Category: Business Mirror

Besides a social media post from President Donald Trump, the White House has said little about what he is calling ‘THE BIGGEST OIL DEAL IN WORLD HISTORY’ in Venezuela.

Trump said the agreement announced Friday night would give the United States a stake in Venezuela’s vast oil reserves, a step toward his goal of extracting energy from the country after American forces captured then-President Nicolás Maduro in a middle-of-the-night raid in January and brought him to New York to face federal drug trafficking charges.

Venezuela’s acting president, Delcy Rodríguez, described the deal as a step toward economic recovery that will modernize the country’s oil industry. She said Saturday that the oil reserves would ‘cease to be an inert, cold statistic and will instead become concrete solutions. Housing is one of them.’

She spoke while touring reconstruction efforts following the deadly twin earthquakes that hit in late June, noting that thousands of families were left homeless.

‘What we are doing is for the development of the country, but above all, to serve the Venezuelan people, to provide them with more jobs, better wages, and access to public services such as water, electricity, hospitals, schools and adequate food,’ she said.

But the answers to many questions, including how soon the reserves could be drilled and who will pay to make it happen, were not immediately clear. No text of any agreement has been released.

A look at what is known and unknown:

What are the terms?

The US government and an unnamed private operator in Venezuela formed a new company that was given the rights to untapped oil fields for 100 years.

A statement from Rodríguez said the deal involves the development of 17 fields with a proven potential of 65 billion barrels. It said the agreement could draw $100 billion in investment into Venezuela’s oil industry and yield over $209 billion in taxes for Caracas.

Trump said the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Rodríguez.

The deal gives the United States 55% effective output of the new private company, including an ownership stake and rights to buy oil at cost. American purchases of the oil will go toward the US strategic oil reserves along with the military, according to a US official who was not authorized to discuss the matter publicly and spoke on the condition of anonymity.

The company would be the second largest corporate holder of proven reserves after Saudi Aramco, according to the official.

Will gas prices go down?

Probably not any time soon.

Trump says the deal will help lower gas prices for Americans. That is an important objective for the Republican president as the Iran war slows the shipping of Persian Gulf oil and keeps prices elevated months before November elections in the United States.

But experts have repeatedly warned that Venezuela’s dilapidated oil infrastructure will take years and billions of dollars to repair. A substantial boost in production is not expected to happen quickly.

The deal could be ‘helpful in the long run, but it’s not going to do anything to change the price of gasoline at the retail station for Labor Day weekend,’ said Amy Myers Jaffe, director of the Energy, Climate Justice and Sustainability Lab at New York University.

Neither side made clear who would pay for infrastructure investments and at what cost.

The average price of gas in the US stood at about $4.08 a gallon on Saturday, according to AAA. The average price was $3.20 at the same time last year.

Kevin Book, managing director at ClearView Energy Partners, said the oil industry is awaiting clarity on the deal’s details. Venezuela has room to increase its oil production, he said – in the past it produced more than 2.5 million barrels a day above current levels – but investments of this scale don’t happen quickly.

‘It’s going to take time – many years – to deploy that much capital and produce the kind of incremental results that history suggests possible,’ Book said.

How will Venezuelans react?

Some in Venezuela considered it a betrayal of what their government has stated repeatedly for decades: Venezuelan resources are for Venezuela, and leaders would not allow the US government access to those resources.

At a market in eastern Caracas on Saturday, Douglas Borjas said he was upset about the announcement.

‘I think they’re doing it to cling to power,’ he said of Venezuela’s leaders. ‘It’s like, ‘I’m giving you a vast amount of petroleum as long as you leave me alone here in power.”

He added: ‘The Venezuelan people deserve better. Venezuela has resources that can be exploited, but for the benefit of the people, not for the benefit of the corrupt elite.’

Harvard University professor Ricardo Hausmann, a former Venezuelan planning minister, called it a ‘shameful deal.’

‘Venezuelans will not respect this illegitimate deal and no major US oil company will take it seriously because they know it will not last,’ Hausmann said on social media, adding that Rodríguez ‘has no legitimacy or constitutional power to commit Venezuela to any such deal.’

What’s the reactionon Capitol Hill?

It is unclear whether Congress will play a role in the arrangement, but lawmakers from both parties were quick to weigh in.

Trump allies called it a win.

Sen. Bernie Moreno, R-Ohio, said it was a historic deal that helps both countries. ‘If it were up to DC Democrats, Maduro would still be in power, Venezuelan oil would be going to China at half price, and the people of Venezuela would be getting robbed by a corrupt regime,’ Moreno wrote on social media.

It was condemned by Democrats who said Maduro’s capture was a means to this end.

Sen. Tim Kaine, D-Va., said Trump was always after Venezuela’s oil, branding it ‘corruption at epic scale.’

‘Will prices come down for Americans? Who knows but likely not as much as Trump has forced them up thru his idiotic Iran War,’ Kaine said on social media.

Sen. Chris Van Hollen, D-Md., said Trump ‘put our service members at risk to get Venezuelan oil for his billionaire buddies.’

What questions remain?

Many important details remain unclear, including who will cover necessary investments, the identity of the private operator and how America’s stake in the company breaks down.

The US will get 55% of the company’s effective output, but it was not clear what portion of that comes from an ownership stake and how much comes from the right to buy oil at cost.

It also is unclear how the industry will react. Persuading big American oil companies to return to the region could prove a challenge given the political uncertainty and damaged infrastructure.

Chevron, the only US oil company actively producing in Venezuela, declined to comment. Separately from Trump’s announcement, Chevron already had been in talks to expand investment in the country. Exxon Mobil also declined to comment.

David Oxley, chief climate and commodities economist at Capital Economics, said that on its face, the deal could double US oil reserves and reduce dependence on crude oil from Canada and Mexico. But Oxley, writing in a commentary, cautioned that there are logistical hurdles and said the value of Venezuela’s reserves may have been exaggerated under former President Hugo Chavez.

Even with legal and security guarantees, it is not clear that US oil companies ‘would be eager to invest,” he wrote, noting that ‘there simply might be more enticing commercial opportunities on offer elsewhere.”

Contrary to what is circulating online, there are no approved mining exploration, development, or commercial extraction activities on Gibusong Island in the town of Loreto, Dinagat Islands, the Department of Environment and Natural Resources Mines-Geosciences Bureau (DENR-MGB) said.

This, as a senior official of the DENR also assured that there will be no mining activities on the island, in consideration of its fragile environment.

During the House committee on appropriations budget hearing tackling the proposed P28.04 billion budget of the DENR last week, Dinagat Rep. Kaka J. Bag-ao cited the confusing status of the East Coast Mining Corporation, which was suspended since 2013. There were reports, however, that mining operations continue on Gibusong Island.

Bag-ao said the presence of mining on the island continues to hound residents of Gigusong Island in particular, and the Dinagat Islands in general, because the Mineral Production Sharing Agreement (MPSA) has not yet been cancelled.

According to the MGB, all rights and activities under the MPSA on Gigusong Island have been officially suspended since September 18, 2014 under a formal Suspension Order issued by DENR.

The order has not been lifted since, the MGB clarified. However, the public notice and advisory about its status were posted on social media but were never communicated to the public or the officials of the Province of Dinagat Islands.

During the budget hearing, Bag-ao inquired about the agency’s budget for the operations of its satellite offices in the CARAGA Region and the Province of Dinagat Islands, underscoring the need for proper monitoring of mining activities on Dinagat Islands.

Bag-ao underscoring the public clamor to enhance the DENR’s monitoring activities of mining companies because there’s a continuing threat of mining in Gibusan Island, as well as the province’s Bonsai forest on mainland Dinagat Island in the town of Loreto.

Undersecretary for Finance, Information Systems, Climate Change and Administration Analiza R. Teh said there’s no specific budget for Dinagat, because of the absence of a Provincial Environment and Natural Resources Office in Dinagat.

Twenty ordinary Filipinos whose courage, compassion, and selflessness have made a meaningful difference in the lives of others are being recognized through ‘Hero For All: Honoring Stories of the Everyday Filipino,’ a nationwide initiative dedicated to celebrating the unsung heroes whose stories deserve to be heard.

First announced on the Day of Valor April 9, 2026, Hero For All shines a light on Filipinos who choose to help others despite their own circumstances-demonstrating that heroism can be found in everyday people who simply choose to do what is right when it matters most.

The initiative is supported by CasinoPlus, one of the country’s leading responsible digital entertainment platforms licensed by the Philippine Amusement and Gaming Corporation (PAGCOR), and championed by the AR Foundation, with Alden Richards serving as Hero For All Lead Advocate.

Driven by the belief that positive experiences can create meaningful impact, the initiative reflects the values of Empowered Courage and Integrity by recognizing individuals whose actions uplift others and helping sustain the communities connected to their stories.

Each of the 20honoreeswill receive a commemorative trophy alongside a total award of

?1,000,000: ?500,000 awarded directly to the recognized hero in recognition of their personal sacrifice and bravery, and ?500,000 provided to their partner community organization to help support and scale their local advocacy efforts.

The initiative was inspired by living examples of heroism such as Rhodora Alcaraz-Toñacao, a 28-year-old overseas Filipino worker from San Pablo City, Laguna, who was named the campaign’s first awardee.

On her first day at work in Hong Kong on November 26, 2025, Toñacao shielded her employer’s three-month-old infant with her own body through thick smoke on the 13th floor, wrapping the baby in a bedsheet until rescuers reached them.

‘Hindi ko inaakala na may kakayanan pala akong tumulong pagdating sa ganung tragedy. Nasa puso ko po talaga na, ikaw ‘to. Matapang ka, kaya mong tumulong,’ she had said.

Her story embodies the spirit of Hero For All: that heroism does not always come from people seeking recognition, but from ordinary Filipinos who choose to act with courage and compassion when someone needs help.

‘We want to normalize how people see heroes-today, they are everyday Filipinos who, despite their own struggles, still choose to help others,’ said Alden Richards, Founder of the AR Foundation and Hero For All Lead Advocate. ‘Rhodora’s courage is a powerful reminder of the inherent goodness in our countrymen that deserves to be celebrated.’

Alden emphasized that Hero For All looks beyond the scale of an individual act and instead recognizes the intention behind choosing to help.

‘What we really look for is intention more than the impact. Kindness and goodness, may it be big or small, can go a long way,’ he added.

A Nationwide Searchfor Everyday Heroes

To ensure nationwide inclusivity, nominations were gathered digitally across social media and web portals, as well as offline through physical nomination postcards distributed across the country to reach communities without reliable internet access.

All submissions underwent independent verification before advancing to a distinguished multi-sector jury panel composed of respected leaders across government, media, civil society, and academia:

Joy Flavier-Alampay – Director, Ramon Magsaysay Transformative Leadership Institute, Ramon Magsaysay Award Foundation

TinaArceo-Dumlao- Business Features Editor, Philippine Daily InquirerMa.TeresaHabitan- Vice Chancellor, Philippine Tax Academy DanielCecilio- Senior Vice President for Land-Based Operations, PAGCOR Alden Richards – Multi-awarded actor, founder of AR Foundation, and Hero For All Lead Advocate

Nominees were evaluated based on selflessness, courage, sustainability, and ‘story transferability,’ considering how an individual’s act of service could inspire similar community-led solutions across the country.

Hero For All is a celebration of Filipinos who do good not because they expect recognition, but because helping others is simply doing the right thing. By recognizing their courage and supporting the communities behind their acts of service, Hero For All seeks to amplify stories of integrity, empathy, and meaningful social impact-and remind Filipinos that there are heroes all around us.

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RESPONSIBLE GAMING ADVISORY

In accordance with PAGCOR’s Responsible Gaming Code of Practice, Casino Plus wishes to remind all players of the following:

Gaming is for entertainment purposes only. It should not be considered a source of income or a means of financial relief. Players are encouraged to play responsibly and within their means.

Winning is never guaranteed. All gaming outcomes are determined by chance. Past results, including jackpot wins, do not influence or predict future outcomes.

For more than a decade, TheBrandUSA.com has been where the U.S. travel industry, media, and government stakeholders go to find the data and programs behind Brand USA’s work.

Brand USA, the destination marketing organization for the United States, has announced the launch of a rebuilt and reorganized corporate website that puts economic impact data, partner program information, industry resources, and a redesigned press room within easier reach of everyone who relies on them – no login required.

‘Partners rely on us for fast, accurate answers, whether that’s finding the right program, accessing the right resources, or connecting with our team, and these new platforms make it easier for them to find what they need and engage with Brand USA,’ said Fred Dixon, president and CEO of Brand USA.’ At the same time, media, lawmakers, and other stakeholders will have easier access to the information and insights that demonstrate the value of international travel to the U.S. economy and communities across the country.’

TheBrandUSA.com is designed around how partners, media, and travel industry professionals look for information, with a personalized search tool that connects visitors to relevant programs and resources based on their needs.

What’s New

Economic impact data built for citation and sharing. Economic impact figures and state-by-state fact sheets are now consolidated in one place, formatted for destinations to share directly with governors’ offices, boards, and congressional delegations.

A press room built around how journalists work. A filterable press release and news archive, with media assets available alongside written content.

A clearer view into Brand USA’s partner programs. A filterable list of all partner programs, paired with a Getting Started guide explaining what Brand USA does, who partners with the organization, and how to get involved.

One calendar. Roadshows, sales missions, USA Pavilions, webinars, and board meetings now live in a single calendar that can be filtered by type, market, and date.

Practical AI education for the industry. AI webinars, past recordings, articles, and training resources are now in one place, helping partners build the practical AI fluency they need as the industry evolves.

Alongside the public site, Brand USA also updated its Partner Success Portal, which brings program resources, research, and account tools into one place for partner organizations, consolidating information that previously lived across multiple systems.

WHILE analysts expect the general increase in the prices of goods and services to have slightly eased in August, they warn inflation remains elevated and its rate and pace vulnerable to shocks from El Niño and the Middle East conflict.

In separate commentaries, analysts’ estimates pointed to lower headline inflation for August compared to the 6.2 percent in July while one economist said it likely remained unchanged as the recent monsoon rains may have disrupted the supply of agricultural products, putting upward pressure on food prices.

Domini S. Velasquez, Group Chief Economist at China Banking Corp. (Chinabank), said ‘headline inflation likely held at 6.2 percent in August, unchanged from July.’

‘Price pressures were likely driven by higher prices of key food items, including rice, corn, fish, vegetables, fruits, eggs, and cooking oil, with more than two weeks of steady rainfall disrupting agricultural supply and pushing up prices of some food items,’ Velasquez said.

She said higher fuel and LPG prices amid persistent Middle East tensions also added to price pressures.

However, Velasquez said these were ‘partly offset’ by lower electricity rates in Meralco-serviced areas and softer meat prices.

Meanwhile, Velasquez said core inflation likely eased for a second straight month to 4 percent from 4.2 percent in July, suggesting that ‘underlying price pressures are gradually moderating.’

Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri Jr. said the bank’s forecast for August inflation is 6.1 percent.

‘Selected food items like vegetables and fish, together with pump prices likely kept [consumer price index] CPI near 6 percent,’ added Neri.

He said this should explain why the Bangko Sentral ng Pilipinas (BSP) had to hike the key interest rate on August 27 even if growth remains a ‘serious concern.’

Union Bank of the Philippines (UBP), in its latest ‘MktsFocUs’ report, said it sees inflation in August at 6.1 percent.

‘August inflation above 6 percent year-on-year (YoY) would likely reflect weather-related supply disruptions, flooding-induced logistics bottlenecks, elevated oil prices, a weaker peso, and ongoing cost pass-through,’ the bank said in its report published over the weekend.

In its commentary over the weekend, ANZ Research said it expects headline inflation to have moderated to 6 percent in August from 6.2 percent in July.

‘Transportation inflation likely eased compared to July, but it is expected to have remained elevated on an annual basis. Food inflation continued to edge higher on the back of rising rice prices,’ added ANZ Research.

Jonathan L. Ravelas, senior adviser at Reyes Tacandong and Co., said August inflation is seen to ‘moderate to 6.1 percent.’

Ravelas said this suggests that earlier monetary tightening and improving supply conditions are ‘gradually gaining traction.’

‘The encouraging news is that inflation appears to be moving in the right direction, providing some relief to consumers and businesses,’ he said.

Inflation battle

HOWEVER, the foreign exchange analyst said at 6.1 percent, inflation remains well above the central bank’s target range, indicating that price pressures are still elevated and the fight against inflation is ‘far from over.’

‘More importantly, while inflation may ease in the near term, the combined impact of the recent wage hike, the potential effects of El Niño on food supply, and ongoing geopolitical tensions in the Middle East and the Russia-Ukraine conflict could pose upside risks to inflation in the coming months,’ Ravelas said.

These factors, he emphasized, could keep inflation elevated and may require the BSP to maintain a ‘hawkish stance’ or even consider further monetary tightening if needed to anchor inflation expectations.

As such, Ravelas said the key challenge is to ensure that the current downtrend becomes ‘sustainable’ so that purchasing power recovers without reigniting inflationary pressures.

Velasquez shared the same view saying upside risks remain significant, particularly from elevated oil prices, a prolonged El Niño episode that could disrupt agricultural output, and the potential pass-through of higher minimum wages to consumer prices.

Inflation is likely to remain elevated for the rest of the year and could accelerate further in the fourth quarter, she added.

However, given that much of the remaining inflationary pressure is ‘supply-driven,’ the group chief economist of Chinabank said further monetary tightening would have ‘limited effect’ in bringing inflation back to the BSP’s 2-percent to 4-percent target band this year.

‘For 2027, we are less pessimistic than the BSP, expecting inflation to moderate toward 4 percent, as lukewarm domestic demand should help contain underlying price pressures,’ Velasquez added.

Neri also noted that inflation will likely remain a challenge for the rest of the year, adding that BSP may have to keep a ‘tightening bias.’

ANZ Research said going forward, inflation is expected to moderate but remain well above the central bank’s target range.

‘Further upside pressure to inflation could arise if El Niño drives up food prices,’ added ANZ Research.

But ANZ Research expects the BSP to hold the policy rate steady in its meeting in October and raise the key interest rate anew in December in response to El Niño effects.

For its part, Citi said an October hike is possible only if August and September inflation readings ‘do surprise significantly to the upside.’

‘Apart from being due to El Niño related surprises, diesel prices could also rebound. And along with PHP trade-weighted depreciation, this could reactivate core inflation,’ Citi said in a commentary issued over the weekend.

Conversely, it said the risk scenario of there being no hike in December could materialize if the El Niño impact on food prices up to November turns out ‘significantly milder’ compared to BSP’s expectation.

While the MB opted for a preemptive policy move during its August 27 rate-setting meeting, it revised downwards its inflation forecast for 2026 to 6.1 percent from its 6.4 percent forecast during its June 18 policy meeting.

However, it raised its inflation forecast to 5.4 percent for 2027, compared to its 4.5 percent forecast last June 18.

According to BSP Assistant Governor for Monetary Policy Sub-Sector Rogelio V. Mercado Jr., ‘the 6.1 percent inflation is of course driven by lower-than-expected inflation in June and July, as well as declining oil prices.’

The central bank, in a statement released over the weekend, said it is looking at a 5.5 to 6.5 percent inflation forecast range for August as it gauges how recent weather disturbances alongside the elevated fuel costs weighed on the prices of food.

‘Upward price pressures for the month are likely to be driven by higher rice, vegetable, fruit, and fish prices, partly due to unfavorable weather conditions, and elevated domestic fuel costs,’ the BSP said.

However, the central bank explained that upward pressures are expected to be mitigated by lower prices of meat, as well as lower electricity rates and the peso appreciation.

Alliance Global Group Inc. (AGI) signed a power supply deal with the First Gen Group (First Gen) for over 25 megawatts (MW) of renewable energy (RE) to power needs of the latter’s key properties and facilities in Metro Manila, Iloilo and Davao.

AGI facilities covered by the agreement include Megaworld township developments in Taguig City; the Venice Grand Canal Mall in McKinley Hill also in Taguig; the ArcoVia City in Pasig City; Richmonde Hotel Tower-Iloilo in Iloilo City; the Davao Finance Center in Davao City; and the Emperador Distillers plants in Santa Rosa and Biñan in Laguna.

The agreement was signed last August 13 by representatives of AGI and First Gen, the Lopez-led firm said over the weekend.

‘Electricity usage comprises a significant portion of conglomerate-wide carbon emissions. Our ability to harness more renewable energy to support our operations without compromising efficiency or service delivery will greatly reduce our carbon footprint and help us get closer to our goal of achieving carbon net zero,’ said Arnulfo Batac, head of sustainability of Megaworld Corp. AGI’s shift to RE is part of the conglomerate’s sustainable development goals, which include scaling RE usage to achieve carbon neutrality by 2035.

First Gen will source the RE supply from its Bacon-Manito geothermal facilities in Albay and Sorsogon.

‘It is always an honor and privilege to partner with like-minded organizations like AGI who are conscious of how their businesses impact people, communities and the environment. Transitioning to geothermal energy, the only RE source that can run baseload capacity, is not just a cost optimization measure, but also a means to manage risk and to do something good for the planet,’ said First Gen Chief Customer Engagement Officer Carlo Vega.

Since its incorporation in 1993, AGI has grown into one of the Philippines’s most diversified investment holding companies with businesses spanning real estate through Megaworld, leisure and tourism through Newport World Resorts and spirits and liquor through Emperador Inc.

Meanwhile, First Gen is the leading provider of RE in the Philippines with over 1,700 MW of RE from a portfolio of 31 geothermal, hydro, wind, and solar facilities. The group is a subsidiary of diversified conglomerate First Philippine Holdings Corp.

LIKE many people, I experienced excessive hair fall during the pandemic. I tried supplements, shampoos, and home remedies but the hair fall continued.

I started going to Svenson in 2023 (or was it 2022?) and at that time, my problem was not just hair fall but seborrheic dermatitis, which I always blamed on bad shampoos, the heat, or air-conditioning.

I started going to Svenson for the Scalp Corrective Treatment, a professional, in-clinic procedure designed to deeply cleanse the scalp, remove stubborn buildup, and relieve chronic dryness, flaking, or itchiness. I’d call this a lunchtime procedure because it can be done in 30 minutes.

It took about a year for me to see benefits from the treatment. You need to have it done thrice a week. I only did it once a week but I was consistent. I never missed a week.

The process begins with a consultation, which is free. A trichologist looks at your scalp and hair strands using a microscope. She will also do a hair pull test.

Scalp Corrective Treatments begins with a shampoo. After that, your scalp is cleansed with a liquid solution after which the corrective treatment is applied.

The corrective treatment can be oil-based or alcohol-based depending on the state of your scalp and hair. In my case, I get the oil-based treatment. The cleanser and corrective treatment are applied using an airbrush tool.

For the next step, an iontophoresis device is used. The goal is for the ingredients used in the treatment to be more easily absorbed by the scalp. The next and last step is red light therapy. This takes just five minutes.

Recently, I have been doing Gen45, a new Svenson treatment that detoxifies the scalp, stimulates healthy circulation, blocks DHT (the root cause of thinning), and reinforces weak hair follicles. Gen45 also defends hair strands against UV rays, styling damage, and everyday environmental buildup.

The Gen45 tonic contains amino acids (to help hair grow back thicker, stronger, and more resilient), ginseng and burdock (which help detoxify the scalp and promote healthy growth), biotin and niacinamide (for long-term scalp health), and Saw Palmetto (to keep DHT, the root cause of thinning, in check). It also contains antioxidants to help stimulate healthy circulation.

The Gen45 procedure is much like the Scalp Corrective Treatment except that after the shampoo, the tonic is applied immediately followed by the use of the iontophoresis device and, finally, red light therapy.

Nearly a decade ago, during my term as chairman of the Professional Regulatory Board of Accountancy from 2014 to 2018, I advanced a simple but meaningful advocacy: ‘I Am Accountant.’

The statement appeared in the materials I presented to newly licensed Certified Public Accountants during the November 2017 CPA oath-taking ceremonies. It was also embodied in an inspirational video for the profession. ‘I Am Accountant’ was not intended merely as a slogan. It was a declaration of professional identity, accountability and pride.

One concrete component of my advocacy was my recommendation that duly registered and licensed accountants be authorized-and eventually required-to use the professional title ‘Accountant’ or its abbreviated form ‘Acct.’ when identifying themselves professionally.

Thus, just as a physician may be addressed as Dr. Juan de la Cruz, a lawyer as Atty. Juan de la Cruz, an engineer as Engr. Juan de la Cruz, and an architect as Ar. or Arch. Juan de la Cruz, a duly registered accountant should be entitled to identify himself or herself as: Acct. Juan de la Cruz, CPA, or Accountant Juan de la Cruz.

This will give accountants a recognizable professional identity comparable with that enjoyed by members of other regulated professions.

The titles used by other professionals immediately communicate their qualifications and responsibilities.

‘Dr.’ identifies a medical doctor or another holder of a doctorate, depending on the context. ‘Atty.’ identifies a member of the legal profession. ‘Engr.’ is commonly used by registered engineers, while ‘Ar.’ or ‘Arch.’ identifies registered architects. These titles are placed before the person’s name and have become part of how the public recognizes and addresses members of these professions.

Accountants, on the other hand, generally place the initials ‘CPA’ after their names. While CPA is a highly respected professional designation, it is not always understood by the general public in the same direct way that ‘Doctor,’ ‘Attorney,’ ‘Engineer,’ or ‘Architect’ is understood. It’s as if CPAs are embarrassed to communicate to their public that they are professionals.

The word Accountant, or the abbreviated title Acct., immediately tells the public what profession the individual belongs to.

My proposal does not seek to diminish the value of the CPA title. On the contrary, it supplements and strengthens it. ‘Acct.’ identifies the profession, while ‘CPA’ identifies the particular professional qualification and licensure of the individual.

The use of Acct. Joel L. Tan-Torres, CPA, for example, unmistakably identifies both the profession and the professional credential.

This proposal was included in the proposed revision of Republic Act 9298, or the Philippine Accountancy Act of 2004, which was prepared several years ago and submitted for consideration in Congress.

The measure, Revised Philippine Accountancy Act of 2020, was introduced through the initiative of then-Representative Juan Miguel ‘Mikey’ Macapagal-Arroyo of the Second District of Pampanga during the 18th Congress. The proposed legislation sought broader structural reforms in the regulation of accountancy, including the creation of an Accountancy Regulatory Office, changes in the composition and functions of the Board of Accountancy, and recognition of different categories of licensed accountants.

Significantly, Section 16 of the proposed measure provided that no person could practice accountancy or use the titles ‘Certified Accountant,’ ‘Certified Professional Accountant’ or ‘Certified Public Accountant,’ or their abbreviated titles ‘Acct.,’ ‘CA’ or ‘CPA,’ unless that person had received the appropriate certificate of registration, professional license and professional identification card.

This provision expressly recognized ‘Acct.’ as a qualified professional title. Its use would be reserved for those who had satisfied the prescribed education, examination, registration and licensing requirements.

I continue to advocate going one step further: duly registered accountants should be encouraged, and ultimately required in appropriate professional transactions, to use ‘Accountant’ or ‘Acct.’ in their names, correspondence, reports, official profiles and professional dealings.

The proposed title must not be treated as an ornament or a device for personal prestige.

Every time a person uses ‘Acct.’ before his or her name, that person publicly represents the accountancy profession. The title should therefore carry a commitment to competence, integrity, objectivity, professional behavior and accountability.

To be continued

Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the Chairman of the Professional Regulatory Board of Accountancy, and a partner of Reyes Tacandong and Co. and SyCip Gorres and Velayo and Co. He is a Certified Public Accountant who ranked No. 1 in the CPA Board Examination in May 1979. He provides tax practice and advisory services with his firm, JL2T Consulting. He can be contacted at joeltantorress@yahoo.com.

A resident takes a selfie as he rides a small boat along a flooded street caused by intense monsoon rains in Quezon City.

The flooding was part of the prolonged impact of the enhanced southwest monsoon, or habagat, which has combined with the effects of tropical cyclones Luis, Maymay and Neneng to bring heavy rains and flooding to several parts of the country.

As of 6 a.m. Sunday, August 30, the Department of Social Welfare and Development (DSWD) said it had distributed 2,335,404 family food packs, 14,896 non-food items and 23,694 ready-to-eat food boxes to affected communities.

The relief assistance, provided through augmentation requests from local governments, covers the National Capital Region and 10 other regions.

THE Department of Agrarian Reform (DAR) announced having partnered with the Development Bank of the Philippines (DBP) to strengthen the financial management, leadership, and technical capabilities of agrarian reform beneficiaries (ARBs).

The partnership aims to help ARB organizations (ARBOs) become more productive and sustainable, increase their members’ incomes, and contribute to stronger economic activity in rural communities.

Under a memorandum of understanding signed on August 25, the agency mandated to implement agrarian reform and empower small farmers will tap the DBP’s Agri-Agra fund to finance capacity-development programs for ARBOs nationwide.

Agrarian Reform Secretary Conrado Estrella III said strengthening the capabilities of farmers and their organizations is essential to increasing their incomes and creating more economic opportunities in rural areas.

‘We understand that up to now we still believe that majority of the consumers are coming from the rural sector of our country,’ Estrella said, emphasizing the important role of farmers and agrarian reform beneficiaries in the economy.

Estrella said farmers should be given opportunities to earn not only from farming but also from other income-generating activities.

‘When many farmers earn, you can see that the business is robust,’ he said, citing increased activity in sari-sari stores, malls, and other service sectors during harvest periods.

Estrella described the DAR-DBP partnership as a major step toward strengthening the agricultural sector and its contribution to economic growth.

‘This is one giant step now we have signed the MOA with the DBP,’ the DAR chief said referring to the capacity-development initiative for farmer-cooperators.

Estrella also described the partnership as ‘agrarian human infrastructure,’ stressing that investing in the skills and capabilities of farmers is as important as providing physical and financial resources.

He noted that some cooperatives face difficulties in sustaining their operations because of limited managerial skills, financial knowledge, and technical expertise.

Estrella said many cooperatives do not succeed because most of them lack managerial expertise.

‘They lack knowledge in finance and in management. And then they lack technical know-how,’ he added.

Through the partnership, ARBOs will receive training and technical assistance to help them manage their resources, plan their activities, and operate their organizations more effectively.

DBP President and CEO Michael O. de Jesus said agrarian reform beneficiaries need support beyond access to land.

‘Access to land, you need access to financing, access to training, they all go hand in hand,’ de Jesus said.

He described the agreement as an ‘excellent partnership’ and said DBP looks forward to working closely with DAR to support the development of agrarian reform beneficiaries.

Under the agreement, DAR will identify qualified ARBOs, facilitate commitment deposits, and prioritize capacity-development interventions based on their needs.

The DBP, meanwhile, will provide financing support subject to its existing bank policies and help connect ARBOs with state universities and colleges that can provide specialized technical assistance. The partnership will focus on key areas such as financial management, strategic planning, leadership, and operational administration.

Through the partnership, DAR and DBP aim to equip ARBOs with the skills, resources, and organizational support they need to become stronger, more productive, and financially capable.