Category: Business Mirror

THE Philippines’s balance of payments (BOP), which captures its transactions with the rest of the world, swung to a deficit in July after staying in surplus for two straight months, due to the renewed pressure from a ‘large’ merchandise trade gap, portfolio investment outflows, and external debt-related payments.

Analysts pointed this out after data from the Bangko Sentral ng Pilipinas (BSP) showed the country’s BOP swung to a deficit of $1.47 billion in July 2026 after posting a surplus for two straight months, from May to June 2026, when it posted a $3.4-billion surplus.

Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines (UBP), said the July BoP deficit ‘mainly reflected the country’s persistent trade gap, portfolio investment outflows, and external debt-related payments, particularly after June benefited from substantial foreign borrowing inflows.’

John Paolo R. Rivera, Senior Research Fellow at Philippine Institute for Development Studies (PIDS), explained, however, that the reversal from June’s large surplus ‘should not by itself be interpreted as a deterioration in the external position,’ adding that monthly BOP figures can be ‘volatile.’

Meanwhile, on a year-on-year basis, the BOP deficit of $1.47 billion in July 2026 was 780.24 percent wider than the $167 million gap posted in July 2025.

Jonathan L. Ravelas, senior adviser at Reyes Tacandong and Co., explained that while the year-on-year deterioration looks ‘significant,’ monthly BoP figures are ‘often influenced by the timing of large transactions and should not be viewed in isolation.’

Data from the central bank also showed the cumulative deficit is now at $5.35 billion in the January to July 2026 period, which is 7.12-percent narrower than the $5.76-billion deficit posted in the seven-month period in 2025.

Asuncion and Ravelas said the year-to-date BOP deficit is still well below the central bank’s full-year projection of $10.7-billion deficit for 2026.

‘More importantly, the country’s cumulative deficit of $5.3 billion remains well below the BSP’s full-year projection of $10.7 billion,’ Ravelas said.

Asuncion noted that the country’s external position remains ‘manageable,’ with the year-to-date BOP deficit ‘still tracking below the BSP’s full-year projection.’

Key factors to watch

Rivera said the BOP may remain under pressure and volatile in the near term given elevated oil prices, geopolitical uncertainty, and global financial conditions.

‘But remittances, IT-BPM receipts, tourism, and exports should continue to provide important bu?ers,’ added Rivera.

While the Philippines continues to benefit from ‘strong structural dollar inflows,’ Ravelas emphasized that ‘maintaining a healthy balance between foreign exchange earnings and import requirements will be crucial to keeping the external position stable amid ongoing global economic and geopolitical uncertainties.’

Asuncion explained that while the peso’s depreciation could provide some support to remittances, tourism, and exports, it may also increase the import bill and inflation pressures.

For the coming months, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), said markets would anticipate developments related to any possible extension of the 60-day US-Iran interim deal or the lack thereof.

Ricafort underscored the importance of keeping an eye on developments tied to such a deal between the two nations, ‘especially on the Strait of Hormuz shipping traffic and the impact on global crude oil prices, the country’s oil import bill, trade deficit, prices/inflation, global investments/financial market performance, and the effects on overall BOP and [gross international reserves] GIR data.’

Further, Ricafort said it is important to monitor the ‘continued growth’ of OFW remittances, BPO revenues, foreign investments, foreign tourism receipts, foreign debt proceeds, among others, which he said could lead to ‘better BOP and GIR data than otherwise.’

In a statement on Thursday, the BSP said the year-to-date BOP position reflected the ‘continued trade-in-goods deficit and net outflows from foreign portfolio investments.’

‘These were partly offset by the sustained net inflows from personal remittances of overseas Filipinos (OFs), foreign borrowings by the NG, trade in services, and foreign direct investment,’ added the central bank.

Dollar reserves

Meanwhile, the BSP said GIR remained ‘sufficient’ to meet the country’s import needs, service its external debt obligations, and serve as a buffer against external economic shocks in July.

GIR settled at US$103.3 billion as of end-July 2026 compared with US$104.7 billion as of end-June 2026, the BSP added.

The end-July GIR level can cover up to 6.7 months’ worth of imports of goods and payments of services and primary income.

‘It can likewise service about 3.7 times the country’s short-term external debt based on residual maturity,’ BSP also noted.

THE Philippines and Iceland have signed their first-ever air services agreement, granting airlines of both countries up to seven flights per week and opening a new aviation market for Manila in the Nordic region.

The initial Air Services Agreement (ASA) was concluded following the Philippines-Iceland air negotiation talks held on August 18 to 19 in Reykjavik, Iceland.

Under the deal, carriers from both countries are entitled to seven passenger and cargo flights weekly-or one flight per day-giving them flexibility to establish and develop services based on demand and commercial viability, whether through direct or connecting flights.

Department of Foreign Affairs (DFA) Assistant Secretary Edgar Badajos signed the agreement for the Philippines, while Sigríður Eysteinsdóttir, director and chief negotiator for air services agreements of Iceland’s Ministry for Foreign Affairs, signed for Reykjavik.

Department of Transportation (DOTr) Secretary Giovanni Lopez, who led the Philippine delegation, said the accord lays the groundwork for the two countries’ aviation relationship.

‘This agreement will serve as the foundation for our future air transportation relationship and will provide our airlines with a framework to explore new opportunities for connectivity between our two countries and, ultimately, between our respective regions,’ Lopez said. ‘Today, we are not simply concluding our first air negotiations. We are opening a new chapter in Philippine-Iceland relations in the field of civil aviation.’

Eysteinsdóttir, who headed the Icelandic delegation, welcomed the outcome of the talks.

‘We are very pleased with what we have achieved together. Our discussions have helped us to better understand each other’s priorities and find a way forward,’ she said.

The agreement is expected to boost tourism, trade, investment, and people-to-people exchanges between the two countries, and forms part of the government’s broader push to expand international air connectivity and open new aviation markets.

Lopez said the DOTr will continue coordinating with its Icelandic counterpart and other aviation stakeholders to ensure the agreement’s effective implementation and the eventual expansion of air services between the two countries.

‘May this agreement serve as the beginning of a long and productive partnership, one that will create opportunities for our airlines, benefit our traveling public, and bring our peoples closer together,’ Lopez said.

The regional travel fair opened by the Bangsamoro government harped its long stride from the image of conflict to being the host of corporate agricultural and business expansion and successes in anticorruption in its early period of self-rule.

The 18th Regional Travel Fair (RTF) held on August 14-16 in Cotabato City brought together 42 buyers and 89 sellers for business-to-business (B2B) sessions and tourism stakeholders from 12 regions.

The three-day event at the Alnor Hotel and Convention Center here was organized by the Tourism Promotions Board (TPB) Philippines with the Ministry of Trade, Investments and Tourism (MTIT) and the Department of Tourism (DOT). In his welcome message, Chief Minister Abdulraof Macacua of the Bangsamoro Autonomous Region in Muslim Mindanao, said it provided an opportunity to present a different story of the Bangsamoro.

‘For many years, the story of BARMM was often associated with conflict. Today, we write another chapter in history, one that highlights our breathtaking landscapes and a resilient people who, despite difficult chapters, never stopped believing in peace and a better tomorrow,’ Macacua said.

Macacua also emphasized that tourism is not only about destinations but also about the people and communities behind them, as the region showcased its destinations, cultural heritage, local products and travel experiences.

The fair also held the business-to-consumer (B2C) activity that allowed the public to access discounted domestic travel deals, accommodation packages and airline tickets.

Tourism Promotions Board Chief Operating Officer Maria Margarita Montemayor Nograles said the regional trade fair was designed to generate opportunities beyond conventional business matchmaking.

‘Beyond traditional business matchmaking, the fair serves as a platform for buyers, sellers, and travelers to discover more reasons to love the Philippines while opening opportunities for long-term partnerships,’ Nograles said.

BARMM tourism officials said the fair provided an opportunity to encourage more travelers to discover the region’s destinations and tourism offerings and MTIT Minister Farserina Mohammad urged travelers to explore the Bangsamoro and experience its diverse destinations and culture.

‘To today’s travelers, don’t hesitate to discover Bangsamoro. You will be warmly welcomed, not only as a visitor, but as part of our story,’ Mohammad said, mostly in Filipino.

IN a rousing international debut, Palarong Pambansa standout Anton Paulo Dominick Della secured an age group silver in the men’s 10-kilometer race kicking off the Fourth Southeast Asia Open Water Championships presented by the presented by the Philippine Sports Commission in Boracay Friday.

Della clocked two hours and 20 seconds in placing second in the 18-19-year-old division contested in ideal conditions at the 1.66-kilometer course off the Boracay Newcoast overlooking the Sibuyan Sea.

The 17-year-old pride of San Fernando (La Union), who bagged four golds in the last Palarong Pambansa in Agusan del Sur, actually narrowly missed a podium finish in the Open division by a stroke out of the 31 entries who swam.

He was just five seconds behind Vietnamese bronze medalist Van Dung Cao (2:00.15) in the event won by compatriot Ngoc Vin Dho (1:58.30) while Mochammad Taufik took bronze (2:00.06).

Sharing the spotlight with Della was Dianna Celyn Cruz, who bucked painful hips to bag bronze in the 20-year-old and above women’s class (2:48.17) and finished16th overall in the meet organized by the Philippine Aquatics Inc. and sanctioned by the Southeast Asian Swimming Federation.

Cruz wound up 16th overall among 20 entries in the women’s open where Vietnam finished 1-2 courtesy of Kha Ni Nguyen (2:18.29.86) Huynh Tu Uyen Le ( 2:19.26.63) in the meet also supported by the Aklan and Malay local government units.

‘I swam a tactical race by trying to keep myself in the lead pack,’ Della said. ‘The weather was good from the first to four rounds while from the fift and sixth rounds it was a bit wavy or choppy.’

‘You need to last long in this kind of race so I drafted behind the lead swimmers so it didn’t get heavy so much before making my move in the last 500 meters,’ he added.

Della will be back in action early Saturday morning for the mixed relay event where he will be joined by Alex Tiu, Graziella Sophia Ato and Nuche Veronica Ibit.

Each swimmer will negotiate a 1,500-meter course, with a male swimmer plunging into action first followed back-to-back by two female swimmers before the other male bet caps the anchor leg.

THE rash of recantations by witnesses with supposedly explosive allegations related to the flood-control fund mess indicates a growing ‘business’ in alleging and then withdrawing claims, Sen. Panfilo Lacson said on Friday. With this, he is pushing for heavier penalties against those who induce or force another person to commit perjury, following the recent recantations of ‘coached witness’ Orly Guteza and three of the ‘Maleta Boys’ regarding their statements claiming to have delivered cash in suitcases to certain personalities.

Lacson-himself a victim of allege-recant modus by witnesses in his first term as senator-also sought stricter enforcement of the current Anti-Perjury Law to curb the ‘lucrative business’ of testimonies and recantations, especially those targeting political personalities.

‘Orly Guteza’s recantation should not end there. Republic Act No. 11594 which we passed in October 2021 has increased the penalty for perjury to ‘prision mayor’. Further, a person who induces another to commit perjury is also liable for being a principal by inducement,’ he said in a post on X. Guteza is a former security officer of former Bicol congressman Zaldy Co, who is at the center of allegations of diversion of flood funds to kickbacks and pet projects of politicians. He is believed hiding in France.

‘I will file a bill imposing heavier penalty and fine for ‘subornation of perjury’ or, if a person induces or forces another to commit perjury,’ Lacson said.

The person directly offended or prejudiced by the perjury may file such a complaint against those who induced someone else to commit perjury, according to Lacson.

‘[T]he person directly offended or prejudiced by the perjury may file. In Guteza’s case-ex Speaker [Martin] Romualdez. If not him for some reason, any public officer charged with enforcing the law,’ Lacson added.

On Thursday, Lacson said Guteza’s backtracking was ‘not surprising,’ after he observed Sen. Rodante Marcoleta ‘coaching’ Guteza, or prompting him on what to say in Guteza’s affidavit, during the Blue Ribbon Committee hearing chaired by Lacson on Sept. 23 last year.

In recanting his earlier statement, Guteza also claimed that Marcoleta and ex-Rep. Michael Defensor had him ‘testify’ in exchange for money and scholarships for his children.

In the meantime, Lacson underscored the need to strictly implement Republic Act 11594, which imposes heavier prison terms and fines on those who commit perjury.

He noted the backtracking by Guteza and some of the ‘Maleta boys’ had become ‘a dime a dozen,’ and indicates such a practice has become a profitable venture.

‘While figuratively, testimonies and recantations are ‘one dime a dozen’ these days, ironically, they have become a lucrative business especially when targeting politicians,’ he noted.

Lacson added that he and his fellow lawmakers already increased the penalty for the crime of perjury with the enactment of RA 11594 as a result of the extra-judicial killing (EJK) hearings conducted by the Senate Committee on Public Order and Dangerous Drugs in 2021, but ‘apparently its implementation is wanting.’

Article 183 of the Revised Penal Code as amended by RA 11594, punishes false testimony with prision mayor in its minimum period (six years and one day to eight years), and a fine of P1 million.

If the offender is a public officer or employee, the maximum jail time is increased to 12 years, along with perpetual absolute disqualification from holding any appointive or elective position in government.

Lacson also pointed out that aside from the heavier penalties in the law, the recantations may not necessarily weaken the cases against those implicated.

THE agricultural damage caused by the recent typhoons has soared to more than P1.7 billion, affecting over 50,000 farmers and fisherfolk, according to the Department of Agriculture (DA).

In its latest report, the DA said the combined effects of the southwest monsoon and typhoons Luis, Maymay and Neneng ravaged plantations worth P1.73 billion, and affected 50,277 farmers and fisherfolk.

Despite the 40,954 hectares of farmland impacted by the weather disturbances, the agency said 31,721 hectares still have a chance to recover.

The DA, however, noted that the volume of losses reached 43,220 metric tons (MT), with further damage and losses expected as assessments and validation in affected regions continue.

Rice sustained the bulk of the damage at 26,912 MT, valued at P974.82 million. Most of the damage was recorded while the crop was in vegetative and reproductive stages.

This was followed by high-value crops, with losses at 12,492 MT worth P540.11 million. This included upland and lowland vegetables, such as spices, calamansi, banana, and root crops.

Corn and cassava also recorded damage and losses of 2,954 MT worth P85.33 million and 852 MT valued at P22.99 million, respectively.

The fisheries and aquatic resources sector also incurred P9.26 million in damages, affecting several seafood products as well as fishing boats and gear, tanks, and office buildings.

Losses in the livestock industry climbed to 23,188 heads worth P14.85 million, which included chickens, fighting cock, swine, cattle, carabaos, and goats, among others.

Furthermore, irrigation facilities, farm structures, and machinery were also damaged, valued at P60.96 million, P16.61 million, and P1.37 million, respectively.

Due to the impact of the weather disturbances on the farm sector, the DA released a raft of interventions to help affected farmers and fisherfolk.

This includes P210.93 million worth of farm inputs such as rice, corn, and vegetable seeds.

The agency also distributed 3,631 50-kilo bags of rice from the National Food Authority (NFA) to the affected local government units (LGUs) of Ilocos, Cagayan, Central Luzon, and Mimaropa.

Loans of up to P25,000 from the Survival and Recovery (SURE) Loan Program of the Agricultural Credit Policy Council (ACPC) are available, which come interest-free with a three-year repayment term.

The DA also allocated an initial amount of P35.67 million to indemnify 5,005 insured affected farmers and fisherfolk through the Philippine Crop Insurance Corporation (PCIC).

THE Energy Regulatory Commission (ERC) is set to promulgate the removal of 12 percent value-added tax on electricity system loss charges on August 26 after incorporating consultation inputs.

‘We have scheduled a public consultation for August 25. The day after the consultation, we will finalize it and promulgate it on August 26. The effect is that the VAT will be removed from system loss charges. That is the effect,’ said ERC chairperson Francis Saturnino Juan during a Senate hearing on Thursday.

Juan said this ERC resolution will take effect 15 days after publication and following the effectivity of the BIR-RMC (Bureau of Internal Revenue – Revenue Memorandum Circular). ‘We will follow administrative due process regarding the adoption of rules,’ he said.

However, Juan said there are other ‘timing factors’ that could delay the immediate impact on consumers. He explained that there is a coordination gap with the BIR regarding when the tax removal can safely align with billing cycles. System loss recovery, he added, cannot be precalculated since it depends on actual hours consumed by customers.

‘There is a timing issue that we have already raised with the BIR….Because the actual allowable system loss cost can only be determined based on the actual hours consumed by customers, the total of which becomes the system loss recovery. And that is what is subject to the effective system loss VAT rate,’ said Juan.

As such, the effective VAT rate is not a uniform 12 percent. Also, it could vary based on where the distribution utilities (DUs) source their power generation capacity. Because of these calculation dependencies, consumers will not see an instantaneous reduction in early September.

Once all the necessary processes are completed, the system loss charge will be reflected separately on the electricity bill as a VAT-exempt item. The proposed treatment is consistent with previous BIR actions recognizing the VAT-exempt status of several government-mandated electricity charges based on ERC issuances, including the Lifeline Subsidy, Green Energy Auction Allowance, Universal Charges, Feed-in Tariff Allowance, Energy Tax, and Franchise and Real Property Taxes.

System loss is the difference between the volume of electricity injected into a power grid and the total amount measured and billed to end-users. It accounts for power that vanishes or fails to reach home meters, making up a regulated portion of monthly electricity bills.

The ERC sets the maximum caps that utilities can pass on to consumers.

The Manila Electric Company’s (Meralco) system loss rate stood at 6 percent at end-June this year, which is lower than the 6.5-percent cap set by the ERC.

Meralco chief operating officer Ronnie Aparecho said the company continues to invest in modernizing its substations, transformers, and power lines to improve efficiency. He said Meralco transitioned 100 percent to amorphous distribution transformers over old silicon steel models, citing an excellent trade-off between cost and efficiency.

He said amorphous transformers provide a 70-percent reduction in core loss and a 14-percent reduction in technical loss. The highly efficient transformers cost only three percent more than the old standard. Therefore, the substantial energy savings heavily outweigh the minor upfront price increase.

‘If the transformers you buy are more efficient, the price will increase. But the price compared to the silicon steel is only three percent increase in cost. But in terms of the technical loss reduction, its 14 percent. So, the tradeoff is very good. So those initiatives, we don’t hesitate anymore. We cannot avoid technical system losses but it can be minimized,’ said the Meralco official.

THE nine full-length features of Cinemalaya 22 deliver one of the most compelling slates in the history of the country’s first and oldest independent film festival.

Bold, intimate, varied, sincere, defiant-these films have completely restored my faith in the annual indie showcase after a few unworthy entries last year.

Overall, Cinemalaya has produced films that, despite the many odds, excel in technical execution, powerful storytelling, and the raw, natural acting of mostly non-mainstream cast members.

More importantly, the festival has always thrived on sparking a deep, empathetic engagement, leaving the audience to reckon with the timely social issues its filmmakers choose to tackle.

Anchored on the theme ‘Reel Reflections,’ this year’s lineup has indeed become a voice for the powerless and the marginalized (Ganggang, Hand of God, and 2 Valid IDs); a vehicle for the power of unconditional love and forgiveness (Tayo Lang ang Nakakaalam/Only Known to Us, Status: Rejected, and Kaka sa Yawan/Brothers by the River); and a stark exposition of morality and evil (A.ni.mál, Mag-iina, and Tirik).

Human dignity

INSTEAD of wallowing in misery, characters like Sylvia-brilliantly played by Pokwang (Marietta Subong in real life) in 2 Valid IDs-and Farida-performed with nuanced subtlety by Iza Calzado in Hand of God-take matters into their own hands to regain their human dignity.

Ma-an L. Asuncion-Dagñalan, the 2022 Cinemalaya Best Director (Blue Room), directed 2 Valid IDs from a screenplay by award-winning television and film writer Abet Pagdagdagan Raz. The film effectively mirrors the daily struggles of ordinary Filipinos beyond proving their identity.

Hand of God, meanwhile, marks the successful Cinemalaya feature directorial debut of television and film writer Mark Duane Angos from his own screenplay. His heartwarming story and honest storytelling techniques successfully elevate the film’s theme beyond the confines of a war-torn village.

Healing and forgiveness

A SIMILAR resilience shines through the struggle of keeping a beloved or finding forgiveness and healing as the protagonists of Tayo Lang ang Nakakaalam (Neil, achingly portrayed by Martin del Rosario), Status: Rejected (Biring, fleshed out with utmost sensitivity by Ruby Ruiz), and Kaka sa Yawan (the adult Niko, played by Beaver Magtalas) choose to remain unwaveringly hopeful in the end.

Tayo Lang ang Nakakaalam, which filmmaker and educator David R. Corpuz directed and co-wrote with fellow filmmaker, multimedia artist, and director Iar Lionel Arondaing, effectively illustrates the parallelism between an unaccepting society and an equally unaccepting family when dealing with those suffering from the human immunodeficiency virus.

First-time Cinemalaya director Vahn Leinard C. Pascual collaborated with Jaymar Castro and Ivan Villacorta Gentolizo in Status: Rejected, a painfully delightful film about succumbing to a love scam in a desperate search for real love.

Pascual succeeds in maintaining the seamless continuity of the film’s atmosphere, setting, narrative, and ensemble acting-especially with the spirited character of Tessie (played by Beverly Salviejo) as an energetic counterpoint to Biring’s gloomy character. Ruiz’s deeply believable performance delivers an emotional rollercoaster that steals the film’s every scene.

Alpha Habon also makes his Cinemalaya feature directorial and screenwriting debut in the memorably heart-tugging Kaka sa Yawan (Brothers by the River). He has beautifully woven into his stirring story of forgiveness and healing the indigenous practices, beliefs and traditions of the Tadyawan, one of the eight Mangyan communities in Oriental Mindoro.

Apart from the ensemble’s commendable performance, Noelle Polack’s subdued but strong portrayal of a grieving Tadyawan mother (Ina) to the child character Ayan stands out as a resilient emotional anchor for the film.

Complex backdrops

SET against the complex backdrops of societal injustice, moral conflict, structural decay, and the reign of evil are Ganggang, A.ni.mál, Tirik (To Set Upright), and Mag-iina (The Mothering).

The ensemble of Ganggang-a film directed and written by JL Burgos, the 2020 Cinemalaya Special Jury Prize winner (Alipato at Muog)-delivers a fierce, unyielding response to militarization, forced disappearances, and extrajudicial killings.

In A.ni.mál, multiawarded filmmaker, playwright and educator Dustin Celestino, the 2023 Cinemalaya Special Jury Prize winner (Ang Duyan ng Magiting/The Cradle of the Brave), effectively uses an act of animal cruelty as a dark metaphor for how corrupt leaders treat public service with the same callous disregard.

Celestino’s talented ensemble cast competently breathes life into their characters, but acclaimed singer and actress Bituin Escalante’s portrayal of Dr. Grace Reyes, the wife of the governor, brilliantly stands out.

Tirik shows a casual interaction turning into an intensive odyssey about justice and redemption between a conflicted priest and his taxi driver-parishioner. This spiritual collision unfolds over the course of a single day based on a screenplay by multiawarded fictionist, novelist and screenwriter Charlson Ong.

First-time Cinemalaya director May-I Guia Padilla masterfully draws out the raging psychological warfare between her two primary characters, Paring Bert and Santos-played with committed passion by Rocco Nacino and Floyd Tena, respectively-amid beautifully composed, scenic cinematography.

What sets Mag-iina apart from this year’s Cinemalaya roster is its gothic framework, spinning a horrific family saga authored by multiawarded playwright, actor, translator, and director for the stage Guelan Varela-Luarca. The screenplay is adapted from Luarca’s full-length play Corridors, which won first prize at the 72nd Carlos Palanca Memorial Awards for Literature in 2024.

Directed by filmmaker, writer, translator, dramaturg and educator Giancarlo Abrahan, 2014 Cinemalaya Best Director and Best Screenplay winner (Dagitab), the film stands out for its haunting musical score and its talented ensemble cast, highlighted by the formidable performance of Jackie Lou Blanco.

Ultimately, these nine films do more than merely mirror our current realities and collective struggles-they lay a hopeful foundation for the next visionaries of Philippine cinema.

The recently concluded Cinemalaya 22 was co-organized by the Cultural Center of the Philippines and the Cinemalaya Foundation, Inc., with support from the Film Development Council of the Philippines.

THE Hungry Ghost Month has arrived and is generally a time when business in the country slows down.

Feng shui experts or geomancers advice most people to chill during this period, as the spirits of our dead ancestors roam the earth and visit us, sometimes creating mayhem.

As I write this on Wednesday, trading at the Philippine Stock Exchange has ended nearly flat 6,158.34 index points. And the deals will likely remain sluggish until September 10, when the ghosts all return from whence they came.

As per the advice of geomancers, no major life decisions (e.g. weddings, moving house, celebrating birthdays and other happy occasions, etc.) should be made during this period, which started on August 13. Other taboos include late-evening excursions, swimming in the open sea, whistling or humming outdoors at night, taking photos after sunset, and leaving the laundry hanging outside overnight.

The latter of course is a bit of a problem for many of us. With the onset of the monsoon season, drying our clothes under the sun has become a challenge. It will likely take two to three days for our laundry to properly dry, hopefully aided by outdoor wind. Otherwise, we take our wet clothes and linen indoors and risk the ‘kulob’ smell, even as they are cool-dried by electric fans. (Makati Mayor Nancy Binay recently shared on social media that her son messsaged her and asked if she had changed their detergent. He wondered if it was why his clothes smelled ‘funky,’ or, as the mayor noted, ‘amoy kulob’.)

These past weeks, I have bravely left my laundry hanging overnight or two at the balcony. When these are dry enough to bring into the house, I first shake these and shout loudly for anyone to hear that they ought to leave my clothes ASAP. Shoo! Cross my fingers that works.

I’ve also managed to avoid leaving the house at night, politely turning down dinners and other events. So apologies to my frineds, I will have to deprive you of my exciting presence in your evening gatherings. Perhaps let’s do lunch instead?

And so far, everyone is safe from me getting married anytime soon. Although too bad, my dead ancestors will have been overjoyed to attend my wedding. Right, Mama?

While we’re waiting out the wanderings of our dead ancestors’ spirits, we are advised to honor them by setting up an altar to offer them food, fruit and incense.

To preserve our luck, we should also be generous in words and action. Practice charity, we are told. The latter of course is good to practice all year round.

China is doubling down on a targeted program that’s tapping fiscal resources to drive borrowing by businesses and consumers, with new measures set for launch in the rest of the year as economic growth veers below the government’s annual target.

‘We’ve been studying and drafting new coordinated fiscal and financial policies that will be introduced in the second half of this year,’ Vice Finance Minister Liao Min said at a briefing in Beijing on Friday.

The announcement marks the latest attempt by the government to provide a dose of fiscal support for the economy during one of its weakest stretches in years. It also underscores the focus by the authorities on acting carefully to revive domestic demand and expand private spending against the backdrop of mounting fiscal strains at the local level.

In his remarks, Liao was referring to the program introduced earlier this year that provided perks including discounted lending backed by fiscal subsidies to companies and consumers, alongside loan guarantees to spur private investment. He didn’t elaborate on what specific new measures are currently under consideration.

The creation of the program is ‘one of the key pillars of this year’s more proactive fiscal policy,’ Liao said, adding the authorities will in the future make such fiscal and financial coordination a regular feature of their approach.

When unveiled in January, the subsidy incentives for households and companies were backed with 100 billion yuan ($15 billion) from the central budget. Ding Shuang, chief economist for Greater China and North Asia for Standard Chartered Plc, said the new measures may give the program greater scope without expanding its size or leading to additional fiscal spending.

‘The emphasis on fiscal-financial collaboration suggests the government would like to leverage the available fiscal resources by tapping financial resources to reap a multiplicative effect,’ said Ding.

The effort has already been expanded since Aug. 1 to make more types of loans eligible for the interest rate subsidies meant for small and micro businesses and consumers. The package supported more than 20 trillion yuan in new lending during the first seven months of the year, an increase of 4.5% from 2025.

Lynn Song, chief economist for Greater China at ING Bank NV, was cautious about the impact on the economy of any new measures as part this mix of policies, arguing that they were insufficient to help halt the growth downturn so far this year. If additional policies come primarily in the form of interest rate subsidies, ‘it’d be marginal,’ he said.

Government data published earlier in the week showed China’s industrial output, consumption and investment all softened more than expected in July. Pressure on policymakers to step up stimulus is on the rise, given many economists estimate gross domestic product growth has slipped further below Beijing’s annual target of 4.5%-5% after reaching only 4.3% in the second quarter.

Still, Liao suggested the Chinese government’s bond quota already planned for this year is sufficient to ensure it will maintain ‘fiscal spending intensity,’ noting there is more than 2 trillion yuan in the allowance available in the coming months.

The Ministry of Finance will guide local governments to issue the bonds, accelerate fiscal spending and strengthen oversight of regions whose pace of expenditure has been slow, in an effort to push for an early start in delivering on projects, he said.

‘The message is the government – for the moment – will focus on fully utilizing the room under the approved budget to achieve the growth target,’ said Ding. ‘If they manage to do that, most likely there is no need for additional stimulus.’

Standard Chartered estimates the government’s broad spending will grow 4.8% year-on-year in the second half of this year if the approved budget is fully implemented, versus a drop of 1.9% in the prior six months.

‘The message is the government – for the moment – will focus on fully utilizing the room under the approved budget to achieve the growth target,’ said Ding. ‘If they manage to do that, most likely there is no need for additional stimulus.’

Standard Chartered estimates the government’s broad spending will grow 4.8% year-on-year in the second half of this year if the approved budget is fully implemented, versus a drop of 1.9% in the prior six months.