this uncertainty more consequential than in the Philippines, a nation that produces barely 1 percent of the oil it consumes yet relies on petroleum for nearly 50 percent of its energy. Over 90 percent of crude and refined products come from abroad, while transportation alone burns nearly half of all petroleum. Gasoline and diesel imports account for the overwhelming majority of consumption. When crude spiked past US$120 in 2022, pump prices blasted beyond P70 per liter, straining household budgets and stoking inflation. Renewables are expanding, and the Philippine Energy Plan envisions 35 percent clean power by 2030. But even that blueprint admits oil will dominate transport for years to come. Solar panels will not fly airplanes or fuel inter-island ferries.

The irony is unmistakable. Western institutions keep seeking oil’s epitaph, even as they concede demand has not peaked. Clean energy spending is surging, but oil’s near-term role is entrenched – especially where infrastructure, affordability, and energy density still tilt toward hydrocarbons. For the Philippines, this reality collides with financial and geopolitical forces far beyond its control. The less global producers invest, the more Filipino consumers are left exposed to the next round of price shocks.

What lies ahead is not an oil apocalypse, but a long and uneven path where geology, capital flows, and political will collide. If investment keeps pace, prices may stabilize, and obituary writers will once again look premature. If underinvestment continues, the next shortage will not whisper. It will roar.

The real weakness of the ‘end of oil’ narrative is not its optimism but its complacency. Oil is not ending because the planet is dry. It may end because the money stops flowing. For the Philippines, failing to see that distinction could be the costliest mistake of all.

HIGHER tariffs that could undermine the country’s export earnings and investment growth will prevent the Philippines from attaining its growth targets until next year, according to the International Monetary Fund (IMF).

In a briefing in Manila on Wednesday, IMF Mission Chief for the Philippines Elif Arbatli Saxegaard told reporters that the Washington-based lender projects GDP to average 5.4 percent in 2025 and 5.7 percent in 2026.

The Development Budget Coordination Committee (DBCC) GDP target is at 5.5 to 6.5 percent in 2025 and 6 to 7 percent in the 2026 to 2028 period.

‘Risks to the growth outlook are tilted to the downside. The main external risks stem from prolonged global trade policy uncertainty, geopolitical tensions, and disruptive financial market corrections,’ Saxegaard said. ‘On the domestic front, more frequent and intense climate shocks would cause notable macroeconomic losses.’

Saxegaard also said these new projections emanating from the completion of IMF’s 2025 Article IV Consultation with the Philippines, are also downgraded from its July forecasts.

In July, the IMF estimated that full-year GDP growth could average 5.5 percent in 2025 and 5.9 percent in 2026. Saxegaard said this reflected the country’s weak economic performance in the first six months of the year.

It may be noted that in the first quarter, the country’s GDP averaged 5.38 percent and recorded 5.5 percent in the second quarter of the year. The average first semester growth, based on data from the Philippine Statistics Authority (PSA), was at 5.4 percent.

‘This revision reflects factors related to the performance in the first half of 2025, which was weaker than what we had anticipated. Some of the important drivers of growth will be the higher tariffs, which are imposed on the Philippine exports to the US, will weigh on exports and investment,’ Saxegaard said. ‘We see also high frequency indicators pointing to negative growth momentum in the second half.’

Climate change, Asean

Given the country’s slower growth, IMF recommended that the country should focus on efforts to address the changing climate and inspire greater cooperation in the Association of Southeast Asian Nations (Asean) when the Philippines assumes the chairmanship next year.

On climate change, the IMF recommended more programs that could better address climate conditions. She recommended enhancing green Public Financial Management (PFM) practices, with an emphasis on improving climate tagging systems and integrating climate considerations and estimating maintenance needs and costs.

She also noted that climate shocks to the economy are similar in effect to shortfalls in supply. Just a few days ago, Severe Tropical Storm Opong (international name Bualoi) hit the Philippines, entering through Samar, and exiting near Mindoro.

While there were no casualties, Opong affected up to eight transmission lines of the National Grid Corporation of the Philippines.

‘We think that there are a few areas where there could be further efforts, [like] public sector investment in adaptation, which is critical to raise macroeconomic resilience to climate shocks and also to protect the vulnerable by lowering the rebuilding costs when such shocks happen,’ Saxegaard said.

‘We have been looking at the impact of climate shocks on the Philippine economy, [and] what we find is that climate shocks do work like a supply shock: they tend to raise inflation and lower output,’ she also said.

Meanwhile, Saxegaard said the Philippines should start negotiating and implementing deep trade agreements. She also said the country should further enhance global value chain integration and resilience but will require steps to lower non-tariff barriers.

One of the ways this can be done is through Asean and with the country assuming the chairmanship of the association next year, this can be included in the agenda.

‘We understand that the government is already working on a very good agenda as part of its Asean leadership. We would support these efforts, including in terms of achieving higher integration, lowering trade and investment barriers across Asean countries, and better digital and payments infrastructure.’

Risks on the horizon

One of the things that the IMF intends to closely monitor includes private consumption, particularly consumer loans. Saxegaard said these loans have been rising and thus warrants close monitoring.

The Bangko Sentral ng Pilipinas (BSP) earlier reported that consumer loans to residents-which include credit card, motor vehicle, and general-purpose salary loans-grew by 23.6 percent from 24 percent.

The data showed salary-based General-Purpose Consumption Loans grew 6.4 percent in July 2025, albeit at a slower pace compared to the 8.3 posted in June 2025.

‘For private consumption, it’s more the consumer loans that have been growing quite fast in recent years that warrant monitoring. So we recognize it’s coming from a low base, but nevertheless it’s something to watch,’ Saxegaard said.

Apart from this, the IMF also flagged vulnerabilities in the real estate sector which is considered ‘quite important’ for the Philippine economy.

Saxegaard noted that vacancy rates remain elevated in some segments of the real estate sector and the banking system’s exposure to the real estate sector remains sizable.

In the second quarter, the number of real estate loans rebounded to 2.7 percent from a decline of 4.4 percent in the first quarter of 2025. The BSP said this was driven by an 8.9-percent growth in loan availments in Areas Outside the National Capital Region, which more than offset the sharp 45.6-percent contraction in the NCR.

‘The exposure of the banking system to the real estate sector is also an important part of their loan portfolio. With all of that, we do think that it’s important to monitor the potential risks from that segment in light of the high vacancy rates,’ Saxegaard said.

Apart from these, Saxegaard said it was also important to monitor the interconnectedness of the financial system, particularly the ‘exposure of banks to the non-financial corporate sector.’ She stressed that banks are linked to ‘complex conglomerate structures.’

In June, Moody’s Ratings said the ties between the country’s top conglomerates and the Philippine banking system is a ‘double-edged sword’ that could lead to contagion risks. These ties, the report said, allowed conglomerates access to capital and banks are given corporate lending opportunities, strengthening banks, there are risks.

It showed in its study that only six families in control of major conglomerates are the same ones linked to the country’s largest banks. Moody’s Ratings estimated that Philippine banks are the major source of funding by conglomerates. Part of these funds is the local currency bond market that was valued at $23.4 billion at the end of 2024.

‘If we look at the financial system in terms of the main linkages across different sectors, what really stands out is the exposure of banks to the non-financial corporate sector. Given those linkages, any risks in the non-financial corporates could feed into the banking system, so it’s again an important exposure that we advise the authorities to monitor and continuously assess potential risks because of this exposure,’ Saxegaard said.

THE Philippine manufacturing sector has slipped into ‘negative territory’ for the first time since March as goods producers saw fresh drops in output and new orders, according to the S and P Global Market Intelligence.

The country’s Purchasing Manager’s Index (PMI) score plunged to 49.9 in September from 50.8 in August. The country’s PMI score in September was the lowest since the 49.4 PMI score in March.

‘While signaling just a fractional deterioration in the health of the manufacturing sector, this was only the third time in just over four years where the headline index has been in contraction territory,’ S and P Global said.

S and P Global said ‘weaker operating conditions’ were mainly attributed to a ‘renewed’ drop in order intakes in September.

It also noted that the decline in sales was the first in six months, as surveyed businesses noted lower customer numbers.

However, S and P Global pointed out that order books with foreign clients continued to improve, signaling that the ‘downturn’ was mainly centered on the domestic market.

As such, it said that reduced sales volumes led Filipino manufacturers to scale back production at the end of the third quarter, which ended a three-month sequence of expansion.

Meanwhile, David Owen, Senior Economist at S and P Global Market Intelligence, explained that the Philippines PMI survey data moving into negative territory at the end of the third quarter ‘has been highly unusual in the sector’s post-pandemic history.’

‘New orders and output decreased slightly, as firms mentioned a fall in client numbers and a modest drop in production from the suspension of rice imports,’ added Owen.

‘However, with overall sentiment in the year-ahead remaining upbeat in September, and purchasing quantities increasing, manufacturers appear hopeful that the dip in sector performance is temporary,’ he added.

Philippine economists pointed to Washington’s tariff policy as partly the culprit behind the country’s manufacturing sector entering into contraction mode.

Ateneo De Manila University (ADMU) economist Leonardo A. Lanzona, Jr. said ‘this has to do with the poor performance in exports.’

‘I think this has to do with the poor performance in exports. Manufacturing is significantly linked with exports. Hence, given the global headwinds, particularly with Trump’s unconventional policies, exports are down, bringing down manufacturing as well,’ Lanzona told the BusinessMirror in a Viber message on Wednesday.

Data from the Philippine Statistics Authority (PSA) showed that export earnings growth slowed in August as outbound shipments only grew 4.6 percent to $7.06 billion in August from the $6.75 billion in the same period last year.

It may be noted that after peaking at 26.9 percent in June 2025, export earnings slowed to 17.6 percent in July and posted single-digit growth in August.

Rizal Commercial Banking Corporation (RCBC) Chief Economist Michael L. Ricafort said the contraction in the Philippine manufacturing sector could be largely attributed to the weather-related disruptions, particularly the series of storms and flooding which he said reduced working days for some local manufacturers.

Ricafort added this could also partly be due to US President Donald Trump’s higher tariffs that could reduce demand for exports from other countries, trade wars, and other protectionist measures ‘that led to some wait-and-see attitude for some exports from the country and also exports in the global supply chains in terms of more cautious stance on their production and capacity.’

THE Supreme Court has stopped the parliamentary elections in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) scheduled on October 13, 2025 after it declared unconstitutional the Bangsamoro Autonomy Act (BAA) No. 77 or the Bangsamoro Parliamentary Redistricting Act of 2025, and BAA No. 58 or the Bangsamoro Parliamentary Act Districts Act of 2024.

The decision was reached during the Court’s regular en banc session on Tuesday, where 11 justices concurred with ponencia while three justices concurred in the declaration of the nullity of BAA 77, but dissented with the finding that BAA 58 is invalid.

The three-acting Chief Justice Marvic Leonen and Associate Justices Ricardo Rosario and Antonio Co-were of the opinion that there was sufficient legal basis for the election to continue.

‘There can be no parliamentary elections on October 13, 2025 because of the lack of a valid districting law,’ SC Spokesman Camille Sue Mae Ting said at a press briefing.

Instead, the Court directed the Commission on Elections to continue with its preparations and conduct of the parliamentary elections not later than March 31, 2026 and in compliance with Section 5 of the Voter’s Registration Act which provides for the establishments of precincts.

It also ordered the Bangsamoro Transition Authority (BTA) to immediately undertake, not later than October 30, 2025, the determination of parliamentary districts for the first regular election of the members of parliament in compliance with the provisions of the Bangsamoro Organic Law (BOL).

The Court said BAA 77, signed into law on August 28, 2025, is unconstitutional for violating Section 5 Section 5 of the Voter’s Registration Act, which prohibits any alteration of precincts once the election period has started.

It noted that BAA 77, which reorganizes parliamentary districts within the BARMM to reallocate seats originally intended for Sulu, was passed on August 19, 2025 or five days after the election period began on August 14, 2025.

Likewise, the SC said BAA 77 is void for violating the BOL’s requirement that each district should comprise adjacent and adjoining areas as far as practicable.

It observed that some local government units in Lanao Del Sur, Maguindanao del Norte, and Cotabato City were assigned to different districts that were neither contiguous or adjacent.

However, the SC ruled that the nullification of BAA 77 does not revive its predecessor law, BAA 58, which still includes Sulu in its parliamentary districts.

‘Since BAA 58 is based on an outdated framework following the removal of Sulu from BARMM, it cannot be reinstated. Rather, a new and valid districting law must be passed consistent with the Bangsamoro Organic Law, national laws, and the Constitution,’ the Court said.

In ordering the conduct of elections on October 13, 2025, the Court took into consideration practical concerns such as several trainings for the poll workers, which usually takes weeks and the deployment and installation of Starlink which takes at least two weeks.

‘More importantly, enforcing BAA 77 with less than a month before the BPE would cause massive confusion among the more than 2.25 million registered voters across BARMM’s 105 municipalities and three cities, as the redistricting will heavily impact precinct assignments.,’ the SC said.

Comelec back to zero

Comelec on Thursday said preparations for the Bangsamoro parliamentary polls are now back to zero following the Supreme Court’s decision.

Comelec Chairman George Erwin M. Garcia said the ruling left the poll body without a law to implement for the October 13 elections.

‘There is no piecemeal conduct of election.Now, it is very clear that we have no law to enforce. [It’s] back to zero for Comelec,’ Garcia told reporters in a text message.

He stressed that the poll body cannot move forward until a new legal framework is in place.

‘But in the meantime, the ball is in the hands of the Bangsamoro Parliament. We shall be waiting for their action and compliance,’ Garcia said.

Earlier, the Comelec said proceeding with the October polls would be ‘legally and factually impossible’ given the legal uncertainty.

The poll body has yet to disclose how much has been wasted from its initial preparations for the elections, which will no longer push through.

However, it noted that if the Supreme Court later upholds BAA 77, the Comelec would need at least P774 million in additional funds since preparations would have to restart from scratch, including reconfiguring the automated election system to reflect the new seat distribution.

If the polls are reset but conducted under the earlier BAA 58, the additional cost would be lower, at around P50 million.

Consolidated petitions

The Court’s ruling stemmed from the consolidated petitions filed by BTA parliament member Lanang T. Ali Jr., et al (G.R. No. E-02219) and BTA parliament member Abdullah Macapaar at al. (G.R. No. E-002235).

Ali et al filed a petition for certiorari and prohibition with prayer for TRO challenging BAA 77 for allegedly violating the Voter’s Registration Act by altering precincts during the election period, among others.

Macapaar et al filed a petition for certiorari and prohibition and for the issuance of a status quo ante order, arguing BAA 77 is unconstitutional for violating the provisions on ensuring free, orderly, honest, peaceful, and credible elections during election period, among others.

On September 16, the Court issued a TRO enjoining the Comelec and the BTA from implementing BAA 77.

BAA No. 77 reorganizes parliamentary districts within the BARMM to reallocate the seven parliamentary seats initially assigned to the province of Sulu following the 2024 SC decision excluding the Province of Sulu from BARMM after the province rejected the law’s ratification.

The 2024 decision declared unconstitutional the interpretation of the provision in the law directing the provinces and cities of BARMM to vote as one geographical unit including provinces that did not vote to be included.

The said provision, according to the SC, violates Article X, Section 18 of the Constitution, which states that only provinces, cities, and geographic areas voting favorably in the plebiscite shall be included in the autonomous region.

Amnesty not affected

Meanwhile, the Supreme Court decision to postpone the BARMM parliamentary elections will have no impact on the ongoing process of providing amnesty to former members of the Moro Islamic Liberation Front (MILF) and the Moro National Liberation Front (MNLF), according to the National Amnesty Commission (NAC).

In a press briefing in Malacañang on Wednesday, NAC chairperson Leah Tanodra-Armamento said the amnesty initiative is separate from the BARMM polls.

‘There will be no effect since the amnesty is a different process. As far as the BARMM is concerned, this [amnesty process] is part of our peace agreement with them,’ she explained in Filipino.

‘So the election is different. That is a political matter that the BARMM will deal with. This is for our government,’ she added.

There was the Pharmally scandal that happened during the Covid-19 pandemic when the head of the Procurement Service of the Department of Budget and Management (PS-DBM), Lloyd Christopher Lao, who had previously worked at the Office of Presidential Assistant Bong Go, awarded government contracts totaling P11.5 billion to a very undercapitalized (P625,000) Pharmally Pharmaceutical Corp. The contracts were to supply face masks and shields, test kits, personal protection equipment (PPEs) and related items for the Covid-19 protection program.

There were clear irregularities in the procurement and delivery process. The COA flagged the transactions. The supplies were overpriced and/or defective and/or old/mislabeled inventories.

The Senate Blue Ribbon Committee chaired by Senator Richard Gordon conducted a probe that President Rodrigo Duterte openly opposed and blocked. Gordon concluded there was wrongdoing but his colleagues in the Senate refused to sign the Committee Report.

Nevertheless, the Ombudsman filed cases against several defendants led by Lloyd Christopher Lao.

The financing of these anomalous Pharmally transactions was traced to and facilitated by Michael Yang, the former Presidential Economic Adviser to then President Rodrigo Duterte.

Status: the Sandiganbayan has ruled to proceed with the graft case after being detoured by motions to quash, which were deemed finally on September 8, 2025.

Then there was Mary Grace Piattos. The Office of the Vice President Sara Duterte was allotted confidential and intelligence funds in the 2023 national budget in the amount of P125 million. More, if we include the intelligence funds allotted to the Department of Education which she then headed.

In the only accounting she made for the use of funds (in an incredibly short period of 11 days) she reported as recipients various fictitious or dubious names that were obviously from popular brands of snack foods. The House of Representatives, after public hearings, voted to use this as one of the grounds for her impeachment. The Senate, as impeachment court, delayed the proceedings. The case was brought to the Supreme Court, which declared the House’s impeachment process defective and unconstitutional.

Status: A Motion for Reconsideration has been filed and is pending, alleging that the Supreme Court decision was made on the basis of a wrong understanding of certain vital facts. An impressive group of legal luminaries (past Supreme Court Justices, members of the Constitutional Convention, several lawyer associations and law schools) have disagreed with the Supreme Court’s unanimous decision.

And now, the President of the Philippines himself, in his latest SONA, brings to the attention of Filipinos, the monstrous scandal of corruption in the granting of government flood control projects through criminal manipulations in the national budget process.

Responding to the loud public outcry for accountability, the President has formed an Independent Commission for Infrastructure (ICI) to investigate and recommend measures to enforce such accountability.

Meantime, the Senate Blue Ribbon Committee is conducting public hearings on these flood control projects, and is discovering the involvement of legislators, government officials, contractors and more. The House of Representatives has suspended its own investigations.

Meantime, the NBI has recommended the prosecution of 21 persons related to flood control projects including incumbent and past senators, congressmen, contractors and government engineers.

The revelations are dramatically unfolding in the ongoing Senate Blue Ribbon Committee chaired by Senator Panfilo ‘Ping’ Lacson.

Meantime, Baguio City Mayor Benjamin Magalong, appointed to the ICI as adviser, has suddenly resigned, after Malacañang announced they would review if he had a possible conflict of interest (he denies this), since the suspected criminal contractor Discaya had reported infrastructure project contracts with Baguio City. Malacañang had signaled its less-than-full trust, so the honorable thing to do was resign.

We Filipinos are all in the maw of all-engulfing darkness as we are witnessing revelations that for so long our own government leaders, officials and bureaucracy in conspiracy with public work contractors have been stealing public funds through various dubious schemes of ‘ghost’ non-existing projects, sub-standard and unfinished projects, over-pricing and money diversions to private pockets.

We have been betrayed, abused and raped by our senators, congressmen and public officials.

We are sinking in the cesspool of their excrement.

Rex Education proudly congratulates three of its distinguished authors-Atty. Hector M. De Leon Jr., Managing Partner of SyCip Salazar Hernandez and Gatmaitan; Atty. Nilo T. Divina, Managing Partner of Divina Law, and Atty. Tranquil A. Salvador, Partner at Romulo Mabanta Buenaventura Sayoc and De Los Angeles-for their recognition in the Asia Business Law Journal’s Philippines Top Lawyers 2025 A-List.

According to Asia Business Law Journal, A-List lawyers are ‘lawyers who are currently the star performers of the Philippines’ legal profession; the lawyers who are personally undertaking the country’s top legal work, crafting the most cutting-edge legal solutions to complex problems, and setting the highest standards in terms of quality, innovation and the ability to handle complex matters.’

The journal also defines Legal Icons as ‘lawyers who are the luminaries of the Philippines’ legal profession; the titans who command the respect of clients and juniors alike; the mentors who lead the Philippines’ most admired law firms and/or legal teams, and who are the country’s most prolific rainmakers.’ Among those honored with this distinction are Atty. Hector M. De Leon Jr. and Atty. Nilo T. Divina, who, aside from being part of the prestigious list, are also recognized as Icons.

Champions of Legal Practice and Education

Atty. Hector M. De Leon Jr. is celebrated nationwide for his dual expertise as a leading practitioner and one of the country’s most prolific and trusted legal authors. His textbooks on Obligations and Contracts, Business Law, and Commercial Law remain indispensable in business programs and law schools. His works on the Philippine Constitution, Criminal Law, and related subjects continue to shape the legal literacy of countless law students and professionals.

Atty. Nilo T. Divina is equally admired as a premier corporate and litigation strategist and the transformative leader of Divina Law. His authoritative texts on Commercial and Corporation Law are essential references for law students, bar reviewees, and practitioners seeking clarity on complex commercial issues.

Atty. Tranquil A. Salvador, a recognized leader in litigation, arbitration, and alternative dispute resolution (ADR), is also an esteemed law professor and author whose works advance the study of Remedial Law. Beyond his practice areas-which include aviation, insurance, mining, and ADR-he has made a profound impact on legal education through his widely respected textbooks and bar reviewer materials such as Footnotes Vol. I: Civil Procedure and Criminal Procedure.

‘Being recognized as part of the prestigious list and called icons of Philippine law underscores the enduring impact of Atty. De Leon, Atty. Divina, and Atty. Salvador-not only in their respective practice areas, but also in their invaluable contributions to Philippine legal education through their published works,’ said Rex Education CEO, Don Timothy I. Buhain. ‘Their scholarship and leadership align with our aspirations: to nurture minds and transform communities through education.’

Rex Education takes immense pride in being the publishing partner of these exceptional legal minds and joins the legal and academic communities in celebrating their well-deserved recognition in Philippine Law and Legal Education.

Congratulations, Atty. Hector M. De Leon Jr., Atty. Nilo T. Divina, and Atty. Tranquil A. Salvador-whose work continues to shape the future of Philippine law.

The latest report of the Food and Agriculture Organization of the United Nations may not have enumerated the East Asian and Southeast Asian countries that grappled with high food prices a year after Russia attacked Ukraine, but the Philippines surely felt its impact. In a report, FAO said the proportion of countries experiencing moderately to abnormally high food prices doubled on an annual basis in 2023, returning to the levels observed in 2020.

This change, FAO said, was driven by a jump in the number of countries with abnormally high food prices.

The Philippines was certainly one of those Southeast Asian nations that saw ‘moderately to abnormally high’ food prices in 2023. That year inflation accelerated to a level that was last seen in 2008, when the rate averaged 6.3 percent, mainly due to high rice prices. Nearly two decades ago, the decision of rice-exporting countries caused international rice prices to skyrocket to unprecedented levels, affecting importers like the Philippines which has become reliant on foreign sources for its rice requirements.

The 6 percent average inflation rate recorded in 2023 was even faster than the 5.8 percent posted in 2022. These figures highlighted the country’s vulnerability to international developments such as Russia’s attack on Ukraine and its reliance on other nations to plug the gap in its domestic food supply. Supply constraints put more pressure on food prices the following year, when rice, onions, sugar and pork carried a higher price tag.

International organization Asean+3 Macroeconomic Office (Amro) said the jump in prices of key food items was due to a shortage of domestic supply. To tame inflation, the Bangko Sentral ng Pilipinas had to tighten monetary policy aggressively, raising policy rate 10 times between May 2022 and end-2023. However, monetary measures can only do so much to make food more affordable, as these will not be able to address the problems hounding the agri-food sector.

Easing supply constraints and reducing the country’s vulnerability to geopolitical and trade tensions would require serious effort on the part of policymakers to remove obstacles to increasing the country’s food supply. Amro noted that only a strong agricultural sector and a more resilient food supply chain will eliminate price volatility and eventually enhance the country’s food security. A robust agricultural sector, however, would remain a pipe dream if local planters remain unable to profit from their produce.

The Department of Agriculture will be getting a higher budget for next year, thanks to the decision of lawmakers to reallocate a portion of the flood control projects to the sector. These funds should be used judiciously to hasten the delivery of interventions that planters need to improve their productivity. The money should also be used to bankroll ‘unpopular’ programs that would have enabled this administration to increase farm exports and create more jobs in rural areas.

THE popular Spanish film festival PELÍCULA-PELIKULA is returning to Makati City for its 24th edition from October 10 to 16.

Since its creation in 2002 by Instituto Cervantes, ‘PELÍCULA.’ has become a much-awaited annual event in Philippine theaters. This year’s festival will showcase more than 20 acclaimed films from Spain, Latin America, and the Philippines.

The festival will open on October 10 at Ayala Triangle Gardens with the screening of El 47 (Marcel Barrena, 2024). Then throughout the week, audiences will enjoy a variety of genres, including dramas such as Soy Nevenka (Icíar Bollaín, 2024) and Nosotros (Helena Taberna, 2024); documentaries such as Un hombre libre (Laura Hojman, 2024) and La guitarra flamenca de Yerai Cortés (C. Tangara, 2024); and animations such as Mariposas negras (David Baute, 2024) and Robotia (Diego Cagide and Diego Lucero, 2024).

In addition to Spanish productions, the official selection will feature films from Latin America: the Argentinian drama Por tu bien (Axel Monsú, 2024), the Brazilian Até que a música pare (Cristiane Oliveira, 2023), Uruguay’s Becho (José Infantozzi, 2024), and the Peruvian Reinas (Klaudia Reynicke, 2024). Filipino cinema will also have its place through the program En corto: Short films from the Philippines, Latin America, and Spain, which will be screened on October 16.

Like in previous years, spectators will decide the Audience Choice Award-one of the festival’s most beloved traditions since 2004. Viewers may vote for their favorite films after each screening. The winning title will be announced on October 16, and will be screened again that evening at Power Plant Cinema 6 during the festival’s closing.

Special sections and activities

MARKING its return to Makati City, PELÍCULA will treat audiences to the extravaganza of Cine Maratón at Ayala Triangle Gardens on October 11. It will feature an entire day of films such as Dalia y el libro rojo (David Bisbano, 2024), Tasio (Montxo Armendáriz, 1984), Solos en la noche (Guillermo Rojas, 2024), and Reinas (Klaudia Reynicke, 2024) from 11:45 a.m. to 11 p.m.

The festival will also include parallel activities. On October 11, Instituto Cervantes will also offer an activity related to films for children, where the Spanish Cultural Center will invite young participants to join fun and creative activities such as crafts and games that spark their imagination and curiosity.

The following day, October 12, before the screening of Robotia at 2 p.m. in Power Plant Cinema 6, kids will have the opportunity to win several footballs and an official T-shirt donated by Real Madrid C.F. through Manila-based Peña Madridista Emilio Butragueño.