Category: Business Mirror

The official GDP numbers for the second quarter are in, and they present a bleak picture that no amount of official optimism can soften. Growing by a dismal 2.3 percent-down from 2.8 percent in the first quarter and far below the 5.4 percent recorded a year ago-the economy is experiencing its most sluggish performance since the depths of the pandemic in 2021. Strip away the Covid-19 period, and one has to look back nearly 17 years to the end of 2009 to find a weaker quarter The economy’s central driver-household consumption-has visibly sputtered, expanding by just 2.8 percent as families grapple with persistent high prices and eroded purchasing power. When citizens stretch government cash assistance to build safety nets for financial shocks rather than spend it, cash transfers cease to act as the consumer jump-start policymakers expect.

More alarming, however, is the collapse in fixed investment. Gross capital formation contracted by 9.2 percent, led by a severe 14.8 percent drop in construction activity. Public infrastructure projects remain bogged down, exposing systemic bottlenecks that cannot be resolved merely by issuing mobilization funds late in the game.

Against this backdrop, the official posture remains pinned to a catch-up narrative. Economic managers insist that reaching the lower bound of the revised 3.5 to 4.5 percent full-year target is feasible, provided the economy expands by at least 4.4 percent in the second half. But hope is not a policy strategy. Counting on delayed disbursements from June and July to miraculously fuel an instant second-half turnaround ignores the lag between administrative releases and real-world economic output.

To escape economic stagnation, the country must immediately execute three critical policy shifts. First, the government must move beyond temporary fiscal handouts to deliver structural tax relief and tackle supply-side inflation in food and energy, restoring household purchasing power. Second, with public execution constrained, private capital must be mobilized to fast-track strategic infrastructure and technology projects-such as the Luzon Economic Corridor-by eliminating regulatory friction and creating a predictable investment climate. Finally, leadership must replace political distractions with strict governance discipline, prioritizing macro-level stability to dispel uncertainty and restore market confidence among consumers and businesses.

Calling 2026 a ‘lost year’ should be taken as a warning to act, not a guarantee of failure. It would do well for the government to move past administrative catch-up targets and execute the structural reforms needed to unlock private investment and restore household stability. Without a decisive pivot, the economy risks remaining trapped in low gear long after the second half of the year has passed.

THE slower growth rate of the Philippine economy in the second quarter has reduced the pressure for the central bank to raise the key interest rate, its governor said Monday.

Following the release of the second quarter gross domestic product (GDP) data last August 7, the governor of the Bangko Sentral ng Pilipinas (BSP) was asked if the pressure to hike rates was reduced.

BSP Governor Eli M. Remolona Jr. replied to reporters, ‘Yes.’

Prior to his affirmation, however, the central bank governor explained the balancing act that the BSP-the institution whose primary goal is to keep prices stable-has to consider, against the backdrop of subdued economic activity.

‘We’re focused mainly on inflation but we also consider the output gap,’ Remolona said.

Normally, he said inflation weighs heavily on the central bank’s monetary policy decisions given its price stability mandate.

However, Remolona emphasized: ‘Growth is implied by the inflation mandate. If you can maintain price stability, that tends to sustain growth.’

In the short run, however, the BSP governor said, ‘Sometimes there are problems with growth. And we take that into account. We don’t ignore that.’

Last Friday, the Philippine Statistics Authority (PSA) reported that the growth of the Philippine economy in the second quarter slowed to 2.3 percent from the 2.8 percent in the first quarter.

The latest reading was the slowest since the first quarter of 2021, when the economy contracted by 3.8 percent.

Excluding the pandemic period, it was the weakest growth recorded since the fourth quarter of 2009, when gross domestic product (GDP) expanded by 1.8 percent.

Two days before the release of the growth print or last Wednesday, the PSA reported that headline inflation eased to 6.2 percent in July from 6.4 percent in June.

The latest reading extended the downtrend from the 7.2-percent peak in April. Inflation eased to 6.8 percent in May and 6.4 percent in June, bringing the year-to-date average to 5 percent.

When asked, however, if the easing of headline inflation for the third straight month would rule out further rate hikes, Remolona said: ‘Hindi masyadong downtrend, eh. Yung core [inflation] one data point lang yung binaba. Yung headline bumaba ng ilang beses na.’

Core inflation, which strips out selected volatile food and energy items, eased to 4.2 percent in July from 4.4 percent in June.

According to Remolona, core inflation is a ‘good focus’ instead of the headline inflation.

‘Because the core [inflation] we can control, but the headline inflation is impacted by many supply shocks,’ added the BSP governor, partly in Filipino.

Both headline and core inflation, however, remained above the central bank’s 2 to 4 percent target range.

Further pressed if the Monetary Board would deliver one last rate hike at its upcoming August 27 rate-setting meeting, Remolona, who also chairs the MB said, ‘As much as necessary to bring inflation down to target.’

Analysts’ take on recent signal

Sought for comment, local experts shared mixed views on what the BSP chief might have meant as he agreed that the pressure of the central bank to raise the key interest rate has been reduced.

For one, Bank of the Philippine Islands (BPI) Senior Vice President and Lead Economist Emilio S. Neri Jr. told the BusinessMirror: ‘Gov was probably just shooting from the hip. I would rather wait until the August 27 meeting is close to hear his most recent comments before I share our opinion.’

Meanwhile, Jonathan L. Ravelas, senior adviser at Reyes Tacandong and Co., told this newspaper that the central bank may be delivering fewer hikes moving forward.

‘Balancing act between growth and falling inflation. My take is less hikes. But looking at 25 basis points hike on the 27,’ he also told this paper.

With the low domestic demand, analysts said over the weekend that there may no longer be ‘much room’ for the central bank to raise the key interest rate beyond the August 27 rate-setting meeting of the Monetary Board.

For one, United Kingdom-based research firm Capital Economics said the continued weakness of the economy means the case for further hikes is less clear-cut.

But with inflation still well above target, Capital Economics expects one more quarter-point hike on August 27, before it calls a halt to its hiking cycle.

The BSP has raised the key interest rate by a total of 50 basis points since the start of the conflict in the Middle East, delivering two separate quarter-point rate hikes at the Monetary Board’s rate-setting meetings held on April 23 and June 18.

These policy actions brought the Target Reverse Repurchase (RRP) Rate to 4.75 percent.

During its June 18 meeting, the Monetary Board decided that monetary policy tightening was ‘warranted’ to keep inflation expectations anchored and mitigate the risk of second-round effects.

‘The measured monetary policy action will also complement fiscal measures in supporting steady consumption and strengthening business sentiment,’ the central bank also said in a statement on June 18.

After more than a year since their last EP release, SunKissed Lola returns with ‘Edi Magalit Ka,’ a warm, playful, and honest new single that builds on the heartfelt storytelling behind previous fan favorites such as ‘Pasilyo,’ ‘Paki Sabi,’ and ‘Makalimutan Ka.’

Turning a familiar Filipino phrase into a song about love, patience, and choosing the relationship over the argument, the track marks a fresh yet familiar chapter for the band.

Known for heartfelt songs about love, longing, and the emotions people carry through relationships, SunKissed Lola enters a new chapter with a track that feels both familiar and refreshing. ‘Edi Magalit Ka’ takes its title from a phrase often heard in everyday conversations, especially between couples and friends, but the band gives it a softer meaning. Instead of sounding dismissive or prideful, the song becomes an affectionate way of saying that even when things get difficult, love is still there.

‘It’s a song about relationships,’ vocalist Laura Lacbain shares. ‘Hindi maiiwasan ang away sa relationship, pero hindi pa rin mawawala ang love. Susuyuin pa rin sa huli.’

Vocalist and guitarist Alvin ‘Bino’ Serito describes the track as a ‘loving anthem,’ saying that even when someone is upset, the feeling behind the song remains tender. ‘Even if you’re mad with your special someone, at the end of the day, they’re still your favorite person to come home to,’ he says.

The song first began in 2021, but its earliest version carried a more prideful tone. As the track developed, the band softened the lyrics and gave the song more emotional openness. According to vocalist and guitarist Dan Ombao, Bino helped shape the confession-like parts of the song and added the line ”Di ba?’ to make the message feel gentler.

Bino explains that the heart of the song lies in choosing love over ego. ‘No one has to win,’ he says. ‘I will always choose the relationship over the argument.’

That emotional shift became central to the final version of ‘Edi Magalit Ka.’ What could have been read as stubborn or sarcastic became something more sincere.

The title itself invites curiosity because it depends on how the listener understands it.

‘The title was intriguing in itself,’ Laura says. ‘You will be curious. Pwedeng i-send sa jowa. You really need to listen to the song to understand the context.’

Musically, ‘Edi Magalit Ka’ also reflects a more relaxed and intentional side of SunKissed Lola. Dan shares that the song started as an acoustic piece before he brought it to the rest of the band. From there, the arrangement came together naturally, with each member adding their own parts.

For bassist Danj Quimson, the goal was to keep the sound simple and laid-back so the lyrics could stand out. ‘We all united to make it sound laid-back, simple, and we wanted to highlight the lyrics of the song,’ he shares.

Compared to some of their earlier songs, which leaned into more unpredictable arrangements, ‘Edi Magalit Ka’ was designed to feel lighter, warmer, and easier on the ears.

‘For this one, we made it simple for the audience,’ Bino says. ‘We made it magaan sa tainga.’

Dan adds, ‘That’s also what the song asks for. A very simple, refreshing, and warm song.’

For drummer Genson Viloria, the song’s charm comes from how instantly familiar it feels. He shares that when he first heard it, he thought it sounded like a cover because of how catchy and natural it was.

While the track still carries the easy-listening quality that listeners have come to love from SunKissed Lola, the band sees it as a more vulnerable and straightforward release. For Dan, ‘Edi Magalit Ka’ stands apart because of how honest it feels. Laura also sees it as a fresh direction for the band, especially because it focuses on being in a relationship and working through the struggles that come with it.

‘It’s the comeback of SunKissed Lola,’ Laura says.

As the band approaches its fifth year, the release of ‘Edi Magalit Ka’ also marks a more mature and intentional era for the group. Danj shares that he felt a change in the band during the recording process, with each member becoming more focused on serving the song in the best way possible.

Bino says the band has returned to its roots with more conviction. ‘We know our strengths, and now we are able to maximize it,’ he shares. ‘We are more intentional in releasing this song.’

Ultimately, SunKissed Lola hopes ‘Edi Magalit Ka’ makes listeners smile, feel kilig, and maybe even rethink the way they handle small conflicts with the people they love.

‘We want them to feel what we felt the first time we played the song,’ Bino says. ‘We hope it makes them smile, the way kung paano namin siya niyakap sa umpisa.’

Laura adds that she hopes younger listeners, especially those new to relationships, realize that love also means learning how to work things out. ‘Sana kiligin din sila,’ she says. ‘Sana our young listeners na bago pa lang sa relationship, ma-realize nila na they need to work it out.’

With ‘Edi Magalit Ka,’ SunKissed Lola opens the door to more music, more stories, and a deeper connection with their listeners. Fans can expect more songs, more content, more gigs, more tours, and a closer look at the members beyond their roles in the band.

‘We want to be part of more people’s stories,’ Bino says.

‘Edi Magalit Ka’ is out on all major streaming platforms.

EXECUTIVES of Visa Inc. and USSC Money Services Inc. (UMSI) launched last Tuesdaya payment solution they said would enable micro-sized, small-scale, and medium-sized enterprises (MSMEs) in the Philippines to turn smartphones into payment acceptance devices, removing the need for traditional point-of-sale terminals.

Explaining the concept of accepting payments through smartphones instead of POS terminals, UMSI Chief Marketing Officer J. Richard Soriano said that ‘as you can see in a restaurant, the business model for most of those business terminals, you also have to pay a rental fee for those devices; plus, of course, the compliance requirements. This one [the solution called ‘U Accept’], it’s really, you already spent on a phone.’

‘I just have to put an app there and suddenly with a tap of the card, you can accept the payment. So, again, it’s not for everyone. It’s really just for business owners,’ Soriano told reporters on the sidelines of the launch.

According to him, ‘U Accept’ is integrated in UMSI’s digital platform for entrepreneurs and small businesses called ‘uGrow.’

A statement provided by the company read that the solution helps remove barriers to digital acceptance and helps MSMEs participate ‘more fully’ in the digital economy.

Visa Philippines Country Manager Jeffrey Navarro explained, however, that the solution is not designed to compete with POS. Instead, this payment solution intends to onboard businesses into digital transactions, Navarro said.

‘What we’re looking for is a graduation model, meaning this is the basic-it gets you into digital transactions,’ he told reporters.

‘You would see that there there is a cap. So, once demand has been developed, and you always reach that cap, then probably the next proposition for you is, we graduate towards the SMB program, which can qualify now for a POS device. So, what we’re trying to do is, get you started first,’ Navarro added. ‘When you graduate, it means business is doing great for you.’

For a smartphone to be ‘eligible’ or to start accepting contactless card payments, Visa Head of Product Michelle F. Mascariñas explained that the smartphone needs to be NFC-enabled.

‘It works on Android and iOS devices as well. So those are the basics which I think almost everyone, even in this room, have,’ added Mascariñas.

According to Visa, MSME owners can activate ‘U Accept’ within the ‘uGrow’ app to accept contactless payments including cards and pay-by-link, making digital acceptance ‘more accessible and inclusive’ without the need to invest in additional proprietary hardware.

As a customer-centric innovation, the solution was designed around the realities of running a small business, read documents provided by Visa executives. Business owners and customers can use the solution to transact with confidence and ease with the security, reliability, and dispute protections expected from Visa card payments, the document read.

With U Accept, MSME users can also send digital receipts to buyers via email and check transaction history, which ‘complements’ the uGrow app’s other features, such as sales monitoring and inventory management, according to Visa executives.

The months-long feud between Lopez family members took a decisive turn Monday with the revelation of the buyer of the Gabby Lopez-led’s identity.

Eugenio ‘Gabby’ Lopez III announced that Crème Investment Corp., the holding company through which his branch of the family owns a 25.7-percent stake in Lopez, Inc. – in turn the holding company of the Lopez Group – has completed the sale of that shareholding to businessman Ramon S. Ang.

Ang invested in his personal capacity through his wholly owned holding company.

Lopez said he sold for two reasons. ‘The first is my family,’ he said. ‘This dispute has not been good for any of us, or for the people who work in our companies. This allows us to take a step towards the restoration of family peace. The second is that it allows me to channel our family’s resources into businesses aligned with our personal mission. We will announce more on this in due time. Our families have known Ramon a long time. I am confident he will be a good partner to Lopez, Inc.’

Ang for his part said: ‘I have known the Lopez family for decades. Not one branch of it, but all of them. I am a friend to each, and I intend to stay that way. I came in because I believe in these businesses, and because a steady partner at the table can be good for everyone around it. The family branches that continue to hold the controlling majority of Lopez, Inc., will continue to lead it. My interest is that the group comes out of this stronger.’

THE secretary of the Presidential Legislative Liaison Office (PLLO) on Sunday called on government and private banks to provide adequate financing to legitimate contractors, warning that tighter credit could undermine the gains achieved under the public works reforms by the administration.

According to Presidential Legislative Officer and Secretary Joey Sarte Salceda, the infrastructure reforms directed by President Ferdinand R. Marcos Jr. and implemented by Department of Public Works and Highways Secretary Vince Dizon are showing results in several key project-completion indicators but warned that declining bank credit to legitimate contractors could eventually undermine these gains.

‘President Marcos directed a comprehensive cleanup of the public works system, and Secretary Dizon has acted decisively against ghost projects, substandard work and unqualified contractors. The latest DPWH reports indicate improvements in several important categories,’ Salceda said.

Citing Bangko Sentral ng Pilipinas data, Salceda said that outstanding construction loans declined from P591.6 billion in December 2024 to P477.5 billion in June 2026-a reduction of 19.3 percent. Construction lending also fell by 12.8 percent year-on-year as of June 2026, even as total bank lending for production activities grew by 9.1 percent.

‘Some legitimate contractors report that bank facilities that previously covered the full or nearly full contract price are now being approved at substantially lower coverage. If a qualified contractor cannot borrow enough to mobilize equipment, purchase materials and begin construction, project completion rates will eventually suffer,’ Salceda said.

‘The direction of the President’s reforms is correct. We are beginning to distinguish legitimate contractors that can deliver from contractors that should never have received public projects in the first place,’ Salceda added.

He stressed that expanding access to financing for qualified contractors is necessary to sustain the improvements already being recorded under the administration’s infrastructure reforms.

Based on DPWH’s Quarterly Physical Report of Operations, the fourth-quarter rate of bridge projects completed in accordance with plans and specifications increased from 79 percent in 2024 to 97 percent in 2025. The comparable rate for network-development projects improved from 78 percent to 82 percent, while projects under the Convergence and Special Support Program improved from 74 percent to 80 percent.

Salceda called for a broad, whole-of-government response involving the DPWH, Department of Finance, BSP, Development Bank of the Philippines, Land Bank of the Philippines, Philippine Guarantee Corporation, and the construction industry.

‘The President has already addressed procurement, contractor performance and project monitoring. We must now address the financing side,’ he said.

Salceda said DBP and LandBank have a crucial role as state financial institutions. He proposed expanding and updating DBP’s Infrastructure Contractor Support Program and LandBank’s contractor-financing facilities, with faster processing for contractors covered by the DPWH’s proposed green lane.

Financing may be based on awarded contracts, certified statements of work accomplished, validated progress billings and properly assigned government receivables.

Salceda also proposed expanding PhilGuarantee coverage to allow government and private banks to share the credit risk of lending to qualified contractors.

‘Guarantees are important because we do not want to compel banks to ignore genuine risks. The solution is to reduce those risks through verified receivables, transparent project monitoring and appropriate government guarantees,’ he said.

Salceda added that the government can maximize the Agriculture, Fisheries, and Rural Development Financing Enhancement Act. Republic Act No. 11901 allows bank lending for the construction and upgrading of farm-to-market roads and other public rural infrastructure benefiting rural communities to be counted toward the mandatory 25-percent agriculture, fisheries, and rural development financing requirement.

‘DPWH projects involving farm-to-market roads, rural bridges, irrigation support, flood control, drainage, public markets, and similar rural infrastructure should be clearly identified and certified as eligible. Loans to legitimate contractors implementing these projects should then be given a clear route for recognition as bank compliance with the law,’ Salceda said.

He proposed that the BSP, Agricultural Credit Policy Council, DPWH, DBP and LandBank jointly develop the necessary project-certification and reporting mechanism.

‘This is consistent with President Marcos’s whole-of-government approach. We clean up procurement, accelerate project implementation, identify legitimate contractors, improve access to financing and protect the banks through verified receivables and guarantees. Every part of government must reinforce the President’s infrastructure reforms,’ Salceda said.

DEMAND from artificial intelligence (AI) and data centers has prompted the Philippine electronics industry to raise its 2026 growth forecast to as much as 10 percent, according to the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi).

Seipi President Danilo Lachica said the industry initially expected flat growth this year after electronics exports grew faster than anticipated in 2025.

‘Initially, the projected growth was flat, but we raised it to 10 percent for 2026. As you know, we started in 2025; we grew by 16 percent. And we were conservative; we said it’s only 5 percent,’ Lachica told reporters after the Pax Silica briefing in New Clark City on Friday.

‘But looking at the performance of the other industries, we upped it to 10 percent,’ he added.

Electronics remained the country’s largest export category last year, generating $45.89 billion, equivalent to 54.3 percent of total exports, according to the Philippine Statistics Authority.

At a 10-percent growth rate, electronics exports could reach around $53 billion to $54 billion this year, Lachica said. The projected figure would exceed the sector’s previous export peak of about $49.6 billion in 2022.

‘$53 billion-$54 billion would be the highest. But it’s still far from Vietnam. They have more than $100 billion,’ Lachica said.

About 70 percent of Philippine electronics exports are semiconductor-related, he added.

Lachica said the expected growth is being supported by demand for equipment and components used in AI systems and data centers, although the country does not currently manufacture AI chips.

‘It was driven by AI. But, we don’t produce AI chips in the Philippines. However, the support equipment for AI, for data centers, for networking, switching networks, power control, of course, you need those to support your data centers and AI engines,’ he explained.

‘And of course, since AI is still going to grow, data centers are still going to grow, that’s why, automotive electronics, the other stuff, so we’re projecting that,’ he added.

For Lachica, it remains difficult to isolate the contribution of AI to overall electronics growth as demand is spread across several industries, including telecommunications and power.

For the first half of 2026, electronics and semiconductor exports have grown by more than 10 percent, the Seipi chief said, although he declined to give a more precise figure.

Meanwhile, the industry is seeking to increase the Philippines’s share of the global electronics manufacturing services (EMS) market, which Lachica estimated at about 1 percent.

The country accounted for around 5 percent of the global semiconductor market in 2025, but its EMS share remains much smaller, he said. ‘That’s why the industry roadmap is going to be instrumental in growing our EMS share in the global market beyond 1 percent,’ Lachica said.

On trade, Lachica said Hong Kong remains the Philippines’s biggest export market for electronics, followed by the United States, while China has slipped to third.

He noted that electronics shipments to Hong Kong are also re-exported to other markets, including the European Union, the US and China.

China, meanwhile, remains the Philippines’s largest source of electronics imports, prompting the industry to push for greater local sourcing of production inputs.

‘We have to strengthen our localization initiative to minimize the dependence. And guess what? What’s the biggest imported material? Wafers,’ Lachica said.

Despite the possibility of broader economic growth slowing, Lachica said AI-related demand has yet to reach a peak.

‘In any new technology, there will be a plateau over time. But I think the AI development is not even there yet. There are still growth opportunities and advancements in technology. The peak is not there yet,’ he said.

RECENT rains induced by typhoons and the southwest monsoon (habagat) have surfaced once more the dismal state of public infrastructure, and the chairman of the Senate Blue-Ribbon committee, Sen. Erwin Tulfo, vowed to move decisively against public infrastructure that crumbles at the first sight of rain.

Setting his sights on exposing substandard government projects and holding those responsible to account, Tulfo said in a radio interview, ‘Apart from the new names and issues connected to flood control mess, we will also investigate substandard projects. Bridges, roads, and public works that clearly failed to meet standards. We will investigate them one by one.’

Tulfo added, ‘Obviously there’s corruption in there because you are given this certain amount of budget to construct these structures according to standards, but it’s unfinished or subpar.’

The Blue-Ribbon chairman said the committee is coordinating with the Department of Public Works and Highways (DPWH) and other related agencies.

Highlighting the urgency, a major retaining wall along Epifanio delos Santos Avenue (Edsa)-Ayala northbound lane in Makati City collapsed following a series of typhoons, blocking two crucial lanes and paralyzing metro traffic.

Public Works Secretary Vivencio Dizon flagged the structure after revealing that the collapsed segment was dangerously constructed using light board material that is only suitable for dry season, instead of reinforced concrete.

While Tulfo emphasized his readiness to expand the flood control investigation as new leads and high-ranking figures emerge, he made it clear that the Blue-Ribbon committee is simultaneously zeroing in on systemic corruption across other agencies. Building on his track record as a relentless vice-chairman before taking the committee’s helm, Tulfo underscored that the flood control scam is just one among numerous corruption issues that need to be unraveled.

‘Corruption has plagued this system for too long, and we are tackling it head-on, one issue at a time. We will be strict in gathering rock-solid evidence, and we will conduct this strictly by the book,’ he further concluded.

It will be recalled that the multibillion scandal involving plunder of flood-control funds were first exposed during the President’s State of the Nation Address in 2025.

The economy has suffered the past year, after a massive crackdown on corruption and reforms in the public infrastructure system stalled public spending, crippling growth.

Public anger

SEN. Panfilo M. Lacson said on Monday that unless Filipinos see genuine retribution and restitution, their anger over the flood control issue will not go away anytime soon.

Lacson said the latest flooding in several parts of the country over the weekend, following heavy rains, has once again fueled public anger over the issue.

‘The flood control issue will not go away easily. After a heavy downpour leaves flooded streets and yards, people will not be short on words in cursing politicians, Department of Public Works and Highways officials and contractors-unless, and this is probably-genuine retribution and restitution become the order of the day no matter who were involved,’ he said in a post on X.

Since last week, heavy monsoon rains have affected several parts of the country, prompting the suspension of classes and work. Thousands of families were forced to leave their homes due to the flooding.

In August and September 2025, Lacson delivered two privileged speeches detailing the extent of corruption behind anomalous flood control projects in Bulacan and Mindoro, among other areas.

He also chaired Senate Blue Ribbon committee hearings on the issue, with the evidence gathered during the proceedings contributing to the building of cases against those involved.

Earlier this year, Lacson and his team turned over to the Ombudsman pieces of evidence involving anomalous flood control projects in Taguig City.

Lacson said that if it were not for the Blue-Ribbon investigation under his watch-along with the determination and resoluteness of Ombudsman Jesus Crispin Remulla and the efforts of the media and netizens to keep public anger over the issue alive-I don’t know how the government can even claim whatever accomplishments we have at the moment, or one year after President Marcos’ 2025 Sona ‘Mahiya naman kayo’ remark.

The Securities and Exchange Commission (SEC) has defended the term limits it imposed on broker directors of the Philippine Stock Exchange Inc. (PSE).

SEC Memorandum Circular (MC) No. 17 restricts broker-directors to a maximum cumulative term of 10 years at any exchange.

‘The commission reiterates that MC 17 was promulgated pursuant to the regulatory powers vested upon it under Republic Act [RA] No. 8799, or the Securities Regulation Code [SRC], as well as Republic Act No. 11232, or the Revised Corporation Code of the Philippines,’ the SEC said in a statement.

‘Accordingly, the memorandum circular directly advances the commission’s mandate to uphold corporate governance standards, enhance market transparency, and strengthen integrity and accountability in the corporate sector. These are essential toward building a robust, dynamic and world-class Philippine capital market-capable of attracting global investment and driving sustainable economic growth.’

Former PSE Chair Ma. Vivian Yuchengco and Eddie Gobing, a director petitioned the Court of Appeals to declare the rule unconstitutional.

Yuchengco and Gobing sat on the board for 28 years and 25 years, respectively.

The SEC said it is ‘disappointed’ that after providing a reasonable two-year transition period for the implementation of the reform-following extensive consultations-‘we now find ourselves having to defend it in court.’

‘We see no deprivation of shareholders’ rights. Shareholders remain free to elect the directors of their choice from among those who are qualified under the law and SEC regulations. The law does not recognize an unfettered right to elect any specific individual regardless of applicable regulatory qualifications.’

In their petition which they filed last week, Yuchengco and Gobing said ‘the SEC ironically seeks to exclude those with the most experience and insight in managing and directing the affairs of the Exchange, just so other ‘qualified brokers’ may be given an opportunity to serve on the board’.

‘Reading between the lines, these other ‘qualified brokers’ are those who are unable to get the required number of votes to be elected as members of the board of the Exchange.

‘The only way they can sit on the board is if the SEC disqualifies long-serving Broker Directors who, because of their experience and qualifications, have consistently received the greatest number of votes from the shareholders during the annual elections,’ the petition read.

SEC Chairman Francis E. Lim said the agency is fully prepared to defend this reform.

‘The SEC remains steadfast in strengthening investor confidence, enhancing market integrity, and building a more dynamic, competitive, and trusted Philippine capital market,’ he said.

‘Serving as a director of an exchange is a privilege, not a vested right. It is subject to the qualifications and regulatory standards prescribed by law and the SEC. Good governance requires board renewal, fresh perspectives and a commitment to advancing the long-term interests of our capital market above individual or institutional interests.’

WHEN Spencer Ozo made his solo exhibition debut in 2022 at Conrad Manila’s Gallery C, he was touted as the hotel’s homegrown artistic talent, serving as its assistant front desk manager.

Four years later, Ozo returns for his follow-up showcase at the hotel’s long-running Of Art and Wine series with Intimate Reflections. The 25-piece presentation serves as a visual diary that logs his deepest emotions, personal experiences, and ongoing journey with self-discovery. It also carries the theme of duality beyond Ozo’s titles with a balanced mix of figurative and abstract artworks.

‘Through this collection, I hope to encourage reflection and meaningful conversations about identity, growth, and the shared human experience,’ the multihyphenate said.

Born and raised in Baguio City, Ozo joined Conrad Manila in 2017 and only began painting during the height of the Covid-19 global pandemic. He lost several loved ones during that time, and channeled his emotions on canvas using materials gifted by his cousin.

Ozo proved to be a natural. Given his state of mind then, his earlier pieces centered on darker tones and themes, before expanding in concepts, colors and techniques. The growth takes center stage in Ozo’s ongoing show, which runs until September.

The exhibition features several triptychs that visualize the artist’s psyche and appreciation for natural beauty. Inner Thoughts shows a human subject with its eyes closed and hair shared, as if caught deep into a state of introspection, turning in the series from one side to the next. Then, Whisper of the Wind shows a maya mid-flight, flapping its wings rendered in realistic detail. Meanwhile, Oro del Mundo and Sun Glints serve as series of textured, cosmic-inspired abstractions heavy on gold and its complementary tones of blue and black.

Ozo also presents a creative rendition of Osaka, with some of its culinary and pop-culture iconographies orbiting a heaping bowl of ramen.

Whenever asked how he balances his day job with an art career, Ozo cites those who juggle the same roles as inspirations, including SM Investments executive vice president/feng shui artist Lizanne Uychaco and senior business analyst/environmental artist Lara Latosa, who have both exhibited at

Gallery C as well. Ozo also points to a Japan trip

with his wife, saying it keeps him inspired to create new artworks.

In his speech during the show’s opening reception, Ozo shared that he encountered the Japanese concept of misogi during their most recent trip. It’s about conquering a life-defining challenge as a key to self-discovery and happiness. Ozo said that this stretch of his exhibit feels like the payoff of his misogi, because he also learned the day before it opened that he’s going to be a dad.

From his current post as front desk manager to his expanding role as visual artist and upcoming function as a father, Ozo has learned over the years to blur the boundaries between his many duties. After all, the path toward self-discovery is less about an either-or proposition and more of an amalgamation of all things at once.

‘Art has been instrumental in shaping my understanding of who I am,’ Ozo said. ‘It allows me to navigate personal histories, cultural influences, and emotional truths with honesty and intention.’