Category: Business Mirror

AGRICULTURAL damage caused by the combined effects of the southwest monsoon and successive typhoons on local farmlands has breached P1 billion, according to the Department of Agriculture (DA).

In its latest report, the DA said damage and losses incurred by 30,073 farmers and fisherfolk have climbed to P1.03 billion.

Around 25,662 hectares of plantations were affected by the Southwest Monsoon (habagat) and tropical cyclones Luis and Maymay. Of these, 21,440 hectares still have a chance to recover.

The volume of production losses to agriculture and fisheries across seven regions stood at 25,280 metric tons (MT), affecting rice, corn, cassava, high-value crops, fisheries, livestock and poultry, infrastructure, machinery, and equipment.

The regions that recorded damage based on the DA’s monitoring were the Cordillera Administrative Region (CAR), Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, and Western Visayas.

Among the commodities, the agency said rice sustained the brunt of the losses at 16,105 MT, valued at P589.44 million. This was followed by high-value crops at 7,772 MT, worth P313.07 million.

Corn and cassava also recorded losses, which stood at 1,309 MT for P46.24 million and 84 MT worth around P954,270, respectively.

The P9.26-million damage to fisheries and aquatic resources stemmed from damaged fishing boats, gears, tanks, and office buildings. Losses included produce, such as milkfish, tilapia, mangrove crab, oyster, and giant freshwater prawn.

Furthermore, the livestock sector lost 6,036 animal heads worth P6.91 million, which included chickens, swine, cattle, carabaos, goats, sheep, ducks, horses, quails, and turkeys.

Irrigation facilities, farm structures, and machineries also recorded damage valued at P47.86 million, P15.21 million, and P80,000, respectively.

Despite this, the DA said it has ramped up intervention efforts to support farmers and fisherfolk affected by the weather disturbances.

Several assistance measures included P177.67 million worth of agricultural inputs such as rice, corn, and vegetable seeds. It also issued 1,007 bags of rice from the National Food Authority (NFA) to the affected local government units (LGUs) of La Union and Batanes.

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

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

Ralph Lauren welcomed guests to The Ralph Lauren Centre Court Suite at The Championships, Wimbledon, in July.

Guests were invited to experience the newly debuted The Polo Bar by Ralph Lauren at Centre Court, bringing the sophisticated warmth of the New York institution to the tournament’s historic grounds for the first time. Guests enjoyed classic cocktails and thoughtfully curated details throughout while watching the Gentlemen’s Singles Semi-finals.

Notable guests include, Dustin Hoffman, Keira Knightley, Richard E. Grant, Kento Kaku, Lesley Manville, Felicity Jones, Luke Thompson, Joe Locke, Rashida Jones, Ezra Koenig, Ananya Panday, Mia Armstrong, Bassel Khaiat. All the guests were dressed in Ralph Lauren.

In the Philippines, Polo Ralph Lauren is exclusively distributed by Stores Specialists Inc., and is located at Shangri-La, Greenbelt 5, Rustans Makati, Solaire, and the newly opened Rustans Cebu Store.

Polo Ralph Lauren is also available online through www.lazada.ph, www.shopee.ph, www.zalora.ph, and www.rustans.com.

For Eurica Labapiez, reaching the national Top 10 of the 2026 Licensure Examination for Professional Teachers (LEPT) is more than a personal academic triumph-it is a promise fulfilled to her family and proof that a student from a mountain barangay can rise to the top with determination and opportunity.

Labapiez, a graduate of Cebu Eastern College (CEC) and a Cebu City government scholar, placed 10th nationwide in the 2026 LEPT conducted in March, becoming the first topnotcher from barangay Toong, a mountain barangay in Cebu City.

Her achievement was celebrated Friday, Aug. 14, during CEC’s 2026 PACECGARBO, where she joined fellow CEC graduates Jessa Junio and Jenny Rose Daro, who placed third and fifth nationwide, respectively.

Each of the three topnotchers received P100,000 from CEC as an incentive for their outstanding performance.

For Labapiez, the road to the national rankings began with a simple inspiration-a teacher she admired and her own love for teaching.

She pursued elementary education because she wanted to follow the example of the teacher she looked up to and because, as she put it, ‘I love teaching kids.’

Her journey was also made possible through the Cebu City Government Scholarship Program, which allowed her to pursue college without a maintaining grade requirement.

As the eldest child in her family, Labapiez said one of her motivations was the desire to eventually help her parents shoulder the educational expenses of her two siblings.

Now that she has completed college and earned a place among the country’s top-performing examinees, she said she can begin fulfilling the promise she made to her parents.

Her message to other students is rooted in the fears and challenges she herself had to overcome.

‘Ayaw kahadlok sa inyong gustong makab-ot. Buhata ang tanan bisan nahadlok ka or ikaw ra usa, ayaw pagkawala sa paglaum [Don]t be afraid to pursue your dreams. Give it your all, even if you’re scared or have to face the journey alone. Never lose hope],’ Labapiez said.

Labapiez’s achievement was part of an unprecedented showing by CEC, which placed three graduates on the 2026 LET national Top 10 list. Junio secured third place, Daro ranked fifth, while Labapiez finished 10th.

The feat also marked the second consecutive year that CEC produced a topnotcher in the teacher licensure examinations, reinforcing the institution’s growing record of performance in teacher education.

CEC Board of Trustee member and Vice President Dwight Choachuy said the achievement demonstrates that a student’s potential should not be measured by financial circumstances.

‘Talent knows no economic status. Intelligence is not measured by one’s financial capacity. And greatness is never limited by the challenge of life,’ Choachuy said during the PACECGARBO program.

He also underscored the impact of scholarships, saying educational assistance can help students break cycles of hardship and create opportunities not only for themselves but for their families and future generations.

The defense panel of Vice President Sara Duterte objected on Monday to the prosecution’s use of artificial intelligence (AI)-generated images to illustrate what P125 million in cash would look like during the 16th day of her impeachment trial.

Defense spokesperson lawyer Michael Poa questioned the accuracy of the AI-generated images, saying they may not faithfully depict the actual appearance or volume of the money involved.

The prosecution used simulated props and AI-generated imagery while questioning former Office of the Vice President special disbursing officer Gina Acosta about the withdrawal of P125 million in cash on Dec. 20, 2022.

Acosta testified that she and a colleague were responsible for withdrawing the amount.

‘We just had to really register our objection since alam naman natin ang AI sometimes does not really depict yung totoong itsura ng mga bagay,’ Poa said in a press briefing.

During the trial, private prosecutor Amando Virgil Ligutan presented an AI-generated image to Acosta and asked her to compare it with the cash she had handled, prompting defense counsel Lindon Miguel Bacquel to object.

Ligutan later showed another AI-generated image depicting the money inside four bags after Acosta testified that she had brought four bags to carry the cash.

Poa said Bacquel was correct in maintaining the defense’s objection to the use of the images.

‘They just wanted to show some graphics para maipakita ang gusto nila, that’s why they want to use AI. Sa ngayon na-note naman ang aming continuing objection so that is enough for now,’ Poa said.

THE central bank said it will take into account in upcoming inflation forecasts the global oil prices and the potential impact of El Niño which may peak in the final quarter of 2026 until the first half of 2027.

During the Development Budget Coordination Committee (DBCC) briefing before the House Committee on Appropriations on Monday, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Zeno Ronald R. Abenoja said the central bank will update its inflation forecasts in accordance with the ‘risk factors’ that it is currently tracking.

‘There are risk factors that we are looking at. One of them is the price of crude oil in the international market. Second, the potential effect of El Niño which the peak impact will be experienced in the fourth quarter of 2026 until the first half of 2027,’ added Abenoja.

‘Those are the other risk factors that the central bank thinks can affect inflation,’ he said.

Abenoja said the inflation forecasts would have to be updated at the upcoming rate-setting meeting of the Monetary Board (MB), the highest policymaking body of the central bank, as the current inflation forecasts were updated last June 18, the MB’s previous policy meeting.

As of the June 18,2026 monetary policy meeting, BSP sees headline inflation averaging at 6.4 percent in 2026; 4.5 percent in 2027 and 3.1 percent in 2028.

The target of central bank remains at 3-percent average inflation plus or minus 1 percentage point tolerance range.

The Monetary Board’s next scheduled rate-setting meeting is on August 27,2026.

At the DBCC briefing on Monday, BSP Governor Eli M. Remolona Jr. emphasized that, consistent with its mandate, ‘We worry about inflation because it diminishes the purchasing power of Filipino families.’

‘Low inflation also supports sustainable growth,’ Remolona pointed out.

The chief of the central bank said BSP is ‘encouraged’ to report that inflation has eased somewhat over the last three months.

However, he said inflation remains well above its target of 3 percent.

The BSP governor noted that the recent above-target inflation readings were due largely to global supply shocks and their spillover effects on prices in the domestic economy.

‘As you know, oil price shocks are not just about energy, they are also about food prices because oil is also the source of much of our fertilizer,’ Remolona explained.

As such, to contain price pressures, the central bank had to tighten monetary policy twice this year.

He said these were ‘carefully calibrated moves’ to help slow down inflation, anchor inflation expectations, while recognizing the ‘temporary weakness in growth.’

‘Over the medium term, we expect inflation to ease gradually. However, risks remain tilted to the upside,’ added Remolona.

As the monetary board is set to meet next week to decide on the next policy action, Remolona, who’s also the chairman of the MB, said: ‘We look at all evidence and we are prepared to take further steps as necessary to ensure that inflation returns to target.’

The transmission component of electricity bills has gone up due to a sharp increase in ancillary service (AS) rates, according to the National Grid Corporation of the Philippines (NGCP).

AS rates-pass-through costs for power supplied by power generators who provide ancillary services during supply-demand imbalance-jumped by 30.85 percent to P1.0391 per kilowatt hour (kWh) in the July billing period from P0.7941 per kWh in June. This is reflected in the August electric bills of consumers.

NGCP said it does not earn from AS and does not benefit from any change in AS prices, as these are remitted directly to generation companies with bilateral contracts with NGCP and to the Independent Electricity Market Operator of the Philippines (IEMOP) for AS sourced from the Reserve Market (RM).

Meanwhile, NGCP’s transmission wheeling rate, or the fee for delivering power through the transmission grid inched up to P0.5436/kWh in July from P0.5044/kWh in June.

Overall, the equivalent average transmission rate for distribution utilities (DUs) and electric cooperatives (ECs) for the July billing period they will charge to consumers this August went up by 22.22 percent to P1.7560/kWh, from June’s P1.4367/kWh.

NGCP reiterates that bulk of the overall transmission rate is attributable to charges for AS.

‘As system operator, NGCP’s responsibility is to ensure grid stability and reliability, especially during periods of supply-demand imbalance. NGCP does not earn from Ancillary Service charges. These payments are remitted to the service providers that supply the reserves needed to keep the power system secure and reliable.’

NGCP holds the sole and exclusive concession and franchise for the operation of the country’s power transmission network, which links power generators and distribution utilities to deliver electricity nationwide. Synergy Grid and Development Philippines Inc., a consortium led by tycoons Henry Sy Jr. and Robert Coyiuto Jr., controls 60 percent of NGCP while State Grid Corp. of China owns the remaining 40 percent.

It announced last month that it is on track to complete 10 projects worth P30.88 billion this year. If successful, these additions will bring the company’s total completed projects for the year to 15, with a combined value of approximately P38 billion.

The projects that are up for completion in the second half of the year are the relocation of steel poles along Hermosa-Duhat 230 kilovolt (kv) transmission line, Nabas-Caticlan-Boracay transmission line, Luzon voltage improvement project-3, New Antipolo 230-kV substation, North Luzon substation upgrading project 1, Tuguegarao-Lal-lo 230-kV transmission line, Amlan-Dumaguete 138-kV transmission line, Panay-Guimaras 138-kV interconnection, Mindanao substation expansion 4, and Nasipit substation bus-in project. These projects are valued at P30.887 billion.

Filipino arcade culture and P-pop fandom just collided on the same game floor.

Timezone Philippines has officially named XONARA – the seven-member girl group taking over your playlists under 1Z Entertainment – as its newest brand ambassadors.

And this isn’t a wave-at-the-camera, sign-the-banner kind of deal. The one-year partnership comes loaded: an exclusive buy 250, get 500 credit bonus on the Timezone Fun App with the code XONARA, and official Timezone x XONARA photocards dropping August 25.

Photocards. In an arcade. Someone finally understood the assignment.

If you’ve ever traded a photocard outside a concert venue or queued for a cup sleeve event, you already know why this hits different. Timezone is bringing the collect-everything, post-everything energy of P-pop fandom into the same neon-lit floors where half the country learned to lose gracefully at air hockey.

‘At Timezone, we’re always looking for new ways to bring people together through fun and create memorable experiences for our guests,’ said Raffy Prats Jr., General Manager of Timezone Philippines. ‘XONARA’s vibrant energy, strong connection with young audiences, and authentic love for Timezone make them a natural fit for our brand. Together, we’re creating exciting moments that celebrate friendship, community and play while giving fans new ways to connect with the people and passions they love.’

Social content, merch, in-store activations – all rolling out over the year under #TimeXONARA.

They were Timezone kids first

Here’s the plot twist that isn’t one: before Eurekah, Tin, Dominique, Ella, Namie, Lei and Megumi were 1Z Entertainment’s first girl group – before ‘Tabi,’ before their brand-new second single ‘Pula’ dropped last week – they were the kids swiping powercards into the machines like the rest of us.

‘We’re honestly so happy and grateful,’ Ella said. ‘Timezone is a place that so many of us grew up going to, so becoming one of its brand ambassadors feels really surreal. It’s exciting to represent a brand that’s all about having fun, making memories, and bringing people together. We hope everyone can create new memories with us at Timezone too.’

‘It’s such an honor. We never imagined that one day we’d be working with a brand we genuinely enjoyed growing up. It feels like a full-circle moment, and we’re really thankful to Timezone for trusting XONARA,’ Namie added.

Ella fought the good fight against the claw machine – and occasionally won. ‘I’d spend so much time trying to win a plushie, and whenever I finally got one, I’d feel so proud. Timezone was one of those places where every visit felt special because it wasn’t just about the games; it was about spending time with family and friends.’

Namie, meanwhile, was the karaoke booth mainstay.

‘I’m naturally competitive. I remember challenging my friends to see who could get the highest score. Even if I lost, we’d all end up laughing, and those are the moments I remember most,’ Namie shared.

Behind the partnership

Timezone Philippines is running the show – venue experience, digital rollout, activations, Fun App mechanics, merch – while 1Z Entertainment brings the girls, the content and the appearances.

The brand itself has been in the business of engineered joy since 1978, when it started in Perth, Australia; today it runs over 320 venues across seven countries, including more than 50 in the Philippines through its joint venture between The Entertainment and Education Group (TEEG) and Ayala Land, Inc.

Malaysia’s Democratic Action Party voted on Sunday to remain in Prime Minister Anwar Ibrahim’s cabinet, giving him a reprieve after a string of electoral setbacks and turmoil within his own party.

Of the 2,099 delegates who cast ballots at the party’s conference in Putrajaya, 1,857 supported staying in the administration, according to results announced at a briefing. The DAP is the biggest component party in Anwar’s ruling coalition.

‘Some critical views were presented,’ Anthony Loke, the DAP’s secretary-general, said in the briefing. ‘They wanted the party to be more assertive. With the mandate given by delegates, we will continue to carry out our role within the government.’

The outcome spares Anwar another cabinet reshuffle at a time when he is trying to revive support by promising to speed up the pace of reforms and strengthen an anti-corruption drive. His term ends by February 2028 and he has indicated that he is in no rush to call a snap election after his Pakatan Harapan alliance fared poorly during local elections in Sabah, Johor and Negeri Sembilan.

Despite differences among the parties in government, the DAP doesn’t want to create further instability and will continue pressing for cost-of-living issues to be addressed in the cabinet, Loke added.

The DAP’s move also reduces pressure on Anwar to call an early election, particularly from Barisan Nasional, which is his partner in the federal government but a rival in state polls. Barisan and its allies won supermajorities in Johor and Negeri Sembilan, giving it an incentive to seek an earlier national vote.

But Barisan holds only 30 seats in parliament and Anwar would still have a simple majority without its support, limiting its ability to use the threat of withdrawing support to force an early election.

For the DAP, the vote followed mounting concern over its own performance at the ballot box. The party, which draws much of its support from ethnic Chinese voters, suffered setbacks in all three recent state contests, raising questions about whether Pakatan is losing ground among a traditionally loyal voter base.

The DAP has also struggled to make inroads among Malay Muslims, who make up about two-thirds of Malaysia’s population, with rivals frequently portraying it as a threat to their interests. Loke, who is the country’s transport minister, lost his state assembly seat in Negeri Sembilan on August 1.

Anwar’s difficulties extend to his own People’s Justice Party, or PKR. Three lawmakers-including former cabinet minister and ex-PKR deputy president Rafizi Ramli-have resigned their seats to form a new party called Bersama this year. Anwar’s daughter Nurul Izzah Anwar, who defeated Rafizi in a controversial contest for the deputy presidency last year, went on sabbatical from the leadership earlier this month.

The political slide comes despite a resilient Malaysian economy, underscoring Anwar’s struggle to turn stronger headline numbers into votes. Households remain concerned about the cost of living, while some longtime supporters have grown frustrated with what they see as slow progress on promised reforms.

‘What were you doing at 25?’

The evocative question guides Asia Art Archive (AAA)’s 25th anniversary program series, with its concluding chapter on view at the AAA library in Hong Kong, featuring established artists and an enduring art collective.

AAA is an independent, non-profit organization co-founded by arts leaders Claire Hsu and Johnson Chang in Hong Kong. Anchored on the idea that ‘art is knowledge,’ the group serves as ‘a catalyst for new ideas that enrich our understanding of the world through the collection, creation, and sharing of knowledge around recent art in Asia.’ It has built a valuable growing collection of materials on the recent history of art from Asia, freely available from its website (www.aaa.org.hk) and onsite library.

In celebration of AAA’s 25th anniversary, the organization launched a two-part program series, titled At 25: Artists’ Early Worlds. The exhibition centers on the introspective premise of what the region’s most respected artists were doing at that age when ‘life and career are usually just beginning,’ reads the exhibit note.

‘Whether that year was exceptionally meaningful or seemingly ordinary, we see it as a moment worth close observation, a unique point in both history and life,’ the note continues. ‘Using rare archival materials and original artworks as its warp and weft, this exhibition weaves together intimate personal narratives and wider cultural contexts, presenting an unusual perspective on some of Asia’s leading contemporary artists and their early worlds.’

The first part of AAA’s At 25: Artists’ Early Worlds ran from March to June this year. The show explored how foundational practices shaped the creative identities of four renowned Asian artists: Ho Tzu Nyen of Singapore, Tehching Hsieh of Taiwan, Araya Rasdjarmrearnsook of Thailand, and Zhang Xiaogang of China.

For its second run, ongoing until October, the show once again applies a curatorial approach deeply engaged with art history and archival research. At 25: Artists’ Early Worlds: Part II features Salima Hashmi of Pakistan, Holly Lee of Hong Kong, Bahc Yiso of South Korea, and Raqs Media Collective, which was formed in India in 1992.

Hashmi (b. 1942) is a Pakistani artist who has played a significant role in Pakistan’s art ecology since the 1960s, wearing multiple hats as a photographer, performer, educator, curator, and writer. Meanwhile, Lee (1953 – 2024) was a Hong Kong photographer with a background in literature and visual arts. Her works are held in the collections of M+ and the Hong Kong Heritage Museum, among other institutions.

Bahc (1957 – 2004) was an artist, curator, critic, and educator who carved out a distinctive position in the Korean contemporary art scene through his conceptual practice and role as a cultural translator. Lastly, Raqs Media Collective was formed in 1992 by Jeebesh Bagchi, Monica Narula, and Shuddhabrata Sengupta, with its members living and working in Delhi, India, and London, the UK. The collective has curated numerous exhibitions, including Hungry for Time (Paintings Gallery, Academy of Fine Arts Vienna, 2022) and Afterglow (Yokohama Triennale, 2020), among many others.

At 25: Artists’ Early Worlds: Part II presents the early life trajectories and art practices of the featured artists, bringing together ‘rare archival materials, organized and gathered from [them], their families, and various institutions, alongside early works and newly commissioned pieces, to recreate [their] intimate worlds at the age of 25.’

Part II also macros on how artistic practices, in general, often extend beyond artmaking into areas such as education, writing, and advocacy. According to the exhibit note, the show ‘shapes a multi-layered vision of art history that includes broader sociocultural contexts, as well as emotional personal recollections, stories of the departed told by loved ones, and new works born from the interplay between historical reflection and artistic inquiry.’

‘[The exhibit also] showcases Asia Art Archive’s distinctive collections, research methodologies, and the evolving network of artists and institutions it has built since 2000, spanning across Asia and beyond.’

At 25: Artists’ Early Worlds: Part II is on view at the CCG Library, Asia Art Archive, 11/F Hollywood Centre, 233 Hollywood Road, Sheung Wan in Hong Kong. A series of curator-led tours will begin tomorrow, August 19, and run until October 21. The events are free and open to the public with registration.

FILIPINO households are cutting back on purchases and increasingly turning to cheaper retail channels as financial pressure begins to weigh on consumption, with fast-moving consumer goods (FMCG) spending contracting in the second quarter of 2026.

FMCG spending fell by 0.8 percent year-on-year in the second quarter, reversing the 1.6-percent growth recorded on a moving annual basis, according to Worldpanel by Numerator.

The slowdown comes as consumers buy smaller baskets, seek cheaper products and become more dependent on promotions and discounts to stretch household budgets.

Laurice Obana, shopper insights director of Worldpanel by Numerator, said Filipino households are again facing financial constraints after signs of improvement last year as global and economic pressures intensify.

Worldpanel data showed 81 percent of households that were previously breaking even or already short on money responded to tighter budgets by cutting spending, far exceeding other coping strategies such as looking for extra work (at 29 percent) or borrowing from relatives and friends (24 percent).

That restraint is already changing how households divide their money, with average spending per buyer virtually flat between the first and second quarters at P130,091 and P129,822, respectively.

Households maintained or increased spending on necessities such as fresh food, meat and produce, transportation, education and utilities while reducing allocations for grocery items, recreation and travel, savings, fashion, beauty and wellness and digital services.

Nearly half, or 49 percent, of the average Filipino household budget in the second quarter went to essentials, while FMCG accounted for 10 percent and discretionary expenses took up 34 percent.

Food has remained particularly difficult to cut, accounting for more than 75 percent of take-home FMCG spending as households prioritize products consumed at home.

Pressure on household finances, however, is reshaping where those purchases are made, with discounters emerging as the fastest-growing retail channel during the period.

Spending through discounters surged by 40 percent in the second quarter from a year earlier, while sari-sari stores posted 2-percent growth and convenience stores edged up by 1 percent.

By contrast, supermarkets and hypermarkets recorded a 5-percent decline, market stalls fell by 4 percent, groceries dropped by 4 percent and drugstores registered the steepest contraction at 14 percent.

Worldpanel said proximity remains important in determining where Filipinos shop, but consumers are increasingly weighing product assortment and value as they become more selective about where they spend.

Household sentiment also deteriorated sharply following the onset of the Middle East conflict on February 28: those expecting their finances to worsen over the next 12 months increased by 26.7 percentage points from the January-to-March period, while pessimism over the country’s socioeconomic outlook rose by 33 points.

Grocery and fuel prices remained among households’ biggest concerns, alongside fuel shortages, broader economic conditions, geopolitical conflict, climate change and food shortages.

For retailers, the shift means growth will increasingly depend on giving cash-strapped shoppers a clear reason to return as consumers trade down, trim their baskets and become more deliberate about every peso they spend.