Category: Business Mirror

THE government should fast-track administrative measures for the realization of a Philippine Oil Reserve, the chairman of the Senate Energy committee said on Thursday.

At the second hearing of the Senate Energy Panel on Oil Deregulation Law Amendments, Sen. Erwin Tulfo urged the Department of Energy (DOE) and the Philippine National Oil Company (PNOC) to move quickly on the announced plan for an oil reserve hub because certain countries such as the United Arab Emirates (UAE), Saudi Arabia, and Japan are waiting for the green light of the Philippine government for them to fund one.

‘The UAE expressed that they’re very willing and interested to build their oil depot here. They said that they will construct it using their own budget, but we will definitely benefit from it,’ Tulfo told the representatives of DOE and PNOC.

Oil Industry Management Bureau Director Dino Abad confirmed the UAE proposal, affirming that the DOE already created a Philippine Strategic Petroleum Reserve (SPR) Team. This is the agency’s task force that will coordinate with all the foreign countries proposing to build oil depots in the Philippines. ‘These foreign countries want to fully understand our aspirations so when they build here, they will consider concerns. On our end, our concern is that we will have a reserve right to be prioritized once a crisis hit,’ Abad said in mixed English-Filipino.

PNOC Deputy Manager Antonio Buenviaje, likewise, assured Tulfo that they have parallel efforts to make the Philippine Oil Reserve a reality.

Tulfo asked for a timeline, saying: ‘When will this reserve be constructed and filled with oil?’ Buenviaje said that by 2027, ‘facilities will be ready.’ For their part, the oil companies affirmed that having oil reserves will substantively slash fuel prices for consumers.

‘We must strengthen our country’s energy security. With that, our government should streamline the steps and processes for permits and approvals so international major oil producers will be encouraged to build their reserves here.’ Tulfo remarked.

‘We need adequate reserves. We need to build our capacity to withstand external shocks,’ he added.

SUBIC BAY FREEPORT-The Bureau of Customs (BOC) intercepted here on Thursday some P162.2-million worth of marijuana or ‘kush,’ following a search of a distressed sailing yacht brough to Subic for repair.

The contraband was discovered after BOC-Port of Subic received information on a sailing yacht that was forced to seek emergency shelter and repairs at the Subic Bay Yacht Club (SBYC) due to bad weather.

Subic District Collector Geniefelle Lagmay said his office acted immediately on the information and issued a mission order authorizing the search.

Investigators found out that the vessel, manned by Thai and Malaysian crewmen, was originally sailing to Taiwan from Kota Kinabalu in Malaysia when it encountered rough seas and was forced to head to Subic.

Upon inspection and search of the vessel BOC operatives recovered a total of 98.33 kilos of marijuana with an estimated street price of P162.2 million.

The operation was conducted by a composite team from BOC, the Subic Bay Metropolitan Authority’s Law Enforcement Department (SBMA-LED), Coast Guard (PCG), Drug Enforcement Agency (Pdea), with witnesses from the Department of Justice (DOJ), barangay officials, and SBYC officials.

Lagmay said the Port of Subic remains vigilant and resolute in carrying out its mandate to secure borders and protect the Filipino people from illicit and prohibited goods.

BOC-Subic also announced on Wednesday that the second batch of cigarettes abandoned in Subic is now on the ninth day of condemnation at the Legaxy 88 Recyclable Materials Collection Services in Santa Maria, Bulacan.

The cigarettes were part of about 3,000 cases of assorted cigarette brands contained in three 40-foot containers that were left unclaimed in Subic.

The cigarettes, valued at P129.065 million, were destroyed by shredding and pyrolysis, or high-temperature thermal breakdown.

People living with an inherited form of high cholesterol could be at risk of heart attack or stroke long before they realise anything is wrong, according to leading cardiovascular experts speaking at the FH Caravan: Detect the Invisible. Prevent the Inevitable. event.

The forum, organised by the Philippine Lipid and Atherosclerosis Society (PLAS) in partnership with Organon Philippines, brought together healthcare professionals to discuss the latest thinking on cholesterol management and raise awareness of familial hypercholesterolemia (FH), a genetic condition that causes lifelong high levels of LDL, or ‘bad’, cholesterol.

A hidden risk that can be identified earlier

Experts said FH is often missed until someone has already experienced a serious cardiovascular event, despite being one of the most common inherited disorder causing premature coronary artery disease.

‘Familial hypercholesterolemia is a preventable cause of early cardiovascular mortality and morbidity,’ said Dr. Cecilia A. Jimeno, vice president of PLAS. ‘There’s a greater risk of cardiovascular disease because of lifelong exposure to elevated cholesterol levels.’

Dr. Jimeno said many people are diagnosed far too late, often only after suffering a heart attack or stroke.

‘We make the diagnosis too late,’ Dr. Jimeno said. ‘Most of those enrolled in our registry were diagnosed after they’ve already had an event rather than being identified in the outpatient setting.’

She encouraged healthcare professionals to look more closely at patients with LDL cholesterol levels of 190 mg/dL or higher, particularly if they have a family history of early heart disease or physical signs that may point to FH.

‘If you see an LDL cholesterol of 190 mg/dL or above, don’t stop there,’ she said. ‘Check the family history, look for physical stigmata and consider familial hypercholesterolemia.’

Dr. Jimeno also encouraged healthcare professionals to contribute to the Filipino Heart for Familial Hypercholesterolemia (FH²) Registry, which aims to improve understanding of the condition and support earlier diagnosis across the Philippines.

Earlier treatment can make a big difference

The discussion also focused on growing evidence showing that lowering LDL cholesterol as early as possible can significantly reduce the risk of future cardiovascular disease.

‘The earlier you lower your LDL cholesterol, the bigger the lifetime payoff,’ Dr. Deborah Ignacia D. Ona said. ‘The earlier, the faster and the longer you get your LDL cholesterol to target, the better you reduce cardiovascular risk.’

Dr. Ona said treatment approaches are evolving, with clinicians increasingly considering earlier combination therapies for patients who are unlikely to reach their cholesterol targets with statins alone.

‘The philosophy now is: don’t wait,’ she said.

She added that understanding a person’s cardiovascular risk requires more than simply using standard risk calculators. Imaging tools, coronary artery calcium scoring and other risk factors can help identify people who may benefit from earlier or more intensive treatment.

‘It’s not just plugging numbers into a risk calculator,’ she said. ‘We have to look at all of the patient’s possible risks because determining the patient’s true risk guides our treatment.’

Prevention starts with understanding risk

Dr. Federick C. Cheng said advances in lipid management mean doctors can now do more than slow the progression of heart disease – in some cases, they can help reduce plaque buildup in the arteries.

‘Before, we could only say that statins slowed the progression of atherosclerosis. Now we can say that we can achieve regression of atherosclerosis,’ he said. ‘If your patient already has evidence of atherosclerosis or has experienced a cardiovascular event, aim for an LDL cholesterol of less than 60 mg/dL. You’re not only reducing future cardiovascular events, you are helping reverse plaque buildup.’

Dr. Cheng said doctors should consider a broader range of factors when assessing cardiovascular risk, rather than focusing only on traditional risks such as high blood pressure, diabetes, smoking and obesity.

‘Ten years ago, I focused only on traditional risk factors such as hypertension, diabetes, cholesterol, smoking, obesity and sedentary lifestyle,’ he said. ‘Today, we recognize many more risk modifiers that help us identify patients who need more aggressive treatment.’

He added that identifying cardiovascular risk early gives healthcare professionals an opportunity to educate patients and their families before serious health problems occur.

‘Prevention is always better than cure. Every patient who walks into our clinic should have their cardiovascular risk assessed,’ Dr. Cheng said. ‘If a patient has hypertension, diabetes or a family history of cardiovascular disease, it’s our responsibility to educate not only the patient but also their children. We need to start prevention early and screen those who need to be screened.’

Experts agreed that while FH often goes unrecognised, its impact can be reduced through earlier diagnosis, a better understanding of cardiovascular risk and timely treatment.

HOUSE of Representatives prosecutors are studying a measure that would establish stricter legal safeguards on the use of confidential and intelligence funds following issues raised during the impeachment trial of Vice President Sara Z. Duterte.

House prosecutor and Party-list Rep. Terry Ridon of Bicol Saro said members of the prosecution panel are considering the filing of a Confidential and Intelligence Fund Integrity bill, which would convert existing audit guidelines from the Commission on Audit (COA) into statutory requirements.

‘Some members of the panel are studying the filing of the Confidential and Intelligence Fund Integrity bill,’ Ridon said. ‘Basically, it will codify the Commission on Audit [COA] rulings and COA guidelines.’

The proposal seeks to provide clearer standards on the release, utilization, reporting, and auditing of confidential funds, which are currently governed by Joint Circular 2015-01 issued by COA and other government agencies.

Ridon said lawmakers are examining several areas, including the documentation and rental of safe houses, the verification of aliases used in confidential fund records, and the qualifications of individuals authorized to handle confidential cash.

He added that mechanisms should be established to verify individuals identified through aliases while maintaining operational confidentiality.

The measure may also clarify whether confidential funds may be used for expenses such as medicines or should be limited to activities directly related to intelligence and information gathering.

Ridon said the legislation could also impose penalties for violations involving the improper use of confidential funds.

Bank, tax records

THE House prosecution panel, meanwhile, has received bank documents and tax records involving Duterte, her husband Manases Carpio, and companies linked to the couple. The documents will be reviewed as part of the evidence for the impeachment article on unexplained wealth.

Ridon said the records would form part of the prosecution’s evidence and would be examined thoroughly. ‘We will study and thoroughly examine all of these documents,’ he said.

The prosecution panel is also evaluating whether to continue presenting evidence related to bribery and procurement allegations involving Department of Education officials or proceed directly with the unexplained wealth article.

Ridon said the panel is considering which articles would provide the strongest presentation of evidence. He added that the unexplained wealth team is preparing to present documents before the Senate Impeachment Court.

The panel also clarified the role of former Department of Education undersecretary Michael Wesley Poa, who testified as a hostile witness. Ridon said Poa should not be considered responsible merely for preparing responses to COA audit findings.

‘Well, I think to be clear, the one on trial here is not Mr. Poa. He is just a witness,’ Ridon said, emphasizing that the impeachment case is focused on the Vice President.

The prosecution maintained that accountability should focus on officials directly involved in the management and utilization of confidential funds, including those identified in COA notices of disallowance.

House prosecution spokesperson, Lanao del Sur Rep Zia-ur Rahman Alonto Adiong, also called on Duterte to participate in the impeachment proceedings, saying several questions regarding the use of confidential funds remain unanswered.

The House prosecution panel said it aims to complete its presentation of evidence as proceedings continue, while lawmakers consider possible reforms to strengthen transparency and accountability in the use of confidential and intelligence funds.

THE Department of Justice has recommended the filing of six counts of frustrated murder and four counts of attempted murder against the 15-year-old student involved in the shooting incident inside the San Jose National High School (SJNHS) in Tacloban City, which killed three students and injured several others last June 22.

At a press briefing, Justice Undersecretary Ian Norman Dato said the prosecution has established that the 15-year-old child in conflict with the law (CICL) ‘acted with discernment’ in conspiracy with another minor in carrying out the attack.

Dato said the charges will be filed before the Regional Trial Court in Tacloban City.

For the six counts of frustrated murder, the DOJ recommended a bail of P36,000 for each count and a bail of P 72,000 each for the four counts of attempted murder.

On the other hand, Dato said the 14-year-old CICL will not be subjected to criminal procedures since minors 14 and below are legally exempt from criminal liability.

Instead, he will be placed under the juvenile justice system and undergo intervention programs under the Department of Social Welfare and Development.

‘The 14-year-old is a minor, so the criminal process will not affect him. But the intervention or the jurisdiction over him is now under the local social welfare development office,’ Dato explained.

However, the DOJ earlier indicted the police officer-aunt of the 14-year-old CICL reckless imprudence resulting in multiple homicide and physical injuries after the latter managed to use her issued firearm during the shooting incident.

The police officer was identified as Police Ssgt. Arla Ray Paciencia.

AS drone warfare reshapes battlefields from Ukraine to the Middle East, the United States and the Philippines convened defense and law enforcement officials from seven Indo-Pacific nations last week to build regional shield against weaponized unmanned aircraft and the specter of terrorist chemical, biological, radiological and nuclear (CBRN) attacks.

The August 24-28 capstone event in Manila brought together senior operational commanders from Australia, India, Indonesia, Malaysia, the Philippines, the United Kingdom and Vietnam.

The US, Embassy in Manila, in a statement said they held scenario-based drills on intelligence-sharing, crisis response, forensic investigation, and cross-border prosecution of drone-delivered CBRN threats.

The workshop was hosted by US State Department’s Bureau of Arms Control and Nonproliferation and the Philippines’ Anti-Terrorism Council Program Management Center.

The event closed a regional training arc launched in 2025 that zeroed in on the convergence of two assymetric threats – the flood of low-cost commercial drones and the persistent risk that CBRN materials could slip into the hands of violent non-state actors.

The Manila drills come against the backdrop of conflicts where cheap, mass-produced drones have already upended traditional defense calculus.

In Ukraine, first-person view (FPV) quadcopters costing a few hundred dollars have become frontline weapons, while Iranian-made Shahed loitering munitions-priced at a fraction of conventional cruise missiles-have forced Kyiv and Moscow to spend millions on interceptors, exposing the unsustainable cost-exchange ratio that now favors attackers.

The Strait of Hormuz has seen a parallel escalation. Iranian-backed militias and Houthi rebels have deployed swarms of low-cost drones against commercial

tankers and naval assets, forcing shipping companies to reroute vessels and insurers to increase premiums.

In March 2026, drone strikes on British bases in Cyprus underscored how attribution ambiguity can paralyze deterrence even in heavily contested maritime corridors.

‘This workshop shows what’s possible when countries combine ingenuity, expertise, and resolve,’ ATC Program Management Center Executive Director Undersecretary Hansel M. Marantan said.

‘Together with our partners across the Indo-Pacific, we’re building the tools and the trust needed to stay ahead of tomorrow’s threats. Collaboration like this reduces the threat of terrorists using drones to threaten our people.’

The urgency was underscored by recent casualties among Filipino nationals.

Since July, two Filipino seafarers were killed and 12 injured when drones struck merchant vessels transiting the northern Black Sea, the Department of Migrant Workers said. Nine ships carrying more than 140 Filipino crew members had been hit by drone attacks while docked or underway in Ukraine and Russia.

Last August 31, two Filipino seafarers were also killed after their crude oil tanker came under attack while attempting to cross the Strait of Hormuz.

An August 27 technology showcase paired defense officials with U.S. firms pitching counter-UAS radars, radio-frequency jammers, and handheld CBRN detectors.

The event dovetailed with the Trump Administration’s push to keep American defense technology at the forefront of global security challenges, a State Department spokesperson said.

Industry analysts project the global electronic warfare market to swell to $37.3 billion by 2035, driven by demand for affordable counter-drone systems that can tilt the cost-exchange ratio back in favor of defenders.

MOVEM Electric, Inc., the wholly owned end-to-end electric mobility solutions provider of the Manila Electric Co. (Meralco), deployed two fully electric, 14-seater shuttles to Barangay Bel-Air in Makati City to provide residents with sustainable, eco-friendly, and accessible community transportation.

‘The turnover of these two fully electric shuttles is an important milestone-not only for Movem and Barangay Bel-Air, but also for sustainable mobility at the community level. While many are still discussing how electric vehicles can become part of everyday life, Barangay Bel-Air has already taken

the lead in integrating them into its service to residents,’ Movem President and CEO Ralph M. Menchavez said.

Barangay Bel-Air Captain Cynthia D. Cervantes said the partnership reflects the community’s commitment to exploring practical solutions that can improve the quality of life of its residents, particularly of senior citizens, while supporting sustainable development goals.

‘With the arrival of two new electric shuttles for our residents, we celebrate another step toward a cleaner, greener, and more accessible Barangay Bel-Air. These e-jeeps will provide our residents with a safer and more convenient mode of transportation while helping reduce our carbon footprint for future generations,’ Cervantes said.

Beyond the deployment of electric vehicles, Movem will also support Barangay Bel-Air’s broader EV charging requirements through the establishment of infrastructure and support systems needed to sustain the community’s shift toward electric mobility.

The Office of the Ombudsman must further establish the strength of its evidence against a former House leader after his camp challenged allegations linking him to supposed cash deliveries.

Veteran litigator Atty. Antonio ‘Audie’ Bucoy, a member of the Free Legal Assistance Group (FLAG) and the Movement of Attorneys for Brotherhood, Integrity and Nationalism Inc. (MABINI), said the evidentiary landscape of the case shifted after Leyte Rep. Ferdinand Martin G. Romualdez’s camp submitted rebuttals disputing claims that large amounts of money were delivered to him in connection with questioned flood-control projects.

‘The burden of evidence shifted back to the prosecution after the Romualdez camp answered and disputed the evidence initially presented against him,’ Bucoy said.

Bucoy explained that the burden of evidence initially moved to the defense after witnesses and materials were presented against Romualdez. However, after the former Speaker’s camp challenged the credibility of the allegations and submitted counter-affidavits, the evidentiary burden shifted back to those pursuing the complaint.

‘When evidence is presented by the prosecution and it is not challenged, it could create a basis for liability. But once the defense presents evidence that directly contradicts those claims, the burden of evidence shifts back to those making the accusations,’ Bucoy said.

Bucoy said that while the burden of proof remains with the prosecution or complainants, the burden of evidence may shift during proceedings as each side presents materials supporting or disputing the claims.

The Ombudsman has been investigating allegations linking Romualdez to supposed cash deliveries arising from alleged irregularities in flood-control projects. The accusations relied partly on accounts from former security personnel of former Ako Bicol Party-list Rep. Zaldy Co, who claimed that suitcases containing money were allegedly delivered to properties associated with the former Speaker.

Several individuals who initially linked Romualdez to the allegations have since withdrawn or challenged their earlier statements, including former Marine Orly Guteza. Romualdez’s camp has also submitted sworn statements from other former drivers and security aides disputing the alleged cash-delivery claims.

Bucoy said the rebuttal from Romualdez’s camp effectively returned the evidentiary challenge to the complainants, who must now demonstrate that the allegations are supported by reliable evidence despite the defenses raised against them.

THE Philippine sovereign wealth fund manager posted P2.69 billion in total comprehensive income for the period ending June 30, which reflects ‘expanding’ income streams from its deployed portfolio combined with ‘steady’ returns from cash and short-term placements.

The Maharlika Investment Corp. (MIC) said through a statement issued last Thursday that the comprehensive income comprises P1.24 billion in net income and P1.45 billion in other comprehensive income.

According to the state-run firm, capital deployment surged during the first six months of the year, with MIC investing P18.8 billion across key national industries.

This brought the fund’s cumulative deployed capital to P24.7 billion as of June 30,2026.

‘Major investments in H1 included a P15-billion working capital facility extended to Petron Corporation to finance crude oil and refined petroleum importations and operational needs,’ the MIC said.

The state-run firm said it also expanded its stake in port operator Asian Terminals Inc. (ATI) through an additional P4.79-billion share acquisition.

The MIC said its increased ownership and board representation enable it with ‘greater participation’ in ATI’s key financial and operating decisions. As a result, the investment is accounted for as an associate, allowing the MIC to recognize its share of ATI’s earnings.

Alongside the fresh deployments, MIC said it completed its maiden asset divestment on June 5,2026, ‘successfully’ exiting its bridge-loan investment in Makilala Mining Co. Inc. (MMCI) through the assignment of its lender position.

The state-run firm said this transaction generated a ‘realized gain’ while recycling capital for prospective investments.

‘Our first-half performance demonstrates MIC’s rapid progress from foundation-building to active capital deployment,’ MIC President and CEO Rafael Jose D. Consing Jr. was quoted in the statement as saying.

Meanwhile, the MIC said deployed investments generated P2.09 billion in total portfolio returns during the six-month period through dividends, loan interest, realized gains, and equity holdings appreciation-including fair value gains from Synergy Grid and Development Phils., Inc. (SGP).

Despite the ‘rapid’ pace of investment activity, MIC said it maintained a ‘strong’ fiscal position.

Total assets stood at P129.5 billion as of June 30,2026, backed by P53 billion in cash and cash equivalents, preserving the fund’s ‘agility’ to pursue additional strategic transactions.

‘By channeling funds into critical infrastructure, energy logistics, and strategic commercial ventures, we are delivering sustainable financial returns for the Filipino people while actively supporting economic growth’ Consing added.

The MIC said its first half performance in 2026 highlights an ‘effective balance of high-impact direct investments, disciplined treasury management, and proactive capital recycling.’

The MIC acts as the ‘sole vehicle’ for mobilizing and managing the Maharlika Investment Fund, the sovereign wealth fund of the Philippines. The chartered government-owned and -controlled corporation is mandated to drive long-term economic development by making strategic, high-yield investments in core infrastructure, energy, logistics, and growth-oriented sectors.

MALACAÑANG said President Ferdinand Marcos is not violating the law for maintaining several ‘over-acting’ Cabinet members.

Palace Press Officer Claire Castro made the statement in a press briefing on Thursday after Senator Imelda ‘Imee’ R. Marcos, the President’s sister, called out the Executive branch for its alleged ‘perversion’ of the checks and balances in the government by not subjecting all of his secretaries to confirmation of the Commission of Appointments (CA).

During the hearing of the Development Budget Coordination Committee (DBCC) in the Senate last week, Senator Marcos said there were 12 ‘over-Acting’ Cabinet members.

She listed Executive Secretary Ralph G. Recto, Public Works Secretary Vivencio ‘Vince’ B. Dizon, Transportation Secretary Giovanni Z. Lopez, Justice Secretary Fredderick A. Vida, Finance Secretary Frederick D. Go, Budget Secretary Kim Robert C. De Leon, Environment Secretary Juan Miguel T. Cuna, Health Secretary Edwin M. Mercado, Presidential Communications Office Secretary Dave M. Gomez and Labor Secretary Francis N. Tolentino.

The lawmaker also mentioned Bases Conversion and Development Authority President and CEO Joshua M. Bingcang and BCDA board member Dante V. Liban.

Castro, however, pointed out that the decision of Marcos not to nominate his acting secretaries to the CA was not illegal and is part of his presidential prerogative.

‘At present, the appointment of acting secretaries-such as Secretary Dave Gomez, who has been an ad interim appointee since July 10-remains in order. Thus, the President is not violating any process or law,’ she said in Filipino in a press briefing on Thursday.

Gomez has yet to face the CA since he was appointed by the President.

In its website, the CA defined ad interim appointments as appointments made during the recess of Congress.

It noted that an interim appointment only becomes invalid upon disapproval of the CA if not confirmed until the next adjournment of Congress.

In a ruling in 2005, the Supreme Court distinguished an ad interim appointment from an acting secretary, which it said may be extended indefinitely by the President any time there is a vacancy in his or her Cabinet, unlike that of an ad interim appointment.