Category: Business Mirror

SEN. Francis Pangilinan is pushing anew for the passage of his twin agricultural reform measures-the renationalization of agricultural extension services and the reestablishment of the Bureau of Agriculture Cooperatives-to achieve lasting food security and make food affordable for every Filipino family.

Pangilinan said that Senate Bill 1991, or the Agriculture and Fisheries Extension Act, and Senate Bill 1990, or the Agricultural Cooperatives Act, will not only empower farmers and fishermen but also improve farm productivity and ensure a more efficient food supply chain.

The twin bills have been passed by the Senate on second reading.

‘If we want affordable, fresh, and nutritious food on our tables, we must empower our farmers and fishermen. From their ranks will come the better and more robust production of food that can in turn lower the prices of goods,’ he said.

Under Pangilinan’s proposed Agricultural Extension Services Act, farmers, fisherfolk, and agricultural stakeholders will gain improved access to science-based farming technologies, climate-resilient production techniques, research, training, and technical assistance.

The measure also seeks to strengthen coordination among national government agencies, state universities and colleges, local government units, and the private sector to ensure that modern agricultural innovations and financial and technical assistance reach farming communities.

Christopher Nolan’s The Odyssey launched with an estimated $124.5 million in domestic ticket sales and another $139.6 million from overseas, notching an even better debut than Oppenheimer and marking the filmmaker’s best opening since 2012’s The Dark Knight Rises.

Nolan flexed his singular box-office might with a global debut unlike any other. Few filmmakers alive could pull off a starry, big-budget adaptation of Homer’s epic poem.

But in a Hollywood where intellectual property rights rule most hits, Nolan turned one of the world’s oldest works of literature into an unlikely summer blockbuster.

The Universal production was no small gamble on Nolan, coming off the 2023 best picture-winning Oppenheimer. With a production budget of $250 million, it’s among the most expensive R-rated movies ever made. Universal is spending some $125 million to market it.

But no behind-the-camera name turns out audiences more than Nolan’s. So great was the hype on The Odyssey that IMAX put tickets on sale for some 70 mm showtimes a full year in advance. To satisfy the extraordinary demand for Nolan’s preferred format, IMAX 70 mm, some theaters added midnight and 3 am screenings-and sold them out.

‘It’s incredibly rewarding to see the palpable excitement in theaters this weekend,’ said Jim Orr, head of domestic distribution for Universal. ‘Nolan has crafted an epic adventure. It’s on a scale that audiences have responded to extraordinarily well.’

IMAX drives ticket sales

BILLED as Nolan’s first feature shot entirely with IMAX cameras, the format drove a huge slice of ticket sales. That included $29.6 million domestically on IMAX and $51.8 million globally, leading to the company’s best weekend ever. IMAX is dedicating its screens entirely to The Odyssey for three weeks. Though only 41 IMAX screens can screen The Odyssey in 70 mm, they accounted for $6.3 million in ticket sales.

‘The IMAX of it all helped turn it from not only a blockbuster, but a global cultural event,’ said Rich Gelfond, chief executive of IMAX. ‘We have tickets on sale for week five in some theaters and some of them have already sold out.’

Since the pandemic, Nolan has been at the forefront of reviving cinemas. His Tenet was one of the first big releases to wade back into theaters in 2020. Three years later, Oppenheimer and Greta Gerwig’s Barbie combined to create arguably the movies’ signature moment of the decade. Oppenheimer ultimately grossed $975 million worldwide.

The Odyssey arrived in theaters during Hollywood’s best summer since 2019. Ticket sales are running 10.4 percent ahead of last year, according to Rentrak. The industry is expecting the first $10 billion year at the domestic box office since the pandemic.

Universal sees ‘The Odyssey’ playing into the fall

THE only question for The Odyssey will be how front-loaded it is, given that many moviegoers have had this weekend circled for months. The film faced no new-release competition over the weekend, and it won’t next weekend, either.

Gelfond said that presales for the movie’s second weekend would rank among their 10 best presales, proof that many moviegoers are waiting to see the film in their preferred format. IMAX 70mm screenings, he said, are largely sold out for the next month, except for some front row seats.

‘Christopher Nolan and Tom Cruise may be the two most high-profile ambassadors for the big-screen experience,’ said Paul Dergarabedian, head of marketplace trends for Rentrak. ‘Nolan is a director who’s a star as much as any movie star in front of the camera.’

The audience for The Odyssey was notably male, accounting for 59 percent of tickets sold. But Orr said moviegoers were otherwise ‘ridiculously broad,’ playing across demographics and geography.

‘It’s delivering for a 17-year-old dude and it’s delivering for a female that’s 55 and up,’ said Orr. ‘It points to what I’m convinced will be a very long, very successful run throughout not only the rest of the summer but into the fall, too.’

The next movie to pose any competition, ironically, also stars Tom Holland and Zendaya: Sony’s Spider-Man: Brand New Day on July 31.

Casting controversy has no apparent effect

THE Odyssey stars Matt Damon as Odysseus and features Holland as his son, Telemachus; Anne Hathaway as Penelope; Zendaya as Athena; Robert Pattinson as the suitor Antinous and Charlize Theron as the sea nymph Calypso.

Nolan’s casting of The Odyssey, including Lupita Nyong’o as Helen and Elliot Page as a soldier, was controversial to some conservative commentators. Elon Musk called Nolan a ‘coward’ over Nyong’o’s casting.

But that criticism had little to no effect on The Odyssey becoming one of the big-screen cultural events of the year. Reviews (95 percent fresh on Rotten Tomatoes) are among the best of Nolan’s career. Audiences gave it an ‘A’ CinemaScore.

PG-rated films followed in the wake of The Odyssey. The Walt Disney Co.’s Moana landed in a distant second place with $19 million in its third weekend. Following its disappointing $43 million launch, the live-action remake slid 56 percent on its second weekend. In two weeks it collected $178 million worldwide, a poor result for a film that cost $250 million to make.

Moana was trailed by Universal’s Minions and Monsters and Disney’s Toy Story 5, both of which grossed about $15 million.

THE Impeachment Court trying Vice President Sara Duterte on Monday decided to refer to the Senate, as a legislative body, the issues against senator-judges that were raised in manifestations of certain senators, including questions of integrity.

Presiding Officer Francis Escudero noted that the Senate as a legislative body is due to convene soon (July 27) anyway, and the manifestations that certain senator-judges raised-and which are unrelated to the charges against Duterte-will be referred to it. The manifestations, however, will not be expunged from the records of the Impeachment Court.

Escudero made the ruling after Sen. Robinhood Padilla decried, at the start of the trial on Monday, what he called the rush to judge him on the matter of his having snubbed the Ombudsman in the obstruction of justice case pending against him related to the May 14, 2026 escape of Sen. Ronald dela Rosa from the Senate’s protective custody. He explained that he had used registered mail in replying to the Ombudsman, and he cannot be said to heve ‘snubbed’ the Ombudsman if the agency had not yet received it.

Sen. Erwin Tulfo protested Padilla’s manifestation and urged the presiding officer and his fellow senator-judges not to waste the time of the court with matters unrelated to the accusations against Duterte. He recalled how so many hours of the Impeachment Court were ‘wasted’ last week because certain senator-judges raised issues about the cases pending or lodged against them, but which do not relate in any way to the articles of impeachment against the Vice President.

Sen. Alan Peter Cayetano, who last week had raised non-impeachment-related issues on the floor, backed Padilla’s manifestation and argued against Tulfo. He said these issues raised pertain to the integrity of senator-judges and thus, on the court itself.

What is at stake is the integrity of senator-judges, thus, the integrity of the court, he said.

He cited as examples the detention of two senator-judges, Rodante Marcoleta and Jose Pimenel Ejercito alias Jinggoy Estrada, claiming that the flood-control controversy had been ‘weaponized’ against them. Both are facing plunder charges for separate cases. Cayetano and Padilla are being investigated for their roles in allowing dela Rosa, a fugitive from the International Criminal Court (ICC), escape government custody after being sheltered in the Senate.

However, Sen. Vicente Sotto III and later, Sen. Francis Pangilinan, insisted that matters unrelated to the impeachment charges should not be taken up in the court, but by the Senate sitting as a legislative body. They recalled an instance in the impeachment trial of then President Joseph Estrada when a manifestation by Sen. Rene Cayetano was not expunged from the records of the Impeachment Court but, being unrelated to the charges at hand, was referred to the Senate as a legislative body.

Taking a dig at Alan Peter’s reminder about the difficulty of ‘arguing with non-lawyers,’ Sotto said, ‘I don’t have four years of law school, but I have 29 years of lawmaking and I move that the manifestations of Senator Tulfo, be referred to the Senate [not the impeachment court].’

FEW nations have embraced the Korean Wave quite like the Philippines.

Data across social media engagement, streaming metrics, and market behavior reveal that the country ranks among the most passionate and critical K-pop markets globally. So much so that, due to the enduring popularity of historical K-dramas, for instance, Korea’s hanbok may just be next most recognizable traditional garment for Filipinos, next only to our own barong and Filipiniana.

To showcase this important thread of Korean culture, the Korean Cultural Center in the Philippines (KCC) recently opened Hanbok, Reborn as Art. The contemporary art exhibition celebrates the beauty and importance of Korea’s traditional clothing, featuring the works of 18 contemporary Korean artists who reinterpret the hanbok in different media.

Organized under Korea’s Ministry of Culture, Sports and Tourism, and presented in partnership with the Savina Museum of Contemporary Art, the exhibition is open to the public, free of charge, until September 26 at the KCC in Taguig City.

‘We hope that, through this exhibition, Filipino visitors will discover in hanbok-beyond K-pop and K-dramas-the deep roots of Korean culture, the creative capacity of Korean contemporary art, and its future possibilities,’ said Myungohk Lee, director of the Savina Museum of Contemporary Art. ‘Hanbok is not a fixed heritage frozen in the past, but a living cultural asset that is constantly being reinterpreted and expanded through its encounters with contemporary art and modern culture.’

The hanbok’s origins date back thousands of years to accommodate a nomadic, horse-riding lifestyle, evolving through the centuries and reflecting the spirit of its time. The classic aesthetic recognizable today, including those seen in historical K-dramas-defined by its vibrant colors, clean lines, and a fluid, structured silhouette that gives the wearer a graceful appearance-comes primarily from the Joseon Dynasty (1392-1910).

In the exhibition, the hanbok’s patterns, colors and silhouettes are reimagined as original works in paintings, sculptures, installations, and videos. The exhibition has already traveled to China, Kazakhstan, and Nigeria, demonstrating the global appeal of Korean traditional culture reinterpreted through a contemporary lens, and is next set to travel to Malaysia this year.

According to KCC Director Myeongjin Kim, the exhibition serves as ‘a venue that introduces both the beauty of Korean traditional culture and the creativity of contemporary art through hanbok.’

He added, ‘We hope Filipino visitors will experience Korean culture in a more multidimensional way through this exhibition, and that cultural and artistic exchange between the two countries will continue to expand.’

Aside from viewing the exhibit, visitors can also look forward to an interactive kit, where they can create and bring home their own mini-hanbok. There’s also a hanbok experience corner, where they may try on a traditional hanbok every Friday starting July 24. Groups interested in a free guided tour of the exhibition may inquire through info@koreanculture.ph.

AGRICULTURE remains the main obstacle preventing the Philippines from concluding free trade agreement (FTA) negotiations with the European Union (EU) and Chile, prompting both sides to continue discussions despite missing earlier targets to wrap up the talks by midyear.

Trade Secretary Ma. Cristina Roque said negotiators have resolved most outstanding issues in the proposed Philippines-EU FTA, leaving only one or two matters that are still under discussion, largely involving agriculture.

‘There’s still that needs to be ironed out, but we’ve already come up with a compromise on what to do. We can’t still say it because it’s confidential, but it’s in agriculture,’ Roque told reporters.

She said both the Philippines and the EU remain committed to completing the negotiations because the agreement would benefit both parties.

‘We keep on talking, even on my level, because both the EU and the Philippines want to conclude this,’ she said.

The Philippines had initially hoped to conclude the negotiations by June or July this year, but Roque acknowledged that discussions have reached ‘a bit of a deadlock’ on the remaining issues.

The trade chief said that her agency is coordinating closely with the Department of Agriculture as negotiations continue. ‘There are only [one or two] issues left to talk about. The other issues have already reached an agreement,’ she said.

Further, Roque said there is no new timetable for concluding the negotiations, although the government continues to target completion within the year and signing of the agreement in 2027.

‘We definitely want to finish the talks this year. The goal is still to conclude this year and sign it next year,’ she said.

The EU was the Philippines’ fourth-largest trading partner in 2025, with bilateral goods trade reaching pound 17.6 billion (or $20.13 billion), according to EU data.

If concluded, the EU FTA would become the Philippines’ largest and most comprehensive trade deal, providing permanent access to the EU’s nearly 450 million consumers and one of the world’s largest trading markets.

Apart from agriculture, Roque said negotiators are also working on provisions covering government procurement, which she described as a new feature for the Philippines in an FTA.

‘It is our first time to have any FTA that had government procurement,’ she said.

Roque added that both sides have agreed to implement the commitments in phases, while the technical details are being finalized by negotiators led by Trade Undersecretary Allan Gepty.

She said agriculture is likewise among the remaining issues in the proposed Philippines-Chile FTA. ‘We still have some areas that have some [issues]…but we also discussed them on my level,’ she said.

Roque said both governments are pushing to conclude the negotiations because the agreement would expand Philippine access to South American markets while opening opportunities for Chile.

‘That will open the South American market for us. We want that. They also want that,’ she said.

Based on the 2023 World Bank data, Chile’s 2023 product exports to the Philippines were dominated by minerals, at $204 million, with much smaller shipments in animal products and food products.

Asked which of the Philippines’ ongoing FTA negotiations could be completed first, Roque declined to identify a frontrunner. ‘I don’t know….One after the other,’ she said.

THE net income of the Social Security System (SSS) fell by nearly a quarter in the first three months of the year as benefit payments to private-sector members climbed.

The state-run pension fund’s latest financial statement showed its net income slipped by 23.27 percent to P25.3 billion from P32.976 billion a year ago. This comes after the SSS reported an 11.32-percent increase in its total income of P130.145 billion and a 24.92-percent rise in total expenses worth P104.844 billion in the first quarter.

Still, the growth in total income outpaced expenses, with benefit payments increasing by 16.65 percent to P85.383 billion, compared with P73.195 billion from a year earlier.

The SSS provides social security benefits, or replacement for loss of income due to death, disability, sickness, maternity, old age, and unemployment, to its members.

Despite higher benefit payments, SSS grew its revenue through stronger service and business income, as well as gains and other non-operating income.

The pension fund’s business income jumped to P119.850 billion in the first quarter, attributed to net investments and other income nearly tripling year-on-year to P27.692 billion from P10.213 billion.

Members’ contribution also inched up by 5.96 percent to P101.899 billion from P96.166 billion.

Moreover, SSS earned a total of P10.238 billion in gains from changes in the fair value of financial instruments, as well as from foreign exchange, sale/redemption/transfer of investments, among others.

The SSS recently rolled out the second tranche of its three-year pension hike program, which increases the pensions of retirement and disability pensioners by 10 percent and survivor pensioners by 5 percent.

While the pension reform will not necessitate any contribution increase, SSS said the move will shorten its fund life to 2049 from 2053.

However, this will be offset by stronger cash flows from previous contribution reforms and enhanced collection efforts, it said.

The SSS’s total assets stood at P1.303 trillion as of end-March 2026, up from P1.254 trillion a year earlier.

Since the 1990s, SM has embarked on a journey toward holistic sustainability. Its innovative use of its malls as key community touchpoints for sustainable engagement and shared value has only grown since. From environmental stewardship, SM has expanded its sustainability drive to share value with its surrounding communities through economic opportunities and corporate social responsibility.

‘For SM, we believe thriving communities help build a resilient nation and supporting these communities requires sustainable efforts-that is social equity,’ said SM Executive Vice President for Marketing Joaquin San Agustin. ‘Even before Environmental, Social, and Governance (ESG) standards became industry requirements, SM has embraced sustainable practices to share value beyond our business.’

After celebrating its 40th anniversary last year, SM Supermalls has continuously transformed its mall portfolio with new launches and redevelopments. Supporting this is the SM Green Movement, and a holistic commitment to sustainability and to engage its surrounding and partner communities through three equity pillars.

SM continually invests in environmental stewardship and disaster resilience to enhance its properties. SM malls are not only designed with sustainable-designed features that help preserve and maximize resources but are also equipped with disaster-resilient structures that help protect communities during calamities. Energy, water, and waste are utilized and managed efficiently in its malls and facilities that encourage alternative transportation to support clean air surround its spaces.

The malls continually evolve into hubs for community empowerment through accommodating and considerate spaces that strengthen the agency of Filipinos to care for the environment and their neighborhood. Led by its corporate social responsibility arm SM Cares, SM Supermalls develops programs and places in line with its pursuit of becoming a truly inclusive Mall for All.

Lastly, through SM Communities government services, jobs, and support for Micro, Small, and Medium enterprises are made more accessible through the nationwide reach of its 90 malls. Job Fairs easily connect Filipino jobseekers to employers from various industries, with government services and upskilling opportunities made available in the same venue, being hired on the spot becomes a reality. Grassroots enterprises are likewise connected to diverse customer markets and supported through programs and tools that help them scale their business for success.

‘Our purpose remains to be of service to our customers and surrounding communities. SM deepens this commitment by ensuring our service is meaningful and generates value for Filipinos now and in the decades to come,’ said Agustin.

Incubating crucial dialogues on sustainable innovation

Together with the Department of Science and Technology (DOST), SM is mounting the second edition of the national Sustainability Expo (SUSTEX) this coming August 5, 2026, at the SMX Convention Center Aura.

Through public private partnership, SM, DOST and other national government agencies lead crucial industry dialogues on fostering impactful sustainability innovations across various sectors.

The theme, ‘Bayanihan Innovation for a Green and Resilient Philippines,’ SUSTEX 2026 will showcase the future of nation-building through sustainable solutions featuring cutting-edge technologies, an enhanced circular economy, and in-depth discussions on energy innovation and disaster risk reduction. The annual forum showcases innovative technologies, fostering multi-sectoral collaboration, and promoting sustainable solutions that contribute to a more resilient, and future-ready Philippines.

Every smartphone promises great features. However, after the excitement of buying one fades, only one question remains: Was it worth it?

For most buyers, value isn’t measured by a spec sheet alone. It’s found in the moments when a smartphone helps you get through a busy workday, capture memories that matter, or simply keeps up with your lifestyle without missing a beat.

To answer that question, vivo spoke with three V70 users from different walks of life. While each had different priorities, they all found their own reasons why the vivo V70 has become a smartphone they genuinely enjoy using every day.

A smartphone that works as hard as you do

For Gerwin, the vivo V70’s imaging system is more than just a tool for capturing moments. It also plays an important role in his daily work. Asked about his favorite feature, Gerwin said it was difficult to choose just one, but the camera stood out the most.

‘Honestly, it’s hard to pick just one favorite feature because the vivo V70 has so many good ones. But if I had to choose, it’s definitely the camera. The quality is just superb. Whether you’re doing portraits, selfies, or videos, you can really see the ZEISS optics at work,’ he shared.

For Gerwin, the camera isn’t just for capturing beautiful moments. It has become an important part of his everyday workflow.

‘It’s been a lifesaver for my daily work since I constantly need to send clear product photos to clients. Some of our product chips have tiny text on the labels, and I love how the camera captures those small details without blurring out at all,’ he added.

Beyond helping him at work, Gerwin believes the vivo V70 delivers excellent value overall. He shared, ‘Every single feature delivers great value, from the detailed and crisp camera shots to the long-lasting battery and incredibly fast charging. You couldn’t ask for anything more, it is definitely worth the money.’

Comfort that fits everyday life

For young users, a smartphone’s design and in-hand feel are just as important as its performance. For college student Thea Bañares from Bicol, the vivo V70 impressed her not only with its camera but also with its sleek and lightweight design. ‘I’m really satisfied with the camera, the photos look so good,’ she said.

Beyond its imaging capabilities, Thea also praised the phone’s build and size. ‘Its size is just right. People even mistake it for an iPhone, and it’s very comfortable for women’s hands,’ she added. With its slim profile and comfortable grip, the vivo V70 fits seamlessly into her everyday routine, from studying to socializing.

Thea was equally impressed by the phone’s 6500mAh BlueVolt battery life and smooth performance. ‘The battery lasts a long time, and the phone runs really smoothly,’ she shared.

For students like Thea, a smartphone isn’t just about performance, it’s about having a device that’s comfortable to carry, dependable throughout the day, and ready to capture everyday memories whenever they happen. Built for everyday reliability

For Emar Dolfo from Quezon City, a smartphone needs to consistently perform from morning until night. He usually takes photos, edits content, navigates around the city, or scrolls through social media, so reliability matters most for him.

That’s why his favorite features are easy to identify: the camera and battery. He explained further, ‘The 50MP ZEISS triple camera and 50MP selfie camera take great photos day and night, while the 6500mAh BlueVolt battery lasts all day with 90W FlashCharge.’

His experience reflects what many users look for today, a smartphone that doesn’t require constant compromises between camera quality and battery life.

When asked whether he would recommend the vivo V70, Emar offered an honest answer, ‘Yes, if you want amazing cameras, an all-day battery, and a bright AMOLED display for around P35,000.’

Is the vivo V70 worth your money?

Every smartphone user has different expectations. Some need a reliable work companion. Others prioritize comfort, style, and a phone that fits naturally into their everyday routine. Many simply want a device that captures great photos and lasts throughout the day.

For Gerwin, the vivo V70 became a practical tool that helps him work more efficiently. For Thea, it’s a smartphone that’s stylish, comfortable to use, and dependable from morning to night. For Emar, it’s the confidence of having a camera and battery that consistently keeps up with his lifestyle.

Their priorities may be different, but they arrived at the same conclusion: the vivo V70 delivers value where it matters most, not just through its impressive specifications, but through the everyday experiences it enables.

Amid another round of electricity rate increases, Senator Risa Hontiveros is seeking a review of the Energy Regulatory Commission’s (ERC) automatic pass-through mechanism as recent power rate increases no longer pass scrutiny by the regulator.

‘Review first, collect later. Kailangang patunayan at ipaliwanag muna ang bawat sentimong sisingilin bago ito ipasa sa konsyumer. Dapat ganyan ang polisiya natin. Bakit nga ba hindi puwedeng suriin ng ERC ang mga pass through charges bago ipasa sa konsyumer? Baligtad kasi ang sistema natin: pinagbabayad muna ang taumbayan bago lubusang masuri kung tama at makatwiran ang singil,’ Hontiveros said.

Under the Electric Power Industry Reform Act (EPIRA), generation, transmission, distribution, and other eligible expenses are recoverable costs regulated by the ERC. However, under existing ERC rules, adjustments in pass-through charges, such as generation costs driven by fluctuations in fuel prices, are automatically collected from consumers by distribution utilities and remitted to power suppliers.

Hontiveros noted that generation, transmission, and system-loss charges account for roughly 77% of the residential rate.

Although Section 23 of EPIRA requires distribution utilities to supply electricity to their captive customers at the least possible cost, Hontiveros warned that automatic pass-through could weaken their incentive to secure cheaper power because higher costs may ultimately be recovered from consumers.

‘Ito ang resulta ng automatic pass-through: walang insentibo ang mga kumpanyang humanap ng pinakamurang pagkukunan ng kuryente. When power companies know that consumers will ultimately shoulder every increase, they have less incentive to negotiate harder and secure electricity at the lowest possible cost,’ she said.

Her call comes after the National Grid Corporation of the Philippines (NGCP) announced a P0.77-per-kWh transmission rate increase, following an earlier P0.34-per-kWh increase in Meralco’s generation charge. Together, the two adjustments would add approximately P222 to the monthly bill of a household consuming 200 kWh.

The additional expense would wipe out nearly four days’ worth of the P60 daily wage increase that National Capital Region (NRC) minimum-wage earners are set to receive beginning July 25.

‘Bago pa maramdaman ng manggagawa ang dagdag-sahod, kinakain na agad ito ng dagdag-singil sa kuryente. Ang P222 ay katumbas na rin ng apat hanggang limang kilong bigas. Imbes na mapunta sa pagkain, pamasahe, o gamot ang dagdag-kita, mauubos lamang ito sa mas mataas na electric bill,’ she said.

Hontiveros earlier filed Proposed Senate Resolution No. 509, seeking an inquiry into the ERC’s policies on disputed electricity bills and rate increases, with the aim of amending EPIRA and related regulations to strengthen consumer protection.

‘Ang hinihingi natin ay simpleng proteksyon: suriin muna bago singilin. Hindi dapat mauna ang dagdag-singil at mapilitang magbayad ang konsyumer at maghintay na lamang kung magkakaroon man ng adjustment o refund,’ Hontiveros concluded.

THE government’s latest cash assistance program may provide immediate relief to vulnerable households reeling from rising prices, but economists said that sustaining similar support could prove challenging should elevated oil prices extend into next year.

President Ferdinand Marcos Jr. last week announced another round of ‘ayuda’ that will run from July to December to help Filipinos cope with the expected impact of renewed conflict in the Middle East on domestic fuel prices and the cost of basic goods.

Under the expanded United Package for Livelihoods, Industry, Food, and Transport (UPLIFT) program, more than 7.5 million households will receive one-time and monthly cash assistance.

While this may indeed help cushion households from rising prices, De La Salle University (DLSU) economist Marites M. Tiongco warned that if the conflict persists and warrants another round of assistance next year, the program could become increasingly difficult to sustain.

Malacañang said eligible beneficiaries under the Department of Social Welfare and Development (DSWD) will receive a one-time P2,000 grant, while qualified Social Security System (SSS) members and poor and near-poor households identified under the 2024 Community-Based Monitoring System will receive P2,000 a month until December.

The DSWD said it had earmarked P55 billion for the expanded UPLIFT program in the second half of the year.

Tiongco estimated that extending similar monthly transfers throughout 2027 could cost nearly P100 billion, excluding administrative expenses and other energy-related support programs.

‘For the remainder of 2026, the program appears fiscally manageable as an emergency intervention, but it should not be viewed as indefinitely sustainable,’ Tiongco told the BusinessMirror.

She said prolonged assistance could also squeeze the government’s fiscal space as it would have to contend with higher subsidy requirements, slower revenue growth, rising debt servicing costs, and competing spending needs for health, education, infrastructure, and disaster response.

University of Asia and the Pacific (UAandP) economist Marco Antonio C. Agonia also said the government may eventually have to choose between expanding subsidies and accelerating infrastructure spending.

‘The [National Government] will likely have to compromise on the scale of subsidies and the pace of [infrastructure] rollouts to keep its fiscal sustainability picture intact, especially with downward revised growth targets in the latest [Development Budget Coordination Committee] assumptions review,’ Agonia told the BusinessMirror.

Foundation for Economic Freedom (FEF) President Calixto V. Chikiamco, meanwhile, said a growing share of the national budget could eventually be devoted to social assistance at the expense of investments that support long-term economic growth.

‘This will crowd out government programs that will raise the productivity of the economy, such as investments in education and infrastructure,’ he told this newspaper.

Temporary relief

Despite concerns over fiscal sustainability, both Tiongco and Agonia said the latest round of cash assistance is justified as a temporary response to rising prices.

Tiongco said the program is warranted because inflation disproportionately hurts lower-income households, but stressed that its credibility will depend on transparent implementation, objective targeting, and whether it remains a temporary measure.

Agonia likewise said the subsidy rollout may be warranted to protect the country’s most vulnerable households and sectors, although he noted it could be politically unpopular among tax-paying middle-income families who ultimately shoulder the cost of funding social protection programs.

Official data showed headline inflation eased to 6.4 percent in June, while inflation for the bottom 30 percent of households remained higher at 8.4 percent. Both figures remain above the Bangko Sentral ng Pilipinas’s 2 to 4 percent target range.

Meanwhile, the purchasing power of the peso stood at P0.74 in June, meaning every peso in 2018 was worth only 74 centavos last month.

Tiongco, however, said it is still too early to determine whether previous rounds of cash assistance have effectively protected households because no public impact evaluation has yet been released beyond data on beneficiaries and funds disbursed.

Chikiamco also argued that cash assistance alone cannot restore the purchasing power lost to inflation.

‘No amount of social protection measures will help households recover the lost purchasing power due to inflation,’ Chikiamco said.

He added that the government’s cash assistance could be undermined by inflationary pressures, noting that the historic P85 minimum wage increase in Metro Manila may fuel further price increases and ultimately erode the purchasing power of the very households the program seeks to protect.

Structural reforms

Tiongco also emphasized that cash assistance should not be viewed as the government’s primary response to inflation because ‘it does not reduce the underlying causes of inflation.’

She said temporary cash aid should be accompanied by reforms that tackle supply-side pressures. These include boosting support for key sectors, improving food production and distribution, strengthening fuel and food security, and accelerating investments in energy diversification to reduce reliance on imported oil.

‘In other words, cash assistance should serve as a bridge-not the entire strategy,’ Tiongco added.

Agonia shared a similar view, saying previous rounds of targeted subsidies provided some relief to transport workers but were not enough to offset persistent inflation and weak economic activity, which continue to weigh on vulnerable households.

‘Subsidies should be emergency measures to alleviate short-term hardship, until structural solutions can be worked out in the form of energy and food security, economic confidence, and growth driver diversification,’ he also said.

Earlier this year, the Department of Economy, Planning, and Development (DepDev) already warned that the government may need as much as P429 billion to finance support and relief measures should the conflict in the Middle East persist through the end of the year.