Category: Business Mirror

DE LA SALLE-COLLEGE OF SAINT BENILDE (DLS-CSB) has introduced the Master in Global Governance and Management (MGGM): the first-ever professional track graduate program in the Philippines which combines the disciplines and principles of international relations and diplomacy, public administration, and management.

Jointly offered by the School of Management and Information Technology (SMIT) and the School of Diplomacy and Governance (SDG), MGGM prepares the next generation of civil society leaders to effectively navigate both private and public institutions with an in-depth focus on global governance and management processes grounded in local and national concerns.

MGGM offers an innovation-based perspective on economic and societal development, viewing it as a series of humanity’s response-making cycles to the greatest opportunities and challenges in history. It champions well-managed organizations that serve the ends of human rights, human security, and human development embedded in internationally agreed green, resilient, and inclusive

development goals or ‘GRID.’

Throughout the program, students will gain a deeper understanding of the transnational nature of diplomacy, governance, and management by analyzing the transnational regimes that seek to address global challenges, questioning why such regimes succeeded or failed, along with the politics underpinning current diplomatic practice and the obstacles to change.

MGGM equips learners with competencies in strategic and future thinking in policy-making, business trends, as well as the diplomatic skills, protocols, and practices required to face complex challenges in an unfolding, interconnected, and dynamic global community. It enables them not only to develop a big-picture view of world politics but also to specialize in topical aspects and make an original contribution based on their own research.

Students are trained to analyze governance of the global economy and contemporary issues in international economic relations based on evidence and/or data, and to be adept in conflict management and enhanced negotiation as they address the challenges of governance and business through external and internal factors that contribute to the management of global society. They are molded to be proficient in conflict and negotiation management, able to use various decision-making methods, and develop technological adaptability and resilience.

Designed for critical thinkers who seek to develop leading-edge knowledge to help shape the world, MGGM suits individuals who hope to pursue international careers as policy-makers, analysts, and advisers. They may also pursue positions such as administrators, public management consultants, and advocacy workers in the wide array of institutions involved in addressing global problems.

It is ideal for government employees who aspire to become career executives; corporate practitioners who aim to deepen their knowledge in international relations and international business; and leaders and managers of international organizations, intergovernmental organizations, and non-government organizations who wish to advance their knowledge in the field.

EXECUTIVE Secretary Ralph Recto assured students that the Marcos Jr. administration will continue to expand scholarships and educational assistance nationwide to help more Filipinos finish college and secure better opportunities.

Speaking to presidential scholars during his recent visit to Cebu, Recto said financial hardship should not force students to abandon their education.

The executive secretary told the students in Filipino that the President has great confidence in them, which is why they were chosen as scholars.

He relayed the chief executive’s requests: Study hard, finish the course, and when the time comes, use what they have learned to help others.

Under the Bagong Pilipinas Barangay Presidential Scholars Program, five fourth-year college students in every village will receive 20,000 each in financial aid.

This year, 210,000 students in more than 42,000 villages nationwide are expected to benefit from the program.

Each village has a P200,000 allocation from the Presidential Socio-Civic Projects Fund, with P100,000 earmarked for assistance to the five scholars.

Cebu City has 5,330 scholars from its 1,066 barangays.

Recto said the program forms part of the government’s broader effort to expand access to education, from free basic education and tuition in state universities and colleges to scholarships for medicine, science, graduate studies, specialized courses and other fields.

The government official said every scholar who graduates from college represents an investment not only in their individual future, but also in their families and communities.

IT’S been 43 years since former senator Benigno ‘Ninoy’ Aquino Jr. was assassinated as he returned from exile in hopes of prodding a dictatorship toward democratic restoration.

And on the anniversary of his martyrdom that unleashed protests leading to a dictator’s ouster, no less than the only son and namesake of former President Ferdinand Marcos led the nation in marking his death.

In a statement, President Ferdinand Marcos Jr. called on every Filipino to emulate the example of Aquino, Jr. of being involved in safeguarding the country’s freedom by combatting its modern-day threats, including disinformation, division, distrust, and civic indifference.

‘Ninoy’s legacy encourages us to meet these challenges with vigilance and faith in the Filipino people as we work together to deliver meaningful progress for all,’ Marcos said in a statement during Ninoy Aquino Day Friday.

‘This day reaffirms that freedom carries with it a collective duty to respect the dignity and rights of others and to contribute to the good of our nation,’ he added.

The chief executive assured the people his administration will also play its part in nation-building by continuing to protect the country’s sovereignty, upholding the rule of law, and ensuring that each Filipino continues to enjoy liberty and opportunities.

‘Together, let us carry forward the lessons of our history as we continue to nurture a more peaceful and prosperous Bagong Pilipinas. May we all have a solemn and purposeful remembrance,’ Marcos said.

Aquino was the political rival and staunch critic of Marcos’s father, former President Marcos. His death propelled his widow Corazon C. Aquino to the presidency after the 1986 Edsa revolt; and 24 years later, his only son Benigno Simeon C. Aquino III, called ‘Noynoy,’ was himself elected President.

The former senator was assassinated on August 21 in 1983 at the then called Manila International Airport, which was later renamed after him. His death galvanized a fragmented opposition in the country and those exiled abroad, with massive protests culminating in the 4-day peaceful revolt at Edsa.

In 2004, Congress passed into law Republic Act 9256 declaring every August 21 as national non-working holiday to commemorate the event.

Despite the martyred senator’s role in opposing his father, President Marcos recognized that Aquino’s legacy should be commemorated since he played a crucial role in safeguarding freedom, strengthening institutions, and deepening national unity.

‘Ninoy’s legacy encourages us to meet these challenges with vigilance and faith in the Filipino people as we work together to deliver meaningful progress for all,’ he said.

Other leaders weigh in

Earlier on Thursday, the first to issue a statement was former House Deputy Majority Leader and three-term Manila Mayor Lito Atienza, who was among a handful of opposition lawmakers in the Interim Batasang Pambansa in 1984.

On Friday, commemorative statements were issued by Senators Francis Pangilinan, chairman of the Aquinos’ political party the LP, and Ninoy Aquino’s nephew Sen. Bam Aquino.

According to Pangilinan, Ninoy offered his life not just to free people from a dictatorship. ‘He also offered it for the dream of seeing us truly free-from hunger, poverty, subjugation by powerful countries and from being victims of fake news,’ Pangilinan said, in Filipino.

August 21, he said, should thus be celebrated not just on the day itself, but ‘every day, because the struggle Ninoy faced is still very much alive today: those greedy for power, and those abusing human rights,’ among others.

The hardest part to understand in Aquino’s patriotism and decision to return in 1983, said Bam Aquino, is this: ‘hindi mo minamahal ang Pilipinas dahil sigurado kang may kapalit. Hindi ka naninindigan dahil alam mong mananalo ka. At hindi ka naglilingkod dahil sigurado kang kikilalanin ka. Ginagawa mo ito dahil naniniwala kang karapat-dapat ipaglaban ang Pilipino, kahit hindi mo alam kung ano ang naghihintay sa iyo.’

This, he said, underscores the martyred senator’s famous line, ‘The Filipino is worth dying for.’

‘WE all know TV is dying,’ said Vice Ganda during a press conference marking her partnership with MediaQuest Holdings Inc. at The Lighthouse at Meralco Center.

Under the agreement, Vice Ganda is expected to develop content for TV5, as well as other MediaQuest media and digital platforms.

This officially means that she is now a Kapamilya, a Kapuso, and a Kapatid.

‘She is the Queen of All Networks,’ said MediaQuest chairman Manny V. Pangilinan (MVP).

For Vice Ganda, the signing of the agreement is a healing experience because she admitted was disappointed when It’s Showtime, the daily noontime variety show he hosted with other celebrities, left TV5’s programming lineup in 2023.

‘I admit that I felt hurt at the time, but in this industry, we don’t burn bridges. I eventually said yes because I believed in what they wanted to accomplish.’

Vice Ganda and MediaQuest intend to revive free TV in the country in an era where Filipinos consume more content from digital and streaming platforms.

‘We have the same goal. Our goal is to extend the era of TV, especially in the Philippines. We can only do that if the people involved collaborate and bring together our different capabilities,’ said Vice Ganda.

‘MVP told me, ‘You have what I don’t have, and I have what you don’t have. So why not unite?”

Aside from Vice Ganda and Pangilinan, present at the signing ceremony were Slingshot Studios head for partnerships, people and business development Ranvel Rufino, and MediaQuest Holdings president and CEO Victorico Vargas.

Pangilinan said MediaQuest is offering Vice Ganda several platforms where the actor-comedian can showcase her talents. ‘You have built an exceptional career with your exceptional talents. On your own, you have built a distinctive brand, an audience that is not only nationwide but goes beyond the shores of the Philippines, in a career that very few people in this room can match. This event completes the elevation of Vice Ganda to the title of Queen of All Networks,’ said Pangilinan.

‘We offer to you the many platforms, television studios, streaming services, PLDT and Smart, various platforms that we can scale and reach. We offer something to you, a topic that is bigger, better and different to entertain,’ he added.

Vice Ganda said unity is the key in the effort to keep the era of television alive

‘Pareho lang kami ng goal din eh. Ang goal namin is mapahaba pa ‘yung era ng television, especially sa Pilipinas, at least. We’re only able to do that if we collaborate.’

‘Kailangan nilang magsanib-pwersa. ABS-CBN, GMA, TV5, and other platforms. Kahit ‘yung mga streaming platforms nakaka-collaborate rin nila,’ she said.

No details are available yet about the content but Vice Ganda hinted that it will be fun and funny because he knows that Filipinos want to laugh, if only to forget temporarily the problems they are facing.

TWO WorldTeams and eight ProTeams have officially confirmed to heat up the 30th edition of Le Tour de Langkawi 2026 (LTdL2026) scheduled September 27 to October 4.

Completing the 20-team line-up for this year’s race are nine Continental teams and the Malaysian National Team which all set to tackle the 1,285.5-km route spanning eight stages.

The two WorldTeams are Kazakhstan’s XDS Astana and Dutch outfit Picnic PostNL while the eight ProTeam entrants are Tudor Pro Cycling Team (Switzerland), Caja Rural-Seguros RGA, Equipo Kern Pharma and Burgos-Burpellet (Spain), TotalEnergies and Unibet Rose Rockets (France), Bardiani CSF-Saber (Italy) and newcomer Modern Adventure Pro Cycling from the United States.

The nine Continental Teams are Terengganu Cycling Team and Malaysia Pro Cycling (Malaysia), Thailand Continental Cycling Team (Thailand), 7-Eleven Cliqq Roadbike Philippines (Philippines), Nusantara Cycling Team (Indonesia), WheelTop Rotor Chengdu Cycling Team (China), Aisan Racing Team (Japan), KSPO (South Korea) and St George Continental Cycling Team (Australia).

In contrast to last year’s 22-team field, two notable omissions from the start list are ProTeam outfits Uno-X Mobility and Polti VisitMalta.

National Sports Council (NSC) Director-General, Jefri Ngadirin said that while the total number of teams has been reduced compared to last year’s edition, it remains fully compliant with the ProSeries race quota set by UCI.

‘The primary reason for reducing the team quota is part of cost-saving measures implemented across all government ministries, departments and agencies in light of current national economic and global geopolitical uncertainties,’ Ngadirin said.

‘LTdL achieved these savings through two key areas-reducing appearance fees and travel allowances for WorldTeams,’ said Jefri during the official team lineup announcement at MSN, Bukit Jalil, recently. ‘We declined requests from teams such as EF Education and Uno-X, as Astana and Picnic PostNL had confirmed their entries earlier.’

Stages on Langkawi Island were omitted from this year’s route as part of logistics cost-containment measures, which typically incur high operational expenditure.

Nevertheless, with a lineup featuring two WorldTeams and eight ProTeams, LTdL26 is expected to maintain a high level of competition, fierce, thrilling and unpredictable – especially with three formidable mountain stages at Gunung Jerai, Cameron Highlands and Genting Highlands.

‘Astana, Picnic and Tudor regularly feature in cycling’s three Grand Tours which is the Tour de France, Giro d’Italia and Vuelta a Espana,’ Ngadirin said. ‘TotalEnergies and Caja Rural also race the Tour de France, Bardiani and Unibet compete in the Giro while Kern Pharma and Burgos feature in the Vuelta.’

‘Therefore, the teams confirmed for this edition are formidable contenders in top-tier global cycling and I am confident they will field strong rider combinations to secure victory,’ he added.

Newcomer Modern Adventure Pro Cycling is a newly formed team this year but the South Carolina-based setup is guided by world cycling legend George Hincapie, a former lead domestique for Lance Armstrong, Alberto Contador and Cadel Evans, alongside former Tour de France and Giro stage winner Bobby Julich.

Ngadirin added that MSN, as the main organiser, eagerly awaits the final rider rosters to be submitted by respective teams, given that this year’s route profile is regarded as one of the most gruelling in the race’s history since its inception in 1996.

‘Some teams have submitted initial rider lists, but we expect them to make a last-minute revisions and field their strongest lineups,’ he said. ‘Achieving top results means securing crucial UCI ranking points, especially in these end season races.’

LTdL2026 will flag off from Shah Alam on September 27 and conclude in Putrajaya on October 4, covering a total distance of 1,285.5 km across eight stages.

Classified as a 2.ProSeries event on the UCI Asia Tour calendar, the race is co-organised by the Ministry of Youth and Sports (KBS) through MSN in collaboration with the Malaysian National Cycling Federation.

LTdL 2026 – TEAMS

UCI WORLDTEAMS

XDS Astana (Kazakhstan)

Picnic PostNL Netherlands)

UCI PROTEAMS

Tudor Pro Cycling Team (Switzerland)

Caja Rural-Seguros RGA (Spain)

Equipo Kern Pharma (Spain)

Burgos-Burpellet (Spain)

TotalEnergies (France)

Unibet Rose Rockets (France)

Bardiani CSF-Saber (Italy)

Modern Adventure Pro Cycling (USA)

UCI CONTINENTAL

Terengganu Cycling Team (Malaysia)

Malaysia Pro Cycling (Malaysia)

Thailand Continental Cycling Team (Thailand)

7-Eleven Cliqq Roadbike Philippines (Philippines)

Nusantara Cycling Team (Indonesia)

WheelToprotor Chengdu Cycling Team (China)

Aisan Racing Team (Japan)

KSPO (South Korea)

St George Continental Cycling Team (Australia).

RATING and Investment Information, Inc. (R and I) affirmed the Philippines’ ‘A-‘ investment-grade credit rating and maintained its ‘stable’ outlook on improving fiscal balance and expectations of sustained economic growth.

The Japanese credit rating agency on Friday announced that it affirmed the sovereign’s Foreign Currency Issuer Rating at ‘A-‘ and the Foreign Currency Short-term Debt at ‘a-1.’

‘R and I’s affirmation of the Philippines’ A- rating and Stable outlook recognizes the government’s fiscal consolidation efforts and the strength of our economic reforms,’ Finance Secretary Frederick D. Go was quoted as saying.

R and I said the fiscal balance has improved as a share of gross domestic product (GDP) and the government debt ratio is likely to ease in the medium term.

The debt ratio, at 63.2 percent in 2025, remains manageable and is expected to decline over the medium term due to the ‘improving’ trend in the fiscal deficit path, R and I said.

‘The government is pursuing fiscal consolidation while balancing economic growth,’ it said. ‘The country has a certain level of debt affordability, given the manageable level of interest payment burden.’

Economic expansion is likewise expected to continue, backed by population growth, infrastructure investment and inflows of foreign direct investment, it added.

However, R and I said this year’s economic growth is ‘highly likely’ to fall below the previous year’s level of 4.4 percent due to slower infrastructure spending affected by stricter validation and governance measures introduced following corruption allegations involving flood control projects.

Despite remittances staying stable amid ongoing tensions in the Middle East, R and I said rising energy costs have pushed up the cost of living and resulted in muted private consumption.

‘With the current account deficit and external debt remaining at manageable levels, there is limited concern on the external front,’ the rating agency added.

Stable surplus items, particularly remittances from overseas workers, continue to provide support, while the trade deficit reflects strong domestic investment and business activity, R and I said.

Higher imports of raw materials and intermediate goods for infrastructure projects help in laying the groundwork for future growth, it added.

‘Considering this structure, R and I believes that the present level of current account deficit does not necessarily have negative implications for the assessment of creditworthiness,’ it said.

The country’s foreign exchange reserves are also sufficient relative to imports, while net external debt remains low as a share of GDP, limiting external risks, R and I said.

The debt watcher also cited the stability of the Philippine banking sector as another factor supporting the sovereign’s credit profile.

‘The country’s resilience is supported by a sound banking system, an efficient payments system, and a healthy external position,’ Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr. said in a statement.

‘The BSP will continue to take a forward-looking and data-driven approach to monetary policy, financial supervision, payments oversight, and external sector management. These efforts help preserve stability and sustain confidence in the Philippine economy,’ Remolona added.

The Philippines’s sovereign credit ratings remain at investment-grade levels, with R and I and Japan Credit Rating Agency affirming their ‘A-‘ ratings.

Other major credit rating agencies have also maintained their investment-grade ratings on the Philippines, among them S and P Global Ratings at ‘BBB+,’ Fitch Ratings at ‘BBB’ and Moody’s Ratings at ‘Baa2.’

‘Quis custodiet ipsos custodes?’ is a famous Latin phrase from the Roman poet Juvenal, translated as ‘Who watches the watchers?’

In the same way, who will take care of the husbands or wives who are confined at home 24/7 to attend to the needs of their spouses struck by a debilitating stroke or heart attack, or afflicted with a long, lingering illness such as cancer, impaired kidneys, dementia, severe knee problems, diabetes, and similar health issues common to seniors in their advanced years?

Marriages in late life often turn into a patient-caregiver relationship when bodies start to break down in the natural course of life.

Consider the case of someone whom I have coffee with at least once a week. I was hoping to write something similar to ‘Tuesdays with Morrie’ a memoir by American author Mitch Albom about a series of visits he made to his former university sociology professor, learning profound life lessons about love and wisdom.

Lately, our conversation has veered into his current situation. He reveals that he has chosen to devote his remaining years at home to tend to the needs of his wife, who, like him, is 90 years old and shows symptoms of early stage dementia.

Although they have employed a domestic helper and a professional caregiver to watch over her and tend to her needs, his spouse only responds to him. She can’t recognize even her own children sometimes. It is he she asks for when she is awake. She gets agitated when she doesn’t find him at her side.

What this means is that he is at her beck and call. When he has to see a friend or colleague out of home, he needs to meet them somewhere near because he can’t be physically far from her.

He, however, emphasized to me that he has no problem with his present situation and in fact he has embraced it wholeheartedly. After all, this is what he signed up for when they got married: ‘In sickness and in health, for better or for worse.’ Being a former theater and film actor and director, he says with a wink, ‘this is Act 3 of my performance on the stage of life.’

He tells me of the time when a stranger approached him and said that he was touched and moved by the attention he was giving his wife. On social media, friends say he is a source of inspiration. ‘I appreciate all those positive comments,’ he says. ‘Nakakataba ng puso (It gladdens my heart), but we can romanticize it only so far because the reality is that it’s hard.’ As one sympathetic colleague, now a widower, advised him: ‘Dapat hindi ka nauubusan ng pasensya. Sinlalim ng dagat.’

His case got me and my wife thinking about ourselves as well as all the other elderlies stuck at home. More and more senior couples I know are getting confined at home, taking care of each other, with one spouse immobilized by chronic health conditions that debilitate elderly men and women.

Compared to other family members, spouses are more likely to commit to a long-term caregiver role. Who else would have the patience, compassion, endurance? The children? They have their own respective families to take care of. They may drop by for a visit now and then, but they would rather just give financial help than stay day after day with a parent who demands complete attention.

So, let’s not over-romanticize the spousal caregiver role. It is a 24/7 job. No, it is a really another career for the spouse. Beyond the compliments, what senior caregivers really need are concrete and helpful ways to enable them to do a better job. For if society would take care of them, they can do a better job of taking care of their respective spouses who are confined to bed or wheelchairs at home.

Aside from caregiving skills, this ‘spousal caregiver career’ requires a specialized set of skills and knowledge, including physical, mental and spiritual conditioning, psychology, geriatric medical knowledge, anger management, spiritual conditioning, among others.

May I propose the following ideas for our policymakers to consider in future legislation related to seniors’ wellbeing?

1. Formal training for seniors who become designated caregivers.

One of the common challenges of spouse-caregivers is that no one ever told them what to do with a spouse stuck at home by serious ailment. Instead, they are ‘just doing this by the seat of our pants.’ They face questions like: what do I need to know about dementia; how do I put on and change my spouse’s diapers; when should I bring her to the hospital, and so on. A government funded caregiver education and training program should be designed for them, something like ‘Beginner’s Guide to Being a Spouse Caregiver.’ It’s a whole different kind of ballgame that not everyone can play. They need to master it fast.

2. Spiritual counseling

Spousal caregivers need someone to advise and guide them and help them develop and strengthen mental and emotional fortitude. A rehabilitation psychologist says strokes and cancer put very different pressure on spouses than other diseases do. Equipping them with positive effective caring strategies is important. I know a few who become depressed for being left alone to do a thankless task. How are they supposed to cope mentally and spiritually with caring for a disabled and being stuck at home for the rest of their lives? My wife once told me: ‘Pag ako nagka dementia, huwag mo naman ago sigawan at pagalitan.’

3. Financial support in the form of stipend for spousal caregivers

Time and again, my 90-year-old friend lets out a heavy sigh: ‘I love caring for my wife but it’s draining all my savings.’ Since not all aged couples can afford to be in assisted living facilities, the government should at least find ways to provide a stipend for full time spousal caregivers. In some countries, there are several government programs, or funding sources, that exist that can pay spouses or family members as caregivers. We urgently need to initiate the development of support measures tailored to spousal caregivers with a limited household income.

I can only hope that our policymakers can come up with laws that incorporate the elements of positive spousal-caregiving into effective policies to support spousal-caregivers in the relentless battles they have to fight day in and day out.

Department of Social Welfare and Development (DSWD) Secretary Rex Gatchalian and officials from the provincial government of Davao de Oro conducted the ceremonial signing of a deed of land donation on Monday, August 17.

The land situated in Barangay Pasian, Monkayo, Davao de Oro will be the site of the Group Home for the Elderly. It will be established as the Older Adult Supportive Integrated Services (OASIS) Village, providing residential care and support for abandoned, neglected, and at-risk senior citizens.

Davao de Oro 1st District Representative Maria Carmen Zamora-Mabanglo and Governor Raul Mabanglo represented the provincial government of Davao de Oro as the donor, while Secretary Gatchalian accepted the property donation on behalf of DSWD.

DSWD Undersecretary for Operations Monina Josefina Romualdez was also present as a witness to the formal signing. (KI)

The province of Zambales has declared a state of calamity after sustaining more than P591.98 million in damage to agriculture and infrastructure from the combined effects of the enhanced southwest monsoon, or habagat, and tropical cyclones ‘Luis’ and ‘Maymay’ in the past two weeks.

Governor Hermogenes Ebdane Jr. told BusinessMirror the Sangguniang Panlalawigan passed a resolution declaring the state of calamity on Wednesday, August 19, upon the recommendation of the Provincial Disaster Risk Reduction and Management Council (PDRRMC).

The PDRRMC said heavy habagat rains whipped up by the recent typhoons caused widespread flooding, landslides, soil erosion, disruption of transportation, and damages to houses, agriculture, and critical and lifeline infrastructure, including river dikes and flood-control structures. The disaster also caused the displacement of 5,770 families composed of 17,317 persons, as well as the isolation of residents of Barangay Sta. Fe in San Marcelino town when the bridge connecting the upland barangay was swept away by strong river currents, the council noted.

According to consolidated reports from the Zambales Provincial Disaster Risk Reduction and Management Office (PDRRMO), the province sustained more than 22.71 million in damage in agriculture.

The agricultural damages include losses of P11.21 million in rice crops, P8.7 million in corn and other high-value crops, P1.1 million in livestock, P1.39 million in fisheries, P1.34 million in agricultural infrastructure, and P61,500 in farm equipment and machinery.

PDRRMO head Rolex Estella also said that a total of 256 houses were partially damaged while 32 were totally destroyed during heavy rains from the typhoon-induced habagat.

Most of the damaged houses were in Subic town, with 154 showing partial damage and 10 completely wrecked.

Heavy infra losses

Damage to government infrastructure, meanwhile, reached a staggering total of P569.26 million.

In particular, seven sections of river dikes along the Bucao River in Botolan, Zambales, which channels lahar deposits downstream from Mount Pinatubo, were totally destroyed, the Zambales 1st Engineering District of the Department of Public Works and Highways reported.

With a total length of 2,931 linear meters, the destroyed sections cost a total of P293.1 million while total rehabilitation would cost an estimated P728.14 million, the DPWH said.

Six other slope protection projects in the towns of Masinloc, Cabangan, and Botolan were totally damaged, with losses totaling P390.21 million and repair estimated at P966.24 million.

In Subic and San Marcelino towns down south, four river revetment projects collapsed, incurring total damage of P96.85 million, with estimated rehabilitation cost totaling P114 million, the DPWH 2nd Engineering District said.

The PDRRMC said the magnitude and geographic spread of the weather impacts indicated a need for provincial-level intervention.

‘[As] the province continues to experience weather-related threats and the potential for further flooding and landslides, [there is a need for] sustained emergency preparedness, response and recovery operations,’ the council added.

The PDRRMC said the declaration of a state of calamity will strengthen coordination of response, recovery and rehabilitation measures, and enable government offices and local government units to take necessary actions to protect life and property, restore basic services, provide assistance to affected communities, and implement appropriate recovery and rehabilitation programs.

LOWER revenue expectations are forcing the Philippines to scale back infrastructure spending, creating a fiscal tradeoff that could weaken growth, complicate efforts to stabilize debt and the sovereign’s ‘BBB’ rating, Fitch Ratings said.

In a commentary, the credit rating agency said reduced revenue projections, which have fallen to around 15.5 percent of gross domestic product (GDP) over the medium term from around 16.5 percent in last year’s framework, are causing ‘significant adjustments’ in the government’s fiscal plans.

As a result, the government is planning to reduce infrastructure disbursements to roughly 4 percent of GDP, about 1 percentage point lower over the projection period.

‘Weaker public infrastructure spending could weigh on medium-term growth, although the extent to which lower disbursements will affect growth remains unclear,’ Fitch said.

Governance reforms could improve spending efficiency and guard the economic impact of lower infrastructure spending levels, while increased use of public-public partnerships and local government units for infrastructure investment could reduce overall government disbursements, it added.

In April this year, Fitch revised its outlook on the Philippines’ issuer default rating to ‘negative’ from ‘stable’ while affirming the country’s ‘BBB’ sovereign rating due to ‘growing risks’ around the country’s medium-term growth potential.

‘Investment remains well below its pre-pandemic trend; and without a sustained recovery, downside risks to medium-term GDP growth are likely to persist,’ the agency said.

Second-quarter GDP remained slow at 2.3 percent, dragged by investments and capital formation, which both contracted by 9.2 percent and 8 percent, respectively.

‘Slower growth is feeding into the fiscal outlook,’ Fitch said, noting the government’s deficit target of 5.1 percent of GDP in 2027, which was slower than the 4.8 percent deficit forecast in last year’s medium-term fiscal framework.

‘Repeated upward revisions to medium-term deficit targets suggest the government continues to prioritize supporting growth over a faster pace of consolidation, leaving risks tilted towards a more gradual reduction in deficits over the next few years,’ it added.

Fitch said the government has also turned ‘more cautious’ in its growth assumptions and expects medium-term growth to average around 6 percent, although risks are tilted towards weaker outcomes.

The ratings agency also sees general government (GG) debt to GDP to increase slightly in the near term before stabilizing over the medium term.

‘Achieving that outcome will depend considerably on growth performance, investment recovery and the effectiveness of efforts to sustain infrastructure investment,’ it said.