Category: Business Mirror

FOLLOWING the economy’s dismal second quarter performance, Pantheon Macroeconomics slashed its 2026 growth forecast for the Philippines to below 3 percent as it expects recovery to remain subdued.

Pantheon Macroeconomics on Monday cut its growth forecast for this year to 2.8 percent from a previous 4 percent outlook. For 2027, it now expects the country’s gross domestic product (GDP) to grow by 4 percent, down from its previous forecast of 5 percent.

If the think tank’s forecasts hold, this would mean the Marcos administration would once again miss its recalibrated GDP targets of 3.5 to 4.5 percent and 5 to 6 percent for 2026 and 2027, respectively.

The potential misses would extend a three-year streak in which economic growth has fallen short of the government’s targets, despite successive downward revisions to its growth assumptions.

‘Nonetheless we have reduced our 2026 [and 2027] growth forecast…as the recovery looks set to be even more lackluster than we previously estimated,’ the think tank said.

Pantheon Macroeconomics said the sharp contraction in fixed investment was the main reason behind the weak second-quarter performance, with capital spending falling 7.9 percent quarter-on-quarter to its lowest level in three and a half years.

Construction investment dropped 9.6 percent, while durable-equipment capital expenditure fell by 6.3 percent for a fourth straight quarter.

‘Any bounce from the Q2 contraction is likely to be minor, with industry and construction still operating at below-average capacity and, unsurprisingly, surveyed expansion plans remaining depressed amid plummeting business confidence and flat-at-best market sentiment,’ the research firm said.

It also tempered expectations of a quick recovery in government infrastructure spending, noting that the slump in projects had already begun before the establishment of the Independent Commission for Infrastructure (ICI).

At the same time, the firm noted that the government may have limited fiscal room to ramp up spending as weaker economic activity weighs on revenues.

Quarterly government spending growth slowed to 1.6 percent from 6.5 percent, while the rolling annual budget deficit widened to 5.5 percent of GDP in the second quarter from 5.2 percent, the think tank said.

Household consumption, the main driver of the country’s economic growth, may likewise remain subdued as families continue rebuilding savings depleted during the pandemic and the subsequent cost-of-living crisis.

Pantheon Macroeconomics noted that household consumption growth has slowed from around 5 percent through mid-2025 to roughly 3 percent recently, settling at 2.8 percent in the second quarter.

Meanwhile, gross household savings more than doubled to P973 billion in 2025 from P400 billion in 2024, raising the savings share of total income use to 3.8 percent from 1.7 percent, its highest level in more than a decade.

The firm, however, said the savings rebuild remains incomplete. Households accumulated P1.642 trillion in dis-savings between 2020 and 2022, of which only about 87 percent has been rebuilt since 2023.

‘The savings rebuild isn’t quite complete, though, so we expect to see consumption growth remaining subpar, at least until mid-2027,’ Pantheon Macroeconomics said.

It also noted that the recent inflation shock has further weighed on household sentiment, with the share of consumers planning to purchase big-ticket items over the next year falling to 3.6 percent in the second quarter from 6.4 percent in the first quarter, matching its pandemic-era low.

‘The only silver lining is that the worst of the inflation pinch likely is in the rear-view mirror, which should, at the very least, help to catalyze a turnaround in extremely depressed consumer confidence,’ it said.

The firm also said that while the unemployment rate has eased, employment remains barely higher than a year earlier, while fewer firms plan to expand their workforce.

AGRICULTURAL damage and losses caused by Tropical Cyclones Luis and Maymay and the enhanced Southwest Monsoon (Habagat) have climbed to P135.3 million, according to the Department of Agriculture (DA).

The weather disturbances affected 6,010 farmers and damaged 4,516 hectares of farmland in the Ilocos Region, Central Luzon, Calabarzon, Mimaropa and Western Visayas.

Production losses were estimated at 4,465 metric tons, covering rice, corn, high-value crops and livestock.

Agricultural infrastructure, machinery and equipment also sustained damage, the DA said.

The damage estimate could still increase as field assessment and validation continue in affected areas.

Agriculture Secretary Francisco P. Tiu Laurel Jr. ordered DA units to expedite assistance to farmers, particularly the processing of insurance claims and access to credit.

‘We need our people on the ground to move quickly so affected farmers can get the assistance they need, especially insurance claims and credit support,’ Tiu Laurel said.

‘The faster we process these, the faster farmers can recover and get back to production,’ he added.

The DA has prepared P106.5 million worth of agricultural inputs, including rice, corn and vegetable seeds, for distribution through its regional field offices.

Affected farmers may also avail themselves of loans of up to P25,000 under the Agricultural Credit Policy Council’s Survival and Recovery Loan Program, payable over three years at zero interest.

Insured farmers, meanwhile, may receive indemnification from the Philippine Crop Insurance Corp., while the DA coordinates funding for insurance and credit assistance.

DA regional offices are also coordinating with local government units, disaster risk reduction councils and other agencies while monitoring agricultural prices and the movement of commodities in affected areas.

EVERY so often you find yourself alone with no plans, no messages waiting for a reply, and no clear reason to leave the house. For some people, this stretch of quiet feels like a gift. For others, it feels like a punishment that grows heavier the longer it lasts. The two experiences can look identical from the outside, yet they are shaped by something entirely different happening on the inside. And learning to tell them apart may be one of the most useful skills you ever develop for your own peace of mind.

Solitude is time alone that you have chosen, or at least made peace to set aside for yourself. You might spend it reading, cooking a meal slowly, taking a long walk without your phone, or simply sitting with your own thoughts. There is a settled quality to it, a sense that you are not missing anything important, only giving yourself space that was overdue. Loneliness, on the other hand, carries a restless edge. Even when you are surrounded by people at a party or a family dinner, you can still feel disconnected, unseen, or as though nobody in the room truly knows what you are carrying that day.

The confusion between the two often begins early in life when being alone gets treated as something to fix. A child who eats lunch by themselves is quickly labeled as having a problem, even if that child genuinely enjoys the quiet 15 minutes before the noise of the afternoon begins again. Carrying that assumption into adulthood can make ordinary solitude feel like a personal failure, which pushes you to fill every evening with plans you do not actually want just to avoid the discomfort of being by yourself for an hour. Social media adds another layer to this confusion, when a quiet Friday night suddenly feels like you were excluded when you see pictures of a gathering you were never even interested in attending.

Learning to sit with your own company takes practice, especially if you have spent years associating stillness with something being wrong. You can start small. Choose one evening a week to stay in without treating it as a placeholder until something better comes along. Notice what you actually think about during that time. You might find a wave of restlessness at first, or an urge to check your phone every few minutes, but eventually it will settle into something closer to calm. This does not mean you should avoid people altogether. It means giving yourself permission to enjoy your own presence instead of treating it as a holding time before real life resumes.

At the same time, it is important to be honest with yourself when solitude has quietly crossed the line into isolation. If weeks pass without a meaningful conversation, if you find yourself turning down invitations out of habit rather than genuine preference, or if the peace you once enjoyed has begun to feel heavy and empty, these changes are worth noticing.

Rather than brushing them aside, give yourself a moment to consider what they might be telling you about what you need. Recognizing that the balance has shifted is an opportunity to reconnect before isolation becomes your new normal.

Sometimes, the first signs are not emotional but physical. You may notice feeling unusually sluggish, struggling to maintain a healthy sleep routine, or experiencing changes in your appetite without any obvious explanation. These signals can be reminders that your mind and body are asking for more connection.

Reaching out first, even with a brief message to an old friend, can be enough to interrupt the pattern and begin restoring the balance between healthy solitude and meaningful relationships.

The difference between solitude and isolation often comes down to whether the silence feels like your own choice, or if it is like something happening to you. A canceled plan that leaves you relieved points toward solitude. The same canceled plan leaving you with a hollow feeling points toward loneliness asking to be noticed. Neither answer is something to judge yourself but are simply information about what you need at the moment. And paying attention to that information is far more useful than forcing yourself into either extreme.

As you grow more familiar with your own rhythms, you will likely find that solitude and connection are not opposites competing for your time, but two ingredients your life needs in different amounts depending on the season you are in. Some weeks call for more people around you. Others call for a closed door and a book you have been meaning to finish. Trusting yourself to know the difference, and being honest with whichever one you actually need, is what turns quiet time from something to endure into something you genuinely look forward to, week after week, for the rest of your life.

In celebration of Buwan ng Wikang Pambansa, the National Parks Development Committee (NPDC), in cooperation with the Department of Tourism (DOT), presents Harana ng Hangin: Isang Gabi ng Musikang Pilipino para sa Woodwind Quintet on 14 August 2026, at the historic Paco Park, Manila.

Beginning at 6:00 PM, this musical gathering invites audiences to experience the rich colors of Filipino musical heritage reimagined through the expressive range of a premier woodwind ensemble. The event is free and open to the public. Featured in this special performance is Symphonic Five, a distinguished woodwind quintet composed of gifted and established orchestral musicians. Founded in 2021 by Philippine Philharmonic Orchestra clarinetist Jayson C. Rivera-originally as the Rivera Woodwind Quintet-the group adopted its new name in 2026 to reflect its artistic evolution toward performing symphonic works and altogether reimagining orchestral masterpieces through the expressive palette of five wind instruments. The ensemble delivers performances marked by extraordinary depth, versatility, and refined musicality.

For this year’s Buwan ng Wikang Pambansa showcase, Symphonic Five will serenade attendees with a thoughtfully curated program celebrating legendary Filipino masters, including National Artists for Music Antonino Buenaventura, Ernani Cuenco, and Ryan Cayabyab, alongside select symphonic repertoire. Bringing these masterworks to life through flute, oboe, clarinet, bassoon, and French horn are Ms. Crystal Milarose Rodis-Concepcion (Flute), Mr. Reynato M. Resurreccion (Oboe), Mr. Jayson C. Rivera (Clarinet), Mr. Alvin Cerda Sison (Bassoon), and Mr. John Gerald Calma (French Horn).

Hosted by Ms. Mary Grace Atienza, the concert offers a rare opportunity to enjoy timeless OPM classics and classical heritage under the open skies of one of Manila’s most cherished historical landmarks.

Mark your calendars for an evening of melody and national heritage on 14 August 2026, at 6:00 PM at Paco Park, Manila. Admission is completely free.

AT LEAST 23 unusual names-some resembling those of public figures and others referring to food-appeared on Tuesday on selected acknowledgement receipts submitted by the Office of the Vice President (OVP) to support its confidential fund expenditures in 2023.

Commission on Audit (COA) Supervising Auditor Xylene Mae Del Campo confirmed before the Senate Impeachment Court that the receipts presented by the prosecution were among the documents submitted by the OVP to the Intelligence and Confidential Funds Audit Office (ICFAO) in response to audit observations.

‘During the evaluation, I organized the acknowledgment receipts according to the date they were issued, the nature of the expense and the amount involved,’ Del Campo testified.

For the first two quarters of 2023, the prosecution said Del Campo’s tabulations covered 1,049 acknowledgement receipts-519 from the first quarter and 530 from the second.

The selected receipts bore names including Pia Piattos-Lim, Ralph Josh Bacon, Anne Ongpauco, Heart Santiago, Feonna Villegas, Beth Revilla, Clarisse Hontiveros, Jose Diokno Jr., Diane Maple Lapid and John A. Lapid Jr.

Documents presented in court showed expenses of P140,000 under Piattos-Lim for the purchase of information,P150,000 under Bacon for the same purpose, P250,000 under Santiago for supplies and P500,000 under Villegas for an expense described as medical and food assistance.

For the third quarter, covering July 14 to September 30, the names presented included Beverly Claire Pampano, Matthew N. Keso, Nova Santos, Salah Casim, Renan Piatos, Xiaome Ocho, Jay Kamote, Miggy Mango, Kokoy Villamin, ‘Contis, Connor Adrian,’ Honeylet Camille Sy, Kristine Applegate Estrada and Denise Tanya Escudero.

The corresponding receipts included P250,000 under Keso, P200,000 under Kamote, P50,000 under Mango and P120,000 under Escudero. The stated purposes included the purchase of information or supplies and the payment of rewards.

Del Campo clarified that ICFAO conducted only a compliance audit and did not verify whether the named recipients were real individuals or were connected to similarly named public figures.

‘At ICFAO, we conduct compliance audits,’ she said. ‘We examine whether the transactions comply with the Joint Circular and whether the liquidation documents are complete and properly prepared.’

The auditor also distinguished between an allowable expense and a transaction that was adequately supported by documentation.

‘Yes, under Section 4.8.1, the purchase of information is an allowable expense,’ Del Campo said.

For the purchase of supplies, however, she said the acknowledgment receipts did not indicate where the items were purchased or how they were used.

‘For the acknowledgment receipts covering the purchase of supplies, I requested additional documentation to establish that the money was actually used to buy supplies,’ she testified.

The OVP also submitted an April 4, 2024 certification signed by Col. Raymund Dante P. Lachica, along with Protective Intelligence Operations Reports, to support the payment of rewards. The certification referred to surveillance and intelligence-gathering activities conducted in 127 areas during the first quarter and 111 areas during the second quarter.

Del Campo said the reports contained information about vice-presidential engagements, probable threats and operational timelines. However, they did not show the specific results needed to justify the payment of rewards.

‘I did not find any particular accomplishments that would warrant the payment of rewards,’ she said.

‘The certification only contained a general statement that there were no untoward incidents,’ Del Campo added. ‘But that was not sufficient.’

For the third quarter, Del Campo identified four issues raised in an August 8, 2024 Audit Observation Memorandum: the absence of documentary evidence of payment; P35 million in reward payments without proof of successful intelligence-gathering or surveillance; failure to specify confidential activities in the physical and financial plan; and an unsigned receipt portion of the disbursement voucher.

During an earlier Senate impeachment court hearing, defense counsel declined to categorically state whether the controversial names that previously surfaced-including Mary Grace Piattos-belonged to real individuals or were merely aliases.

Violated

Meanwhile, the alleged transfer of confidential fund cash by OVP Special Disbursing Officer Gina Acosta to security officer Col. Raymund Dante P. Lachica violated government audit rules, Del Campo said.

Del Campo said Acosta admitted during a November 2024 House hearing that, upon Duterte’s instructions, she turned over confidential fund cash advances to Lachica, then head of the Vice Presidential Security and Protection Group.

‘This directly violated the Joint Circular, specifically Item 6.1.1,’ Del Campo said.

The circular prohibits transferring confidential fund cash advances from one accountable officer to another. Such funds must be handled by a duly designated and bonded special disbursing officer or agency head.

Based on Acosta’s testimony and COA’s review of the OVP’s records, Del Campo prepared a Notice of Disallowance covering three quarterly releases of P125 million each, totaling P375 million.

The audit also cited P62 million in reward payments without proof of successful intelligence or surveillance activities and P199 million in supplies and medical and food aid that could not be adequately verified. Auditors also found a P300,000 information payment dated before the corresponding cash advance was released.

Del Campo said the OVP’s certifications and intelligence operations reports failed to identify specific accomplishments justifying the reward payments.

The notice named Duterte, Acosta, OVP Chief Accountant Julieta Villadelrey and Lachica as responsible for the questioned transactions. Duterte was included because she approved the transactions and use of the cash advances, Del Campo said.

Ordered

Also, Del Ocampo said the COA ordered the return of P448.287 million-nearly 90% of the P500 million in confidential funds spent by the OVP-due to irregular transactions, unsupported expenses, and auditing violations.

Del Campo testified that Duterte and other officials were held accountable for the disallowed funds. The amount includes P73.287 million from the OVP’s December 2022 confidential fund and the entire P375 million released during the first three quarters of 2023.

COA found that millions in reward payments lacked proof of successful intelligence or surveillance activities. Purchases of equipment, supplies, and medical and food assistance were also unsupported by sufficient receipts or evidence of their intended use.

Auditors further found that confidential fund cash advances were transferred to Lachica, who was not the OVP’s designated special disbursing officer. COA said this violated Joint Circular No. 2015-01 and made the transactions irregular.

Duterte was held accountable because she allegedly approved the transactions and use of the cash advances. Former OVP special disbursing officer Gina Acosta, chief accountant Julieta Villadelrey, and Lachica were also named accountable officials.

The OVP’s appeal concerning the P73.287-million disallowance remains pending, while it may still appeal the P375-million disallowance before the COA Commission Proper.

AN estimated $258 million World Bank-backed initiative is expected to improve the employability of Filipino workers by strengthening technical and vocational education and training (TVET) programs and aligning them more closely with labor-market demand.

A new document released by the multilateral lender on Tuesday showed that the proposed Boosting Employability in Strategic TVET Sectors (Best) Project is scheduled for appraisal on August 17, while its consideration is tentatively set for July 7, 2027.

The project, which will be implemented by the Technical Education and Skills Development Authority (Tesda), seeks to improve access to TVET, increase learner certification, and make training programs more responsive to employment opportunities in priority sectors.

These include construction, agri-fisheries, information and communications technology, manufacturing and semiconductors, as well as early-years worker training.

The World Bank said the initiative would address both the supply and demand sides of the skills system.

On the learner side, the project is expected to strengthen learner readiness, certification, and access to market-relevant programs through the Skills Passport, foundational skills assessments, remedial learning, and nationally recognized credentials.

On the demand side, it would expand enterprise-based training and micro-credentials and strengthen employer participation to ensure that training programs better reflect current and emerging skills requirements.

‘These reforms are expected to increase employment in related occupations, improve worker productivity and earnings, and strengthen pathways into higher-quality jobs in priority growth sectors,’ the World Bank said.

The lender said that at least 176,704 TVET learners is expected to benefit from the program, including youth who are not in education, employment or training, as well as beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps).

Interventions will cover 37 project sites selected partly based on unemployment levels and the concentration of disadvantaged learners, including 4Ps beneficiaries and those not in education, employment, or training.

The project would also upgrade 17 existing Tesda technology institution sites in five regions through investments in digital TVET infrastructure, learning systems, training equipment, and improvements to existing facilities.

If approved, the Best project would be Tesda’s first World Bank-assisted program.

THE world is off track in meeting the internationally agreed 2030 food system goals, according to the latest global study.

The study from the Food Systems Countdown Initiative (FSCI) showed that for most indicators of health, environment, livelihoods, governance and resilience, most countries will not meet the internationally agreed 2030 goals.

For some indicators such as greenhouse gas emissions from food systems, no country is projected to meet the target.

The study titled ‘Food systems performance evaluated against targets and benchmarks reveals urgent gaps and a path to 2050’ covered 197 countries and 44 indicators across five themes.

This includes diets, nutrition and health; environment, natural resources and production; livelihoods, poverty and equity; governance; and resilience.

The FSCI is a global interdisciplinary research collaboration co-led by Johns Hopkins University, Cornell University, the Food and Agriculture Organization of the United Nations (FAO), and the Global Alliance for Improved Nutrition (GAIN).

‘What makes this Countdown paper different is that it doesn’t just tell countries whether they’re moving in the right direction-it tells them how far they still have to go, and against a benchmark that’s actually within reach,’ lead author Bianca Carducci said.

‘That distinction between tracking trends and measuring performance is what turns a monitoring exercise into a tool for accountability,’ she added.

Despite this, the study showed that for seven of 33 indicators, one-third of countries are on track to meet the 2030 target, while half the indicators have been moving in a ‘desirable direction’ globally.

The study then showcases the urgent need for accelerated action across all indicators, according to the FAO.

Priority actions should focus on indicators where progress is most off-track, such as food affordability, food insecurity, government effectiveness and food systems emissions.

‘Food systems transformation is a shared responsibility,’ GAIN Executive Director Lawrence Haddad said.

‘The governance indicators, including government effectiveness, accountability and civil society participation, are not just one category among five. They are the enablers. Improving them unlocks progress across the entire system,’ Haddad added.

Bolstering government effectiveness and accountability are critical leverage points that interact with the largest number of indicators.

The FAO, however, noted that the urgent need for transformation entails ‘more concerted, creative and accelerated action’ from the global community that should recommit to achieving these targets by 2050, especially for those most vulnerable.

Join an Ikebana Sogetsu workshop this Saturday, August 8, 2026, from 9:00-11:30 am with Margot C. Perez. Perez is a distinguished Sogetsu Ikebana teacher and long -time leader of the Sogetsu Manila Branch.

With approximately 35 years of teaching experience, she has dedicated herself to sharing the expressive and contemporary art of Sogetsu Ikebana through workshops, demonstrations, and exhibitions throughout the Philippines.

The workshop venue is LRI Design Plaza, 210 Nicanor Garcia Street, II, Makati City. To register and for further information, please get in touch with +63 998 9715408 or email davykeith.reyes@gmail.com.

August 10, 2026 – ‘Spider-Man: Brand New Day’ continues to dominate the local box office, as it officially grossed P1,055,450,903 during its second weekend in theaters. The feat was achieved in only twelve days, with fans still flocking to cinemas as the film continues to show in over 600 theaters nationwide.

This was announced today by Columbia Pictures Industries, Inc., distributor of ‘Spider-Man: Brand New Day.’

Jollibee Foods Corp. (JFC) on Tuesday said its net income fell 17 percent to P4.92 billion in the first semester from the previous year’s P5.91 billion despite its solid performance in April to June.

Systemwide sales for the period rose 12 percent to P244.67 billion from the previous year’s P217.73 billion.

For the second quarter alone, the company posted an income growth of 3 percent to P3.52 billion from the previous year’s P3.41 billion. Systemwide sales jumped by 14 percent to P130.8 billion from the previous year’s P114.54 billion.

‘Our second-quarter results demonstrate the continued strength of the Jollibee Group’s global brand portfolio and the resilience of consumer demand across our key markets. We delivered healthy system-wide sales growth across all regions, supported by strong contributions from both our Philippine and international businesses, continued same-store sales growth, and ongoing expansion of our global store network,’ Ernesto Tanmantiong, the company’s CEO, said.

The company said its second-quarter figures indicate that it has been able to adjust to the cost pressures in January to March.

Reported profitability for the quarter was affected by the P239-million in transition-related costs, covering store closure and lease termination costs associated with the ongoing turnaround of Yonghe King and Smashburger toward predominantly franchised business models, it said.

‘The second quarter represents an important step forward in our earnings momentum. Pricing actions implemented beginning in April, together with productivity, sourcing and cost discipline initiatives, contributed to the recovery in gross profit margins and supported stronger operating income and NIAT [net income after tax] margins,’ Richard Shin, the company’s chief financial and risk officer, said.

Jollibee maintained its guidance for a systemwide sales growth of 8 percent to 12 percent and store network growth of 5 percent to 10 percent for the entire year, supported by continued demand across key markets and disciplined execution across its global brand portfolio.

Full-year same-store sales growth guidance is being revised to 3 percent to 4 percent, while the gross new store opening target is being updated to 1,000 to 1,100 stores. Despite the lower gross opening target, Jollibee said it expects overall store network growth to remain in line with its previous guidance, reflecting ongoing portfolio optimization and the timing of store openings and closures.

Capital expenditures are now expected to be in the range of P13 billion to P15 billion. Operating income growth guidance is revised to 10 percent to 15 percent, reflecting the updated same-store sales assumptions, the revised expansion assumptions, continued transition-related costs for China and Smashburger, and the still-dynamic cost environment.